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Published on 2018-11-02 19:24:24 Share it web version
                        Heavy! The first re-listed company of A shares came. Long oil 5 times A was approved by the exchange.
Source: Securities Times Network Editor: Eastern Fortune Network


K picture 400061_60

The first re-listed company of A-shares is here!

Changchun 5 (400061), a share transfer system company, announced today that it received a notice from the Shanghai Stock Exchange for the re-listing of the company's shares. Changyou 5 was originally an A-share listed company and was delisted from A-shares in 2014.

This means that after the company delisted from the A-share market to the share-transfer system, it will return to A-shares and become the first company to re-list in the history of A-shares.

  The first re-listing application for A shares was approved: Changyou 5 was approved for re-listing

Changchun 5 (400061), a share transfer system company, announced today that it received a notice from the Shanghai Stock Exchange for the re-listing of the company's shares.

The above announcement stated that the Shanghai Stock Exchange agreed to re-list the company's shares on the Shanghai Stock Exchange.

It is worth noting that Changyou 5 was originally an A-share listed company. Since it suffered losses for four consecutive years and touched the delisting clause, it was delisted from A-shares on June 5, 2014. The stock price was 0.83 yuan when it was delisted.

After delisting from the A-share market, Changyou 5 retired to the share-transfer system on August 6, 2014. The company continued to lose money in the same year, with a loss of 421 million yuan.

However, starting from 2015, Changyou 5 began to turn losses into profits. The net profit from 2015 to 2017 was 628 million yuan, 560 million yuan and 411 million yuan respectively. In the first three quarters of this year, it achieved a profit of 220 million yuan.

The Shanghai Stock Exchange also said today that regarding the re-listing conditions of Changhang Oil Transportation, the Shanghai Stock Exchange's "Stock Listing Rules" and "Delisting Companies Re-listing Implementation Measures" have clear requirements. From these standards, the company has met the conditions for re-listing. Specifically, there are five main aspects:

The first is the capital structure requirement. The total share capital of the company is 502.34 million yuan, and the social public shares account for 72.97%, which is in line with the total share capital of not less than 50 million yuan, and the social public shares account for no less than 10% of the total share capital.

The second is the financial indicator requirements. The audited non-net profit of the company for the three fiscal years 2015-2017 was 611 million yuan, 529 million yuan and 380 million yuan respectively; the net cash flow from operating activities totaled 3.241 billion yuan, and the operating income was 5.479 billion yuan respectively. Yuan, 5.78 billion yuan and 3.729 billion yuan, the net assets attributable to shareholders of listed companies at the end of 2017 were 3.344 billion yuan, in line with the provisions of the re-listed financial indicators.

The third is the ability to continue to operate. According to the sponsor's opinion issued by the company sponsor, after the company's delisting, through the reform and adjustment, the company's capital structure has improved significantly without changes in the main business, no change in control, and no major changes in the management. The quality of assets has been significantly improved, the profitability and ability to continue operations have been significantly enhanced, and the company has the ability to continue to operate.

The fourth is corporate governance requirements. According to the sponsor's advice issued by the company sponsor, the company has established and continuously improved the governance structure with the shareholders' meeting, the board of directors and the board of supervisors as the core, and the corporate governance structure is sound. The company has continued its work in improving corporate governance and regulating company operations. During the reporting period, the company maintained effective internal control over financial reporting in all major aspects. The company has established a relatively complete internal control system, operating standards, and there are no major internal control defects. In addition, the company's main business in the past three years has been the oil transportation business of coastal and international routes. In the past three years, there have been no major changes in the directors and senior management personnel, and the actual controller has not changed, in line with relevant regulations.

The fifth is compliance requirements. The company's financial accounting reports for the past three fiscal years have been issued by the accounting firm with standard unqualified audit reports; the directors, supervisors and senior executives of the company and its domestic and overseas subsidiaries have not violated relevant laws and regulations for the past three years. In the case of major administrative penalties, there are no major violations of laws and regulations, and the company and its directors, supervisors, and senior management personnel have no major illegal acts in the past three years, and the financial accounting reports have no false records and are issued by the accountants with unqualified conditions.

  What other work needs to be done to re-list?

After being allowed to re-list, there will be some work to be done on listed companies and exchanges to ensure the smooth re-listing of the company's stock.

