面值退市警钟再度敲响！
数据显示，截至4月21日收盘，*ST欧浦、*ST刚泰、*ST飞马、天广中茂等4股收盘价低于面值，其中，“低面”天数最高的天广中茂已经有9天，距离20天的退市红线还有11天自救的时间。而*ST欧浦、*ST刚泰、*ST飞马等3股“低面”天数分别为4天、6天、3天。
B股方面，东沣B也面临着“面退风险”。公司今日晚间发布“可能将被终止上市的第一次风险提示性公告”。公告指出，东沣B股票已经连续10个交易日(自2020年4月8日至4月21日)收盘价格均低于每股1元人民币面值。公司股票可能将被终止上市。
此外，疫情叠加海外股市波动，市场风险偏好、活跃度双双降低，A股的低价股数量也在不断攀升，截至目前，“1元股”数量高达74只、“2元股”的数量更多达196只。
面值退市恐将成为A股群主踢人的最大“杀器”。
警钟再敲响，东沣B公告面退风险
上周一，ST锐电收盘跌停，报0.65元，连续20个交易日股价低于1元，触发“面值退市”规则，将成为A股第8只面退股，同时也将成为2020年面值退市第一股。
ST锐电退市流程尚未走完，A股面退的警钟再度敲响，时报君发现，截至目前，*ST欧浦、*ST刚泰、*ST飞马、天广中茂等4股股价已经连续多天低于1元。
而局面更紧迫的上市公司则是B股板块的东沣B。公司今日晚间发布“可能将被终止上市的第一次风险提示性公告”。公告指出，东沣B股票已经连续10个交易日(自2020年4月8日至4月21日)收盘价格均低于每股1元人民币面值。公司股票可能将被终止上市。东沣B目前股价仅为0.74港元，按汇率折算后则为人民币0.68元，已经大幅低于1元的面值。
根据“面值退市”规则，上市公司A股或B股股票连续20个交易日（不含停牌交易日）每日收盘价均低于面值（我国A股及B股股票绝大多数面值为1元），将终止上市。AB股同时存在者则以同时满足前述条件触及面退标准。
事实上，早在4月1日，东沣B即因股价连续10日低于面值，首次发布退市风险公告，随后更连跌3个交易日，至4月7日才勉强回到面值。而且也仅仅保持了一天，就重新迈入下跌通道。
A股则以天广中茂处境最为危险，其最新收盘价为0.94元。自4月9日收盘价跌至1元下方后，截至21日，天广中茂已经连续9个交易日收盘价低于1元，这也意味着其距离20天的退市红线仅剩11天。
实际上，这已经是天广中茂年内第二轮股价在1元下方徘徊。3月30日，天广中茂当日大跌9.65%，收报0.95元，历史收盘价首次跌破1元。其后，股价在1元下方徘徊了3天。4月2日，公司股价涨停，收盘恰好涨至1元。不过好景不长，仅仅维持数日后，公司股价再度跌至1元下方。
另外，A股的*ST欧浦、*ST刚泰、*ST飞马等3只ST股连续“低面”天数分别为4天、6天、3天。
最新数据显示，上述5家公司合计股东户数为196957人。
祸不单行，*ST刚泰和*ST飞马存多项风险
时报君发现，*ST刚泰、*ST飞马不但面临“面退”风险，还可能触及暂停上市。
其中，*ST刚泰因2018年年报被出具“无法表示意见的审计报告”被实施退市风险警示的特别处理，若公司2019年度财务报告仍被会计师事务所出具无法表示意见或否定意见的审计报告，公司股票交易将可能被暂停上市。
资料显示，公司2019年年度报告的预约披露日期为2020年4月29日。
*ST飞马则因涉嫌信息披露违法违规，公司目前正在被中国证监会立案调查。根据《深圳证券交易所股票上市规则》的有关规定，如公司存在重大违法行为，公司股票可能被深圳证券交易所实施退市风险警示并暂停上市。
根据相关规定，如公司因此受到中国证监会的行政处罚，且违法行为属于《深圳证券交易所上市公司重大违法强制退市实施办法》规定的重大违法强制退市情形的，公司股票交易将被实行退市风险警示，实行退市风险警示三十个交易日期限届满后次一交易日，公司股票将被停牌，深圳证券交易所在停牌后的十五个交易日内作出是否暂停公司股票上市的决定，并在公司股票暂停上市起六个月期限满后的十五个交易日内作出是否终止上市的决定。
A股1元股大增
春节后，疫情叠加海外股市波动，A股市场风险偏好和活跃度在下降，成交金额与成交量也不断走低。
数据显示，4月21日，A股成交金额为6493亿元，成交量为593亿股，两者较年内最高水平分别下滑54%和49%。伴随活跃度的下滑，A股资金也出现分化，流向绩优和蓝筹股。
受此影响，A股的低价股数量也在不断攀升，截至目前，“1元股”数量高达74只、“2元股”的数量更多达196只，较去年年末上升了39.62%和25.64%。74只1元股中，29股最新收盘价低于1.5元。
“面值退市”进程加速
近日，中共中央、国务院发布关于构建更加完善的要素市场化配置体制机制的意见，其中专门提到——坚持市场化、法治化改革方向，改革完善股票市场发行、交易、退市等制度。完善投资者保护制度，推动完善具有中国特色的证券民事诉讼制度。
实际上，A股“面值退市”进程已经在悄然加速。
截至目前，A股已经有7只个股触及面值退市，包括中弘退、雏鹰退、华信退，印纪退，退市大控、神城A退、退市华业。
武汉科技大学金融证券研究所所长董登新预测，2020年A股市场至少将有20只垃圾股或僵尸企业退市。充分市场化的“面值退市”标准有利于大幅提高A股市场优胜劣汰、优化资源配置的功能。
可以预见的是，在新证券法+注册制的市场环境下，包括“面值退市”在内的市场化退市方式，有望逐渐取代过往以盈利为主要标准的退市机制成为主流，这也是A股的必然选择。对投资者而言，应该谨慎参与低价股特别是基本面不佳的低价股炒作。
The face value delisting alarm bell sounded again!
Data show that as of April 21, four shares, including * ST Opu, * ST Gangtai, * ST Pegasus, and Tian Guang Zhongmao, closed below par value. Among them, Tianguang Zhongmao, which has the highest number of "low face" days, has 9 days, and there are still 11 days to save itself from the 20-day delisting red line. And * ST Opu, * ST Gangtai, * ST Pegasus and other three "low face" days are 4 days, 6 days, 3 days respectively.
