Since this year, the number of listed companies whose face value has been delisted has continued to increase, and the pace of delisting has accelerated. On the evening of May 28, the Shenzhen Stock Exchange issued an announcement that Dongfeng B was terminated from listing. This is the first pure B-share listed company whose face value has been delisted.

And the day before, on May 27, the Shenzhen Stock Exchange issued an announcement that the daily closing price of Tianguang Zhongmao for 20 consecutive trading days was lower than that of stocks At face value, the company’s shares were terminated from listing on May 27. On the same day, Shenwu Environmental Protection and * ST Midea issued separate announcements that the company’s stocks have closed prices below the par value of the stock for 20 consecutive trading days, triggering the par value delisting rule, and there may be the risk of termination of listing.

In addition, as of the close of May 29, there are still many stocks whose share price is less than 1 yuan face value, facing the face value of delisting pressure.

The denomination delisting system is an essential requirement for the capital market to optimize resource allocation, and it is also an institutionalized mechanism generally set up in domestic and foreign capital markets. All parties interviewed by the “Securities Daily” reporter generally believe that in the context of the registration system and the normalization of delisting, the continuous emergence of “face value delisting” companies shows that the survival of the fittest mechanism in China’s capital market is constantly playing a role It is conducive to optimizing the resource allocation function of the market, maintaining market order and boosting market confidence. In the future, in accordance with the requirements of the new securities law, the relevant rules for delisting are expected to be further optimized to ensure good export control for the capital market.


Investor mentality is changing

Facing the increasing number of listed companies that are delisting, the mentality of some investors has changed.

An investor who did not wish to identify himself said in an interview with a “Securities Daily” reporter that he also concerned about the stocks of companies that may face delisting a few years ago. There have been several operations, and I was thinking that some companies might be reorganized. Later, as the backdoor listing regulation became stricter, more difficult, and fewer and fewer, it basically stopped paying attention.

“Now, because there are more and more companies delisting with stock prices below $ 1, these stocks will not be watched.” The investor said.

However, not all investors will be so rational.

“When some investors enter the delisting period,Still unwilling to sell, always expecting miracles to happen. The thinking of these investors is that, anyway, the stock has already gone like this, and it will not be sold. Really delisting, if the enterprise is basically bankrupt, it can only wait for bankruptcy distribution. “Introduced by Lawyer Zhu Xiahua of Shanghai Huazun Law Firm.

The number of listed companies whose face value is delisting is increasing, and they are senior consultants at Guohao Law Firm (Shanghai) Lawyer Huang Jiangdong believes that this is a positive phenomenon. He said in an interview with a “Securities Daily” reporter that there was a phenomenon of speculation in the market. The lower the stock price of listed companies, the more they like to speculate and bet on reorganization. , Hoping to “Wuji becomes a phoenix.” However, if the listed company’s stock price is below 1 yuan for 20 consecutive trading days, it will face delisting, and the risks involved are very large.

” From this perspective, there will definitely be fewer and fewer people willing to speculate on ‘junk stocks.’ Investors will shift towards value investing. This is a very positive signal and a good sign. “Huang Jiangdong said.

In fact, for the removal of non-compliant listed companies, the supervisory authorities have been taking action. In the recently held 2020″ 5.15 nationwide At the “Investor Protection Promotion Day”, the chairman of the China Securities Regulatory Commission, Yi Huiman, introduced that since last year, the China Securities Regulatory Commission has made efforts to unblock diversified exit channels such as forced exits, restructuring exits, and active exits. A total of 18 companies have achieved stable exits, creating a record The new high. And said that it will further improve the market-oriented legalized multiple delisting mechanism, improve the delisting standard, simplify the delisting process, and resolutely delist the market that touches the mandatory delisting standard.


Investors actively protect their rights

The face value of listed companies is delisting, and the most injured are the small shareholders who hold company stocks.

Taking Delisting Ruidian as an example, according to Wind data, as of the first day of entering the delisting consolidation trading period, that is, May 13, Delisting Ruidian also returned There are 196,000 shareholders.

“Let ’s wait for the class action.” An investor holding Delisted Ruidian shares posted.

The new securities law officially implemented from March 1 this year, one of the highlights of investor protection is the exploration of a civil securities litigation system adapted to China ’s national conditions. Provides that investor protection institutions can act as representatives of litigation, in accordance with the principles of “implicit participation” and “explicit withdrawal”, according to lawThe investor filed a civil damages lawsuit.

Zhu Xiahua said that some listed companies delisted at face value, possibly because of insolvency of capital or major illegal acts, which is a normal phenomenon of survival of the fittest. A small number of investors in the stock market prefer to invest in stocks with a stock price of around 1 yuan. They only pay attention to their “good news” and ignore their “historical information”, so they should be especially cautious.

“If the stock delisting is caused by securities fraud such as false statements, investors should promptly sue the responsible party through civil channels and request compensation for the loss of investment difference.” Zhu Xia He said.

Huang Jiangdong said that for investors, the first thing is not to speculate on “junk stocks”, but to invest in good companies and make value investments. Otherwise, the risk of gaming is very high. Secondly, if the listed company is delisted because of the face value, then there are probably some illegal acts in the early stage.

Through combing, the reporter noticed that some companies are indeed “problematic.” Taking the delisting Ruidian as an example, the company tried to rescue the delisting crisis through repurchase, but it was finally recognized by the Shanghai Stock Exchange as a “flip-flop repurchase”. For this, the Shanghai Stock Exchange publicly condemned the listed company and relevant responsible persons in accordance with regulations; The company has also conducted unreliable voting power delegation. However, due to various reasons, in the end, the Beijing Securities Regulatory Bureau intends to order the relevant parties to suspend the acquisition, and shall not exercise the right to vote on the shares actually held before the correction. There are significant uncertainties in the change of control rights.

“If this is the case (there is an illegal act), investors can actively protect their rights through various channels and protect their rights and interests.” Huang Jiangdong said that investors If you have limited capabilities, you can seek help from relevant insurance agencies. The new securities law has many institutional innovations for investor rights protection, such as supporting litigation and group litigation systems.

Zhu Xiahua said that with the introduction of the new securities law and the full implementation of the registration system, the Shanghai and Shenzhen stock exchanges are currently promulgating or amending the rules to optimize delisting rules . In addition to paying attention to the relevant announcements of delisted companies, investors should also pay attention to the rules issued by the exchange in a timely manner and fully understand their rights.

(Originally titled “Accelerating Face Value Delisting Rhythm Accelerated Some Investors Called” Waiting for Class Action “to Protect Rights”)