A股退市新规出炉！这些股票危险了？

环球外汇网2020-12-15

投资者瞩目的退市制度修订进入关键节点。12月14日晚间，沪深交易所发布了改革后的退市制度征求意见稿。征求意见稿借鉴了科创板、创业板的注册制改革经验，对退市指标、退市流程、风险警示情形及退市相关交易安排等进一步完善优化。退市程序时间长、退市难、退市慢，A股这些饱受市场诟病的难题，有望得到进一步解决。据了解，此次修订按照退市情形类别分为交易类、财务类、规范类、重大违法类四类强制退市类型以及主动退市...

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精彩评论

小石头W
2020-12-15
小石头W
🐴🉐，康希诺今年刚上，还一直热捧新冠疫苗，这就给你整退市了要？小便，你眼睛不好，可以去看看
真的英雄
2020-12-15
真的英雄
退市其实就是跑路，退市割韭菜，连本钱都没了
韭菜小萌新
2020-12-15
韭菜小萌新
快让垃圾出市，剩下的就能带你们超神了。
haidaer
2020-12-15
haidaer
一朝入坑中，终身为韭菜。
铁伞怪侠
2020-12-15
铁伞怪侠
还能把康希诺给退了？
一路富甲爽到爆
2020-12-15
一路富甲爽到爆
一天天的净瞎整。扯蛋

