This article is from WeChat official account:Daily Economic News (ID: nbdnews), reporter: Tu Yinghao, editor: Sun Zhicheng, Du Hengfeng, Xiao Yong, the original title: “A-shares in 30 years, what is the ultimate fate of a company that has been suspended from listing like Ant? Investment Bankers Quickly Interpret the Impact”, head picture from: Visual China

While the listing on the Science and Technology Innovation Board was suspended, the listing of Ant Group’s Hong Kong stocks was also suspended. In response, on the evening of November 3, a spokesperson for the Hong Kong Monetary Authority responded that: Hong Kong is an international financial center and it is normal for funds to flow in and out. Over the years, the HKMA has established strong buffer and earthquake resistance capabilities in the financial and banking system. The banking system is very stable and has abundant liquidity. The spokesperson continued that he has the confidence and ability to maintain the stability of Hong Kong’s currency and financial system.

As the protagonist, Ant Group also responded on the evening of the 3rd, saying that Ant Group apologized for the trouble caused to investors by the suspension of listing in the two places, and will properly handle the follow-up work in accordance with the relevant rules of the two exchanges. A spokesperson for the Alibaba Group said: We will work with Ant Group to actively cooperate and embrace supervision. We believe that the students of Ant have this confidence and ability to implement the work well. The society wants us to be better, and we must continue to work hard to achieve and exceed the expectations of society. This is the responsibility of our group.

Nowadays, there are more than 4,000 listed companies in A-shares. In the 30-year history, there are not many cases like Ant Group’s suspension of listing. Daily economic news reporters combed and found that these cases can be roughly divided into two categories, and the fate of the companies involved is also different. In addition, the investment bankers also immediately interpreted the impact of Ant Group’s subsequent IPO process and its valuation.

The first category: the meeting has passed, funds have been raised, but the listing has been suspended

1. On April 3, 2009, during the post-meeting deliberation, the China Securities Regulatory Commission rejected Ningbo Lili Electronics’ IPO application and revoked the previous approval of Lili Electronics’ public issuance of stocks. This is also the first time that the China Securities Regulatory Commission Make a decision to cancel the issuance. On April 8, 2009, Lili Electronics returned the raised funds and interest from investors to investors. Eleven years later, on September 11, 2020, Lili Electronics “transformed” Li Ang Micro (605358.SH) to be listed on the Shanghai Stock Exchange.

Reason for the suspension: “Daily Economic News” revealed that Lili Electronics had hollowed out the assets of Zhejiang Haina, and used high-quality assets originally belonging to Zhejiang Haina to “secondary listing”.

2. On March 18, 2010, Suzhou Hengjiu was requested by the Securities Regulatory Commission to suspend listing, and the IPO application was subsequently revoked. On June 24, 2010, Suzhou Hengjiu returned the principal of the raised funds and all the interest generated as of June 23 to investors. It was not until August 12, 2016, 6 years later, that it was finally listed (now Hengjiu Technology, 002808.SZ).

Reason for the suspension: “21st Century Business Herald” revealed that Suzhou Hengjiu’s patent status is inconsistent with the patent status listed in the prospectus.

3. On December 17, 2010, Shengjingshanhe was suspended from listing, and was subsequently disqualified from listing, and returned the IPO proceeds and corresponding interest to investors.

Reason for the suspension: “Daily Economic News” exclusive in-depth investigation to expose Shengjingshanhe’s financial fraud.

4. Xinda New Material(now known as Yicheng Xinneng, 300080.SZ) was suspended on May 20, 2010. After being listed on June 18, 2016, the listing broke.

Reason for suspension: Patent lawsuits filed by other companies.

The second category, the meeting has passed and the listing was suspended before fundraising

1. In November 2017, Tianchang shares suspendedThe stock was issued and has not been listed since.

Reason for suspension: Real-name reporting of financial fraud by Hongfa New Materials, a company listed on the New Third Board

2. In January 2019, Panda Dairy was temporarily suspended from the market, but it was successfully listed on October 16, 2020.(300898, SZ)

Reason for the suspension: the company adjusts its listing plan

Ciming physical examination, Huijin shares, NSFOCUS, Boten shares, and Oriental Net Power announced on January 13 or 14, 2014 to postpone the issuance of listing, but the reasons are all due to the “About Following the policy impact of Measures to Strengthen the Supervision of New Share Issuance, the latter companies all went public.

In addition, there is a category of companies that did not even have a “suspended listing” link after the meeting. They had to withdraw their listing applications because the media exposed financial fraud. A typical case is Guangdong Xindadi Biotechnology Co., Ltd. After the initial application was approved by the issuance review committee, due to the exclusive in-depth investigation report of the Daily Economic News, the fact that its financial fraud was exposed, Xindadi and its sponsor Nanjing Securities reported to the Securities Regulatory Commission Submitted an application to terminate the issuance and listing.

Investment bankers: it’s a post-meeting matter and need to supplement materials

As for the suspension of Ant’s pre-listing announcement, an investment bank’s capital market person told the Daily Economic News reporter that based on the current situation, this is a post-meeting matter. After Ant’s supplementary materials are resubmitted, there should be nothing special about listing. Big impact. The short-term impact is that the growth rate on the first day of listing is expected to go down, but it does not affect the long-term value.

“From a process point of view, the four-department interview itself is a major matter, and it is indeed necessary to perform further disclosures and wait for the exchange to approve it before issuing and listing.” An investment bank sponsor representative told reporters that after these matters are disclosed, If there is no major difference with the interview, it will not have a substantial adverse effect on Ant’s listing.

The above-mentioned sponsor representative believes that although the incident itself happened relatively suddenly, it should be noted that after the registration system reform, the regulatory requirements for information disclosure are more than before. If a major event occurs, including whether it involves a major listing document Modifications still have to perform the normal disclosure procedures again. The person told reporters, “This is mainly because information disclosure is delivered to the market.one question. It is completely different from the suspension of Shengjingshanhe’s IPO in the past. The ant itself is not involved in fraud. “

“Valuation is expected to have a certain impact.” The investment banker believes that as a financial holding company, there may be some premiums, but in essence the valuation will still refer to domestic banks and non- Silver system. After the suspension event, it is expected that there may be some disputes in the market. It is judged that compared with the previous period at least, the center of gravity of the valuation will have a downward process.

As of 11:50 p.m. on the 3rd, Alibaba’s stock price was reported at US$292.66, a decrease of 5.85%.

This article is from WeChat official account:Daily Economic News (ID: nbdnews), reporter: Tu Yinghao, editor: Sun Zhicheng , Du Hengfeng, Xiao Yong