The new delisting regulations were implemented for two months, and speculation has been effectively suppressed——
A-shares have gradually formed the ecology of good entry and inferior exit
Our reporter Zhou Lin and Ma Chunyang
The introduction of new delisting regulations is an important measure to improve my country's capital market.
Since the implementation of the new regulations, speculation and speculation have been effectively suppressed, enterprises have continuously strengthened their awareness of standardized operations, and the efficiency of resource allocation in the capital market is expected to continue to improve.
The reform of the capital market will not be accomplished in one stroke. The healthy development of the capital market in the future will still depend on the further improvement of legal support.
It has been two months since the new delisting rules, which are called the "most stringent" in the history of A-shares, have been implemented.
As of March 1, the total number of A-share delisting companies has reached 128, and another 7 stocks have been locked as delisting stocks almost in advance. A-share delisting has gradually become normalized, and the market ecology of both ins and outs and survival of the fittest has accelerated. .
Recently, the regulatory authorities have repeatedly emphasized the importance of delisting and deployed delisting tasks.
The "Action Plan for Building a High Standard Market System" proposes to establish a normalized delisting mechanism.
The China Securities Regulatory Commission's 2021 system work conference also emphasized that strict delisting supervision and expansion of multiple exit channels such as reorganization, reorganization, and voluntary delisting will be expanded.
Many industry experts said in an interview with a reporter from the Economic Daily that the regulatory authorities have repeatedly stated that they must strictly supervise delisting, which means that the normalized delisting mechanism has been upgraded to a top-level design, releasing signals for strengthening delisting supervision.
As the forefront of resource allocation in the market economy, the capital market continues to improve the delisting system, which is conducive to further improving the efficiency of market resource allocation and improving the quality of listed companies.
Improve the efficiency of market resource allocation
The essence of the delisting system is to survive the fittest, improve the efficiency of resource allocation in the capital market, and allocate capital to market entities with good quality and development prospects.
The introduction of the new delisting regulations is an important measure in the context of the registration system reform. In the long run, it is expected to improve the efficiency of resource allocation in the capital market.
Li Qilin, chief economist of Hongta Securities, believes that the new delisting regulations are conducive to the improvement of the capital market infrastructure construction, which will allow more funds to flow into good companies with good performance, improve the overall quality of listed companies in the capital market, optimize the allocation of market resources, and further simplify The delisting process is expected to improve the difficulty and slow delisting of the A-share market.
The new delisting system reduces the value of shell resources, which is conducive to cultivating investors' value investment and rational investment concepts. Speculation will be suppressed and more long-term funds will be attracted to the market.
Xia Chun, chief economist of Noah Holdings, said that the new delisting regulations optimize delisting standards and accelerate the clearing of "zombie companies", which will help the market achieve the survival of the fittest.
The new delisting regulations have improved the four types of mandatory delisting indicators, which will help block the space for avoiding delisting, give play to the delisting function of "voting with feet", and realize the survival of the fittest in the capital market.
Advantageous resource allocation will be concentrated on high-quality listed companies, high-quality companies will have a stronger liquidity premium, and subsequent refinancing will be easier.
The so-called junk stocks will further lose liquidity, and the value of shell resources will be greatly reduced. Under the new delisting regulations, listed companies with significantly insufficient liquidity in the secondary market will be automatically eliminated, and the market will gradually form Of ecology.
The new delisting regulations have shortened the identification period of financial indicators, imposed stricter regulations on net profit indicators, and significantly increased the financial costs of listed companies to protect their shells.
Xia Chun said that in the face of delisting risks, it is no longer feasible to avoid delisting through asset restructuring or selling non-performing assets in the past, and more costs and uncertainties have to be borne.
In general, the implementation of the new delisting regulations is a useful way to improve the quality of listed companies through marketization and legalization. The new delisting regulations will delist the A-share market-wide delisting standards and the science and technology innovation board and the growth enterprise board under the registration system. The standard lag has laid the foundation for the subsequent implementation of the registration system in the whole market.
Forcing companies to further regulate their operations
In this round of reform of the delisting system, the Shanghai and Shenzhen Stock Exchange comprehensively revised the delisting standards for financial indicators, trading indicators, norms, and major violations, and intensified the crackdown on financial fraud and credit violations. And by promoting the normalization of delisting to force listed companies to standardize and operate in compliance.
