Three delisting stocks in one week, involving 270,000 investors! Who stepped on the thunder? Trading?

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Three delisting stocks in one week, involving 270,000 investors! Who stepped on the thunder? Trading?

2018-05-29 10:25:43 389 ℃

A stock delisting stock has come another one. This time it is the deep carbon stock of ST, and importantly, this is also A. Head of stock only "non-standard" delisting stocks. With the two stock market delistings announced in the previous few days, A shares ushered in 3 delisting stocks within a week.

Today (May 28th), the Shenzhen Stock Exchange announced that the termination of listing of the equity of *ST, which was the first company that was forced to terminate the listing on the Shenzhen Stock Exchange in 2018, was the third in the A-share market this year. Only delisting stocks. Prior to this (May 22nd), the Shanghai Stock Exchange announced the list of two delisting stocks: *ST Jean and *ST Kunji.

Previously, brokers in China have also conducted detailed reports on the termination of the listing of *ST E-carbons. A stock or welcome " non-standard " delisting first stock! The Shenzhen Stock Exchange held its first delisting hearing. The delisting suddenly accelerated, and why did they withdraw?

Data shows that as of the end of the first quarter of 2018, the total number of shareholders of *ST carbon shareholders totaled 164,800, there were a total of 70,700 *ST-Jin, and there were 33,100 ST-Kun machines, if not Considering deduplication, the total number of shareholders of the three delisting companies reached 268,600.

It is worth noting that *ST Jean and *ST Kunji will enter the delisting finishing period on May 30, and *ST Carbon will also enter the delisting finishing period on June 5. The respective trading period is 30 trading days. In other words, in June, A-share market will have 3 delisting stock trading status.

Which funds are on thunder

*ST en carbon >

View the list of *ST E-carbon shareholders. As of the first quarter of 2018, Central Huijin, the main force of the national team, is still among them. It is also the second largest shareholder, holding 40.27 million shares, accounting for Than 3.49%.

From the perspective of the shareholders' carbon change in *ST, Central Huijin entered the top ten shareholders' list in the third quarter of 2015. , Central Huijin conducted a small-scale reduction in the fourth quarter of 2016Only a reduction of more than 200,000 shares was made and no reductions have been made since then.

If we calculate the average price of carbon monoxide in the third quarter of 2015, Central Huijin is expected to invest 350 million yuan. Today, the central market value of Central Huijin has dropped to 220 million yuan. More importantly, *ST E-Carbon will also face a "long" delisting consolidation period. When the central Huijin clearing is still unknown.

*ST Jean

The data for the first quarter of 2018 showed that the top ten shareholders of *ST Jean were mainly institutional investors. Looking at the financing records of *ST Jean, you can see that Changan Fund, Xingquan Fund, and Dongfang Fund came in during the 2014 *STJen increase.

Data shows that in 2014, the three Changan Funds, Xingquan Funds and Dongfang Funds participated in the increase in the issuance price of the 7.57 yuan / share, based on this calculation, the three fund positions become 6 billion yuan, and now the market value of positions has dropped to 5.342 billion yuan, float loss of more than 10%.

However, according to the performance of the previous delisting stocks during the delisting consolidation period, more than 10 lower limit stops can be seen everywhere. Therefore, it is really worrying how much of the 6 billion position costs of the three funds can be recovered.

Why Retired? How to retreat? Investors how to hedge?

Any time ago, delisting was still a relatively unfamiliar area for the A-share market or investors. However, after entering 2018, the delisting of the New Deal was successively released, and the sudden increase in the number of delisting companies in the past two days, investors had to seriously understand the basic issues of how the listed company delisted and what were the delisting processes. What should they do? Avoiding delisting and avoiding risks has become a topic of most concern to investors.

1,Q1: Why is the market delisting?


*ST ENERGY 2014, 20In 15 years and 2016, they lost money for three consecutive years. Although the *ST ENERGY 2017 annual report shows that the company achieved a net profit of 77,146,600 yuan, the accounting firm issued an annual audit report that failed to express the type of opinions.

Shenzhen Stock Exchange stated that the above situation belongs to the situation that should be terminated under Article 14.4.1 of the Shenzhen Stock Exchange's “Stock Listing Rules”. Pursuant to the provisions of Article 14.4.2 of the "Stock Listing Rules" and the review opinions of the Listing Committee, the Shenzhen Stock Exchange made the decision to terminate the listing of the company's shares on May 28, 2018.

This also means that *ST E-carbon will be the first one to exit the market between the two cities.

*ST Jean and *ST Kunji:

The SSE stated that *ST Jean and *ST Kunji had been for many years Losses, and have been listed for implementation of delisting risk warning, suspension of listing.

2, Question 2: What are the processes for delisting?

From the three delisting stocks of *ST ENERGY, *ST ZEN and *ST Kunji, the delisting process of the stock mainly includes three stages:

First stage: implementation of delisting risk warning;

Second stage: implementation of suspension of listing;

The third stage: termination of listing of shares.

3. Question 3: When will you enter the delisting consolidation period?

*ST Carbon:

Beginning on June 5th, it will enter the delisting consolidation period and the transaction period will be 30 trading days.

