近日，“市值管理14条”正式版发布，由于较征求意见稿删减“依规发布股价异动公告”内容，一度被市场解读为“取消异动公告”。但经权威求证，异动公告的披露是根据证券交易所上市规则，且对于股价异动有明确的数量标准，“市值管理14条”仅是原则性提到市场表现明显偏离时董事会应采取的措施，二者适用情形并不完全一致。此次，*ST景峰发布异动公告并停牌，也进一步证实所谓“取消异动公告”系错误解读。① *ST Jingfeng was suspended for the first time this year due to abnormal fluctuations; ② The cumulative deviation of the closing price for two consecutive trading days reached 15.39%; ③ The stock price has risen by 752.78% in the past four months; ④ The highly anticipated pre-reorganization matters still face uncertainty.
Financial association news on November 17 (Reporter Luo Yichen) Tonight, the highly anticipated *ST Jingfeng (000908.SZ) suddenly announced a suspension, expected to last no more than 3 trading days. As a super bull stock this year, *ST Jingfeng has been on a remarkable rise in the past four months, with an astonishing increase of 752.78%. This is the company's first suspension this year due to abnormal trading.
The announcement shows that the reason for the suspension of *ST Jingfeng this time is that the cumulative deviation of the closing price for two consecutive trading days on November 14 and 15, 2024, reached 15.39%, which, according to the relevant provisions of the Shenzhen Stock Exchange's trading rules, constitutes abnormal fluctuations in stock trading.
Recently, the '14 Market Value Management Measures' official version was released. Due to the deletion of 'announcement of price abnormality in accordance with regulations' from the consultation draft, it was briefly interpreted by the market as 'cancellation of abnormality announcement'. However, through authoritative confirmation, the disclosure of abnormality announcement is based on the listing rules of the stock exchange, and there are clear quantity standards for price abnormalities. The '14 Market Value Management Measures' only mention the actions the board of directors should take when the market performance deviates significantly, and the two situations do not completely overlap. This time, *ST Jingfeng's release of the abnormality announcement and suspension further confirms that the so-called 'cancellation of abnormality announcement' was a misinterpretation.
It is reported that this round of the sharp rise in *ST Jingfeng's stock price began around the company's entry into the pre-reorganization period, followed by the continuous progress in reorganization investor recruitment, confirmation of CSPC Pharma Group as a reorganization investor, among other matters. The company's stock price has surged all the way from a low of 0.72 yuan/share in early July this year, teetering on the brink of delisting at 1 yuan, to a new high for the year of 6.14 yuan/share on November 15th, making it a super bull stock of the year.
Currently, *ST Jingfeng's pre-reorganization matters still face some uncertainty. Although CSPC Pharma Group has paid the due diligence deposit and been selected as an investor, the final determination of the reorganization plan, equity adjustment arrangements, payment of reorganization investment funds, and other aspects remain uncertain. Therefore, there is a significant uncertainty as to whether CSPC Pharma Group will ultimately participate in the reorganization and complete the reorganization plan.
In this context, *ST Jingfeng has applied to the court to extend the pre-reorganization period. On November 1, 2024, the company received a 'Decision of the Changde Intermediate People's Court of Hunan Province' (2024) Xiang 07 Po Shen 7 No. 3, in which Changde Intermediate People's Court decided to extend the company's pre-reorganization. In addition to the risks faced by the pre-reorganization matters, *ST Jingfeng emphasized in the abnormal announcement issued this time that the company also faces risks of insufficient ongoing operational capabilities, overdue bond payments, and delisting.
