Market panic over ST stocks continues. Today, many stocks that have entered the delisting period experienced violent fluctuations in their stock prices.

Today, the three delisted stocks of Yantai Yuancheng Gold, Tanyuan Technology, and Shanghai Tongda Venture Capital have collectively resumed trading and plummeted at the opening.

Among them, Yantai Yuancheng Gold fell more than 98% at one point during trading, and such a large drop within a day is rare in the history of A shares. The latest quote is 0.33 yuan. Tanyuan Technology once fell by 87%, with the latest quote being 0.33 yuan. Shanghai Tongda Venture Capital once fell by 85%, with the latest quote being 1.53 yuan.

Due to the violent fluctuations, Yantai Yuancheng Gold, Shanghai Tongda Venture Capital, and Tanyuan Technology triggered temporary suspensions during trading and were temporarily suspended from trading by the Shanghai Stock Exchange since 9:30 am, with trading resuming from 9:40 am.

All were delisted due to financial issues.

The above three companies that experienced significant declines were all about to be delisted due to financial problems.

Earlier, on the evening of May 28th, the Shanghai Stock Exchange announced that Yantai Yuancheng Gold, Tanyuan Technology, and Shanghai Tongda Venture Capital had triggered delisting conditions due to financial problems. On June 5th, they entered the delisting period. The delisting period is 15 trading days, and the last trading date is expected to be June 26th. Within 5 trading days after the delisting period expires, the Shanghai Stock Exchange will delist the company's stock, and the company's stock will cease to be listed.

On April 30th,Yantai Yuancheng Goldannounced a trading halt starting from April 30th, with the closing price on the previous day being 9.81 yuan. Compared to today's lowest price of 0.13 yuan, it essentially disappeared in a single day.

Yantai Yuancheng Gold announced that due to negative net income in the audited financial statements for 2022 and operating income of less than 100 million yuan, the stock has been subjected to a delisting risk warning since May 5th, 2023. The 2023 financial accounting report was issued with an audit report that could not express an opinion by the annual auditing institution, and the Shanghai Stock Exchange decided to terminate the company's stock listing.

Tanyuan Technologyalso halted trading on April 30th, with the closing price of the last trading day being 1.98 yuan.

Tanyuan Technology announced that due to negative net income in 2022 and operating income of less than 100 million yuan after deducting non-main business related business income and income without commercial substance, the company's stock has been subjected to delisting risk warnings since April 28th, 2023. The net income in 2023 was negative and the operating income was less than 100 million yuan after deductions of non-main business related business income and income without commercial substance. The stock was terminated from listing by the Shanghai Stock Exchange.

Shanghai Tongda Venture Capitalhalted trading since the close on April 29th, with the closing price of that day being 7.13 yuan.

Shanghai Tongda Venture Capital announced that due to negative net income in 2022 and operating income of less than 100 million yuan, the company's stock was subjected to a delisting risk warning since May 5th, 2023. The 2023 annual report was issued with an audit report that could not express an opinion by the auditing institution, and the Shanghai Stock Exchange decided to terminate the company's stock listing.

Two of the stocks will enter the delisting period tomorrow.

In addition to the above three stocks,China Cifco Investment and Henan Xinye Textile are also among the stocks.Entering the delisting consolidation period on June 6, the expected final trading date is June 27, and the abbreviated names will be changed to 'Xin Fang Tui' and 'Zhong Qi Tui.'

*ST Zhongqi touched on the delisting situation of 'non-standard audit opinion on financial accounting report', *ST Xinfang touched on the delisting situation of 'negative net assets' and 'non-standard audit opinion on financial accounting report'.

*ST Xinfang, *ST Zhongqi has also been suspended since the closing of April 29. ,*ST Xinfang's last closing price was 0.46 yuan, *ST Zhongqi's last closing price was 1.49 yuan. It is worth noting that the stock delisting consolidation period is 15 trading days, and there is no limit to the daily increase or decrease of the company's stock price on the first trading day. After that, the daily limit of increase or decrease is 10%.

Therefore, *ST Xinfang and *ST Zhongqi may also experience a sharp sell-off tomorrow, and investors should be cautious. On the other hand, the market has begun to speculate on the lifting of the ST hat for some ST stocks.

Today, the ST sector opened 1.44% lower, with more than 40 stocks in the sector hitting the limit down at one point. Subsequently, multiple stocks fluctuated and rose, and the sector index rose up to 1.5% at one point. As of the time of publication, *ST Jiayu has hit the 20% daily limit for two consecutive days, ST Huijin and *ST Baan have reached the 20% daily limit, *ST Navigation has risen more than 16%, ST Xia Chuang and *ST Yinjiang have risen more than 10%, ST Lingda has risen nearly 10%, and ST Chun Tian has been limit up. ST Yuancheng, ST Bailin and other stocks have also hit the daily limit.

On the one hand, the market is speculating on the lifting of the ST hat;

On the other hand, the market has begun to speculate on the lifting of the ST hat for some ST stocks.

Today, the ST sector opened 1.44% lower, and more than 40 stocks in the sector hit the limit down at one point, but then multiple stocks fluctuated and rose, with the sector index rising by up to 1.5% at one point.

As of the time of publication, *ST Jiayu has hit the 20% daily limit for two consecutive days, ST Huijin and *ST Baan have reached the 20% daily limit, *ST Navigation has risen more than 16%, ST Xia Chuang and *ST Yinjiang have risen more than 10%, ST Lingda has risen nearly 10%, and ST Chun Tian has been limit up. ST Yuancheng, ST Bailin and other stocks have also hit the daily limit.

Some ST stocks have experienced a sharp sell-off in the early period, and have rebounded in the past two days, which may tempt investors to make a move.

However, in recent times, one can clearly feel that the market's aesthetics towards small-cap and large-cap stocks have changed. With stricter regulation, there is an increasing risk of individual stocks being delisted, and ST stocks, micro-cap stocks, and problematic stocks have become the targets for investors to abandon.

Fundamentally, the market is gradually switching from the finance market to the investment market. In the finance market, volatility and imagination are the pricing anchors. However, in the future investment market, 'performance stability' will be the pricing anchor. Thus, in the long run, the market will pay more and more attention to performance certainty and dividends, and the hype around ST stocks and micro-cap stocks is unlikely to prosper. .

Therefore, in the long run, the market will pay more and more attention to performance and dividends with certainty, and it will be difficult to speculate on ST stocks and small cap stocks.

To quote Li Bei's warning, 'Do not return to the fire after escaping.' This phrase not only applies to the previous WeiPan stock, but also to the current ST sector.