Can The New Rules Of Delisting Change The Fate Of A Shares?

As of December 15th, 33 companies in A share listed companies have issued notice notices for filing, checking and delisting, many of which are well-known listed companies.

However, from the above 33 listed companies, ST companies are less than 10, while the rest are listed companies with non performance losses and information disclosure problems.

According to the new delisting rules formally implemented in November 16th, the following five major measures are focused.

These include implementing the active delisting system, clearly implementing the mandatory delisting system of illegal companies, illegal issuance of fraudulent issuance and illegal disclosure of major information, and the decision of the stock exchange to terminate the paction within a year; strict market mandatory delisting indicators; perfecting the supporting institutional arrangements, setting up the withdrawal period and strengthening the protection of investors in the delisting stock companies.

Evidently, the information disclosed recently shows that the listed companies that have been placed on file are mainly fraudulent issuance and information disclosure violations.

However, from the data collected by several listed companies, there is a clear proportion of listed companies whose information disclosure is illegal.

According to relevant regulations, if a listed company is punished by the CSRC or is pferred to public security organs according to law, if it is punished by fraud or illegal disclosure of major information, the exchange will take warning of delisting risks to the relevant listed companies.

If the listed company is in the stage of suspension of listing, its decision on major administrative penalties for violation of administrative penalty has not yet been revoked, and the listed company will be terminated.

It can be seen that in the early days of the new rule of delisting, there were warnings that many listed companies were being delisted, and laid a good foundation for the future market to enhance the "survival of the fittest" function. However, the listed companies were released by the SFC for investigating the risk warning of delisting. This is only the first step. Further observation is needed on whether the delisting of A shares can be guaranteed in the future.

In the A share market, there is a long-standing problem of "difficulty in listing, delisting more difficult".

According to statistics, since 2001, the number of listed companies, including compulsory delisting and self delisting, has only 78 in two cities.

In other words, in the past 13 years, the delisting mechanism of the A share market has not achieved satisfactory results for a long time.

In the past two years, few listed companies have been able to withdraw from the market.

Among them, the successful retreat of the retired mayor in 2014 has been questioned by many parties.

On the one hand, the retired mayor oil is the first listed company to withdraw from the market because of financial indicators since the reform of the delisting system in 2012.

At the same time, it is also the first listed company to withdraw from the market.

Obviously, in the last two years, the reform of the A - share market system did not achieve substantial results.

On the other hand, the successful withdrawal of the retired mayor's oil also benefited from the increase in the amount of losses it had made with the help of large sums, thereby accelerating the pace of its delisting.

Otherwise, the mayor may not be able to withdraw smoothly from the A stock market.

Compared with the A share market, the delisting rate of the international mature securities market led by the United States has achieved gratifying results.

According to statistics, between 1995 and 2012, there were about 3000 listed companies in the NYSE, and more than 8000 companies in the Nasdaq market completed the task of delisting.

In addition, from 2005 to 2012, the market value of the listed companies in the New York Stock Exchange delisting was as high as 3 trillion and 100 billion, while the market value of the new listed companies was only 1 trillion and 300 billion.

In other words, under the background of high delisting rate, it also fully guarantees the "survival of the fittest" function of the local market.

Accelerate

The new rules, further strengthening the mandatory delisting and strict faith draping system, are essentially aimed at greeting the upcoming stock issue registration system.

And for 13 years.

The core of the registration system is the role of city DPRK.

In other words, if the declared material of a listed company complies with the relevant requirements and basically discloses the information disclosed, whether the enterprise can successfully issue the listing is entirely judged by the market.

Obviously, the author believes that the overall registration system is designed to solve the long-standing problem of "barrier lake" in the issue of new shares. Second, in order to speed up the direct financing function of China's stock market and create more financing opportunities for a large number of small and medium-sized micro enterprises, the third is to break the situation of the "issuance of power" by the issuing Committee under the previous approval system, and to change the confusion of power rent-seeking and interest pmission in the market for a long time.

However, in

At the time of arrival, the new rules for delisting were highly anticipated.

Obviously, under the registration system, the A share market can realize the function of "survival of the fittest". On the one hand, it relies on the new rules of delisting to enhance the overall delisting rate of the A share market; on the other hand, it uses the power pfer of the SFC to strengthen the supervision and other means to crack down on the illegal behavior of the market, and thus acts as a deterrent to the role of the illegal listed companies.

It is undeniable that in the A share market, listing is difficult, and it is more difficult to withdraw.

And how to break the passive situation and achieve the "survival of the fittest" function of the market really test the management level of operation.

In this regard, the author believes that at this critical point, the implementation of the new rule of delisting will be the concern of all parties.

In the future, the new rules for delisting not only assume an important mission, but also determine the fate of the A share market in the future.