Source: futures Daily

Since the delisting risk warning was implemented on May 4 last year.LottojackpottonightA year later, China interim Investment Co., Ltd. (hereinafter referred to as * ST) will face delisting due to the issuance of an audit report with no opinion in the 2023 annual financial and accounting report.

* ST issued an announcement on the evening of May 6 that the company had received a "prior notice" from the Shenzhen Stock Exchange.

According to the advance notice, due to the negative audited net profit and operating income of * ST in mid-2022, the company's stock trading has been delisted since May 5, 2023. On April 30, 2024, the first annual report after the company's stock trading was delisted risk warning showed that the company's 2023 annual financial and accounting report was issued with an audit report that could not express its opinion. The company touches No. 9 of the Stock listing rules of the Shenzhen Stock Exchange (revised in August 2023).Lottojackpottonight. 3LottojackpottonightThe Shenzhen Stock Exchange intends to decide to terminate the listing of the company's shares in the case of termination of the listing of stocks as stipulated in Article 11.

* ST delisting risk warning was implemented in the medium term last year

It is understood that * ST was listed in July 2000, and its main business is automobile service business, including brand car and accessories sales, car maintenance, car maintenance and beauty, information consulting services, auto financial services, auto insurance brokerage, automotive e-commerce and other services.

In recent years, * ST's medium-term operating results have been under pressure. According to the 2022 annual report, * ST achieved revenue of 31.7817 million yuan in mid-2022, down 35.77% from the same period last year, and realized net profit belonging to shareholders of listed companies-3.3991 million yuan, down 269.12% from the same period last year.

Because the audited net profit before and after deducting non-recurring profit and loss in 2022 is negative, and the operating income after deducting business income unrelated to the main business and income without commercial substance is less than 100 million yuan, it touches on Rule 9.3.1 of the Stock listing rules, "the audited net profit in the most recent fiscal year is negative and the operating income is less than RMB 100 million. Or retroactively restate that the net profit of the most recent fiscal year is negative and the operating income is less than RMB100 million ", * ST interim shares have been delisted risk warning since May 5 last year.

At the end of January this year, * ST pointed out in its 2023 results forecast that the company's net profit after deducting non-recurring profits and losses in 2023 is between 1 million yuan and 3 million yuan. The annual auditor has not yet conducted a comprehensive check on the company's net profit, and there is still operational uncertainty. If the company's audited financial and accounting report in 2023 shows that the relevant financial indicators touch the relevant provisions of Rule 9.3.11 of the Stock listing rules, the listing of the company's shares will be terminated and the risk will be drawn to the attention of the majority of investors.

Referring to the delisting of * ST in the medium term, Jingchuan, chief economist of Shanghai East Asia Futures, said in an interview with Futures Daily that according to the regulations of the Shenzhen Stock Exchange, the standard of continuous loss is that the listed company has lost more than 35% in three consecutive fiscal years, or more than 45% in two consecutive fiscal years, or more than 70% in a single fiscal year. Shenzhen Stock Exchange will consider delisting the company's shares. Judging from the interim performance of * ST, from 2020 to 2022, its operating income was 49.9351 million yuan, 49.482 million yuan and 31.7817 million yuan respectively, and its net profit was 6.0825 million yuan, 20.098 million yuan and-3.399 million yuan, respectively. The net cash flow generated by operating activities was-6.5022 million yuan,-1.125 million yuan and-10.2099 million yuan, respectively. The company's operating income, net profit and net cash flow generated by operating activities showed a downward trend for three consecutive years, and met the requirement that the loss for three consecutive years exceeded 35%. It is reasonable to delist.

It is worth noting that on 12 April, the new "National Nine articles" clearly called for deepening the reform of the delisting system, speeding up the formation of a normal delisting pattern that should be withdrawn and cleared in a timely manner, strictly enforcing delisting standards, and tightening financial delisting indicators. "* ST failed to make a profit in the medium term in the past year, and its operating income was less than 100 million yuan. Shenzhen Stock Exchange's decision to delist is also to implement the delisting requirements of the new policy." Jingchuan said.

* ST mentioned in the interim announcement that if the company's shares are terminated by the Shenzhen Stock Exchange, the company's shares will resume trading on the next trading day after 5 trading days after the Shenzhen Stock Exchange announces the termination of listing and enter the delisting and finishing period in accordance with the provisions of the Stock listing rules.

