After the disclosure of the financial report in 2021, Tempus Global Business Service Group Holding Ltd(300178) , Shenzhen Danbond Technology Co.Ltd(002618) , Ningbo Sunlight Electrical Appliance Co.Ltd(002473) finally waited for delisting and sentencing.
On May 23, the Shenzhen Stock Exchange announced that according to the relevant provisions of the stock listing rules (revised in 2022) and the review opinions of the listing committee, the Shenzhen Stock Exchange decided to terminate the listing of the shares of Tempus Global Business Service Group Holding Ltd(300178) , Shenzhen Danbond Technology Co.Ltd(002618) , Ningbo Sunlight Electrical Appliance Co.Ltd(002473) . The company’s shares will enter the delisting consolidation period from May 31, 2022. On the trading day next to the expiration of the delisting consolidation period, the Shenzhen Stock Exchange will delist the company’s shares.
At present, delisting Xinyi, Egls Co.Ltd(002619) , Changdong delisting have been delisted; Delisting lashia and delisting Zhongxin will be delisted by the exchange on May 24; Dongdian finished the delisting consolidation period today, waiting to be delisted; The three companies of de’ao delisting, Xishui delisting and Lvting delisting are still in the delisting consolidation period Shanghai U9 Game Co.Ltd(600652) , Baotou Tomorrow Technology Co.Ltd(600091) , ST Zhongtian, Cred Holding Co.Ltd(600890) , Hubei Wuchangyu Co.Ltd(600275) , Lawton Development Co.Ltd(600209) , Easy Visible Supply Chain Management Co.Ltd(600093) , Huaxun Fangzhou Co.Ltd(000687) .
In addition to the above-mentioned companies that have been sentenced to delisting, there are a number of companies waiting to announce whether to terminate the listing. According to the incomplete statistics of the reporter of the securities times, 22 companies have received the advance notice of the planned termination of listing from the exchange.
3 companies announced delisting simultaneously
Following the delisting announcement of 8 companies including Shanghai U9 Game Co.Ltd(600652) , Baotou Tomorrow Technology Co.Ltd(600091) , ST Zhongtian, another 3 companies received the delisting decision of the exchange.
On May 23, Shenzhen Stock Exchange announced that Tempus Global Business Service Group Holding Ltd(300178) because the annual financial and accounting report in 2020 was issued with an audit report that could not express an opinion, the company’s stock trading was warned of delisting risk from May 6, 2021.
On April 27, Tempus Global Business Service Group Holding Ltd(300178) was subject to delisting risk warning. The first annual report (i.e. 2021 annual report) showed that the audited ending net assets of the company in 2021 were -1.149 billion yuan, and the annual financial and accounting report in 2021 was issued with an audit report that could not express an opinion. As a result, the company has touched the situation of stock delisting stipulated in Item (2) and item (3) of paragraph 1 of article 10.3.10 of the GEM Listing Rules (revised in December 2020) of Shenzhen Stock Exchange.
Shenzhen Stock Exchange decided to terminate the listing of Tempus Global Business Service Group Holding Ltd(300178) shares. The company’s shares will enter the delisting consolidation period from May 31. On the trading day next to the expiration of the delisting consolidation period, the Shenzhen Stock Exchange will delist the company’s shares.
Tempus Global Business Service Group Holding Ltd(300178) once claimed to be “the first share of China’s business services”. According to public information, after several years of operation, tengbang International’s main business has covered four sectors: ticket platform, tourism platform, travel management and Internet finance.
Today, Tempus Global Business Service Group Holding Ltd(300178) will bid farewell to a shares, which makes many people in the industry sigh. Tengbang international started from the ticket distribution business and gradually expanded its business segment to tourism, finance and other levels. It was once recognized as the “leading” enterprise of China’s ticket agency in the industry.
Coincidentally, Shenzhen Danbond Technology Co.Ltd(002618) was delisted with Tempus Global Business Service Group Holding Ltd(300178) .
