■ Market view
Recently, the national share transfer announced that as of June 29, 2018, in addition to the companies that submitted the initiative to terminate the listing application, a total of 103 companies did not disclose the 2017 annual report. According to the relevant regulations, in accordance with the principle of classification, the national share has been transferred From July 9, 2018, 61 listed companies that did not disclose the 2017 annual report were terminated, and the remaining 42 companies that did not disclose the 2017 annual report were dealt with in violations and other matters to be verified. After the completion, its stock will also be terminated. The Financial Investment News reporter found that among the 61 companies that have been listed since July 9, ST Mi Mi Le (833048), Xintong Technology (837924) and Tian Hi Air Conditioning (839422) and other three companies are among them.
■Reporter Yang Chengwan
Corecom Technology: IPO discount, operating performance from profit to loss Tianxi air conditioning: did not complete the audit work within the specified time ST Mi Mi Le: Poor management is forced to delist
ST Mi Mi Le: Mandatory delisting due to poor management
After the mandatory delisting of the company, the dream of a number of private equity firms that had hoped to stay in the new three-board market after the failure of their IPOs was shattered. According to informed sources, the company aims to achieve domestic listing, 2011 During the capital increase and share expansion, a number of private equity funds including Taihao Dawei, Shengqiao Chuangxin, Dachen Chuangshi, Dachen Shengshi and Yingchuang Power were introduced. The company also signed a gambling agreement with these institutional shareholders. If the company does not complete the IPO within the specified time, the investor has the right to request the original major shareholder, the company's chairman Li Rui to repurchase the company's equity owned by the investor within 6 months.
In the first half of 2017, the company's operating income in the first half of 2017 was 391 million yuan, a year-on-year decrease of 30.84%; after deducting a non-post-loss loss of 4.67 million yuan, there was a embarrassing situation of turning from profit to loss, and the IPO gradually drifted away. The company did not disclose the 2017 annual report on time. 4. The forced delisting has made many private equity firms as shareholders of the company worse.
According to the “speak” of Tianxi Air Conditioning Co., the reason why the company could not disclose the 2017 annual report before April 30, 2018 is that it is only due to the R&D expenses plus deductions being applied to the relevant departments for identification and third-party confirmation letters. Qi, failed to complete the audit within the specified time ' .
At the time, the company stated that it attaches great importance to the preparation of the annual report. It is actively communicating with the accounting firms engaged in auditing, designating special personnel to be responsible for the preparation of annual reports, and actively cooperating with brokers, accountants and other intermediaries to review and guide the annual reports, and provide timely assistance to intermediaries. Accurate, detailed data, information, is expected to complete the disclosure of the annual report before June 22, 2018. But until June 30, 2018, the 2017 annual report was not disclosed, the company's stock had to be terminated.
According to public information, the company is a high-tech enterprise specializing in R&D, production and sales of large and medium-sized passenger car air conditioners.
ST Mimi's main business is to operate and maintain the Internet shopping platform 'Mi Mi Le' online store, through B2B, B2C and other modes of procurement and sales of various types of goods. In the first half of 2017, realized operating income of 2.92 million yuan, a loss of 56 Ten thousand yuan. At the same time, the employee’s salary was more than 2 million yuan, and the employee was arrested by the court. The company’s debt due to the actual debtor’s debt caused the company’s equity to freeze, and the actual controller was easy to change, which was forced to be delisted. typical.
Rich green energy: the longest listing time is not guaranteed
According to the statistics of the national share transfer company, the 61 listed companies that were forcibly delisted are all basic-level enterprises. From the time of landing on the New Third Board, 22 companies were listed in 2015, and 28 companies were listed in 2016. The market status of the new three-board high-speed expansion is inseparable. In addition, Fudian Green Energy (430087) landed in the New Third Board as early as May 2011. It is the 61 companies that have been forced to delist, and the longest listing time, but unfortunately The evening is not guaranteed.
