Delisting risk refers to the risk that the listed company's shares may be terminated due to poor performance.
Chinese name
Delisting risk
purpose
Protect the rights and interests of securities investors and reduce risks.
time
April 2(nd), 2004
main body
Shanghai Stock Exchange and Shenzhen Stock Exchange
Conceptual meaning
In order to protect the rights and interests of securities investors and reduce market risks, on April 2, 2004, Shanghai Stock Exchange and Shenzhen Stock Exchange issued the Notice on Strengthening the Warning of Delisting Risks, which implemented "special treatment to warn companies with delisting risks". Thus, the concept of "delisting risk" is introduced. This paper aims to study and discuss the delisting risk of listed companies. In the stock market, there are delisting risk warnings and risk tips. At first glance, there seems to be no difference between the two. It's actually a completely different concept. Let's look at their meanings separately.
The delisting warning is to remind investors that this stock has the risk of delisting. In fact, it is to better protect investors, at the same time, it can reduce market risks and protect investors' rights and interests. Institutional embodiment of a-share market.
Risk early warning is also a risk early warning system. Its main purpose is to prevent financial risks, and it is also the focus of the reform of state-owned banks in China.
Delisting warning and risk warning have different meanings. Delisting warning is a special treatment to warn the stocks of listed companies with delisting risk. Because this name is too long, most people can't remember it, so it is simply called delisting risk warning. In other words, the delisting warning means that all stocks that have been warned of delisting should be marked with "*ST" in front to distinguish them from other stocks, so that shareholders can know at a glance which stocks are at risk of delisting. At the same time, the regulatory authorities also stipulate that when a stock has the risk of delisting, its stock price will be limited to 5% per day, and further prevention will be strengthened.
In any of the following circumstances, there is a risk of stock termination:
(1) The audited net profit in the last two fiscal years has been negative continuously, or it has been negative continuously after retrospective restatement;
(2) The audited net assets at the end of the latest fiscal year that have been retrospectively restated are negative, or the audited net assets at the end of the latest fiscal year are negative;
(3) The audited operating income in the latest fiscal year does not exceed10 million yuan, or it does not exceed 6,543,800+million yuan after retrospective restatement;
(4) The financial accounting report of the latest fiscal year is issued by an accounting firm, but it cannot express opinions or directly deny it.
(5) The company's stock has been suspended for two months due to major accounting errors or false records in the financial accounting report, which was ordered by the China Securities Regulatory Commission to make corrections but failed to make corrections within the prescribed time limit;
(six) the annual report or interim report is not disclosed within the statutory time limit, and the company's shares have been suspended for two months;
(7) The company is likely to be dissolved;
(8) The court applies for accepting the reorganization, reconciliation or bankruptcy liquidation of the company according to law;
(9) Because the equity issuance in Article 12. 14 does not meet the listing requirements, the company shall submit a solution to the equity issuance problem to this Exchange within 20 working days, and it shall be approved by this Exchange;
(10) Other circumstances as determined by the Exchange.
The above is the risk warning of delisting, and you should pay attention to it when you encounter stocks. Beginners should pay more attention to this when learning the basic knowledge of stock trading.