Due to the financial delisting Portfolio Index of revenue + net profit, the listed company Niutech Environment Technology Corporation(688309) on the science and innovation board exposed that it may be subject to delisting risk warning after the disclosure of the annual report in 2021, becoming the first “* ST” company since the opening of the science and innovation board. On January 24, Niutech Environment Technology Corporation(688309) opened sharply lower and closed at the limit soon.
With the turning of the page in 2021, the annual ledger of “St sector” is basically finalized, some performance forecasts have been released, and the “family background” will be announced one after another. Under the new delisting rules, the fate of ST company will be known.
financial indicator “life and death line”
On the evening of January 23, Guangdong Dazhi Environmental Protection Technology Incorporated Company(300530) released the performance forecast for 2021. It is estimated that the annual revenue will be 120 million yuan to 150 million yuan, and the revenue after deduction will be 110 million yuan to 140 million yuan; The annual loss ranged from 95 million yuan to 140 million yuan, with a loss of 220 million to 280 million yuan after deducting non-profit. At present, Tianjian accounting firm is auditing the financial data of the company in 2021.
On the same day, the company issued the first risk warning announcement that the listing may be terminated. According to the listing rules, after the delisting risk warning of the stock is implemented, it appears in the first fiscal year: the audited net profit is negative and the revenue is less than 100 million yuan, or after retroactive restatement, the net profit in the most recent fiscal year is negative and the revenue is less than 100 million yuan; The audited ending net assets are negative, or the ending net assets of the latest fiscal year after retroactive restatement are negative; If the financial accounting report is issued with qualified opinions, audit reports that cannot express opinions or negative opinions, the exchange will terminate the listing and trading of its shares.
In November 2021, the Shanghai and Shenzhen Stock Exchange issued guidelines on revenue deduction of financial delisting indicators, further optimized and revised the revenue deduction standards, further improved the enforceability of financial delisting indicators, and implemented the new regulations on delisting.
“Under the full implementation of the registration system, the implementation of delisting standards will be more strict. Some ST companies that want to protect their shell through financial means may be difficult to pass.” Senior investment bankers said that from the performance forecast of Guangdong Dazhi Environmental Protection Technology Incorporated Company(300530) , the net profit of the company is negative, and the revenue is slightly higher than 100 million yuan. There is still suspense about whether it will eventually meet the standard.
There is also Shangying Global Co.Ltd(600146) . The company expects a negative net profit in 2021 and a revenue of 134945300 yuan. Because the revenue should deduct the business income irrelevant to the main business and the income without commercial substance, it is difficult to be sure to protect the shell.
Some ST companies have issued a “pre Hi” performance forecast, which is more likely to protect the shell. For example, Bus Online Co.Ltd(002188) it is estimated that in 2021, the net profit will be 126 million yuan to 176 million yuan, the revenue will be 230 million yuan to 320 million yuan, and the net assets will be 45 million yuan to 62 million yuan. The company said that if the audited financial data of the 2021 annual report is consistent with the performance forecast, it will apply for “hat removal”.
flying ticket “life and death robbery”
In addition to financial indicators, the sudden regulatory ticket is a “sudden disaster” on the way of protecting the shell of a few ST companies. Some companies may therefore “leave” the capital market.
At the end of October 2021, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) was punished by the CSRC for suspected illegal information disclosure, which may touch the situation of major illegal compulsory delisting. According to the notice, the company falsely increased revenue from 2018 to 2019. After retroactive adjustment, the revenue may be less than 10 million yuan for three consecutive years from 2018 to 2020.
In January this year, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) disclosed that the company and its actual controller Huang Wei were suspected of the crime of illegal disclosure and non disclosure of important information, and the public security organ has filed a case for investigation. In this regard, the exchange has issued regulatory work letters to Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) for many times.
In addition, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) shares have the risk of being delisted because the daily closing price of 20 consecutive transactions is lower than 1 yuan. From the perspective of the secondary market, Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) shares have fallen sharply since October 2021. By January 18 this year, the share price fell below 1 yuan and the lowest fell to 0.88 yuan, raising the alarm of “delisting of 1 yuan”. However, in the last two trading days, the company’s share price rebounded, rising the limit on January 24 to close at 1 yuan.
The situation is similar to that of Xin Jiang Ready Health Industry Co.Ltd(600090) . This kind of ST company, which is full of troubles and touches many red lines, is more difficult to protect its shell.
“Under the regulatory idea of ‘zero tolerance’, as the delisting indicator with the most deterrent effect, major illegal delisting or gradual normalization.” The aforementioned investment bankers said.
In November 2021, Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) disclosed that according to the decision on ordering corrective measures issued by Beijing Securities Regulatory Bureau, the net assets of the company’s annual report in 2020 were revised from 29.0653 million yuan to -48.24933 million yuan. Meanwhile, the company’s revised net assets in the third quarter of 2021 were -788418200 yuan. This change directly triggers the delisting risk – if the company’s net assets in 2021 are still negative or touch other financial compulsory delisting indicators, the listing of the company’s shares will be terminated.
In addition, Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) was filed for investigation in September 2021. If it is finally subject to administrative punishment by the CSRC and triggers major illegal compulsory delisting, the company’s shares will face the risk of major illegal compulsory delisting. In terms of share price, Zhongxing Tianheng Energy Technology (Beijing)Co.Ltd(600856) in February 2021, the share price fell below 1 yuan, reaching a maximum of 4.19 yuan on December 10 of that year, with an increase of more than three times. After that, it continued to fluctuate and fall, returning to the origin like a “roller coaster”.
“In the context of comprehensively promoting the reform of the registration system, the model of betting on ST company’s’ Phoenix Nirvana ‘has ended.” Market participants said that the arbitrage expectation of St sector is declining day by day, and investors must be cautious. “On the one hand, when high-quality companies have an independent IPO, they will find good ‘Non ST’ shell resources; on the other hand, the delisting supervision of ST companies is becoming more and more normal, and the risk is increasing, so investors don’t need to take chestnut from the fire.”
