Financial fraud hurts the market Wanfosenko the fate of the city

⊙ reporter Liu Wei 0 editor Liang Wei with the recent news about equity transfer and asset injection, the Wanfosenko of several days ' suspension caused the market to "tipped ladies" and "exit the city" debate. Some market personage thinks, if can carry on related operation smoothly, Wanfosenko may escape the fate of the city eventually. But the Shanghai newspaper reporter yesterday from the authority to know, financial fraud as a more serious injury to the capital market behavior, in the gem delisting system stringent requirements, Wanfosenko will be a big probability event. "From the foreign situation, the financial fraud of this behavior has been given a more severe punishment." "said one analyst. The above authorities believe that, in China's current gem delisting system constantly improve the situation, financial fraud more seriously hurt the health of the capital market and the interests of the relevant investors, this behavior will be severely punished, fake enterprises can not use the means to form a market "undead birds." If the company appears more serious violations, but through restructuring and other means of repackaging the listing, which will have a negative impact on the healthy development of the whole market. In recent years, the regulatory level has also increased the importance of "regulation". Xiao, chairman of China Securities Regulatory Commission, has said that since the party's 18, the State Council has clearly pointed out the urgent need for government functions to create a good development environment, provide quality public services, and maintain social equity and justice. At present, we should accurately grasp the new position and new deployment of the State Council of the Central Committee to the capital market reform and development since 18, accelerate the change of supervision function, strengthen supervision and enforcement, earnestly safeguard the market openness, fairness, impartiality and the legitimate rights of investors, and promote the healthy development of capital market. For what should not be regulated, firmly put, for the need to manage the good things, firmly control the tube. Against illegal and illegal behavior, no mercy to pursue the end, the punishment in place. From the angle of market law, Xiao that strengthening supervision and law enforcement is an important prerequisite for the healthy operation of capital market, the capital market is dependent on the rule of law, it needs to promote the rule of law, strengthen supervision and law enforcement, and ensure that market operation is not derailed At the same time, the capital market speculative illegal activity has the companion, the mature market development process, is one unceasingly enlarges the law enforcement dynamics the process. In terms of system, the Shenzhen Stock Exchange GEM listing rules issued last year has been in force since May 1, 2012. Industry analysts believe that since then the financial fraud companies are more likely to be retired, and through the past "financial technology" to restore the listing is also difficult. The new rules fully reflect the support of the "backdoor" to return to the market. First, a new "suspension of listed companies to apply for resumption of the listing conditions", the company during the moratorium on the main business has not undergone major changes, and has a sustainable profitability. Second, in response to the current "backdoor" to achieve the resumption of the listing of the suspension of the majority of listed companies on the basis of supplementary materials, delays in maintaining the status of listing and reorganization, the "Gem listing Rules" for the resumption of the listing process of the company's supplementary materials, the deadline to make a clear limit to the company must be within 30 trading days to provide supplementary materials, After the expiration of the term, the Shenzhen stockApplications for new materials will no longer be accepted. Third, it is clear that due to three consecutive years of loss or retrospective adjustment leading to three consecutive years of losses and suspend the listing of companies, should be deducted from the non-recurrent profit and loss before and after the lower net profit as a return to the listing of profits to judge the basis for the elimination of irregular returns to regulate the return of profits For a long time, when the market performance is poor, many investors blame the "there is no out" of the capital market, gem delisting system will break the strict implementation of this pattern. According to the GEM rules, if the listed companies in 36 months in a row three consecutive public condemnation will be returned to the market. In November 2012 and March 2013, Wanfosenko has been publicly denounced by SSE two times respectively. This means that if the exchange is publicly denounced once before November 23, 2015, Wanfosenko will be forced to retire.