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Over more two years since the launch of the ChiNext board, it had grown steadily and operated stably with the support and efforts from market parties. It plays a positive role in encouraging and guiding the social fund to support developing strategic rising industrials and other innovative enterprises, and implementing the state’s self-independent innovative strategy.
The current ChiNext delisting system, formulated by referring to the main board delisting system at the establishment of ChiNext, needs to be improved for the consideration of the present capital market reform and ChiNext’s long-term development. The improvement will reinforce the mechanism for survival of the fittest on ChiNext board, enhance the risk awareness of the market participants, foster rational investment culture, and boost the healthy and sustainable development of ChiNext. Meanwhile it is of probing and exampling significance for the reform and improvement of the Main board delisting system.
After research and analysis of nearly two years, SZSE drafts the Scheme for Perfecting ChiNext Delisting System, and solicits public opinions for it. Based on the present law framework, adhere to market orientation, the scheme targets on the major existing problems of current delisting system, draws on the experience of mature capital market, optimizes market resources, improves the quality of listed companies’ on ChiNext Board as a whole.
The scheme will perfect the ChiNext delisting system on the following aspects. First, two more delisting conditions, namely receiving public censure from SZSE successively and stock trading price being lower than par value, will be added to the 11 delisting conditions, which include sustained loss, negative net asset, auditing report with negative or inexpressible opinions issued by certificated auditor, etc.. Second, the examination and approval standards for listing resumption will be improved by setting net profit after extraordinary gains and losses as the standard for judging profitability. Meanwhile, suspended listed company will not be allowed to resume listing via back door listing. Third, the delisting process of insolvent companies will be accelerated, delisting time will be shortened. Fourth, delisting preparation board will be established for the purpose of offering some buffering phase before delisting for the public companies, which may shift its stock into delisting preparation board for alternative board trading Five, methods for reminding delisting risk on ChiNext will be improved with an adjustment to “*ST” system. Delisting risk will be substantially disclosed via strengthening delisting risk information disclosure by delisting companies and deepening eligibility management methods of ChiNext investors.
SZSE will further revise the Scheme on the basis of relevant opinions and advices, and then make an official release. The SZSE will amend the Listing Rules for ChiNext Board accordingly, and afterward, the SZSE will officially put in place the new ChiNext delisting system.
