A-share metabolism is normalized within the year, 18 companies received "Delisting Notice"

　　Reporter Meng Ke

　　As one of the key reform directions of the capital market in 2021, "delisting" has shown new characteristics under the new delisting regulations.

　　According to the "Securities Daily" reporter, as of August 12, 17 listed companies have been delisted this year. In addition, Tianxiang Environment has also received the exchange's prior notice of termination of listing and has entered the delisting period. It was delisted on 30th, becoming the first company to delist on the ChiNext this year.

So far, a total of 18 listed companies have received "delisting notices" during the year.

　　Tian Lihui, Dean of the Institute of Financial Development of Nankai University, told a reporter from the Securities Daily that the total number of delisting companies in the year has exceeded the number of delisting in 2020, indicating that under the new delisting regulations, the delisting of the A-share market is in progress. Gradually normalize.

　　It is understood that among the 18 listed companies that received the "Delisting Notice" during the year, 10 were delisted on the Shanghai Stock Exchange Main Board, 7 were delisted on the Shenzhen Main Board, and 1 GEM was delisted under the registration system.

　　In an interview with a reporter from the Securities Daily, He Nanye, a special researcher of the Suning Financial Research Institute, said that from a policy perspective, the delisting policies of the Sci-tech Innovation Board and ChiNext under the registration system are obviously stricter, but due to the shorter implementation time of the registration system , The power of the delisting policy has not yet been reflected in the substantial increase in the number of delisting.

However, with the increase in the number of listed companies under the registration system, the two sectors will also achieve a mutual balance of ins and outs, and build a more benign capital market ecology.

　　"Securities Daily" reporters combed through the announcements of listed companies and found that from the current types of indicators touched by delisted companies, two of the above 18 delisted companies voluntarily delisted, one is *ST Hangtong for three consecutive times. The annual net profit was negative and it applied for voluntary delisting; the other was Yingkou Port, which was absorbed and merged by Dalian Port and voluntarily terminated its listing.

In addition, 8 companies including Kangde Retreat, *ST Pengqi, *ST Fukong, *ST Xinwei, *ST Oppo, ST Gongxin, *ST Qiulin, and Tianxiang Environment have reached financial delisting indicators.

Six companies including *ST Shunzhe B, *ST Yisheng, *ST Chengcheng, *ST Great Wall, Tianxia Delisting and Delisting Jinyu reached the "1 yuan delisting" indicator.

Beixun Retire and Sita Retire failed to disclose the first annual report after the suspension of listing within the statutory period, and received the exchange's prior notice of termination of listing.

　　In this regard, Tian Lihui said that there are currently fewer companies involved in major violations of laws and regulations that have been forced to delist, which to a certain extent reflects the effectiveness of the construction of the rule of law in my country's capital market.

At the same time, "1 yuan delisting" and financial delisting have become the main channels for current delisting, indicating that market-oriented delisting channels have become the mainstream, and the A-share market is playing a role in optimizing resource allocation.

　　"From the perspective of the types of indicators touched by delisted companies, the exit channels are more diversified." He Nanye said that this has positive implications for the A-share market in the following aspects. Accelerate the survival of the fittest in the A-share market; the second is to form a strong deterrent effect, which is conducive to guiding listed companies to be more legal and compliant, and become bigger and stronger.

　　It is worth noting that Kangdexin, which has been delisted from the A-share market, has recently received a fine from the regulatory authorities again.

On August 3, an administrative penalty decision on the website of the China Securities Regulatory Commission showed that the China Securities Regulatory Commission would disclose information on the inter-bank bond market of Kangdexin Composites Group Co., Ltd. (the original listed company Kangdexin, which has now been delisted). A case was filed for investigation and trial of the illegal behavior, and it was decided to order Kang Dexin to make corrections and give a warning; and to give a warning to the then chairman and actual controller Zhong Yu of Kang Dexin.

　　The China Securities Regulatory Commission pointed out that any behavior that attempts to support the stock price through false performance will eventually pay a painful price. Such behaviors that deceive investors and severely disrupt market order will be severely punished in accordance with the law.

　　Another administrative penalty decision disclosed by the China Securities Regulatory Commission showed that the China Securities Regulatory Commission conducted an investigation and trial of the illegal information disclosure of Kangde Investment Group Co., Ltd. (hereinafter referred to as "Kangde Group") in the inter-bank bond market. The China Securities Regulatory Commission decided: Kangde Group was ordered to make corrections, a warning was given, and a fine of 600,000 yuan was imposed; Zhong Yu was warned and a fine of 300,000 yuan was imposed.

　　In this regard, Tian Lihui said: “Kangdexin, which has delisted from the A-share market, has once again received a fine from the regulatory authority, which shows that my country adheres to the rule of law. Delisting does not mean exemption. Enterprises with serious problems will continue to be held accountable by relevant departments. Govern the enterprise in accordance with the law, and gradually form a law-abiding situation that dare not violate, cannot violate, and does not want to violate the law."

　　In He Nanye's view, the investigation of the violations of laws and regulations by delisted companies shows that supervision is continuous, consistent and comprehensive, and a better accountability system has been gradually established.

For all kinds of behaviors that infringe on investors' rights and interests or disrupt the order of the capital market, the investigation will not be terminated due to delisting, which is conducive to the formation of a strong deterrent against violations of laws and regulations, and is more conducive to protecting the rights and interests of investors.

(Securities Daily)