The delisting of listed companies is becoming more and more normal, which is a powerful blow to "retreat from difficulties"

On March 12, the CSRC released the news that Kangdexin was on the verge of delisting due to major violations of laws and regulations; The day before, Qiulin Group, age 12 1, also announced its resignation.

Listed companies have withdrawn from the market one after another, and the public reaction tends to be calm. Since 20 19 Securities Regulatory Commission initiated the reform of delisting system, delisting has become a common occurrence. In 2020, the trend of delisting normalization is obvious. In the whole year, ***3 1 companies withdrew from the market, of which 16 companies were forced to withdraw from the market.

The delisting system is an important supporting system for the reform of the registration system.

On October 5th, 65438/KLOC-0, the State Council issued "Opinions on Further Improving the Quality of Listed Companies", clearly pointing out that it is necessary to improve the withdrawal mechanism of listed companies, strictly supervise delisting, raise delisting standards, and severely crack down on malicious evasion of delisting. On June 365438+1October 3 1 2020, the State Council Financial Stability and Development Committee held a special meeting, which once again emphasized the full implementation of the stock issuance registration system and the establishment of a normal delisting mechanism. 165438+2020 10 On the afternoon of 2 October, the 16th meeting of the Central Committee for Comprehensively Deepening Reform deliberated and adopted the Implementation Plan for Improving the delisting mechanism of listed companies, demanding to adhere to the direction of marketization and legalization, raise delisting standards, simplify delisting procedures, broaden diversified exit channels, strictly supervise delisting, and improve the normalized exit mechanism.

"It should be said that the registration system of science and technology innovation board has been running for a year and a half, and the effect is good. The delisting system should be a major supporting system for the reform of the registration system. It is best to register and manage the entrance and exit of the market, which can be improved simultaneously and complement each other. " Zhao Xijun, co-dean of China Capital Market Research Institute of Renmin University of China, said that the delisting system is the basic system of the capital market. A stable and healthy development of the capital market is bound to smooth access and form a virtuous circle of market ecology.

"Only when the entrances and exits are well operated and orderly can the metabolism of the whole ecosystem and the function of survival of the fittest be brought into play. By eliminating the problem enterprises in this system, financial resources can be better allocated to high-quality enterprises, thus promoting economic transformation and upgrading. " Ye Xiaojie, director and associate professor of the Finance Department of Shanghai National Accounting Institute, explained.

"Improving the delisting mechanism is first of all conducive to improving the quality of listed companies, helping to dynamically identify low-quality and high-risk' problem companies' and allowing high-quality listed companies to obtain more factor resources." Zhao Xijun said that from the perspective of improving market functions, improving the delisting mechanism is conducive to improving the effectiveness of market pricing, making the market valuation system more reasonable, avoiding bad money driving out good money, strengthening market constraints, stabilizing investment expectations, investment and financing expectations, and enhancing market confidence.

From the perspective of optimizing the market ecology, perfecting the delisting mechanism is conducive to serious market discipline, timely eliminating the "black sheep" that seriously disrupt the market order, better embodying the regulatory orientation of supporting the superior and limiting the inferior, improving the efficiency of capital market governance, more effectively protecting the legitimate rights and interests of investors, and promoting the formation of a fair competition and self-purification market ecology.

"All along, all walks of life have criticized the low illegal cost of listed companies in China. The new "Securities Law" has greatly increased the illegal costs of listed companies and increased the penalties for all kinds of illegal acts. However, if there is no shock from the delisting system, listed companies may make a comeback after a while, which will undoubtedly weaken the effectiveness of law enforcement. " Ye Xiaojie said.

Diversified and normalized delisting reforms have achieved results.

The A-share market has a history of 30 years, and the promotion of delisting system can be said to be a "difficult history".

Despite the difficulties, since the framework of delisting system was initially established in 1999 Securities Law, the CSRC has carried out four delisting system reforms, and basically formed a mandatory delisting index system covering financial indicators, trading indicators, standardized operation, major violations of laws and regulations, and active delisting mechanism arrangements.

Since 20 19, the pace of perfecting delisting mechanism and delisting system has been accelerated. Moreover, this round of delisting system reform particularly emphasizes that it is necessary to strengthen relevant judicial guarantees, adhere to the rule of law, persist in retiring, resolutely eliminate companies that seriously violate laws and regulations and seriously disrupt the order of the capital market, and seriously investigate the relevant responsible persons.

The CSRC clearly put forward the reform ideas of broadening diversified exit channels and strengthening delisting supervision, and the delisting work has achieved remarkable results. At the same time, the degree of marketization has been further improved and the market ecology has gradually improved. Diverse delisting methods such as "fraud delisting", "performance delisting", "face delisting", "active delisting" and "reorganization delisting" are presented in many ways.

