In order to implement the CSRC’s Several Opinions on Renovating, Improving and Strictly Implementing the Delisting System of Listed Companies (“Delisting Opinions”), further optimize delisting working mechanism and protect the legitimate rights and interests of investors, Shenzhen Stock Exchange (SZSE) has solicited opinions from all sides and made amendments to the two ancillary regulations of Implementation Measures on Re-listing of Delisting Companies (“Re-listing Measures”) and Special Regulation on Business during Delisting Transitional Period (“Transitional Period Regulation”) on the basis of the revised The Rule on Share Listing and Rules Governing the Listing of Shares on the ChiNext Board of Shenzhen Stock Exchange.
The delisting system of listed companies is a fundamental system in the capital market, said by an officer of SZSE, the delisting system reform this time follows the principles of “Marketization, Legalization and Normalization”, which further enriches the contents of delisting and has made significant breakthrough in compulsory delisting for serious violators. The recent amendments to the Re-listing Measures and Transitional Period Regulation shows another significant move of SZSE to effectively adhere to the Delisting Opinions and strictly implement the delisting system, succeeding the previous amendments to The Rule on Share Listing and Rules Governing the Listing of Shares on the ChiNext Board of Shenzhen Stock Exchange.
Based on the re-listing requirements prescribed in The Rule on Share Listing (Amended in 2014), the Re-listing Measures revised the specific requirements for re-listing application, acceptance and approval, and made differentiated regulations on different cases of proactive delisting and compulsory delisting. According to the spirits of Delisting Opinions, Transitional Period Regulation amended regulations related to the delisting transitional period by making it clear that companies subject to compulsory delisting must provide institutional arrangements during delisting transitional period, and optimized the management system of qualified investors during delisting transitional period. This time’s amendments to the two ancillary regulations further specified the business process of re-listing, enhanced the operability of delisting transitional period, optimized ancillary working mechanism for share delisting, and strengthened the protection for listed companies and investors.
SZSE is the subject of liabilities in the implementation of the delisting system, according to the officer of SZSE, SZSE will be in strict accordance with Delisting Opinions, The Rule on Share Listing (Amended in 2014) and relevant ancillary regulations, intensify its efforts in the delisting system reform and resolutely safeguard the seriousness and authoritativeness of the delisting system.