Cao Zhongming: The Seriousness Of The Delisting System Can Not Be Discounted.

A few days ago, the Shanghai and Shenzhen Stock Exchange revised the three delisting matching rules of the implementation measures for delisting companies' re listing, the implementation details of the delisting and finishing business, and the Interim Measures for the trading of risk warning boards, and promulgated it in January 30th. Although the regulatory authorities claim that this is mainly aimed at "further improving the delisting mechanism and effectively protecting the legitimate rights and interests of investors", the seriousness of the delisting system will be "discounted" from the revised terms.

Listing is difficult to withdraw from the market is more difficult is the most true portrayal of the A share market. If a company succeeds in the capital market, it must undergo many links such as shareholding system reform, listing guidance, first trial, feedback, and meeting audit. Even if it is successful, if the market is low, the new IPO will be suspended, and the corporate earnings index will no longer meet the requirements of listing. Like the 600 queuing companies at the moment, I do not know whether the market will be able to go public until the time comes.

Over the past 20 years, fewer than 80 listed companies in the A share market have been "delisted" and the rate of delisting is relatively low. If the delisting of some listed companies is triggered by factors such as merger, the number of listed companies that are actually delisted by financial indicators is less. In order to avoid the fate of the delisting, asset restructuring, report restructuring, financial subsidies and incentives have become the "magic weapon" of some stock market "undead birds", which is obviously not conducive to the optimal allocation of market resources, nor is it conducive to investors to form the correct investment concept.

A number of opinions on reform and improvement and strict implementation of the delisting system of Listed Companies promulgated in October last year are considered to be a major step forward in the reform of the delisting system, especially the enforcement of major illegal companies. Delisting system It has also been interpreted as a sharp sword to crack down on fraud and major information disclosure violations.

But the Shanghai and Shenzhen Stock Exchange's revised " Delisting company The implementation of the re listing method clearly opens another convenient door for the re listing of delisting companies. The above listing is a case study. For the active delisting companies, the Shanghai Stock Exchange has formulated a series of preferential measures for its re listing. For example, in the application interval, the active delisting companies can apply for re listing at any time after the delisting. On the application documents, the company considers that the relevant application documents are not applicable, and can apply to the Shanghai stock exchange for exemption. In terms of audit procedures, the Shanghai Stock Exchange has halved the time of deciding whether to reissue the listing, which is shortened from sixty conventional trading days to thirty trading days. Especially after the delisting, the application can be rewritten at any time. Listed company It is possible to play this clause in the palm of the stock.

The biggest failure of the reform of the delisting system is that companies that have committed major violations can also apply for re listing, which is also reflected in the implementation of the "delisting companies' re listing". Although the Shanghai Stock Exchange has set up four prerequisites for the re listing of major illegal companies, the results of Wanfu branch and hailungang told us that as long as the listing can be successful, what is the compensation for investors in the area? The compensation fund established by Ping An Securities is 300 million yuan, and the compensation fund set up by four shareholders of Hai Lian news is 200 million yuan. However, the huge profits obtained by the counterfeiters are far greater than the amount of compensation.

Therefore, for major illegal companies, they should not give any chance to re listing. Compensation for investors' losses is their responsibility. The punishment of the responsible personnel is also their own fault. There is no need to take the re listing as a bargaining chip for their compensation investors. However, in order to protect the interests of small and medium-sized investors, the regulatory authorities finally "compromise" to the major offenders. With this amulet. Whether under the approval system or under the registration system, it will be unable to stop the fraudulent issuers and fraudulent listers.