The direct delisting system of GEM cannot be "compromised"

Cao Zhongming According to media reports, Gem direct delisting system is likely to take a compromise plan, that is, those who do not meet the conditions of the GEM enterprises do not implement direct delisting, but will be "back" to the agency's share transfer system (commonly known as "Sanbanxi") continue to trade. Gem has been listed for a year, listed companies have reached 134. Although the listing rules of GEM, issuing audit mechanism, investors appropriate management and other aspects of the rules and regulations are basically shaped, but in the delisting system is still a blank. Because of this, the market for the regulatory authorities delayed the introduction of the Enterprise Board of the delisting system is very critical. In fact, last October 30, before and after the first gem of the new stock listing, the regulatory authorities have repeatedly announced on different occasions, the gem will be set up with a direct return to the main board system.　　And according to the "Gem listing Rules", the gem delisting system than the main board more stringent, mainly presents the "multiple standards, direct delisting, fast procedures" three aspects of characteristics. When the market is looking forward to the gem of the direct exit system can be promulgated as soon as possible, this September 8, the general manager of Shenzhen Liping said that the gem delisting system is very difficult to make, the launch has no timetable, it is estimated that the second half is difficult to launch. The introduction of a system is bound to involve a wide range of interests, the difficulty is actually a balance of interests. However, even from the perspective of perfecting the gem system, its delisting system should be introduced as soon as possible, rather than being perfunctory with no "timetable".　　What's more, with the future gem IPO, the scale of the gem will be more and more, accumulated and exposed problems will be more and more, the introduction of direct delisting system will become more and more difficult. The Shanghai and Shenzhen motherboards and the board of the SME system of the form of a fictitious, has long been a widespread criticism of the market, but also led to the so-called proliferation of asset reorganization, which led to the market in the insider trading and information leakage of the prevalence of the harm is obvious to all. Gem delisting system If you really take a compromise, if it really is to let the enterprises that do not meet the conditions to "retreat" to Sanbanxi, although the shares of these enterprises can still be circulated, perhaps the loss of investors may be reduced, but in fact, this is tantamount to the gem did not return to the market system. Is there anything else we need to do to start the business board?　　Are these smaller companies going to the small and medium-sized boards?　　If the enterprise that does not meet the conditions does not implement direct delisting, on the one hand, the previous claim that "will establish a direct exit system different from the motherboard," the integrity of the regulatory authorities will be discounted, "Gem listing Rules," the seriousness and authority of the same discount, on the other hand, will undoubtedly cause the gem speculation more crazy The direct delisting system of gem makes those enterprises that do not meet the conditions out of the market, but it is a system to protect investors. As of March 4 this year, many media have disclosed the Shenzhen stock company chairman Chen Dongzheng said, "on the further improvement of the GEM Market Direct delisting scheme has been reported to the SFC," the listing of the 57 gem companies most of the shares fell, more than 4% per cent of the 32,　　The power of the direct delisting system and the effect of suppressing market speculation are evident. In view of the shortcomings and defects existing in the system of the Shanghai and Shenzhen board and the SME, the delisting system of gem should not follow its footsteps. Otherwise, China's gem market will not be able to hit the "Nasdaq", more likely to produce companies like Microsoft, the most can only be counted as "second market."