"Fire First Share" Tianguang Maomu Lock Value Denomination Registration System Under The Market Withdrawal Market Tide.

In May 11th, Tianguang Zhong Mao (002509.SZ) opened to death and was killed on the limit board for 0.69 yuan. This is the twentieth trading day of Tianguang Zhong Mao, which is lower than 1 yuan, and the face value of the market is no longer suspense.

"Big joke, fire extinguishing equipment first destroy yourself." An investor sighs in a bar.

Public information shows that Tianguang Zhong Mao has been called Tianguang fire control, and its main business is the production and sale of fire products. The company listed on the SME board in Shenzhen Stock Exchange in November 2010, and is known as the "fire first share" of the small and medium-sized board.

Sadly, in the tenth year of landing in the capital market, Tianguang Zhong Mao has entered a delisting result.

Coincidentally, in May 10th, East Feng B had a stock price of less than 1 yuan for 20 consecutive days, or it would become the first pure B stock with a face value delisting. In addition, in twenty-first Century, the economist report found that, as of May 11th, a total of 13 A share companies had a stock price below 1 yuan.

The industry believes that in 2020, with the promotion of registration system, the value of shell resources will be further reduced. With ST sharp electric, Tianguang Zhong Mao face value delisting as the beginning, A shares will once again set off the market withdrawal tide.

Cross border story of "fire first share"

Why does the "fire first share" aura of Tianguang Zhong Mao become the result of delisting?

This is actually a "cross border" capital story that is commonly seen in the market.

At the beginning of the listing in 2010, when Hironaka Shige was still in Tianguang fire, the main business of the company was the production and sale of fire products.

In 2015, the story ushered in a turning point.

In those days, Tianguang fire issue shares were priced at 2 billion 469 million yuan to acquire 100% stake in Qiu Maoguo and Qiu Maoqi brothers and so on. The company expanded from a single fire protection main business to three main industries of fire, garden and edible fungus, and opened a road of diversified development.

Through mergers and acquisitions, the performance of Tianguang fire has been thickened. In 2016, Tianguang fire changed its name to Tianguang Zhong Mao, achieving operating income of 2 billion 381 million yuan, an increase of 244% over the same period last year, and realized a net profit of 415 million yuan, an increase of 294% over the same period last year.

At the same time, the company's share price also ushered in a surge. Tianguang Zhong Mao shares rose from 3.14 yuan in early 2016 to 7.98 yuan in the past six months.

In May 2016 alone, Chen Xiuyu, the controlling shareholder and controlling shareholder of Tian Guang, announced the three reduction, holding 83 million 600 thousand shares and cash in 662 million yuan. Because Chen Xiuyu repeatedly reduced holdings, the company was changed to no controlling shareholder in July 2016.

In order to cooperate with Chen Xiuyu's reduction, Tian Guang Zhong Mao has launched a high transfer. Before its reduction in April, the company launched a dividend plan, that is, sending 10 shares to 2 shares and transferring 10 shares to 0.5 yuan (including tax).

High transfer to shareholders' reduction has opened the door to convenience. Since the listing of Tianguang Zhong Mao in 2010, through the issuance and continuous transfer of shares, the total share capital of the company has reached an astonishing 2 billion 492 million shares from the initial 100 million shares in 10 years, expanding by nearly 25 times.

On the other hand, the late Qiu Maoguo and Qiu Maoqi brothers have reduced their holdings through equity pledge, and the latest figures show that the proportion of two mortgages has reached 100%.

After the venture capital operation, the company was in trouble. From 2016 to 2018, the net cash flow of Tianguang Zhong Mao for three consecutive years was negative. Up to now, Tianguang Zhong Mao has not disclosed its 2019 annual report. It is expected to lose 2 billion 158 million yuan to 3 billion 47 million yuan. In addition, the company has debts, a number of bank accounts frozen, and a major shareholder violation guarantee.

In fact, after 16 consecutive trading days below 1 yuan, Tianguang Zhong Mao also has its own rescue actions. On the evening of May 5th, it announced that more than 5% shareholders signed strategic cooperation agreement with Shang Rong capital and Ming Ze investment, which supported the latter as a strategic investor in the company's bankruptcy reorganization.

However, the company's share price only showed slightly on the first trading day after the announcement, followed by a two day limit.

The Shenzhen stock exchange immediately sent a letter asking whether Tianguang Zhong Mao would maliciously raise the share price to avoid the denomination of the face value, and whether the relevant investment parties have the financial strength to increase the shares of the company. However, the delay in reply by Tian Guang Zhong Mao has forced the market to question the authenticity of its introduction.

In May 11th, the economic report reporters on twenty-first Century called the Tianguang Zhong Mao securities department for many times.

"If a company wants to protect its shell, it will start to protect its price at about 1 yuan or even earlier. It will not let itself fall into such a desperate situation before it starts to act." In May 11th, a senior private person told reporters.

Market delisting mechanism

Similar to Tianguang Zhong Mao's capital story is not uncommon in A shares. "Companies are constantly increasing their performance through mergers and acquisitions, making high statements and speculation to attract investors. However, after the taste of the capital operation, the real controller has no intention to manage and cash out, and the company's business is going from bad to worse. The former private person told reporters.

In the past, the scarcity of the listed platform and the comprehensive cost advantage of the backdoor listing decided the existence of A stock shell value. But with the development of normalization and marketization of the delisting mechanism, as well as the registration system of "Chuang Chuang plate" pilot registration, "A is becoming more and more strict."

Since 2018, 7 companies in the A share market have been listed on the market for 20 consecutive trading days. ST sharp Electric is first this year, A shares eighth face value delisting companies.

If there is no accident, Tian Guang Zhong Mao will become the second and A shares ninth denomination companies this year.

Prior to May 10th, East Feng B has been trading below 20 yuan for 1 consecutive days. According to relevant regulations, the company's stock has been suspended since May 11th, and the Shenzhen Stock Exchange has decided whether to terminate the listing of the company's stock within 15 trading days since its suspension. East Feng B will become the first pure B shares with a denomination.

Most of the face value withdrawal stocks have problems such as difficulty in operation, poor financial indicators and imperfect governance mechanism. Through "sell shell", asset restructuring and buyback measures to preserve "shell value", this reflects the high demand of listed companies to protect their shell. Tan Yunhun, head of the Guangdong securities strategy group, said in an interview.

"But with the accelerated registration system and a strict delisting system, the" shell resource "value is reduced, and the indicators of delisting are more diversified. The polarization of the share price of listed companies will intensify. The market environment and the structure of investors will be optimized simultaneously, and positive feedback effects will also be formed. Tan Yunhun said.

In the afternoon of May 11th, some investors sighed in the stock exchange of Tianguang and MaoMu: "Bo's junk shares are meaningless. If I am not allowed to play bad stocks again,"

In 2020, with the registration system being extended to the growth enterprise market, the value of shell companies could be further reduced.

Looking at the entire A shares, this year's face lift will continue to expand. Twenty-first Century economic report reporter statistics found that as of May 11th closing, except for the delisting of Bao, ST sharp electric, Tian Guang Zhong Mao, and *ST Mei Du, Jin Ya Technology, *ST Ou Pu, Shen Fei environmental protection, ST Tianbao, *ST dream boat, Sheng Yun environmental protection, *ST Pegasus, *ST Peng, *ST energy saving and other 10 stocks closing price of less than 1 yuan.

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