*St Silver Pigeon Will Be Delisted From The Market

In the face value delisting normalization of the moment, shell stock value will continue to decline.

Silver Pigeon Investment Co., Ltd. (hereinafter referred to as "Silver Pigeon" Investment Company Limited) announced on July 16. Information shows that the company's shares have been decided by the Shanghai Stock Exchange to terminate listing, and the Shanghai Stock Exchange will delist the company's shares within 5 trading days after the delisting consolidation period.

As of July 16, 2020 (including the date of this announcement), there are still 25 trading days left in the 30 legal finishing periods, and the former first stock of straw pulp and paper will be put to an end when the trading period expires. And silver pigeon investment also made it clear that during the delisting period, the company will not plan or implement major asset restructuring.

On the same day, when a reporter from the 21st century economic report called the silver dove investment securities department to inquire about the relevant plans of the company during the delisting and consolidation period, the Securities Department said: "as an information department, at present, it has not received the notice of relevant work arrangement after the company returns to the old third board, and the specific matters still need to be subject to the announcement disclosed by the company."

It is worth noting that after Shengyun environmental protection, * ST Tianbao, delisting Ruidian, tianmaotui, * ST Meidu and Shenwu environmental protection, * ST silver dove is the seventh A-share listed company to announce or trigger the delisting of par value this year. A senior securities trader pointed out: "under the background of normalization of delisting, the number of delisted companies has gradually increased, which reflects the further improvement of A-share marketization degree and market resource allocation efficiency. At the same time, it also means that the risk of betting on ST shares continues to increase. "

Capital game

On April 30, 2020, Yinge investment changed its name to * ST Yinge because the net profit of Yinge investment was negative for two consecutive years and the financial accounting report of 2019 was issued with audit report that could not express opinions or negative opinions. The battle of protecting the face value of silver pigeons officially started.

Compared with the same period of last year, the company's net profit decreased by - 86600 yuan compared with the same period last year, and the net profit of the company decreased by - 86600 yuan compared with the same period last year.

At the most critical moment of the face value battle, that is, on the evening of June 2, Luohe investment, the third largest shareholder of * ST silver pigeon, issued a signal to increase its holdings of shares of listed companies. *Silver pigeon group, the controlling shareholder of St Silver Pigeon, said that Luohe investment plans to increase its holding of * St Silver Pigeon stock within 100 million yuan.

However, this increase plan did not receive an official reply from * ST silver pigeon. Instead, it was the Shanghai Stock Exchange's first working inquiry letter asking it to verify the media reports. *St Silver Pigeon said in the reply letter that after verification to Luohe investment, Luohe investment had increased its holdings of 31000 shares and 200000 shares of silver pigeon investment shares on June 2 and June 3, respectively, involving funds of about 200000 yuan. However, such an increase is obviously a drop in the bucket for the market.

Six days later, the stock price of * ST silver dove has been trading for 18 consecutive days, and the daily closing price is lower than the par value of each share. At the beginning of the day, the stock price dropped to a limit, but at the end of the day, the stock price suddenly rose. From the limit to the limit, the company was able to continue its life for a day. On June 9, the stock price stood at the face value of 1 yuan for many times, but in the last few minutes, there were a large number of sell orders in the market. At the closing time, the company's shares were sealed on the limit board by 260000 hands of throw orders, closing at 0.92 yuan, which finally triggered the delisting of par value, and the hope of * St Silver Pigeon shell protection failed again.

In fact, in the 23 years since its listing, * ST silver pigeon has been in a loss state for seven years, six of which occurred in the past decade. According to public information, in 2014, 2016 and 2019, the total loss of silver pigeon reached 1.494 billion, while the profit in the year without loss was very small.

At that time, Yinge investment, formerly known as Luohe No.1 paper mill, was built in 1967. After years of development, it was one of the largest paper-making enterprises in Henan Province. It was listed on the Shanghai Stock Exchange in 1997 with an opening price of 16 yuan on the first day. It was once known as "the first stock of straw pulp", the leader of paper industry, and has many halos such as Henan state-owned enterprise reform card. In 2016, Henan energy and chemical group, the former indirect controlling shareholder of the company, transferred the actual control right with RMB 3158 million, and Shenzhen AoYing Investment Management Co., Ltd. and its actual controller Meng Ping officially entered Yinge investment.

gain profit in risk

Face value delisting has been a "normalized" delisting method for A-share market.

Unlike other companies that lost their hope of protecting their shells early, * ST silver pigeons have been struggling at the life and death line. Even before the final plunge, it was still struggling at 0.99 yuan, so silver dove has become the company whose share price is closest to the par value of the stock when the stock is suspended. This also attracted many investors to join the * St Silver Pigeon "life and death battle" game. Among them, many investors buy the whole position of * St Silver Pigeon stock, Bo is that * ST silver pigeon can successfully protect the shell.

By the end of 2019, the number of shareholders of the company was 57400, but by the end of the first quarter of 2020, the number of shareholders increased to 70300. At the same time, from February to March this year, the company's stock price rose from the lowest 1.64 yuan to 3.16 yuan at one time, which nearly doubled the price, attracting many investors to participate in it.

But from the company's fundamentals, the withdrawal of silver pigeon is almost inevitable.

The company's holding company has been frozen in April, 2020 due to the company's letter of guarantee issued by the company's shareholders, and the company has been frozen in April, 2020. The company's shareholders have been frozen for a period of 28 years due to the company's failure to provide guarantee. The company's shareholders have been frozen for a period of 28 years. In the evening of May 17, 2020, due to the company's suspected illegal information disclosure, according to the relevant provisions of the securities law of the people's Republic of China, the China Securities Regulatory Commission decided to put the company on file for investigation.

In the process, * St Silver Pigeon also experienced a series of personnel turbulence, and the company's director and general manager, director and deputy general manager and chief financial officer left one after another.

From the financial data, like many poor performance companies and shell companies, * ST silver pigeon's main business has shrunk sharply in recent years, and its performance is also unsatisfactory.

Previously, in investors' expectations, because the market had a certain expectation that shell stocks would be backdoor, shell stocks were often subject to speculation in the market and remained rigid for a long time. For some companies, it is necessary to avoid the financial loss standard.

An analyst close to * St Silver Pigeon said: "after the future of * St Silver Pigeon retreating to the old third board, whether it can start again through debt restructuring also needs to observe the effect of future bail-out and whether the enterprise fundamentals can be improved. However, for local state-owned assets, the value of shell has disappeared. Whether they still want to continue is a question mark. The unpaid salaries and future fate of thousands of silver pigeon employees are also issues worthy of follow-up attention. "

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