* ST family shell full scan suspended listing “gray list” emerged
Reporter Wu Zhengyi’s unique “* ST” symbol in the A-share market is returning to the original meaning of “Special Treatment”.
* ST Huaze, which resumed trading on March 21st, switched to the limit mode, and the company was suspended from listing.
According to the information statistics of Shanghai Securities News, among the approximately 50 * ST companies in the A-share market, most of them are close to classified financial technology to protect their shells, but * ST Huaze and other 3 companies are hopeless, and more remains to be seen.
It is worth mentioning that, under the circumstance of compulsory delisting supervision, the suspension of listing in this “transition zone”
is no longer a channel for Nirvana to be reborn, and it has become a crisis-minded minefield.
Linyuan Insurance’s * ST family * ST Huaze resumed trading limit, which triggered a sense of crisis in the A-share market.
* ST Huaze disclosed on the evening of the 20th that it is expected that the annual budget for 2017 will be 1.4 billion to 1.9 billion US dollars. The company’s stock will be suspended for three consecutive years.
In addition, if the company reorganizes to disclose the 2017 annual report within the time limit prescribed by the “Stock Listing Rules”, the company’s shares may be terminated from listing for the first time in November 2018.
On the same day, the Shenzhen Stock Exchange issued a special announcement, which reminded investors to pay attention to the risks of the company’s suspension or termination of listing.
”It should be the first time that the listed company ‘s announcement in the announcement of a company ‘s shares may be terminated.
“Senior investment bankers told reporters that this means that * ST Huaze has been unable to return to heaven.
* ST Huaze, which was listed on the backdoor network in 2013, has been suspended from trading for two years, during which various types of violations of laws and regulations have been exposed. Among them, related parties accounted for more than 1.3 billion U.S. dollars, and the compensation commitment could not be made up.
At present, the market is waiting to see if * ST Huaze will break the record of continuous A-share daily limit.
Looking at the A-share market, there are about 50 companies with delisting risk early warning (* ST) overhead, and their fate will be clear after the 2017 annual report is disclosed.
According to reporters, most * ST companies will turn losses into profit and get out of danger.
For example, in 2015, * ST Heavy Steel, which had a huge loss in 2016, made a profit in 20173.
200 million, has been “cap off” and changed back to Chongqing Iron and Steel.
Careful study of the composition of performance, * ST companies still rely on asset disposal, government subsidies, debt restructuring and other “old tricks”.
Such as * ST in 2015, repeated 8 in 2016.
700 million, 10.
6 trillion, expected to reach 3 in the first three quarters of 2017.
8.5 billion yuan.
Last December, the company received a total of 6 subsidy funds.
$ 4.5 billion, with additional debt waivers1.
1 trillion US dollars, the company is expected to make a profit of 26 million to 36 million yuan in 2017.
Relying on the government’s “resurrection” is also * ST 3D, the company’s 2017 third quarter report forecast to reach expectations4.
100 million US dollars, which was subsequently revised to a profit of 90 million yuan. The first was that the company received government subsidy funds in December last year.
For another example, * ST Xiagong is expected to earn 1 in 2017.
200 million to 1.
7 trillion, but net profit excluding non-recurring gains and losses is -2.
600 million to -3.
100 million yuan.
* ST Songjiang is expected to make a profit of 21.5 million yuan in 2017. After deducting non-performance, it will reset 663.9 million yuan.
* ST Smart expects to achieve net profit in 20173.
8.7 billion to 4.
6.2 billion yuan, net profit after deduction is -1.
24 billion to -1.
04 billion. ”The performance criterion for triggering the suspension of listing is once every three years. The company will surely use various methods to cover losses in the third year to protect the shell. Once the cap is removed, it can be eased for another three years.
“Investment bankers said.
Suspended listing of high-risk groups Due to the huge benefits of Shell and the extended planning period for the company, most * ST companies can finally pass through the risks, and a few companies that have been suspended from listing and have difficulty returning.
According to the reporter, * ST Zhonghe and * ST Shangpu’s prospects for shell protection are extremely optimistic.
* ST Zhonghe Performance Express shows that 2017 net profit was -24575.
570,000 yuan, the company also said that the potential amount will greatly exceed the data of the performance report.
* ST Zhonghe had planned the asset sale in June 2017 without success. In February this year, the actual controller of the company planned to delegate the voting rights corresponding to the shares held by it to Xingye Lithium Energy Co., Ltd. to promote asset integration, but it has not yet signed a commission agreement.
In addition, the company is planning to purchase mining assets.
If 2017 continues, * ST Zhonghe will be suspended from listing.
* For two consecutive years, the ST STPU is also lacking.
