Say goodbye to "junk stocks"!A shares announced the delisting in the first half of the year, and the market survival of the fittest accelerated

China Times (chinatimes.net.cn) reporter Shuai Ke Cong Chen Feng Beijing report

On June 30, 2022, the battle for the semi -annual end of A shares ended. The three major indexes rose more than 1%, and the Shanghai Stock Exchange Index closed at 3398.62 points. In the first half of the year, the Shanghai Stock Exchange Index fell 6.6%, the Shenzhen Stock Exchange Index fell 13.2%, the GEM index fell 15.4%, and the cumulative fell by the Science and Technology 50 Index fell by 20.9%.

A large number of "junk stocks" delisting have become a highlight of the market in the first half of the year. According to Wind data, as of the close of June 30, a total of 43 stocks were announced in the first half of the year, which was close to the sum of the three years from 2019 to 2021.

On June 30, Deng Zhidong, director of the China CFO Hundred Talents Forum, told a reporter from Huaxia Times that normalized delisting is an inevitable measure for A -share health and sustainable development. Functional positioning, better service for economic development. At the same time, this also sounded the alarm for all A -share listed companies, trying to speculate on concepts, show "wealth techniques", play the ball of wiping balls, and muddy water.

In the first half of the year, 43 shares announced the delisting

On June 30, Xiahua Electronics (600870.SH) was delisted by the Shanghai Stock Exchange. The former Chinese color TV industry hegemon officially left the game after the A -share market fluttered for 27 years. "The fall of a generation of Tianjiao, unfortunately." A investor said in his stock bar.

On the same day, the exchanges were all delisted with three companies including Digital Technology (300038.SZ), Oriental Net Power (300367.SZ), and Shangying Global (600146.SH). They were all tide in the A -share market. For example, the former security leader Oriental network power. After landing in the GEM in January 2014, the early stock price rose ten times.

However, now as a representative "junk stock" as the A -share market, they have all become small footsteps for the normalization process of the A -share market.

According to Wind data, as of June 30, 2022, 36 stocks have been delisted in A shares in the first half of the year, plus contemporary retirement (000673.SZ), Julong Retirement (300202.SZ), Bangxun Retreat (300202.SZ ) Seven stocks, including the delisting Haisao (600896.SH), were in stocks that were in the delisting period. In the first half of the year, a total of 43 stocks were announced to be delisted.

This number is close to the total of the past three years, and it is undoubtedly a huge improvement for A shares that have been criticized for "delisting difficulties" for a long time. Wind data show that from the three years from 2019 to 2021, the number of delifted stocks in the A -share market was 10, 16, and 20, respectively, totaling 46.

In fact, since the history of A shares, there have been only 181 shares. The number of delisting in the first half of 2022, accounting for more than 20%; the number of delisting from 2019 to the first half of 2022, accounting for nearly 50%.

The results of the new regulations for delisting are gradually becoming increasingly apparent

Behind the acceleration of the survival of the market, it is mainly due to the continuous improvement of the regulatory regulatory level on the delisting mechanism. Since 2006, the A -share delisting system has gone through five reforms and optimizations. The new delisting regulations released on the last day of 2020 have further improved the efficiency of delisting.

Open source securities analysts Sun Jinzheng and others previously pointed out in the report that the new delisting regulations have improved the four categories of financial, trading, specifications, and major illegal categories, and the suspension of listing and restoration of listing is canceled. Shorten the trigger period of the financial delisting, the time of the delisting period, and the time for exempting trading.

Among them, in terms of financial delisting standards, the new regulations add a new combined delisting indicator (those with low net profit before and after non -deduction are negative and operating income is less than 100 million yuan), replacing the original single net profit and operating income index. The combination indicator of income and profit is conducive to avoiding the "one -size -fits -all" of whether listed companies have continuous operating capabilities under a single type indicator. At the same time, the new regulations will cross the three -type financial delisting indicators of net profit plus operating income, net assets, and audit opinions, which are applicable to effectively compress the operating space of listed companies to avoid delisting, reflect the delisting supervision and more Strict.

"Huaxia Times" reporter noticed that triggering financial delisting indicators is already the main reason for the current delisting of A -share companies. More than 80%of companies that have delisted since 2022 have touched the financial delisting standards. Companies with abilities can be effectively cleared.

"Restoring sustainable operating capabilities and improving performance is the correct way to avoid delisting. It is foreseeable that under the advancement of normalized delisting mechanism, a group of companies that have long -term non -main business, continue to rely on government subsidies or sell assets to protect assets It will accelerate from the market. "Open source securities pointed out.

In order to not think about the operator, ring the alarm clock

"From the original Yanjin strictness, it can't be entered, and now it has been gradually developed in an orderly manner. This is the epitome of the capital market resource allocation." Cheng Yan Capital partner Xu Yisui previously lived with the Huaxia Times. When the reporter exchanged, the increase in the proportion of delisting reflected the increasing maturity of the current A -share market.

From the perspective of Deng Zhidong, director of the China CFO Hundred People's Forum, which has been paying attention to the capital market for a long time, normalized delisting is an inevitable measure for A -share health and sustainable development. Be better for economic development. Deng Zhidong told the reporter of "Huaxia Times" that the normalized delisting also sounded the alarm to all A -share listed companies, trying to speculate in concepts, show "wealth techniques", scratching the ball, muddy water, and fish. To avoid delisting, it can only standardize operations, practical development, effectively improve profitability, strengthen the main business, and achieve high -quality development of enterprises.

"The gradual normalization of A shares has the significance of promoting metabolism, achieving organic renewal and maintaining market vitality for the new ecosystem of the market." Compassion with organic more is the prerequisite for maintaining the vitality of the capital market and effective allocation of resources. Due to various reasons, various types of delisting channels have not been opened before, which has caused many problems. A make -up lesson for previous issues.

Bo Wenxi pointed out that timely listed companies that have eliminated and cleared some serious violations and lost their sustainable development capabilities, will not only help maintain market vitality and resource allocation capabilities, but also help protect investors' interests.

Editor -in -chief: Ma Xiao Chao Editor: Xia Shencha

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