★ ST Salt Lake hits the highest loss of A shares, financial bath or hard to escape the fate of the city
The new Securities Law abolished the suspension of listing requirements, and the date of disclosure of the annual report may be the time when the company’s shares are delisted.
The A-share market is a place where miracles are created. Recently, * ST Salt Lake set a “miracle”. Recently, the company announced the 2019 annual performance forecast, saying that the company’s annual loss is expected to be 43.2 billion-47.2 billion yuan, becoming the new “loss king” in the A-share market, and the previous 18.184 billion annual loss record maintained by LeTV. Left behind.
* ST Salt Lake will have “one loss at a time” in 2019, the market should have expected. After all, the company has been losing money for two consecutive years in 2017 and 2018, and it is still losing money in the first three quarters of 2019. The company has no hope of turning losses. In this case, the company may conduct a “financial bath” in 2019, covering all the company’s problems, including potential The problem is dealt with in one go. In this way, the company will be suspended for one year due to three consecutive years of losses. But because all the issues were dealt with, the company was able to enter the market lightly, so that the company could turn a profit in 2020, and the company could resume listing after a one-year suspension. Therefore, it is not surprising that * ST Salt Lake will lose one at a time in 2019.
However, the amount of * ST Salt Lake’s “one loss at a time” is still larger than investors’ imagination. The reason why * ST Salt Lake suffered such a huge loss was mainly due to the asset disposal during bankruptcy and reorganization, and the estimated impact on profits was about 41.735 billion yuan. The assets disposed of include Qinghai Salt Lake Magnesium Industry Co., Ltd., Qinghai Salt Lake Haina Chemical Co., Ltd., and Salt Lake Chemical Co., Ltd. Among these three assets, the two subsidiaries, Salt Lake Magnesium and Haina Chemical, are actually * ST Salt Lake’s previously purchased “quality assets”, and the purchased “quality assets” became corporate burdens again in * ST The performance of Salt Lake itself is a matter of concern.
In the face of such record losses, * ST Salt Lake should have a trend of “several daily limit”, but what shocked the market was that the stock did not even have a daily limit. January 13 was the first trading day after the company’s huge loss was announced. The stock opened low and went higher. The stock price fell by only 0.02 yuan throughout the day. On January 14, the stock gapped even more. Go high and go high. This trend is nothing like a huge loss in performance, but more like a substantial profit. This trend indicates that at least investors who participated in the * ST Salt Lake stock speculation are optimistic about the company’s “financial bathing” performance after being lightly loaded, and they do not seem to worry about the “company stock” suggested by * ST Salt Lake in the announcement. There is a risk of termination. “
So, after the “financial bath”, did * ST Salt Lake wash out the risk of the company’s stock delisting? I personally think that * ST Salt Lake ’s “financial bathing” did not wash out the risk of the company’s stock delisting. In fact, the company ’s risk of delisting is actually very large. Investors must face this problem squarely.
In fact, even if * ST Salt Lake is profitable in 2020, the company’s delisting is almost inevitable.
First of all, the new “Securities Law” was formally implemented from March 1 this year, and the new “Securities Law” canceled the suspension of listing requirements, which means that listed companies will be delisted directly after three years of losses. * ST Salt Lake “suspends listing “One year” wishful thinking may not be able to do so. According to the currently announced annual report disclosure schedule, * ST Salt Lake’s annual report disclosure schedule is April 30th. At this time, the new “Securities Law” has been implemented, and it is no longer possible to continue to enjoy the “listing suspension” policy. The date of annual report disclosure, or It will be when the company’s stock is delisted.
Secondly, even if * ST Salt Lake can get the opportunity to suspend listing, such as fighting to disclose the annual report before March 1, the company still cannot escape the fate of negative net asset value delisting. According to the current delisting system, companies with negative net asset values for two consecutive years will be terminated from listing. Due to the huge losses, the net asset value of * ST Salt Lake in 2019 dropped to -28.6 billion yuan. Although it is easy to turn losses into profits in * ST Salt Lake in 2020, it is difficult to wipe out the negative net asset value of 28.6 billion yuan. Therefore, the withdrawal of negative net asset value is an insurmountable obstacle for * ST Salt Lake.
Pi Haizhou (Finance Reviewer) Editor Chen Li Proofreading Xue Jingning