There are problems in Shaoguan
A lot of resistance, it seems, is a happy worry. In the 21st century, economic reporters have been talking to brokers, funds and enterprises in Shaoguan, and different roles face different "technical problems". These problems frequently generate various information and stir up emotions.
The back of the emotions is the embarrassment of each capital role on this new capital platform.
However, this platform should not be just a few people's dream factory.
On March 20th, the number of companies preparing to sprint the science and technology board of the New Third Board increased to 13.
For the new three board listed companies landing on the board of the board facing the issue of delisting, the recent share transfer company clearly stated that the new three board company does not need to delist the board.
Then, for the new three-board enterprises that go to Kechuang board, do you want to delist?
According to the 21st Century Business Herald reporters, some companies have already mentioned the agenda, they are learning how to deal with the delisting, and the series of problems to be faced without delisting.
Delisting or not picking?
Under the upsurge of the science and technology board, a large number of new three-board enterprises intend to sprint the science and technology board.
As of March 20, the number of new three board companies to be listed on the Kechuang Board has reached 13, including Jin Dalai (830777.OC), Jiuri New Materials (430141.OC), Titan Technology (835124.OC), and the competition. Tes (832800.OC), First 3D (830978.OC), Jiangsu Beiren (836084.OC), Vigor Electric (830965.OC), Zesheng Technology (871392.OC), Western Superconductor (831628.OC) ), Intranet (837970.OC), Lexus Software (830866.OC), Lianrui New Materials (831647.OC), and now shares (832086.OC). (Zesheng Technology, Yingneo Union, and Western Superconductor have not yet announced, the information is publicly reported by the media.)
On the 15th of March, the stock transfer company clearly stated that the listed company will not need to be delisted on the New Third Board during the preparation or declaration of the board's listing; the CSRC approved the issue. After that, the national share transfer company will terminate its stock listing in time according to the application of the listed company. If the listed company applies for delisting in advance, it needs to follow the relevant regulations on the termination of listing of the national share transfer company, perform the corresponding procedures, and make reasonable claims for the protection of dissident shareholders’ rights. arrangement."
In fact, the new three-board enterprises that are going to be on the board are faced with a choice: Do you want to delist?
Some companies say they will not delist, but some companies want to delist.
On March 20th, a new three-board enterprise director who plans to go to the science and technology board to go to the 21st Century Economic Reporter told reporters, "We want to delist, we are preparing for the science and technology board, there are still many problems in the middle, to be polished, to be done Some preparations and integrations, and now staying on the three boards does have some trouble."
On the 20th, Zhang Chi, chairman of Xinding Capital, told reporters: "From the New Third Board to the board, you can choose to delist and not delist. There are pros and cons."
"If you don't pick up the cards, the listed companies will stop trading on the New Third Board, and then go to the Science and Technology Board to report the materials. When will the board be used? When will the board be delisted from the new board? If you don't have a meeting, you can come back. Resumption of trading, continue trading in the New Third Board. Therefore, the company is in an invincible position without delisting. Therefore, I believe that a large number of new three-board companies will choose not to delist the board." Zhang Chi said.
But there are drawbacks to not delisting.
Zhang Chi introduced, do not delist, in the process of applying for A shares, every step must be simultaneously disclosed in the New Third Board, disclosure work is very large. The whole process will be placed in the sun by the market, but some companies do not want the whole process to be too transparent.
In addition, because the entire reporting process lasts for six months, the annual report must be disclosed without delisting. Now that it is March 20, 2019, if the company goes to the science and technology board, the annual report of the board of science and technology must be completely consistent with the new three board annual report, which is stressful for some enterprises. Because the New Third Board requires the annual report to be disclosed before June 30, and the Science and Technology Board declares, sometimes the annual report will be continuously adjusted during the audit process. Once it is disclosed in the New Third Board Annual Report, it cannot be adjusted.
