Basic introduction

If you add st to the name of that stock, it is a warning to investors, indicating that this stock has investment risks and plays a warning role. However, this stock has risks and benefits. If you add *ST, it means that the stock has the risk of delisting. Specifically, around April, the financial statements submitted by the company to the CSRC have suffered losses for three consecutive years, and there is a risk of delisting. Generally, stocks that have not been delisted in May can participate, and the income is directly proportional to the risk.

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Basic classification

* ST- the company has suffered losses for three consecutive years and has been delisted.

ST- Company suffered losses for two consecutive years, so it was given special treatment.

S * ST- the company has suffered losses for three consecutive years, and the delisting warning+the share reform has not been completed.

SST-The company has suffered losses for two consecutive years, and the share reform has not been completed.

The reform of S shares has not been completed.

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Trading rules

1. The daily increase and decrease of stock quotation shall be limited to 5%;

2. Change the stock name to the original stock name, and add "ST" in front, such as "ST steel pipe";

3. The interim reports of listed companies must be audited. Because the daily fluctuation range of ST shares is limited to 5%, it also inhibits the deliberate speculation of the bookmakers to some extent. Investors should also treat stocks with special treatment differently. Specific analysis, some ST shares are mainly operating losses, and it is difficult to turn losses into profits by strengthening management in the short term.

Some ST stocks are losing money for special reasons, or some ST stocks are undergoing asset restructuring, so these stocks often have great potential. It should be pointed out that special governance is not a punishment for listed companies, but an objective disclosure of the status quo of listed companies. Its purpose is to remind investors of market risks and guide investors to invest rationally. If the company's abnormal situation is eliminated, normal transactions can be resumed. Under what circumstances are listed companies suspended from listing? What conditions can resume listing? Under what circumstances was the listing terminated?

Listed companies will be suspended from listing under the following circumstances

(1) The company's total share capital and equity distribution have changed and no longer meet the listing requirements.

(2) The company fails to disclose its financial status as required, or makes false records in its financial and accounting reports.

(3) The company has committed major illegal acts.

(4) The company has suffered continuous losses in the last three years. The first three articles shall be suspended by the Exchange according to the decision of China Securities Regulatory Commission, and the fourth article shall be decided by the Exchange. The conditions for resumption of listing are as follows: If a company whose shares have been suspended from listing applies for resumption of listing due to items (1), (2) and (3), the Exchange will resume the listing of the company's shares according to the relevant decisions of the China Securities Regulatory Commission. If the listing of stocks is suspended due to the circumstances in Item (4), the listed company shall disclose the first semi-annual report after the suspension of listing within the statutory time limit; And the audited semi-annual financial report shows that the company has made profits, and the listed company can apply to the exchange for resumption of listing.

Listed companies will be terminated in the following circumstances

Termination of listing is also called delisting or delisting. If the listing is terminated under any of the following circumstances, if the listed company fails to eliminate the circumstances listed in Item (1) within the time limit and fails to meet the listing conditions, and the circumstances listed in Items (2) and (3) cause serious consequences, the Exchange will terminate the listing of the company's shares according to the decision of the China Securities Regulatory Commission. In any of the following circumstances, the listing of a listed company shall be terminated by this Exchange.

(1) Failing to disclose the first semi-annual report after the suspension of listing within the statutory time limit.

(2) disclosing the first semi-annual report after suspension of listing within the statutory time limit, and failing to apply for resumption of listing within five working days after disclosure, even if it is profitable.

(3) The application for resumption of listing has not been accepted.

(4) The application for resumption of listing was not approved.

(5) Failing to disclose the first annual report after the resumption of listing within the statutory time limit.

(6) The first annual report after the resumption of listing was disclosed within the statutory time limit, but the company suffered losses. What is the difference between termination of listing and ST system? How will investors use and protect their rights and interests when the company terminates listing? Termination of listing means that the company's shares are no longer listed on the exchange, but the assets, liabilities, operations, products and profits and losses of the terminated listed company will not change due to delisting.