The Shenzhen Stock Exchange expressed its position: One company has delisted and another has delisted.

Late last Friday night, the China Securities Regulatory Commission issued changes to the delisting regulations, including major violations involving public health and safety into forced delisting situations.

The Shenzhen Stock Exchange released WeChat content at around 2:20 pm on the 29th. Among them, for major illegal companies that seriously endanger the market order, seriously infringe the interests of the masses, and cause major social impact, we must resolutely ensure that "there will be one, "Delist one company", no tolerance, zero tolerance.

This stern statement from the Shenzhen Stock Exchange is considered to be a "sword target" for longevity biology. A few days ago, the Shenzhen Stock Exchange also imposed sales restrictions on the shares held by shareholders related to longevity biology. The vaccine case that is widely concerned by the society involves Changsheng Biotechnology, a company listed on the Small and Medium-sized Board of the Shenzhen Stock Exchange. It has already experienced 9 consecutive lower limits and was ST. According to the valuation of the company by public funds, there are still 19 lower limits waiting. The company.

Shenzhen Stock Exchange

No tolerance, zero tolerance

Changsheng Biotechnology is listed on the Shenzhen Stock Exchange, so after the China Securities Regulatory Commission issued revised delisting regulations late last Friday night , shareholders and society are waiting for information from the Shenzhen Stock Exchange, and sure enough, the Shenzhen Stock Exchange released relevant information on the afternoon of the 29th.

Recently, the China Securities Regulatory Commission issued the "Decision on Amending the Several Opinions on Reforming, Improving and Strictly Implementing the Delisting System for Listed Companies" (hereinafter referred to as the "Decision").

The Shenzhen Stock Exchange stated that the "Decision" further improves the content of forced delisting for major violations. It not only includes fraudulent issuance and major information disclosure violations into the forced delisting situation, but also involves safety and public safety. Major illegal acts in the fields of safety, ecological safety, production safety and public health and safety are included in the forced delisting situation, which expands the scope of the delisting system.

Regarding what the Shenzhen Stock Exchange will do in the past and what it will do in the future, the Shenzhen Stock Exchange stated: The Shenzhen Stock Exchange has always strictly controlled the execution of delisting for major violations of the law, and will resolutely delist companies that meet the delisting conditions.

Regarding the delisting implemented in the past, the Shenzhen Stock Exchange mentioned three cases, namely Xintai Electric, Jinya Technology and Yabaite.

The Shenzhen Stock Exchange stated that in 2017, the exchange made a decision to terminate Xintai Electric’s stock listing in accordance with the law and successfully implemented advance compensation. Xintai Electric became the first company to be forced to delist due to fraudulent issuance;

In 2018, the exchange launched a forced delisting mechanism in accordance with the law against Jinya Technology and Yabaite, which were transferred to the public security organs by the China Securities Regulatory Commission for suspected crimes, in order to promote the marketization, legalization and legalization of delisting work. Normalization has accumulated experience and provided reference.

Regarding the next step, the Shenzhen Stock Exchange made a stern statement: Shenzhen Stock Exchange will resolutely implement the "Securities Law" and "Decisions" and other relevant regulations, and will implement the "Stock Listing Rules", "Implementation Measures" and related supporting rules. Make modifications and improvements, clarify the relevant arrangements for separating old and new, and submit them to the China Securities Regulatory Commission for approval before they are released and implemented. At the same time, we must earnestly shoulder the legal responsibilities of front-line supervision, unswervingly perform the main responsibilities of delisting, and strictly control the implementation of the delisting system, especially for major illegal companies that seriously endanger market order, seriously infringe the interests of the masses, and cause major social impact. We must resolutely achieve "one company appears and one delists", no tolerance, zero tolerance, purify the market environment, and maintain the seriousness and authority of the delisting system.

Among them, "one company appears and another is delisted", and the content of no tolerance and zero tolerance has attracted much market attention. Industry experts believe that this means that companies like Changsheng Biotechnology are likely to become this After the new delisting regulations, the Shenzhen Stock Exchange was among the first batch of listed companies to implement mandatory delisting in accordance with the new regulations.

