Cao Zhongming: Active Delisting Or A Beautiful Vision.

A few days ago, the China Securities Regulatory Commission formally issued some opinions on reforming, improving and strictly implementing the delisting system of listed companies. In fact, in addition to the initiative to withdraw from the market system, a major law breaking company mandatory delisting system and strengthen the protection of the interests of delisting companies investors are all the highlights of the new rule of delisting.

Obviously, the active delisting is still a "new thing" for the young Chinese capital market. Data show that the A share market has been born for more than 20 years, and the "delisting" company is only 78. In addition to the mandatory delisting of listed companies due to trigger related delisting indicators, other "delisting" listed companies often appear in the merger and absorption of listed companies, and strictly speaking, these listed companies have not delisted, but only after changing their faces, they have changed a "living law".

Comparatively speaking, in overseas mature markets, the active delisting phenomenon of listed companies is very common, and the proportion of active delisting is obviously higher than that of passive delisting. For example, between 1998 and 2007, about half of the delisting enterprises in the Nasdaq market of the United States were active delisting. Meanwhile, the proportion of the active withdrawal of the US NYSE was 67%. In the UK market, about 70% of all the delisting companies in 2001 ~2013 were active delisting, and the data also highlighted that the delisting of the overseas mature market listed companies was more "active".

Obviously, in the active delisting of listed companies, the A share market is in sharp contrast to the mature market abroad. There is no reason why this is so. First, A share market Although there is a feature of the difficulty of delisting, the difficulty of listing also exists, and the new IPO often suffers from a temporary dilemma, which makes this problem even more prominent. In order to be able to enter the capital market, companies like green earth and Wanfu branch even risked fraudulent fraud. And successful listing means great benefits. Listing is so difficult that a company that has gone through a lot of hardships to "take the initiative" to withdraw from the market is obviously not what it pursues.

Secondly, shell resources still have value. According to media reports, the value of shell resources of a listed company in the past few years was as high as 4 hundred million, up to 500 million yuan this year. The shell resources of listed companies enjoy such a high premium. Even if a listed company is delisted because of poor management, it can also make a profit by buying shell. And if Active delisting There will be pressure on shareholders' meeting to face the need to pass the voting rights of small and medium-sized shareholders attending the meeting. 2/3 will also encounter the pressure of small shareholders themselves. In addition, how to protect the rights and interests of minority shareholders will also make the listed companies think hard after delisting.

Third, it is mixed up in capital market Because the threshold is low, the funds can be consolidated through fixed increase and so on. Even if the performance is poor, there is an opportunity to turn over the assets through asset restructuring. Although the "delisting opinions" stipulate that "active delisting companies may apply to the stock exchanges that they choose to re apply at any time", but after their active delisting, the door of equity financing in the capital market is blocked, and the chance of asset reorganization will no doubt decrease. As long as it is in the capital market, it means there will be a way out for listed companies. That being the case, why should we choose to withdraw from the market voluntarily?

There is no doubt that in the current real environment, even if A shares have active delisting of listed companies, there will be very few. When the garbage listed companies are unconcerned, when the shell of the listed company is worthless, when the enterprises are faced with the high cost of listing, it is possible to take the initiative to withdraw from the market. Only then will it be possible to take the initiative to withdraw from the market to become another "landscape" in China's capital market.