Li Qilin believes that compared with the past, the new regulations have changed in several ways.
First, the newly added normative indicators and delisting indicators for information disclosure defects are conducive to promoting the protection of investors' interests, which can enrich the "toolbox" of daily supervision of exchanges to a certain extent, and enhance the deterrence of listed companies in violation of laws and regulations.
Second, the establishment of a risk warning board is conducive to guiding rational investment, avoiding companies with poor performance or inferior tracks, and can play a transitional role in delisting.
The third is to cancel the relevant regulations on the suspension of listing and the resumption of listing, which will help simplify the delisting process and improve the efficiency of delisting.
Fourth, the new delisting regulations retain the original delisting standards for major violations, adding new indicators such as the amount of fraud and the proportion of fraud, so as to improve the index system for major violations of delisting and further enhance the integrity of the standards for major violations.
Deng Shubin, chief economist of Centaline Securities, said that the new delisting regulations have quantitative standards for financial fraud, which are easier to define, and will intensify crackdowns on companies with financial problems and prompt them to withdraw from the market.
It is more friendly to companies that temporarily lose money but have broad business prospects, allowing the market to judge their value by themselves; the delisting process is simplified, which will greatly improve the efficiency of delisting; the introduction of "face value delisting" and other international mature experience allows investors to "vote with their feet" ", so that "bad money" withdraws from the market on its own.
As long as the new delisting regulations can be strictly implemented, it will have a positive impact on my country's capital market and guide capital to flow into market entities with development prospects.
Xia Chun believes that the market-oriented and normalized delisting mechanism will fully expose investment risks, and institutional investors will prefer high-quality companies in terms of stock allocation, which will help promote the institutionalization of the stock market, increase risk warning boards, and Increasing the requirements for investor suitability and strengthening risk disclosure and investor protection are conducive to giving full play to the effectiveness of supervision and guiding investors to invest rationally.
From the perspective of investors, the new delisting regulations are expected to prevent speculation in some high-risk stocks and guide rational investment. Investors should pay more attention to the fundamentals of listed companies in the future.
Supporting laws and regulations still need to be followed up
At present, the A-share market is dominated by passive delisting of listed companies. Most types of delisting are financial delisting. The types of A-share delisting still need to be enriched.
An anonymous listed company secretary believes that the current delisting arrangement period can be further improved. According to the new delisting regulations, there will be no delisting arrangement period for trading delisting, and there will be no fluctuations on the first day of the delisting arrangement period for other types of delisting. Width limit.
From the actual experience, the delisting period is of limited significance in protecting investors, and it is suggested that the transaction time can be further shortened.
Li Qilin said that in the future, we need to pay attention to the establishment of diversified exit channels for listed companies, such as active delisting, mergers and acquisitions, and bankruptcy reorganization.
Delisting indicators can be further differentiated and flexibly handled.
When setting the delisting criteria for enterprises, it is possible to consider matching with different enterprise issuance conditions, so that enterprises can get differentiated treatment.
Regarding the direction of improving the delisting system in the future, Li Zhan, chief economist of Zhongshan Securities, said that it is necessary to continue to improve the structure of the multi-level capital market, establish an efficient and smooth transfer mechanism, and optimize and implement the investor protection mechanism.
For investors, compulsory delisting, transfer delisting, and merger and reorganization delisting all mean loss of profits. It is recommended to improve the delisting system while strengthening investor protection mechanisms.
Supporting laws and regulations should be followed up.
Since 2020, from the formal implementation of the newly revised Securities Law, to the new delisting regulations announced not long ago, to the review and approval of the Criminal Law Amendment (11), my country’s capital market infrastructure construction has completed the “triple jump” and fraud. The cost of illegal issuance has increased significantly.
Xia Chun believes that under the registration system, for listed companies to "widen in and wide out", the important thing is not the number of delistings, but more attention to the quality of listed companies.
From the perspective of the legal system, it is necessary to link the delisting system with the new Securities Law, the Criminal Law Amendment (11), etc., and improve the securities class action system with Chinese characteristics. Increasing criminal punishments for the four types of securities and futures crimes including market manipulation, strengthening the criminal accountability of “key minorities” such as controlling shareholders and actual controllers, and consolidating the “gatekeeper” duties of sponsors and other intermediary agencies to create a delisting system Stable operation and escort.