Interpretation of the new delisting rule 202 1

In terms of delisting standards, on the basis of the pilot reform of science and technology innovation board and growth enterprise market in the early stage, Shanghai and Shenzhen Stock Exchanges have improved four types of mandatory delisting indicators.

First, the new market value is delisted, and the standard is that the total market value for 20 consecutive trading days is less than 300 million yuan.

In addition, the par value delisting standard is clearly defined as "1 yuan delisting".

The second is to cancel the single net profit and revenue indicators and add a combined indicator. If the net profit before/after is negative and the revenue is less than 1 100 million yuan, it will be st and the listing will be terminated for two consecutive years; If the delisting risk warning stock is issued with a non-standard audit report, it will touch the standard of termination of listing.

Third, there are two situations: new normative indicators, major defects in information disclosure and standardized operation and refusal 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.

Fourth, new financial fraud indicators are added: the average annual amount of inflated profits and net profits in recent three years exceeds 100% of the corresponding data of that year, and the total amount exceeds 100 billion yuan; Or in the past three years, the total amount of false records in various subjects of the balance sheet exceeded 50% of the net assets, totaling more than 654.38 billion yuan.

Article 110 of the Securities Law of People's Republic of China (PRC) * * * A listed company may apply to the stock exchange for suspension or resumption of trading of its listed shares, but it shall not abuse the suspension or resumption of trading to damage the legitimate rights and interests of investors.

A stock exchange may, according to its business rules, decide to suspend or resume trading of listed stocks.

Article 111 In order to maintain the normal order of securities trading and fair market, a stock exchange may take measures such as technical suspension or temporary suspension in accordance with its business rules, and report to the the State Council securities regulatory authority in a timely manner.

Due to the unexpected events listed in the preceding paragraph, the securities trading results are significantly abnormal, and settlement based on the trading results will have a significant impact on the normal order of securities trading and market fairness. A stock exchange may, according to its business rules, take measures such as canceling transactions and notifying the securities registration and settlement institutions to suspend settlement, and shall promptly report to the the State Council Securities Regulatory Authority and make an announcement.

A stock exchange shall not be liable for civil compensation for the losses caused by the measures it has taken in accordance with the provisions of this article, unless it has a major fault.