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Our reporter Meng Ke
Wind statistics showJungleJackpotJamboreeAs of May 22, 57 listed companies had been issued risk warnings (including * ST or ST).
The reporter observed that most of these 57 enterprises were involved in non-standard annual reports, financial fraud, major litigation, and so on, of which 28 companies were issued audit reports that could not express their opinions, accounting for a relatively large proportion. For example, the company that changed from risk-free warning to * ST-- * ST long Yu (rights protection) was issued an audit report that could not express an opinion by an accounting firm; * St Chaohua (rights protection) company was issued an audit report that could not express an opinion and an internal control audit report that denied an opinion.
Liu Xiangdong, chief analyst of Dongyuan Investment, said in an interview with the Securities Daily that this reflects the determination of regulators to regulate market order and protect the legitimate rights and interests of investors. At the same time, the listed companies with financial problems and poor management will be identified in time to provide a more level playing field for the market. In the long run, it will promote listed companies to pay attention to their own management and performance, and form a situation of healthy competition.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, said in an interview with the Securities Daily that this reflects the strengthening of current market supervision and is an embodiment of the market survival of the fittest mechanism.
"generally speaking, the vast majority of ST companies have financial problems, such as continuous losses, negative net assets, revenue of no more than 100 million yuan, and so on. These problems directly reflect the poor operating capacity and financial situation of the company, and increase the risk of investors." Liu Xiangdong said.
Wu Dan, a researcher at the Bank of China Research Institute, told the Securities Daily that we should strictly supervise and check the financial statements and information disclosure of listed companies, and timely mark ST or * ST for enterprises that have violated the facts, so as to remind investors of potential investment risks, which reflects that regulators pay more attention to the trading order of the A-share market and strive to maximize the protection of the practical interests of investors.
It is worth noting that listed companies are not necessarily delisted by ST, and enterprises with efficient rectification and reform of individual problems can still "take off their hats". Since May, two companies have successfully transformed from * ST to no longer given any risk warnings, and three have changed from * ST to ST, according to Wind.
In this regard, Tian Lihui said that compared with the number of "hat-wearing" listed companies, the number of "hat-off" listed companies appears to be quite rare. Investors no longer blindly pursue "shell resources", but pay more attention to the intrinsic value and long-term development potential of enterprises. The hype of "shell resources" has obviously cooled down.
The new "National Nine articles" issued on April 12 makes it clear that the value of "shell" resources will be further reduced. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of "backdoor listing", and accurately crack down on all kinds of illegal "shell preservation" behavior.
Under the sharp sword of supervision, the "delisting alarm" sounded frequently. At present, the investment ecology of A-shares is undergoing positive changes.
According to the reporter's statistics, from the point of view of touching the delisting target, 13 companies have reached the delisting target during the year, far exceeding the same period last year.
Wu Dan said that after the introduction of the new "National Nine articles", the pace of deepening reform of A shares has been significantly accelerated. At the same time, the reform of the delisting system has been intensified to speed up the clearance of inferior listed enterprises that have reached the delisting red line, such as persistent poor performance, financial fraud, zombie shell, etc., enhance the metabolic function of A-shares, and optimize the market ecology. this is of great significance to the virtuous circle development of the capital market.
Liu Xiangdong believes that with the continuous development of the market and the improvement of investors' risk awareness, some companies with poor performance and poor management are difficult to be recognized by investors. as a result, share prices continue to fall and eventually hit the delisting standard.
"the increase in the number of delisted companies is the result of strengthened supervision, rational investment and shrinking value of 'shell resources'. Investors are more rational and promote the long-term and healthy development of the market. " Tian Lihui said that this trend has a positive impact on the market. On the one hand, it helps to improve the overall quality of the market, optimize the allocation of resources, and let high-quality enterprises get more attention and support; on the other hand, enhance investors' risk awareness and guide investors to pay more attention to fundamental analysis and value investment of enterprises. In addition, it will help promote the long-term development of the market and improve the overall efficiency and competitiveness of the market.