Our reporter Wu Xiaolu

　　At the beginning of the new year, *ST Jitang, *ST Xinyi and *ST King Kong refreshed the "Notice on the Risk of Major Illegal Compulsory Delisting". The three companies are waiting for the official release of the administrative penalty decision.

　　2022 is the second year of the implementation of the new delisting regulations. Market participants interviewed by a reporter from the Securities Daily believe that the capital market delisting system has been gradually improved. There is still room for further optimization.

In addition, it is necessary to further improve the re-listing, bankruptcy and reorganization system, further unblock diversified exit channels, and build a good ecology for the survival of the fittest in the capital market.

　　Financial delisting indicators will take off

　　"Perfect delisting mechanism is the basis for the market to play the role of survival of the fittest and optimize the allocation of resources." Liu Feng, chief economist of Galaxy Securities, said in an interview with a reporter from "Securities Daily" that whether the registration system reform can achieve a decisive victory is one of the key points. It depends on whether the delisting system can open up the channel of the "fittest".

Only when "bad companies" are continuously eliminated can "good companies" stand out, and the efficiency of resource allocation in the capital market can be truly improved.

　　This year, the reform of the market-wide registration system will become the highlight of the capital market. At the same time, it will also be a year in which the power of the new delisting regulations is fully demonstrated.

According to the new delisting regulations, listed companies will terminate their listings when they touch financial indicators for two consecutive years. Last year, 97 companies that were warned of delisting risks will usher in the second round of trials this year, and the number of financial delisting companies may be significantly affected. Increase.

　　In 2021, 27 companies will exit through diversified channels.

"This year, the number of A-share delisting companies is expected to double." Yin Zhongli, a researcher at the Capital Market Research Office of the Institute of Finance of the Chinese Academy of Social Sciences, told a reporter from the Securities Daily that the financial delisting indicators will show its power.

For major violations of mandatory delisting, violations of the law must be investigated and strictly implemented in accordance with the system.

In terms of transaction delisting, it is also necessary to further give full play to the role of investors with their feet in voting to speed up the exit of bad track companies.

　　“For the delisting of face value and market value to function normally, investors need to establish the correct investment philosophy and mentality, and abandon the gambling mentality.” Yin Zhongli believes that, in this regard, supervision needs to take measures to clarify investor expectations and further containment. The trend of "specializing in small" and "specializing in poor" has reduced the survival space of inferior companies in A-shares.

For example, compare IPOs to further improve the re-listing system and procedures of delisted companies.

　　Further improve the exit mechanism and channels

　　"At present, the A-share delisting system is relatively complete. The mandatory delisting indicators cover four categories: financial, trading, regulatory, and major violations, and can be optimized for specific problems in the implementation of the delisting system. Shao Yu, chief economist of Orient Securities, said in an interview with reporters that the capital market needs a steady flow of fresh "blood" to replace zombie companies and shell companies in order to attract continuous inflows of medium and long-term capital, achieve optimal allocation of resources, and investment and financing. A virtuous circle to maintain the vitality of the capital market.

　　Talking about how to further improve the delisting indicators, Wang Huiqing, a postdoctoral fellow at the Bank of China Research Institute, said in an interview with a reporter from the Securities Daily that first of all, while examining net profit, net assets, and balance sheets, we should also pay attention to off-balance sheet financing, or For off-balance-sheet matters such as matters, future matters, etc., once the violations of laws and regulations are verified to be true, they will be unconditionally delisted.

In addition, it is possible to examine the clearing and retiring of "shell companies" by introducing indicators of the number of employees.

Secondly, delisting indicators should also reflect the characteristics of differentiation, and there should be a distinction between company growth models and industry sectors to avoid "one size fits all."

Finally, we can also learn from the experience of mature securities markets and consider introducing short-selling mechanisms on the Science and Technology Innovation Board and ChiNext under controllable risks to help the securities market realize "good money drives out bad money".

　　Bankruptcy and reorganization is also an important way for listed companies to "remove corruption and build muscle" and improve the quality of the company.

The "Opinions of the State Council on Further Improving the Quality of Listed Companies" stated that "the diversified exit channels for listed companies, such as active delisting, mergers and acquisitions, and bankruptcy reorganization, should be unblocked."

　　Recently, the Shanghai and Shenzhen Stock Exchanges issued guidelines on the self-regulation of listed companies on bankruptcy and reorganization and other matters to regulate the bankruptcy and reorganization of listed companies and protect the legitimate rights and interests of investors.

　　Liu Feng believes that at present, the market for bankruptcy and reorganization of listed companies urgently needs to be regulated by the system to enhance the degree of marketization.

In this regard, the regulatory authorities should actively promote the revision of the Corporate Bankruptcy Law and improve the basic system for the bankruptcy and reorganization of listed companies.

At the same time, the work linkage mechanism between the securities regulatory department and the court should also be optimized.

(Securities Daily)