SFC 6 Days Three Talk About The Reform Of Delisting System

On the 26 day, Lu Songbin, a researcher at the securities and Futures Commission, said that the next step would be to launch a new round of reform of the delisting system. On the 23 day, a spokesman for the securities and Futures Commission, Deng Ge, said that the securities and Futures Commission would summarize the experience and lessons from the reality at the present stage of the capital market. On the basis of soliciting opinions from all sides, we should study the reform measures to promote the relevant delisting system as a specific measure to implement the State Council's opinions on further promoting the healthy development of the capital market.

In response, an analyst who declined to be named told reporters that judging from the recent series of statements and actions taken by the SFC, the regulatory authorities are determined to establish a perfect delisting system, and the reform of the delisting system must be true.

The delisting system has a history of more than 20 years in China.

1993 company law "Listed companies suspend the listing and terminate the listing, and the mandatory delisting system of Listed Companies in China is established. The company law and the Securities Act, which came into effect in 2006, stipulate the specific circumstances of compulsory delisting, and at the same time increase the way of self delisting because of merger and acquisition. In 2012, the SFC further improved and improved the delisting system.

In 2001, Narcissus appliance and Guangdong Goldman were listed on the stock exchange and became the first delisting companies in accordance with the law. Data show that from the above two companies delisting, including compulsory delisting and self delisting, Shanghai and Shenzhen Stock Exchange has accumulated 78 companies to withdraw from the market.

After delisting, how to protect the interests of small and medium-sized investors is a task in front of regulators.

In this regard, the SFC said that after the company had delisted, its shares would not be listed on the exchange market, but shareholders' rights to share assets, participate in major decisions and choose managers would not change, and corporate governance and business activities should not be changed.

At the same time, in order to effectively protect Shareholder First, we should strengthen the delisting information disclosure, strengthen the risk warning mechanism of the delisting, disclose the risk to investors through improving the frequency of disclosure, improving the disclosure content and strengthening disclosure management. Two, set the delisting and finishing period, so that investors have the option of "continuing to hold" or "sell"; the three is to make a follow-up arrangement for delisting. It is clear that after the company terminates its listing, its shares can be transferred in the national OTC market or qualified Regional OTC market. The company will continue to fulfill the obligation of information disclosure in accordance with the regulatory requirements of non listed public companies. Four, according to the Shanghai and Shenzhen Stock Exchange's "re listing implementation measures", the delisting companies can meet the requirements for re listing by improving the operation and asset restructuring, and can apply to the exchanges for re listing. Special arrangements were made for the legitimate rights and interests of the delisting system:

In addition, the SFC has been actively promoting the legislature and judicial organs to establish and improve the investigation of illegal responsibilities, compensation mechanisms and judicial relief mechanisms to protect the legitimate rights and interests of investors, including the illegal behavior of Listed Companies in the delisting stage.

In this regard, the SFC said the exchange " shares The listing rules clearly stipulate whether the company's losses should be delisted by retrospective adjustment. According to the regulations, the Shanghai Stock Exchange has made a handling of the continuous losses due to the retrospective restatement of Nanfang shares. At the same time, in accordance with the Shanghai Stock Exchange Listing Rules, the company that has caused losses for the past two years due to retroactive adjustment must first implement the risk warning for delisting, implement the delisting risk warning, and continue to make a loss next year. According to the listing rules, the Shanghai stock exchange implemented a risk warning for delisting in 2012 May. The company's 2012 and 2013 annual reports show that the company has been profitable for two consecutive years, and there has been no listing suspension or termination of the listing rules.

"Advancing the reform of delisting system is an important task in the development of capital market, and it is also a process of continuous improvement. The CSRC has been fully concerned about whether the market will discuss whether continuous losses should be directly delisted after the retrospective adjustment of Nanfang shares. The SFC will continue to study and perfect the delisting system and establish a delisting mechanism of marketization, legalization and normalization, taking the interests of investors as the center. The SFC said.

*ST long oil became the first central enterprise to withdraw from the market. However, some investors questioned that the company's provision for impairment in 2013 was as high as 4 billion 600 million yuan, and that it had made a paving the way for the future listing through the "big bath".

In this regard, the SFC said that "has been concerned about", and said that according to some investors' complaints materials, Jiangsu securities regulatory bureau is carrying out the company's annual report special on-site inspection, once found illegal behavior, will be investigated according to law.

Turning to the main objectives of the next delisting system reform, the SFC said it will advance from four aspects: first, enrich the connotation of delisting; in order to take account of its own development strategy and interests, the company will provide diversified and operable route choices according to its own development strategy; and two, it is necessary to clear up the major illegal activities such as fraud and listing, clarify the operational arrangements of the Securities Law on the suspension of listing of major violations, eliminate the "black sheep"; three, maintain the seriousness of the delisting system, further inhibit the hype and enhance the effectiveness of the market; four, improve the internal and external institutional environment of the delisting, and maintain company stability, investor stability, market stability and social stability.