The company’s preliminary calculations predict that the 2017 net profit will be -3.
300 million to -2.
The company has not received a written decision on administrative punishment recently. Due to a false increase in profit in 2014, it has been reduced by nearly 10 million yuan, and has been punished with 400,000 yuan.
* ST quasi oil is swinging on the line of life and death.
The Air Force’s performance forecast shows that the company expects 2017 net profit to be between -10 million and 52 million, hovering on the verge of suspension of listing.
The company’s recent performance report shows that 2017 will be 15.32 million yuan in profit.
However, the announcement also stated that the company’s Shanghai-Xinjiang small loan case has not been finalized. If it is ruled that the company assumes full responsibility, the 2017 annual results may occur and a long-term suspension of listing.
It is easy to overlook that in addition to the net profit indicator, the suspension of listing also has indicators such as net assets, operating income, and audit opinion types.
The fate of these high-risk groups must be determined after the 2017 annual report is disclosed.
Such as * ST Shanghai Branch, * ST Cloud Network “Phi Xing wearing a hat” because the company’s 2016 net assets are negative, if 2017 net assets continue to be negative, it will be suspended from listing.
Another example is * ST Zhongan, * ST Shenglai, * ST Honggao, * ST Hairun, etc., because the audit institution issued an audit report on the company’s 2016 financial report that cannot express opinions.Unable to express an opinion or a negative opinion, or may be suspended from listing.
Another extremely rare case is * ST Hongsheng.
The company was implemented a delisting risk warning on April 28, 2016 due to the negative net profit in 2014 and 2015.
The company’s 2016 net profit is a positive number, and the fact that the aforementioned early warning of delisting risks has been eliminated.
However, due to the company’s 2016 operating income of less than 10 million yuan, early warning of delisting risks continued to be implemented.
If the company’s audited operating income in 2017 is still less than 10 million, the stock may be suspended from listing.
According to * ST Hongsheng’s preliminary calculations, the 2017 operating income is expected to be about 11 million.
The end of the arbitrage era of the ST sector For a long time, the ST sector has been favored by speculative funds due to its strong restructuring.
But times have changed, and today’s ST plate has become a “minefield”.
”* ST’s approach to shelling is still using non-recurring gains and losses, but the regulatory authorities have significantly strengthened the supervision of surprise profits.
“Investment bankers said.
A landmark case is that * STene carbon, which was suspended from listing in 2017, was once optimistic that it could turn a deficit into a profit in 2016, but after a strong supervision, it finally issued a huge loss4.
The 7.4 billion financial report had to be suspended from listing.
The reporter noticed that * ST Jinyu turned losses into profits in various ways, but after the disclosure of the 2017 annual report, it has received two parts of the exchange’s inquiry letter, and the company has applied to the exchange for an extension of the reply.
On March 2 of terrorism, * ST Jinyu has submitted an application for re-submitting the return of the delisting risk warning to the exchange, but due to the enquiry, the company will delay the time to resume the risk warning accordingly.
For suspended companies, the road to resuming listing is also more difficult.
According to the latest announcement, * ST Jean is expected to increase by $ 2.1 billion in 2017, and * ST Kunji expects a net replacement of approximately 3.
400 million to 3.
$ 600 million, which is likely to trigger a forced termination of the company’s name.* ST ene carbon can still replace 1 in the first three quarters of 2017.
At 26 trillion U.S. dollars, it is still difficult to judge whether the losses can be reversed throughout the year.
”After the regulatory authorities have adopted a strict attitude towards major illegal mandatory delisting, the follow-up review of the conditions for delisting and resumption of listing of financial indicators has been tightened accordingly. For listed companies that are suspended, the resumption of listing will definitely increase.
“Some senior investment bankers pointed out.
A signal to be aware of is that * ST Jean, a state-owned asset, had conducted bankruptcy reorganization issues, but 杭州桑拿网 the local court eventually dismissed them.
From the perspective of the secondary market, * ST Xinmei (now ST Xinmei), * ST Changlin (now ST Changlin) and * ST Chuanhua (now Chuanhua) have not performed well in the initial stage of resumption,Gone are the days of speculation.
The ST market, which would have been staged at the end of the year, was hard to find in recent years.
”After further reform of the delisting system, the survival of the fittest will become more significant.
“The above investment bankers said that under the background of re-careful reorganization, the opening of new economic enterprise IPOs, the normalization of new share issuance, and the recognition of value investment, the value of shell resources and renewables of ST shares will continue to decline, and the space for speculation and arbitrage will gradually decrease.Small atrophy.
Source: China Securities Net Original title: * ST family shell full scan suspended listing “gray list” emerge