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上海证券交易所和深圳证券交易所上市规则第九章的《退市与风险警示》就规则进行了详细的阐述,内容较多,为了方便大家阅读,对相关内容进行了重新整理和提炼。退市包括强制终止上市和主动终止上市,本章内容只涉及强制终止上市,主动终止上市太罕见通常都带有要约收购没有分析的价值。
一、一般规定:
强制退市分为交易类强制退市、财务类强制退市、规范类强制退市和重大违法类强制退市等四类情形。
风险警示包括两种:退市风险警示(*ST)和其他风险警示(ST)。
退市风险警示股票和其他风险警示股票进入风险警示板交易。解释:ST股还是在股票软件交易,但是要开通相应的权限,试着买一只ST股票,会自动跳出开通指引,上交所和深交所要分别开通。
上市公司被ST的,要先公告被ST,然后停牌一个交易日,复牌带帽。
上市公司股票被终止上市的,其发行的可转换公司债券及其他衍生品种应当终止上市,相关终止上市事宜参照股票 终止上市有关规定办理。
上市公司股票被本所强制退市后,进入退市整理期, 因触及交易类强制退市情形而终止上市的除外。
强制退市公司应当在本所作出终止其股票上市决定 后立即安排股票转入全国中小企业股份转让系统等证券交易场所转让的相关事宜,保证公司股票在摘牌之日起四十五个交易日内可以转让。
二、交易类强制退市:
上市公司出现下列情形之一的,交易所终止其股票上市交易:(有B股的有特殊规定,本文不涉及,请自行查阅交易所上市规则)
1、连续120个交易日通过本所交易系统实现的累计股票成交量低于500万股;
2、连续20个交易日的每日股票收盘价均低于1元;
3、连续20个交易日的每日股票收盘总市值均低于3亿元;
4、公司连续二十个交易日股东人数均少于 2000 人;
三、财务类强制退市:
上市公司出现下列情形之一的,本所对其股票交易实施退市风险警示:
1、最近一个会计年度经审计的净利润为负值且营业收入低于1亿元,或者追溯重述后最近一个会计年度净利润为负值且营业收入低于1亿元。
2、最近一个会计年度经审计的期末净资产为负值,或者追溯重述后最近一个会计年度期末净资产为负值;
3、最近一个会计年度的财务会计报告被出具无法表示意见或者否定意见的审计报告;
4、中国证监会行政处罚决定书表明公司已披露的最近一 个会计年度财务报告存在虚假记载、误导性陈述或者重大遗漏, 导致该年度相关财务指标实际已触及本款第1项、第2项情形;
本节所述净利润以扣除非经常性损益前后孰低者为准。本节所述营业收入应当扣除与主营业务无关的业务收入和不具备商 业实质的收入。本节所述最近一个会计年度是指最近一个已经披露经审计财务会计报告的年度。
财务类撤销退市风险警示的条件:
(一)、在退市风险警示期间,公司进行重大资产重组且符合下列全部条件的,可以向本所申请对其股票交易撤销退市风险警示:
1、根据中国证监会有关重大资产重组规定出售全部经营性资产和负债、购买其他资产且已实施完毕;
2、通过购买进入公司的资产是一个完整经营主体,该经营主体在进入公司前已在同一管理层之下持续经营三年以上;
3、公司模拟财务报表(经会计师事务所出具专项说明)的财务数据不存在本规则第一款规定的情形;
(二)、上市公司因触及本规则第1项至第3项情形,其股票交易被实施退市风险警示后,首个会计年度的年度报告表明公司符合不存在本规则第1项至第4项任一情形的条件的,公司可以向本所申请对其股票交易撤销退市风险警示。
摘帽规则:
上市公司应当于年度报告披露的同时说明是否将向本所申请撤销退市风险警示。 公司拟申请撤销退市风险警示的,应当在披露之日起五个交易日 内向本所提交申请。
公司提交完备的撤销退市风险警示申请材料的,交易所在十五个交易日内决定是否撤销退市风险警示。
交易所决定撤销退市风险警示的,上市公司应当及时披露公司股票撤销退市风险警示公告,公司股票于公告后停牌一个交易日。自复牌之日起,交易所撤销对公司股票交易的退市风险警示。
退市规则:
上市公司因触及本规则第1项至第3项情形其股票交易被实施退市风险警示后,首个会计年度出现下列情形之一的,交易所决定终止其股票上市交易:
