On January 25, Tempus Global Business Service Group Holding Ltd(300178) intensively issued five announcements focusing on the two key core words of performance loss and delisting risk warning. At the same time, it also received a letter of concern from Shenzhen Stock Exchange. According to the incomplete statistics of the reporter of Securities Daily, as of now, 23 * ST companies have issued announcements related to the risk of termination of listing.
delisting under the new regulations
shell preservation of listed companies is difficult
It is worth noting that in 2021, Shanghai Stock Exchange and Shenzhen Stock Exchange added a new composite index on the financial delisting index – the lower of the net profit before and after deduction is negative, and the operating revenue is less than 100 million yuan.
Bai Wenxi, chief economist of IPG China, said in an interview with the Securities Daily that the new regulations are more detailed, specific and operable for listed companies to trigger delisting, and also reduce the flexible space in operation and judgment; At the same time, it also plays a public warning role for the “shell protection” practice of adjusting performance through non operating profit and loss.
“When the new delisting regulations come out, it is necessary to deduct all the incomes that are ‘special in nature, accidental and temporary, and affect the report users’ normal judgment of the company’s sustainable operation ability’. In fact, it is to accurately crack down on those companies with empty shell and no operation ability.” China Merchants Securities Co.Ltd(600999) the sponsor representative who declined to be named told reporters.
According to the new delisting regulations, for companies that have been warned of delisting risks (i.e. * ST companies), if the financial indicators in 2021 continue to touch the delisting indicators, they will be delisted directly.
\u3000\u3000 “In the past, in order to protect the shell, many listed companies realized the positive phenomenon of increasing income or net profit by selling assets, government subsidies and other non normal business profits at the end of the year. After the new regulations, these operations will have no hiding place. It is more difficult for companies to use financial means to increase operating income, which is conducive to improving the quality of listed companies and realizing Market-oriented survival of the fittest. ” Said the above sponsor representative.
23 * ST companies
on the brink of delisting
According to the reporter’s incomplete statistics, a total of 23 * ST companies issued risk warning announcements on the termination of listing during the month.
Take Guangdong Qunxing Toys Joint-Stock Co.Ltd(002575) as an example, the 2019 financial report was issued with an audit report that could not express an opinion. In 2020, after deducting non recurring profits and losses, the net profit was negative and the operating revenue was less than 100 million yuan.
In addition, the company’s revenue and net profit both failed to meet the standard. Hainan Dadonghai Tourism Centre (Holdings) Co.Ltd(000613) in 2020, the company’s operating revenue was 15.512 million yuan, far less than 100 million yuan, and the net profit attributable to shareholders of listed companies was -11.5679 million yuan; Xinjiang Yilu Wanyuan Industrial Investment Holding Co.Ltd(600145) in the same situation, the audit with qualified opinions issued in 2020 had an operating income of 3.458 million yuan and a net profit of – 129 million yuan attributable to the listed company.
Guangdong Dazhi Environmental Protection Technology Incorporated Company(300530) released the performance forecast for 2021. It is estimated that the operating income after deduction is 110 million yuan to 140 million yuan, and the loss after deducting non net profit is 220 million yuan to 280 million yuan.
From the previous situation of these companies, the companies that announced the termination of listing risk warning basically touched the delisting conditions such as the audited net profit is negative and the operating income is less than 100 million yuan, the audited net assets at the end of the period are negative, and the financial and accounting reports are issued with qualified opinions, audit reports that cannot express opinions or negative opinions, And delisting risk warning has been implemented.
Qin Ruohan, general manager of Jinhua fund, told the reporter of Securities Daily: “The background of the new regulations is to curb the adjustment of the profits of listed companies through debt restructuring, government subsidies and other non operating income at the end of the year, so as to realize the shell protection behavior of listed companies and give full play to the role of the capital market in more effective allocation of resources. With the improvement of various regulatory regulations in the capital market, it is bound to increase the difficulty of ‘shell protection’ listed companies that return to their old business, and the bad currency will increase by degrees The gradual expulsion is of long-term and profound significance to the healthy development of China’s capital market. “
Kuang Yuqing suggested that in the future, the evaluation criteria of related party transactions in the delisting process should also be introduced, and the behavior of protecting the shell through large related party transactions should also be limited. The loopholes should be filled as much as possible, so that some companies that do not have the ability of sustainable operation should retreat as much as possible, eliminate the malicious speculation of shell resources, and further purify the market environment.
