China News Online, December 14 (Gao Zhimiao) The delisting system of listed companies is a basic system of the capital market, which plays an important role in improving the quality of listed companies, improving the market survival of the fittest mechanism, and rationally deploying market resources.
The sci-tech innovation board and the pilot registration system "reduced" the listing threshold, and how to make the delisting system keep up with the development process has become the focus of all parties' attention.
On the 14th, the Shanghai Stock Exchange issued the "Shanghai Stock Exchange Stock Listing Rules", "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", "Shanghai Stock Exchange Risk Warning Board Stock Trading Management Measures", and "Shanghai Stock Exchange Delisting Companies The draft of the "Re-listing Implementation Measures" (hereinafter collectively referred to as the new delisting regulations) will be publicly solicited for comments.
Regarding the release of the draft of the new delisting regulations, the relevant person in charge of the Shanghai Stock Exchange answered reporters' questions.
According to the Shanghai Stock Exchange, this reform of the delisting system adheres to the basic principles of marketization, rule of law, and normalization. There are four main reform ideas, namely, adhere to the market orientation and conform to the registration system reform concept; improve the financial delisting standards and strive to achieve Clear the shell company; strictly implement delisting to reduce evasion; simplify the delisting process and improve the efficiency of delisting.
It is understood that since 2012, the main board delisting system of the Shanghai Stock Exchange has undergone three major reforms. Four types of mandatory delisting indicator systems including financial, trading, regulatory and major violations have been established and active delisting situations have been established.
Since the reform, dozens of company stocks have been terminated and delisted on the Shanghai Stock Exchange.
Since the pilot registration system, face value delisting has gradually become the main channel for delisting. Six companies on the Shanghai Stock Exchange have delisted because their share prices have continuously fallen below their face value.
The Shanghai Stock Exchange stated that the Science and Technology Innovation Board, based on the preliminary system exploration, combined with the overall requirements of the delisting system reform, simultaneously optimized the delisting indicators and procedures.
It includes four aspects, namely, further improving the delisting indicators for major violations and introducing quantitative judgment standards; also implementing the cross-application of financial indicators and audit opinion type indicators, and strictly delisting standards; canceling the delisting adjustment period due to touching transaction indicators , To reduce the time for delisting; to link listing conditions and supplement the delisting criteria for red-chip listed companies.
The Shanghai Stock Exchange emphasized that it will resolutely assume the main responsibility for delisting work, strictly implement delisting supervision, resolutely implement the requirements of the delisting system, and insist on the delisting, and will meet the delisting conditions for companies, especially serious violations of laws and regulations, serious disturbances Companies in a market order must resolutely clear out, accelerate the formation of a market ecology of survival of the fittest, promote the improvement of the quality of listed companies, and better serve the high-quality development of the national economy.
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