The "performance" of A-share listed companies in 2021 is gradually "spoiled" with the disclosure of performance forecast. The fate of some ST companies has become the focus of the market.
2021 is a key year for the implementation of the new delisting regulations, and the performance of some ST companies is very important. On January 18, Hubei Shuanghuan Science And Technology Stock Co.Ltd(000707) (000707. SZ) announced that the expected net profit attributable to the parent company was 400 million yuan ~ 450 million yuan, mainly due to the great reversal of performance due to restructuring. On January 17, Chunghsin Technology Group Co.Ltd(603996) (603996. SH) is expected to continue its losses, with an operating income of 805000 yuan and a loss of more than 400 million yuan in net profit attributable to the parent company, which is subject to delisting risk.
The performance shows the results. In fact, in 2021, most ST listed companies will protect the shell in various ways, but most of the routines are seen through by regulators. According to the first financial reporter, since 2021, Shanghai Stock Exchange (hereinafter referred to as "Shanghai Stock Exchange") has taken a total of 1304 self regulatory measures for ST shares, an increase of 60% over the same period last year.
Insiders suggested that investors should pay close attention to the annual performance forecast, performance forecast correction announcement, performance express, performance express correction announcement, risk prompt and other announcements that may be disclosed by relevant listed companies, carefully make investment decisions and effectively prevent investment risks.
back to life or delisting?
Among the ST listed companies that recently disclosed the performance forecast for 2021, Chunghsin Technology Group Co.Ltd(603996) has attracted much market attention.
According to the announcement, Chunghsin Technology Group Co.Ltd(603996) it is estimated that in 2021, the operating revenue will be RMB 805000, and the net profit attributable to the parent company will be RMB 400 million ~ 450 million; The net profit loss attributable to the parent company after deducting non is 420 million yuan to 480 million yuan, the owner's equity attributable to the parent company is - 2.2 billion yuan to - 2.5 billion yuan, and the basic earnings per share is - 1.39 yuan to - 1.6 yuan.
"According to the preliminary accounting of the company, the audited net profit of the company in 2021 may be negative, the operating income may be less than 100 million yuan, and the net assets at the end of the period may be negative. At the same time, through the preliminary communication between the company and the audit institution, the financial report of the company in 2021 may continue to be issued with non-standard audit opinions." Chunghsin Technology Group Co.Ltd(603996) scale.
In Chunghsin Technology Group Co.Ltd(603996) 2020, the audited net profit was negative, the operating income was less than 100 million yuan, the audited net assets at the end of the period were negative, the financial and accounting report was issued with an audit report that could not express an opinion, and the company's shares had been warned of delisting risk.
According to the new delisting regulations, if the relevant financial indicators of the audited financial and accounting reports of the listed company for the last two consecutive fiscal years touch the situation of financial compulsory delisting, its shares will be delisted. If the final performance in 2021 is as described in the performance forecast, then Chunghsin Technology Group Co.Ltd(603996) cannot escape the fate of delisting.
Chunghsin Technology Group Co.Ltd(603996) also issued a notice on the risk of terminating the listing of shares. The company tentatively scheduled the disclosure time of the 2021 annual report to be March 31, 2022. In case of delisting, the exchange will make a decision on whether to terminate the listing of shares within 15 trading days after the disclosure of the annual report.
Compared with the dilemma of Chunghsin Technology Group Co.Ltd(603996) , Bus Online Co.Ltd(002188) (002188. SZ) has achieved a turnaround, but it has also been questioned by the exchange.
Bus Online Co.Ltd(002188) it is estimated that the revenue in 2021 will be 230 million yuan ~ 320 million yuan, but the revenue after deduction is only 180000 yuan ~ 250000 yuan; The net profit attributable to the parent company is 126 million yuan ~ 176 million yuan, but the net profit after deduction is only 6 million yuan ~ 8.5 million yuan.
According to the announcement, the main reason for the company's turnaround is that related parties give free gifts to subsidiaries, obtain compensation for land and building expropriation and relocation, and offset the estimated liabilities due to winning the lawsuit, settlement and other reasons.
The attention letter of the exchange followed. Bus Online Co.Ltd(002188) in the first three quarters of 2021, the net profit attributable to the parent was 7.4018 million yuan, the net profit attributable to the parent after deduction was -14.4938 million yuan, and the net asset attributable to the parent was -90.4354 million yuan. In this regard, the exchange requires Bus Online Co.Ltd(002188) to explain the reasons and rationality of the significant changes in financial indicators in the fourth quarter, and whether there is a situation of surprise trading at the end of the year to avoid delisting risk.
