Creating a stock market with a sustainable and sound development ecosystem of survival of the fittest, discarding the old and absorbing the new, should be the main goal pursued by all parties in the Chinese capital market. To achieve this goal in the Chinese stock market, the first step is to understand the positive interaction between the "entry gate" of an IPO and the "exit gate" of a listed company delisting. The institutional design and implementation of single entry and single exit should accelerate the normalization of the "metabolism" of China's capital market, which is a positive cycle opened by the mechanism of good money driving out bad money. As they say, advancing and retreating go hand in hand. Check out how the stock market is doing.
As the reorganization of the stock issuance registration system began in earnest on February 1 of this year, the reorganization and development of the capital market created a new phase. At this point, news broke out in the market today that *ST Kaile has been suspended and delisted. *ST Kaile is also the first stock to be removed in 2023.
As you all know, the delisting system is a key core system in the capital market. A stock market showing healthy growth within a good range and a group of listed companies that reflect the demand for qualitative growth need not only good 'earnings' but also 'good entry' to continuously inject fresh water into the market. "Contributes to the systematic liquidation of equity risk without hindrance exit". Therefore, the Party Central Committee and the State Soviet have always appreciated the reform of the capital market system. In this regard, the controlling body has also made a lot of effort.
At the beginning of 1993, the "Company Law" adopted the relevant provisions on the elimination of listed companies, and the delisting system was initially formed. In 2012, the China Securities Regulatory Commission began reforming the delisting system. In 2014, the China Securities Regulatory Commission issued "Several Opinions on the Reform, Improvement and Strict Implementation of the Delisting System for Listed Companies", further distinguishing between voluntary and compulsory delisting, and setting indicators for major illegal delisting. I did. In 2018, the China Securities Regulatory Commission revised several opinions on delisting and strengthened the listing of "zombie companies" and companies with severe financial conditions and long-term losses. However, according to the results of actual operation, it can be concluded that the long-standing problem of "difficulty in deregistration", which has worried the capital market of our country for a long time, has not been completely resolved. , etc.
On December 31, 2020, the Shanghai and Shenzhen Stock Exchanges officially announced new delisting rules that will come into effect on the same day. The strictest new listing rules in Chinese capital market history have been announced. New rules are enforced and their power is gradually revealed. According to Oriental Fortune Choice statistics, the number of compulsory delisting companies after the implementation of the delisting regulations was 17 in 2021 and 42 in 2022, the largest ever. The 59 delisted companies accounted for 40% of the total number of delisted companies in the A-share market over the past 30 years. In 2019 and 2020, only 11 and 16 companies exited, respectively. These data indicate that the new delisting provision has broken the deadlock of “problem delisting”. In particular, in the past two years, the 'diversification' exit mechanism has been working, and the Chinese capital market will remain through 'three parties', that is, 'one party restructuring, party reorganization, and party abolition'. Get the most relevant and new items. The route is clearly marked. It can be said that the establishment of the list liquidation mechanism proposed at the 5th Plenary Meeting of the 19th Central Committee of the Party has been largely established.
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