In terms of B shares, East Bank B is also facing a "face-to-face retreat risk". The company issued the "first risk reminder announcement that the listing may be terminated" this evening. The announcement pointed out that Dongfang B shares have closed below 1 yuan per share for 10 consecutive trading days (from April 8 to April 21, 2020). The listing of the company's shares may be terminated.
In addition, the epidemic superimposed fluctuations in overseas stock markets, market risk appetite and activity have both decreased, and the number of low-priced A-shares is also on the rise. up to now, the number of "1-yuan shares" is as high as 74, and the number of "2-yuan shares" is as high as 196.
Delisting may become the biggest "killer" for A-share owners to kick people.
The alarm bell sounded again, and the East Bank announced that the risk would be withdrawn.
Last Monday, ST Rui Dian closed down the limit at 0.65 yuan, with its share price below 1 yuan for 20 consecutive trading days, triggering the "delisting" rule, which will become the eighth delisting of A shares and the first delisted share in 2020.
ST sharp electric delisting process has not yet been completed, A-share withdrawal alarm sounded again, the Times Jun found that so far, * ST Opu, * ST Gangtai, * ST Pegasus, Tianguang Zhongmao and other four shares have been less than 1 yuan for many days in a row.
The listed company with a more urgent situation is the East Bank of the B-share plate. The company issued the "first risk reminder announcement that the listing may be terminated" this evening. The announcement pointed out that Dongfang B shares have closed below 1 yuan per share for 10 consecutive trading days (from April 8 to April 21, 2020). The listing of the company's shares may be terminated. Dongfang B's share price is currently only 0.74 Hong Kong dollars, which translates to 0.68 yuan at the exchange rate, which is well below the face value of 1 yuan.
According to the "delisting" rule, listed companies'A-shares or B-shares will be terminated if their daily closing prices are lower than their par value for 20 consecutive trading days (excluding suspension trading days) (the vast majority of China's A-shares and B-shares have a par value of 1 yuan). If AB shares exist at the same time, the withdrawal standard will be met by meeting the above-mentioned conditions at the same time.
As a matter of fact, as early as April 1, Dongfang B issued a delisting risk announcement for the first time because its share price was lower than its face value for 10 consecutive days, then fell for three trading days in a row, and barely returned to its face value on April 7. And it only lasted for one day, and then re-entered the downward channel.
