Opinions on Strictly Implementing the Delisting System
Opinions on Strictly Implementing the Delisting System
Opinions on Strictly Implementing the Delisting System
April 12, 2024
All local offices of the China Securities Regulatory Commission (CSRC), all stock exchanges, all subordinate entities, all associations, and all departments and bureaus within the CSRC,
The delisting system stands as a cornerstone of the capital market. Following the approval of the Implementation Plan for Improving the Delisting Mechanism of Listed Companies by the Central Commission for Comprehensively Deepening Reform in 2020, the normalized delisting has been launched. To further deepen the reform, ensure orderly entry and exit and timely market clearing, and enhance protection of the legitimate rights and interests of small and medium-sized investors, the CSRC has developed these Opinion through a careful summary of reform experience and full consideration of the national and market conditions.
I. General Requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the market-oriented and rule of law principles:
--Emphasizing the investment value of listed companies. Based on the listing conditions for enterprises, scientifically establish strict delisting criteria to ensure that "companies meeting delisting criteria are promptly delisted" in a more precise manner. Establish and refine the differentiated delisting criteria system tailored to listed companies on different boards. Strengthen securities regulatory enforcement to crack down on various illegal activities, such as attempts to maintain listing status through various means and excessive speculation in shell companies, thus diminishing the value of shell companies.
--Enabling diverse delisting pathways.
......
April 12, 2024
All local offices of the China Securities Regulatory Commission (CSRC), all stock exchanges, all subordinate entities, all associations, and all departments and bureaus within the CSRC,
The delisting system stands as a cornerstone of the capital market. Following the approval of the Implementation Plan for Improving the Delisting Mechanism of Listed Companies by the Central Commission for Comprehensively Deepening Reform in 2020, the normalized delisting has been launched. To further deepen the reform, ensure orderly entry and exit and timely market clearing, and enhance protection of the legitimate rights and interests of small and medium-sized investors, the CSRC has developed these Opinion through a careful summary of reform experience and full consideration of the national and market conditions.
I. General Requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the market-oriented and rule of law principles:
--Emphasizing the investment value of listed companies. Based on the listing conditions for enterprises, scientifically establish strict delisting criteria to ensure that "companies meeting delisting criteria are promptly delisted" in a more precise manner. Establish and refine the differentiated delisting criteria system tailored to listed companies on different boards. Strengthen securities regulatory enforcement to crack down on various illegal activities, such as attempts to maintain listing status through various means and excessive speculation in shell companies, thus diminishing the value of shell companies.
--Enabling diverse delisting pathways.
......