202 1 Details of new delisting rules

Legal analysis: The main contents of the new delisting rules are: perfecting the delisting mechanism of listed companies and severely cracking down on illegal securities activities according to law are important institutional arrangements for comprehensively deepening the reform of the capital market. It is necessary to adhere to the direction of marketization and rule of law, improve delisting standards, simplify delisting procedures, broaden multiple exit channels, strictly supervise delisting, and improve the normalized exit mechanism. It is necessary to speed up the improvement of the judicial system and mechanism of securities law enforcement, intensify the investigation and punishment of major illegal cases, lay a solid foundation for the rule of law and integrity in the capital market, strengthen cross-border supervision and law enforcement cooperation, and promote the construction of a good market order.

Legal basis: improve the implementation plan of delisting mechanism of listed companies.

(1) The newly added 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: the face-lifting stocks are delisted, and the "low face" time begins before the new regulations, and the delisting consolidation period is entered according to the original rules.

(3) Cancel the delisting standard of single net profit and revenue indicators: for two consecutive years, financial fraud, the amount of false records of revenue, net profit and balance sheet reached 500 million yuan, exceeding 50% of the total amount of corresponding subjects in two years. The time when delisting is suspended due to major illegal acts shall be postponed to the date of receiving the administrative punishment decision or court judgment from the date of receiving the prior notice of administrative punishment or the court judgment.