Who Will Benefit From The Direct Delisting Of Gem?

According to Shang Fulin, chairman of the securities and Futures Commission, the gem delisting system can effectively play the optimal allocation of resources and protect small investors.

The threshold for delisting of gem is low. There should be a precondition for GEM companies to issue low prices and low threshold.

But now the situation is that many companies can not pfer to the SME board when they are listed on the gem. The gem has become the first choice for many listed companies because of the high selling price.

Under such circumstances, it is not appropriate for GEM companies to adopt a very low delisting threshold.

A gem company, from listing to delisting, is unlikely to get away from it all.

In the end, only small and medium-sized retail investors bid for high prices and buy at high prices. Finally, stock delisting has not yet been restructured.

However, the operation of GEM companies has been getting worse, or the fraud has been exposed. Among them, the executives of listed companies are responsible, the SFC is responsible, and the inquiry institutions are also responsible. The only one who has no responsibility is the small and medium-sized retail investors. But in the end, the small and medium-sized retail investors will bear all the losses. What is the fairness?

Some may say that the proportion of small businesses scattered on GEM is not high.

But this is

Of course, banks may also become unlucky, because large shareholders of many listed companies tend to pledge shares of listed companies to banks for loans. The past pledge to equity interest in listed companies of banks can also get some rights and interests in the process of reorganization.

Once the GEM companies have lost the chance to restructure, the loans issued by banks will probably be wasted.

For the high priced gem that A shares do not start, the fairness has been greatly reduced. If the right of small and medium investors to participate in restructuring is further deprived, the speed of the shrinkage of small and medium-sized investors will be further accelerated. This is not a good thing for the stable and healthy development of the A share market.

This column believes that a new "minimally invasive board" can be set up to allow even a single creative company to be listed on the stock market. Of course, the issue price should be low enough, such as 1 yuan per share. Such a company has a big risk, but the cost of the investor is the same as that of the initiator shareholder.

The loss of gem enterprises is directly delisting, and the board is on the bottom of their buttocks.