Haitong Securities(SH:600837)2024-08-21 03:56Financial Data and Key Indicator Changes - The report highlights a significant increase in the number of companies facing delisting risk due to non-compliance with disclosure regulations, with 28% of such companies delisted since 2021 [10][12] - Companies under risk warning due to non-compliance have shown poor stock performance, with an average excess return of -7% relative to the market within a week of the warning [6][66] Business Line Data and Key Indicator Changes - The report does not provide specific data on individual business lines, focusing instead on overall compliance and risk indicators across the market [1][2] Market Data and Key Indicator Changes - The average excess return for stocks under risk warning due to non-compliance has been consistently negative, with a decline of -29.42% over a quarter following the warning [20][66] - The report indicates that stocks facing major disclosure defects have an average excess return of -4.5% after a quarter [27][66] Company Strategy and Development Direction and Industry Competition - The report emphasizes the importance of compliance with disclosure regulations and internal controls as a strategy to mitigate risks associated with delisting [1][2] - Companies are encouraged to improve their internal control systems to avoid being flagged for non-compliance, which can lead to significant financial repercussions [32][34] Management's Comments on Operating Environment and Future Outlook - The management comments indicate a challenging operating environment, with increased scrutiny from regulatory bodies leading to a higher incidence of risk warnings [1][2] - The future outlook suggests that companies must prioritize compliance to avoid the negative impacts of risk warnings on their stock performance [66] Other Important Information - The report outlines various types of risk warnings, including non-compliance with disclosure, internal control issues, and company restructuring, which can lead to significant market consequences [1][2][5] - A total of 21 companies have been flagged due to frozen bank accounts, indicating a growing concern over liquidity and operational stability [56][57] Summary of Q&A Session Questions and Answers - The report does not include a Q&A session, focusing instead on summarizing the findings related to risk warnings and compliance issues [1][2][5]