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After * ST civil control (rights protection), * ST Meisheng (rights protection), * ST new textile (rights protection), * ST Taian (rights protection) also lock in delisting ahead of time.

According to the current stock price estimates, even if the next few trading days continue to rise, the company's share price will not be able to return above 1 yuan, reaching the delisting condition of "less than 1 yuan for 20 consecutive trading days" and locking delisting ahead of time.

Since the beginning of this year, seven companies that have delisted and delisted from A shares are * ST Huayi, * ST Peron, * ST Pan Hai, * ST Eddie, ST Hongda, ST VIP and Xinhai. Delisting Botian will be terminated and delisted on April 25, and ST Xingyuan (rights protection) has received the delisting decision of the exchange. As the 2023 annual report disclosure deadline approaches, more companies that have implemented delisting risk warnings are expected to join the delisting list because financial indicators have failed to improve.

Market analysts pointed out that the new delisting rules focus on improving the overall quality of stock listed companies, increase efforts to reduce the value of "shell" resources through strict 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 Taian locked delisting

Recently, * ST Taian issued several announcements to remind investors that the company's shares may be terminated because the share price is below par value.

As of April 24, * St Taian has closed below 1 yuan for 11 consecutive trading days. According to the relevant regulations of the stock listing rules of the exchange, if the closing price of the company's shares is less than 1 yuan for 20 consecutive trading days, the company's shares will be terminated from listing on the Shenzhen Stock Exchange. This means that the company's stock price needs to return to 1 yuan in the remaining 9 trading days in order to avoid the risk of delisting, but the reporter calculated that in the next 9 trading days, even if the company's share price rose by the limit one after another, it could not return to 1 yuan. Achieve the delisting condition of "less than 1 yuan for 20 consecutive trading days" and lock in delisting ahead of time.

In fact, in addition to the face value delisting risk, * ST Taian's financial delisting risk is also high. * ST Taian was unable to express its opinion due to the issuance of the 2022 financial and accounting report, and the company's shares have been delisted since May 5, 2023.

In addition, the company also has a negative net profit before and after deducting non-recurring profits and losses in the last three fiscal years, and the financial statements of the company in 2022 have been issued an audit report of unable to express opinions with significant uncertainties in continuing operations. in the last year, an internal control audit report was issued that could not express or negate the opinion. The company has the situation that the funds are occupied and the situation is serious, and the stock trading of the company is superimposed to implement other risk warnings.

The 2023 annual report is very important to the company, but according to the company's announcement, because the non-operating funds occupied by the controlling shareholders of the company whose opinions could not be expressed in 2022 have not been fully recovered, there is still significant uncertainty about the company's sustainable operating capacity. And due to defects in the company's internal control and other reasons, the audit institution may not be able to obtain sufficient and appropriate audit evidence on the specific time of the company's large impairment loss in 2023. Audit institutions are likely to be unable to express their opinions on the company's 2023 financial report, and it is more likely that the company will be forced to delist in the financial category stipulated in the rules governing the listing of stocks on the Shenzhen Stock Exchange.

The reorganization application was terminated.

On April 7, * ST Taian announced that on April 2, the Intermediate people's Court of Shantou City, Guangdong Province issued a "decision" and a "Civil order". The Shantou Intermediate people's Court decided to end the company's pre-reorganization procedure and refused to accept the reorganization applications submitted by the applicant (creditor) Guangzhou Zhongbang supply chain Management Co., Ltd. And listed companies.

* the termination of ST Taian restructuring application has undoubtedly increased the risk of delisting of the company's shares. Since April 8, the company's stock has fallen by the limit of one word board in a row, falling to zero at present.Blackjackonlinefree.60 yuan.

The announcement did not explain why the court ended the company's pre-restructuring procedures, but the company was plagued by negative factors. On December 4, 2023, * ST Taian announced that the company and related parties had received the "advance notice of Administrative punishment" issued by the Guangdong Regulatory Administration. * ST Taian and its subsidiaries occupied non-operating funds with the controlling shareholder Taiantang Group by prepayment for equipment purchase, prepayment for drugs, payment for forest ginseng and other ways, and the amount of funds occupied in the first half of 2018 to 2022 was 6484 respectively.Blackjackonlinefree640, 000 yuan, 205 million yuan, 277 million yuan, 269 million yuan, 161 million yuan, a total of 980 million yuan.

In addition, * STTaian Co., Ltd. Guangdong Kangaiduo Digital Health Technology Co., Ltd. falsely increases inventory and profits by reducing carry-over costs and recording expenses. The company and its subsidiary Guangdong Hongxing Group Co., Ltd. Hongxing Pharmaceutical Factory falsely increases income and profits by falsely increasing drug sales prices. Through the above ways, the company falsely increased its profits by 66 million yuan, 144 million yuan, 116 million yuan and 103 million yuan respectively from 2018 to 2021, accounting for 20.08%, 115.79%, 304.72% and 12.25% of the total profits recorded in the current report, respectively. There are false records in the relevant periodic reports.

The delisting mechanism is constantly improving.

Since the release of the revised delisting rules at the end of 2020, delisting reform has attracted a lot of attention. by the end of last year, the annualized delisting rate of A shares had risen to 1.0 per cent.

Since the beginning of this year, the companies that have been delisted and delisted are * ST Huayi, * ST Peron, * ST Pan Hai, * ST Eddie, ST Hongda, ST VIP and Xinhaitui. Delisted Botian will be delisted and delisted on April 25. ST Xingyuan has received the delisting decision of the exchange, because the company's shares touched the trading category of compulsory delisting, the exchange made a decision to terminate the listing, not to enter the delisting period.

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.

Oriental Securities said that the latest delisting regulations require greater supervision of delisting, further strict delisting standards, smooth multiple delisting channels, accurately crack down on all kinds of illegal "shell preservation" behavior, and improve the investor compensation and relief mechanism in the process of delisting. This puts forward targeted policy suggestions for the excessive supply of the stock market, the low rate of return on investment and the serious phenomenon of circling money, which is beneficial to the medium-and long-term development of the stock market.