Today, the Shenzhen Stock Exchange officially promulgates the Shenzhen Stock Exchange Rules Governing Listing of Stocks on ChiNext (amended in 2012) which shall come into force as of May 01, 2012.
In December 28 last year, the Scheme on Improving ChiNext Delisting System solicited public opinions. The Scheme was formally released on February 24, 2012 upon the alterations and improvement by the SZSE in light of the feedbacks from all circles. The current amendment to the ChiNext Listing Rules by adding the details of the Scheme to ChiNext Listing Rules includes six key pointes as follows: the first is to enrich the ChiNext delisting standard system; the second is to improve the standard for reviewing listing resumption, giving no support for listing resumption through backdoor; the third is to clarify the expedited delisting of those companies failing to make correction when the financial reports evidently break the accounting standards; the fourth point is to intensify the delisting risk information disclosure and remove the paragraphs relating to the delisting risk warning which is no longer applicable in the original rules; the fifth is to add the provisions in regard to delisting arrangement period; finally the last is to explicitly specifying that the companies delisted from ChiNext will be moved to agency share transfer system for listing.
Since the launch of ChiNext in 2009, more and more new problems in regulation practices have been raised with the relevant laws and regulations continually improved. Due to the aforesaid changes, the SZSE made a few amendments and improvement in terms of some articles which are not fit for regulation practices and regulation requirements, involving cutting the routine suspension, timely reminder of delisting risk of listed companies with negative net assets, keeping down insiders harming the interests of the listed companies and so forth.
The ChiNext Listing Rules (amended in 2012) will take into effect as of May 01, officially putting the ChiNext delisting system into practice.
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