Enterprise Board performance face companies should be directly back to the city

At the end of the semi-annual report, the Shenzhen stock market has submitted a formal report to the SFC on the direct delisting system of the gem, proposing to establish an early and clear exit system different from the motherboard. Gem launched nearly a year, early clear direct withdrawal system rules for promoting the healthy development of the gem is necessary. In particular, the newly disclosed gem company semi-annual report revealed many problems of poor quality, so it is more necessary to put the direct withdrawal system into effect as soon as possible.　　Combining the characteristics of "multiple standards, direct delisting and fast procedure", the author thinks that the company which is seriously changing its performance will be included in the category of direct delisting. Of course, it is necessary to have a clear definition of the company with serious performance. In normal circumstances, for example, performance fell by more than 50%, or two consecutive years of performance down by more than 30%.　　If the net profit is less than 5 million yuan, or the net profit of the last two years is less than 10 million yuan. Such a definition is in fact corresponding to the listing conditions of the gem company. In accordance with the provisions of the "initial public offering of shares in the Gem listing management measures", the issuer to be listed on the gem must comply with the term "continuous profit in the last two years, with a cumulative growth of not less than $10 million in the last two years, or a profit of the last year and a net profit of not less than 5 million yuan, The last year's operating income is not less than 50 million yuan, the last two years, the growth rate of business income is not less than 30% "requirements."　　If the gem company even issued a listing conditions are not available, so that its return to the city is justified. Let the gem performance face the company directly out of the market is conducive to combating fraud and other illegal practices. Gem has a large number of company performance changing face phenomenon, packaging listing is a very important reason. In order to achieve the purpose of listing or high price distribution, some companies usually package the performance before listing. Therefore, let the performance face the company direct delisting is to the packing listing and so on fake listing behavior powerful blow, to guarantee the listed company's quality to have the positive significance. Moreover, this practice is also to the "Securities law" perfect. In accordance with the provisions of the Securities Act, the issuer of the listed fraud, once the listing is successful, the regulator can only be economic penalties, and can not terminate the listing, so that the fraudulent listing profitable.　　Let the performance face of the gem company directly back to the "securities law" is an important improvement, but also for the main board market to fight fraud listing behavior explored a path. It is also helpful to protect the interests of the public investors by letting the gem face the company to retire directly. Because these companies are not too long on the market, on the one hand, most of the company's fund-raising is still in, or the company's main assets are still, the money to compensate investors losses; on the other hand, at least the company's controlling shareholder does not have to cash in the stakes, and investors do not need to pay If the gem in the retreat of the city hesitant, a drag and drop, until the fund-raising did not, the assets also hollowed out, and even large shareholders are also set up, and then to protect the interests of investors, the difficulties will be much greater.