1、经审计的净利润为负值且营业收入低于 1 亿元,或者 追溯重述后最近一个会计年度净利润为负值且营业收入低于 1 亿元;
2、经审计的期末净资产为负值,或者追溯重述后最近一 个会计年度期末净资产为负值;
3、财务会计报告被出具保留意见、无法表示意见或者否 定意见的审计报告;
4、未在法定期限内披露过半数董事保证真实、准确、完 整的年度报告;
5、符合摘帽规则但未在规定期限内向本所 申请撤销退市风险警示;
6、不符合摘帽规则撤销退市风险警示申请未被本所审核同意。
四、规范类强制退市:
上市公司出现下列情形之一的,交易所对其股票交易实施退市风险警示:
1、未在法定期限内披露年度报告或者半年度报告,且在公司股票停牌两个月内仍未披露;
2、半数以上董事无法保证年度报告或者半年度报告真实、 准确、完整,且在公司股票停牌两个月内仍有半数以上董事无法保证;
3、因财务会计报告存在重大会计差错或者虚假记载,被中国证监会责令改正但未在要求期限内改正,且在公司股票停牌 两个月内仍未改正;
4、因信息披露或者规范运作等方面存在重大缺陷,被本所要求改正但未在要求期限内改正,且在公司股票停牌两个月内仍未改正;
5、因公司股本总额或者股权分布发生变化,导致连续二十个交易日股本总额、股权分布不再具备上市条件,在规定期限内仍未解决;
6、公司可能被依法强制解散;
7、法院依法受理公司重整、和解或者破产清算申请;
摘帽规则:
上市公司因本规则第1项至第6项情形其股票交易被实施退市风险警示后,符合下列对应条件的,可以向本所申请对其股票交易撤销退市风险警示:
1、因第1项情形被实施退市风险警示之日起的两个月内,披露相关年度报告、半年度报告,且不存在半 数以上董事无法保证真实、准确、完整情形;
2、因第2项情形被实施退市风险警示之日起的两个月内,过半数董事保证相关年度报告、半年度报告真 实、准确、完整;
3、因第3项情形被实施退市风险警示之日起的两个月内,按有关规定和要求披露经改正的财务会计报告;
4、因第4项情形被实施退市风险警示之日起的两个月内,公司已改正,公司信息披露和规范运作无重大缺陷;
5、因第5项情形被实施退市风险警示之日起的六个月内,公司股本总额、股权分布重新具备上市条件;
6、因第6项情形被实施退市风险警示后, 公司可能被依法强制解散的情形已消除。
7、因第7项情形其股票交易被实施退市风险警示后,符合下列条件之一的,可以向本所申请 对其股票交易撤销退市风险警示:
①、重整计划执行完毕;
②、和解协议执行完毕;
③、法院受理破产申请后至破产宣告前,依据《企业破产法》作出驳回破产申请的裁定且裁定已生效;
④、因公司已清偿全部到期债务、第三人为公司提供足额 担保或者清偿全部到期债务,法院受理破产申请后至破产宣告前, 依据《企业破产法》作出终结破产程序的裁定。
上市公司符合本规则规定条件的,应当于相关情形出现后及时披露,并说明是否向本所 申请撤销退市风险警示。公司拟申请撤销退市风险警示的,应当在披露之日起五个交易日内向本所提交申请。 公司提交完备的撤销退市风险警示申请材料的,本所在十五 个交易日内作出是否同意其股票交易撤销退市风险警示的决定。
退市规则:
上市公司出现下列情形之一的,交易所决定终止其股票上市交易:
1、因第1项情形其股票交易被实施退市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、 完整的相关年度报告或者半年度报告;
2、因第2项情形其股票交易被实施退市风险警示之日起的两个月内仍有半数以上董事无法保证年度报 告或者半年度报告的真实、准确、完整;
3、因第3项情形其股票交易被实施退市风险警示之日起的两个月内仍未披露经改正的财务会计报告;
4、因第4项情形其股票交易被实施退市风险警示之日起的两个月内仍未改正的;
5、因第5项情形其股票交易被实施退市风险警示之日起的六个月内股本总额或者股权分布仍不具备上市条件的;
6、因第6项、第7项情形其股票交易被实施退市风险警示,公司依法被吊销营业执照、被责令关闭 或者被撤销等强制解散条件成就,或者法院裁定公司破产的;
7、虽符合规定的条件,但未在规定期限内向本所申请撤销退市风险警示;
8、因不符合规定的条件,其撤销退市风险警示申请未被本所审核同意;
五、重大违法强制退市
