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Original title: New rules are coming to comprehensively optimize the index system for elimination
(Continued from A01 version) Regarding the financial delisting indicators, the Shanghai and Shenzhen Stock Exchange has added a new combined financial indicator of “net profit before and after deductions and operating income less than 100 million yuan “, and the single net profit canceled with negative and operating value Revenue is less than 10 million indicators and financial indicators for the next year after the delisting risk warning is implemented apply crosswise. In addition, the Shanghai and Shenzhen Stock Exchange also included audit opinion delisting indicators in financial exclusion types and cross-applied them with other financial indicators to strictly enforce delisting.
From an industry perspective, this reform has changed previous foreclosure indicators that simply evaluated net earnings and performed multidimensional inspections of the sustainability of publicly traded companies in terms of profitability and income scale. In addition, cross-application of financial delisting indicators can solve the problem of companies avoiding delisting through external blood transfusions, asset sales and other profit management methods, and promote the elimination of shell companies. zombies.
In terms of delisting indicators, the Shanghai and Shenzhen Stock Exchange revised the original par value delisting indicator to a “1 yuan delisting” indicator, adding “the daily closing market value total shares for 20 consecutive business days is less than 300 million yuan. ” ”Market value indicator.
Regarding the normative exclusion indicators, two new types of situations were added: “important defects in the disclosure of information and standardized operations and refusal to correct them, and more than half of the directors are not faithful to the semi-annual or annual reports ”, And specific detailed rules.
In terms of the main illegal indicators, the new quantitative indicators of the amount of fraud plus the proportion of fraud: 3 consecutive years of inflated profit, the average annual amount of net profit exceeded 100% of the corresponding data for the year and the amount total exceeded one billion yuan; or each balance sheet The total amount of false records in subjects for 3 consecutive years exceeds 50% of net assets, and the total amount exceeds one billion yuan.
Cancellation of the suspension of the listing and resumption of the listing
Prior to this, the effectiveness of delisting was criticized. In this reform of the exclusion system, the Shanghai and Shenzhen Stock Exchanges have made adjustments to the exclusion process. At the same time, the Science and Technology Innovation Board and ChiNext also simultaneously optimized the delisting indicators and procedures.
The first is to cancel the suspension of the listing and resume the listing. It is clarified that listed companies will end their listing when they touch the financial indicators for two consecutive years and will shorten the exclusion process. That is, when companies touch the foreclosure indicators, their stocks will be subject to foreclosure risk warnings. If the foreclosure indicators touch again the following year, your shares will be delisted.
The second is to cancel the delisting agreement period setting for the business delisting situations, and there is no limit for the first day of the other types of delisting agreements, and the transaction time limit for the period of the exclusion agreement is reduced from 30 business days to 15 business days.
The third is to move the trading suspension time point later and postpone the continued trading suspension time point for significant illegal exclusion from the date of receipt of the advance notice of administrative sanction or court ruling until the date of receipt of the decision of administrative sanction or effective judicial sentence.
In addition, the Shenzhen Stock Exchange has also established a risk warning board including risk warning stocks and delisting stocks this time, to “disclose” the risk warning stocks on a separate board and, at the same time, improve the delisting stock trading mechanism, clarify risk warning stocks. The requirements of the transaction mechanism and suitability management.
Strictly implement the delisting system
Whenever new regulations are released, new and old cuts are cause for concern.
The Shanghai and Shenzhen Stock Exchange has made it clear that to ensure the steady progress of the reform of the delisting system and maintain the smooth operation of the market, in accordance with the principle of “treating companies differently Of Securities And Incremental Companies “, the market is given a certain buffer period relative to the new and old rules.
For companies whose shares have been suspended from trading prior to the effective implementation of the new rules, the old rules will be followed to determine whether the listing should be resumed or canceled, and the old rules will apply to implement procedures such as the subsequent exclusion period. .
For companies that have been subject to delisting risk warnings or other risk warnings, their actions will continue to implement delisting risk warnings or other risk warnings before the 2020 annual report is released; After the 2020 annual report is released, they will all be judged according to the new rules. Implement deletion risk warnings or other risk warnings; If the suspension of the listing standards is met in accordance with the above rules but not with the new delisting risk warning rules, other risk warnings will be implemented for your actions and the new rules will be implemented after the 2021 annual report is released. In the event of other risk warnings under the new regulations, other risk warnings will be revoked.
At the same time, the Shanghai and Shenzhen Stock Exchange emphasized that, in terms of follow-up implementation work, it will follow the unified deployment of the China Securities Regulatory Commission, listen to market views in various ways, and rapidly advance the review and improvement of the relevant delisting rules, and submit them to the Securities Regulatory Commission for approval. Launched and officially implemented.
According to the Shanghai Stock Exchange, it will resolutely take primary responsibility for the delisting, strictly monitor the delisting, resolutely implement the delisting system requirements, and insist that the delisting be refunded. . Companies meeting the delisting conditions, especially serious breaches of laws and regulations and serious disturbances Companies in a market order must resolutely clear, accelerate the formation of a survival market ecology of the fittest , promote the improvement of the quality of listed companies and better serve the high-quality development of the national economy.
The Shenzhen Stock Exchange declared that it will apply the concept of “hands-off”, give full performance to the market resource allocation function, help listed companies achieve market-based liquidation through mergers and acquisitions, reorganization by bankruptcy, etc., will resolve existing risks and perform delisting tasks in accordance with the law. Implement the delisting system, cracking down on financial fraud and other violations of laws and regulations, and “withdrawing to the end” for companies that meet the delisting standards.
