State Machine Reloaded Into Active Delisting Again The First Stock Bet On The Third Board Arbitrage Risk Is Extremely High

After a year and a half, the A share market is ushering in a new listing company, that is, ST country reload (601399). The label that the market reloaded to ST is "the first company to take the initiative to withdraw from the market".

For the delisting and old three Board companies, re listing is tantamount to rebirth, while the ST country's first day of re loading is also no less than that of new IPO, and its share price rose by 85.24% on the first day of re listing.

The sharp rise in stock prices is the best stimulant. At one time, the market's eyes turned to the old three board market that had been silent for a long time, and discussed the opportunity of "gold rush" in the old three board market. But looking back on the past, it is extremely rare for the company to really re realize its listing. It is very risky to bet on the re listing of the old three Board companies.

From the perspective of system construction, the first initiative to withdraw the listed companies to complete the re listing is of great significance. The opening of this channel means that the listed company's initiative to withdraw the market system has been improved, and the decision of the market players to withdraw from the market based on their autonomy will be respected and protected. This will also provide the foundation and space for the establishment of a more efficient and efficient delisting mechanism.

The first day of re listing is hot.

The newly reloaded ST country reload was originally a double heavy reload. It was also one of the largest technology and equipment development bases in China. It was listed in 2010, but it began to lose money in 2011. After four years of losses, the company decided to take the initiative to withdraw from the market in May 2015. This is also a rare choice in the year when the shell is prevailing.

After the delisting, the company carried out self rescue actions. After a series of actions such as debt restructuring, revitalizing assets, diverting personnel, integrating resources, leading to war financing, in March 2018, ST recompleted the major asset reorganization, issuing shares to buy assets, acquiring 100% stake in the heavy-duty equipment sector assets of the controlling shareholders, and 82.83% stake in China's heavy-duty enterprises. Machine reload.

In addition, during the period of ST reloading, 5 strategic investors including Dongfang Electric, Three Gorges holding, China Guangdong nuclear holdings, new China asset and structural adjustment fund were introduced through directional issuance.

After several rounds of reorganization, ST reload has been transformed from a company that has been losing money for many years to a profitable company. In the 2017-2019 year, the net profit of the company was 445 million yuan, 482 million yuan and 498 million yuan respectively, and net profit in the past three years far exceeded the standard of re listing. This is also one of the most important core elements of ST's reloading.

To sum up, the re listing of the ST country is a new lease of life. The company also welcomed the market in June 8th on the basis of the rule that there was no price limit on the first day of re listing.

The revaluation of ST country's reload is its closing price at the final trading day of the National SME share transfer system (October 24, 2019), that is, 3.32 yuan / share.

At the stage of collective bidding before the official opening, ST reload was highly praised by investors and opened at a price of 6 yuan, and then soared. The company's share price rose to 9.59 yuan.

However, then the market became calm and closed at 6.15 yuan in June 8th. Even though the market was down, the ST market rose to 85.24% on the first day of reloading, which is also not inferior to the performance of general IPO new shares.

The sharp rise in share prices has allowed nearly fifty thousand investors to rejoin the company with a smile. Many investors have been hiding for many years and have been waiting for the company to complete the arbitrage.

"I bought it before and after 2018, when two companies began to prepare for re listing, and supervision also opened up a new listing. Looking for the target in the old three board market, the reorganization of the national aircraft reloading was good. I think there is potential to be re listed in the future, so I bought some." In June 8th, an investor from the ST country reinstalled the third board investor, told reporters.

Game old three board re listing

As stated by the foregoing investors, there are a group of investors wandering around the old three board market all the year round, hoping to win over the market's excess returns after the second listing of the old three Board companies.

On the first day of the ST reloading, the stock price soared to a large extent stimulated the trading situation of the old three board market. Of the 20 old three Board companies that could be traded in June 8th, 10 companies rose more than 3%, of which 5 companies had stock prices. (Note: the old three Board companies have only 5% of their ups and downs).

"In recent years, many companies have delisted, and some investors have bought them in the period of delisting, and some other investors have been speculating in this market. These investors have only one investment logic, that is, gambling companies can be re listed in the future." Aforementioned investors told reporters.

It is undeniable that the old three boards, which are forgotten by the capital market, are listed as the sole game expectation. Therefore, whenever there is a policy expectation or a re listing of enterprises, the market will become restless.

But it is worth noting that from the current probability and actual cases, the difficulty of re listing is very high, and the success rate is very low.

Up to now, since the implementation of the implementation of the listing of the Shanghai and Shenzhen Stock Exchange delisting companies in 2012, the number of A share market delisting companies (including compulsory delisting and active delisting) has reached nearly 40. However, after the delisting, only the ST country is reinstalled, and the ST long oil (the certificate is changed to "South China oil" for short). The path does not have a strong reference.

"ST country reloading and ST long oil re listing time has a very good profitability." Ze Hao investment partner Cao Gang told reporters.

In April 2018, in conjunction with ST aviation oil, the 5 of its application for re listing was frustrated.

In June 2018, Zhi Zhi 5 received the supplementary feedback from the Shenzhen Stock Exchange, and then the company suspended its application. Up to now, Zhi Zhi 5 is still stuck on this node. Creative intelligence 5 has never given up its efforts to reissue, and the company has recently indicated that it is actively preparing for the re listing application.

"Many investors who invest in old three Board companies or in the finishing period of some delisting companies are speculative thinking. Generally investors should be aware of the risks and potential time costs and great uncertainties." Cao Gang pointed out.