Ye Tan: Where Is The Gem Direct Delisting Card?

Song Liping, general manager of the Shenzhen Stock Exchange, recently proposed the establishment of a direct delisting system for the gem, which is the third time in the media that it has been put forward publicly.

The media has disclosed that the Shenzhen Stock Exchange has

No delisting system has changed the gem, raising gem.

It is considered that the introduction of the delisting mechanism by the gem is not a consensus of the society.

The normal stock market has all the advantages and disadvantages of entering and leaving the stock market. The only advantage of the securities market that can not be entered is to satisfy the vested interest of vested interest groups. The local government is pleased to see that it is satisfied that the index of local listed companies does not decrease, and that the listed companies want to harvest the shell premium.

The delisting mechanism has not been launched yet. The beneficiaries are insider trading groups, and the injured investors are ordinary investors in the capital market.

If the so-called social consensus is that all the people of all interest groups agree with each other, this is the day when China's gem delisting system has never been introduced.

A lesson from the past.

After the launch of the small and medium-sized board, there is a lot of controversy about whether to withdraw from the market or how to withdraw from the market.

The Shenzhen Stock Exchange issued the SME board in 2006.

In particular, regulators have promoted mergers and acquisitions as an important task today. The delisting system has been put on the shelf.

Some people believe that the Listing Rules of the Shenzhen stock exchange gem not only have no restriction on backdoor borrowing, but stipulate that when the listed company proposes to resume the listing application, the documents that should be submitted include the explanation of the company's major asset reorganization plan, leaving the door for the backdoor listing.

With small capital stock of GEM companies, the future backdoor will be easier than the motherboard.

The delisting system of the gem has not been launched. It can not give investors a clear expectation. It has a fantasy about not delisting. This, in turn, makes the anti - delisting makers plausible. It seems that they are the mouthpiece of the public opinion.

The delisting mechanism should be launched on the occasion of the launch of the gem. The more difficult it is, the more it will encounter the obstruction of the vested interests and the boycott of ordinary investors.

Now the launch is a matter of repaying the sheep, never pushing it, and repent late.

Expectations are formed by clear policies.

The securities market is the result of each investor's judgment of the risk and return of each company. They must bear the consequences for their investment decisions.

But under the intervention of powerful administrative power, it is expected to become blurred. Investors expect regulators to dare to introduce delisting measures, while the God of the fund and the stock god infiltrate the restructured shares to gain huge profits, becoming a hero in the stock market, so that investors can not imagine the establishment of a fair delisting mechanism, and the market loses the most basic value judgment.

Some experts have a big say for ordinary investors, saying, "after the delisting, many ordinary investors buy stocks and how to solve them. This involves compensation."

Therefore, first of all, we must have a compensation mechanism, otherwise it will cause social problems.

We can't think of delisting too simply, and we can't withdraw from the market. "

What is it that we can't withdraw from the market and withdraw from the market? The delisting is to make clear the anticipation. If the delisting mechanism is clear when the gem is launched, it is expected that it will be clear before that. Is it necessary to use these pretexts of suspected interests to Zhu Geliang's hands?

And is there still a third board market available for sale?

The Shenzhen Stock Exchange proposed the establishment of a fast and direct delisting mechanism. Based on the existing delisting standards stipulated in the Listing Rules of gem, two delisting standards should be added: first, it is publicly condemned by the exchanges continuously: the GEM companies have been publicly condemned for three times in the past 36 months in the last 36 months, terminating the listing of the company's stock; two, the stock paction price is lower than the face value in a row: the daily closing price of GEM listed companies is lower than the face value of each share for a continuous 20 trading days, and it will also terminate the listing of the company's stock.

The three consecutive public condemnation as a delisting standard is to seize the power of the Shenzhen Stock Exchange.

This is probably not easy to achieve. Citing the data of the Shenzhen Stock Exchange, only three of Yu diamond and Nanfeng shares were criticized in the past year. They have been condemned for three consecutive years or almost never.

When the paction price is below the face value, it is an international standard.

The gem delisting mechanism has not been launched yet. It is stuck in the hands of the vested interests of the fantasy shell premium, and is stuck in the hands of those in power who fantasize the market as a place of money to solve the debt risk, but not for the interests of investors, for the future of the securities market.

Gem must introduce a delisting system, the sooner the more active, the sooner the more marginal.