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Less worries about stock trading

On July 16, Guanghui Auto’s share price hit the limit down at 0.87 yuan, and its closing price has been below 1 yuan for 19 consecutive trading days.

According to calculations, even if the stock price reaches the daily limit in the next trading day, the stock price will still be below 1 yuan, which means that Guanghui Auto will meet the delisting condition that the stock price will be below the par value of 1 yuan for 20 consecutive trading days. On the same day, Guanghui Auto's convertible bond, Guanghui Convertible Bond, also hit the "20cm" limit.

According to information, Guanghui Auto is a large A-share listed company. The company's revenue has exceeded 100 billion yuan for many consecutive years, and its market value once exceeded 100 billion yuan.

It is worth noting that in addition to Guanghui Auto, according to calculations, even if the stocks of companies such as *ST Huatie and *ST Tiancheng continue to rise to the daily limit, they will also meet the delisting conditions of the par value if the closing price is lower than 1 yuan for 20 consecutive trading days.

Annual revenue exceeds 100 billion yuan, and the company will be delisted at par value in advance

The reporter found that the share prices of many A-share companies have been below 1 yuan recently. Even if the share prices continue to rise, they will still meet the par value delisting condition of closing prices below 1 yuan for 20 consecutive trading days.

For example, on July 16, Guanghui Auto’s stock price hit the limit down and closed at 0.87 yuan per share.

This is the 19th consecutive trading day that the stock's closing price has been below 1 yuan. Even if it closes at the daily limit in the next trading day, the stock price will only be 0.96 yuan per share, which will still be below 1 yuan. This means that Guanghui Auto will meet the delisting condition of the stock's daily closing price being below the par value of RMB 1 for 20 consecutive trading days.

It is worth noting that the convertible bonds issued by Guanghui Auto on the same day - Guanghui convertible bonds - experienced a "diving" trend, hitting the "20cm" limit at the close of trading.

According to the information on Guanghui Auto's official website, Guanghui Auto is China's leading passenger car distribution and service group, China's largest luxury passenger car distribution and service group, China's leading second-hand car distribution and transaction agency service entity group, and the largest financial leasing provider among passenger car dealers. The company has an industry-leading business scale and outstanding innovation capabilities, and is a leading enterprise in China's passenger car distribution and service industry.

Guanghui Auto's market value once exceeded 100 billion yuan, and its revenue exceeded 100 billion yuan for many consecutive years. The company's recently disclosed 2024 semi-annual performance forecast shows that the company expects the net profit attributable to shareholders of the listed company in the first half of 2024 to be between -699 million yuan and -583 million yuan.

As for the main reason for the expected loss in the first half of this year, Guanghui Auto mentioned the impact of the "price war" among automakers. Guanghui Auto mentioned that during the reporting period, the company continued to fine-tune management and control, taking measures such as reducing costs and increasing efficiency, and strictly controlling expenses. At the same time, in line with the development trend of the industry, the company continued to adjust and optimize the brand structure, accelerate the layout of new energy outlets, and the sales volume of new energy vehicles increased significantly year-on-year. However, due to the downgrade of market consumption and the intensification of the industry competition, major automakers have launched a price war to grab market share, causing the company's new car sales scale and gross profit margin to decline compared with the same period last year.

Data shows that the number of Guanghui Auto shareholders has long been above 100,000. As of the end of the first quarter of this year, the number of shareholders was 106,500.

Two other A-share companies also locked in their par value delisting in advance

In addition to Guanghui Auto, according to estimates, *ST Huatie and *ST Tiancheng will also be delisted at par value.

The latest closing price of *ST Huatie is 0.58 yuan. As of July 16, 2024, the stock closing price has been below 1 yuan for 13 consecutive trading days.

According to calculations, based on the current daily price limits for this type of *ST stocks, even if the stock price continues to hit the daily limit for seven consecutive trading days, the closing price of *ST Huatie will not return to 1 yuan, triggering the par value delisting regulations.

Before the risk warning was implemented, *ST Huatie's securities abbreviation was Huatie Shares. According to the information on Huatie Shares' official website, Huatie Shares is a global manufacturer of high-quality rail transit parts and one of the important suppliers of core parts for China's rail transit vehicles. It is committed to "building a large platform for the rail transit parts industry" on a global scale. At present, Huatie Shares' main business scope covers the research and development, production, sales and services of more than ten products in multiple categories, including rail transit vehicle water supply and drainage and sanitation systems, auxiliary electrical systems, body and vehicle-end connection systems, air-conditioning systems, braking systems, in-vehicle facilities, and large-scale road maintenance machinery. It is an important supplier of China Railway Group and CRRC Corporation Limited.

*ST Huatie's recent announcement shows that the company is still unable to disclose its 2023 annual report within two months of suspension, and the company's stock trading has been subject to a delisting risk warning by the Shenzhen Stock Exchange since the opening of the market on July 9, 2024. In addition, due to the occupation of non-operating funds by the controlling shareholder and other related parties, the company's internal control audit report for 2022 was issued a negative opinion, and the company's stock has been subject to other risk warnings by the Shenzhen Stock Exchange since May 5, 2023. On May 10, 2024, the company received the Administrative Penalty Decision ([2024] No. 11) issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission. According to the content of the Administrative Penalty Decision and in accordance with Article 9.8.1 (VIII) of the Shenzhen Stock Exchange Stock Listing Rules, the company's stock has been subject to other risk warnings.

In recent years, the number of shareholders of Huatie Co., Ltd. has long exceeded 30,000, and as of the end of 2023, the number of shareholders was 37,200.

The latest closing price of *ST Tiancheng is 0.85 yuan. As of July 16, 2024, the stock closing price has been below 1 yuan for 17 consecutive trading days.

According to the current daily price limit for this type of *ST stocks, even if the stock price hits the daily limit for three consecutive trading days, its closing price will not return to 1 yuan, which will trigger the par value delisting regulations.

*ST Tiancheng's full name is Guizhou Changzheng Tiancheng Holding Co., Ltd. According to the 2023 annual report, the company's business includes electrical equipment manufacturing and other businesses. In the electrical equipment manufacturing industry, it provides complete solutions according to the different needs of customers, and mainly promotes 12kV environmentally friendly gas insulated ring network cabinets that meet national environmental protection requirements to power grid customers; 40.5kV ring network cabinets and C-GIS products are mainly positioned in rail transit, power generation and distribution sites, and wind and solar energy storage in the field of new energy; conventional switch complete equipment products continue to obtain orders for highway distribution equipment with stable quality, good performance, and high-quality services.

However, in recent years, the company has suffered losses frequently. *ST Tiancheng's recently disclosed 2024 semi-annual performance loss forecast announcement shows that the company expects to achieve a net profit attributable to the parent company's owners of -68 million to -100 million yuan in the first half of 2024, and a net profit attributable to the parent company's owners after deducting non-recurring gains and losses of -48 million to -70 million yuan in the first half of 2024.

In recent years, the number of shareholders of *ST Tiancheng has remained above 20,000. As of the end of the first quarter of 2024, the number of shareholders was 26,500.

Source: Securities Times official microblog

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Zhu Tianting

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