Tian Guang Zhongmao is in the most dangerous position in A shares, whose latest closing price is 0.94 yuan. Since the closing price fell below 1 yuan on April 9, as of 21, Tianguang Zhongmao has closed below 1 yuan for nine consecutive trading days, which means it has only 11 days to go before the 20-day delisting red line.
In fact, this is the second round of Tianguang Zhongmao's share price hovering below 1 yuan this year. On March 30, Tianguang Zhongmao fell 9.65% on the day to close at 0.95 yuan, and the historical closing price fell below 1 yuan for the first time. After that, the stock price hovered below 1 yuan for three days. On April 2, the company's share price rose by the daily limit and closed at 1 yuan. However, the good times did not last long, and after only a few days, the company's share price fell below 1 yuan again.
In addition, A shares of * ST Opu, * ST Gangtai, * ST Pegasus and other three St shares continuous "low" days are 4 days, 6 days, 3 days respectively.
The latest figures show that the five companies have a total of 196957 shareholders.
It never rains but it pours. * ST Gangtai and * ST Pegasus have many risks.
The Times found that * ST Gangtai and * ST Pegasus not only face the risk of "retreating", but may also touch the suspension of listing.
Among them, * ST Gangtai is subject to special treatment of delisting risk warning due to the issue of "audit report with no opinion" issued in the 2018 annual report, and the company's stock trading may be suspended if the company's 2019 financial report is still issued by an accounting firm with an audit report that cannot express an opinion or negative opinion.
According to the data, the scheduled disclosure date for the company's 2019 annual report is April 29, 2020.
* ST Pegasus is currently being investigated by the China Securities Regulatory Commission on suspicion of illegal information disclosure. According to the relevant provisions of the rules on Stock listing on the Shenzhen Stock Exchange, if a company commits a major illegal act, the company's shares may be warned of the risk of delisting and suspend listing on the Shenzhen Stock Exchange.
According to the relevant regulations, if the company is therefore subject to administrative punishment by the China Securities Regulatory Commission, and the illegal act belongs to the situation of major illegal compulsory delisting stipulated in the measures for the implementation of Major illegal compulsory delisting of listed companies on the Shenzhen Stock Exchange, the company's stock trading will be subject to delisting risk warning, and the company's shares will be suspended on the next trading day after the expiration of 30 trading days. The Shenzhen Stock Exchange shall make a decision on whether to suspend the listing of the company's shares within 15 trading days after the suspension, and make a decision on whether to terminate the listing within 15 trading days after the expiration of the six-month suspension period.
A-share 1 yuan share rose sharply
After the Spring Festival, the epidemic superimposed fluctuations in overseas stock markets, A-share market risk appetite and activity are declining, transaction volume and volume are also falling.
Data show that on April 21, A shares traded 649.3 billion yuan and 59.3 billion shares, down 54 per cent and 49 per cent respectively from the highest level of the year. With the decline in activity, A-share funds are also differentiated, flowing to high-performing and blue-chip stocks.
Affected by this, the number of low-priced shares of A shares is also rising. So far, the number of "1 yuan shares" is as high as 74, and the number of "2 yuan shares" is as high as 196, up 39.62% and 25.64% from the end of last year. Of the 74 1 yuan shares, 29 shares recently closed at less than 1.5 yuan.
The process of "face value delisting" is accelerated
Recently, the CPC Central Committee and the State Council issued opinions on building a more perfect market-oriented system and mechanism for the allocation of factors, which specifically mentioned that we should adhere to the direction of marketization and the rule of law, and reform and improve the stock market issuance, trading, delisting and other systems. We will improve the investor protection system and promote the improvement of the securities civil litigation system with Chinese characteristics.
In fact, the process of A-share delisting has been quietly accelerated.
Up to now, seven A-shares have reached face value delisting, including Zhonghong withdrawal, Eagle withdrawal, Huaxin withdrawal, Indian withdrawal, delisting control, Shencheng A withdrawal, delisting Huaye.
Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, predicts that at least 20 junk stocks or zombie companies will be delisted from the A-share market in 2020. The fully market-oriented "face value delisting" standard is conducive to greatly improving the function of survival of the fittest and optimizing the allocation of resources in the A-share market.
It can be predicted that under the market environment of the new securities law and registration system, the market-oriented delisting methods, including "face value delisting", are expected to gradually replace the previous delisting mechanism with profit as the main standard to become the mainstream, which is also the inevitable choice of A-shares. For investors, they should be cautious to participate in the speculation of low-priced stocks, especially those with poor fundamentals.
