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The first delisting "penny" was born! 270,000 investors are buried. Who is responsible?

November 09, 2018 07:39
Author: Cong Xi
source: Eastern Fortune Network

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Summary
[The first delisting "penny" was born! 270,000 investors are buried. Who is responsible? On the evening of November 8, the Shenzhen Stock Exchange expressed its decision to terminate the listing of Zhonghong shares. So far, Zhonghong has become the first company to withdraw from the market because its share price is less than 1 yuan.

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On the evening of November 8, the Shenzhen Stock Exchange expressed its decision to terminate the listing of Zhonghong shares. So far, Zhonghong has become the first company to withdraw from the market because its share price is less than 1 yuan.

  Zhonghong shares are terminated

The Shenzhen Stock Exchange announced that on November 8, 2018, 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. Zhonghong shares became the first company to be forced to terminate its listing because its share price was continuously below par. The Shenzhen Stock Exchange resolutely implements the main responsibility of delisting and makes the decision to terminate the listing according to the law. It is the respect and protection of the market autonomy and the market-oriented choice of investors. It is to further improve the basic functions of the capital market, enhance the effectiveness of the capital market, and strengthen rationality. The embodiment of the value investment concept.

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.

Before the Shenzhen Stock Exchange made the decision to terminate the listing of the company's shares, the Shenzhen Stock Exchange shall perform the hearing procedures in accordance with the law and fully protect the right of defense of the listed company. On October 23, the Shenzhen Stock Exchange issued a "Advance Notice" to Zhonghong shares to inform them of the right to apply for a hearing. On the same day, the company filed a hearing application. On November 6, the listing committee of the Shenzhen Stock Exchange held a hearing to terminate the listing of Zhonghong Co., and fully listened to the company's on-site statements and defense opinions, obtained more comprehensive audit information, and clearly disclosed to the parties the facts and rules and terms on which the decision to terminate the listing was based. Ensure that the delisting review process is legal and compliant, and the market participants' right to participate and the right to know are effectively guaranteed. On the same day, the Listing Committee held a working meeting to review the termination of listing of Zhonghong. According to the opinions of the Listing Committee, the standards are objective, the facts are clear, and the basis is clear. The Shenzhen Stock Exchange has decided to terminate the listing of Zhonghong shares.

  Enter the delisting stage next Friday

According to the provisions of Rule 14.42.23 of the Stock Listing Rules, Zhonghong shares will enter the delisting period from November 16, 2018 (the next Friday). The trading period will be 30 trading days, and the stock short name will be changed. For “Zhonghong”, the daily price of stocks is limited to 10%. On the next trading day after the delisting period expires, the Shenzhen Stock Exchange will delist the company's stock.

According to the regulations, Zhonghong Shares will enter the National SME Share Transfer System (hereinafter referred to as 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, since the introduction of the A-share market in 2012 for a period of 20 consecutive days below the face value delisting, no stock has been delisted because the stock price continues to fall below 1 yuan. Zhonghong shares may become the first delisting “penny stock” in the history of A-shares.

  A large number of retail investors took over in the third quarter

As Zhonghong shares have been delisted, the most serious loss is the investors who hold the stock.

Judging from the top ten shareholders announced by the company's third quarterly report, in addition to the controlling shareholder Zhonghong Zhuoye Group Co., Ltd. (hereinafter referred to as “Zhonghong Zhuoye”), there are 5 asset management plans, one fund and one investment company. And two individual shareholders, including Guangdong Haifan Investment, entered the top ten shareholders in the third quarter.

According to the semi-annual report, a total of 49 fund products hold Zhonghong shares, involving 29 companies.fund company, which holds a total of 8 fund products of more than 1 million shares of Zhonghong, respectivelySouthern fund,Guotai Fund,GF Fund,Ping An Dahua Fund,Huaxia Fund,Harvest Fund,Shen Wan Lingxin Fund,Tianhong Fund.

Zhonghong Shares Interim Reporting Agency holds shares:

However, since the fund's third quarterly report does not disclose all the shares, it is temporarily impossible to see whether there are more funds holding Zhonghong shares in the third quarterly report.

However, from the number of shareholders, we can see some clues.Oriental Fortune ChoiceAccording to the data, as of the end of the third quarter of this year, the total number of shareholders of Zhonghong Co., Ltd. was 274,500, but it was only 246,600 at the end of the second quarter. This indicates that in the third quarter, many retail investors took over institutional investors. Chips.

In fact, since the reform of the delisting system by the China Securities Regulatory Commission in 2014, a number of delisting “first shares” have been generated. From the previous shareholder composition of many delisted listed companies, there are no institutional investors, and small and medium investors have become the main force. This shows that small and medium investors are the ultimate party to the delisting of listed companies. How to protect the interests of investors is a topic that should not be avoided. From the previous case analysis, the interests of delisting company investors are not guaranteed, and this situation needs to be changed.

  Fixed capital is buried alive

It is worth mentioning that the above five asset management plan products are fixed products.

According to public information, Zhonghong shares conducted share orientation in 2014 and 2016 respectively.Additional issuanceThe shares were listed on December 8, 2014 and April 20, 2016, and the corresponding shares were lifted one year later.

Qilu Securities Asset Management, which is the 4th largest shareholder and the 5th largest shareholder of Zhonghong Co., Ltd. - Bank of Communications - Qilu Bichen No. 1 Fixed Collective Asset Management Plan and China Merchants Fortune - China Merchants Bank - Silicon Valley Paradise 2 Special Asset Management Plan In 2014, Zhonghong shares the company's products.

