At one point it fell to 0.Goldencrownpoker.09 yuan per shareGoldencrownpokerBaolixin today (May 16) although the volume to achieve the 20cm limit, but also can not get rid of the face value delisting dilemma. On the evening of May 16, * ST Insurance announced that as of May 16, the company's shares closed below 1 yuan for 20 consecutive trading days, which has touched the situation of compulsory delisting of the trading class, and the company's shares will be terminated from listing on the Shenzhen Stock Exchange, and trading will be suspended from the opening of the market on May 17.
In fact, * ST Premium has been locked in delisting since the close on May 14. At that time, * ST Insurance announced that as of May 14, the company's stock closed below 1 yuan for 18 consecutive trading days, and even if it rose by the limit for the next two trading days, it would hit the trading delisting target because the share price was lower than 1 yuan for 20 consecutive trading days. On May 15, the closing price fell to 0.09 yuan per share, becoming the first stock with a share price of less than 10 cents in A-share history.
In the past, lithium electric cattle stocks locked delisting to allow ST Baoli shareholders to "step on thunder". According to the company's quarterly report, as of March 31, the number of shareholder households of * ST Insurance was 118900. The reporter noticed that * ST Baoli embarked on the road of delisting, in addition to its own business problems, but also with its controlling shareholder Changde Xinzhong Zhe's inability to pay performance compensation has a certain relationship. As of May 15, Changde Xinzhongzhe had only fulfilled the cash compensation obligation of 82 million yuan to the company, and more than 700 million yuan had not been compensated.
In the past, lithium electric cattle stocks were delisted at par value.
As a result of triggering the delisting red line of "the daily closing price of stocks for 20 consecutive trading days is less than 1 yuan", * ST Insurance has locked its face value and delisted.
Due to the poor operating performance in 2023, * ST Insurance appeared that "the audited net profit in the most recent fiscal year was negative and the operating income was less than 100 million yuan, or the most recent fiscal year after retrospective restatement was negative net profit and operating income less than 100 million yuan". As a result, the company's shares have been delisted since April 29th, and the abbreviation of the stock has been changed from "Baolixin" to "* ST Productivity".
It should be pointed out that * ST Insurance embarked on the road of delisting before the disclosure of the annual report. In retrospect, * ST Premium shares have been trading below 1 yuan since the close on April 15, closing at 0.94 yuan per share on the day. Then * ST Baoli started the "plunge" mode, and the company's share price fell 89.72% in 20 trading days from April 15 to May 16, and the stock price hovered below 1 yuan. Among them, the closing price on May 15 fell to 0.09 yuan per share, becoming the first stock with a share price of less than 10 cents in A-share history.
In fact, * ST Insurance has locked in delisting when the closing price is less than 1 yuan for the 18th consecutive trading day. At that time, * ST Insurance announced that as of May 14, the company's stock closed below 1 yuan for 18 consecutive trading days, and even if it rose by the limit for the next two trading days, it would hit the trading delisting target because the share price was lower than 1 yuan for 20 consecutive trading days.
As a former lithium electric bull stock, the delisting of * ST Baoli is regrettable. Data show that * ST Poly, formerly known as Jianrui Fire, was listed on the gem in 2010. In 2016, Jianrui Fire successfully acquired Watma to enter the field of power batteries and new energy vehicles at a premium of 5.2 billion yuan at a premium of six times the valuation. At that time, Watma was also a domestic new energy battery giant, and it was one of the earliest domestic enterprises to develop new energy vehicle power batteries and achieve large-scale production and batch application.
After the acquisition of Watma, ST Insurance, which caught up with the Dongfeng of the new energy vehicle industry, achieved a surge in performance. In 2016, the company made a profit of 425 million yuan, an increase of more than 11.03 times over the same period last year. However, the good times did not last long, and the then spectacular Watma was soon mired in debt as a result of blind expansion. After briefly making a big profit in 2016, * ST Premium has suffered successive losses, with net profits exceeding 3.6 billion yuan in 2017 and 2018.
The change of the actual controller still failed to recover the defeat.
Due to the rapid fall of Watma, the high premium acquisition at that time finally brought a lot of risks to * ST Insurance. This investment not only led to huge losses of listed companies, but also triggered a debt crisis of * ST Insurance. At the end of 2019, ST, then also known as Carey Wareng, entered bankruptcy restructuring. Subsequently, the company tried to carry out self-rescue work through debt restructuring and the introduction of strategic investors.
In the first half of 2020, the company completed bankruptcy restructuring and introduced Zhan Investment Changde New Zhongzhe. Watma was stripped of the listed company system, Changde Xinzhong real controller Gao Baoqing became the company's new controller, and the company changed its name to Baolixin.
After the introduction of the new boss, ST Premium's business has also gradually expanded from the field of electric vehicle power batteries to new energy ships, energy storage and other fields, including lithium iron phosphate series lithium batteries, battery management systems (BMS), power batteries and energy storage batteries.
Originally thought that Changde Xinzhong dare to take over the "hot potato" there must be a "trick", but then * ST Baoli business performance has not improved. Financial data show that from 2020 to 2023 * ST Insurance lost money for four consecutive years, with a total loss of nearly 680 million yuan.
Further, the ownership of Changde Xin Zhongzhe not only failed to help the company "solve the difficulties", but also was publicly condemned for the breach of performance compensation.
Specifically, during the * ST restructuring period, Changde Xin Zhongzhe promised that, as the major shareholder of the reorganized company and the relevant laws, regulations, policies, and economic environment of the company's industry, the total net profit deducted by the company from 2020 to 2022 would not be less than 300 million yuan, including but not limited to improving production and operation, injecting other operating assets, and so on. If the above promise is not fulfilled due to Changde Xinzhongzhe, it shall make up to the company in cash within three months after the disclosure of the company's 2022 annual report.
According to the company's audited financial report for the three years from 2020 to 2022, the company's net profit after deduction is-528 million yuan. Based on this calculation, the company believes that the performance compensation of Changde Xin Zhongzhe, the performance committer, is about 828 million yuan. However, so far, the company has received a total of 82 million yuan in compensation. To this end, the Shenzhen Stock Exchange publicly censured Changde Xin Zhongzhe in February this year.
In addition, * ST Baoli has also staged "Gong Dou Drama". In retrospect, * Guo Hongbao, chairman and former controller of ST Baoli, believes that the current chairman, Gao Baoqing, has failed to effectively resolve the company's operational difficulties and risks, and proposes to remove Gao Baoqing from his directorship and elect Yao Jinfeng as a director. However, the farce ended hastily, Gao Baoqing's position remained unchanged, and Guo Hongbao and his references failed to make the list of directors of the company.
(article source: Shanghai Securities News)
