GEM Companies Have Been Condemned For Three Years In Three Years And Will Be Listed On The Market.

Song Liping first made clear

"The basic principle of setting up the gem delisting system is the phenomenon of direct delisting, rapid delisting and eliminating the hype of the borrowed shell."

Song Liping, general manager of Shenzhen Stock Exchange, recently received an exclusive interview with the media, disclosing the principle and framework of the gem delisting system for the first time.

It is worth noting that in the past three years, the stock market has been publicly condemned for three times, or the daily closing price of the company's twenty consecutive trading days is lower than the face value of each share, and the company's stock will be listed on the market.

"Gem must be strictly delisted.

Although the specific system has not been released as scheduled, this expectation can not be changed. "

At the helm, Song Liping said.

So how can we build a strict framework for delisting system?

During the interview, Song Liping described a system framework of "3+2".

First, the Shenzhen Stock Exchange recommends that the gem be directly implemented.

Second, we should further shorten the delisting time according to different situations so as to ensure that the problem companies and performance companies withdraw from the market as soon as possible, so that the gem can truly achieve good performance and healthy development.

Third, suspension of listed companies is not allowed to resume listing by means of asset restructuring.

We should put an end to the phenomenon of delisting, backdoor listing, insider trading and market manipulation in the process of delisting of listed companies, so as to purify the market environment of gem.

At the same time, in

First, it was publicly condemned by the exchanges.

GEM companies have been publicly condemned three times in the past thirty-six months, which will terminate the listing of the company's shares.

Two, the stock price is lower than the face value.

The stock price of GEM companies will be lower than the face value of each share for twenty consecutive trading days, and it will also terminate the listing of the company's shares.

The gem delisting system is so strict. How to protect the interests of investors?

Song Liping disclosed that in addition to deepening the management of GEM investors' appropriateness, strengthening the delisting information disclosure, fully revealing and resolving the delisting risks of the company, there will be a two step buffer.

First of all, before the implementation of the delisting, the stock trading time will be given on 30 trading days, so that investors can handle the shares held in the stock market.

Secondly, after delisting, the company will issue a stock pfer system and provide investors with a channel and platform for share pfer.

"This will provide a buffer zone for small and medium-sized investors to hold up losses, thereby reducing market turbulence."

Song Liping said.

She also said that the Shenzhen Stock Exchange hopes that the gem delisting system will precede the delisting system of other sectors.

This is because the growth enterprise market is a brand new market. There are no problems left over by history. As soon as possible, the establishment and improvement of the direct delisting system does not involve the adjustment of the existing market interest pattern. It is conditional to pilot ahead, so as to explore and establish a sound delisting system that is consistent with the reality of China's capital market.

When it comes to the "three high" (high share price, high price earnings ratio and high fund-raising) of gem, especially the problem of over raising, song Li Ping said that over raising is not good for capital efficiency and return on investment.

She also believes that with the recent breakup of new shares and the drop in earnings ratio of the two tier market, the phenomenon of over recruitment has also eased, and even the lack of corporate fund-raising has begun.

"This shows that over raising is a phased issue. At least, the phenomenon of over recruitment is changing."

She also stressed that we must resolutely stop raising funds for the two level market speculation.

Investors should invest according to prospectus and refinancing instructions. If enterprises want to change the direction of raising funds, they should abide by certain procedures.

If we fail to fulfill the procedures and change the direction of investment, we will be subject to regulatory measures.

It is understood that the supervision of gem financing has pplanted small and medium-sized boards.