Reminder Of Delisting Companies Do Not Misread Registration System

The delisting system increases the requirement that a company should turn its profit to see whether it has really improved its business, and its main business has the profitability. The standard of checking losses should be deducted from non recurring gains and losses.

For a period of time, the two companies facing delisting have been particularly concerned by the market. First, as the first company to start a delisting procedure on suspicion of major offense, the first is the *ST double loss after four consecutive years of listing. The two companies face different reasons for delisting, but they can lead us to ponder over all aspects of delisting system, corporate governance and issuing system.

On the stock market, what people hate most is making use of fraud to cover up the truth. *ST double delisting is another type, it is not a fraud, but a continuous loss on the market. This reflects the question of what kind of companies should be listed. *ST double is 2010. list In the second years, it lost 140 million, and then lost 2 billion 889 million, 3 billion 207 million and 7 billion 800 million yuan in the next three years. Why can such a listed company be able to go public? Whether there is any packaging on the market, whether the materials submitted on the market reflect the value of the company and reveal the risk of the company fully? This naturally associates with the registration system to be implemented and the interpretation of the registration system by the market.

There are people in the market right now. Registration system The interpretation is: on the issue of audit, it is interpreted as "formal review" to see whether the materials reported are complete and compliant. If that is the case, then the material of *ST's first report is not necessarily incomplete. Therefore, the examination of registration system must not be a mere form, but should disclose all the circumstances required by investors and reveal the development prospects and risks of the company in a comprehensive way. Review experience It is necessary to give full play to the subjective initiative of the censors.

In terms of listing, some people have interpreted the registration system as a sharp reduction in standards, and can not make profits before going public, nor do they need to continue to make profits after listing. If so, the *ST double is a sample that can not be profitable before going public and does not require continuous profit after listing. If this interpretation is made, it will be "normal" after the registration system appears to be *ST double, or worse than it. This means that the current four consecutive years of losses will have to be changed.

But is this reasonable? What is the purpose of implementing the registration system? Is it to let those poor companies fill the stock market or withdraw from them? Therefore, the author believes that allowing the loss companies to go public is only a certain kind of promising companies in a certain sector, while ordinary companies can not be listed when they lose money. They do not require continuous profitability, nor can they be understood as being listed on a continuous loss, but refer to a loss in a certain period of time after the listing.

There are still many problems to be explored in the construction of the delisting system. For example, at the end of every fiscal year, companies that are on the verge of delisting will use all kinds of means to avoid delisting, some sell assets, some transfer technology, and some seek subsidies from the government. Some of them, like Wanfu branch, have transformed the largest shareholder through judicial operation, and others have pulled up the banner of reorganization. It is worth recommending that reorganization can revitalize enterprises if they can injecting dynamic assets or changing their main businesses. Almost all of them are written on non recurring gains and losses, and others are even more effective.