midwayarcadetreasures2| [Comment]*ST Tongda minority shareholders proposed 600 - 900 million yuan to repurchase shares. Such a proposal is reasonable

As a listed company of state-owned background Cinda Investment Co., Ltd., * ST Tongda (600647)Midwayarcadetreasures2SH) facing the fate of delisting makes people sigh, in the face of such a dilemma, a large number of minority shareholders can not sit still. According to recent announcements, more than a dozen shareholders, including Guo Qinghui, Cao Yanrui, Ji Minghua, Kou Xiaojuan, Liu Yucai, Li Jian, long Pei, Ren Yinglei, Tian Ye, Wang Han, Yang tie, Yu Hua, Wang Zhisheng and Zhou Zhaohan, proposed to buy back 600 million to 900 million shares.

Under the background of the upgrading of the "National Nine articles" in the capital market after a period of ten years, the requirements for corporate governance and internal control are becoming more and more stringent. Some listed companies wear hats due to unexpected operating factors, and some companies even face delisting. From the perspective of investment value, once the company loses the clamp of the securities market, the company will naturally lose the premium of the capital market, and the previous investors bought shares based on the trading value of the capital market, and once delisted, they will naturally face huge losses. In the case of more and more delisting, there must be a proper disposal from the perspective of investor protection.

Take * ST Tongda as an example, the company's shares were delisted on May 5, 2023 because the net profit belonging to the shareholders of the listed company was negative and the operating income was less than RMB100 million. On April 30, 2024, the company disclosed its 2023 annual report, and Tianjian Accounting firm issued an audit report on the company's 2023 financial statements, according to Article 9.3.11 of the Stock listing rules of the Shanghai Stock Exchange. The company's stock has touched the situation of termination of listing of the "audit report in which the financial and accounting report is issued with reservations, unable to express opinions or negative opinions" as stipulated above. Judging from the current progress, the exchange has made a "prior notice on the proposed termination of the stock listing of Shanghai Tongda Venture Capital Co., Ltd."

Reviewing the capital history of * ST Tongda in the past 2023, the company first received asset gifts in the fourth quarter of 2023, resulting in more than 10 consecutive trading boards, and it is widely believed that the delisting crisis has been alleviated. The 2023 financial report shows that the company has 463 million yuan of monetary funds on its books, and its current assets are as high as 905 million yuan. Even in the first quarterly report of 2024, the company still has 346 million yuan in cash and current assets as high as 775 million yuan. It can be seen that * ST Tongda is an atypical delisting under the background of strict supervision, and it has a certain operating capacity.

However, for minority shareholders of * ST Tongda, the value of their holdings will naturally be greatly reduced if they lose their listing status. Once delisting, the resumption of listing is a long way off, and a family is often standing behind a shareholder, combined with social stability factors and company fundamentals, if the delisting is caused by non-operating factors, can we consider giving the majority of medium and small investors a reasonable exit price?Midwayarcadetreasures2? From the point of view of listed companies and controlling shareholders, it is in a natural dominant position, and it is naturally appropriate for it to complete the acquisition or buyback.

With the end of the annual report disclosure, another group of listed companies are about to bid farewell to the A-share market. According to statistics, so far this year Including * ST Poly, * ST Shimao, ST Zhongnan, * ST Sansheng (rights protection), * ST Yue Bo, * ST Meishang (rights protection), ST Zhongnan, * ST Zuojiang (rights protection), * ST Taian (rights protection), * ST medium term (rights protection), * ST Meisheng (rights protection), * ST Mall, * ST Tongda, * ST carbon yuan (rights protection), * ST civil control (rights protection), ST dignitaries, ST Xingyuan, * ST Xinhai, * more than 20 listed companies, including ST Botian, have received advance notice or delisting notice of termination of listing.

The delisting of a company often means the evaporation of the wealth of thousands or tens of thousands of families. It is true that strict supervision and strict delisting are right, but when the capital market ends, it should also leave an exit path for medium and small investors within the appropriate scope. Therefore, for companies with economic strength or major shareholders with economic strength, can the regulatory authorities give guidance on "buybacks" or acquisitions, or even force qualified listed companies to buy back investors' holdings at the issue price? As mentioned earlier, compared with listed companies or controlling shareholders, minority shareholders have distinct characteristics of weak anti-risk, so they must be given sufficient protection.

(article Source: interface News)