One Stone Hit Three Birds, A New Round Of Delisting Reform, Making The Market Hard.

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< p > July 4th, the China Securities Regulatory Commission (CSRC) openly solicited opinions on the reform and improvement of the listing system and the strict implementation of the delisting system of listed companies (Draft). At the same time, the Listing Rules of Shanghai and Shenzhen exchanges were revised simultaneously, indicating that the new round of reform of the delisting system was officially launched.

Analysts pointed out that the new round of delisting reform will "one stone, three birds" force the market chronic disease.

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< p > new round < a href= "http://www.91se91.com/news/index_q.asp > > delisting system < /a > on the basis of marketization and legalization, the normalization has been increased. The reform emphasizes the significance of active delisting, and implements mandatory delisting for major illegal companies. At the same time, investor protection is always carried out, which is conducive to rationalizing the market entry and exit mechanism, enhancing market vitality, protecting the rights and interests of investors, reducing the speculation of" shell "resources, and helping to optimize the allocation of resources and improve the ecological environment of the market.

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< p > first, the delisting system echoes with the IPO registration system reform, which helps to solve the main contradiction of market development.

Experts believe that the issuance of frauds and the misappropriation of money are prominent problems in the current capital market. While adhering to the market-oriented reform, we must first solve the main contradictions, otherwise the reform will be difficult to further advance.

Delisting and new shares, as the two windows of market entry and exit, are in the same line of thinking in the reform. They will form a resultant force in punishing illegal activities, solving irrational speculation, cultivating market environment and protecting investors.

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< p > secondly, the point of compulsory delisting refers to the "black sheep" which complies with the development of the market and boosted market confidence.

In fact, the mandatory delisting market for major violations has been appealed for many years. However, due to the lack of specific provisions in relevant laws, no company has yet to withdraw from the market.

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< p > for a long time, fraudulent issuance and false letter drapes have been abomination by the market. Represented by the green land, Wanfu Sheng and other fraudulent issuers, with the false letter of Nanfang shares as the representative, the two major violations have infringed upon the legitimate rights and interests of investors and disrupted the normal operation of the market.

Southeast University, honorary president of the school of economics and management, and Wahson, a capital market expert, said: "we have no institutional arrangements in this respect in the past. Through this reform, the mandatory delisting regulations have been established, which will greatly increase the cost of illegal activities, which will lead to the serious consequences of delisting, which will play an important role in preventing the occurrence of these illegal acts."

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< p > again, the initiative to withdraw the market for the first time written into the delisting legal documents, is conducive to solving the problem of the development of the two tier market.

At present, the administrative regulation of the two tier market in China is still heavy, and the system of mergers and acquisitions such as market acquisition and repurchase is not perfect. The overall cost and social cost of active delisting are generally high.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, believes that the new delisting system has been incorporated into the active delisting arrangement, which is more in line with international practice and further enriched the delisting option. It will give full play to the role of mergers and acquisitions in the capital market, provide institutional arrangements for the upgrading of China's economic pformation, and also point out a more market-oriented orientation for the reform of the delisting system.

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< p > experts believe that as the three parts of the reform of the capital market: new shares, two tier markets and delisting, if these three markets can be reformed, the whole capital market will undergo fundamental changes in the future.

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< p > of course, investor protection is also the core consideration of the delisting system.

However, under the current circumstances, because the securities law has not been amended and the class action system has not been established, the delisting system will still be difficult to play a fundamental role.

However, the pace of market development will not stop. The reform can not let the majority of investors pay for the imperfections of the basic system.

A close supervisor told Xinhua that even if the actual conditions do not exist, we must try every means to protect investors, so that the delisting system can make up for it through its own efforts.

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< p > for example, continue to use the delisting finishing period, the essence of this system arrangement is to allow investors to exchange the cost of time compensation for the lack of compensation mechanism, so as to achieve the purpose of market risk release under the current conditions. As for civil compensation, the delisting system highlights the civil liability for "heavy law breaking companies and related liability subjects" instead of "delisting companies", which is actually an exploration of the civil compensation system in the future. Of course, the delisting system must rely on the amendment of the securities law if it wants to play its full role, otherwise, the mandatory delisting effect of major letter approval will be discounted.

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< p > as the SFC spokesman said, the reform and improvement of the delisting system involves many aspects, including the stage of self development, the degree of marketization, the investment culture, the local stability, the < a href= "http://www.91se91.com/news/index_s.asp" > the investor /a protection, the judicial guarantee and so on. It has certain complexity and gradualness. It needs the understanding and support from all sides of the society.

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