For Changyou 5, the relevant procedures for re-confirmation, registration and custody of the company's shares should be completed within 3 months in accordance with the “Measures for the Implementation of the Delisting of Delisting Companies of the Shanghai Stock Exchange”.

After the re-listing, the company's stock will be traded on the SSE risk warning board, and at least until the company discloses the first annual report after the re-listing.

The company must also do the following work carefully:

(1) Prepare for listing according to the regulations and procedures of the Shanghai Stock Exchange;

(2) Signing a listing agreement with the Shanghai Stock Exchange before the listing of the stock;

(3) Pay the listing fee in accordance with relevant regulations;

(4) Do a good job in training the company's directors, supervisors and senior management personnel on the "Company Law of the People's Republic of China", "The Securities Law of the People's Republic of China" and other business rules such as the "Shanghai Stock Exchange Listing Rules".

For the exchange, the Shanghai Stock Exchange will also do a good job of re-listing business preparation and technical support, coordinate the stock transfer company, Zhongdeng company to arrange its stock listing transactions after the company completes the relevant procedures.

At the same time as doing a good job in re-listing, the Shanghai Stock Exchange also stated that it will continue to strictly implement the delisting system. For companies that have reached the delisting conditions, “there is a family retreating”, and efforts are made to cultivate the market survival and the fittest mechanism and purify the market ecological order.

  In addition to Long Oil 5, which delisting companies have the potential to relist?

Up to now, there are about 60 listed companies in the third board. In addition to Changyou 5, some companies have announced their intention to re-list:

  Chuangzhi 5 submitted a re-listing application to the Shenzhen Stock Exchange this year;

  Tianchuang 5 once said that it is actively involved in re-listing related work with relevant parties;

  Nanyang 5 announced in November 2017 that the company and intermediaries actively promoted the re-listing.

According to the two basic indicators of re-listing:

The last three accounting years are not net profit

And accumulated more than 30 million yuan

The following companies meet the standards, and of course, the final re-listing will require further verification of all conditions.

  Attachment: The Shanghai Stock Exchange's answer to the question on agreeing to re-list the long-haul oil transportation

On November 2, 2018, the Shanghai Stock Exchange decided to approve the re-listing of shares of China Yangtze River Shipping Group Nanjing Oil Transportation Co., Ltd. (hereinafter referred to as the company or Changhang Oil Transportation) based on the deliberation opinion of the Listing Committee. The person in charge of the relevant department of the Shanghai Stock Exchange answered the reporter's question on the relevant situation.

  Question 1: Can you briefly introduce the review of the application for re-listing of Changhang Oil Transportation, and what are the specific review procedures?

A: On June 4, 2018, Changhang Oil Transportation submitted a re-listing application to the Shanghai Stock Exchange, which was the first single case for the Shanghai Stock Exchange to apply for re-listing after delisting. The Shanghai Stock Exchange attaches great importance to this, carefully organizes it, and conducts acceptance and review work in strict accordance with the law. The general idea is to adhere to the principles of marketization and rule of law, and strictly follow the procedures and standards stipulated in the “Stock Listing Rules” and “Delisting Implementation Measures for Delisting Companies” to examine whether the company meets the required re-listing conditions and whether it has a company listing. The required operational capacity and level of governance.

In the specific procedures, the re-listing review of Changhang Oil Transportation experienced three stages: the preliminary review of the business department, the review by the Listing Committee and the review and decision of the Shanghai Stock Exchange. In the initial review, the relevant business departments of the Shanghai Stock Exchange dispatched legal, accounting and industry professionals to conduct a comprehensive review of the company's application for re-listing documents, and issued four rounds of feedback before and after, requiring the company to provide additional disclosure and specific implementation. In the review section of the Listing Committee, seven legal, accounting, and financial experts, mainly composed of external committee members, were organized. The focus was on in-depth discussions on whether the company met the conditions for re-listing, the company's ability to continue operations, business development prospects, and management team. The necessary hearings were conducted on the company. After careful deliberation, the listing committee unanimously agreed to re-list the company, and also raised some issues that require further implementation by the company. The company has implemented these matters.

On November 2, 2018, the Shanghai Stock Exchange was reviewed by the General Manager's Office. According to the audit opinion of the Listing Committee, the decision to approve the company's re-listing was made according to the law.

