First, the net assets are negative. If the net assets of listed companies are negative at the end of the latest fiscal year, their stocks will be warned of delisting risk; After the delisting risk warning, if the net assets at the end of the first fiscal year are still negative, or if the net assets at the end of the first fiscal year are positive but the net profit after deducting non-recurring gains and losses is negative, the company's shares will be terminated from listing.
Second, the operating income is insufficient100000 yuan. If the operating income of a listed company in the last two consecutive fiscal years is less than 654.38+million yuan, its shares will be warned of delisting risk; After the delisting risk warning of the company's shares is implemented, if the operating income in the first fiscal year is still less than 6,543,800 yuan, the listing of its shares will be suspended; After the company's shares are suspended from listing, if the operating income in the first fiscal year continues to be less than 654.38+million yuan, its shares will be terminated from listing.
Third, the annual audit report is negative or unable to express opinions. If the financial accounting report of the listed company in the first fiscal year is issued with negative opinions or unable to express opinions, its shares will be warned of delisting risk; After the delisting risk warning of the company's shares is implemented, if the financial and accounting report of the first fiscal year is still issued with negative opinions or unable to express opinions, its shares will be suspended from listing; After the suspension of listing of the company's shares, if the financial accounting report of the first fiscal year is issued with a negative opinion or can not express an opinion again, its shares will be terminated from listing.
Fourth, the company failed to disclose the annual report within the statutory time limit after the suspension of listing. If the listed company's shares are suspended due to continuous losses, negative net assets, operating income of less than 654.38+million yuan, or the annual financial and accounting report is issued with negative opinions or unable to express opinions, the first annual report is not disclosed within the statutory time limit after the suspension of listing.
Fifth, the cumulative trading volume of stocks is too low (not applicable to listed companies that only issue B shares). If a company listed on the main board has accumulated less than 5 million shares through the trading system of this Exchange for 120 consecutive trading days (excluding trading days of suspension), its shares will be directly terminated from listing; If the cumulative trading volume of listed companies on SME board is less than 3 million shares through the trading system of this Exchange for 120 consecutive trading days (excluding the trading days of suspension), their shares will be directly terminated.
Sixth, the stock trading price is continuously lower than the face value (not applicable to listed companies that only issue B shares). If the daily closing price of a listed company is lower than the par value of each share for 20 consecutive trading days, its shares will be directly terminated.
Seventh, it is continuously and publicly condemned by the exchange (not applicable to companies listed on the main board). The small and medium-sized board follows the delisting condition of "continuous public condemnation by the exchange", but it is adjusted to "if a listed company is publicly condemned by the exchange for three times in the last 36 months, its shares will be directly terminated", and this delisting condition does not apply to companies listed on the main board.
000629 belongs to the main stock of Shenzhen Stock Exchange, that is to say, if it loses money for two consecutive years, it will wear the hat of ST to warn investors, and if it loses money for three consecutive years, it will risk delisting. This is true in theory, but to be honest, China A-shares have not had a company delisted due to losses for three consecutive years, and there are many undead birds. As long as the regulatory authorities collect management fees, they will not care about others. Anyway, it's not the money of the circle countries. This is my understanding. Wanfushengke has been making financial fraud for many years, and it has been fine for a while, but it has not been delisted.