Recently, the China Securities Regulatory Commission issued "Several Opinions on the Reform and Improvement of the Delisting System of Listed Companies (Consultation Draft)" (hereinafter referred to as "Delisting Opinions"), which clearly states that "the implementation of the mandatory delisting system for major illegal companies" . In this regard, market participants believe that this is one of the biggest highlights of this "delisting Opinion", but the follow-up implementation needs to refine the specific situation of "significant violation of the law", and clarify its criteria to reduce the flexibility of law enforcement.
Major violations in the past Wind information shows that from the beginning of the year, there have been 53 cases of major violations of listed companies in the two cities. From the disciplinary type of the case, 25 public penalties, 8 public condemnations, 15 public criticisms and 5 internal communication criticisms. Among them, 13 listed companies such as Kelun Pharmaceutical and *ST Xiancheng were publicly punished by the CSRC, and their violations were mainly concentrated on major contracts, litigations, and external guarantees. The related transactions were not disclosed in accordance with regulations. Relationships, etc.
Since the establishment of China's capital market, major illegal companies have been commonplace, but most of them have not been withdrawn from the market in a timely manner, such as the green land of fraudulent issuance and listing, Wanfushengke, and Nanfang shares, which have disclosed false financial information for many years. Still stay in the A-share market.
In fact, Article 55 of China's Securities Law clearly stipulates that a listed company has a major illegal act, and the stock exchange may decide to suspend its stock listing and trading, but so far no company has delisted. "The Securities Law has included the company's major illegal activities in one of the conditions for suspension of listing, but in the next provision of Article 56 on the termination of listing, there is no corresponding statement. This makes the implementation of the delisting system In the process, because the law enforcement standards are not clear and specific, some listed companies with major illegal activities can not withdraw from the market in time, which affects the implementation effect of the delisting system.†Wu Hong, dean of the School of Economic Law of East China University of Political Science and Law, said.
The "Delisting Opinion" clearly implements the mandatory delisting system for major illegal companies. The listed company has fraudulent issuance or major information disclosure violations. The CSRC has made an administrative punishment decision according to law, or was transferred to the public security organ by the CSRC according to the suspected crime. The stock exchange shall suspend its stock listing and trading.
Guo Wei, a professor at Peking University Law School, said that although the number of listed companies that have been filed due to irregular information disclosure has increased in recent years, not every company has been severely punished. The introduction of this Delisting Opinion will be on listed companies. Major violations act as warnings and deterrents.
Hidden illegal to be clear <br> <br> Overall, this "delisting opinions" on major illegal compulsory delisting the company issuing company focused on fraud and illegal information disclosure of major companies, mainly in the former part of the IPO The latter is a major information disclosure violation after the company's listing. However, some insiders said that the major illegal situation of listed companies forcibly delisting can be further clarified.
“Because the number of fraudulent issuing companies and major information disclosure illegal companies in the market is relatively large, it is easier to operate the identification and processing. At present, the regulatory authorities have included these two types of situations into the scope of major illegal acts, but the subsequent identification of major illegal situations. Can be further refined and clear." Wu Hong said.
In his view, for example, when other stakeholders are suspected of manipulating the company's stock price, the listed company cooperates with the release of corresponding bad or good news, or in the process of major asset restructuring, the listed company is suspected of issuing misleading statements, inducing investors to buy and sell company stocks, etc. Can be classified as a major letter of illicit violation. However, such illegal situations are more concealed and it is more difficult to obtain evidence. If implemented, it is necessary to further clarify the corresponding supporting rules and measures.
In the two cases of fraudulent issuance and major information disclosure violations, the Delisting Opinion also made a different arrangement. Major information disclosure illegally suspends listed companies within the prescribed time limit to comprehensively correct the illegal acts, promptly remove the responsible personnel, and make proper arrangements for the civil liability liability, and its stocks can resume the listing transaction. However, for a company that suspends the listing of fraudulent issuance, its shares shall be terminated within the prescribed time limit unless it is found that its conduct does not constitute a fraudulent issue.
Guo Wei said that although the regulatory authorities have implemented different arrangements for fraudulent issuance and major information disclosure violations by listed companies, the market outlook should further clarify the criteria for fraudulent issuance and major information disclosure violations, and reduce the flexibility of identification between the two to prevent Forced delisting is not known.
Delisted four cases <br> <br> China Securities Regulatory Commission recently issued "Opinions on reform and improve and strictly implement the listed companies delisting system (draft)", marks a new round of reform delisting system was officially launched . The "Delisting Opinions" involves a total of 27 listed companies delisting, including the mandatory delisting of major illegal companies, which have the following four situations:
First, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares. After the administrative punishment of the CSRC is suspended, the stock exchange will decide to terminate the listing of the company's shares within one year from the date of the CSRC's decision on administrative punishment.
Second, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares, suspected The crime of fraudulent issuance was transferred to the public security organ according to law and the listing was suspended. Within one year from the date of the transfer decision made by the CSRC, the stock exchange decided to terminate the listing of the company's shares.
Third, listed companies are subject to administrative punishment by the CSRC due to false records, misleading statements or major omissions in the information disclosure documents, and are suspended in the administrative punishment decision form to constitute a major illegal act, and the administrative punishment decision is made at the CSRC. Within one year from the date of the issue, the stock exchange will make a decision to terminate the listing of the company's shares in accordance with its stock listing rules.
Fourth, listed companies have false records, misleading statements or major omissions due to information disclosure documents. Suspected violations of disclosure and non-disclosure of important information have been suspended from the public security organs according to law, and within one year from the date of the CSRC’s decision to transfer The stock exchange has decided to terminate the listing of the company's shares in accordance with its stock listing rules.
