The announcement of a paper termination of listing means that Xintai Electric 300372, the stock bar (300372) was eventually sent off by the "red card", and Xintai Electric became the first stock of the GEM, and became the first in the Chinese capital market. A company that has been delisted for fraudulent issuance. It is worth noting that the Shenzhen Stock Exchange said Xintai Electric will not be able to re-list after delisting. This statement also declared Xintai Electric's official "death." In the eyes of the industry, Xintai Electric's delisting has a profound impact on China's capital market, and it also sounds the alarm for the publishers who are lucky.

Delisting is a foregone conclusion

After being suspended from listing for more than 9 months, Xintai Electric finally failed to escape the fate of the termination of listing, which means the company's A-share tour will end.

On the evening of June 23, the Shenzhen Stock Exchange finally decided to delist the Xintai Electric. According to the official website of the Shenzhen Stock Exchange, according to Articles 13.4.1 (12) and 13.4.11 of the Shenzhen Stock Exchange GEM Listing Rules (2014 Revision), the 77th listing committee of the Shenzhen Stock Exchange The second working meeting deliberated and decided to terminate the listing of Xintai Electric on June 23, 2017.

The Shenzhen Stock Exchange stated that the Xintai Electric Trading entered the delisting period with a trading period of 30, the next trading day after the expiration of the 15 trading days after the decision to terminate the listing of Xintai Electric Stock Co., Ltd., July 17, 2017. On the trading day, the company's securities abbreviation will be changed to “Xintai Refund”. If Xinxin Electric filed a review application, the company's stock trading entered the delisting period from the next trading day after the Shenzhen Stock Exchange Appeal Review Board made the decision to maintain the termination of listing. On the next trading day after the delisting period expired, the Shenzhen Stock Exchange delisted Xintai Electric. At the same time, the Shenzhen Stock Exchange requires Xintai Electric to strictly follow the relevant regulations and end the listing and follow-up work.

Xintai Electric is the first company to delist from the GEM and the first company in China's capital market to delist from fraudulent issuance. According to the relevant regulations of the Shenzhen Stock Exchange, the GEM has no institutional arrangements for re-listing, and fraudulent issuance has the characteristics of uncorrectable and unavoidable violations, and does not meet the requirements for re-listing. This means that Xintai Electric will not retreat to the end. Relisting.

After Xintai Electric terminates its listing, it will transfer to the national SME share transfer system for share transfer. Talking about the delisting of Xintai Electric, famous economist Song Qinghui said that in the history of A shares, there has never been any stock like Xintai Electric that allows exchanges and brokerages to repeatedly indicate risks, which shows that Xintai Electric fraud The severity of the issue. Overall, Xintai Electric was terminated, showing the determination of the regulatory authorities to purify the capital market. Later, it is likely that similar listed companies will be delisted.

"The defeat"

After more than three years of listing, Xintai Electric’s defeat has been fixed. The relevant person in charge of the Shenzhen Stock Exchange said that it will strictly implement the delisting system in strict accordance with the legally and strictly regulated work requirements, and take measures for companies that should be delisted according to law. "Zero tolerance" attitude, to ensure that "the emergence of a family, delisting a family." In the eyes of the industry, Xintai Electric's delisting has also sounded the alarm for the capital market.

Xintai Electric's listing road is rather rough. After several twists and turns, Xintai Electric finally has a place in the capital market. However, Xintai Electric, which was successfully listed through fraud, never thought that it would wait for it three years later. It is the result of being eliminated. Back in the history of Xintai Electric, in November 2011, Xintai Electric submitted the initial public offering of shares to the China Securities Regulatory Commission and applied for listing on the GEM (hereinafter referred to as “IPO”). After waiting for 8 months, July 2012 On the 3rd, Xintai Electric passed the review of the GEM. On January 3, 2014, Xintai Electric obtained the “Reply from the China Securities Regulatory Commission on Approving the Initial Public Offering of Dandong Xintai Electric Co., Ltd. and Listing on the Growth Enterprise Market”.

On January 27, 2014, the GEM officially welcomed a new member, Xintai Electric. However, in order to achieve the purpose of issuance and listing, and to solve the problem of excessive balance of Xintai Electric's accounts receivable, Xintai Electric did not hesitate to “do it” in the IPO application documents, such as December 2011-June 2013. Xintai Electric uses external borrowing, using its own funds or forging bank documents to fictitiously recover the receivables, and offsets the receivables at the end of the accounting period, such as the end of the year and the end of the semi-annual period, and most of them are reverted at the beginning of the next accounting period. There are false records in the relevant financial data in the IPO application documents submitted to the China Securities Regulatory Commission. However, after successful listing through fraudulent means, Xintai Electric did not have the meaning of “repentance”. According to the relevant announcements disclosed, the 2013 Annual Report and the 2014 Semi-annual Report disclosed by Xintai Electric after its listing. There are false records and major disclosures in the periodic reports of the 2014 Annual Report.

However, Xintai Electric's fraudulent behavior ultimately ended in self-satisfaction, as the company touched on the fraudulent issuance or major information disclosure in accordance with Article 13.1.1 of the Shenzhen Stock Exchange GEM Listing Rules (2014 Revision), 2016 On July 7, the CSRC issued the “Administrative Punishment Decision” and the “Market Prohibition Decision” to Xintai Electric to impose administrative penalties on Xintai Electric and its 17 current or current directors and supervisors.

