Log in to Sina Finance APP to search [Xinpi] to see more evaluation levels.

If you want to speculate in the stock market, you can see the research report of Jin Kirin analysts.BingothatpaysrealmoneyAuthoritative, professional, timely, comprehensive, to help you tap the potential theme opportunities!

2023 financial report related indicators did not improve, the most expensive "St shares" may lock delisting.

On the evening of April 28th, * ST Zuojiang (rights protection) announced that the company's audited net profit in 2023 was negative and its operating income was less than 100 million yuan. at the same time, the company's 2023 financial statements issued an audit report with non-standard audit opinions, which touched upon the termination of listing under the relevant provisions of the stock listing rules, and the company's shares would be terminated.

From April 29th, * ST Zuojiang will be suspended pending the exchange's final delisting decision.

Since the beginning of this year, the survival of the fittest in the A-share market has accelerated. According to incomplete statistics by a reporter from the Securities Times, up to now, 16 companies have delisted or locked in delisting during the year. among them, 9 have delisted, 2 announced delisting targets, 4 delisted ahead of schedule, and 1 delisted financial delisting targets. In terms of delisting indicators, 14 hit delisting targets, far more than in the same period last year.

Market analysts pointed out that the new delisting rules focus on improving the overall quality of stock listed companies, strengthen the clearance of "zombie empty shells" and "black sheep" by strictly delisting standards, and reduce the value of "shell" resources. it can be described as "good money drives out bad money"; at the same time, broaden multiple exit channels and strengthen investor protection for delisted companies.

* ST Zuojiang locked delisting

* ST Zuojiang has been given a delisting risk warning since the opening of the market on May 4, 2023 because its audited net profit (which is lower before and after deducting non-recurring profit and loss) in 2022 is negative and its operating income is less than 100 million yuan.

According to the relevant provisions of the stock listing rules, the listing of a company's shares will be terminated if one of the following occurs in 2023:

1. The audited net profit is negative and the operating income is less than 100 million yuan, or the most recent fiscal year after retrospective restatement is negative net profit and operating income is less than 100 million yuan.

2. The audited net assets at the end of the period are negative, or the net assets at the end of the most recent fiscal year are negative after retrospective restatement.

3. An audit report in which financial and accounting reports are issued with qualified opinions, unable to express opinions or negative opinions

4. Fail to disclose the true, accurate and complete annual report guaranteed by more than half of the directors within the legal time limit

5. Although the relevant conditions are met, it does not apply to the exchange to cancel the delisting risk warning within the prescribed time limit.

6. The application for delisting risk warning has not been examined and approved because it does not meet the relevant requirements.

On the evening of April 28th, * ST Zuojiang released its 2023 financial results, showing that revenue in 2023 was 5325.Bingothatpaysrealmoney160,000 yuan, with a net profit loss of 220 million yuan attributable to the shareholders of the parent company. Because the audited net profit of the company in 2023 is negative and the operating income is less than 100 million yuan, or the most recent fiscal year after retrospective restatement, the net profit is negative and the operating income is less than 100 million yuan, and the 2023 financial and accounting report is issued with reservations, unable to express opinions or negative opinions of the audit report, touching on the termination of stock listing. Trading in the company's shares and their derivatives was suspended on April 29.

Suspected of major financial fraud

* ST Zuo Jiang received the China Securities Regulatory Commission's notice on filing a case issued by the China Securities Regulatory Commission on December 1 last year, and was filed by the CSRC on suspicion of illegal information disclosure.

Subsequently, in the "Securities Regulatory Commission report on the Progress of phased investigation into the ST Zuojiang Financial Fraud case" announced on January 30 this year, the CSRC said, "it has been preliminarily identified that the financial information disclosed by * ST Zuojiang in 2023 is seriously false and is suspected of major financial fraud. The case is currently under investigation, and I will find out the illegal facts as soon as possible and seriously deal with them in accordance with the law. "

* ST Zuo Jiang said that the company had not yet received the final conclusion of the CSRC's investigation into the above-mentioned investigation. However, according to the relevant regulations, if the company is subject to administrative penalties by the China Securities Regulatory Commission, and the illegal behavior touches the violation of major information disclosure violations, the company's shares may be at risk of terminating the listing.

Before the related risks were exposed, the share price of * ST Zuojiang continued to rise and reached a peak of close to 300 yuan in July 2023, which is known as the most expensive "St stock" in history.