For the introduction of the "Delisting Opinion", where is the LEDO's IPO road? What do you need to do to get the industry listed? These are worthy of thinking by companies.
Major violations in the past Wind information shows that from the beginning of the year, there have been 53 cases of major violations of listed companies in the two cities. From the disciplinary type of the case, 25 public penalties, 8 public condemnations, 15 public criticisms and 5 internal communication criticisms. Among them, 13 listed companies such as Kelun Pharmaceutical and *ST Xiancheng were publicly punished by the CSRC, and their violations were mainly concentrated on major contracts, litigations, and external guarantees. The related transactions were not disclosed in accordance with regulations. Relationships, etc.
Since the establishment of China's capital market, major illegal companies have been commonplace, but most of them have not been withdrawn from the market in a timely manner, such as the green land of fraudulent issuance and listing, Wanfushengke, and Nanfang shares, which have disclosed false financial information for many years. Still stay in the A-share market.
In fact, Article 55 of China's Securities Law clearly stipulates that a listed company has a major illegal act, and the stock exchange may decide to suspend its stock listing and trading, but so far no company has delisted. "The Securities Law has included the company's major illegal activities in one of the conditions for suspension of listing, but in the next provision of Article 56 on the termination of listing, there is no corresponding statement. This makes the implementation of the delisting system In the process, because the law enforcement standards are not clear and specific, some listed companies with major illegal activities can not withdraw from the market in time, which affects the implementation effect of the delisting system.†Wu Hong, dean of the School of Economic Law of East China University of Political Science and Law, said.
The "Delisting Opinion" clearly implements the mandatory delisting system for major illegal companies. The listed company has fraudulent issuance or major information disclosure violations. The CSRC has made an administrative punishment decision according to law, or was transferred to the public security organ by the CSRC according to the suspected crime. The stock exchange shall suspend its stock listing and trading.
Guo Wei, a professor at Peking University Law School, said that although the number of listed companies that have been filed due to irregular information disclosure has increased in recent years, not every company has been severely punished. The introduction of this Delisting Opinion will be on listed companies. Major violations act as warnings and deterrents.
Hidden illegal to be clear <br> <br> Overall, this "delisting opinions" on major illegal compulsory delisting the company issuing company focused on fraud and illegal information disclosure of major companies, mainly in the former part of the IPO The latter is a major information disclosure violation after the company's listing. However, some insiders said that the major illegal situation of listed companies forcibly delisting can be further clarified.
“Because the number of fraudulent issuing companies and major information disclosure illegal companies in the market is relatively large, it is easier to operate the identification and processing. At present, the regulatory authorities have included these two types of situations into the scope of major illegal acts, but the subsequent identification of major illegal situations. Can be further refined and clear." Wu Hong said.
In his view, for example, when other stakeholders are suspected of manipulating the company's stock price, the listed company cooperates with the release of corresponding bad or good news, or in the process of major asset restructuring, the listed company is suspected of issuing misleading statements, inducing investors to buy and sell company stocks, etc. Can be classified as a major letter of illicit violation. However, such illegal situations are more concealed and it is more difficult to obtain evidence. If implemented, it is necessary to further clarify the corresponding supporting rules and measures.
In the two cases of fraudulent issuance and major information disclosure violations, the Delisting Opinion also made a different arrangement. Major information disclosure illegally suspends listed companies within the prescribed time limit to comprehensively correct the illegal acts, promptly remove the responsible personnel, and make proper arrangements for the civil liability liability, and its stocks can resume the listing transaction. However, for a company that suspends the listing of fraudulent issuance, its shares shall be terminated within the prescribed time limit unless it is found that its conduct does not constitute a fraudulent issue.
Guo Wei said that although the regulatory authorities have implemented different arrangements for fraudulent issuance and major information disclosure violations by listed companies, the market outlook should further clarify the criteria for fraudulent issuance and major information disclosure violations, and reduce the flexibility of identification between the two to prevent Forced delisting is not known.
Delisted four cases <br> <br> China Securities Regulatory Commission recently issued "Opinions on reform and improve and strictly implement the listed companies delisting system (draft)", marks a new round of reform delisting system was officially launched . The "Delisting Opinions" involves a total of 27 listed companies delisting, including the mandatory delisting of major illegal companies, which have the following four situations:
First, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares. After the administrative punishment of the CSRC is suspended, the stock exchange will decide to terminate the listing of the company's shares within one year from the date of the CSRC's decision on administrative punishment.
Second, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares, suspected The crime of fraudulent issuance was transferred to the public security organ according to law and the listing was suspended. Within one year from the date of the transfer decision made by the CSRC, the stock exchange decided to terminate the listing of the company's shares.
Third, listed companies are subject to administrative punishment by the CSRC due to false records, misleading statements or major omissions in the information disclosure documents, and are suspended in the administrative punishment decision form to constitute a major illegal act, and the administrative punishment decision is made at the CSRC. Within one year from the date of the issue, the stock exchange will make a decision to terminate the listing of the company's shares in accordance with its stock listing rules.
Fourth, listed companies have false records, misleading statements or major omissions due to information disclosure documents. Suspected violations of disclosure and non-disclosure of important information have been suspended from the public security organs according to law, and within one year from the date of the CSRC’s decision to transfer The stock exchange has decided to terminate the listing of the company's shares in accordance with its stock listing rules.
For the introduction of the "Delisting Opinion", where is the LEDO's IPO road? What do you need to do to get the industry listed? These are worthy of thinking by companies.
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