本规则所称重大违法强制退市,包括下列情形:
1、上市公司存在欺诈发行、重大信息披露违法或者其他严重损害证券市场秩序的重大违法行为,其股票应当被终止上市 的情形;
2、公司存在涉及国家安全、公共安全、生态安全、生产安全和公众健康安全等领域的违法行为,情节恶劣,严重损害国 家利益、社会公共利益,或者严重影响上市地位,其股票应当被终止上市的情形。
这一项就不做详细分析了,这样的公司别碰,没有任何投资价值。
六、退市整理期
1、上市公司股票被作出终止上市决定的,自公告终止上市决定之日起五个交 易日后的次一交易日复牌并进入退市整理期交易。退市整理期间,公司的证券代码不变,股票简称后冠以退标识,退市整理股票进入风险警示板交易。
2、退市整理期的交易期限为十五个交易日。退市整理期间,上市公司股票原则上不停牌。公司因特殊原因向本所申请其股票全天停牌的,停牌期间不计入退市整理期,且停牌天数累计不得超过五个交易日。
3、退市整理期间,上市公司股东所持有限售条件股份的限售期限连续计算,限售期限届满前相关股份不能流通。
4、上市公司股票于退市整理期届满的次一交易日摘牌,公司股票终止上市。
5、退市整理期间,上市公司不得筹划或者实施重大资 产重组等重大事项。
七、其他风险警示
上市公司出现下列情形之一的,本所对其股票交易实施其他风险警示:
1、公司存在资金占用且情形严重;
2、公司违反规定程序对外提供担保且情形严重;
3、公司董事会、股东大会无法正常召开会议并形成决议;
4、公司最近一年被出具无法表示意见或者否定意见的内部控制审计报告或者鉴证报告;
5、公司生产经营活动受到严重影响且预计在三个月内不能恢复正常;
6、公司主要银行账号被冻结;
7、公司最近三个会计年度扣除非经常性损益前后净利润孰低者均为负值,且最近一年审计报告显示公司持续经营能力存在不确定性;
摘帽规则:
1、上市公司资金占用情形已消除,向本所申请对其股票 交易撤销其他风险警示的,应当提交会计师事务所出具的专项审核报告等文件。
2、公司违反规定程序对外担保情形已消除,向本所申请对其股票交易撤销其他风险警示的,应当提交律师事务所出具的法律意见书等文件。
3、公司内部控制缺陷整改完成,内部控制能有效运行,向本所申请对其股票交易撤销其他风险警示的,应当提交会计师事务所对其最近一年内部控制出具的标准无保留意见的审计报告或者鉴证报告等文件。
4、公司最近一年经审计的财务报告显示,其扣除非经常性损益 前后的净利润孰低者为正值或者持续经营能力不确定性已消除,向本所申请对其股票交易撤销其他风险警示的,应当提交会计师事务所出具的最近一年审计报告等文件。
5、上市公司股票交易因触及本规则第4项、第7项情形被本所实施其他风险警示的,在风险警示期间,公司进行重大资产重组且符合下列全部条件的,可以向本所申请对其股票交易撤销其他风险警示:
根据中国证监会有关重大资产重组规定出售全部经营性资产和负债、购买其他资产且已实施完毕;
通过购买进入公司的资产是一个完整经营主体,该经营主体在进入公司前已在同一管理层之下持续经营三年以上;
模拟财务报表(经会计师出具专项说明)的主体不存在本规则规定的情形;
上市公司申请对其股票交易撤销其他风险警示的,应当于提交申请的次一交易日开市前披露相关公告。公司提交完备的撤销其他风险警示申请材料的,在十五个交易日内决定是否撤销其他风险警示。交易所决定撤销其他风险警示的,上市公司应当及时披露股票交易撤销其他风险警示公告,公司股票于公告后停牌一个交易日,自复牌之日起,本所对公司股票交易撤销其他风险警示。
提醒:所有规则里面都有一条:本所认定的其他情形,也就是交易所保留自由裁量权。
规则来源依据:
上海证券交易所股票上市规则(2023年8月修订)
深圳证券交易所股票上市规则(2023年8月修订)
本文为上市规则的摘要,为了保证可读性删减了部分内容,无法保证完整性和及时性,仅供参考。交易前请务必阅读上海证券交易所和深圳证券交易所股票上市规则。
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ST基础篇一:戴帽、摘帽和退市的规则
ST基础篇二:连续涨跌停的底层逻辑
ST基础篇三:风险评估和风险控制
ST基础篇四:ST之其他风险警示