  Question 2: Please briefly introduce the basic situation of long-haul oil transportation. What conditions do the company need to meet when re-listing this time?

A: Changhang Oil Transportation was established in 1993. It is mainly engaged in oil transportation business on coastal and international routes. It was listed on the Shanghai Stock Exchange in June 1997. On June 5, 2014, the company was delisted from the Shanghai Stock Exchange for four consecutive years of losses, and was subsequently listed on the stock transfer system on August 6, 2014 (stock short oil 5, stock code 400061). After the company was delisted, it implemented bankruptcy reorganization in the same year and divested the largest loss source VLCC ship (very large tanker), reducing the huge debt burden. Since then, the company has gradually improved and restored its sustainable profitability and sustainable operation ability through its own efforts without changing the main business and actual controllers. At present, the company is the world's fourth, Asia's No. 1 Handysize foreign trade product oil shipowner, owns and controls 61 ships, with a total deadweight of 2.24 million tons and an annual cargo volume of about 40 million tons.

Regarding the conditions for the re-listing of Changhang Oil Transportation, the Shanghai Stock Exchange's "Stock Listing Rules" and "Delisting Companies Re-listing Implementation Measures" have clear requirements. From these standards, the company has met the conditions for re-listing. Specifically, there are five main aspects:

The first is the capital structure requirement. The total share capital of the company is 502.34 million yuan, and the social public shares account for 72.97%, which is in line with the total share capital of not less than 50 million yuan, and the social public shares account for no less than 10% of the total share capital.

The second is the financial indicator requirements. The audited non-net profit of the company for the three fiscal years 2015-2017 was 611 million yuan, 529 million yuan and 380 million yuan respectively; the net cash flow from operating activities totaled 3.241 billion yuan, and the operating income was 5.479 billion yuan respectively. Yuan, 5.78 billion yuan and 3.729 billion yuan, the net assets attributable to shareholders of listed companies at the end of 2017 were 3.344 billion yuan, in line with the provisions of the re-listed financial indicators.

The third is the ability to continue to operate. According to the sponsor's opinion issued by the company sponsor, after the company's delisting, through the reform and adjustment, the company's capital structure has improved significantly without changes in the main business, no change in control, and no major changes in the management. The quality of assets has been significantly improved, the profitability and ability to continue operations have been significantly enhanced, and the company has the ability to continue to operate.

The fourth is corporate governance requirements. According to the sponsor's advice issued by the company sponsor, the company has established and continuously improved the governance structure with the shareholders' meeting, the board of directors and the board of supervisors as the core, and the corporate governance structure is sound. The company has continued its work in improving corporate governance and regulating company operations. During the reporting period, the company maintained effective internal control over financial reporting in all major aspects. The company has established a relatively complete internal control system, operating standards, and there are no major internal control defects. In addition, the company's main business in the past three years has been the oil transportation business of coastal and international routes. In the past three years, there have been no major changes in the directors and senior management personnel, and the actual controller has not changed, in line with relevant regulations.

The fifth is compliance requirements. The company's financial accounting reports for the past three fiscal years have been issued by the accounting firm with standard unqualified audit reports; the directors, supervisors and senior executives of the company and its domestic and overseas subsidiaries have not violated relevant laws and regulations for the past three years. In the case of major administrative penalties, there are no major violations of laws and regulations, and the company and its directors, supervisors, and senior management personnel have no major illegal acts in the past three years, and the financial accounting reports have no false records and are issued by the accountants with unqualified conditions.

  Question 3: The application for re-listing of Changhang Oil Transportation was approved. It is the first order since the establishment of the re-listing system. Can you briefly introduce its practical significance for the re-listing system?

A: The re-listing system is an important supporting system in the delisting system. It was established in the reform of the delisting system in 2012 and was revised in 2014. Its main goal is to establish an energy-capable The market mechanism provides a re-listing path for companies that have been delisted after their ability to continue to operate and corporate governance has improved significantly. It should be said that this is a basic system to support the healthy development of the capital market, which is conducive to clearing the channels of delisting and protecting the interests of small and medium investors.

