Under the comprehensive registration system, the mechanism of "entry, exit, survival of the fittest" will be deepened
2023-02-10
To fully implement the reform of the stock issuance registration system, we should further unblock the import and export customs, accelerate the market metabolism, and form a better market ecology of "entry, exit, survival of the fittest". "Under the comprehensive registration system, the challenge to the market ecology lies in how to guide the limited funds to achieve a better resource allocation effect." Zheng Yu, a professor at the School of International Finance and Law of East China University of Political Science and Law, told reporters that this requires the securities market to give full play to the role of "filter", not only to allow high-quality enterprises to list for financing, but also to allow companies that have no ability to continue operation to "retire as soon as possible". The reform of the delisting system has demonstrated its power. The number of delisting has repeatedly innovated on the high-tech innovation board, the GEM and the Beijing Stock Exchange have successively piloted the registration system, providing a practical place for the reform of the delisting system and accumulating valuable experience. Diversified delisting channels have been continuously broadened, the number of A-share compulsory delisting companies has repeatedly reached a record high, the effect of eliminating the fittest has emerged, and the normal delisting pattern has basically taken shape. At the end of 2020, the new delisting rules were issued, and the delisting standards for financial indicators, trading indicators, norms and major violations were comprehensively revised, focusing on the consideration of the continuous operation ability of listed companies, and promoting the timely liquidation of "shell enterprises". Chen Jie, the director and researcher of the Commercial Law Office of the Law Institute of the Chinese Academy of Social Sciences, said in an interview with reporters, "The more targeted and stricter delisting system has increased the market clearance efforts, improved the delisting efficiency, and actively promoted the formation of a sound ecosystem of the capital market of 'entry, exit, survival of the fittest'." The new delisting regulations show their power and effect is prominent. According to the statistics of Oriental Fortune Choice, since the implementation of the new delisting rules, the number of companies that have been forced to delist has reached a record high, reaching 17 and 42 in 2021 and 2022 respectively. Judging from the situation in 2022, the financial delisting is the majority. Of the 42 companies that have been forced to delist, 40 have touched financial delisting indicators, 1 has touched major illegal delisting indicators, and 1 has touched trading delisting indicators. Zheng Yu believes that since the pilot reform of the registration system, the delisting system has been continuously optimized. The design of delisting system is not only in line with the international mainstream securities market practice, but also in line with the characteristics of China's securities market. The delisting rules strengthen the qualitative criteria, making it simple and clear for regulators, listed companies and investors. The reform to speed up the elimination of the insurance problem of inferior companies has become a key entry point. The reform is also triggering the "resonance" at the export end. The registration system and delisting system will work together to further strengthen the allocation function of capital market resources. Dong Zhongyun, chief economist of AVIC Securities, told reporters that in the process of promoting the registration system in the whole market, a more market-oriented issuance and pricing mechanism, as well as a diversified delisting standard and a normalized delisting mechanism are gradually shaping a new ecological environment, promoting the liquidation of risk companies, and thus enhancing the resource allocation capacity of the capital market. According to incomplete statistics of the reporter, up to now, companies have been delisted or locked out of the market in advance within the year. For example, * ST Keller has received the Decision on the Delisting of Shares of Hubei Keller Technology Co., Ltd. from the Shanghai Stock Exchange on February 8 because it touched the delisting index of trading. The company's shares will be delisted and delisted on February 15, 2023. This is the first delisting case in 2023, and also the first transaction
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Dairy
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