Current location - Health Preservation Learning Network - Healthy weight loss - Counterfeit coffee fitness
Counterfeit coffee fitness
Financial counterfeiting: junk stocks will be delisted in batches

-Suspension of listing is the last straw for arbitrage between the old and new systems.

Professor Dong Dengxin, Director of Institute of Financial Securities, Wuhan University of Science and Technology

On May 2019 15, China Securities Regulatory Commission announced the establishment of "May 15 National Investor Protection Publicity Day". To protect investors, we must plug all loopholes in financial fraud from the source and strictly investigate and crack down on financial fraud. Financial fraud is not only the biggest fraud and harm to investors, but also the most serious self-harm to the company's own goodwill and brand.

On March 1 2020, the new Securities Law was implemented, and a special chapter on "investor protection" was established for the first time, and a securities group litigation system with China characteristics was built for the first time, which greatly increased the cost of securities crimes and administrative penalties.

A-share market is a typical "retail market". In the past, it was difficult for individual investors to defend their rights, and the cost of safeguarding rights was high. Many investors were forced to give up their claims in securities civil litigation. Coupled with the low cost of securities crimes, the administrative penalty is capped at 600,000 yuan, which connives at information fraud and financial fraud to some extent. A large number of junk stocks and zombie enterprises have never withdrawn from the market in order to avoid delisting, publicly falsify, publicly manipulate statements and deceive investors.

However, the new Securities Law, which just came into effect, not only greatly increased the illegal cost of securities of listed companies, but also increased the administrative penalty from 600,000 yuan in the past to more than 20 million yuan. Moreover, the controlling shareholder, actual controller, securities intermediary, directly responsible person in charge and directly responsible person (accountant) of a listed company should bear joint and several legal responsibilities, and the punishment for natural persons can be as high as 6,543,800 yuan. Joint legal liability effectively covers every link and every responsible person in the chain of "financial fraud", which makes any financial personnel dare not take huge compensation risks for the company's financial fraud with their private property. This is the great deterrent produced by the new securities law.

What's more, listed companies may have to bear a series of subsequent sanctions and costs, including mandatory delisting, sponsors paying in advance, and huge claims in securities class actions. Legal representatives and directly responsible persons (including white-collar workers) may also face jail time, which is enough for a listed company to go bankrupt or directly withdraw from the market through the one-yuan delisting standard.

In fact, after the implementation of the new securities law, a storm against financial fraud has begun. The result of this storm is the purification and restoration of the authenticity of statements, and it is also the real water for junk stocks and zombie enterprises. This will be an unprecedented financial fraud storm, and no one can underestimate it.

When the new securities law 1 was just implemented in March this year, a major financial fraud scandal broke out in Luckin Coffee, a star company listed in the United States, which sounded the alarm for China A-share listed companies and regulators. It's time to crack down on financial fraud of listed companies!

To crack down on financial fraud, the regulatory authorities will make full use of the legal rights conferred by the new Securities Law and intensify the crackdown on financial fraud, which will effectively deter and deter securities crimes and financial fraud, and will greatly improve the quality of information disclosure, especially the annual report data. No one can stop junk stocks from delisting in batches.

The new Securities Law not only greatly increases the cost of securities crimes, but also gives the IPO registration system legal status for the first time and cancels the "suspension of listing" clause in the delisting system. The delisting system of science and technology innovation board and the new delisting system of growth enterprise market have abolished the old customs of "suspension of listing", "resumption of listing" and "re-listing", greatly simplified the delisting procedure, greatly shortened the delisting period and greatly improved the delisting efficiency.

If the new delisting system makes it easier for junk stocks to be delisted, and the registration system makes the company's listing more efficient and low-cost, then the "shell resources" of junk stocks are worthless, and protecting shells, speculating shells and gambling shells become jokes. In the past, a large number of investors played gambling games with leather bag companies and cattle scattered people, and the more garbage was fried, the more fierce it was. Today, investors wake up. They will "vote with their feet" on junk stocks, the game will "run fast" and shell speculation and gambling will be ignored. This is a revolution in the ecology and investment concept of the A-share market brought about by the registration system and the new delisting system.