* ST said in the medium term that during the delisting period, the company's securities code will remain unchanged, the stock will be marked with "delisting" after the abbreviation, and the stock will be traded on the risk warning board, and the trading period of the delisting period will be 15 trading days. The company's shares shall be delisted on the next trading day after the delisting period expires, and the company's shares shall be terminated from listing. According to the relevant provisions of the rules on Stock listing, after the Shenzhen Stock Exchange has made a decision to terminate the listing of the company's shares, the company shall immediately arrange for the shares to be transferred to the delisting section managed by the national stock transfer company, so as to ensure that the company's shares can be transferred within 45 trading days from the date of delisting.

More and more attention has been paid to high-quality assets in futures industry.

* ST said in its 2023 annual report that in recent years, the company has not increased its investment in the automotive service industry. At present, the main business scale is small, the operating cost is high, and it is gradually at a disadvantage in the market competition. Coupled with the overall recession in the automotive service industry, the company achieved operating income of about 11.07 million yuan in 2023, down 65% from the same period last year, and realized operating profit of about 9.03 million yuan. Net profit belonging to the shareholders of the parent company is 8.01 million yuan.

When it comes to why it has not made efforts in the main business, * ST said in the medium term that it is because it has been committed to asset restructuring of international futures.

According to Futures Daily reporter, in 2008, 2012, 2014, 2019, 2021 and 2023, * ST issued medium-term announcements to buy international futures, but its restructuring plans failed several times.

* the most recent asset restructuring plan for ST in the medium term was in July 2023. At that time, * ST disclosed the restructuring plan in the medium term, saying that it intended to sell all its assets and liabilities except 25.35% of the shares in international futures and 100% of the shares of Mid-term Times to the medium-term group, and implement the absorption and merger of international futures by issuing shares. Subsequently, the restructuring deal was announced on September 15. But the restructuring soon came to an end. In January this year, * ST mid-term announcement said that due to the demonstration and implementation of related matters could not be completed on schedule, the company's securities firms applied to the Shenzhen Stock Exchange to withdraw the application documents for this transaction.

Judging from the reasons for the failure of ST's mid-term acquisition of international futures, it is mainly affected by policy-level factors, including: the provisions on backdoor listing of financial enterprises in 2012 are not applicable and the CSRC will not accept them temporarily; in 2015, the regulatory authorities introduced policy measures that led to changes in the regulatory environment, methods and rules of the futures market involved in its restructuring plan.

Why does * ST always want to buy international futures in the medium term for many years?Lottojackpottonight? To sum up the position of * ST in the medium term, it has been at a disadvantage in the competition in the automobile service industry for a long time, and the income of its main business continues to decline, so it has been hoping for many years to realize the transformation and upgrading to the financial industry such as futures by reorganizing excellent futures assets, so as to create a new growth point for the company's sustained and stable development.

The reporter found that the achievement of turning losses into profits in the medium-term 2023 of ST has a contribution to international futures. In the previous earnings forecast for 2023, * ST said in the medium term that one of the reasons for the turnaround in 2023 was that the international futures performance of the participating companies had improved compared with last year, and the company's investment income had increased.

According to public information, the full name of international futures is China International Futures Co., Ltd., which was formally established in the Great Hall of the people on December 28, 1992. The main shareholders are medium-term Group, China medium-term, etc., mainly engaged in commodity futures, financial futures, futures investment consulting, asset management business and fund sales business. The registered capital of the company is 1 billion yuan. In 2006, international futures was approved by the China Securities Regulatory Commission and became one of the first futures companies to set up branches in Hong Kong. in the same year, China International Futures (Hong Kong) Co., Ltd. officially opened and engaged in Hong Kong and international futures business. In 2013, International Futures established a wholly-owned subsidiary, medium-term International risk Management Co., Ltd., to carry out risk management services such as over-the-counter derivatives, basis trading, warehouse receipt services and cooperative hedging. In 2023, international futures was awarded Class A Futures Company.

Data show that at present, * ST still holds 25.35% of international futures in the medium term. Talking about the impact of ST delisting on international futures, some industry insiders told Futures Daily that this has no impact on the development of international futures, and international futures can also be listed separately.

The above industry insiders also said that in recent years, China's futures market has developed rapidly, and the futures industry has also ushered in an important period of development opportunities. At present, whether there are financial institutions, spot groups or foreign-funded futures companies, their license advantages continue to highlight, and the status of futures in the whole wealth management has been paid more attention. It is worth noting that in September last year, Shandong Gold transferred 100% equity of Shanjin Futures Co., Ltd., held by its Shanjin Gold Capital Management Co., Ltd., to the company, turning Shanjin Futures into its first-class subsidiary. This also shows that domestic spot enterprises attach importance to the futures business plate.