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danger?","themeId":"f15bb7cb5e8d4a9faa6a639206f628ee","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/68bad99fc8847ac95cfe3184491fc234","symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9},"content_text":"投资者瞩目的退市制度修订进入关键节点。12月14日晚间，沪深交易所发布了改革后的退市制度征求意见稿。\n征求意见稿借鉴了科创板、创业板的注册制改革经验，对退市指标、退市流程、风险警示情形及退市相关交易安排等进一步完善优化。退市程序时间长、退市难、退市慢，A股这些饱受市场诟病的难题，有望得到进一步解决。\n据了解，此次修订按照退市情形类别分为交易类、财务类、规范类、重大违法类四类强制退市类型以及主动退市情形，并按每一类退市情形分节规定相应的退市情形和完整的退市实施程序。\n\n(图片来源：21世纪经济报道)\n券商中国罗列了此次退市新规的主要修订点：\n1、新增多个退市指标，包括扣非前后净利润孰低者为负且营业收入低于1亿元、市值低于3亿元、信息披露或规范运作存在重大缺陷、半数以上董事无法对年报或半年报保证真实准确完整、重大违法财务造假、退市风险警示股票被出具保留意见审计报告等。\n2、将原来的面值退市指标修改为“1元退市”指标。\n3、取消单一净利润和营收指标，新增组合指标：扣非前/后净利润为负且营收低于1亿元，将被ST，连续两年，终止上市；退市风险警示股票被出具非标审计报告的，触及终止上市标准。\n4、新增信息披露、规范运作存在重大缺陷且拒不改正和半数以上董事对于半年报或年报不保真两类情形，并细化具体标准。\n5、在原来信息披露重大违法退市子类型的基础上，进一步明确财务造假退市判定标准。\n6、取消暂停上市和恢复上市环节，明确上市公司连续两年触及财务类指标即终止上市。\n7、取消交易类退市情形的退市整理期设置，退市整理期首日不设涨跌幅限制，将退市整理期交易时限从30个交易日缩短为15个交易日。\n8、将重大违法类退市连续停牌时点从收到行政处罚事先告知书或法院判决之日，延后到收到行政处罚决定书或法院生效判决之日。\n9、可转债兼具股票属性，同步取消可转债暂停上市，不再另行规定其终止上市条件，明确公司股票终止上市的，可转债同步终止上市。\n10、将风险警示股票和退市整理期股票纳入风险警示板交易。改革完成后，创业板与主板（含中小企业板）在主要退市指标、退市流程等安排上基本保持一致。\n退市新规力度空前 这些股票危险了？\n相比此前的退市制度，本次征求意见稿有关退市的变化堪称力度空前。在新版退市制度中，改变了以往单纯考核净利润的退市指标，通过营业收入和扣非净利润的组合指标，力求准确刻画壳公司。\n与此同时，新版退市制度将严格退市执行，压缩规避空间。在交易类、财务类、规范类以及重大违法类指标等方面体现严格监管，特别是通过财务类指标和审计意见类型指标的交叉适用，打击规避退市。而且，简化了退市流程，提高退市效率。取消了暂停上市和恢复上市环节，加快退市节奏。\n业内人士分析认为，退市制度新规的落地会给上市公司及资本市场参与者一定的压力，让上市公司专注经营业绩，不然就会被市场抛弃。退市制度及全面注册制实施后，壳资源价值将大打折扣，上市变得简单，退市也变得容易，市场对上市公司的迷恋程度下降。新规落地后，最容易触发退市条件的则是财务类问题，如年报难产，被审计机构出具否定意见等。\n根据财务指标新规，数据宝统计显示，截至三季度末，101家A股公司营收低于1亿元，且扣非前后净利润为负，这其中包含46只ST股。若同样的业绩条件，考虑2019年度情况后，共计39家公司属于上述情形。\n从年内股价表现来看，这39家公司平均跌幅为17.48%，大幅跑输同期沪指。*ST天夏、*ST安信、*ST金钰、*ST长动、*ST成城等5股跌幅均超过50%。*ST天夏跌幅最大，该股今年以来累计下跌80.07%，最新收盘价1.07元，A股市值11.7亿元。\n\n业内人士预计，垃圾股、业绩表现不佳的上市公司可能出现爆雷现象，重点关注业绩预增公司和经营稳定的公司。未来很长一段时间，比起股市盈利，应做好风险控制。\n华泰证券指出，退市新规征求意见稿出台，边际变化有三：优化退市标准、简化退市流程以及强化退市监管。其中，退市标准进一步完善了4类强制退市指标，退市程序方面取消了暂停上市和恢复上市、退市时间缩短至15个交易日，对于过渡期安排也给予缓冲期等。\n华泰证券称，“相比美股，当前A股退市率仍有较大提升空间，未来被动退市数量有望逐步增加。我们认为退市新规的实施有望发挥市场化退市功能，助力A股实现“良币驱逐劣币”，叠加注册制的全面推进，股票市场资产质量有望进一步提高，A股估值有望重塑，壳公司、僵尸企业等估值或将进一步收缩，而龙头企业则有望享受更高的估值溢价。”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":394691720,"gmtCreate":1608014429960,"gmtModify":1703850604721,"author":{"id":"3468658323336580","authorId":"3468658323336580","name":"小石头W","avatar":"https://static.tigerbbs.com/213fa3ba9cd3173261a3b6b51fbab243","vip":1,"crmLevel":1,"crmLevelSwitch":1,"idStr":"3468658323336580","authorIdStr":"3468658323336580"},"htmlText":"🐴🉐，康希诺今年刚上，还一直热捧新冠疫苗，这就给你整退市了要？小便，你眼睛不好，可以去看看","listText":"🐴🉐，康希诺今年刚上，还一直热捧新冠疫苗，这就给你整退市了要？小便，你眼睛不好，可以去看看","text":"🐴🉐，康希诺今年刚上，还一直热捧新冠疫苗，这就给你整退市了要？小便，你眼睛不好，可以去看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394691720","repostId":1152773220,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":394871777,"gmtCreate":1608010358499,"gmtModify":1703850576007,"author":{"id":"3472509891364152","authorId":"3472509891364152","name":"真的英雄","avatar":"https://static.tigerbbs.com/840859d8f7d3c5c63498b7f330b98705","vip":1,"hat":"https://static.tigerbbs.com/6444b4970948c1077534c593eccd6d16","crmLevel":6,"crmLevelSwitch":0,"idStr":"3472509891364152","authorIdStr":"3472509891364152"},"htmlText":"退市其实就是跑路，退市割韭菜，连本钱都没了","listText":"退市其实就是跑路，退市割韭菜，连本钱都没了","text":"退市其实就是跑路，退市割韭菜，连本钱都没了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394871777","repostId":1152773220,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":394873057,"gmtCreate":1608009715379,"gmtModify":1703850573234,"author":{"id":"3565866229126097","authorId":"3565866229126097","name":"韭菜小萌新","avatar":"https://static.tigerbbs.com/757150234f1e50e6d2ad5d4a78c6068d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3565866229126097","authorIdStr":"3565866229126097"},"htmlText":"快让垃圾出市，剩下的就能带你们超神了。","listText":"快让垃圾出市，剩下的就能带你们超神了。","text":"快让垃圾出市，剩下的就能带你们超神了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394873057","repostId":1152773220,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":394848854,"gmtCreate":1608007412878,"gmtModify":1703850562105,"author":{"id":"3519057056946868","authorId":"3519057056946868","name":"haidaer","avatar":"https://static.tigerbbs.com/6ab70f5ec6d17542afcb4c34d25c553f","vip":1,"hat":"https://static.tigerbbs.com/0206e77c664ff62fedc2875e590df9c9","crmLevel":1,"crmLevelSwitch":0,"idStr":"3519057056946868","authorIdStr":"3519057056946868"},"htmlText":"一朝入坑中，终身为韭菜。","listText":"一朝入坑中，终身为韭菜。","text":"一朝入坑中，终身为韭菜。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394848854","repostId":1152773220,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":394841603,"gmtCreate":1608007133902,"gmtModify":1703850561238,"author":{"id":"3516820934573539","authorId":"3516820934573539","name":"铁伞怪侠","avatar":"https://static.tigerbbs.com/547c3e3cf03f291ae8fb613c0d3f252d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3516820934573539","authorIdStr":"3516820934573539"},"htmlText":"还能把康希诺给退了？","listText":"还能把康希诺给退了？","text":"还能把康希诺给退了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/394841603","repostId":1152773220,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":394841016,"gmtCreate":1608007053935,"gmtModify":1703850560022,"author":{"id":"352842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