Unscramble The Three "Suspense &#34" Of The Beau Yuan Investment Forced Out Of The Market.

The delisting system is not only to optimize the resource allocation function of the capital market, but also to punish some illegal listed companies.

If a company suspected of having committed major illegal acts like "Bo Yuan" is able to "return" after its forced delisting, such a delisting system will obviously need to be revised again.

According to the regulatory authorities, in order to "help" controlling shareholder Huaxintai "fulfill" the performance commitment of the share reform, Bo Yuan invested many times during 2011 to 2014, forged the bank acceptance bill, and made a fictitious use of the performance commitment fund to purchase major pactions such as bank acceptance bills, bills replacement, discount and prepayment, and disclosed the serious false reports of financial information.

Moreover, the amount of financial fraud that Bo Yuan invested in is huge.

For example, the annual report in 2011 increased by 347 million 50 thousand yuan in assets, accounting for 69% of the total assets. In 2012, the annual report increased by 364 million 558 thousand and 300 yuan, accounting for 62% of the total assets, and the profit increased by 18 million 932 thousand yuan, accounting for 90% of the total profits. 2013 annual report increased by 378 million yuan, accounting for 62% of total assets, with a gross profit of 23 million 645 thousand and 400 yuan, accounting for 258% of total profits.

If it was not a case in point and was investigated by regulators in June last year, perhaps the 2014 annual report of Bo Yuan investment is also a false report.

After all, the story of its inflated assets has only been "compiled", and its annual and semi annual reports can convince investors.

There is no doubt that Bo Yuan's illegal investment behavior is serious and bad in nature. It is entirely self blame that the regulatory authorities start the compulsory delisting mechanism.

Moreover, Bo Yuan investment should also pay for its gross violations.

However, even if Bo Yuan investment has become a "major illegal delisting compulsory market," I believe there are also several suspense.

Suspense, is there any responsibility for the regulatory authorities? According to the SFC's bulletin, the main reason why Bo Yuan invested in major illegal activities is mainly due to the fact that its controlling shareholder, Hua Xin Tai, has fulfilled and paid the performance commitment fund of the share reform performance of 384 million 528 thousand and 450 yuan, which has not been fulfilled in real terms, and then began to inflate assets and forged bank acceptance bills.

It has led to serious information disclosure in its semi annual reports and annual reports.

As a promoter of stock reform, as a regulator of the market, after the reform of Bo Yuan, there is obviously a lack of supervision in the performance of commitments.

In this sense, the regulatory authorities should also shoulder certain responsibilities.

Suspense two, whether the intermediary is responsible? In the major illegal process of Bo Yuan investment, one is that the sponsor body of the stock reform apparently fails to perform its diligent and conscientious duties.

If the commitment is fulfilled or not, intermediaries should keep track of them.

Two, its audit institutions also have problems of insufficient professional competence and lack of diligence and responsibility.

In fact, for the bank's acceptance of counterfeit bank's bill of exchange, the audit institution can find the problem only if it is verified by the bank. However, when the listed company has forged many times, its audit institutions that regularly report have been kept in the dark. It is suggested that such intermediaries should be severely punished.

Suspense three, if Bo Yuan investment is coercion

Is it going to be listed again? According to the relevant regulations on the reform and improvement of the delisting system of the listed companies, and the relevant regulations of the Shanghai Stock Exchange listing rules promulgated last year, the company that has been suspended from listing due to serious violations can make a comprehensive correction of the illegal activities during the suspension of the listing, make timely arrangements for the withdrawal of the responsible personnel and make proper arrangements for the civil liability for compensation, and apply to the Shanghai stock exchange for the resumption of listing.

If Bo Yuan wants to apply for the resumption of listing, its biggest difficulty lies in whether it can compensate investors.

Previously, the funds of compensation investors were not more than 200 million yuan in the case of Wanfu branch and haitun news fraud listing.

Taking into account the huge interest of stock arbitrage in the future, the possibility of compensation for investors in listed companies is very large, so the possibility of re listing in the future will be greatly increased.

If this means that Boyuan investment can "get" in the capital market after a long period of time when the major violations are "separated" from the stock market for a while.

The problem is that, since leaving behind a "back road" for such companies, is the mandatory delisting system of a major illegal company not in name only?