对于市值低于运营资金的公司（烟蒂股），其大股东是怎么看待自家的股票？或者说，其继续上市的意义在哪儿？
再融资是不大可能的，因为大股东不愿意以此低价去稀释自己股份（相当于大股东卖出股份）。
但继续挂牌：1）是有维护成本的（每年大概500万人民币左右的审计成本，挂牌费、公共维护费用），2）以及由此低价状态而致的负面公司形象，权衡许久，持股比例较大的大股东，去私有化上市公司，就是一个比较大的概率的选项了$聚美优品(JMEI)$ ；或听之任之，我行我素，反正100%的公司资产在我手中自如使用，但我也只是部分占比。许多较低持股比例的大股东，往往就没有动力私有化，而维持现状。$搜狐(SOHU)$ 

Refinancing is unlikely because major shareholders are not willing to dilute their shares at this low price (major shareholders sell their shares).

But continue listing: 1) there are maintenance costs (annual audit costs of about 5 million RMB, listing fees and public maintenance fees), 2) and the negative corporate image caused by the low price.

After weighing for a long time, the major shareholders with a large proportion of shares will privatize the listed companies, which is a relatively high probability option; Or let it go ( I have 100% of the company's assets at my disposal, but I only have a part of it ). Many large shareholders with a lower shareholding often have no incentive to privatize.