According to public data, in 2020, * * * 3 1 companies withdrew through various channels. Among them, 16 A-share listed companies were forced to withdraw from the market, and another 15 companies withdrew from the market through mergers and acquisitions.

In 2020, it will be recorded in the history of China's delisting, and many "foreign stocks" that have existed in the capital market for many years will leave in this year. For example, ST Ruidian, the "first share of wind power" issued by 90 yuan at a high price, LeTV, the "stock king" with a market value of 654.38+07 billion, and *ST Qian Bao, which set a record of 29 consecutive daily limit, and Jinya Technology, which was fraudulently issued, have all been delisted.

In the delisting list, there are many notorious stocks that have experienced the capital market, and there are also so-called "stock kings" and "big bull stocks". These delisting enterprises are basically closely related to key words such as financial fraud, illegal guarantee, encroachment on the interests of listed companies, fraudulent issuance, and major losses.

The CSRC said that it is not simply pursuing the number of delisting, and delisting is not the only punishment. Strict law enforcement must ensure that mistakes must be punished and those who exceed the penalty must be observed.

Vigorously crack down on the phenomenon of "retreating from difficulties"

"Under the background of the reform of the registration system, while the front-end entrance is widened, it is urgent to speed up the smooth export. This is not only an important institutional arrangement to resolve the stock risks of listed companies, but also a decisive role for the market to allocate resources and an inevitable requirement for stimulating market vitality. " Professionals said.

However, compared with mature markets, the problem of unsystematic, indecisive and incomplete delisting in China's capital market is still outstanding. Relevant data show that as of the end of 20 18, only six listed companies in Shanghai and Shenzhen stock markets delisted each year, with an average annual delisting rate of less than 0.36%, far lower than that in mature capital markets. Among them, there are very few cases of active delisting and forced delisting market transactions.

"Some companies that have lost the ability to continue to operate have been stranded in the capital market for a long time, and the shell value remains high, which seriously restricts the efficiency of resource allocation and gathers a lot of risks. A few companies that seriously violated laws and regulations were not cleaned up in time, which disrupted the market order and damaged the credibility of supervision. " Zhao Xijun said.

Moreover, the reasons for the above problems are also very complicated. Zhao Xijun believes that China's capital market has not developed for a long time, with obvious emerging and transitional characteristics, and listed companies are still scarce resources. Listed companies have a great influence on local economic employment. Local governments and ordinary investors do not want the company to withdraw from the market, and it is difficult to form a joint force because of different understandings.

"Because delisting involves all aspects of interests, there are many obstacles, and it is often faced with various games, so it is difficult to retreat." Ye Xiaojie said that investors will also create considerable obstacles. In the past, when the company faced delisting, it would stop delisting in various ways for the sake of safeguarding its own interests.

On March 12, a spokesman for the CSRC said that it would work with local governments and relevant departments to crack down on behaviors such as opposing supervision, improper rights protection and even inciting mass incidents in the delisting process to ensure the smooth progress of delisting reform.

Investor protection mechanism to follow up losses.

Many investors may suffer losses due to the delisting of listed companies.

Zhao Xijun believes that the previous delisting mechanism reform is mostly limited to the restoration of delisting standards, and there is no three-dimensional guarantee mechanism in administrative punishment, civil compensation, criminal responsibility, credit punishment, etc., resulting in a lack of supporting support in investor protection, accountability of intermediaries, punishment of illegal acts, etc. Small and medium-sized investors often "pay the bill" for delisting, which has caused great pressure on social stability and market operation. "The Implementation Plan adopted by the Central Deep Reform Group fills the previous shortcomings from the top-level design, is an important institutional arrangement for comprehensively deepening the reform of the capital market, and further clarifies the basic direction of the delisting system reform." Zhao Xijun said. The CSRC said that in the process of delisting, the CSRC will always give priority to protecting the legitimate rights and interests of investors, especially small and medium-sized investors, and do its utmost to help investors recover their losses. With the promulgation and implementation of the new Securities Law and the 11th Amendment to the Criminal Law, as well as the implementation of the Rules of the Representative Litigation System in Securities Disputes, the securities investor protection system and the civil compensation mechanism have been further improved.

"The CSRC will actively support investors to safeguard their legitimate rights and interests through judicial channels such as individual litigation, * * litigation, application for model judgment mechanism, ordinary representative litigation and special representative litigation. Investor protection agencies can promptly initiate the litigation of special representatives of securities disputes and provide other corresponding legal services. " A spokesman for the China Securities Regulatory Commission said that the next step will be to speed up the implementation of the system of paying in advance, ordering repurchase, and litigation of special representatives of securities disputes. Continue to do a good job in argumentation and judgment and multi-dispute resolution.