As the company was placed on file for investigation, * ST Zuojiang shares immediately began to plummet. So far, the closing price of * ST Zuojiang has fallen to 6.94 yuan, more than 97% back from its all-time high.

It is worth mentioning that previously in the research newspaper "advocate" * ST Zuojiang securities firms have also been regulated to issue warning letters. Shenzhen Stock Exchange issued a warning letter to Huaan Securities on February 5. According to the warning letter, on January 31, February 25 and March 25, 2023, * ST Zuojiang, a company listed on the Shenzhen Stock Exchange, issued three consecutive announcements that the company's stock trading may be delisted. On April 25, 2023, Huaan Securities issued an in-depth research report entitled "the bright pearl in the field of arithmetic, DPU taking advantage of the momentum" and recommended to buy * ST Zuojiang.

After investigation, the analysis conclusion of the relevant research report issued by Huaan Securities is not sufficient, the conclusion is not prudent, the investment risk is not fully revealed, and the company does not check the quality of the research report strictly.

The Shenzhen Stock Exchange pointed out that the above actions of Huaan Securities violated the "member Management rules" and other relevant regulations, and according to the regulations, Huaan Securities adopted self-regulatory measures with written warnings, and asked the company to attach great importance to this. Take effective measures to rectify violations, further strengthen the company's quality audit and compliance review of research reports, and ensure that the sources of research report information are legal and compliant. The conclusion of the analysis has a reasonable basis to fully reveal the investment risk and avoid misleading the market.

Delisting structure is becoming more and more diverse.

According to the Securities Times, since the beginning of this year, nine companies, including * ST Huayi, * ST Pan Hai, * ST Peron, * ST Eddie, ST Hongda, * ST Xinhai, * ST Botian, ST VIP, and ST Xingyuan, have been terminated and delisted. In addition, * ST people control (rights protection), * ST Meisheng (rights protection) has reached the face value delisting target, ST Zhongnan, * ST Beauchamp (rights protection), * ST new textile (rights protection), * ST Taian (rights protection) have successively fallen below their face value, even if they continue to rise by the limit, they will also touch the trading mandatory delisting indicators and lock in delisting ahead of time. * ST Zuojiang triggered financial delisting indicators and also locked delisting.

Overall, at least 16 companies locked in delisting during the year, of which 14 hit the face value delisting index, * ST Botian is a major illegal compulsory delisting, and * ST Zuojiang triggered financial delisting indicators to lock in delisting.

On April 12 this year, the third "National Nine articles" in the capital market was officially released, clearly proposing "deepening the reform of the delisting system and speeding up the formation of a regular delisting pattern that should be withdrawn and cleared in a timely manner." the CSRC issued the "opinions on the strict implementation of the delisting system", the Shanghai, Shenzhen and North exchanges revised the relevant delisting rules at the same time, and the reform of the delisting system entered a new stage.

On the basis of the delisting rules in 2020, the newly revised delisting regulations further highlight the deterrent to financial fraud and corporate governance chaos, take multiple measures to reduce shell value, encourage active delisting, optimize the transition period, and strengthen investor protection.

"the improvement of the delisting system has played a very positive role in improving the quality of listed companies. If some companies with poor performance and poor financial condition can not meet the standards of the capital market, their continued existence will pose a greater risk to the development of the whole market. And those companies that are forced to delist can also pay more attention to their own operation and management and strive for re-listing by improving the overall quality of the company. " Liu Yan, chairman of Anjue assets, told the Securities Times.

In Liu Yan's view, the delisting system has actually played a good warning and spur role for all listed enterprises. In particular, we should resolutely crack down on those black sheep who have fraudulent issuance and fraudulent information disclosure, and never be lenient. we should not only forcibly terminate the listing qualifications of such companies, but also let the relevant responsible personnel bear the economic and legal consequences. this is very important to maintain the fairness and justice of the market and lay the cornerstone of the capital market.

According to the research view of Galaxy Securities, strong supervision and risk prevention are the prerequisites for promoting high-quality development, and only under these two conditions can the capital market achieve high-quality development. The CSRC emphasizes strengthening the supervision of the whole chain of company listing, stock market and delisting, strengthening the supervision of securities fund institutions, strengthening transaction supervision, strengthening investor protection, and promoting medium-and long-term funds to enter the market, and so on. As a result, the CSRC will co-ordinate the implementation of various measures as soon as possible, severely crack down on all kinds of evading delisting, make greater efforts to protect the rights and interests of investors, improve the quality of listed companies, and purify the ecology of the capital market.