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On the evening of August 11, 2024, the Shenzhen Stock Exchange (SZSE) announced that it had decided to terminate the listing status of Zhongyin Wool Industry, ST Aikon, and ST Futong. The reason was that these companies had all touched upon the "face value delisting" situation in the forced delisting of transactions, that is, the closing price of the stock was lower than 1 yuan for twenty consecutive trading days.

According to the Shenzhen Stock Exchange announcement, Zhongyin Wool Industry, ST Aikang and ST Futong have been delisted as their stock prices have been lower than their par values, meeting the requirements of the Stock Listing Rules. The three companies have a total of 447,610 shareholders, and the news of their delisting will undoubtedly have a significant impact on them.

According to the Stock Listing Rules, the stocks of the above three companies will not enter the delisting consolidation period and will be delisted within 15 trading days after the decision to terminate the listing. Currently, the three companies are scheduled to be delisted on August 12.

In order to protect the rights and interests of investors, Zhongyin Wool Industry, ST Aikang and ST Futong have signed the "Entrusted Stock Transfer Agreement" with Pacific Securities, Xiangcai Securities and Tianfeng Securities respectively. These securities firms will serve as the lead securities firms, provide share transfer services, and handle related share registration and settlement matters.

Faced with the risk of delisting, the three companies have tried self-help measures. Zhongyin Wool Industry had planned to repurchase shares with its own funds, ST Aikang's controlling shareholder had planned to increase its holdings, and ST Futong executives had said they would take measures to improve the company's operating conditions. However, these self-help measures ultimately failed to change the fate of delisting.

Since its listing in 2000, Zhongyin Cashmere Industry has tried to cross over from cashmere and cashmere products to the new energy sector. ST Aikang is mainly engaged in new energy technology research and development and photovoltaic equipment manufacturing, while ST Futong focuses on optical fiber and cable manufacturing. However, the performance of these companies in recent years has not been ideal, and they have suffered net losses after deducting non-operating income for many consecutive years.

The delisting of Zhongyin Wool Industry, ST Aikang, and ST Futong is a reflection of the Shenzhen Stock Exchange's strict implementation of the delisting system and maintenance of market order. For investors, this incident reminds them of market risks and the need for cautious investment. For delisted companies, how to continue to protect the interests of shareholders after delisting will be a severe challenge.