How to bid farewell to "easier" by the gem

Liji first in the market all parties are still on the Chinese gem delisting standards and the way to return to the city, August 16, on suspicion of financial fraud in the NYSE listed Southeast intermediation collapsed and was officially delisted, from triggering the conditions of delisting to the formal delisting, in the United States Securities judicial relief and administrative relief before,　　It took less than four months to get the city back. On the issue of the listed companies to withdraw quickly and decisively, as long as the trigger to withdraw the conditions on the first time to resolutely request the withdrawal of the market, this is the United States securities markets regulatory system logic.　　In the eyes of US regulators, any procrastination or hesitation in the issue of the delisting of the problem companies is in the Tiger, which will only cause "two damage" to investors and increase the chances of companies drilling program loopholes or increasing bets to continue to violate activities. And China seems to have a different view on the issue of delisting regulation.　　More inclined to "pedagogical, saving lives", not beat, and in the specific company to deal with the worry, this is the Chinese stock market still many "zombie company" and the reasons for frequent reorganization, China's gem of the direct delisting system has been delayed, "easier" is mainly related to this. For the problem of the company directly to return to the market, the industry and the regulator is in fact a consensus, the lack of only the delisting standards and how to return to the city and other details. For this problem, foreign countries have very mature standard case and withdrawal operation mode, this is not what the system difficult, just inclusive absorption can (if only in terms of delisting standards, from foreign mature market experience and domestic experts and scholars to put forward the standard is most feasible).　　Of course, it can be based on China's national conditions to join our own regulatory elements, such as Shenzhen general manager Liping put forward the Gem delisting system principles and the framework of the two delisting standards: The last three years have been publicly denounced by the exchange three times, or the stock transaction price is continuously below par. Delisting standards have been determined, the return of the city model is also good, because the model is more implementation of the problem, and the system to draw on more molding. Taking the time of the gem to retire and the subsequent compensation arrangement as an example, we think that the former can learn from the United States in the southeast to the problem of the withdrawal of the timetable model, and the latter can take the Hong Kong board listed in the Hontex international compensation model for investors to protect the model, that is, when a start-up board companies to trigger the withdrawal of the market conditions,　　The funds raised by the company will be returned to investors who subscribe to the company's IPO and still hold the shares of the company, as well as investors who buy its shares after the company goes public. The reasons for the delay of the delisting system of China's gem I think that is not our lack of delisting standards and the behavior model, but we will be too many institutional objectives and policy objectives (such as protecting the interests of investors, care for local government interests, balance industry interests, and even stability, etc.) into our system design considerations,　　And this virtually increases the gem to retire the system design difficulty, and cause it is always wavering, difficult to conclude. If coupled with the already entrenched in the market "pedagogical, cureThe system logic of saving people ", the delisting system of China Gem is likely to remain stagnant in a cautious, which leads to the continuous breach of faith in investors. Therefore, as far as the reality of the gem is concerned, it is better to abandon other objectives and resolutely defend the source of the supervision of the securities market than to be stuck with too many top-level system design goals.　　Then as soon as possible on the basis of the selection of delisting standards and exit mode, and the system solidified.　　In short, China's gem delisting system needs to bid farewell to "easier", as soon as possible. (the author is a partner of Beijing million business and Tian Qin law firm)