In terms of specific institutional arrangements, the re-listing mainly refers to the procedures and standards for the initial public offering of shares and listing. For example, in the three-year profit, the three-year audit report standard unqualified opinion, the cash flow and operating income to reach a certain amount, the ability to continue operations and a sound corporate governance structure, and the IPO company's requirements are basically the same. At the same time, it is also considered that the delisting company has experienced public offerings, its re-listing no longer raises funds, and the company has many small and medium-sized investors, and it is not appropriate to be completely equivalent to IPO companies in terms of system requirements. In general, the conditions for re-listing are moderate and moderate, respecting the actual situation of the current development of the securities market, enabling delisting companies to have the confidence to re-list after they have the ability to continue operations, and to effectively prevent institutional arbitrage.

The re-listing of the long-haul oil transportation is the first practice since the implementation of the re-listing system. It has certain positive significance to the market, and has opened up the channel for the company to go public, delisting and re-listing, which is conducive to the formation of relatively clear system expectations. Judging from the actual situation of the company, the company's main business is more prominent, and it has a leading position in the oil operation industry. After delisting, there is no backdoor, and it mainly relies on its own efforts to enhance the ability of continuing operations. These situations provide better for future delisting companies to apply for re-listing. Demonstration. At the same time, the company is subject to the impact of the previous historical burden and the current shipping trough, but also there are some issues that need attention, such as the undistributed profit is negative, the company's earnings have declined. For these matters, the company also made necessary arrangements such as share repurchase and profit forecast. We have also asked the company to fully explain this to the outside world, prompting the market and investors to pay full attention.

  Question 4: After the re-listing of the long-haul oil transportation has been approved, what other aspects should be paid attention to when other delisting companies in Shanghai have applied for re-listing?

A: We are also concerned that some delisting companies in the Shanghai stock market are more concerned about applying for re-listing. The Shanghai Stock Exchange has consistently adhered to the principles of marketization and rule of law, and strictly accepted the company's application for re-listing in accordance with the relevant rules and regulations. To apply for re-listing, the delisting company must first meet the application requirements stipulated in the “Stock Listing Rules” and the “Delisting Implementation Measures for Delisting Companies”.

It should also be emphasized that the purpose of the re-listing system is mainly to support the delisting company to return to the main board market after restoring the ability of continuing operations and improving the governance structure to truly meet the requirements for the standard operation of listed companies. Correspondingly, delisting companies must focus on the main business, strive to improve operations, and truly restore the company's hematopoietic capacity to meet the required re-listing conditions. If only through the means of changing the actual controller, the main business, etc., formally and digitally reach the partial re-listing application conditions, but the company's main business is not solid enough, still lacks the ability to continue operations, and does not establish effective corporate governance, which is in essence Still not eligible for re-listing. The Shanghai Stock Exchange will also resolutely put an end to the system's arbitrage behavior. For some companies that are empty-shelled and zombie-operated, the company that is not prominent in the main business will not accept it according to the law or refuse to approve its re-listing.

  Question 5: After the Shanghai Stock Exchange has made a decision on the application for the re-listing of Changhang Oil Transportation Co., what considerations will be made in the follow-up work?

A: After the firm has decided to approve the re-listing of Changhang Oil Transportation Co., the company should promptly perform relevant information disclosure obligations and do a good job of communication and explanation for investors. At the same time, in accordance with the relevant provisions of the Shanghai Stock Exchange "Retirement Company Re-listing Implementation Measures", within three months after the re-listing application was approved by the Exchange, the relevant procedures for re-confirmation, registration, and custody of the company's shares were completed.

In the follow-up, the Shanghai Stock Exchange will also complete the business preparation and technical support for re-listing, and coordinate the share transfer company and Zhongdeng Company to arrange their stock listing transactions after the company has completed the relevant procedures. After the company's listing, in accordance with the "Stock Listing Rules", its stock will be traded on the risk warning board of the Stock Exchange to the company's first annual report after the re-listing.

At the same time as doing a good job in re-listing, the Shanghai Stock Exchange will continue to strictly implement the delisting system. For companies that have reached the delisting conditions, “there is a family retreating”, striving to cultivate the market survival and the fittest mechanism and purify the market ecological order.

