Two A -share listed companies will reach 46 in the delisting company today.

Reporter Wu Xiaolu

On July 7, the Shanghai Stock Exchange will deliver the stocks of two companies in Jitang and delisting Jintai. In the future, the delisting Haichuang and delisting Haizhuang will also be delisted one after another. From January 1st to July 6th this year, 42 A -share listed companies have delisted, plus the above 4 companies, and the number of delisting companies will reach 46 within the year.

Judging from the reasons for delisting, of the 46 delisting companies, 42 are forced to delist, 3 are reorganized delisting, and one is actively delisted.

"On the whole, the delisting company is mainly forced to delist with the financial delisting indicators during the year. Under the implementation of the new delisting regulations, the delisting is becoming increasingly normal, which has promoted the A -share market 'metabolism' The resource allocation function. "Chen Li, chief economist of Chuancai Securities, said in an interview with a reporter from the Securities Daily that since the implementation of the new delisting regulations, the delisting system has been significantly optimized and covered with wider coverage. Listed companies have made requirements to accelerate the clearing of risk companies.

39 touches the financial delisting indicator

Diversified delisting normalization

According to the announcement of the delisting Haichuang and delisting, the final trading day for the two companies' delisting period is July 6 and July 18. With the gradual exit of the two companies, the listed company reported on the 2021 annual report. Touching the delisting indicator and being delisted and delisting by the exchange will also end.

Specifically, among the 42 compulsory delisting companies in the above year,*ST Aeger delisted for a trading delisting indicator. To touch the financial delisting indicator.

From the perspective of 39 companies that hit financial delisting indicators, 17 financial combination indicators of "operating income+net profit before and after non -deduction", 11 touches net assets are negative indicators, and 27 have issued non -standard audit opinions (one family The company may touch a number of delisting indicators and repeat statistics).

"With the strict implementation of the new delisting regulations, the number of delisting companies in 2022 has grown rapidly. The number of compulsory delisting companies has reached 42 during the year, exceeding the sum of the number of delisting companies in the past two years." In an interview with the Securities Daily reporter, Sun Jinzheng said that specifically, there are two major characteristics of the delisting situation this year: First, the delisting system is strictly implemented. The pace of delisting of the company has accelerated. The second is that the delisting channels are gradually diversified. Except for 39 companies, in addition to the delisting of financial delisting indicators, non -financial mandatory delisting situations such as trading delisting and major illegal delisting have gradually increased. M & A restructuring and delisting and other delisting channels have also been unblocked.

Investor protection upgrade

Strict supervision of delisting stock hype

In the process of promoting the delisting process, how to ensure the protection of the legitimate rights and interests of investors is particularly important. On April 29, the CSRC issued the "Guiding Opinions on Improving the Supervision of Supervision after the delisting of listed companies" to optimize and improve the blocking points and risk points during the delisting process, protect the basic rights of investors, ensure the smooth implementation of the delisting system to implement the stable implementation of the system of delisting system. Essence

Chen Li said that with the continuous improvement of the delisting system, the protection of investors has been further strengthened. Since the beginning of this year, the CSRC has made further optimization in the protection of investors. Specifically, it includes: first, optimize the continuous supervision system of delisting companies to ensure that major information is disclosed in time; Investors' pre -protection, etc.

At the same time, the Shanghai and Shenzhen Stock Exchange also conducted key monitoring on the period of some delisting shares during the delisting period and punished some investors. For example, on May 19 and June 6, the Shanghai Stock Exchange issued two notifications on the abnormal transaction of West Shui stocks in the exit of West Shui stocks. Individual investors have the market transactions such as lift stock prices and large -scale declarations such as lift prices during the transaction. The abnormal trading behavior of order and misleading small and medium investors' transaction decisions, the Shanghai Stock Exchange continuously implemented the supervision measures for the suspension of transactions on the relevant investors.

Chen Li said that investors' hype some delisting stocks mainly believe that it is expected to be re -listed in the future. However, the re -listing of delisting enterprises is difficult, and the risk of speculation shares is high. Investors should rationally evaluate risks and invest rationally before decision -making.

Sun Jinxun said that investors need to pay close attention to announcements disclosed by listed companies on the one hand, and make announcements such as annual performance forecast and risk prompts, and make investment decisions with caution. On the other hand, they should strengthen their understanding of the latest delisting system. rights and interests.

The delisting system will be continuously optimized

Realize the "survival of the fittest"

With the advancement of the reform system of the capital market, market participants believe that the future delisting system is expected to be further optimized. By giving full play to the joint efforts of all parties, the "survival of the fittest" is achieved.

Chen Li said that in the next step, the delisting system will be continuously improved and optimized in practice, and supervision will be continuously strengthened. Subsequent or introducing indicators of more dimensions will conduct a comprehensive evaluation of the company. For enterprises, it is not only the need to pay attention to the profit or the stock price maintained in a reasonable range, but more importantly, the comprehensive management system, sustainable development capabilities, etc. For investors, we need to further clarify investment risks and reasonably evaluate the value of investment in enterprises.

Sun Jinxun believes that from the perspective of regulatory levels, the positive cycle of new delisting regulations and registration system reforms need to be further strengthened, realizing the two -way unblocking of corporate listing and delisting, and strengthening the ecological environment of the "survival of the fittest" in the capital market.At the same time, the delisting system should be continuously improved, the space shell company avoids the space of the shell company, further improves the protection mechanism of investor, and strengthens the protection of investors' rights and interests while strictly implementing the delisting system.For intermediaries, Sun Jinxun believes that further strengthening the requirements for verification of audit institutions, requiring the annual audit institutions to focus on whether the current income of the listed company is real and accurate, and combined with factors such as the company's historical operationsIt stipulates that the responsibility of the intermediary agency is strictly compressed.For securities firms, we must divide the risk level of investors and strengthen the risk education of investors.

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