This article is from the WeChat public account: China Economic Weekly (ChinaEconomicWeekly) , reporter: Guo Zhiqiang, picture from: worm
Selling a house, selling land, selling shares, getting subsidies … Near the end of the year, the pressure on the shell of listed companies with poor main businesses has increased sharply, and some listed companies have tried their best to impact performance.
At the end of 2019, the number of listed companies that “sell housing” has increased, but a reporter from China Economic Weekly found that it is more difficult for listed companies to protect their shells, and the supervision of surprise transactions has become stricter. .
Is the property of a listed company selling well this year?
At the end of each year, A-share listed companies with dire profitability use various methods to impact performance, especially some ST and * ST companies, which have sold equity, real estate and other assets in order to protect their “life”.
Selling a house is the most commonly used method for listed companies to rush performance and achieve housing protection.
Wind information statistics show that since the fourth quarter of 2019, A shares have had * ST You Jiu (600652.SH) , * ST hippocampus (000572.SZ) , * ST Zhongan (600654.SH) and more than 20 listed companies disclosed information on the sale of real estate, many of which have reported losses in the first three quarters of this year.
In the listed companies in 2019,It ’s the * ST hippocampus that makes it “Wind and Water”.
On November 23, * ST Haima issued an announcement saying that 401 units planned to be sold in the first half of the year have already sold 318 units, receivables of 147 million yuan, and 120 million yuan of receivables. The impact on net profit was 0.74. 100 million yuan.
* ST Haima has been “selling houses” since April this year. First, it announced on April 22 that it plans to sell 36 idle properties in Shanghai and 81 idle properties in Haikou. On May 15, it announced The company said it plans to sell 269 homes and 15 shops in Haikou. After adding up a total of 401 houses.
* ST Haima disclosed in a response to the Shenzhen Stock Exchange’s letter of concern in May this year that after the planned sale of properties for sale, the company expects to accumulate a total asset disposal amount of about 334 million yuan, which will affect the company’s net profit attributable to its parent to about 170 million yuan.
In 2018, * ST Haima suffered a huge loss of 1.6 billion yuan. The company has suffered losses for two consecutive years and has been delisted. The company’s third quarter report for 2019 shows that the company still lost more than 200 million yuan in the first three quarters of this year.
For example, on the evening of December 12, * ST Youjiu announced that it will sell 8 properties in Shanghai with an estimated value of 155.4 million yuan, which is expected to increase the net profit attributable to shareholders of listed companies in the current period by about 80 million yuan. * ST Youku lost more than 10 million yuan in the first three quarters.
“With the downward pressure on the economy, information on listed companies’ sale of real estate may appear in relevant information disclosure documents more and more frequently.” A senior market person said in an interview with China Economic Weekly, ” After the listed company sells real estate to realize the purpose of turning losses into a shell, it is not a long-term solution for the development of the enterprise. In essence, the risk of delisting of the listed company has not been eliminated. Only by enhancing the profitability of the main business can the real delisting risk be avoided.
Wind statistics show that as of the end of the third quarter of 2019, the market value of investment real estate held by 1,839 listed companies was as high as 1.33 trillion yuan, an increase from the market value of 1.1 trillion yuan at the end of the third quarter of 2018. More than 200 billion yuan.
But the reporter also noticed that the properties of some listed companies no longer seem to sell well.
According to the announcement of * ST Haima on November 23, the sale of 318 of the 401 units produced will have an impact on the net profit of 74 million yuan, which is expected to “accumulate and affect the company’s net profit attributable to its mother to approximately 170 million yuan. “Yuan” goal is still far away.
The difficulty of “fancy shell” becomes more difficult?
Each year to the end, there will be a phenomenon of “protection” of listed companies in A-shares, and regulators will also start to supervise the profit-adjusting behavior of listed companies at this point.
Judging from the situation this year, the exchange hastily intervened in response to the apparent assault trading activities of some listed companies at the end of the year. According to incomplete statistics, since November this year, at least more than 20 listed companies have received exchange inquiry letters due to surprise trading.
As mentioned above, * ST Youjiu received an inquiry letter from the Shanghai Stock Exchange on the night when the property was announced for sale, requesting that it combine the company’s current production and operation and financial status to explain the current concentrated sales of 8 houses. Business considerations.
At the beginning of December 2019, the Shanghai Stock Exchange made it clear that it should pay close attention to the surprise shell trading at the end of the year, combine “multi-party supervision and strengthen accountability, and strive to fully disclose the essence of the transaction through a combination of regulatory and market constraints. Stop misconduct in a timely manner. ”
In response, some investment bankers told China Economic Weekly: “At the end of the year, the supervision of surprise transactions by listed companies will start every year, but the chaotic phenomenon of listed companies selling stocks and selling housing has been banned for many years. It is still in the design of the delisting system. “
“The key to the stock market saying” no “to shell games of listed companies is to improve the relevant system.” Pi Haizhou, a well-known financial commentator, also believes that the shell games of some listed companies are so popular. This is closely related to the flaws in the stock market system.
Some media quoted authoritative sources as saying that “fancy shell” will not work on the science and technology board because of its strict delisting criteria: the company has a negative non-net profit in the most recent fiscal year, and With less than 100 million yuan, the Shanghai Stock Exchange will implement a delisting risk alert on its stock.
In fact, many A-share listed companies have delisted this year.
On December 17, Sun Nianrui, deputy director of the Securities and Futures Commission’s Listing Department, stated that as of now, the number of A-share listed companies delisting this year has reached 18, of which 1 has been actively delisted and 9 have been delisted (including 6 Delisting at face value), including asset clearing and delisting, is the year with the largest number of delisting companies in recent years.
In the third review draft of the Securities Law, the statement that the delisting system has removed the suspension of trading and the suspension of the securities trading system has been abolished. This move was also interpreted as “revealing a signal that the delisting system is tightening.”
In addition to the tightening of supervision, senior market participants analyzed in an interview with reporters: “In terms of the market value of shell resources, the science and technology board opened in 2019, and the number of listed companies is increasing. The value of some shell resources has shrunk significantly. “
This article is from the WeChat public account: China Economic Weekly (ChinaEconomicWeekly) , Reporter: Guo Zhiqiang