(Article source: Securities Times Network)

Published on 2018-11-02 19:29:09
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                            My 100 shares...
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                            Admire Xu Xiang
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                            Laozi has 100 shares and finally turned over.
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                            Good for Zhonghong,
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                            Is the risk warning section a ST section?
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                            come back quickly
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                            Have you stuck to the present? 600087 pit a lot of people!
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                            Chinese companies can't really withdraw from the market
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                            Odd!
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                            No wonder the junk stocks have recently risen fiercely.
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                            Infernal. . . . .
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                            Can't it be operated without listing?
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                            Can play fixed
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                            2.5
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Snow moon starlight :You said that the delisting, the old 0.77 sold 200,000 shares, now you have to go public
                            Maybe I bought a few shares.
Published on 2018-11-02 20:18:09
                            5 billion plates
Published on 2018-11-02 20:18:09
                            I still have 3,000 shares, I hope I can sell 100,000 pieces.
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Source: Securities Times Network Editor: Eastern Fortune Network


K picture 400061_60

The first re-listed company of A-shares is here!

Changchun 5 (400061), a share transfer system company, announced today that it received a notice from the Shanghai Stock Exchange for the re-listing of the company's shares. Changyou 5 was originally an A-share listed company and was delisted from A-shares in 2014.

This means that after the company delisted from the A-share market to the share-transfer system, it will return to A-shares and become the first company to re-list in the history of A-shares.

  The first re-listing application for A shares was approved: Changyou 5 was approved for re-listing

Changchun 5 (400061), a share transfer system company, announced today that it received a notice from the Shanghai Stock Exchange for the re-listing of the company's shares.

The above announcement stated that the Shanghai Stock Exchange agreed to re-list the company's shares on the Shanghai Stock Exchange.

It is worth noting that Changyou 5 was originally an A-share listed company. Since it suffered losses for four consecutive years and touched the delisting clause, it was delisted from A-shares on June 5, 2014. The stock price was 0.83 yuan when it was delisted.

After delisting from the A-share market, Changyou 5 retired to the share-transfer system on August 6, 2014. The company continued to lose money in the same year, with a loss of 421 million yuan.

However, starting from 2015, Changyou 5 began to turn losses into profits. The net profit from 2015 to 2017 was 628 million yuan, 560 million yuan and 411 million yuan respectively. In the first three quarters of this year, it achieved a profit of 220 million yuan.

The Shanghai Stock Exchange also said today that regarding the re-listing conditions of Changhang Oil Transportation, the Shanghai Stock Exchange's "Stock Listing Rules" and "Delisting Companies Re-listing Implementation Measures" have clear requirements. From these standards, the company has met the conditions for re-listing. Specifically, there are five main aspects:

The first is the capital structure requirement. The total share capital of the company is 502.34 million yuan, and the social public shares account for 72.97%, which is in line with the total share capital of not less than 50 million yuan, and the social public shares account for no less than 10% of the total share capital.

The second is the financial indicator requirements. The audited non-net profit of the company for the three fiscal years 2015-2017 was 611 million yuan, 529 million yuan and 380 million yuan respectively; the net cash flow from operating activities totaled 3.241 billion yuan, and the operating income was 5.479 billion yuan respectively. Yuan, 5.78 billion yuan and 3.729 billion yuan, the net assets attributable to shareholders of listed companies at the end of 2017 were 3.344 billion yuan, in line with the provisions of the re-listed financial indicators.

The third is the ability to continue to operate. According to the sponsor's opinion issued by the company sponsor, after the company's delisting, through the reform and adjustment, the company's capital structure has improved significantly without changes in the main business, no change in control, and no major changes in the management. The quality of assets has been significantly improved, the profitability and ability to continue operations have been significantly enhanced, and the company has the ability to continue to operate.

The fourth is corporate governance requirements. According to the sponsor's advice issued by the company sponsor, the company has established and continuously improved the governance structure with the shareholders' meeting, the board of directors and the board of supervisors as the core, and the corporate governance structure is sound. The company has continued its work in improving corporate governance and regulating company operations. During the reporting period, the company maintained effective internal control over financial reporting in all major aspects. The company has established a relatively complete internal control system, operating standards, and there are no major internal control defects. In addition, the company's main business in the past three years has been the oil transportation business of coastal and international routes. In the past three years, there have been no major changes in the directors and senior management personnel, and the actual controller has not changed, in line with relevant regulations.

The fifth is compliance requirements. The company's financial accounting reports for the past three fiscal years have been issued by the accounting firm with standard unqualified audit reports; the directors, supervisors and senior executives of the company and its domestic and overseas subsidiaries have not violated relevant laws and regulations for the past three years. In the case of major administrative penalties, there are no major violations of laws and regulations, and the company and its directors, supervisors, and senior management personnel have no major illegal acts in the past three years, and the financial accounting reports have no false records and are issued by the accountants with unqualified conditions.

