Tiger'sRichesRumble| Another A-share locked out of the market! The female boss once colluded with private placement to manipulate transactions of 80 billion yuan, but lost 238 million yuan!

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In recent years, some listed companies have suffered performance losses, financial fraud, letter violations, regulatory penalties, and so on, which have been "voted with their feet" by investors, resulting in a collapse in their stock prices and even delisting.

On April 25th, * ST Beauchamp fell 6%.Tiger'sRichesRumble.90%, the closing price was 0.27 yuan, and the closing price has been less than 1 yuan for 14 consecutive trading days. even if the company's shares rise by 20% in a row, they will not be able to return to 1 yuan, reaching the delisting condition of "less than 1 yuan for 20 consecutive trading days" and locking in delisting ahead of time.

Lock in "delisting of 1 yuan"

In the face of multiple risks, * ST Beauchamp still ushered inTiger'sRichesRumbleThe fate of "delisting of 1 yuan".

Recently, * ST Meishang 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 25, the company's stock closing price has been less than 1 yuan for 14 consecutive trading days. According to the relevant provisions of the gem listing rules, the daily closing price of listed companies for 20 consecutive trading days is less than 1 yuan, and the Shenzhen Stock Exchange will terminate the listing and trading of its shares.

According to a calculation by a reporter from the Securities Times, in the next six trading days, even if the company's stock closed at a daily limit of 20%, it would not be able to return to 1 yuan, thus locking in delisting ahead of time.

* ST Meishang issued an audit report unable to express its opinion due to the financial report of ZTE Accounting firm (Special General Partnership) in 2020, and the company's stock trading has been delisted risk warning since May 7, 2021.

As of December 31, 2020, as the company's controlling shareholders and related parties occupied 991 million yuan of the company's funds, as of April 30, 2021, the funds occupied had been repaid of 96.1761 million yuan, and the remaining 895 million yuan had not been repaid, and there was no feasible solution as of April 30, 2021. The company's shares have been superimposed with other risk warnings since May 7, 2021.

In addition, due to the fact that the net profit of the company before and after deducting non-recurring profits and losses in the last three fiscal years is negative, and the audit report of the most recent year shows that there is uncertainty about the company's sustainable operating ability, the company's shares have been superimposed with other risk warnings since April 27, 2023.

Prior to this, * ST has announced that the company is expected to lose 440 million yuan-620 million yuan in 2023. This means that the company will lose money for four consecutive years. Previously, the company suffered huge losses totaling 1.827 billion yuan from 2020 to 2022.

Multiple negative entanglement

* ST is delisted, mainly because of multiple risks in the company.

On the evening of April 21, * ST Meishang issued an announcement that the company was recently ordered by Shenzhen Securities Regulatory Bureau to correct due to non-standard financial accounting and failure to perform information disclosure obligations in accordance with the regulations.

At the same time, the company was filed by the China Securities Regulatory Commission on April 19 on suspicion of illegal information disclosure.

Combing through the past announcements, we can see that this is not the first time that * ST Beautiful has been filed. In December 2021, the company and its controlling shareholder Wang Yingyan were filed by the China Securities Regulatory Commission for illegal information disclosure. At present, the relevant parties of the company have received a written decision on administrative punishment.

In addition to the above problems, * ST still has some problems such as inaccurate disclosure of 2022 performance forecast information, failure to truthfully disclose major defects in 2021 and 2022 internal control self-evaluation reports, use of personal accounts to manage company funds, non-standard operation of the three associations, incomplete registration of related parties, inadequate registration management of insider information, and untimely updating of the internal management system.

In fact, as early as July 2023, * ST Mercer was regulated and punished for many years of financial fraud and fraudulent issuance.

According to the administrative penalty decision, the company falsely increased its net profit by recognizing accounts receivable in advance, falsely recording bank interest income, not adjusting project income according to the approved amount, and falsely increasing the income of its subsidiary company during the period from 2012 to the first half of 2020, accumulating more than 400 million yuan.

Due to the existence of undisclosed non-operating capital occupation and superimposed long-term financial fraud, * ST Midea still constitutes fraudulently obtaining issuance approval by fraudulent means during the 2018 non-public offering, touching fraudulent issuance.

In view of the above, the CSRC decided to order * ST Meishang to correct, give a warning and impose a fine of 13.3 million yuan; the actual controllers Wang Yingyan and Xu Jing were fined 15.1 million yuan and 530000 yuan respectively, and Wang Yingyan was banned from the securities market for life; and other responsible persons were fined 50, 000 yuan to 700000 yuan.

It is worth mentioning that Wang Yingyan, who is mainly responsible for organizing and manipulating the aforementioned violations, was also punished in February for manipulating her own stock.

Specifically, from June 12, 2018 to July 3, 2020, Wang Yingyan and Ji Yun (35), legal representative of Shanghai Yongshu Asset Management Co., Ltd., a private equity firm, actually controlled 113 securities accounts such as "Wu". Focus on the advantages of capital and shareholding, continuously trade "Beautiful Ecology" and manipulate "Meishang Ecology". During the period of stock price manipulation, the account group bought 3.14 billion shares, bought 39.984 billion yuan, and sold 3.138 billion shares, selling 39.798 billion yuan, with a cumulative trading volume of nearly 80 billion yuan. However, after deducting the commission and related taxes, the account group actually lost 238 million yuan.

For the above-mentioned acts, the CSRC decided to impose fines of 5 million yuan and 3 million yuan on Wang Yingyan and Ji Yun respectively.

Wang Yingyan made her debut on the Hurun Rich list in 2016 with a fortune of $5 billion, becoming a well-known female millionaire, according to public data.

The acceleration of market "metabolism"

As a key basic system of China's capital market, delisting system has been concerned by all parties.

On April 12, in accordance with the principles and directions set out in the Central Deep Reform Commission's "implementation Plan for improving the delisting Mechanism of listed companies", the State Council's "some opinions on strengthening Supervision and preventing risks to promote the High-quality Development of the Capital Market" clearly put forward the need to further strictly enforce delisting standards, smooth multiple exit channels, reduce the value of "shell" resources, and strengthen delisting supervision. The CSRC thoroughly implemented the above requirements, adhered to the tone of "two strong and two strict", combined with the reality of the current capital market, formulated and issued the "opinions on the strict implementation of the delisting system", and the stock exchange revised and improved the relevant delisting rules.

The new delisting rules focus on improving the overall quality of stock listed companies, strengthen the clearance of "zombie empty shell" and "black sheep" and reduce the resource value of "shell" through strict delisting standards, which can be described as "good money driving out bad money"; at the same time, broaden multiple exit channels and strengthen investor protection for delisted companies.

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, Xinhaitui, delisting Botian. 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.

Prior to this, recently, there have been * ST people control, * ST Meisheng, * ST new textile, * ST Taian, * ST Meishang and other companies locked delisting situation. 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.

"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.

Galaxy Securities believes that the latest delisting regulations speed up the clearance of problem companies and improve the market survival of the fittest mechanism by increasing delisting situations, improving delisting indicators for loss-making companies, and improving trading delisting indicators. It will help to improve the overall quality of listed companies and better protect the rights and interests of investors.