On May 31, three more stocks entered the delisting settlement period to trade. On the same day, Shenglai retreated and opened at 1 yuan and fell 80% and closed at 1.09 yuan, a drop of 79%;

Reporter | Yin Jingfei

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htmlOn May 31, three more stocks entered the delisting settlement period for trading.

On the same day, Shenglai Retreat (002473.SZ) opened at and fell 80% at 1 yuan, and as of the closing at 1.09 yuan, a drop of 79%;

Tengbang Retreat (300178) opened 60% lower at 0.32 yuan, and as of the closing at 0.31 yuan, a drop of 61.25%;

Danbang Retreat (002618) opened 30% lower at 0.76 yuan, and as of the closing at 0.99 yuan, a drop of 9.17%.

Since 2022, the number of companies delisted by A shares has soared. Stocks that have entered the delisting and consolidation period have seen their stock prices plummet, and investors who have not yet escaped have suffered heavy losses. Some investors gave up reducing their holdings during the delisting settlement period and continued to hold until after delisting, in order to improve the subsequent company and improve the stock price on 's third board . Some delisted companies can even make a comeback after bankruptcy and reorganization and relist in A-shares.

So, in the third board market, investors who transfer to the board of after undergoing huge losses in delisting and sorting, will suffer another slash and exploitation of ? or will you usher in a new life?

According to statistics from Interface News, from 2015 to May 30, 2022, the number of listed companies that has completed delisting of has reached 87, of which 21 were delisted due to the absorption and merger of listed companies, and then re-listed on the A-shares. Among the remaining 66 listed companies, 40 companies retreated from the A-share market to the third board market.

When these 40 companies delisted from A-shares, after a sharp drop in the delisting consolidation period, 77% of the companies' stock prices were below 1 yuan when they were delisted. When delisting, the highest stock price is 7.69 yuan per share and the lowest is 0.12 yuan per share.

Among them, Shengyun Chuan (300090.SZ) and Shenwu Chuan (300156.SZ) were delisted on August 25, 2020, and the delisted stock prices were only 0.12 yuan per share. On May 24, 2019, the stock price of *ST Shangpu (600680.SH) was delisted at 7.69 yuan per share.

bid farewell to A-shares, so how do they perform?

hype on the third board is also crazy shrinking stocks raising the stock price

40 companies delisted from the A-share market, 22 companies recovered in the third board market, 5 companies had the same stock price as the delisting price, and 13 companies had the same stock price as the delisting price, and 13 companies had the same stock price as the delisting price. Compared with the stock price when delisting from A-shares, the highest increase in is Zhonghe 1 (400072.NQ), reaching 960% . The company was officially delisted on July 9, 2019 and retired to the Third Board on November 1 of the same year. Compared with the stock price of 0.71 yuan/share at the time of delisting, the current stock price on the third board is 7.52 yuan/share.

Lithium ore may become the main reason for its stock price surge.

The company is in a debt crisis and cannot repay its due debts. In November 2017, the company was applied for judicial reorganization by creditors. As of the current court has not yet ruled to accept the creditor's reorganization application.

Affected by the company's overall debt problems, Jinxin Mining, an important lithium mine subsidiary of the company, has also fallen into operational difficulties and financial crisis, and it is difficult to repay its own debts. Jinxin Mining's lithium mine resources, a subsidiary of

, cannot be underestimated. Related research reports of Guosen Securities show that the Dangba spodumene mine owned by Jinxin Mining is one of the largest spodumene ores in China. Its lithium oxide resources are 660,000 tons and the lithium oxide grade is 1.33%. Both the resources and grade of lithium oxide are higher than that of Lijiagou spodumene mine. According to public information, the lithium oxide reserves of Lijiagou spodumene Mine are 510,000 tons, with an average grade of 1.30%.

, and Jinxin Mining holds core assets such as mining rights, prospecting rights, and machinery and equipment due to debt disputes, face the risk of being auctioned by judicial authorities. Zhonghe 1 said that if the above-mentioned core assets are auctioned, the company will lose the value and basic conditions for judicial reorganization, and the interests of all parties including the company's shareholders and creditors will be seriously lost.

On February 25, 2022, the company issued an announcement stating that Jinxin Mining plans to introduce investors Hainan Guocheng Evergreen Investment Partnership (Limited Partnership) and Guangzhou Guocheng Deyuan Co., Ltd. provide Jinxin Mining with a total of 429 million yuan through capital increase and loan to resolve the above-mentioned operating difficulties and financial crises, so as to protect the company's core assets and retain the opportunity to restore the ability to continue operating through reorganization.

Since the beginning of 2022, the company's stock price has experienced abnormal movements and has risen sharply on many trading days.The company has issued multiple abnormal stock fluctuations announcements .