  What other work needs to be done to re-list?

After being allowed to re-list, there will be some work to be done on listed companies and exchanges to ensure the smooth re-listing of the company's stock.

For Changyou 5, the relevant procedures for re-confirmation, registration and custody of the company's shares should be completed within 3 months in accordance with the “Measures for the Implementation of the Delisting of Delisting Companies of the Shanghai Stock Exchange”.

After the re-listing, the company's stock will be traded on the SSE risk warning board, and at least until the company discloses the first annual report after the re-listing.

The company must also do the following work carefully:

(1) Prepare for listing according to the regulations and procedures of the Shanghai Stock Exchange;

(2) Signing a listing agreement with the Shanghai Stock Exchange before the listing of the stock;

(3) Pay the listing fee in accordance with relevant regulations;

(4) Do a good job in training the company's directors, supervisors and senior management personnel on the "Company Law of the People's Republic of China", "The Securities Law of the People's Republic of China" and other business rules such as the "Shanghai Stock Exchange Listing Rules".

For the exchange, the Shanghai Stock Exchange will also do a good job of re-listing business preparation and technical support, coordinate the stock transfer company, Zhongdeng company to arrange its stock listing transactions after the company completes the relevant procedures.

At the same time as doing a good job in re-listing, the Shanghai Stock Exchange also stated that it will continue to strictly implement the delisting system. For companies that have reached the delisting conditions, “there is a family retreating”, and efforts are made to cultivate the market survival and the fittest mechanism and purify the market ecological order.

  In addition to Long Oil 5, which delisting companies have the potential to relist?

Up to now, there are about 60 listed companies in the third board. In addition to Changyou 5, some companies have announced their intention to re-list:

  Chuangzhi 5 submitted a re-listing application to the Shenzhen Stock Exchange this year;

  Tianchuang 5 once said that it is actively involved in re-listing related work with relevant parties;

  Nanyang 5 announced in November 2017 that the company and intermediaries actively promoted the re-listing.

According to the two basic indicators of re-listing:

The last three accounting years are not net profit

And accumulated more than 30 million yuan

The following companies meet the standards, and of course, the final re-listing will require further verification of all conditions.

  Attachment: The Shanghai Stock Exchange's answer to the question on agreeing to re-list the long-haul oil transportation

On November 2, 2018, the Shanghai Stock Exchange decided to approve the re-listing of shares of China Yangtze River Shipping Group Nanjing Oil Transportation Co., Ltd. (hereinafter referred to as the company or Changhang Oil Transportation) based on the deliberation opinion of the Listing Committee. The person in charge of the relevant department of the Shanghai Stock Exchange answered the reporter's question on the relevant situation.

  Question 1: Can you briefly introduce the review of the application for re-listing of Changhang Oil Transportation, and what are the specific review procedures?

A: On June 4, 2018, Changhang Oil Transportation submitted a re-listing application to the Shanghai Stock Exchange, which was the first single case for the Shanghai Stock Exchange to apply for re-listing after delisting. The Shanghai Stock Exchange attaches great importance to this, carefully organizes it, and conducts acceptance and review work in strict accordance with the law. The general idea is to adhere to the principles of marketization and rule of law, and strictly follow the procedures and standards stipulated in the “Stock Listing Rules” and “Delisting Implementation Measures for Delisting Companies” to examine whether the company meets the required re-listing conditions and whether it has a company listing. The required operational capacity and level of governance.

In the specific procedures, the re-listing review of Changhang Oil Transportation experienced three stages: the preliminary review of the business department, the review by the Listing Committee and the review and decision of the Shanghai Stock Exchange. In the initial review, the relevant business departments of the Shanghai Stock Exchange dispatched legal, accounting and industry professionals to conduct a comprehensive review of the company's application for re-listing documents, and issued four rounds of feedback before and after, requiring the company to provide additional disclosure and specific implementation. In the review section of the Listing Committee, seven legal, accounting, and financial experts, mainly composed of external committee members, were organized. The focus was on in-depth discussions on whether the company met the conditions for re-listing, the company's ability to continue operations, business development prospects, and management team. The necessary hearings were conducted on the company. After careful deliberation, the listing committee unanimously agreed to re-list the company, and also raised some issues that require further implementation by the company. The company has implemented these matters.

