After completing the last trading day of this year, the impression left by A-shares on investors in 2018 can only be described as a terrible sight. The Shanghai Composite Index fell 24.59% for the whole year, the ChiNext Index fell 28.65%, and the Shenzhen Component Index fell 34

After completing the last trading day of this year, the impression left by A shares in 2018 can only be described as a terrible one. The Shanghai Composite Index fell 24.59% throughout the year, the ChiNext Index fell 28.65%, and the Shenzhen Component Index fell 34.42%. The performance of individual stocks can be imagined. Let’s review the top ten categories of bear stocks in 2018 that were “unbearable to look back on” in 2018 based on the annual rise and fall, black swan events, and whether to delist.

1. The initiator of the vaccine fraud incident: *ST Changsheng

This year, the worst incident in the pharmaceutical industry and even the country is the vaccine fraud incident. Affected by this, *ST Changsheng experienced 32 consecutive limit downs, setting the longest limit down record for A-shares. Later, due to the inability to disclose the semi-annual report, he was "out of starlight" because he could not disclose the semi-annual report. On the evening of December 11, the Shenzhen Stock Exchange planned to impose illegal forced delisting on it.

For *ST Changsheng, which creates fake vaccines to harm the health of the people, investors' impression of it is - goodbye, never see you again!

2. The four delisted gangs: Zhonghong Derek, Delisted Kunji, Delisted Geen, and Carbon Derek

have lost performance, with overdue debts exceeding 9 billion yuan. Zhonghongtui successively sought help from Jialong, Jiaduobao, Anhui State-owned Assets and Zhongzhi Group. They all died without any problems. It became the first delisted stock with a stock price below 1 yuan for 20 consecutive trading days, and it ended its last day of its A-share career on the penultimate trading day of this year.

also delisted stocks include delisted Kunji, delisted Gene and enecarbon retreat, and they all left the market from the A-share market due to losses for at least three consecutive years.

3. Fraudulent issuance of second shares: Jinya Technology + *ST Baxter

4.*ST Baoqian

Last year, former chairman Zhuang Min was suspected of guaranteeing *ST Baoqian's "scars" of 29 consecutive limit downs.

According to the announcement, the company's subsidiary Shenzhen Baoqianli Electronics Co., Ltd. and Shenzhen Tuyali Special Technology Co., Ltd. have suspected illegal guarantee matters led by the original actual controller Zhuang Min, and the total amount of guarantee liability involved is approximately RMB 652 million. At the same time, the company committed fraud when it acquired Zhongda shares.

*ST Baoqian's performance in the past two years has also been very bleak. Last year, the net profit was 7.73 billion yuan and the operating income was 2.85 billion yuan; in the first three quarters of this year, the operating income was 116 million yuan and the net profit was 367 million yuan. In addition, the debt-to-asset ratio was as high as 292.2%, the company's development prospects were worrying.

5.LeTV

At the beginning of this year, LeTV, which had been suspended for more than nine months, started its 2018 trend with 11 consecutive limit downs. In 2017, the company's net profit was 13.878 billion yuan, and the balance of debts arrears to LeTV by related parties controlled by Jia Yueting was as high as 7.28 billion yuan, accounting for 40.69% of LeTV's total assets.

At the same time, Jia Yueting staged two stories of "The Farmer and the Snake" after resigning from the chairman of LeTV.com. Sun Hongbin was angry because it was difficult to end LeTV's mess; after Xu Jiayin pulled Jia Yueting's FF back from the brink of bankruptcy, what he got was the match between Evergrande and FF.

At present, LeTV is still in a state of insolvency, and the company's stock is at risk of being suspended from listing.

6. Shenwu Double Bear: Shenwu Energy Saving, Shenwu Environmental Protection

This year, the two stocks under the Shenwu System have suffered a big blow. On March 14, Shenwu Environmental Protection issued an announcement stating that the "16 Environmental Protection Bond" could not be redeemed due to tight funds; on April 28, Shenwu Environmental Protection and Shenwu Energy Conservation annual reports were both issued "non-standard" audit opinions; on May 7, Shenwu Energy Conservation issued another overdue announcement on the financial debt of wholly-owned subsidiary. Not long after, the controllers of Shenwu Group, Wu Daohong and Shenwu Environmental Protection, were listed as deadbeats.

