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GEM Reform of Shenzhen Stock Exchange

under the guidance of the Investor Protection Bureau of China Securities Regulatory Commission, Shenzhen Stock Exchange actively participated in the "World Investor Week 22" organized by IOSCO, and launched a series of investor education programs around the theme of "focusing on GEM registration system and practicing rational value investment", aiming at improving investors' financial literacy and guiding investors to make rational investment, so as to present the 3th anniversary of the capital market with inclusive education.

Editor's note: In order to help investors fully understand the relevant rules of GEM reform and pilot registration system, the Investment and Education Center of Shenzhen Stock Exchange has specially launched a series of articles on GEM reform. This article continues to introduce you to the relevant requirements of delisting rules of listed companies on the Growth Enterprise Market, so please pay attention to them.

1. What happens to companies listed on GEM? Can they apply to Shenzhen Stock Exchange for voluntary termination of listing? What is the main process?

In any of the following circumstances, a listed company on GEM may apply to Shenzhen Stock Exchange for voluntary termination of its stock listing and trading:

(1) The shareholders' meeting of a listed company decided to voluntarily withdraw its stock listing and trading on Shenzhen Stock Exchange, and decided not to trade on the stock exchange;

(2) The shareholders' meeting of a listed company decided to voluntarily withdraw its shares from the Shenzhen Stock Exchange and apply for trading or transfer in other trading places instead;

(3) The shareholders' meeting of the listed company resolves to dissolve;

(4) The listed company is no longer qualified as an independent entity and cancelled due to new merger or merger;

(5) For the purpose of terminating the listing of the company's shares, a listed company sends an offer to all shareholders of the company to buy back all or part of the shares, resulting in changes in the total share capital and equity distribution of the company, which no longer meets the listing requirements;

(6) Shareholders of a listed company offer all or part of the shares to all other shareholders of the company for the purpose of terminating the listing of the company's shares, resulting in changes in the company's total share capital and equity distribution, which no longer meet the listing requirements;

(7) For the purpose of terminating the listing of the company's shares, acquirers other than shareholders of the listed company offer all or part of the shares to all shareholders of the company, resulting in changes in the total share capital and equity distribution of the company, which no longer meet the listing requirements;

(8) Other voluntary termination of listing recognized by China Securities Regulatory Commission or Shenzhen Stock Exchange.