On November 2, 2018, the Shanghai Stock Exchange was reviewed by the General Manager's Office. According to the audit opinion of the Listing Committee, the decision to approve the company's re-listing was made according to the law.

  Question 2: Please briefly introduce the basic situation of long-haul oil transportation. What conditions do the company need to meet when re-listing this time?

A: Changhang Oil Transportation was established in 1993. It is mainly engaged in oil transportation business on coastal and international routes. It was listed on the Shanghai Stock Exchange in June 1997. On June 5, 2014, the company was delisted from the Shanghai Stock Exchange for four consecutive years of losses, and was subsequently listed on the stock transfer system on August 6, 2014 (stock short oil 5, stock code 400061). After the company was delisted, it implemented bankruptcy reorganization in the same year and divested the largest loss source VLCC ship (very large tanker), reducing the huge debt burden. Since then, the company has gradually improved and restored its sustainable profitability and sustainable operation ability through its own efforts without changing the main business and actual controllers. At present, the company is the world's fourth, Asia's No. 1 Handysize foreign trade product oil shipowner, owns and controls 61 ships, with a total deadweight of 2.24 million tons and an annual cargo volume of about 40 million tons.

Regarding the conditions for the re-listing of Changhang Oil Transportation, the Shanghai Stock Exchange's "Stock Listing Rules" and "Delisting Companies Re-listing Implementation Measures" have clear requirements. From these standards, the company has met the conditions for re-listing. Specifically, there are five main aspects:

The first is the capital structure requirement. The total share capital of the company is 502.34 million yuan, and the social public shares account for 72.97%, which is in line with the total share capital of not less than 50 million yuan, and the social public shares account for no less than 10% of the total share capital.

The second is the financial indicator requirements. The audited non-net profit of the company for the three fiscal years 2015-2017 was 611 million yuan, 529 million yuan and 380 million yuan respectively; the net cash flow from operating activities totaled 3.241 billion yuan, and the operating income was 5.479 billion yuan respectively. Yuan, 5.78 billion yuan and 3.729 billion yuan, the net assets attributable to shareholders of listed companies at the end of 2017 were 3.344 billion yuan, in line with the provisions of the re-listed financial indicators.

The third is the ability to continue to operate. According to the sponsor's opinion issued by the company sponsor, after the company's delisting, through the reform and adjustment, the company's capital structure has improved significantly without changes in the main business, no change in control, and no major changes in the management. The quality of assets has been significantly improved, the profitability and ability to continue operations have been significantly enhanced, and the company has the ability to continue to operate.

The fourth is corporate governance requirements. According to the sponsor's advice issued by the company sponsor, the company has established and continuously improved the governance structure with the shareholders' meeting, the board of directors and the board of supervisors as the core, and the corporate governance structure is sound. The company has continued its work in improving corporate governance and regulating company operations. During the reporting period, the company maintained effective internal control over financial reporting in all major aspects. The company has established a relatively complete internal control system, operating standards, and there are no major internal control defects. In addition, the company's main business in the past three years has been the oil transportation business of coastal and international routes. In the past three years, there have been no major changes in the directors and senior management personnel, and the actual controller has not changed, in line with relevant regulations.

The fifth is compliance requirements. The company's financial accounting reports for the past three fiscal years have been issued by the accounting firm with standard unqualified audit reports; the directors, supervisors and senior executives of the company and its domestic and overseas subsidiaries have not violated relevant laws and regulations for the past three years. In the case of major administrative penalties, there are no major violations of laws and regulations, and the company and its directors, supervisors, and senior management personnel have no major illegal acts in the past three years, and the financial accounting reports have no false records and are issued by the accountants with unqualified conditions.

  Question 3: The application for re-listing of Changhang Oil Transportation was approved. It is the first order since the establishment of the re-listing system. Can you briefly introduce its practical significance for the re-listing system?

A: The re-listing system is an important supporting system in the delisting system. It was established in the reform of the delisting system in 2012 and was revised in 2014. Its main goal is to establish an energy-capable The market mechanism provides a re-listing path for companies that have been delisted after their ability to continue to operate and corporate governance has improved significantly. It should be said that this is a basic system to support the healthy development of the capital market, which is conducive to clearing the channels of delisting and protecting the interests of small and medium investors.