. The problems they are widely criticized mainly lie in three aspects: one is a large proportion of related transactions; the second is the continued sluggish operating cash flow of these two stocks; and the third is the risks of overseas customers.According to the latest news, Shenwu Group once again issued an equity auction announcement on "Ali Auction·Judgement", and will publicly auction 31.8205 million restricted shares of Shenwu Energy-saving and 929,400 restricted shares of Shenwu Environmental Protection held by Shenwu Group.

7.Jinrui Woneng

As a "lithium battery giant" in the A-share market,Jinrui Woneng has been plagued by a series of negative news since this year. First, the debt was overwhelmed. As of the end of the third quarter, the company's total liabilities were 20.573 billion yuan, and the debts due were 10.973 billion yuan; second, most factories have suspended production and employees have resigned on a large scale; third, most bank accounts have been frozen and a large number of operating assets have been seized. Up to now, the company has frozen a total of 102 bank accounts, involving a total of 91.1207 million yuan, and the cumulative value of fixed assets has been seized is about 318.7066 million yuan.

On the evening of December 13, the company announced that it had recently received a "deduction letter" from the creditor Shaanxi Kairuida Company, which has applied for company bankruptcy reorganization from Xi'an Intermediate People's Court. Given that the company and its major shareholder Li Yao were previously included in the deadbeat list, the company faces a greater risk of suspension of listing.

8.*ST Huaxin

*ST Huaxin is the only controlling listed company in the A-share market under the Huaxin Group. In March this year, the head of Huaxin Group, Ye Jianming, was investigated. On April 11, the nearly 3 billion yuan deposited in Huaxin Finance could not be recovered. On May 21, the company was unable to repay the second ultra-short-term financing bonds for 2017 (17 Huhuaxin SCP002) in full on time, with a total principal and interest of 2.089 billion yuan, which constituted a substantial default.

At the same time, on the evening of August 22, the company was investigated by the China Securities Regulatory Commission for suspected false records in the 2017 annual report. According to the semi-annual report, its asset impairment loss was as high as 613 million yuan, which basically comes from bad debt provisions accrued by overdue factoring business. Currently, its share price has fallen from 7 yuan at the beginning of the year to 1.22 yuan, a drop of 82.57%.

9.*ST Longli

*ST Longli's annual report opened its disastrous performance this year, with a net profit loss of 3.48 billion yuan, and its net assets in the current period became -282 million yuan, and it was in a state of insolvency. At the same time, there are two problems with its annual report. One is that the high amount of debt is hidden; the other is that a large amount of loaned funds are hidden. As of the end of 2017, the company's other receivables totaled 1.096 billion yuan, a year-on-year increase of 44.6 times. The final borrower did not provide specific information, and the account age is almost more than 3 years.

In addition, these four major events also gave it a headache: Lufax revealed that the investment target was Longli Bio's product default; the actual controller Cheng Shaobo 's shares were frozen; the company's 10.3416 million yuan bank account funds were frozen; on January 12 this year, the China Securities Regulatory Commission filed a case for suspected information disclosure violations, and there was a risk of delisting. The former first biofuel stock has fallen to its current "star-on-tip", and its situation is sad.

10.*ST Tianma

30 consecutive limit downs are the common heartache for investors who buy *ST Tianma stocks. On April 28 this year, its 2017 annual report was pointed out by a rare 4,000-word long article by PwC Accounting. These doubtful matters involve more than 2 billion yuan in total, including 666 million yuan in advance payment, 210 million yuan in investment funds and a merger audit of investment funds worth more than 1 billion yuan.

At the same time, the company and controlling shareholder Xu Maodong were investigated by the China Securities Regulatory Commission and involved in the case of Qian Mancang on the P2P platform.

Under the blow of so much negative news, the company's stock price fell from 8.49 yuan at the beginning of the year to 1.65 yuan today, a drop of 80.57%.