The new round of delisting system reform officially landed
Increase the "market value retreat" indicator, the threshold is 300 million yuan
News from our newspaper (Reporter Wen Jicong) On the evening of December 31, 2020, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued revised delisting rules, and the new delisting rules will be implemented from the date of issuance.
The delisting system is an important basic system of the capital market. Deepening the reform of the delisting system is an important link in strengthening the construction of the basic system of the capital market. It is of great significance to improving the quality of listed companies and promoting the sound development of the capital market.
The Shanghai Stock Exchange and the Shenzhen Stock Exchange have taken the opportunity to implement the new Securities Law, embodying the basic concepts of the registration system, absorbing the system design experience of the early stage science and technology innovation board and the ChiNext, and establishing an "export smooth" system that matches the "diversified import". design.
In this reform of the delisting system, there have been specific amendments to the delisting standards and delisting procedures.
Regarding the delisting criteria, first of all, this revision optimizes the compilation method of the delisting part in the "Stock Listing Rules", and adjusts the original method according to the delisting link to the delisting situation sub-section, that is, according to the delisting situation The categories are divided into four types of forced delisting, including financial, transaction, regulatory, and major violations, and active delisting.
Secondly, this revision has improved the four types of mandatory delisting indicators: First, in terms of financial indicators, the original single net profit and operating income indicators have been cancelled, and the lower of the net profit before and after the new deduction is negative and operating income A combined financial indicator of less than RMB 100 million. At the same time, for companies that are subject to delisting risk warnings due to financial indicators, the financial indicators of the next year will be cross-applied; second, in terms of transaction indicators, the original face value delisting indicators Modified to the "1 yuan delisting" indicator, and added a new market value indicator that "the total daily closing market value of stocks on the Exchange for 20 consecutive trading days is less than RMB 300 million"; the third is the normative indicators. There are major deficiencies in information disclosure and standardized operations and refusal to make corrections, and more than half of the directors do not fidelity to the semi-annual or annual reports and do not make corrections within a time limit, and specify specific standards; fourth, in terms of major illegal indicators, the original On the basis of fraudulent issuance, fraudulent reorganization and listing, and the fact that the company's actual financial indicators have reached the delisting criteria based on the fact that the administrative penalty has been determined, further increase and clarify the quantitative criteria for major financial fraud and delisting.
In terms of delisting procedures, this revision and adjustment mainly include three aspects: one is to cancel the suspension of listing and to resume listing, it is clear that listed companies will terminate their listing when they touch financial indicators for two consecutive years; the second is to cancel the delisting of trading delisting Arrangement period is set. There is no limit on the price increase or decrease on the first day of the delisting arrangement period. The transaction time limit of the delisting arrangement period is shortened from 30 trading days to 15 trading days; the third is the continuous suspension of major illegal delisting from the time of receipt The date of the advance notice of administrative penalty or the court's judgment shall be postponed to the date of receipt of the administrative penalty decision or the effective judgment of the court.
Increase the "market value retreat" indicator, the threshold is 300 million yuan