*ST公司年末冲刺“保壳” “多点开花”化解退市风险

Core Viewpoint - The A-share market is experiencing a renewed "shell protection" battle as companies adopt various strategies to avoid delisting, including restructuring, asset acquisitions, and debt management [2][3]. Group 1: Restructuring and Asset Management - *ST Dongyi announced on December 21, 2025, that the Beijing First Intermediate People's Court approved its restructuring plan, which could significantly improve its asset-liability structure and increase the probability of avoiding delisting [2]. - The approach to "shell protection" is shifting from technical maneuvers to substantial improvements, focusing on key indicators such as revenue, profit, and net assets [2][3]. - Companies are increasingly turning to asset acquisitions and divestitures to enhance their financial health, with examples including *ST Huike's acquisition of a 51% stake in Yizheng Tong, which is expected to contribute at least 34 million yuan in revenue for 2025 [3][4]. Group 2: Strategies for Avoiding Delisting - Several *ST companies are opting for drastic measures to eliminate delisting risks, such as *ST Nanzhi's sale of real estate assets for 1 yuan to shed 11.582 billion yuan in debt, which is projected to improve its net asset position from -2.45 billion yuan to 538 million yuan [5]. - *ST Lvkang has also disclosed plans to divest three subsidiaries at a zero price to exit its loss-making solar business [5]. - The net asset indicator is becoming a focal point for many *ST companies, as it does not involve deduction rules, allowing for various methods to improve asset positions, such as donations and debt forgiveness [6]. Group 3: Bankruptcy Restructuring and Regulatory Environment - Bankruptcy restructuring is viewed as a last resort for *ST companies, with 21 companies having negative net assets as of September 30, 2025, and 12 of them already undergoing or completing restructuring [7]. - However, not all companies are able to secure restructuring approvals, with some like *ST Zhongji and *ST Huicheng still awaiting their restructuring applications [8]. - The regulatory environment remains stringent, with the China Securities Regulatory Commission maintaining a "zero tolerance" policy towards fraudulent shell protection practices, as evidenced by recent investigations into *ST Huke and *ST Bosen [10][11].