Recently, some ST companies tried to reverse their predicament by relying on creditors to waive their debts, in order to avoid delisting, which aroused market attention.
Although there are still many hidden dangers, the stock prices of such companies seem to have reasons to rise. The most typical ST company has gained 4 daily limits in the 5 trading days since the beginning of the year.
At present, the disclosure of the 2021 annual report is about to start. During this period, it will gradually become clear whether ST can “protect the shell” and “remove the cap”. As the delisting system is becoming more and more perfect, and the supervision is further tightened, ST, which is eager to protect the shell, will undoubtedly do everything possible.
The use of financial skills to protect the shell is often the most direct, easiest, and quickest means. As of January 10 this year, four ST companies have successively issued announcements on receiving the “Notice of Exemption of Debt” and “Letter of Debt Exemption”, and some of the exemption amounts are as high as 3.4 billion yuan. If debt forgiveness can be recognized, it can indeed improve the performance of listed companies in the short term, and it is possible for the net asset value to change from negative to positive; but in the medium and long term, frequent reliance on debt relief will not help improve the quality of main business. If the intrinsic value of the company cannot be fundamentally reversed, then this move can only delay the pace of delisting, and it cannot be ruled out that the company will fall into the dilemma of repeated “wearing-cap-removing-cap” in the future.
This year will be a year in which the power of the new delisting regulations will be fully demonstrated. At present, an ecosystem in which there are both entry and exit in the capital market and the survival of the fittest is gradually being formed, and the delisting system is becoming more and more perfect. Delisting indicators for financial, market, normative, and major illegal delisting have been formed and active delisting indicators have been formed. system, the policy signal of “should retreat as much as possible” is very clear. Data shows that in 2021, 27 companies will exit through diversified channels. According to the new delisting regulations, 97 companies that were issued delisting risk warnings last year are on the verge of delisting this year, and the number of financial delisting companies may increase significantly. Listed companies that violate laws and regulations and commit fraud are under the strong light of supervision. It will be revealed.
Under the new situation of “retreat” and “retreat”, listed companies should always hold awe, regulate corporate behavior in accordance with the requirements of the capital market, ensure the authenticity, accuracy, timeliness and reliability of information disclosure, and continuously improve market competitiveness , especially the core competitiveness, shape the corporate culture of “compliance, integrity, professionalism and stability”, and create a positive and healthy ecological environment.
Although due to the “inertia” of conceptual speculation, there is a lag in the transmission of the price mechanism of bad companies being “abandoned” by the market, but in general, lack of sufficient fundamental support, the stock price cannot continue to rise, and some demon stocks that seem to be in the limelight often It is easy to suddenly explode and let people be caught off guard. Based on this, the best way for investors to protect themselves is to stick to value investing and stay away from stocks with delisting risks.Return to Sohu to see more
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