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The Shanghai Stock Exchange delisting reform plan was released to deliver the signal of "strict" for major illegal delisting

Pan Qing
November 17, 2018 22:59 | Source: Xinhua
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Xinhua News Agency, Shanghai, November 17 (Reporter Pan Qing) The closely watched delisting reform plan of the Shanghai Stock Exchange was officially unveiled on the 16th. While incorporating the "major violations of social public security" of listed companies into the new regulations on compulsory delisting, the reform plan sent a signal of "strict" delisting for major violations.

The Implementation Measures of Shanghai Stock Exchange for Major Illegal Compulsory Delisting of Listed Companies was released and implemented on the 16th. The Listing Rules of Shanghai Stock Exchange (Revised in November 2018) and the Implementation Measures of Shanghai Stock Exchange for Delisted Companies to Be Re listed (Revised in November 2018) were issued at the same time.

The relevant person in charge of the Shanghai Stock Exchange said that according to the requirements of the Decision of the CSRC on Amending the Several Opinions on Reforming, Improving and Strictly Implementing the Delisting System of Listed Companies on July 27, the new delisting regulations clearly defined the specific violations and implementation procedures of major illegal compulsory delisting, and formulated more objective standards, more transparent procedures and more targeted Relevant business rules for compulsory delisting of major violations with better deterrent effect.

It is reported that the new rules on delisting of the Shanghai Stock Exchange have clarified two types of compulsory delisting situations, namely, major violations of securities and major violations of public security. Among them, on the basis of the original fraudulent issuance and major information disclosure violations, the new regulations have classified major violations of securities, and defined four situations, including fraudulent issuance of initial listing, fraudulent issuance of reorganization listing, fraudulent issuance of annual reports to avoid delisting, and other situations recognized by the Exchange.

For listed companies that seriously endanger the market order, seriously infringe on the public interests, and cause significant social impact, the new regulations are specifically formulated as a class of delisting situations.

According to the new regulations, the specific circumstances of compulsory delisting for major violations of social public security include: the listed company or its main subsidiary is revoked its business license, ordered to close or revoked according to law; The production and operation license of the main business of the listed company or its main subsidiary is revoked according to law, or the legal qualification to continue production and operation is lost; The Exchange believes that the listing of the company's shares should be terminated according to the seriousness of the major illegal acts of the listed company that damage the national interests and social public interests, the type of legal liability the company bears, the degree of impact on the company's production and operation and listing status, etc.

(Editor in charge: Cao Kun)

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