Regarding the specific arrangements for the forced delisting, the national share transfer announcement stated that in addition to the companies that submitted the initiative to terminate the listing application, a total of 103 listed companies did not disclose the 2017 annual report. Among them, since July 9, 2018, 61 companies were forced to delist. There are also 42 listed companies that have not disclosed the 2017 annual report. After the violations and other pending matters are processed, their stocks will also be terminated. At that time, there will be 103 listings. The company will face delisting and set a record for the mandatory delisting of the stock transfer company. It is reported that only two companies were forced to delist in 2016, and only 18 were forced to be delisted in 2017.
In this regard, the National Stock Transfer Company stated that the mandatory delisting of listed companies that did not disclose the annual report is an important measure to implement the rules and regulations, which is conducive to the formation of a good market order in an orderly and orderly manner, purifying the market environment and promoting the health of the new three board market. steady development.
61 companies involved more than 1,200 minority shareholders
It is worth noting that after these companies are delisted, it is difficult for the national stock transfer to effectively supervise them. Only from July 9, 2018, 61 companies have been forcibly delisted, involving more than 1,200 minority shareholders. How to establish an investor protection mechanism and protect the legitimate rights and interests of small and medium investors is particularly important and urgent.
In this regard, the national share transfer indicated that, considering the actual situation of the listed company, the company that did not disclose the 2017 annual report will be classified, in which, for companies suspected of having violations and other matters to be verified, in order to avoid the use of such companies. The delisting rules evade supervision, and the national share transfer will start the termination of the listing process after the relevant matters have been processed.
At the same time, the national share transfer requires the delisted company to disclose the announcement of the listing in a timely manner, indicating the company, the contact person and the contact information of the sponsoring brokerage firm to accept investor consultation, and actively responding to the investor's appeal. The sponsoring brokerage company shall appoint a special person to be responsible for the delisted company. To assist in the communication work of the delisted company investors. 'The company does not change the identity of its public company after the delisting of the New Third Board, nor does it affect the investor's shareholder status. The investor still has the right to exercise the right to know, the right to participate, etc. Rights. After the company is delisted, investors can resolve the relevant claims in accordance with the relevant laws and regulations and the company's articles of association. 'Yang Zhicheng, a partner of Sichuan Zhijiancheng Law Firm, said.
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In February this year, I just delisted New Oriental Online to go to Hong Kong IPO.
Education stocks lined up to go public in Hong Kong stocks. This week, Hong Kong stocks welcomed a star company, New Oriental Online, a subsidiary of New Oriental Education Group, to submit listing application materials to the Hong Kong Stock Exchange.
For New Oriental, most people are no strangers. This famous English training school has successfully landed on the New York Stock Exchange as early as September 2006. In 2005, New Oriental Online launched, and then began to launch a variety of online education services. 2016 In the year, New Oriental Online's annual operating income was 334 million yuan, net profit was 59.55 million yuan; 2017 revenue was 446 million yuan, and net profit was 92.21 million yuan.
On March 21 last year, New Oriental Online officially listed on the New Third Board, referred to as 'New Oriental Network'. However, after listing for less than 10 months, New Oriental Online said that 'due to the needs of its own business development and strategic planning adjustments', it is intended to be small and medium-sized in the country. Enterprise Share Transfer System Co., Ltd. applied for termination of listing.
On February 14 this year, New Oriental Online officially ceased to be listed in the national SME share transfer system and completed the delisting action. Analysts said that New Oriental Online's delisting was less than half a year, and it turned to the HKEx to submit a prospectus, which should be planned. Once the conversion is successful, it will become the first case of the IPO of the New Third Board.
It is worth mentioning that as an Internet education company, New Oriental Online's shareholders are particularly eye-catching. New Oriental Group directly holds 66.72% of New Oriental Online, the actual controller is Yu Minhong, and a subsidiary from Tencent called 'ImageFrame' holds There is a 12.06% stake in New Oriental Online, ranking second largest shareholder.
According to the Beijing Morning Post