The only seedling of "Shenwu system" has been given 20 trading days of respite, but it is still on the verge of delisting.

After Shenwu Environmental Protection was delisted at face value, Shenwu Energy Saving, another company of "Shenwu system" (now known as * ST Energy Saving, 000820), has been trading for 19 trading days with a share price of less than 1 yuan. On the first line of delisting on July 30, * ST Energy efficiency got a big buy at 02:36, and the company's share price rose until it rose by the daily limit.

From the morning limit to the afternoon limit close, * ST energy conservation staged the sky board, the stock price also stood above 1 yuan, closed at 1.03 yuan. At this point, * ST Energy Saving temporarily bid farewell to the delisting crisis and regained 20 trading days of respite.

Bring the dead back to life again.

* ST Energy Saving full name is Shenwu Energy Saving Co., Ltd. According to public data, the company's main business is engineering general contracting, engineering consulting and design, and the company listed through backdoor Jincheng shares in October 2016, and then changed its name to Shenwu Energy Saving.

Shenwu Energy Saving and Shenwu Tui (formerly known as Shenwu Environmental Protection), which has entered the delisting period, both belong to Shenwu Group. Shenwu Environmental Protection and Shenwu Energy Saving were listed backdoor in 2014 and 2016 respectively, and their share prices soared 5 times and 8 times respectively. The market capitalization reached 37.9 billion yuan and 28.7 billion yuan, which was called "Shenwu duo" at that time.

However, weak performance, related party transactions, restructuring termination and other problems let "Shenwu duo" fall to the altar. On July 29th, * ST energy conservation once again faced the crisis of face value delisting.

* ST Energy Saving announced on the evening of July 29th that the closing price of the company's shares has been lower than its par value (1 yuan) for 19 consecutive trading days (July 3-July 29), and the company's shares are at risk of being terminated. According to the relevant regulations, the daily closing price of Shenzhen listed companies is lower than the par value of the shares for 20 consecutive trading days, and the ownership of Shenzhen Stock Exchange decides to terminate the listing and trading of the company's shares. * ST Energy Saving closed at 0.98 yuan per share on the 29th.

July 30th * the trend of ST energy conservation is thrilling. Shares fluctuated downwards after the start of trading, falling by the daily limit at 09:50, but opened only six minutes later, and then hovered at a low below 1 yuan in early trading. At 13:15 in the afternoon, a sudden sum of money was bought, and the branch of * ST energy-saving share price climbed and turned red, and then at 02:45 in the afternoon, near the close, there were big orders to buy again, the stock price was closed directly until the close, and the closing price was 1.03 yuan, once again escaping the delisting crisis.

* ST energy conservation staged the sky market, with a daily turnover of 74.23 million yuan, an amplitude of 10.20%, and a turnover rate of 26%. According to the Dragon and Tiger list, the business department of Caitong Securities on Zhongshan North Road in Nanjing, the Business Department of Weihai Qingdao Middle Road of Hualin Securities, the Inner Mongolia Branch of Anxin Securities, the Business Department of Shanghai Lingling Road of Aijian Securities, and the business department of Yangzhou Hanjiang North Road of CICC Fortune Securities bought a total of 17.3151 million yuan. Hualin Securities Weihai Qingdao Middle Road Business Department and other five business departments sold a total of 16.1225 million yuan. It is worth noting that Hualin Securities Weihai Qingdao Middle Road Business Department also appeared in the Dragon and Tiger list sell and Buy list.

In fact, * ST Energy Saving has struggled at the edge of face value many times and can be "miraculously revived" at the last minute. On April 24 this year, * ST Energy Saving shares fell below 1 yuan for the first time, and returned to above 1 yuan three days later. On May 11, the share price fell below 1 yuan again, and on May 18, five days later, the stock price returned to 1 yuan. The stock price fell below 1 yuan again the next day, and then it took 12 trading days before the share price returned to face value. Most recently, after falling below face value for 18 consecutive trading days, the share price rose again and returned to above 1 yuan.

Accelerated withdrawal of St shares

Since the beginning of this year, seven companies have been delisted at face value, including ST Ruodian, * ST Meidu, Shengyun Environmental Protection, ST Tianbao, Shenwu Environmental Protection, Dongfang B, Tian Guang Zhongmao. Among them, ST Ruidian is the first "face value delisting stock" in the two cities this year. In addition, * St Dahua B, * ST Silver Pigeon and so on have triggered the face value delisting conditions.

According to the rules governing the listing of shares on the Shenzhen Stock Exchange, for a listed company that issues only A shares on the Shenzhen Stock Exchange, the daily closing price of the shares for 20 consecutive trading days (excluding the trading days on which the company's shares are suspended throughout the day) is lower than the par value of the shares, and the Shenzhen Stock Exchange has the right to decide to terminate the listing and trading of the company's shares.

At the same time, on July 22, the compilation plan of the Shanghai Composite Index was formally revised to exclude St shares and * St shares. A large number of St shares represented by * ST energy conservation are also bound to be gradually abandoned by the market.

According to statistics, on July 30, the ST concept index has fallen 10.87% so far this year. With the pilot expansion of the registration system, A shares show a "growth + value" investment trend, restructuring, betting on ST backdoor popularity will decline, and some ST companies are in danger of delisting at face value. Especially after the stock price fell below 1 yuan, the decline accelerated and delisting became the norm.

Societe Generale Securities pointed out that the future face value delisting is an important standard for the real market delisting of A shares. In order to avoid artificial shell preservation, face value delisting gives investors the decision on whether or not to delist the company. In the A-share market with increasing strength of institutional investors, face value delisting will play a more and more important role.