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 war" 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] 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 and *ST Lvkang selling subsidiaries for 0 yuan to mitigate negative net assets [2] - Mergers and acquisitions are also being used as a strategy to turn losses into profits, as seen with *ST Huike acquiring a 51% stake in Yizheng Tong [2] - Bankruptcy restructuring is a key path for shell protection, with several companies like Youkeshu and Wentou Holdings undergoing restructuring processes [3] Group 2: Regulatory Environment - Regulatory bodies are closely monitoring shell protection actions, employing rigorous inquiries and investigations to prevent fraudulent practices [4] - Companies like *ST Guandian have faced inquiries regarding significant increases in accounts receivable and payable, indicating heightened scrutiny [4] - The initiation of investigations has become a significant variable for companies attempting to protect their shells, with multiple firms being investigated for information disclosure violations [4] Group 3: Market Dynamics - A normalized delisting mechanism is gradually forming in the A-share market, with 32 companies having exited the market in 2025 [6] - Experts emphasize that shell protection is merely a temporary measure, and companies must focus on core business and governance reform to ensure long-term viability [6] - The upcoming governance initiatives aim to strengthen internal constraints and promote healthy development within companies [6]