Interpretation of the new st regulation 202 1

The delisting system reform that has attracted much attention from the market has finally landed! In the middle of the night of June 5438+February 3, 2020, around the new round of delisting system reform, the Shanghai and Shenzhen Stock Exchanges officially issued the newly revised Listing Rules of Shanghai Stock Exchange, Shenzhen Stock Exchange (hereinafter referred to as the Listing Rules), Science and Technology Innovation Board Stock Exchange and Shenzhen Stock Exchange Growth Enterprise Market (hereinafter referred to as the Listing Rules)

Among them, the most concerned is to strictly set quantitative indicators for delisting major financial fraud: reducing the number of years of fraud from 3 years to 2 years; Reduce the proportion of fraud from 100% to 50%; The total amount of fraud decreased from 654.38+0 billion yuan to 500 million yuan; At the same time, new operating income indicators have been added. After the new regulations were issued by the stock exchange, the CSRC also issued a reporter's question, saying that the CSRC will broaden multiple exit channels, strengthen delisting supervision, speed up the formulation of relevant investor protection systems, strengthen supervision and accountability in the whole process of issuance and listing, refinancing, mergers and acquisitions, delisting, supervision and law enforcement, and promote the implementation of the delisting mechanism of listed companies to the letter.

Nine points of the new delisting rules are to increase the market value for delisting.

The following are the main points of the new delisting rules:

1. The new market value will be delisted. If the total market value is less than RMB 300 million for 20 consecutive trading days, it will be delisted according to the market value.

2. The par value delisting standard is clearly defined as "1 yuan delisting", and a transitional arrangement is set up: the face-lifting stock is delisted, and the "low face" time begins before the new regulations, and it enters the delisting consolidation period according to the original rules.

3. Cancel the delisting index of single net profit and revenue index. Under the new regulations, people whose non-pre/post-net profit is less than 654.38 billion yuan will be labeled as *ST, and those whose non-pre/post-net profit is less than 654.38 billion yuan for two consecutive years will be negative and be terminated from listing; If the delisting risk warning stock is issued with a non-standard audit report, it will touch the standard of termination of listing.

4. New indicator of major illegal financial fraud: financial fraud for two consecutive years, and the total amount of income, net profit, profit and false records in the balance sheet reached more than 500 million yuan, exceeding 50% of the total amount of corresponding subjects in two years. The continuous suspension time of major illegal categories shall be postponed from the date of receiving the prior notice of administrative punishment or the court judgment to the date of receiving the decision of administrative punishment or the effective date of the court judgment.

5. There are two situations: there are new normative indicators, there are major defects in information disclosure and standardized operation and they refuse to correct them, and more than half of the directors are untrue about the semi-annual report or annual report. If the above situation occurs and is not corrected within two months after the suspension, the delisting risk warning will be implemented, and if it is not corrected within two months after the deadline, the listing will be terminated.

6. Cancel the suspension of listing and resume listing, and make it clear that listing will be terminated if financial indicators are touched for two consecutive years. Where the company's shares are terminated, the convertible bonds shall be terminated at the same time.

7. There is no consolidation period for delisting. There is no first day limit for other types of delisting consolidation period, and the delisting consolidation period is reduced from 30 trading days to 15 trading days.

8. With regard to the mandatory delisting of major violations of laws, the original rules shall apply to those who have received the prior notice or decision of administrative punishment before the introduction of the new regulations and may touch the mandatory delisting of major violations of laws; After the implementation of the new regulations, the financial data from 20 15 to 2020 will be used to judge whether there is a major illegal forced delisting, and the financial data from 2020 and beyond will be used to judge whether there is a major illegal forced delisting.

9. Shenzhen will set up a risk warning board, and the specific implementation time will be notified separately. Risk warning stocks and delisted stocks shall be traded on the risk warning board, and the upper limit of trading volume shall be set. The cumulative daily purchase of a single stock shall not exceed 500,000 shares. Ordinary investors need to sign a risk disclosure for the first time to buy stocks. To participate in delisting and sorting out stocks, you need to meet the threshold of "500,000 yuan of assets +2 years of investment experience".

In addition, the exchange has also set up transitional arrangements for the old and new delisting systems: if the listing has been suspended, the old delisting system will still be implemented after the disclosure of the 2020 annual report; If the risk warning has been implemented, the following treatment methods have been arranged:

1. If the delisting risk warning of the new regulations is not touched and the listing is suspended without touching the original rules, the delisting risk warning will be revoked;

2. If other risk warnings in the new regulations are not touched, other risk warnings shall be revoked;

3. If the new delisting risk warning is not touched, but the old listing suspension rules are touched, the listing will not be suspended and other risk warnings will be implemented;

4. Touch the delisting risk warning and other risk warnings in the new regulations, and implement risk warnings in accordance with the new regulations.