[Global Technology Reporter Wang Huan] According to a report from Japan’s Kyodo News Agency on August 1, Toshiba, which is in the business restructuring period, was downgraded from the main board of the Tokyo Stock Exchange to the second board market on the 1st. Due to Toshiba’s huge loss in the U.S. nuclear power business, which led to insolvency at the end of March, it did not comply with the listing rules of the SSE. Downgrading reflects the current situation of Toshiba.
If the insolvency situation is not eliminated before the end of March next year, Toshiba shares will be automatically delisted. As the key to the restructuring of semi-conductor affiliate sales is deadlocked, the prospects are unpredictable.
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The downgrading of the electronics and electronics giant stocks to the second board market followed two consecutive years after Sharp last year. On July 31st, Toshiba’s trading on the last day of the main board of the East Exchange was mainly kept down, but there was short-term speculative capital injection near the close. The closing price per share was 6.80 yen higher than last Friday and it was 246.00 yen (approximately RMB 15). Yuan), rose 2.8%.
Toshiba used to be the main stock of the main board market of the East Exchange. It was the top 10 market capitalization except for financial institutions during the bubble economy. The stock price was once over 1,000 yen. After that, the stock price of the financial operations that were exposed to the violations fell sharply in 2015. In 2016, it rebounded, but at the end of the same year, the US nuclear power business suffered a huge loss and the stock price plummeted again.
Toshiba wants to sell its semiconductor subsidiary for more than 2 trillion yen to bid farewell to its insolvency. Toshiba is negotiating with Japan’s government-led “Japan-US-Korea Consortium†priority negotiations, but has not formally signed a contract. The joint venture partner, Western Digital Corporation (WD), opposed the sale of semi-conductor subsidiaries to external companies, and continued to report to the court.
The deadline for submission of the "Financial Report" (Financial Report) for fiscal 2016, which has been postponed until August 10, is approaching. If an audit agency announces an “inappropriate†opinion, the Japanese exchange group that owns the TSE may also decide to delist Toshiba. Even if the listing can be maintained, Toshiba may not be able to return to the main board market in the next five years or so in accordance with the requirement of the TSE to continue its proper settlement.
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