China News Service, Beijing, September 5 (Reporter Xia Bin) The Beijing Stock Exchange (hereinafter referred to as the "Beijing Stock Exchange") issued on the 5th the "Beijing Stock Exchange Stock Listing Rules (Trial)" (hereinafter referred to as the "Listing Rules" ""), which mentioned the delisting system of listed companies on the Beijing Stock Exchange.
The Beijing Stock Exchange emphasized that the "Listing Rules" implement the policy of "building a system, non-intervention, and zero tolerance", learn from the recent delisting system reform experience, and fully tolerate the natural performance of small and medium-sized enterprises on the basis of fully protecting the legitimate rights and interests of investors. It is vulnerable to external influences and other characteristics to avoid "big entry and exit" in the market; at the same time, resolutely clear out companies that have major violations of the law and lose their ability to continue operations.
The Beijing Stock Exchange said that the delisting system mainly includes three aspects.
The first is the delisting standard, that is, "who should withdraw".
The "Listing Rules" clarified the arrangements for active and compulsory delisting. Compulsory delisting is divided into four categories: transaction, financial, regulatory, and major violations, and constitutes a diverse and rich indicator combination.
Among them, the inspection period for compulsory financial delisting is 2 years, and the indicators are not cross-applicable.
The second is the delisting procedure, that is, "how to withdraw".
The Beijing Stock Exchange stated that the "Listing Rules" provide for delisting risk warnings, as a pilot system for compulsory delisting, which not only fully reveals risks to the market, but also protects investors' trading rights; it is clear that compulsory delisting is reviewed by the listing committee to ensure that delisting The seriousness and prudence of the city's decision.
The third is the delisting destination, that is, "where will the delisting go?"
The Beijing Stock Exchange stated that it has given full play to its institutional advantages in the integrated development of the new three-board market. For delisted companies, those that meet the basic-level listing conditions or innovation-level conditions of the national equity transfer system are encouraged to enter the corresponding level of listing and trade and continue to develop; there is significant In violation of laws and other circumstances, those that do not meet the listing conditions are transferred to the delisting company sector, which reflects the innovative exploration of "classified relief and adequate mitigation" of delisting risks.
In addition, delisted companies on the Beijing Stock Exchange that meet the requirements for relisting can apply for relisting.
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