Core Viewpoint - *ST Dayao (603963.SH) is set to be delisted from the Shanghai Stock Exchange on March 21 due to negative net profit and revenue below 100 million yuan in 2023, marking a significant decline in its financial health since its IPO in 2017 [1][2][4]. Financial Performance - The company's market capitalization is currently 259 million yuan, the lowest among A-share listed companies [2]. - Since its peak revenue of 401 million yuan in 2018, *ST Dayao has experienced a continuous decline in revenue for six consecutive years, dropping below 100 million yuan in 2023 [5]. - The company has reported losses for three consecutive years from 2021 to 2023 [5]. Delisting Circumstances - The Shanghai Stock Exchange has decided to terminate the company's listing without a delisting adjustment period due to its failure to meet financial performance standards [1][4]. - The company has triggered both financial and trading-related delisting criteria, making it one of the few companies in A-share market to face such circumstances [2][4]. - The company’s stock price fell below the 5 billion yuan threshold, leading to a trading-related delisting decision after 20 consecutive trading days of market capitalization below this level [4][6]. Management and Control Issues - The company's controlling shareholder, Yang Junxiang, faced legal issues that hindered his ability to fulfill his duties, impacting the company's management [3][4]. - Following Yang's investigation, his family members took over the management responsibilities, but the company missed its last opportunity for self-rescue [3][4]. Future Outlook - With the new delisting regulations set to take effect in 2025, the revenue threshold for delisting will increase to 300 million yuan, further complicating *ST Dayao's ability to meet compliance standards [6]. - The company is projected to report negative profits and revenues between 62 million to 74 million yuan for 2024, far below the new revenue threshold [6][9].
A股市值最低公司锁定终止上市,新一轮退市警报拉响