A-share delisting rules released

After the reform of the registration system, the listing threshold of A shares has been lowered, and at the same time, there should be a suitable mechanism for delisting to realize the mechanism of survival of the fittest in the capital market. 65438+February 65438+April, the Shanghai and Shenzhen Stock Exchanges released a draft of the new delisting rules to the market, so what are the relevant rules?

The new rules for delisting A shares have been released, and what changes have been made to the delisting rules? The Shanghai and Shenzhen Stock Exchanges learn from the experience of the reform of the registration system of the Science and Technology Innovation Board and the Growth Enterprise Market, and further improve and optimize the delisting indicators, delisting procedures, risk warnings and delisting related transaction arrangements.

There are six main points in the new delisting rules: First, improve four categories of mandatory delisting indicators, namely, financial, trading, normative and major illegal; The second is to speed up the delisting process and shorten the finishing period to 15 trading days; The third is to strengthen risk warning, and the Shenzhen Stock Exchange has set up a risk warning board; Fourth, the science and technology innovation board and the growth enterprise market simultaneously optimize the delisting index; The fifth is to set up transitional arrangements, with 2020 as the first start-up year; Sixth, insist on retiring and resolutely identify companies that disrupt market order.

Specifically, the revision of the new delisting rules mainly includes the following ten points:

1 A number of delisting indicators have been added, including negative net profit before and after deduction, operating income below 1 100 million yuan, market value below 300 million yuan, major defects in information disclosure or standardized operation, failure of more than half of directors to guarantee the truthfulness, accuracy and completeness of annual or semi-annual reports, major illegal financial fraud, and audit reports with reserved opinions on delisting risk warning stocks.

2. Modify the original face value delisting index to 1 yuan delisting index.

3. Cancel the single index of net profit and revenue, and add a combined index: if the non-pre-deduction/post-deduction net profit is negative and the revenue is less than 1 100 million yuan, the listing will be terminated by ST 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.

4. Add two situations, namely, there are major defects in information disclosure and standardized operation and refuse to correct them, and more than half of the directors are untrue about the semi-annual report or annual report, and refine the specific standards.

On the basis of the original information disclosure of major illegal delisting subtypes, the judgment criteria of financial fraud delisting are further clarified.

Cancel the suspension and resumption of listing, and make it clear that listed companies will terminate listing if they touch financial indicators for two consecutive years.

7. Cancel the setting of delisting consolidation period when the transaction is delisted. There is no limit on the first day of delisting consolidation period, and the trading time limit of delisting consolidation period is shortened from 30 trading days to 15 trading days.

8. Delay the continuous suspension of major illegal categories from the date of receiving the advance notice of administrative punishment or the court judgment to the date of receiving the decision of administrative punishment or the effective court judgment.

9 Convertible bonds have both stock attributes. If the listing of convertible bonds is suspended and cancelled at the same time, the termination conditions will not be stipulated separately. If it is clear that the company's shares are terminated, the convertible bonds will be terminated at the same time.

10 Incorporate risk warning shares and delisting consolidation shares into risk warning board transactions. After the completion of the reform, the GEM and the main board (including small and medium-sized board) are basically the same in the main delisting indicators and delisting procedures.