Zhang Yundong: The establishment of the delisting system is particularly important to the gem

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Shenzhen commissioner of Zhang Yundong in the "2010 Second China (Shenzhen) Gem Forum" said that the gem has a high growth, high volatility, greater risk characteristics, the establishment of the delisting system is particularly important for the gem. He also pointed out that to be able to successfully implement the delisting, only the bad performance of the company restructuring of the expected fire, the performance of corporate restructuring system reform and delisting system need two-pronged, mutual cooperation.

Zhang Yundong said, compared with the motherboard delisting system, the gem delisting system introduced a negative net assets, audit reports can not express opinions, continuous transactions less than 1 million shares. Second, in the withdrawal time and specific procedures, the gem to three kinds of delisting situation started the rapid delisting procedures, shortened the time to return. Three is a retreat to the end, unlike the motherboard after the return of the agent system, there are transfers.

He further said that the current gem delisting system still has problems, such as the withdrawal of the standard is not complete, on the listed company's norms, the quality of listed companies as a return to the city indicators. Successive losses of the delisting standards are also easy to circumvent, do not eliminate the non-recurrent profit and loss, and this standard does not apply to retroactive adjustment caused by continuous losses. Four is the enterprise Board of delisting system followed the main board of the buffer mechanism, back to the city for too long. Motherboard to enter the process of a few months, slow four or five-year entry procedures are not, the gem in the system design has not solved the problem.

He said that to enable China's capital market to play the role of optimizing the allocation of resources, maintain market order and protect the interests of small and medium-sized investors, we must let the poor performance of listed companies from the full exit.

Zhang Yundong that there are three reasons why the system is difficult to establish. First, there is no recognition of the importance of the delisting system, the second is the problem of the thinking set, the third is the market risk, because the domestic market is facing the withdrawal of the city and foreign countries are not the same, foreign companies should be back to the enterprise is basically dead, there is no deal, But the domestic situation is not the same, often to retreat from the city's companies, the withdrawal of the company has become the target of speculation, and the stock price is very high, scrambled in full swing.

Zhang Yundong also points to the crux of the problem is that the current board of poor performance of the reorganization of the company is too hot, and to the situation, some interest groups to use the expected performance of corporate restructuring to kidnap and mislead investors, to push the price higher.

He said, "So to be able to successfully implement the market, only the bad performance of the company restructuring of the expected fire." ”

Zhang Yundong said that from the overall market, the performance of the merger and acquisition of corporate restructuring is very damaging, one is that it destroys the function of market resources allocation, to the market a wrong signal, crowding out a lot of valuable resources in the market, so that those who are in line with the industry and have a profit prospects of the company

Second, the reorganization is often inverted shell, shell, mainly to take asset replacement, report reorganization, related transactions or donations of behavior, in fact, there is nothing to improve the company, and some people enter the company after not think how to enhance the profitability of the company, but want to immediately find a place, to pour it out; the third is to undermine corporate governance, Damage to the capital market order, this reorganization in the listed companies will trigger false information, financial fraud, related transactions, although vigorously investigated, but in the market will appear a large number of wild fire, spring wind and raw insider trading and market manipulation. Moreover, the birth of "political and business collusion" corruption hotbeds. In the merger and reorganization of some companies, local governments often use the "tilt" policy to take out the local valuable resources, injected into the broken company inside, which is a great waste of resources.

According to the China Securities Daily reported that the SFC is jointly disciplinary inspection, SASAC and other relevant departments, on the Insider Information Insider registration system, to the work of the government workers exposed to insider information to the insider reporting scope. The recent market concern Zhongshan female mayor in Zhongshan (000685.SZ) insider case, and last year, Nanjing Economic Commission director suspected St Gautau (600562.SH) insider trading case, all belong to the government staff use insider information profit case.

Overall, Zhang Yundong said, the company's asset replacement restructuring is not worth the gains, and has almost become the root of many market abuses that make it impossible to find out. The root of many market abuses is here, and now it is "not from the institutional level to solve the situation."

He also said that at present it is the best time to solve the above problems, and the measures must follow the "fair principle", whether from the IPO or the reorganization of the listing must be in accordance with a standard, not in line with the listing conditions of the company should also withdraw, can not create "rent-seeking" space and