The new rules for the delisting of the Shanghai and Shenzhen Stock Exchanges have clearly defined the two major types of mandatory delisting of major securities violations and major public safety violations. At the same time, the conditions for the withdrawal of A-shares from delisting companies have also been upgraded. Companies that are forced to withdraw from the market due to fraudulent issuance will be reinstated.
After the new delisting policy came out, the announcement of the listed company followed closely. *ST Baxter (002323.SZ) and Jinya Technology (300028.SZ) issued the delisting risk warning notice on weekends. The two companies involved Fraudulent issuance, loss of performance for three consecutive years, violation of regulations and other issues. The first financial reporter found that the two cities still have *ST Fugang (600399.SH), *ST Baoqian (600074.SH) and other stocks have the risk of suspension or termination of listing, and some stocks are plagued by multiple problems.
The A-share "export" is expected to expand, and it is increasingly difficult to "enter" the market. The direct impact was the Xintai 3, which was forced to withdraw from the market due to fraudulent issuance, and was thus insulated from the A shares. Other major illegal delisting companies need to apply for re-listing after the transfer of the company to the transfer company for 5 full fiscal years. In addition, there are a number of conditions that need to meet the performance and no major changes in the main business within three years.
*ST Baxter, Jinya Technology responds quickly
The new rules define four types of “significant violationsâ€, including initial listing fraud, reorganization of listing fraud, annual report fraud and delisting, and other circumstances identified by the exchange.
After the release of the new regulations, *ST Baxter and Jinya Technology issued a notice of delisting risk warning.
In an announcement issued last Friday, Jinya Technology stated that there are two types of situations in which the company's stock may be suspended or terminated: it is suspected of fraudulent issuance; Previously, Jinya Technology inflated the operating income and profits from January to June 2009 in the IPO filing materials.
One day after the release of the new regulations, *ST Baxter issued the "Notice on the existence of major illegal delisting risks in the company's stocks". The announcement shows that the company said that it will maintain the suspension status, after the court made a guilty verdict and took effect, based on Whether the new rules determine whether it constitutes a major illegal decommissioning situation.
In 2015, Yabait reported a false increase in operating income and profits. In July this year, *ST Baxter was transferred to the public security organ for suspected violation of regulations and non-disclosure of important information.
In addition to the above two stocks responding quickly, the reporter found out that the stocks involved in the “significant violation of the law†in the new regulations and the risk of suspension or termination of listing also include *ST Baoqian, *ST Fugang, Qianshan Pharmaceutical Machinery and other stocks. .
*ST Fugang is undergoing restructuring to avoid delisting due to bankruptcy. On November 17, the company issued a notice on the progress of restructuring, the company will hold a second meeting of creditors on November 21 to review the company restructuring plan. According to the previous announcement, the company intends to convert the capital reserve into share capital by the proportion of the total share capital of the existing A shares, which is not more than 5.72 shares per 10 shares. The shares generated by the transfer and the proceeds from the disposal are all used for repayment. Debt, payment related expenses and funds required for supplementary production and operation.
*ST Fugang also stated in the announcement that after the company's shares were suspended from listing, if the company had a 2019 audited net profit before and after deducting non-recurring gains and losses, the net profit was negative, the net assets at the end of the period were negative, or When the accounting firm issues a "non-standard" audit report, the company's stock will be terminated.
In March of this year, the CSRC investigated the case for alleged violations of information. In May, the company did not disclose periodic reports within the statutory time limit. In terms of corporate finance, the data shows that *ST Fugang has been losing money since 2016. The asset-liability ratio as of the end of September 2018 exceeded 110%, and it has become insolvent.
* ST Baoqian announced on November 9 that the CSRC’s investigation into the company’s violation of information disclosure is in progress. If the investigation of the case is finally confirmed by the CSRC to be a major information disclosure violation, the company’s stock may be The risk of suspension of listing.
Qianshan Pharmaceutical Machinery (300216.SZ) announced on November 15 that the company faces two risks that may be suspended from listing: First, if the financial accounting report is issued for two consecutive years, "negative or unable to express opinions" audit report will lead to the company's stock The risk of being suspended from listing; the second is the risk that the company's shares will be suspended if the audited net assets are negative at the end of 2018.
In addition, Qianshan medicine machine as well as transfer of shares are subject to judicial cases. November 14, the company announced that the company two persons acting in concert Liu Xianghua, Deng Tieshan is to enforce the judgment, Futian District, Shenzhen, Guangdong Province People's Court, the judicial transfer of Liu Xianghua, Deng Tieshan holding the stock, which was transferred out of thousands judicial Liu Xianghua The stock of yam machine was about 1.79 million shares, and Deng Tieshan was transferred to the Qianshan Pharmaceutical Machinery Co., Ltd. by about 2.42 million shares.
Re-listing restrictions upgrade, Xintai 3 has missed A shares
Previously approved long oil 5 re-listing, delisting ignite company A wants to return, but the "entrance" of the threshold is not low, and some even blocked the road back to A. In the new regulations November 16 in Shanghai and Shenzhen Stock Exchange re-listing system is also "upgrade."
According to Wind information data, as of now, there are 99 companies delisting from the A-share market. There are 49 companies that have delisted from losses for more than three consecutive years, accounting for nearly half of the total, and 33 of them have been delisted due to privatization. There were 9 delistings, 3 were not disclosed in the periodic report after the suspension of listing, and 2 were replaced by securities. One was forced to withdraw from the market due to fraudulent issuance and major information disclosure.
The Shanghai and Shenzhen Stock Exchange issued the fraud and forced delisting of the company to resume listing of foreclosed road. Which pointed out that the Shanghai Stock Exchange, the market entrance for illegal distribution company of fraud, illegal acts malignant large, strong response, the new regulations will not be given the opportunity to re-listed.
Xintai 3 is the first stock in the A-share market that was forcibly delisted due to fraudulent issuance. It is also the only stock in the A-share market that has been delisted for this reason. This means that Xintai 3 will not be associated with A shares since its withdrawal from the market.
Another “increment†in the new regulations is that other major illegal delisting companies other than fraudulent issuances need to be listed in the share transfer company for five full fiscal years before they can apply for re-listing. At the same time, the company that enters the delisting procedure after it has been forced to withdraw from the market due to a major violation of the law will not be allowed to resume listing unless the relevant administrative penalty decision, judicial ruling is revoked according to law, invalidated or changed according to law.
In May 2016, Boyuan Investment was terminated by law in accordance with the law due to major information disclosure violations, becoming the first company in the capital market to be terminated due to major illegality. According to the announcement, Boyuan 3 began to transfer in the national SME share transfer system (hereinafter referred to as “share transfer systemâ€) on April 2 this year, which means that the company’s return to A is long.
At the same time, for companies that are forced to withdraw from the market, companies that are forced to withdraw from the market due to market trading indicators will be three months from the date of transfer of their shares into the share transfer system; except for market trading indicators and major illegal delistings. Companies with other delisting indicators terminated will be 12 months from the date of transfer of their shares into the share transfer system.
According to the Wind information data, among the companies that were terminated due to unsatisfactory performance, except for the ene carbon 3, the Jean 3, the Kunji 3, and the new retreat, 43 companies retired to the third board in 2015. Meet the above time before October. However, delisting companies to re-apply for A-share listings only to meet a time condition does not mean that they can resume listing.
According to the new regulations, the company that has terminated the listing after the stock is terminated will be in compliance with the prescribed performance indicators, the proportion of public shareholding, the absence of major violations within three years of the director’s supervision, and no major changes in the main business within three years. Can apply for re-listing.
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