What are the new delisting regulations?

The following are the key points of the new delisting regulations:

1. Delisting if the market value is increased and the total market value is less than RMB 300 million for 20 consecutive trading days will be delisted. .

2. The face value delisting standard is clearly "1 yuan delisting", and a transition period arrangement is set: for individual stocks that are delisted, the "low face" time starts before the new regulations, according to the original rules Entering the delisting consolidation period.

3. Cancel the delisting indicator of single net profit and revenue indicators. Under the new regulations, those who deduct the lower of the net profit before and after the deduction are negative and whose revenue is less than 100 million yuan will be put on *ST. Those who deduct the net profit before or after the deduction, whichever is negative and have low revenue, will be subject to *ST. If the delisting risk warning stock is issued with a non-standard audit report, it will be terminated from listing.

4. New major illegal financial fraud indicators: financial fraud for two consecutive years, the total amount of false records in revenue, net profit, profit, and balance sheet exceeds 500 million yuan, and exceeds the corresponding account for two years 50% of the total amount. The time point for delisting and continuous trading suspension for serious violations is postponed from the date of receipt of advance notice of administrative penalty or court judgment to the date of receipt of administrative penalty decision or the date of effective court judgment.

5. Newly added normative indicators include situations where there are major deficiencies in information disclosure and standardized operations and refuse to be corrected, and when more than half of the directors do not maintain authenticity in the semi-annual report or annual report. If the above situation occurs and the company fails to make corrections within two months of suspension, a delisting risk warning will be implemented. If it does not make corrections for another two months, the company will be terminated from listing.

6. Cancel the listing suspension and resume listing, and make it clear that listing will be terminated if financial indicators are hit for two consecutive years. If the company's stock is terminated from listing, the convertible bonds will be terminated from listing simultaneously.

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

8. Regarding forced delisting for major violations, if a company has received a prior notice or decision on administrative penalties before the new regulations and may be involved in forced delisting for major violations, the original rules will apply; For those who receive relevant notices, the financial data from 2015 to 2020 will be used in accordance with the original rules and standards to determine whether they have encountered major violations of forced delisting. The financial data for 2020 and subsequent years will be used in accordance with the new rules and standards to determine whether they have encountered major violations of forced delisting.

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

Extended information:

The exchange has set up transitional arrangements for the old and new delisting systems: for those whose listings have been suspended, the old delisting system will still be implemented after the 2020 annual report is disclosed; If a risk warning is implemented, the following handling methods are arranged:

1. If the delisting risk warning under the new regulations is not triggered and the suspension of listing under the original rules is not triggered, the delisting risk warning will be cancelled;

2. If other risk warnings under the new regulations are not triggered, the other risk warnings will be cancelled;

3. If the delisting risk warning under the new regulations is not triggered, but the old listing suspension rules are triggered, the listing will not be suspended and other Risk warning;

4. If new regulations are involved in delisting risk warnings and other risk warnings, risk warnings shall be implemented in accordance with the new regulations.

Reference materials:

China Financial Information Network - Delisting system plan for companies listed on the main board and small and medium-sized boards