The Listed Company's Willful Suspension Will Pay A Price.

For the A shares listed companies, even the long-term suspension of licensing has been highly concerned by the market. Recently, the Shanghai Stock Exchange also said that in view of this phenomenon, the Shanghai Stock Exchange stopped public opinion on the resumption of licensing rules. Among them, the Shanghai Stock Exchange's draft will be divided into three major categories, such as planning for major asset restructuring, non-public offering shares and other major issues, and accordingly stipulates the suspension period which can be dealt with in principle.

Data show that in the draft, the plan will be planned. Significant assets The period of suspension for reestablishment is stipulated to be no more than 5 months at the longest, and exceptions are made for matters requiring prior approval or major non precedents. In addition, it is also stipulated that the board of directors of a listed company is expected to suspend a major asset reorganization for more than 3 months and apply for an extension.

Nowadays, although management has begun to pay close attention to the behavior of listed companies' willful suspension, and has made specific provisions in the draft, there are still some empty rooms that can allow the listed companies to "seize the loopholes". In addition, the implementation of relevant policies in the future will bring more tests to the market.

Therefore, I believe that for the chaos of listed companies' willful suspension, on the one hand, we need to further standardize the information disclosure behavior of listed companies, and strengthen the subsequent supervision; on the other hand, we need to further refine the relevant policies and rules, and break the space of listed companies' "loopholes". In addition, the listed companies, which are damaging to the interests of investors for willful suspension, need to pay more or compensate for the losses of investors.

Generally speaking, there are two purposes for a listed company to stop trading. On the one hand, it is to maintain the principle of information fairness and information symmetry. On the other hand, it is to maintain the stability of stock prices and to safeguard the vital interests of investors to a certain extent.

Thus it can be seen, Listed company The starting point for suspension is good. However, in a different way of thinking, it is not a good thing for a listed company to stop and resume trading and even suspend the business for a long time. Among them, under the bull market, the long-term suspension of listed companies is also the damage to the vital interests of investors.

Among them, from August 18, 2014 onwards Suspension In the case of ZTE commerce, the listed company has been suspended for more than nine months. However, after many months, ZTE commerce chose to resume trading in June 30, 2015. However, when the stock resumption just happened to be hit by the stock market crash, during the period, ZTE commercial business only appeared 3 inflation Trading Spaces, but once again fell into the pattern of adjustment.

In this regard, for investors holding long-term commercial shares for a long time, they not only completely lost the bull market, but also returned all the profits to the market in the short term. Obviously, this is a true portrayal of the listed companies' long-term suspension of causing harm to investors.

In recent days, Liaoning has become a big concern in recent years. Since July 8th this year, the stock market has been suspended due to major issues. However, in restructuring matters, the restructuring plan of listed companies has been shelved. However, for the listed company, it did not apply for the resumption of cards quickly because of the previous reorganization. However, it immediately opened a new acquisition plan. As a result, the suspension time of listed companies had to be extended.

It is worth mentioning that the stock price performance of Liaoning Cheng Da has basically set a new low position in the current round of market adjustment before its suspension, and took the strategy of suspension before the market bottomed out. Now, in the face of the continuous warming of the market, investors who are big in Liaoning and expect the stock price to recover soon will have to endure the long - term suspension of the company.

Looking back at the development history of China's securities market, the case of long term suspension of listed companies is not uncommon. However, the long term suspension of listed companies has been attributed more to the loopholes in the market system, which has prompted some listed companies to meet their indefinite suspension needs with the help of loopholes in the system. Of course, such a capricious suspension of listed companies actually hurts the vital interests of investors to a large extent.