Review: How difficult it is to retire the gem

Hu Run Long-awaited's gem exit system to solicit opinions draft finally came out.　　This is a long-term retirement system.　　said that it is focused on the long term, because the gem has been open for more than two years, not only did not have a company to meet any of the market conditions, and the current exit is still a very distant distance, in the foreseeable years, there will not be many companies trigger the delisting conditions. There are three new delisting conditions in the new delisting system.　　First, the 120 consecutive trading days accumulated stock turnover of less than 1 million shares-at present, the company's lowest turnover rate of the company daily volume is close to 100,000 shares.　　Second, the daily closing price of 20 consecutive trading days is lower than the face value-as of yesterday, the gem closed the lowest stock for the National Union Aquatic products, its 8.21 yuan share prices from 1 yuan of the face value is far from the difference.　　It has been publicly denounced by the exchange for three times in three to 36 months – as of now, no listed company has been publicly denounced by the board, and only three companies have been hit by a public condemnation of the severity of the report. It seems that the most likely trigger the exit conditions, is "three consecutive years of loss of the market", which is the same as the motherboard.　　In addition, backdoor listing is prohibited, is the new system's biggest breakthrough. The new system attracts industry from, such as "retreat from the market is difficult", "is baotai medicine rather than abortion medicine".　　But to say that it is only dead, fear is not necessarily. From the point of view of the system design, this is a normal market withdrawal system, in the normal market, short groups, cents stocks everywhere, financial fraud cost is very high, turnover, closing price of wanton manipulation is greatly limited.　　Such market, the above conditions have a solid foundation of reality. From the practical perspective, some mature markets abroad, retreat is very common.　　The New York Stock Exchange has a yearly retreat rate of about 6%, and about 8% on the Nasdaq, with more than 200 companies retreating from the UK's aim market each year. As a result of the listing of the approval system and other reasons, A shares do not have the characteristics of the normal market.　　One of the most direct performance, a A-share recently listed companies to retire from the case, to go back to 2007 years. The difficulty of delisting of a A-share is the same as that of listing approval system.　　Listing and approval is the most core power of the regulatory department, listing is the position of the power, once the market is released, the listing will be significantly devalued, the regulatory authorities will not be the prestige.　　But from the trend, as long as the issue of large expansion, supply and demand reversal, the market mechanism will take effect, the gem delisting conditions would eventually have substantial binding. At the moment, as the closing price and trading volume are susceptible to market manipulation, the public condemnation of the exchange has become one of the most resilient conditions of withdrawal.　　This rule, made by the exchange, clearly increases the power of the exchange. As the stock price is lower than the nominal value of the market conditions, the new system for a shares of long-term enthusiasm for the high transfer, will play a disincentive.　　This is the new delisting system of the unintentional inserted willow. (The writer is the editor of this newspaper)