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Original title: Every hot comment丨*ST Kaile needs to strengthen the metabolism of A shares under the comprehensive registration system of delisting
Zhao Linan
On February 8, *ST Kaile (SH600260) announced that it had received the “Decision on Termination of Listing of Hubei Kaile Technology Co., Ltd.” The stock will be terminated and delisted on February 15.
*ST Kaile entered the A-share market in 2000, and it has been more than 22 years since then, and it has had glory in the past. However, the amount of financial fraud committed by *ST Kaile is appalling. From 2016 to 2020, the company has accumulatively inflated its operating income by 51.225 billion yuan. As the fraud was exposed, delisting became a foregone conclusion.
A shares are entering the era of full registration system. This also means that there will be a steady stream of fresh blood injected into the A-share market in the future, and at the same time, the market will continue to eliminate those listed companies that do not speak honesty and do not abide by laws and regulations.
The author believes that in the era of the comprehensive registration system, A shares need to be continuously “metabolized”. In the long run, survival of the fittest will benefit the capital market and economic growth in many ways. First, the big waves wash away the sand, and the improvement of the quality of listed companies will be conducive to the formation of a long-term market for A shares; second, it will help the formation of a value investment atmosphere in the capital market; third, the selection of truly valuable companies to remain in the market is conducive to the economic structure. Transformation and long-term economic growth.
First of all, the establishment of the long bull market depends on the survival of the fittest. For a long time, many investors have been very confused that the point of the relevant index ten years ago is almost the same as the current point. However, while the index is almost standing still, there are not a few long bull stocks born in A shares. The essential reason for this situation is that more and more listed companies are included in the index sample, but the development of the included companies is uneven, which naturally leads to the long-term stagnation of the index.In comparison, in the past ten years, the screening mechanismCSI 300 IndexThe performance is obviously better than the composite index. Therefore, if the overall A-share market can increase the intensity of “screening” and survive the long-term survival of the fittest, the general long bull market will also be staged.
Second, survival of the fittest can effectively reduce market speculation. Under normal circumstances, it is those companies that do not do business properly, make financial fraud, and violate laws and regulations that often release fake news in an attempt to quickly boost the stock price by creating gimmicks and concepts, hoping to cash out in the short term. However, the truth is that these lies are often debunked, usually by shooting themselves in the foot. In addition, hype surrounding the concepts of “shell resources” and so-called “restructuring” often arouses market speculation. These are not conducive to the normal and healthy development of the capital market. Therefore, we must get rid of these companies to get rid of the original source. In the long run, if these market noises can be continuously eliminated, investors will pay more attention to tapping the value of the company, and the market will develop healthily in the long run.
Finally, the survival of the fittest in the capital market is conducive to the transformation of the economic structure and the promotion of economic growth. The capital market is closely related to the economy, and the capital market exists to cultivate excellent enterprises. Although many companies enter the capital market at the beginning, it is difficult for investors to predict how much they will contribute to economic growth in the future. But the logic of the market is to allow itself to sift through, and eventually among these seeds there must be “golden seeds”, which will then grow into towering trees and lead a new round of industrial upgrading and economic growth.
Obviously, promoting the metabolism of A-shares has many benefits, but for shareholders of related delisted companies, delisting is very painful. It is foreseeable that the delisting of A shares will be normalized in the future, which requires investors to keep their eyes open and carefully select companies. Only in this way can they avoid “stepping on thunder”. demanding.
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Editor in charge: He Songlin