China Merchants Bank-Zhongfu No. 1 Special Asset Management Plan, Guodu Securities-Zheshang Bank-Guodu Jingshun No. 1 Collective Asset Management Plan And Qilu Securities Asset Management - Industrial Bank - Qilu Bichen No. 8 fixed-income asset management plan is the product of Zhonghong shares in 2016.

  Creditors and shops are auctioned

It is worth mentioning that at the time of delisting, Zhonghong’s creditors and shops have been taken out for auction.

Zhonghong shares, which are deeply involved in the debt crisis, have said that the total amount of accumulated overdue debts of the company and its subsidiaries has reached 7.816 billion yuan, all of which are various types of loans. At present, Zhonghong’s property projects under construction are basically in a state of suspension.

A few days ago, a non-performing loan of Zhonghong Real Estate, a wholly-owned subsidiary of Zhonghong, was auctioned online by the Beijing Dongfu Cargill Investment Management Center, a partnership controlled by the creditor’s Oriental Asset Management. The principal of this debt is 2.5 billion yuan, the debt interest rate (including penalty interest) and liquidated damages is 864 million yuan, and the total amount is as high as 3.364 billion yuan.

The Ali auction website shows that the estimated price of this claim is 3.067 billion yuan and the starting price is 2.5 billion yuan. In other words, the psychological bottom line of the Eastern Asset Management is to get back the principal. The auction time for this claim is from 10:00 am on November 10 to 10:00 am on November 11, 2018.

The announcement issued by Zhonghong shares shows that the debt period is three years and the debt balance is 2.5 billion yuan.interest rateIt is 9% and has been overdue on June 20 and September 20 this year. Not only was the overdue principal of 500 million yuan on June 20, even the interest could not be paid on time, and the two periods totaled over 104 million yuan.

In addition to the auction of the bonds, on November 7, 24 sets of shops of Zhonghong shares in Haikou have been auctioned online in Ali.

It is understood that the auctioned shop is located on the 1-3rd floor of Building 2, “The Capital of the West Bank of Zhonghong, No. 1 Changbin East Street, Xiuying District, Haikou City. The executive is Hainan Risheng Investment Co., Ltd. According to the information, the company was 100% controlled by Zhonghong Co., Ltd. through its wholly-owned subsidiary. The ultimate beneficiary was Wang Yonghong.

The evaluation price of 24 sets of shops exceeded 90 million yuan, and the stock price of the No. 1 building 01-03 layer A1 reached the highest value of 48.88 million yuan. The lowest one, the 2nd floor, the 3rd floor C5 number was about 780,000 yuan. The auction time is from 10:00 on December 1st to 10:00 on December 2nd.

  4 executives left in October

It is worth mentioning that after Zhonghong’s share price fell below 1 yuan, the company’s executives also began to leave.

On October 16, Zhonghong Co., Ltd. received the written resignation report submitted by the chairman of the company, Wang Jihong, and the written resignation report submitted by the director and general manager Zhang Jiwei. For personal reasons, Wang Jihong applied to resign from the position of chairman, director and legal representative of the company; For personal reasons, Zhang Jiwei applied to resign as a director and general manager of the company.

After the resignation of the chairman, on the evening of October 25, Zhonghong announced that it received a written resignation report submitted by the supervisor Liang Qi. Liang Qi applied for resignation as a supervisor of the company for personal reasons. After resigning, Liang Qi did not hold any position in the company.

On October 31, Zhonghong Co., Ltd. again announced that it had received a written resignation report submitted by Ms. Fu Yu, an employee supervisor. Fuxi applied for resignation as a supervisor of the company for personal reasons. After resigning, Fu Wei did not hold any position in the company.

Zhonghong’s 2017 annual report showed that Chairman Wang Jihong’s pre-tax remuneration from the company was RMB 5.8.25 million. The pre-tax remuneration of the then deputy general manager Zhang Jiwei was RMB 4,250,700. The pre-tax remuneration of the Chairman of the Board of Supervisors, Liang Qi, was RMB 1,197,600. The employee's supervisor's pre-tax remuneration was 789,900 yuan.

(Data Sources:Eastern Fortune Choice Data)

  35 "pre-feasury shares" on the way

With the delisting of Zhonghong shares, it also sounded the alarm for the “penny stocks” in the A-share market.Choice dataIt is shown that as of November 8th, there are 3 stocks of less than 1 yuan in the two cities, of which Zhonghong shares were terminated from the market. Jinya Technology is also not far from the market due to fraudulent issuance, and the long-term suspension of *ST Hai Run is also asking a lot.

In addition to the "fairy shares" of less than 1 yuan, there are also a few "pre-feather shares" between 1 yuan and 2 yuan in the A-share market. The data shows that as of the 8th, there are 35, most of which are ST shares.

List of companies whose stock price is less than 2 yuan: (as of November 8)

(Source: Eastern WealthChoicedata)

  This article is for investors' reference only and does not constitute investment advice.

Related reports>>>

  Shenzhen Stock Exchange's board of directors Zhonghong shares become the first "broken face" delisting shares

  The first one-yuan delisting stock of A shares was born! Shenzhen Stock Exchange terminates the listing of Zhonghong shares. Where are the 31 institutions going?

                (Editor: DF064)

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