In particular, the "one-yuan delisting standard" directly gives investors the right to vote with their feet, and it is the highest marketization delisting standard. It is sacred for investors to "vote with their feet" and have the supreme decision-making power. Junk stocks do not need to meet other delisting standards, nor do they need any explanation. As long as investors vote with their feet, they must withdraw from the market unconditionally. This is the progress of the market and the awakening and maturity of investors. Only the survival of the fittest and big waves can restore the normal signal of stock price and the resource allocation function of the stock market.

On 20 19, science and technology innovation board's registration system and new delisting system began to be implemented, resulting in huge market expectations. In the whole year of 20 19, eight stocks have been voted out of the stock market by investors with their feet, which is the first time that the "one-yuan delisting standard" has taken effect since the establishment of 20 12. This is unimaginable in the past A-share market, and this is the self-purification function of the stock market.

We predict that the most conservative estimate of the number of A-share delisting companies this year will be at least more than 20. Among them, most of them will be driven out of the stock market by investors "voting with their feet" through the one-yuan delisting standard. This market-oriented delisting standard is indisputable, without any explanation or reason, and it has high delisting efficiency, short delisting period and great deterrent.

In fact, what kind of system and what kind of investors. Our shareholders are very smart. They are not gamblers and have the strongest adaptability to institutional changes. Please believe that our shareholders are growing and maturing.

As of May 5, 2020, six listed companies have entered the formal delisting procedure since this year, and four of them have been terminated by investors voting with their feet to pass the delisting standard of 1 yuan. Details are as follows:

(1) *ST Shencheng A(0000 18) and B (2000 18) were closed for 20 consecutive trading days from September 26th, 20th19 to June 30th, 20th19.

(2) *ST Huaye (600240) closed below 1 yuan for 20 consecutive trading days from 20 19+ 12.

(3) ST Ruidian (60 1 558) During the period from March 2020 16 to April 2020 13, the daily closing price of the company's shares was lower than1yuan for 20 consecutive trading days, and the Shanghai Stock Exchange decided to terminate the listing of the company's shares.

(4) Dongfeng B (200 160) announced that as of May, 2020, the closing price of the company's shares had been lower than 1 RMB for 20 consecutive trading days. Dongfeng B will be the first B-share to be delisted by the one-yuan delisting standard.

(5) On May 14, 2020, Shenzhen Stock Exchange issued an announcement and decided to terminate the listing of two stocks on GEM: LeTV (300 104) and Jinya Technology (300028). The reason for LeTV's delisting is that it has suffered losses for three consecutive years and its net assets have been negative for two consecutive years. The annual report of 20 19 was audited as "qualified opinion"; The reason for the delisting of Jinya Technology is that it has suffered losses for four consecutive years.

By May 2020, 15, there are 1 1 junk stocks in the state of "suspension of listing". These are zombie enterprises with a "reprieve" level. Some will be delisted this year, and some will be delisted next year at the latest. Among them, the following five stocks were "suspended" in the first half of this year. They used the transfer of the old and new systems to "arbitrage" and temporarily avoided the bad luck of being driven out of the stock market by the one-dollar delisting standard:

(1) On the evening of March 13, 2020, *ST Lin Qiu (60089 1) announced that the company's net assets at the end of two consecutive years were negative, with 20 18 and 20 19. According to relevant regulations, Shanghai Stock Exchange decided to suspend listing from March 18, 2020. In fact, as early as March 3rd, the closing price of *ST Lin Qiu was 65,438 yuan +0. 19. If the listing is not suspended, it will be driven out of the stock market by the one-yuan delisting standard after 20 trading days. This is the last chance left by the old system for them to survive.