Hubei Shuanghuan Science And Technology Stock Co.Ltd(000707) achieved a great reversal of performance through restructuring. On January 18, the company estimated that the revenue after deduction in 2021 was RMB 2.741 billion ~ 2.841 billion; The net profit attributable to the parent company was 400 million yuan to 450 million yuan, and the net profit after deduction was 394 million yuan to 444 million yuan, more than twice as much as that after restructuring in the same period last year.
Hubei Shuanghuan Science And Technology Stock Co.Ltd(000707) said that if the audited financial data of the company in 2021 are consistent with the performance forecast, the company will apply to Shenzhen stock exchange for cancellation of "delisting risk warning" and "other risk warning" when disclosing the 2021 annual report. However, as the relevant audit work is still in progress, the above is still uncertain.
malicious evasion of delisting cannot escape supervision
In 2021, the key year for the implementation of the new delisting regulations, most ST listed companies do everything they can to win good performance and protect their lives, but regulatory inquiries often follow.
From the perspective of Guizhou Changzheng Tiancheng Holding Co.Ltd(600112) (600112. SH), on December 10, 2021, the company disclosed that it planned to solve part of the capital occupation by means of debt restructuring, that is, Tiandi Heming Technology Group Co., Ltd. (an enterprise controlled by Liu Keyang's immediate relatives of the company's director) transferred 78.8074 million yuan of creditor's rights to the company from Shenzhen SDIC commercial factoring Co., Ltd, Then, part of the company's creditor's rights to the original controlling shareholder galaxy group were used to offset part of the company's debts to Tiandi Heming, and the occupation of funds of 48.8074 million yuan was solved.
The Shanghai Stock Exchange issued an inquiry letter that night, focusing on the commercial rationality of this transaction, whether it complies with the relevant provisions to solve the occupation of funds, whether it is suspected of maliciously avoiding delisting, etc., and asked lawyers and accountants to express their opinions.
After the disclosure reply announcement of Guizhou Changzheng Tiancheng Holding Co.Ltd(600112) on December 23, 2021, the Shanghai Stock Exchange issued a second inquiry letter, focusing on the consideration of the debt restructuring, whether there is significant uncertainty, whether the confirmation of relevant income meets the requirements of the standards, and again requiring accountants to express opinions clearly.
Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) (600078. SH) also had obvious shell preservation intention. Recently, Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) announced that the shares held by Jiangyin Hanying Investment Co., Ltd. (hereinafter referred to as "Hanying investment") and Jiangyin Chengxing Industrial Group Co., Ltd. (hereinafter referred to as "Chengxing group") will be auctioned by the judiciary, accounting for 16.01% and 25.78% of the total shares of the company respectively, and the control of the company may be changed.
There are special reminders in both auctions. Bidders for shares must promise to solve the capital problems limited to 38% and 62% of the company's capital principal and interest occupied by Chengxing group and its related parties, and obtain the approval of the securities regulatory authorities. As of September 30, 2021, Chengxing group and its related parties have occupied a total of 2.2 billion yuan of the company's capital principal and interest.
In this regard, the Shanghai stock exchange immediately sent an inquiry letter asking Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) to supplement whether the reduction of shares through judicial auction violates the securities law and other relevant rules; The way and time limit for the bidder to solve the occupation of funds, and whether the solution complies with the relevant provisions of the CSRC; Fully disclose the delisting risk of the company. The company's share price has fallen by the limit for several consecutive days since the company received the inquiry letter. Up to now, the company has postponed many times and has not replied to the inquiry letter.
It is worth noting that the audited ending net assets of Jiangsu Chengxing Phosph-Chemical Co.Ltd(600078) 2020 are negative, and the financial and accounting report of 2020 is issued, which can not express opinions. The company's shares have been warned of delisting risk. At present, the net assets of the company are still negative, and the occupation of large amount of funds by controlling shareholders has not been solved. If the annual report of the company in 2021 continues to touch the delisting index, the listing of the company's shares will be terminated.
These are just the epitome of the shell army. According to the first financial reporter, since 2021, the Shanghai Stock Exchange has taken 1304 self regulatory measures for ST shares, an increase of 60% over the same period last year. Among them, 13 ST shares with serious abnormal fluctuations were monitored, and self-discipline supervision measures were taken strictly. In addition, two stocks suspected of major illegal delisting were supervised with reference to stocks with serious abnormal fluctuations.
