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Regulatory Authorities Brewing Gem Delisting System

2011/1/19 11:25:00 50

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Recently, the head of the Shenzhen Stock Exchange said: "the exchange panel is studying the delisting system and will refer to overseas for reference.

Aspect

Experience in designing a comprehensive policy framework.

In addition, there are also problems in accounting and legal aspects of gem.

It has been revealed that this year's regulatory authorities will draw lessons from the delisting mechanism of the overseas growth enterprise market, accelerate research and demonstration, and improve the delisting system from the aspects of delisting methods, delisting standards, delisting procedures and supporting systems.

It is understood that since last year, the special research group of Shenzhen Stock Exchange has continuously inspected the foreign delisting system of gem, studied the characteristics of the domestic market, and discussed the necessity, feasibility and institutional framework of China's gem's delisting.

Insiders told reporters in an interview with the economic reference daily that the delisting system is the theme of the general rules of the gem, and it is also an inevitable choice to solve a series of problems in the development of the GEM market.

At present, the two tier market of gem is overpriced, which will lead to a series of problems.

At the same time, various unreasonable phenomena appearing in the auditing process of gem have not been effectively curbed.

For example, in the process of listing, individual listed companies have problems such as sponsors and other stakeholders.

In addition, there are many problems before the listing of GEM companies.

Analysts pointed out that, due to various reasons, whether the listed companies have been approved, or the companies that will be reviewed and listed later, they can not exclude the potential risks of landmines. There are similar examples and lessons in the world.

According to statistics, there are 75 gem markets in the world, but only 40 or so are still in operation. Only 5 stocks in the smallest scale are in operation, the most successful one in the US is the Nasdaq market. During the period from 1996 to 1999, there were 1179 delisting in more than 5000 NASDAQ listed companies, with an average annual delisting of 393.

According to authoritative sources, the future delisting system framework will include four main lines: delisting mode, delisting standard, delisting procedure, delisting risk prevention and so on.

First

The future plan will adopt a "direct delisting" approach.

Gem delisting is no longer like the motherboard requirements must enter the agency share pfer system, GEM companies to implement direct delisting, that is, a retreat to the end.

"From the direction of the delisting of overseas GEM companies, the company will withdraw from the market or enter the OTC market, or" go back to the bottom ".

Researchers at the Shenzhen Stock Exchange told reporters.

According to the Shenzhen Stock Exchange, there is no over-the-counter market in Hongkong.

Exactly?

。

Although Japan has an over-the-counter market (green single market), most of them are "going back to the end" after delisting.

However, the companies in these two markets have little influence on the delisting, and investors' response is not fierce.

This phenomenon is related to the matching system of delisting, IPO difficulty, listing standard, buyer's conceit, investors' judicial relief and delisting arrangements.

In Japanese and Hongkong markets, buyers' conceit is deeply rooted in the minds of investors, and investors will not react fiercely to normal delisting.

The second aspect of the delisting system is the establishment of a delisting standard.

It can be expected that the concept of gradual retreat from the standard of withdrawal will be changed from focusing on performance and paying attention to profit and loss to the ability to continue operation. In addition to linking the delisting standards with the listing standards, we should pay more attention to the substantive norms such as the standardized operation of the company, the compliance of the letter, the liquidity and the ability of continuous operation.

The Securities Association of China said.

It is understood that in the previous stage, people in the industry had suggested to the regulatory authorities when participating in the discussion of the scheme. In view of the different positioning of the gem and the main board and the small and medium-sized boards, the characteristics of the enterprises should be different. The criteria for delisting should also be targeted. China's GEM market has tried a similar attempt to adopt the delisting standards such as turnover and net assets. It is suggested that sales income and other indicators should be supplemented to reflect the company's continuous operation capability and the reform of the standard of continuous loss delisting.