(2) From April 7, 2020, *ST Infront (000670) was "suspended from listing" due to losses of 20 17 to 20 19 for three consecutive years. What is certain is that if the listing is not suspended, *ST Infront will be driven out of the market by investors "voting with their feet" in advance.

(3) From May 3, 2020, tianxiang environment's net assets at the end of (300362)20 19 were-17.33 million yuan, with continuous losses in 20 18 and 20 19, and both financial reports. Shenzhen Stock Exchange requires its shares to be suspended from listing on May 3, 2020. The lowest price before suspension is 1.36 yuan.

(4) *ST Xinwei (600485) has been suspended from listing since May 15, 2020 due to losses for three consecutive years. Before the suspension, its lowest share price was 1.22 yuan. If the listing is not suspended, it will also be driven out of the stock market by the one-dollar delisting standard. *ST Xinwei suspended its trading for two and a half years from February 23rd, 20 16 to July 23rd, 20 19, and no one asked. This is the embarrassment of the old delisting system of A shares!

(5) *ST Opal (0027 1 1) has determined that since May/5, 2020, the financial and accounting reports of 20 19 for two consecutive fiscal years have been issued with audit reports that cannot express opinions, and the audited net assets at the end of two consecutive fiscal years are negative. In fact, as early as May 5, 2020, The company should have been driven out of the stock market by the one-dollar delisting standard, but it took advantage of the old and new systems to "arbitrage" and took the initiative to "suspend listing" in order to get a breathing space of "one year's death".

In addition, there are a number of "quasi-one-dollar" delisting concept stocks waiting patiently in line, waiting for the severe test of investors "voting with their feet". Among them, the three junk stocks closest to the one-yuan delisting standard are:

(1) As of May 9, 2020, the closing price of *ST Mido (600 175) was lower than 1 yuan for four consecutive trading days.

(2) As of May 19, 2020, the closing price of GEM stock Shenwu Environmental Protection (300 156) was lower than 1 yuan for four consecutive trading days.

(3) As of May 9, 2020, the closing price of GEM stock Yun Sheng Environmental Protection (300090) for 1 1 trading days was lower than 1 yuan.

Finally, the question and answer session of investors: can ST Kangmei gamble? Will ST Kangmei be driven out of the market by the one-yuan delisting standard?

On the evening of May 14, 2020, the CSRC announced that it had made administrative punishment and banned ST Kangmei from entering the market according to law, and decided to order ST Kangmei to make corrections, give a warning and impose a fine of 600,000 yuan, impose a fine of 900,000 yuan to1000,000 yuan on 2/kloc-0, and impose a fine of/kloc-0,000 yuan on 6 main responsible persons. At the same time, the CSRC has transferred the suspected criminal acts of ST Kangmei and related personnel to the judicial organs.

On May 15 (Friday), ST Kangmei opened the daily limit with a 4.83% increase, and did not open the daily limit until the close of the day. Many investors can't help asking: Can you speculate?

On Monday, May 18, ST Kangmei opened 3. 19% higher and closed at the closing price of 2.82 yuan in the previous trading day, with zero increase.

In fact, Shengkangmei's financial fraud not only damages its reputation and goodwill, but also may face investor claims and criminal liability. Can you bet? Try it?

In fact, on May 15, 2020, ST has received resignation reports from five key executives: since the announcement, Mr. Ma Xingtian resigned as chairman, general manager, member of nomination committee and strategy committee, Ms. Xu resigned as vice chairman, executive deputy general manager and member of compensation and appraisal committee, Mr. Wang resigned as deputy general manager, Ms. Zhuang Yiqing resigned as chief financial officer and Mr. Wen Shaosheng resigned as deputy general manager.

Final conclusion: A shares have entered the era of one-yuan delisting, so investors must be cautious when buying stocks below 3 yuan! The era of A-share stupid games (the more rubbish, the more violent the hype) is over. This is the beginning of the "best era" of A shares.