In terms of specific institutional arrangements, the re-listing mainly refers to the procedures and standards for the initial public offering of shares and listing. For example, in the three-year profit, the three-year audit report standard unqualified opinion, the cash flow and operating income to reach a certain amount, the ability to continue operations and a sound corporate governance structure, and the IPO company's requirements are basically the same. At the same time, it is also considered that the delisting company has experienced public offerings, its re-listing no longer raises funds, and the company has many small and medium-sized investors, and it is not appropriate to be completely equivalent to IPO companies in terms of system requirements. In general, the conditions for re-listing are moderate and moderate, respecting the actual situation of the current development of the securities market, enabling delisting companies to have the confidence to re-list after they have the ability to continue operations, and to effectively prevent institutional arbitrage.

The re-listing of the long-haul oil transportation is the first practice since the implementation of the re-listing system. It has certain positive significance to the market, and has opened up the channel for the company to go public, delisting and re-listing, which is conducive to the formation of relatively clear system expectations. Judging from the actual situation of the company, the company's main business is more prominent, and it has a leading position in the oil operation industry. After delisting, there is no backdoor, and it mainly relies on its own efforts to enhance the ability of continuing operations. These situations provide better for future delisting companies to apply for re-listing. Demonstration. At the same time, the company is subject to the impact of the previous historical burden and the current shipping trough, but also there are some issues that need attention, such as the undistributed profit is negative, the company's earnings have declined. For these matters, the company also made necessary arrangements such as share repurchase and profit forecast. We have also asked the company to fully explain this to the outside world, prompting the market and investors to pay full attention.

  Question 4: After the re-listing of the long-haul oil transportation has been approved, what other aspects should be paid attention to when other delisting companies in Shanghai have applied for re-listing?

A: We are also concerned that some delisting companies in the Shanghai stock market are more concerned about applying for re-listing. The Shanghai Stock Exchange has consistently adhered to the principles of marketization and rule of law, and strictly accepted the company's application for re-listing in accordance with the relevant rules and regulations. To apply for re-listing, the delisting company must first meet the application requirements stipulated in the “Stock Listing Rules” and the “Delisting Implementation Measures for Delisting Companies”.

It should also be emphasized that the purpose of the re-listing system is mainly to support the delisting company to return to the main board market after restoring the ability of continuing operations and improving the governance structure to truly meet the requirements for the standard operation of listed companies. Correspondingly, delisting companies must focus on the main business, strive to improve operations, and truly restore the company's hematopoietic capacity to meet the required re-listing conditions. If only through the means of changing the actual controller, the main business, etc., formally and digitally reach the partial re-listing application conditions, but the company's main business is not solid enough, still lacks the ability to continue operations, and does not establish effective corporate governance, which is in essence Still not eligible for re-listing. The Shanghai Stock Exchange will also resolutely put an end to the system's arbitrage behavior. For some companies that are empty-shelled and zombie-operated, the company that is not prominent in the main business will not accept it according to the law or refuse to approve its re-listing.

  Question 5: After the Shanghai Stock Exchange has made a decision on the application for the re-listing of Changhang Oil Transportation Co., what considerations will be made in the follow-up work?

A: After the firm has decided to approve the re-listing of Changhang Oil Transportation Co., the company should promptly perform relevant information disclosure obligations and do a good job of communication and explanation for investors. At the same time, in accordance with the relevant provisions of the Shanghai Stock Exchange "Retirement Company Re-listing Implementation Measures", within three months after the re-listing application was approved by the Exchange, the relevant procedures for re-confirmation, registration, and custody of the company's shares were completed.

In the follow-up, the Shanghai Stock Exchange will also complete the business preparation and technical support for re-listing, and coordinate the share transfer company and Zhongdeng Company to arrange their stock listing transactions after the company has completed the relevant procedures. After the company's listing, in accordance with the "Stock Listing Rules", its stock will be traded on the risk warning board of the Stock Exchange to the company's first annual report after the re-listing.

At the same time as doing a good job in re-listing, the Shanghai Stock Exchange will continue to strictly implement the delisting system. For companies that have reached the delisting conditions, “there is a family retreating”, striving to cultivate the market survival and the fittest mechanism and purify the market ecological order.

(Article source: Securities Times Network)