Several A-share listed companies are facing delisting as the 2023 annual report season draws to a close. A total of 9 companies have been targeted for financial delisting, with reasons ranging from failure to improve financial indicators to receiving audit reports with no expressed opinions.
The pace of delisting in the A-share market has also accelerated recently. On May 6th, announcements were made for the delisting of five companies including *ST Zuojiang, *ST Sansheng, *ST Tai’an, *ST Yuebo, and *ST Midterm by the Shenzhen Stock Exchange. Additionally, ST Zhongnan issued their ninth risk warning due to the stock’s closing price continuously falling below 1 yuan/share.
Chen Li, chief economist and director of the research institute of Sichuan Securities, emphasized the importance of regulatory responsibility in addressing listed companies with poor performance and violations. This “zero tolerance” approach aims to enhance the market environment and elevate the overall quality of the market, ultimately promoting market competitiveness and the survival of the fittest.
The article also highlighted the different scenarios leading to delisting, including financial indicators, face value delisting, and major violations. Companies like *ST Huayi, *ST Oceanwide, and *ST Bailong were mentioned as facing delisting due to triggering face value delisting conditions, as the market-based delisting mechanism operates to optimize resource allocation.
Regulators have been strict in enforcing delisting standards, with an emphasis on clearing out unqualified listed companies to maintain market integrity. The recent issuance of new regulations by the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges aims to strengthen delisting supervision and promote market development.
In conclusion, the article suggests that the normalized delisting mechanism will facilitate a smoother market exit, promote market value investment, and encourage investors to focus on fundamental analysis and value investment amidst market risks. The evolving delisting landscape in the A-share market underscores the importance of regulatory oversight and market integrity.
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