多家*ST公司花式保壳 监管紧密跟踪防违规

Core Viewpoint - Many *ST companies are engaged in a "shell protection" battle as they face strict regulatory scrutiny, utilizing various methods such as bankruptcy restructuring, asset mergers, and debt restructuring to survive, but the difficulty of compliance is increasing [1][4] Group 1: Self-Rescue Strategies - Companies are attempting to recover by divesting loss-making assets, with examples including *ST Nan Zhi selling assets for 1 yuan to eliminate negative net assets and *ST Lvkang selling subsidiaries for 0 yuan [2][3] - Mergers and acquisitions are also being used as a strategy to turn losses into profits, as seen with *ST Hui Ke acquiring a 51% stake in Yi Zheng Tong [2] - Bankruptcy restructuring is a key path for shell protection, with several companies like You Ke Shu and Wen Tou Holding undergoing restructuring processes [3] Group 2: Regulatory Environment - Regulatory bodies are closely monitoring shell protection actions, with increased scrutiny on companies suspected of data manipulation, as demonstrated by inquiries into *ST Guandian's financial reports [4] - Investigations into information disclosure violations have become a significant variable for companies attempting to protect their shells, with multiple companies facing regulatory actions [4] Group 3: Market Dynamics - A normalized delisting mechanism is gradually forming in the A-share market, with 32 companies having left the market in 2025, indicating a trend towards "survival of the fittest" [5][6] - Experts emphasize that companies must focus on their core business and enhance competitiveness to avoid temporary shell protection measures, advocating for a thorough transformation to address governance issues [6]