*ST Jean and *ST Kun Machine:

On May 30th, it will enter the delisting consolidation period and the transaction period will be 30 trading days.

4, Q4: Will the stock abbreviation change during the delisting consolidation period?


The ST ST carbon stock abbreviation will be changed to "ene carbon withdrawal";

*ST jean stock abbreviation will be changed to "decommissioning Jean";< /p>

* ST Kunji stock abbreviation will be changed to "delisting Kunji."

5, Question 5: Can delisting stocks be traded?


The delisting consolidation period totaled 30 trading days. The Shanghai Stock Exchange said that the suspension of trading throughout the day is not counted in the delisting consolidation period, but the accumulated suspension of trading shall not exceed five trading days; in addition, the Shanghai Stock Exchange will announce the names of the five member securities sales offices that buy and sell the largest amount of securities on the same day and their respective Buy and sell amount.

6, Question 6: Is there a limit to the number of delisting stocks?

There are restrictions. Delisting finishing period stocks limit the rise and fall limit to 10%.

The Shenzhen Stock Exchange stated that the delisting consolidation period is a trading arrangement for the purpose of providing necessary trading opportunities for delisting company investors and releasing risk as much as possible. Investors must carefully and carefully read relevant announcements issued by the company. The Shenzhen Stock Exchange "Special Regulations on the Business of Delisting and Settlement Period (Revised in 2015)" pays close attention to the investment risks of the companies that are about to delist, and should not buy at will.

7, Question 7: Which type of investor can trade?

There are requirements for delisting consolidation transactions:

(1) Stock trading experience over 2 years and the first 20 transactions Daily average assets of more than 500,000 yuan;

(2) Those who do not meet the above conditions can only sell the stocks that have been held for delisting;

(3) Compliance Investors buy for the first time and they need to sign the "Deregulation of Stock Risk Disclosure".

8,Question 8: Can delisting be relisted?

After the company terminates its listing, if it meets the conditions for re-listing, it may submit a re-listing application to the Shanghai Stock Exchange.

There are two main aspects of re-listing conditions:

The first is the time interval. If the company applies for re-listing after delisting, it shall expire on the date of transfer of its shares into the share transfer system. 12 months.

The second is the general conditions for delisted companies. Including the company's total equity, shareholder distribution, no major violations, profit in the last three fiscal years, cash flow in the last three fiscal years, net assets at the end of the most recent fiscal year, audit reports for the last three fiscal years, and the last three years. Requirements such as business operations.

9, Question 9: What should I do if the small investors go out of the market?

Data shows that as of the end of the first quarter of 2018, the total number of shareholders of *ST ECO is 164,823, and the average number of shares held by the company is 7,006 shares; the total number of shareholders of *ST-Jean total shares is 70,658. Households and households hold 22,697 shares; * ST Kun Machine has a total of 330,99 households with a total of 16,045 shares.

A listed company's termination of listing is a normal market behavior, but the company can still operate normally. According to the "Company Law," the shareholders of the company still have the right to know about the company, the right to vote and other shareholders after the termination of listing, and the rights enjoyed by shareholders will not change. In addition, the transfer system can still be transferred.

In addition, *ST Kunji has been punished by the Securities Regulatory Commission for major omissions and financial fraud. If the stockholders cause losses, they may claim compensation from the company.

10, Question 10: Which companies have risk of delisting?

Eastern Fortune's Choice data shows that up to now, a total of 109 listed companies have been delisted. Excluding companies that were delisted due to the merger of listed companies, only 73 companies actually delisted. The proportion of all 3,519 companies in the current A-shares is only 2%. If we take the time for the establishment of China's stock exchanges in 1990, only an average of 2.6 companies will be delisted every year for a long period of 28 years.

Source: Eastern Wealth Choice Data

From the point of view of capital markets in developed countries, The number of delisting companies is greater than the number of IPOs over a long period of time. According to statistics, the average annual delisting rate of the New York Stock Exchange is 6%, and about 50% of them are voluntary delisting; the average annual delisting rate of the Nasdaq is 8%, and the active delisting rate accounts for nearly two-thirds.

From the reasons for delisting, the overwhelming majority are due to continuous losses. For a few other reasons, such as Xintai Electric’s fraudulent issuance and information disclosure violations, Boyuan Investment’s violation of major information disclosure laws, etc. .

The delisting system for the A-share market has undergone three reforms in 2012, 2014, and 2018 since it was formally opened in 2001. On March 2nd, the China Securities Regulatory Commission proposed to “reform and improve"Implementing the Several Opinions on the Implementation of the Delisting System for Listed Companies" to amend, strengthen the responsibility of the decision-making bodies of the Shanghai and Shenzhen Stock Exchanges for mandatory delisting of major illegal companies, make arrangements for the old and new delimitation, and strengthen the serious and long-term financial conditions. Losses, "zombie enterprises" and other types of enterprises delisting implementation.

The "Shenzhen Stock Exchange Development Strategic Plan (2018-2020)" is proposed to make a breakthrough in the normalization of the delisting mechanism by 2020.

Eastern Fortune's Choice data shows that from the perspective of individual stocks with a delisting risk, there are currently 86 A shares.

List of 86 companies with exit risk

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