Delisting period

Xintai Electric, which is about to enter the delisting period, will also be concerned by the market in the performance of the future trading day in the secondary market.

Behind the Xintai Electric fraud, the relevant investors can be described as heavy losses. Xintai Electric announced that it will suspend the 30 trading days before the listing (Note: During the period, the company's stock abbreviation changed to “*Xintai”), the company's share price can be described as “falling down” ". According to the statistics of Dongfang Fortune 300059, the stock statistics show that during the period from July 12 to August 22, 2016, the share price of Xintai fell from the initial opening price of 13.1 yuan/share to 3.03 yuan/share, with a total of 172 million yuan. Equity calculation, the total market value of Xintai during the 30 trading days decreased by more than 1.7 billion yuan.

However, during the period, there was no shortage of funds to enter the game. The transaction showed that since the resumption of trading on July 12 last year, *Xintai suddenly changed the past downturn after 11 consecutive "one" words. From the data of the Dragon and Tiger charts on July 27, 2016, the multi-channel hot money on the day even invested tens of millions to enter the market. Among them, CITIC Securities 600030, which is in a position to buy a position, has a purchase amount of up to 32.849 million yuan in the sales department of Hangzhou Fengqi Road. It is in the position of buying the five-position Founder Securities 601901. The amount of the purchase of the Ningbo Jiefang North Road Sales Department on the same day is about 835.93. Ten thousand yuan, while the sales department of Guodu Securities Luoyang Nanchang Road, which sells a position, sold about 8.22 million yuan on the same day. On the following trading day, *Xintai's trading volume is also constantly expanding. According to statistics, from July 27 to August 22, 2016, *Xintai's total transaction amount is about 997 million yuan, and the turnover rate is as high as 316.01. %. In the rough calculation, most of the funds eventually rushed into "cannon fodder."

Although the regulatory authorities and other parties have repeatedly conducted risk warnings before, some investors have joined Xintai Electric's “Bo Silly” army. In Song Qinghui's view, from the last day of the stock, there is still money to speculatively buy. On the one hand, it shows that the speculative psychology of some investors is still quite strong. On the other hand, it also shows the indifference of investors to the risk warning of securities regulatory authorities. Do not trust. The announcement of the termination of listing of Xintai Electric means that the wishfulness of the investors who bought the Xintai Electric before the suspension of listing was unsuccessful. At present, there are still many shareholders who have quilt cover. According to the statistics of Eastern Wealth, as of March 31 this year, Xintai Electric has a shareholder number of about 24,100, with a per capita shareholding of 12,400 yuan and a stock price of 3.03 yuan/ share.

Xintai Electric will officially enter the finishing period on July 17. At that time, Xintai Electric's share price performance will be highly concerned by the market. However, in Song Qinghui's view, Xintai Electric's delisting is a foregone conclusion. Speculative funds may not be returned. After entering the delisting period, Xintai Electric's continuous down limit mode will become a high probability event.

The shocking effect should not be underestimated

The delisting of Xintai Electric has become a hot topic in the recent market. In the eyes of the industry, Xintai Electric's delisting has far-reaching impact on China's capital market and is also a landmark event in China's capital market.

Financial scholar Buna Xin believes that the delisting of Xintai Electric reflects the attitude of the regulatory authorities to the violation of laws and regulations. This case has a very good deterrent effect and sounds the alarm for the publishers who are lucky. This year, there are two cases of Xinduohui and Xintai Electric delisting. On the one hand, it shows that the regulatory authorities are determined to implement the delisting system. On the one hand, it is also an excellent educational material for investors. In the context of IPO speedup, The advantages of shell resources are also slowly weakening. The investment strategy of the former gambling delisting stocks will become more and more difficult to achieve.

Song Qinghui said that the forced withdrawal of Xintai Electric will have a strong impact on the junk stocks and problem stocks. At the same time, it will also play a very good role in the listed companies that are being queued.

Song Qinghui admits that although the current delisting system reform has made a big breakthrough compared with the previous one, it is necessary to increase the illegal cost to truly deter the fraud. The fraudulent incidents of listed companies such as Xintai Electric have emerged endlessly, seriously infringing the rights and interests of small and medium investors. The main reason is that the illegal cost of the counterfeiters is too low and does not play the deterrent role. Therefore, strengthening the law enforcement of delisting is the general trend, which not only helps to protect the interests of small and medium-sized investors, but also plays an important role in regulating the management order of China's securities market and promoting the healthy and orderly development of the market economy.

“The Xintai Electric’s forced retreat means that the regulator’s supervision of the delisting stocks has begun to tighten. After Xintai Electric, it is estimated that more and more problem stocks will be forced to withdraw from the market. At the same time, There will also be some listed companies that have chosen to take the initiative to withdraw from the market for various reasons. As a result, the A-share delisting channel will become more and more smooth, and the stock market structure will be further optimized. Recently, the CSRC It has also publicly stated that for major illegal companies such as fraudulent issuance, the capital market will adopt a zero-tolerance attitude, resolutely implement a major illegal and mandatory delisting system, and clear it out of the capital market. This is also interpreted by the market as a release from the regulatory layer. The city's normalization signal," Song Qinghui said.

Beijing Business Daily reporter Cui Qibin Liu Fengru

(Editor: HN666)

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