Discussion on the delisting system of GEM: Most representatives think the draft is too soft

Most representatives considered the draft "too soft"

Yesterday, the Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen") invited from academia, brokers, venture capital, listed companies 11 representatives to host the Gem Retreat System Symposium, a number of delegates think that the current announcement of the Gem delisting system (for the draft, the same below) loose.

"Does not support the return of the listing through ' backdoor ', literally, leeway." The proposal is directly stated as ' not allowed ' to return to the market via ' backdoor '. Dongdeng, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, was widely endorsed by the delegates yesterday. Including Wanguo Securities chief analyst Gui Haoming, China Merchants Securities general Manager Assistant She Jijun, National Credit Securities core Director Zengxin, Oriental Rich Sea Market director Wu Zhongwei, Shenzhen Innovation Investment vice President Sun Dongxhen and other delegates have put forward the same proposal. She Jijun even thought that the "unsupported" statement would leave a difficult task for Shenzhen to follow. Not expressly for "not allowed" backdoor resumption of the listing, if the relevant parties to intercede, what should be done?

Delegates to the A-share market "borrow shell listing" The chronic disease is generally opposed, Dongdengwen, Gui Haoming, Zengxin, it is because of backdoor listing of the back door exists, will be long-term distorted a-share market pricing system, which is also the cause of a A-share "three high" phenomenon of important reasons.

Shaohua, assistant director of GF Securities, said: "If the Shenzhen stock Exchange does not return the ' backdoor ' to the door completely closed, more stringent restrictions should be introduced, such as for backdoor enterprises, the audit conditions to converge with the IPO." ' Backdoor ' will also be issued to the Commission. This can also avoid the ' backdoor ' listing spread. ”

Even representatives from listed companies expressed support for the rejection of the "backdoor" resumption of the listing in the delisting system. National Technical Secretary Zhu Xu also believes that the expression should be "not supported" change to "not allowed" to enhance the seriousness of the provisions. Zhu Xu even suggested that the motherboard and the board should be in the gem after the pilot mature, as soon as possible to adopt a similar withdrawal system.

"We want to exit directly from the gem," he said. "Dongdengwen said," for three years of continuous loss of enterprises, I hope not to give a year's grace, direct withdrawal of the city. ”

She Jijun said: "The audit report for two consecutive years to deny or refuse to express their views only to suspend the listing, 2.5 consecutive (interim report) in order to deny or refuse to express their views only to terminate the listing conditions too loose. "In She Jijun view, the general scale of domestic accounting firms more lenient, if the auditor issued a negative or refused to express their views, the company's report is completely unreliable, it is definitely not a normal company, which is a very serious situation." Therefore, She Jijun suggested that the company should suspend the listing as long as the financial statements appearing for one year were negative or declined.

Gui Haoming that the current release of the standard of delisting some is a mere formality. For example, "120 consecutive trading days accumulated stock turnover of less than 1 million shares," 36 months by the Shenzhen public denounced three times, and other indicators, it seems difficult to imagine, it is difficult to appear. In this connection, the relevant person in charge said: "A-share history, in 36 months by the exchange publicly denounced three times the company has 6, 120 consecutive trading days accumulated turnover of less than 1 million shares of companies also have several." ”