The Gem Delisting System Is Approaching &Nbsp; Are You Ready?

At present, gem Delisting The system has been like an arrow, and we remind those investors who are keen to "hype" two words. In the face of the ultimate market risk of delisting risk, we should set up the correct concept of rational investment and welcome the arrival of a new era of rational investment with a good attitude.

　 Thorough understanding of gem's delisting system "six contents"

Perfection of Shenzhen Stock Exchange Gem The delisting system has taken six measures. First, on the basis of 11 delisting conditions such as continuous losses, negative net assets, certified public accountants' negative opinions or audit reports that can not be expressed, the first step is to increase the two consecutive delisting conditions that are continuously condemned by the exchange and the stock price is lower than the face value. The two is to improve the auditing standards for the resumption of listing, to deduct the net profit before and after the non recurring gains and losses as the criterion of profit judgement, and not to support the suspension of listed companies to recover the listing through the backdoor. The three is to speed up the delisting of insolvent listed companies and shorten the delisting time. The four is to set up the "delisting finishing board". Before the company terminates the listing, it will give a certain "delisting and finishing period". During this period, the stock will be transferred to the "delisting finishing board" for another board transaction. Five, we should improve the way of prompting the delisting risk of the gem, adjust the "*ST" system, and fully disclose the risk of delisting by strengthening the information disclosure of the delisting risks of listed companies and deepening the management of GEM investors' Appropriateness. Six, after the GEM companies withdraw from the market, they will be transferred to the transfer system.

In the long run, the six aspects of the gem delisting system will help to form a dynamic balance of the GEM market, and further improve the gem survival mechanism. It will enhance the overall quality of GEM companies and protect the interests of small and medium investors from the source, which is of great significance for the long-term healthy growth of gem and the reform and development of the whole capital market.

　 Understanding three risks of gem's delisting risk

For the growth enterprise market Investor Not only do we need to see the positive effect of the implementation of the delisting system on improving the quality of listed companies and purifying the securities market, but also fully realize that GEM companies have relatively large delisting risks.

First of all, we should pay attention to the characteristics of gem, such as small scale of operation, immature mode of operation, weak ability to resist risks and large fluctuations in performance. Some companies that rely heavily on single customers or single products, when the external economic environment changes, such as customer demand changes and replacement products, will reduce the company's orders sharply, resulting in a sharp decline or loss in performance. Over the past two years, the performance differentiation of listed companies has begun to appear, and some companies' performance has declined. Investors should pay attention to the market risk of individual GEM companies.

Second, we must pay attention to the more difficult for the GEM companies to resume listing after the suspension of the listing. The lower net profit before and after deducting the non recurring gains and losses is the difficulty of resuming the listing. The company that suspends the listing can only improve its own business ability to resume listing. In the past, the old way of injecting assets, improving performance and restoring the listing will no longer work on the gem. At the same time, the gem does not support the suspension of listed companies to recover the listing through the backdoor. The myth of "black chicken changing Phoenix" in the delisting company may not appear on the gem. Investors should thoroughly abandon the speculative ideas of listening to the news, frying themes and junk shares, and be truly rational investors.

Third, we should pay attention to the abolition of the "ST" and "*ST" warning system in the growth enterprise market, and strengthen the way of information disclosure of listed companies' delisting risks, so as to fully reveal the risk of delisting. Investors who are already familiar with the "ST" and "*ST" stock will not appear on the gem. Investors must adapt to the new delisting risk hint of gem and pay close attention to information disclosure of listed companies.

　　 Cultivate the "three consciousnesses" to deal with the risk of delisting of gem

More importantly, investors in the growth enterprise market should take a more active and active precaution against delisting risks after the implementation of the delisting system.

First of all, investors should cultivate and adhere to the sense of value investing at the level of investment philosophy. We should seriously analyze and study the company's business model, corporate governance and operation, pay attention to the operation of the company's industry, do not listen to rumors, do not blindly follow suit, put an end to speculation, and form a rational investment equity culture in the whole society.

Secondly, investors should really establish a sense of "buyer's conceit" on the level of investment responsibility. When a listed company leads to delisting due to factors such as macroeconomic factors, industry factors and operational competitiveness, investors will shoulder the loss of investment judgment. The risk of delisting is an overhanging sword, which enables investors to establish a sense of self-protection.

Third, investors should cultivate awareness of loss control in the face of profit and loss. Because we bought the stock of the delisting company because of the wrong judgment, we should make full use of the "delisting finishing period" provided by the delisting board, actively, consciously and actively pay attention to the information disclosure documents of the listed companies, pay attention to the risk warning notice of the delisting, release the risk effectively, maximize the recovery of losses, and ultimately achieve the purpose of protecting investors' own interests.