Securities Regulatory Commission

Companies that seriously infringe the interests of the masses will resolutely be forced to delist in accordance with the law

Late at night on July 27, the China Securities Regulatory Commission issued the "About Amendments"

The delisting system of listed companies is an important basic system of the capital market. Since the release of the "Delisting Opinions" in 2014, a diversified delisting indicator system including forced delisting for major violations has been initially formed. A relatively stable delisting implementation mechanism is of great significance for further improving the basic functions of the capital market and realizing the marketization, legalization and normalization of delisting of listed companies. On the basis of summarizing the experience since the implementation of the "Delisting Opinions", the China Securities Regulatory Commission will implement the provisions of the "Securities Law", further improve the content of forced delisting for major violations, improve the operability of the rules, and strengthen the front-line supervision functions of stock exchanges. , the "Delisting Opinions" were revised.

Based on the provisions of the Securities Law and practical needs, this revision mainly includes the following three aspects.

This modification and improvement of the delisting system is of great significance for further improving the functions of the capital market, enhancing the vitality of market entities, shaping a rational investment culture, and forming a good mechanism for survival of the fittest.

For companies that have seriously violated the law, especially those that seriously endanger market order, seriously infringe the interests of the masses, and cause major social impacts, we will resolutely implement forced delisting in accordance with the law.

The delisting of a listed company involves many aspects. In order to effectively implement the forced delisting of companies with major violations, relevant parties will strengthen overall coordination and work cooperation, fully implement the "Securities Law" and "Delisting Opinions" and other relevant regulations, give full play to the positive role of the delisting system, and strive to Maintain market stability and effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors.

It should be pointed out that the delisting of a listed company has changed the way the company’s stock is traded and transferred, but the company itself is still a joint-stock company, and the company’s controlling shareholders, actual controllers, directors, supervisors, and senior managers Relevant responsible entities such as the Company shall be responsible for employees and investors and earnestly perform various responsibilities for normal production and operation after the company's delisting.

Changsheng Biotechnology may become the first stock to be delisted under the new regulations

Changsheng Biotechnology announced on July 23 that the company was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. , if the company is ultimately determined by the regulatory authorities to have committed major violations or transferred to the public security organs due to the aforementioned investigation matters, the company's stocks may be subject to a delisting risk warning, suspension of listing, or termination of listing according to the relevant regulations of the Shenzhen Stock Exchange.

At present, 15 people involved, including Gao Junfang, chairman of Changsheng Biotechnology, have been criminally detained and coerced by the Changchun New District Public Security Bureau on suspicion of criminal offenses.

The Shenzhen Stock Exchange rarely issued an announcement and made a decision to restrict sales. The Shenzhen Stock Exchange has imposed sales restrictions on the shares held by Changsheng Biotech’s major shareholders, directors, supervisors and senior management.

A few days ago, Changsheng Biotechnology issued an announcement that the stock abbreviation was changed to "ST Changsheng", and the daily price increase or decrease of the stock was limited to 5%.

Zhang Minghao, vice chairman of Changsheng Biotechnology (son of chairman Gao Junfang), said that the resignation of several senior executives immediately paralyzed the company, and the company's Lianyungang project base, which was originally under construction, will also most likely be affected. And shutdown. Regarding the equity transactions that have been questioned by the outside world as "misappropriation of state assets", Zhang Minghao believes that it is unfair to question Gao Junfang's "misappropriation of state assets" based solely on price. Under the historical background at that time, "management priority" was more common in the restructuring of state-owned enterprises. and normal practice. As for the impact of the "vaccine incident" on the company, Zhang Minghao said: "In the most serious case, delisting will be delisted."

Since Changsheng Biotechnology was ST, the stock price limit is 10%. Adjusted to 5%, reducing the rate of total market value evaporation. As of July 27, ST Changsheng had 9 lower limits, with a drop of 5.02% last Friday, and the stock price was 10.60 yuan.