The Gem Will Try To Withdraw Directly From &Nbsp; Experts Will Expeditiously Implement It.

Recently, Song Liping, general manager of Shenzhen Stock Exchange, disclosed for the first time. Gem The principles and framework of the delisting system. It is worth noting that in the system design, there are two new standards for terminating the listing. In the past three years, the stock market has been publicly condemned for three times, or the company's share price is lower than the face value of each share for 20 consecutive trading days.

In this regard, Dong Dengxin, director of the Institute of Finance and securities research, Wuhan University of Science and Technology, believes that to achieve the effect of delisting, there should be a deterrent on the delisting standard. Xu Guangxun, chief representative of the former NASDAQ China, said that the formulation of China's gem delisting system shows that the capital market is improving. He pointed out that from the perspective of financing function and trading activity, the domestic growth enterprise market was successful, but in essence, China's growth enterprise market is still in the initial stage of development. Next, we should strengthen the supervision system construction and supervision.

China's growth enterprise market was established in October 2009. It is a brand new market. There are no problems left over by history. The establishment and improvement of the direct delisting system does not involve the adjustment of the existing market interest pattern, and there are conditions for first try. Therefore, the Shenzhen Stock Exchange set up a "direct delisting system" at the beginning of the gem.

"Delisting system is the basic institutional arrangement to ensure efficient and orderly operation of the market and achieve healthy and sustainable development. The perfect delisting system is conducive to guiding market resources to high-quality enterprises, but also effectively curb excessive speculation and illegal activities in the market, and achieve the protection of the rights and interests of small investors." One dealer said the delisting system is the theme of the general rules of the gem, and it is also an inevitable choice to solve a series of problems in the development of the GEM market.

"Investors are looking forward to direct growth at the beginning of the growth enterprise market. Delisting With the introduction of the system, regulators have already made clear the necessity of the direct delisting system. Then why is the gem direct delisting system delayed? " The source said.

In view of the fact that the gem delisting system has not been seen yet, experts in the industry say it is very necessary to introduce the delisting system of the gem, so as to eliminate the phenomenon of long delay, backdoor listing, insider trading and market manipulation in the process of delisting, and to purify the market environment of the gem.

Dong Dengxin said that there are two fundamental defects in the A share delisting system: first, the standard of the delisting is unitary and unscientific; the two is the lack of symmetry between the delisting standard and the listing standard. After the reform of the IPO system, the reform of the delisting system must never be delayed. As a high growth and high-risk investment market, gem's delisting system must be more operational and delisting. efficiency It should be higher. It should learn from the lessons of the main board delisting system, but it is also different from the main board delisting standard.

He also said that the design philosophy of the gem delisting system reflects to a large extent the determination and confidence of the Shenzhen Stock Exchange to improve the efficiency of delisting, which is far more advanced and perfect than the existing main board delisting system. The delisting system of gem in the future will surely deter excessive speculation and speculation of junk stocks, and can also eliminate the shell game of garbage reorganization.

"Gem is very necessary and conditional to establish a direct delisting system as soon as possible." The securities dealers appealed. He said that establishing a good delisting system is the key to promoting the sound development of the capital market. We must learn from it so that the gem can develop healthfully in the capital market from the very beginning, and stifle the possibility of producing all kinds of shortcomings in the cradle.