Who is withdrawing from the New Third Board?

The reporter noted that as of June 30, five companies including Zehui Co., Tengyi Network, Yangkai Power, Wuxi Environmental Sanitation, and Baolian Biotech did not disclose the 2015 annual report on time, and submitted an application for the voluntary termination of listing. Previously, Wanzhou Electric and Huaxia Kechuang had taken the initiative to withdraw from the New Third Board due to the annual report of dystocia.

It was hard to get on the New Third Board, but because the annual report was not disclosed on time, the two companies were forced to delist, and the seven companies had to take the initiative to retreat. In this regard, Zhao Huan, chief analyst of Fortune Securities, believes that the mandatory delisting of listed companies by the NEEQ is an important measure to strengthen supervision, which means that the management has zero tolerance for listed companies that do not fulfill their obligations. The market has a warning effect.

At the same time, the reporter found that with the disclosure of the 2015 annual report of the New Third Board listed company, 48 companies including Luqi Feida shares were issued "non-standard" opinions. Such companies often have many problems such as poor operating conditions, loss of state and poor quality of assets.

Zhongtai Securities project has been hit hard

According to the industrial and commercial registration data, Zehui is located in Linyi South Economic Development Zone with a registered capital of 40.54 million yuan and legal representative Wang Yanbo. The company's main business is the production of high-grade coated fabric products, PU / PVC artificial leather, synthetic leather and its products. Regarding the reason why it failed to disclose the annual report on time and the next step, the reporter of the Herald failed to contact the relevant person in charge for comment.

“Last year was the outbreak of the listing of the New Third Board Company. Although some companies have been listed, they have not yet adapted to the rules of the capital market. For many new three board companies, the 2015 annual report disclosure is undoubtedly a major test, and the annual review is also for intermediaries and The test of the regulator.” Xue Hu, head of the over-the-counter marketing department of a brokerage in North China, told reporters.

In fact, April 30 is the annual report deadline. Of the more than 6,900 new three board listed companies, 62 were suspended due to the failure to publish annual reports on time. In addition to the five delisted and five companies applying for delisting, other companies must disclose the annual report before 8 pm on June 30, otherwise they will be forced to delist.

"So, for the sponsoring brokers, listing projects is not necessarily a good thing, and there are too many things to worry about. Moreover, if the information disclosure is in violation, the consequences will be very serious." Xue Hu told the reporter.

Langdon Education and Zhongcheng Xinxing were forced to delist, which caused their sponsors to eat a "sap". It is reported that the sponsor of Langton Education is Zhongtai Securities, and the sponsor of Zhongcheng Xinxing is Cinda Securities.

According to the requirements of the stock transfer system, after the two companies are delisted, they should actively respond to investors' demands; the sponsoring brokers should appoint special personnel to be responsible for the relevant matters of the delisted company and disclose the contact information, and urge the delisted company to promptly disclose the announcement of the termination of listing as required. Assist in the explanation and communication work with the investors of the delisted companies.

Xinqiu Agriculture, which published its annual report at the last moment of the end of June, was also the organizer of Zhongtai Securities. However, because Xinqiu Agriculture could not give a full reply to the questions raised by the sponsoring brokers during the review process, the accounting firm could not determine the financial income of Xinqiu Agricultural's operating income and accounts receivable due to the inability to obtain valid evidence. Qiu Agricultural's financial report issued an audit report that could not express opinions. Zhongtai Securities reminded investors that Xinqiu Agriculture's 2015 annual report did not pass the audit of the sponsoring brokerage, and its annual report was not recognized.

In the view of Rui Jiang’s analyst Liu Jiangyuan, in the phenomenon of delayed disclosure of the annual report, the responsibility of enterprises is greater. Some enterprises have poor financial performance. Some enterprises have not kept up with the quality of their personnel and executives after they have been blindly listed. They are also unwilling to spend money to hire professionals. In addition, the quality of practice of some intermediaries needs to be improved.

Feida shares suffered a "non-standard" for two consecutive years

The late arrival of the annual report is undoubtedly a risk signal worthy of vigilance. For example, Xinqiu Agriculture has a loss of 110 million yuan in 2015. In addition, the depreciation of inventory of cotton stocks has resulted in asset impairment losses of up to 78,744,800 yuan.

Judging from the situation in 2015, the annual report of 48 companies in the New Third Board was issued a non-standard audit opinion by the auditing organization. Among them, 7 were reserved, 7 were unable to express opinions, 33 were unqualified with emphasis, and ST Sinoda was issued a negative opinion. Among these 48 companies, 38 had a loss last year and 25 consecutive Loss for two years.

On June 28th, the ST exhibitor who issued the “unable to express opinions” and was suspended from production was finally “squeezed out” of the 2015 annual report and went to the risk of being forced to delist. On June 29th, the company successfully resumed trading, but also put on the "ST" hat with risk warning.

ST Columbine also announced its 2015 annual report on June 28, escaping the crisis of forced delisting. However, the company was also issued an audit result by the auditing agency that “cannot express opinions”.

Among the 48 companies that have been issued “non-standard” opinions, the shares of Feida registered in Leling City are worth mentioning. The company is engaged in the manufacture and sale of other condiments and fermented products. This time, the audited organization issued a report with “unqualified opinions with emphasized matters”.

The reporter reported that its 2015 annual report found that Feida shares achieved a net profit of -90.42 million yuan in 2015, and its net profit for 2014 was -704.38 million yuan, which has been losing money for two consecutive years.

"The threshold for the listing of the New Third Board is very low. As of the end of June, the number of listed companies has reached 7,691. According to the current listing speed, it is expected to reach 10,000 in the year." Liu Jiangyuan said, "If you do not establish a perfect normalized exit mechanism, The entire market will be dragged down by companies with poor qualifications. Only a new metabolism can guarantee a virtuous circle."

However, compared with the rapid growth of the number of listed companies in the New Third Board, both the regulatory power of the stock transfer system and the supervision ability of more than 90 sponsoring brokers have become stretched.

"At present, the sponsoring brokers are responsible for the supervision of the company. Once the company is listed, the interests of both parties will begin to bind. If the brokers do not help the company to disclose information, they will be subject to self-regulation." Xue Hu said frankly. Jiang Wanyun, general manager of Shenwan Hongyuan (000166) Securities OTC Market Headquarters, said that with the arrival of the “first year of supervision”, the new three-board market supervision form will be quite severe. The listed company should be standardized and transparent, that is, the letter of parsing.

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