The first film and television media stock, which once had a market capitalization of 40 billion yuan, has now officially lost to Maicheng.
On October 10, the Shenzhen Stock Exchange issued an announcement on the termination of the listing of*ST Inji shares: From August 15 to September 11, the daily closing price of *ST Inji stock for 20 consecutive trading days was less than 1 yuan of the stock's face value. According to regulations and the audit opinion of the Shenzhen Stock Exchange Listing Committee, it was decided on October 10 to terminate the listing of the company's shares, and the delisting period began on October 18, 2019. The delisting period is 30 trading days. On the next trading day after the delisting period expires, the Shenzhen Stock Exchange delisted the company's shares. *ST Inji also became the fourth “face value delisted” A-share stock after China Hongqian, Young Eagle's retreat, and Huaxin's retreat.
*ST Inji entered the A-share market behind the scenes in 2014 and has successively invested, produced or distributed famous movies and television productions such as “The Founding of a Nation”, “Durala's Promotion”, “Iron Man 3”, “The 12th Hour of Changan”, “No Man's Land”, and “No War in Beiping”. It also became the first company in China to conduct in-depth cooperation with six major Hollywood studios in the entire industry chain.
On September 1 of this year, Xiao Wenge, the former actual controller of ST Yinji, and Wu Bing, Chairman of the Board of Supervisors, signed separate irrevocable trusteeship agreements for shares. The actual controller of the company was “quietly” changed to Qingdao Zhongxin Huirong.
Deep on the verge of delisting, *ST Inji Chairman Wu Bing explained to the media the measures and operability taken by the company to avoid terminating the listing and denied “running the way.” The Shenzhen Stock Exchange immediately issued a letter of concern on the evening of September 10, requesting Wu Bing and the company to explain the relevant matters.
On September 11, *ST Inji fell “one” to a halt again, closing at 0.55 yuan. This was also the 20th consecutive trading day of*ST Inji's stock price fell below face value. As a result, the delisting became a foregone conclusion. Leading film and television stocks with a market capitalization of 40 billion yuan back then had only 973 million yuan left in market capitalization. According to the data, as of the end of June this year, *ST Inji still had 34,500 shareholders.
As of the close of trading on October 10, there are currently 7 companies with A-share prices below 1 yuan. Apart from Young Eagle Retreat, Huaxin's Retirement, and *ST Inji Delisting, which is a foregone conclusion, *ST Shencheng, *ST Huaye, Jinya Technology, and *ST Grand Holdings are also struggling on the edge of delisting. Amongst these, *ST Huaye has closed below 1 yuan for 13 consecutive trading days.