Research On The Uncapping Behavior Of Nanhua Stock And Its Effect Under Delisting System Reform

Since the establishment of China’s capital market,the delisting system has been continuously optimized.The delisting regulation revised at the end of 2020 added the index of net profit after extraordinary gains and losses and combined it with the original operating income to form a composite financial index,replacing the previous separate net profit index.At the same time,portfolio financial indicators become the main reason for the delisting risk warning of listed companies.Listed companies touch delisting situation changes,is bound to affect the company to take off the hat behavior.Therefore,this thesis chooses Nanhua Stock as the case study object.It is one of the first companies to touch the financial indicators of portfolio,and successfully takes off its cap in the next year,showing strong representation.The successful cap removal of Nanhua Stock under the new delisting rules not only provides reference for ST company’s compliance cap removal and high-quality development,but also provides suggestions for regulators to play their supervisory duties.Based on the analysis of the existing theories and literature,this thesis uses the case study method and combines the latest delisting system to analyze how Nanhua Stock successfully realize the cap removal.At the same time,it notes that the cap removal behavior has caused some problems.Finally,it evaluates the effect of the implementation of the cap removal behavior.The research found that:(1)Great changes have taken place in the delisting system of our country in the delisting standards,delisting process and other risk warnings.More attention has been paid to the management quality of the listed company,which makes Nanhua Stock no longer use extraordinary gains and losses to remove its cap.(2)The main uncapping behaviors of Nanhua Stock include: first,the company injected high-quality assets Bagui Supervision to achieve fast hat-taking;Second,the company promoted the acquisition of Huaxi Mining,promoted the business transformation,solved the problem of lack of operating assets,and avoided wearing a hat again;Third,the management overcame the difficulties of the acquisition transaction through a combination of measures,improved the operating efficiency,and helped to successfully take off the cap.(3)The problems caused by the cap removal behavior of Nanhua Stock mainly focus on merger and acquisition integration.There are already problems such as non-standard financial accounting and untimely information disclosure,which may also cause problems such as personnel integration and organizational structure integration in the future.(4)As a whole,Nanhua Stock’s cap taking behavior improved the company’s operating quality.In terms of financial performance,it significantly improved its profitability and growth ability,but slightly reduced its solvency.In terms of market performance,investors reacted positively in the short term.In terms of operation and management,it helped the company to define its future development direction and improve the number and quality of employees.Through the study of this thesis,Nanhua Stock should continue to improve its operating capacity and achieve high-quality development in the future;ST company to achieve compliance and targeted off the cap;Regulators should perform their supervisory duties and work hard to promote the healthy development of the capital market.