Shenzhen Danbond Technology Co.Ltd(002618) because the financial report of 2020 was issued with an audit report that could not express an opinion, the net profit attributable to the owner of the parent company in 2020 was negative and the annual operating income was less than 100 million yuan, the company’s stock trading was warned of delisting risk from April 30, 2021.
On April 30, the first annual report after the delisting risk warning was implemented for the company’s Stock Trading (i.e. the 2021 annual report) showed that the company’s 2021 annual financial report was issued with an audit report that could not express an opinion, which touched the situation of stock delisting stipulated in Item (3) of article 9.3.11 of the stock listing rules (revised in 2022).
Shenzhen Stock Exchange decided to terminate the listing of the company’s shares. The company’s shares will enter the delisting consolidation period from May 31, 2022. On the trading day next to the expiration of the delisting consolidation period, the Shenzhen Stock Exchange will delist the company’s shares.
In addition, Ningbo Sunlight Electrical Appliance Co.Ltd(002473) was also sentenced to delisting. Since the audited net profit in 2020 is negative, the operating income is less than 100 million yuan, and the audited net assets at the end of the period are negative, the delisting risk warning has been implemented for the company’s stock trading since April 30, 2021.
On April 30, the first annual report after the delisting risk warning was implemented for the company’s Stock Trading (i.e. the 2021 annual report) showed that the company’s 2021 annual financial and accounting report was issued with a negative audit report. The company touches the situation of stock delisting specified in Item (3) of paragraph 1 of article 9.3.11 of the stock listing rules (revised in 2022).
Shenzhen Stock Exchange decided to terminate the listing of the company’s shares. The company’s shares will enter the delisting consolidation period from May 31, 2022. On the trading day next to the expiration of the delisting consolidation period, the Shenzhen Stock Exchange will delist the company’s shares.
As of the latest reporting period, the number of shareholders of Tempus Global Business Service Group Holding Ltd(300178) is 32400, Shenzhen Danbond Technology Co.Ltd(002618) 31900 and Ningbo Sunlight Electrical Appliance Co.Ltd(002473) 4800.
delisting speed significantly accelerated
“Advance and retreat” is the norm in the mature market. With the continuous improvement of the market system, the delisting speed of companies with poor A-share performance has significantly accelerated.
From the perspective of companies that have been forced to delist recently, most of them touch the financial delisting indicators, which is also the case in previous years. According to statistics, 23 companies were forced to withdraw from the market in 2021, which increased significantly compared with previous years. Financial withdrawal, par value withdrawal and standardized withdrawal are the main reasons.
This year is the second year of the implementation of the new delisting regulations and the year in which the reform effect is concentrated. According to the estimated data of the exchange, delisting companies may reach a new high this year.
According to the data released by the Shenzhen Stock Exchange, 24 companies have touched the delisting red line in 2022, reaching a record high. Among them, 8 companies touched the index of “operating revenue less than 100 million yuan + negative net profit”, and the effect of the new delisting regulations is obvious.
According to the data of Shanghai Stock Exchange, up to now, 21 delisting companies are expected. Among them, it is expected that 17 companies that touch the financial delisting index will be delisted, and 9 of them touch the financial portfolio index of “deducting non net profit + operating income”. In addition, delisting Xinyi touched major illegal delisting, and three companies including Anhui Andeli Department Store Co.Ltd(603031) and Guangdong Mingzhu Group Co.Ltd(600382) withdrew through diversified channels such as restructuring and active delisting.
At present, there are 21 A-share delisting companies, close to the level of 2021. In addition to the three companies that Shenzhen Stock Exchange announced on May 23 that Shenzhen Stock Exchange will be delidelilisted on May 23, besides the three companies that Shenzhen Stock Exchange announced on May 23, the three companies that are delisting new billion, Hongda Xingye Co.Ltd(002002) Guangdong Chant Group Inc(002616) 161616161616161619 \ , Lawton Development Co.Ltd(600209) Easy Visible Supply Chain Management Co.Ltd(600093) , Huaxun Fangzhou Co.Ltd(000687) 8 companies are also about to enter the delisting period.
