Already this year, 24 listed companies delisting the industry: a supporting legal protection can not back it

People, Beijing, September 19 (by Huang Sheng) This year, the number of listed companies or facing delisting risk, or have been delisted for various reasons, capital market survival of the fittest is taking shape. Many industry sources, a sound capital market delisting system is "clean" and "stabilizer." In recent years, in the context of the reform of the registration system, to further improve the delisting standards, capital market "exit off" gradually clear. Of listed companies and other major financial fraud illegal activities, the responsible person to bear legal responsibility. And constantly improve the delisting system clear "exit off" Recently, when users reply to the Commission comments on the People’s Network "message board leadership," said that this year 24 companies have been delisted, in which an initiative to withdraw from the market, restructuring delisting 6 family, forced to withdraw from the market 17. Since 2019 the number of companies forced to withdraw from the market at home, it has been more than three times the sum of the prior 10 years, renewal and normalization of the capital markets is accelerating the formation of ecological delisting.

It is understood that, in November 2020, "a sound mechanism of listed companies delisting plan" comprehensive deepening reform by the central committee meeting examined and adopted (hereinafter referred to as "" plan, "") has become an important file Implementation of the Fifth delisting system reform. "Program" that should adhere to market-oriented, the direction of the rule of law, improve the delisting standards, simplify delisting procedures, broaden the multi-exit channels, strict delisting supervision, improve the exit mechanism normalization. By December 2020, the Shanghai and Shenzhen Stock Exchange issued the implementation of the revised delisting system. Compared with the past, delisting new regulations set-financial red line, red line transaction class, standard class red line, red line major offense categories, more enforceable delisting standards, inclusive. Among them, a combination of financial indicators like single alternative financial indicators, "delisting face value" indicator to "1 yuan delisting" indicators delisting consolidation period is set to cancel the transaction delisting situation and so on.

Recently, the deputy director of the Department of Listed Company Supervision Commission Guorui Ming at the Fourth Forum on Small Investors Service said the delisting to strictly enforce the new regulations and promote the delisting system reform program implementation landing, speed up the clearing without the main business, no business zombie companies, shell companies, security shell crack down on illegal behavior, according to activists to support investors, ensure withdrawal was complete, get back down. "In the delisting new rules for the shell companies, corporate zombies crackdown tighter, the current market is gradually withdraw from the market normalization." After Suning special researcher at Institute of Finance, HE Minamino said the delisting new regulations, delisting standard more diversified, non-compliance of listed companies delisting execution stronger, reducing unnecessary buffer.

Improve the quality of listed companies to promote the development of the financial markets a number of industry sources, listed companies are the "basic disk" real economy, improve the delisting system fundamental purpose is to improve the quality of listed companies.

Only truly market "there is a carry out there, survival of the fittest", the quality of listed companies will be guaranteed, investors’ interests will be protected in order to promote the prosperity and development of financial markets. China Capital Market Research Institute of Renmin University of China Zhao Xijun, Co-President said that the normalization of the delisting mechanism, will help improve the quality of listed companies, dynamic clearing high quality low risk "problem company" so that the quality of listed companies to get more elements of resources .

Point of view in terms of improving the functioning of markets, and improve delisting mechanism will help improve the effectiveness of market pricing, the market valuation system more rational, avoid Gresham’s Law, strengthen market discipline, enhance market confidence.

Insiders also said that the delisting mechanism for promoting the development of the role of financial markets that serious capital market discipline, more effective way to remove disturb the market order "black sheep" to enhance the efficiency of capital market governance, effectively protect the legitimate rights and interests of investors, promote the formation of fair play, self-purification market ecology. Guangdong to open Securities chief strategist Chen Mengjie suggested normalization floor delisting mechanism also need to improve cooperation with other institutions in the capital market, the need to complete the appropriate legal protection. The delisting is not a back, especially in the presence of major financial fraud and other illegal activities of listed companies, the responsible person to bear legal responsibility.

(Editor: Zhao Zhuqing, Gao Lei) Sharing Let more people see the recommended reading.