Is establishing a normalized delisting mechanism proposed by the 13th Five-Year Plan?

Establishing a normalized delisting mechanism is not proposed in the 13th Five-Year Plan.

After a series of exploration, reform, and improvement, the A-share market has basically formed a set of mandatory delisting indicator systems and proactive measures covering financial indicators, transaction indicators, standardized operations, and major violations. Delisting mechanism arrangements. Under the guidance of the registration system reform, the normalized delisting mechanism is quietly shaping the new market ecology.

Looking back at the delisting system reform process, it has not been a smooth journey, but every step forward has been sonorous and powerful. The pace of multiple rounds of reforms has sent a completely different signal: problems existing in the market must be solved by the power of the market.

Everything is difficult at the beginning. In April 1993, the "Interim Regulations on the Administration of Stock Issuance and Transactions" promulgated and implemented by the State Council only provided principled provisions for the delisting of acquired companies. The Company Law implemented in July 1994 specifically regulates company listing, information disclosure, suspension of listing, termination of listing, etc.

In April 1998, the Shanghai and Shenzhen Stock Exchanges implemented "special treatment" for stock transactions of listed companies with abnormal financial or other conditions in accordance with the "Stock Listing Rules" implemented that year, and referred to these stocks as "ST shares" to remind investors that stocks are at risk of delisting.

However, because the early delisting regulations were too general and lacked supporting measures, the delisting system was shelved for a long time and was not actually implemented.