In addition to the above-mentioned companies that have been sentenced to delisting, there are a number of companies waiting to announce whether to terminate the listing. According to incomplete statistics by the reporter of the securities times, 22 companies have received the advance notice of the planned termination of listing from the exchange.
The delisting of such a large number of companies is related to the new delisting regulations issued by the exchange in 2020. The new regulations on delisting have improved four types of compulsory delisting standards, including finance, transaction, regulation and major violations.
Among them, financial indicators use combined financial indicators to replace the original single financial indicators, and emphasize the cross application of financial indicators;
Trading indicators will change the original face value delisting to “1 yuan delisting”, and add market value delisting indicators at the same time;
Failure to correct major defects in the annual report and the annual report of more than half of the directors for more than half a year;
Major illegal indicators have introduced quantitative financial fraud delisting standards.
Huaxi Securities Co.Ltd(002926) pointed out that the further improvement of delisting standards will effectively identify inferior enterprises, block the avoidance space and accelerate the survival of the fittest in the market. The implementation of the new regulations is expected to accelerate the formation of a market ecology in which listed companies enter and exit and the survival of the fittest. The accelerated clearing of tail enterprises will promote the inclination of market resources to head enterprises and high-quality growth companies. Blue chip stocks are expected to enjoy a higher valuation premium and boost the improvement of asset quality in China’s stock market.
“shell protection specialist” is at a dead end
In the past, in order to avoid delisting, listed companies often made large revenue or improved net profit by surprise new business, surprise trade, surprise consolidation, surprise reorganization and asset sale. However, under the financial delisting principle of zero tolerance and strong supervision, such as “main revenue less than 100 million yuan + net profit before and after deduction” and “deduction of irrelevant revenue” in the new delisting regulations, Many “shell protection professionals” have nowhere to hide.
2021 is a key year for the implementation of the new delisting regulations. After sorting out the shell companies that do not have the ability of sustainable operation, the exchange refined the common means for such companies to make use of their business income to protect the shell, and formulated relevant deduction standards with a clear aim in order to accurately crack down on shell companies and strive to achieve “retreat as much as possible”.
According to the operating income deduction business handling guide issued by the exchange, the operating income deduction includes business income irrelevant to the main business and income without commercial substance.
Specifically include: 1. Business income unrelated to the main business refers to all kinds of income that is not directly related to the normal business operation of the listed company, or although it is related to the normal business operation, but because of its special nature, contingency and temporary nature, it affects the users of the statement to make a normal judgment on the sustainable operation ability of the company.
2. Income without commercial substance refers to the income generated by various transactions and events without commercial rationality, such as no significant change in future cash flow.
3. Other income that has nothing to do with the main business or does not have commercial substance.
The exchange said that in terms of financial delisting indicators, the new delisting regulations added a combined financial indicator with a negative net profit before and after deduction and an operating revenue of less than 100 million yuan. The purpose is to more accurately describe the sustainable operation ability of listed companies and strive to clear shell companies. When applying this indicator, the new delisting regulations specify that the deduction of operating income is “business income irrelevant to the main business and income without commercial substance”, and require the company to disclose the deduction of operating income and the amount of operating income after deduction in the annual report when the audited net profit before and after deducting non recurring profits and losses is negative, whichever is lower, The annual audit accountant shall issue special verification opinions on whether the deduction of operating income is accurate.
Analysts pointed out that unrelated revenue deductions have a great impact on listed companies, especially those on the edge of delisting. At the same time, they also sound the alarm for those who make large revenue and avoid delisting by means of surprise trade, surprise “consolidation”, surprise new business and donation.
