System Cheating Is The Biggest Injustice Of The New Delisting System.

Since November 16th, the new version of the delisting system has been put into effect. The biggest highlight of the new delisting system is the introduction of a major delinquent company compulsory delisting system, which will impose mandatory delisting on fraud issuing companies and major information disclosure companies. The new version of the delisting system has also gained the reputation of "the most stringent delisting system in history".

However, in November 15th, on the eve of the formal implementation of the new delisting system, a notice issued by Hai Lian news (300277) about the receipt of the CSRC administrative penalty and market entry decision made the new delisting system reveal a "hypocrite". In the case of Hai Lian news fraud, the new version of the delisting system is clearly manifested as a system of cheating, so that the Sea joint news escape the fate of mandatory delisting, which has become the new version of the delisting system of the biggest injustice.

Since the China Securities Regulatory Commission issued the implementation measures for the suspension and listing of loss companies in February 23, 2001, the stock market delisting system in the A share market has undergone many modifications. Although the implementation of the delisting strategy of listed companies is generally not ideal, especially for the issuing of listed companies fraudulent by the delisting system, the market is quite outraged, but this is ultimately restricted by laws and regulations. Therefore, investors are dissatisfied, but there is no alternative. Nevertheless, there is no cheating behavior in the delisting system, and there is no delisting system intended to let a certain company escape.

But this time the new version of the delisting system is obviously suspected of cheating in the system. There is the intention that Hai Lian news can escape the mandatory delisting sanctions. The trick of cheating is to postpone the formal implementation time of the new delisting system, so that the case can be closed within the time limit for the implementation of the new delisting system, so as to escape the sanction of the new version of the delisting system. Since the new delisting system was released in October 17th, the system can be implemented from the date of promulgation, but the new delisting system postponed the implementation until November 16th. When the new delisting system was released, people did not care much about the mystery of the implementation time. But with the decision of the SFC on Hai Lian news penalty decision, the mystery of this is also revealed.

In November 6th, SFC A circular on "administrative penalty and market entry prohibition" was issued to Hai Lian news, which told the SFC to investigate and punish the case of fraud in Hai Lian news. Subsequently, the SFC took the time to issue a formal "administrative penalty decision" and "market entry prohibition" on Hai Gang news on 14 November. As a result, Hai Lian news successfully escaped the sanctions imposed by the new delisting system which came into effect in November 16th. In other words, cheating in the delisting system is a complete success.

But this system of cheating is obviously unfair to other companies. Although before the decision of the CSRC's punishment was reached, the four major shareholders of Hai Lian news were actively compensated for the loss of investors, but the practice should not become a credential for the SFC to take lightly. In fact, four major shareholders of Hai Lian news are actively compensated. Investor The way of losing the drunken man is very obvious. After all, if Hai Lian news is out of the market, the wealth of four major shareholders will be 1 billion yuan, so it will be worth the four major shareholders to protect their own wealth by 1 billion yuan by taking the initiative to compensate investors for the loss of 88 million 830 thousand yuan. There is little to be sure about this approach from a regulatory perspective. Even if Hai Lian news forced the delisting, the four largest. Shareholder It is also liable to compensate investors for their losses.

Therefore, it is not appropriate to let the "Hai Lian news" issued by the fraud escape from the mandatory delisting system. Especially this kind of escape has the suspicion of system cheating, which is even more wrong. This is actually a stain on the new delisting system. Since fraudulent companies can get away with it, other companies are less likely to retreat. The new version of the delisting system is a big one!