Song Guoliang and others: The new w88 live casino system promotes the integration of my country’s capital market with international standards

w88 live casino of listed companies is a common and normal market behavior internationally. Taking the United States as an example, from1995Year to Year2012year17In total, the New York Stock Exchange3000About 8878_8895 companies have delisted, Nasdaq has a total of them8000About 8923_8953| companies have delisted, a considerable number. In China, since the establishment of the stock market23During the year, according to the w88 live casino rules, the Shanghai and Shenzhen exchanges shared78The stocks of listed companies have been terminated from listing, which is far lower than the level of other mature markets.

7month49668_9729“Marketization, legalization, normalization”9792_9837

Proactive w88 live casino will gradually become normalized

The w88 live casino of listed companies is divided into two categories: voluntary w88 live casino and forced w88 live casino. RightAFor investors in the stock market, active w88 live casino seems to be a brand new concept. However, in mature markets such as the United States, the proportion of voluntary delistings even exceeds that of forced delistings. Such as2003Year to Year2007year, the New York Stock Exchange’s average annual w88 live casino rate6%, approx.1/2It is an active w88 live casino, Nasdaq average annual w88 live casino rate8%, active w88 live casino accounted for nearly2/3。

For a long time, my country's capital market has failed to give sufficient attention and due status to voluntary w88 live casino. In terms of w88 live casino implementation procedures and follow-up arrangements, voluntary w88 live casino has been confused with forced w88 live casino. In addition, active w88 live casino and mergers and acquisitions and reorganization activities are often closely integrated. However, my country's market acquisition, buyback and other merger and acquisition and restructuring systems are not yet perfect, and there is a lack of supporting systems such as forced squeeze-out of remaining shares and leveraged buyout tools, resulting in overall high institutional and social costs for active w88 live casino. In recent years, although there have been some cases of voluntary w88 live casino, the number is small and the method is relatively simple.

The biggest highlight of this "Opinion" is that for the first time, voluntary w88 live casino is written into a legal document and clearly stated“Fully respect and protect the w88 live casino decision made by market entities based on their autonomy, instead of using w88 live casino or not as an absolute criterion for judging the quality of a company”. At the same time, the "Opinions" also provide diversified and feasible path options for companies that take the initiative to delist. Includes:

The first is to itemize the events caused by acquisitions, buybacks, mergers and other market activities7A proactive w88 live casino situation.

Second, in view of the particularity of voluntary w88 live casino, special arrangements have been made that are different from forced w88 live casino in terms of implementation procedures and follow-up arrangements, including passing the special majority vote of the shareholders' meeting and requiring independent directors to express their opinions.

Third, in order to guide market-oriented active w88 live casino, a series of targeted supporting policies and measures have been stipulated, including further improving the merger and acquisition system, studying and establishing a forced squeeze-out system for remaining shares, enriching merger and acquisition means and tools, and simplifying administrative approvals.

It is expected that active w88 live casino will gradually be realized in our country“Normalization”, gradually integrating with international practices.

Forced w88 live casino for major violations

From international experience, Hong Kong’s forced w88 live casino system is the most typical. There are two reasons why Hong Kong listed companies are forced to delist: First, the company cannot meet the continuing liability requirements13.24Article 15446_15452|Provisions“The issuer must have sufficient business operations or possess tangible or intangible assets of considerable value before its securities can continue to be listed”; Second, the company committed fraud and other acts and was forced to delist from the Stock Exchange. A typical case is Hongliang International (allegedly involved inIPOTime fraud,2012More than spent on repurchase10100 million Hong Kong dollars merged into2013year9w88 live casino in March, this is a landmark event for a listed company in the Hong Kong market to repurchase shares from public shareholders due to financial fraud).

For a long time,AThere is no listed company in the stock market because of“Major illegal acts”As for w88 live casino, in order to solve this problem, the "Opinions" include fraudulent issuance and major information disclosure violations that have strong market reactions, seriously harm the rights and interests of investors, and are relatively unanimously understood by all parties, and include them in w88 live casino situations. It widely absorbs the opinions of experts and scholars and stipulates the standards for suspension of listing and termination of listing respectively.

According to the "Opinions", if a listed company commits fraudulent issuance or violates major information disclosure laws, and is subject to administrative penalty decisions by the China Securities Regulatory Commission in accordance with the law, or is transferred to the public security organs by the China Securities Regulatory Commission in accordance with the law for suspected crimes, the stock exchange shall suspend the listing and trading of its stocks. For companies suspended from listing for major violations mentioned above, the "Opinions" in principle require stock exchanges to make a decision to terminate listings within one year, but it also distinguishes between fraudulent issuance and major information disclosure violations and makes differentiated arrangements: If a company suspended for major information disclosure violations comprehensively corrects its illegal behavior within the prescribed time limit, promptly replaces relevant responsible personnel, and makes appropriate arrangements for civil liability liability, its stocks can resume listing and trading. However, for companies suspended for fraudulent issuance, unless its behavior is found to not constitute fraudulent issuance, its stocks should be terminated from listing and trading within the prescribed time limit.

Diversified w88 live casino indicators

The diversification of w88 live casino indicators is one of the important features of the w88 live casino system in mature overseas markets. The New York Stock Exchange's w88 live casino quantitative standards focus on the stock price, number of shareholders, total market value, trading volume, total revenue, shareholder equity, etc. The Nasdaq w88 live casino quantitative standards focus on the stock price, number of shareholders, total market value, public shareholding number and market value, shareholder equity, and total assets and income.

For a long time, China has only“Three consecutive years of losses”This w88 live casino indicator has been criticized by market investors. Although the China Securities Regulatory Commission continued to enrich and improve various w88 live casino indicators during the early reform process, it was not until the release of the "Opinions" that the existing w88 live casino indicators were comprehensively sorted out and summarized according to market transaction and financial categories. Among them, the market transaction category includes indicators such as total share capital, equity distribution, trading volume, and stock market value, and the financial category includes indicators such as net profit, net assets, operating income, types of audit opinions, and failure to truthfully disclose the information within the prescribed period.

In addition, while unifying the above-mentioned w88 live casino standards for the Growth Enterprise Market, the Main Board, and the Small and Medium-sized Board, the "Opinions" allow stock exchanges to refine or dynamically adjust some indicators in their listing rules, and make differentiated arrangements based on the characteristics of different sectors. For those who are more criticized“Three consecutive years of losses”This w88 live casino indicator, the China Securities Regulatory Commission stated that although there are different opinions in the market, it takes into account“Three consecutive years of losses”is the w88 live casino situation established by the current "Securities Law". Without any changes to the law, the "Opinions" still retain this indicator.

Despite this, we can still see the efforts of the China Securities Regulatory Commission in diversifying and internationalizing w88 live casino indicators.

Multi-level market supports w88 live casino destination

In the United States, companies that are forced to delist generally go to the over-the-counter market for trading after w88 live casino. However, since the liquidity of the OTC market has decreased compared with the New York Stock Exchange and Nasdaq, the stock price usually has a certain discount, and the volatility of the stock price will also increase significantly. The advantage is that it provides a place for equity trading. The destinations of independent w88 live casino companies include complete privatization, strategic transformation after w88 live casino and then listing, listing on other exchanges, reducing the number of listing exchanges, etc.

This "Opinion" clarifies the whereabouts and trading arrangements of my country's listed companies after delisting. A company that actively delists may choose to w88 or transfer its shares on a securities exchange, or make other arrangements in accordance with the law. The stocks of compulsorily delisted companies should be uniformly listed and transferred at the special level established by the National Equities Exchange and Quotations.