Guo Shuqing: Delisting System Promotes Survival Of The Fittest

In fact, Delisting It is not a purpose, but a means. The purpose is to push the market to make better use of the allocation of resources and achieve the survival of the fittest.

Look at a set of data first. At present, there are more than 2300 A shares and 108 B shares in the domestic market. Since 1997, a total of 88 companies have been delisting from Shanghai and Shenzhen two cities, of which only 46 have been delisted because of continuous losses, accounting for about 50%. The other 42 companies are mostly delisting because of merger and absorption.

Obviously, the function of the delisting system in the survival of the fittest is still very limited, and a large number of junk stocks pass. Report reorganization And other means to avoid the "three consecutive years of loss" of the delisting line, more delisting companies will also be re organized through the reorganization game, which led to junk stocks were stir fried, subject matter and concept stocks rose, large cap stocks and blue chips in an awkward position.

At the end of last year, the Shenzhen Stock Exchange issued a draft opinion on improving the delisting system of gem, making it clear that there were two new delisting indicators on GEM, that is, publicly condemned by the exchanges continuously, and that the price of shares was lower than the face value continuously, and that they did not support the adoption. borrow a shell "Resumption of listing. In addition, during the two sessions this year, there were reports that the rules for the delisting system of the gem will be introduced soon.

The promotion of the delisting system is of course urgent, and its importance is self-evident, but it can not be carried out in isolation, and the perfection of other related systems should keep pace with it. This includes the issuing system and the system of backdoor reorganization. The reform of the issuing system should enable the price of new shares to truly reflect the value of the company, and intercept the newly created new shares outside the exchange, so as to improve the quality of the listed companies from the source.

Judging from the current public information, the core of the gem delisting system is not allowed to restructure and not allow backdoor promotion. The main board delisting system may also introduce market transaction indicators such as trading volume, trading quotes and conditions for strict backdoor reorganization. However, this is only a preliminary assumption and expectation. Will there be greater uncertainties in the specific policies promulgated?

In addition, the issue of information disclosure has been a chronic disease in the A share market. Although there is a management method for information disclosure of listed companies, there are still many listed companies in the information disclosure of forged assets, fictitious profits, and the release of misleading information, information disclosure is not timely, incomplete is the norm. It is suggested that information disclosure be an important indicator of delisting system, and it should be refined to make this indicator operable. Of course, this is more difficult, especially for the authenticity of information disclosure and whether it is misleading.

In the construction of the delisting system, there is another important problem that can not be ignored, that is, how to maximize the protection of investors' interests, especially the large number of retail investors who are in a weak position. Although risk taking is one of the most basic principles of investment, the perfection of the delisting system is in itself a way to protect investors, but regulators must also introduce the delisting system while maintaining the interests of shareholders who suffer from stock delisting.