• The closing price of has reached 14.7% in the last three trading days (January 14, 2022, January 21, 2022, and January 28, 2022). The cumulative closing price increase within the last three trading days (March 18, 2022, March 25, 2022, and April 1, 2022) of the company's stock has reached 14.84%. The cumulative closing price increase within the last three trading days (April 8, 2022, April 15, 2022, and April 22, 2022) of the company's stock has reached 14.69%. The cumulative closing price increase within the last three trading days (April 29, 2022, May 6, 2022, and May 13, 2022) of the company's stock has reached 14.83%. Compared with

, compared with zhong and 1, was delisted by lithium mines, and after delisting from , the stock price rose by nearly 620% since it delisted to the third board, mainly because it has reduced its stocks.

delisted Geen (600432.SH) was delisted on July 13, 2018 and retired to the Third Board on September 12 of the same year. The current securities on the Third Board are named Geen 1 (400069.NQ). The stock price before delisting was 1.38 yuan per share, and the current stock price was 9.92 yuan per share, an increase of nearly 620%.

Jin1 Company's full name is JilinJin Nickel Co., Ltd.. On November 26, 2018, the Jilin Intermediate People's Court of Jilin City, Jilin Province ruled to accept the case of reorganization of the company. On April 26, 2019, the company released the "Reorganization Plan (Draft)" and "Investors' Rights Adjustment Plan for the Reorganization Plan (Draft)"

On April 15, 2019, in order to control the capital scale after the reorganization of Gene 1 and at the same time make up for the company's undistributed profit losses on the book, the company will shrink its shares in the form of every 10 shares to 1 share. After the reduction, the company's total share capital will be reduced from 1,603,723,916 shares to 160,372,392 shares. before the shrinking of shares, was suspended for trading, price was 1.18 yuan/share, and after the shrinking of shares, the stock price was 11.8 yuan/share . On June 14, 2019, the company's reorganization was completed.

The third board reorganization risk is high

The stock prices of companies that delist to the third board are generally not high. Among the 40 companies, their closing prices were between 0.12 yuan/share and 9.92 yuan on May 30, 2022, and 75% of the third board stock prices were lower than 1 yuan/share. Compared with the stock price at the time of delisting, the one with the largest decline in

fell by "Kunpeng 3" (400066.NQ), reaching 78% .

The company was delisted from the A-share market on July 7, 2017. At that time, the securities name was Xindu Chuan (000033.SZ), and then it retired to the Third Board on July 26, 2019, and the securities name was renamed "Kunpeng 3". When A-shares were delisted, the stock price was 1.7 yuan per share, and now the stock price on the third board has fallen to 0.37 yuan per share.

Behind it is that a seven-year bankruptcy reorganization ends up in a mess, and the company and the bankruptcy reorganization investors go to court.

Kunpeng3 is registered in Shenzhen, and the company is a four-star business hotel. Due to the aging and outdated hotel facilities and the focus of Shenzhen's development has been removed from Luohu District , the hotel's customer base has been decreasing, and the operation is becoming increasingly difficult, making it difficult to change the situation of losses. Since 2014, the company has discovered that there have been multiple illegal guarantees provided for loans to the original controlling shareholder, actual controller and its affiliated companies, and large amounts of expected liabilities have been generated, resulting in the company failing to make up for the loss of .

On September 16, 2015, received the Shenzhen Intermediate People's Court ruling to accept the reorganization application for Xindu Hotel .

In 2015, the company transferred the entire Xindu Hotel Building, parking lot and all the hotel's ancillary equipment and facilities to the reorganizer investor member Hongrui Tiantian in accordance with the " Reorganization Plan " and leased it back to continue operations. It will be leased from January 1, 2016, with a lease term of 5 years and a rent of 2 million yuan per month. This has led to the company's no longer valuable fixed assets and large amounts of expected liabilities, resulting in the company's debt-to-asset ratio being relatively high.

The "operation plan" of the "Reorganization Plan" stipulates that "Hongrui Investment promises that after the reorganization, the company will achieve audited net profit attributable to shareholders of the parent company of no less than 200 million yuan and 300 million yuan respectively through various methods such as restoration of production and operation, injecting high-quality assets of the reorganizer investors and their affiliated parties, etc.If the actual net profit is lower than the above promised net profit, Hongrui Investment will compensate the company for the part that has not reached the profit forecast in cash. "

, but in 2017, the reorganization investor failed to fulfill his 2017 performance commitment, and the company filed a lawsuit with the court. The court has ruled that Hongrui Investment will pay the company a profit compensation of 320 million yuan, and the second instance has not been heard at the moment.

At the same time, the actual controller of the reorganization investor Chen Qiang has been prosecuted for suspected misappropriation of funds. . 2021 Annual financial statements were issued with an audit report that could not express opinions. The second decline in under

is " ene carbon 3" (400070.NQ). Compared with the stock price at the time of delisting, the current stock price on the third board fell by 53%.

The stock bid farewell to A-shares on July 18, 2018 and listed on the third board on the last day of October of the same year. When A-shares were delisted, it was only 0.61 yuan per share. The stock price on the old third board was 0.29 yuan per share. In 2021, its annual report was issued an audit report that could not express an opinion.

audit agency stated that except for the normal real estate business of enecarbon new materials , other businesses including bulk trade, are basically closed, and there is significant uncertainty in the ability of enecarbon new materials to continue operating. As of December 31, 2021, its short-term loans reached 478 million yuan, and 413 million yuan has been overdue. The estimated balance of liabilities formed due to litigation, tax late payment fees, etc. is 150 million yuan.