"The two sides should be completely consistent. Some enterprises can't do it. They may adjust the data to the last day's declaration. If the delisting, at least the financial data of 2018 is not disclosed, then the processing board can be more improved. The application materials." Zhang Chi said.
On March 20th, Cui Yanjun, the founder of Dong’s family and the founder of Nanbei Tiandi (430066), said that the IPO of the new three-board enterprise was also suspended after the acceptance of the CSRC. After the meeting, the application was delisted. This policy also applies to the science and technology board IPO.
Cui Yanjun suggested: "There is no enterprise to fully grasp the landing of the board, so for companies that do not trade, it is better to stay in the three boards, and declare the board. At the same time, if there are more external shareholders and the ownership structure is complicated, it will be difficult to take the initiative to delist. For companies with active transactions, the shareholder structure may become more and more complex, and they also face the problem of inconsistent disclosure of financial reports and IPO differences."
On March 20th, Peng Hai, head of the new third board of Lianxun Securities, said: “It is up to the specific company to choose the delisting. For example, if some companies need to delist the cards, they will resume trading according to regulations, and then do it. The dissident shareholders deal with it, but at this time there may be new shareholders."
"Conversely, if some shareholders want to quit and can't follow the company, then the way to deal with the delisting is better." Peng Hai said.
On March 20th, Zhu Weiwei, Chairman of Zhongke Wowo, said: "It is the best for companies that are now going to the new board companies to go to the board, and the stock transfer company also supports not delisting."
"There were 28 companies in the A-share market last year from the New Third Board. They all applied for delisting after the IPO was over. They should be careful when delisting the IPO companies, because these companies may have problems with their original financial treatment. , I want to transfer the account." Zhu Weizhen said.
Dissent shareholder problem
A big problem in delisting is the dissident shareholder.
The above-mentioned director of the new three-board enterprise, who intends to go to the science and technology board, said: "According to my understanding, the shareholders basically agree with the decision to delist the company, but some of the minority shareholders are usually too scattered. Now the decision-making efficiency is relatively low. It is difficult to deal with it. We are worried. Because dissident shareholders do not agree to pick up the cards."
In fact, in addition to companies that want to go to the science and technology board, a large number of new three-board companies are also facing the problem of delisting, including the handling of dissident shareholders.
As of March 20, there were 10,376 listed companies in the New Third Board. Since 2019, 397 new three-board companies have been delisted. In 2018, 2017 and 2016, the number of companies to be delisted was 1,517, 708 and 57 respectively. Overall, the delisting of the three boards is on the rise.
Cui Yanjun told the 21st Century Business Herald: "Because of the malicious delisting of enterprises, it has infringed on the interests of minority shareholders. Therefore, the stock transfer company has stricter review of delisting, requiring companies to communicate with all shareholders who can be contacted, and to record the communication process. Dissident shareholders must propose a reasonable plan, generally requiring no less than the cost price repurchase. Although there is no requirement to reach an agreement with 100% dissident shareholders, once there are clear objections from shareholders, or even complaints, they may face a suspension of review and further supplementary materials. â€
Cui Yanjun pointed out: "As the market continues to slump, the stock price continues to fall. In the process of dealing with dissident shareholders, it is difficult to do both. A small number of listed companies and dissident shareholders have infringed on the interests of the other party. Some companies have delisted from minority shareholders. If you want to be jealous, you will also force the passing of the delisting process regardless of the investor’s demands."
However, Zhu Weizhen said: "If the delisting is not for the purpose of not disclosing the annual report, it is generally no problem. The dissident shareholders are not so difficult, and now they do not require 100% shareholder approval to delist."
Zhang Chi introduced, "Extraction has many precedents for the handling of dissident shareholders. Generally, companies or major shareholders buy back shares of dissident shareholders. Enterprises will give half a month or a month to let dissident shareholders choose - or Abandoning the repurchase, or exercising the repurchase, is done by issuing an announcement. The repurchase is basically based on the cost without interest. At present, this is basically the case."
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