April sixteenthSlotmachinebonusGuo Ruiming, director of the Supervision Department of listed companies of the China Securities Regulatory Commission, answered questions about dividends and delisting. Guo Ruiming pointed out that the view that "delisting rules are revised mainly for small-cap stocks" is pure misreading, and this delisting index adjustment is aimed at stepping up efforts to clear out "zombie empty shells" and "black sheep", not for "small-cap stocks". Safe arrangements have been made in the standard setting and the transition period, which will not have an impact on the market in the short term.

The recently revised stock listing rules have introduced the arrangement that dividends are not up to standard and implement other risk warnings (ST). Guo Ruiming pointed out that the implementation of other risk warnings for substandard dividends is mainly aimed at improving the stability and predictability of dividends of listed companies, focusing on companies that have the ability to pay dividends but do not pay dividends for a long time or whose proportion of dividends is low. It should be pointed out that ST is not a delisting risk warning (* ST), but mainly to remind investors to pay attention to the risks of the company. If the company is ST for this reason alone, it will not lead to delisting.SlotmachinebonusAfter certain conditions have been met, you can apply for revocation of ST.

Guo Ruiming pointed out that ST is aimed at profitable enterprises, and in judging the implementation conditions, it will be ST only when the cumulative dividend ratio in the last three years, that is, the total cumulative cash dividend in the last three fiscal years is less than 30% of the average annual net profit in the last three fiscal years, and the amount of dividend, that is, the cumulative dividend amount of the main board in the last three fiscal years is less than 50 million yuan, and that of Science and Technology Innovation Board and gem is 30 million yuan does not meet the requirements.

Guo Ruiming said that the conditions set by the rules fully take into account the large R & D investment of Science and Technology Innovation Board and gem enterprises, and some enterprises are still in the early stages of industry development. For enterprises with high R & D intensity, that is, the cumulative R & D investment in the last three fiscal years accounts for more than 15% of the cumulative operating income, or large R & D investment, that is, enterprises with a cumulative R & D investment of more than 300 million yuan in three years, even if the dividend does not meet the above conditions, it will not be ST. Based on the data from 2020 to 2022, there are only more than 80 companies in Shanghai and Shenzhen that may reach this standard.

At the same time, in response to the view that "opinions on the strict implementation of the delisting system" have a greater impact on the trend of small-cap stocks, Guo Ruiming pointed out that this delisting index adjustment is aimed at strengthening efforts to clear out "zombie empty shells" and "black sheep", not for "small-cap stocks". Safe arrangements have been made in the standard setting and the transition period, which will not have an impact on the market in the short term.

Guo Ruiming said that according to estimates, the number of companies in Shanghai and Shenzhen that use portfolio financial indicators to delist next year is expected to be about 30; next year, about 100 companies are likely to hit that indicator and implement a delisting risk warning. These companies still have more than a year and a half to improve their operations and quality, and will not be delisted until the end of 2025. In terms of market capitalization indicators, only four main board companies in Shanghai and Shenzhen currently have a market capitalization of less than 500 million yuan, while Science and Technology Innovation Board and gem do not have a delisting target of nearly 300 million yuan.