At 19:59 on November 8, 2018, the Shenzhen Stock Exchange officially announced: On November 8, in accordance with the provisions of the "Stock Listing Rules" and the review opinion of the Listing Committee, the Shenzhen Stock Exchange made the decision to terminate the listing of Zhonghong shares.
This means that Zhonghong shares have become the first “broken face” delisting stock in the history of A-shares. Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told the reporter of "Daily Economic News" that this is a "milestone" in the history of A-shares. The "1 yuan delisting system" fully gives investors the right to speak, vote and " The right to vote with the foot is very important for the resource allocation function of the survival of the fittest in the A-share market, and it also has a strong deterrent to the funds used to speculate on junk stocks.
Entering the delisting period on the 16th
According to the Shenzhen Stock Exchange, since 2018, Zhonghong shares have disclosed major risks such as large losses in performance, overdue debts, and major project shutdowns. Investors have expressed their judgment on the value of the company's investment through market-oriented behavior. On August 15, 2018, the closing price of the company's stock was lower than the face value (1 yuan) for the first time. From September 13, 2018 to October 18, 2018, the daily closing price of the company's stock for 20 consecutive trading days is lower than the face value of the stock (1 yuan), which is subject to the termination of the provisions of Article 14.4.1 of the Stock Listing Rules. Listing situation. According to the provisions of Article 14.4.11 of the Stock Listing Rules, the company's shares will be suspended from October 19.
According to the announcement of the Shenzhen Stock Exchange, the shares of Zhonghong Co., Ltd. will enter the delisting period from November 16, 2018. The trading period will be 30 trading days, and the securities abbreviation will be changed to “Zhonghong Retreat”. The stock price will rise and fall. The limit is 10%. On the next trading day after the delisting period expires, the Shenzhen Stock Exchange will delist the company's stock.
The Shenzhen Stock Exchange specifically reminds that the delisting period is the last trading opportunity provided by the delisting company investors before the company's stock delisting. The purpose is to release the risk. Investors should carefully read the relevant announcements issued by the company and the Shenzhen Stock Exchange delisting. Special regulations for the business of finishing the period, paying close attention to the investment risks of the companies to be delisted.
In addition, according to the relevant rules, Zhonghong shares will enter the share transfer system for listing transfer within forty-five trading days after the expiration of the delisting period. The Shenzhen Stock Exchange will urge the company to fully disclose the arrangements for investors to handle share confirmation, registration and custody after the stock is terminated, the company's contact information and ways to understand the company's information to protect the rights and interests of investors.
In fact, Zhonghong has repeatedly carried out high-transfer and asset-liability ratios in recent years. The Shenzhen Stock Exchange has always listed it as a key supervision of high-risk companies. It has repeatedly sent letters to urge the company to supplement and correct relevant announcements to ensure information disclosure. True and accurate, fully guarantee the right of small and medium investors to know.
In the next step, the Shenzhen Stock Exchange will strictly implement the first-line supervision duties in accordance with the unified deployment of the China Securities Regulatory Commission, adhere to the marketization, normalization, and legalization of the delisting system, and effectively improve the quality of listed companies through the survival of the fittest and the orderly marketization; Enhance the economic ability of service entities, and jointly support relevant departments to support listed companies in mitigating difficulties in development, assist listed companies to use capital markets to become better and stronger; guide market entities to blame and effectively protect small and medium-sized investors' right to know and trade, and enhance Market vitality and confidence.
Numerous speculation funds to step on thunder
On October 17, 138 million shares were sealed at the limit, and the ruthless chips put Zhonghong shares at 0.82 yuan/share, with a turnover of 486 million yuan. Since this is the stock price of the company's stock on the 19th trading day, the stock price is lower than 1 yuan, and due to the limit of the price limit, the stock price will never return to 1 yuan the next day, which means that Zhonghong shares are very It may become the first company in the history of A-shares to withdraw from the market due to its stock price falling below par value for 20 consecutive trading days.
But after the October 17thDragon and TigerThe data can be found, there are still a lot of hot money.
On October 18, although Zhonghong shares opened lower, the trading volume decreased compared with the previous trading day, but the turnover of the whole day has reached 57.39 million yuan, especially after 2:45 pm, there is a big single rush from time to time. In.
In addition, as of the end of the third quarter, the total number of shareholders of Zhonghong Co., Ltd. was 274,500. Compared with the end of the second quarter, the number of shareholders in the third quarter increased by 28,000. From the perspective of the changes of the top ten shareholders, there is only one fund product - Southern CSI 500ETFAnd 148.78 million shares were added. However, as the CSI 500 constituent stock, Zhonghong shares should be held by many passive index funds or ETF funds.
Nowadays, the withdrawal of Zhonghong shares has become a foregone conclusion. These “Bo silly” funds have finally been mistakenly mistaken.
Dong Dengxin told the reporter of "Daily Economic News" that Zhonghong shares, as the first one-yuan delisting stock in the A-share market, is a collective decision made by investors. It can be said that the 1 yuan delisting standard is the one with the highest degree of marketization, which improves the ability of investors to vote with their feet. It can also let the phenomenon of buying shells and shells and shells gradually cool down. The resource allocation function of the survival of the fittest in the stock market is very important, and it also has a strong deterrent to the funds used to speculate on junk stocks.
"With the advancement of the delisting system, more and more non-performing stocks such as Zhonghong shares are falling, approaching the face value, and the risk of delisting is intensifying. Investors should pay attention to avoiding related companies, so as not to step on the thunder." Song Qinghui believes that the case of Zhonghong shares has positive significance for the regulators, investors and the market itself. It is a major blow to the market's inherent thinking of speculating low-priced stocks, especially ultra-low-priced stocks.
Analysis and interpretation >>
(Article source: Daily Economic News)