The China Securities Regulatory Commission speaks out! The number of delisted companies will not increase significantly in the short term

Release time:Jun 06, 2024 16:02 PM

In response to the recent question of whether some listed companies will be forced to delist if their stocks are subject to ST, Guo Ruiming, director of the Department of Supervision of Listed Companies of the China Securities Regulatory Commission, said that the purpose of the ST and *ST systems is to fully remind investors of the risks associated with listed companies and meet certain requirements. You can apply for cancellation after certain conditions.

Guo Ruiming said that ST is an "other risk warning" and will not be delisted directly. Most of the relevant issues and risks of these listed companies have been repeatedly reminded through announcements of case filings, orders for corrective measures, and financial information disclosure. *ST stands for "Delisting Risk Warning". Since the beginning of this year, 33 companies have reached the delisting standard, of which 22 have been delisted at face value. The market survival of the fittest mechanism is gradually taking shape. 47 companies will be delisted throughout 2023. The new delisting regulations have set up a certain transition period. It is expected that the number of delisted companies will not increase significantly in the short term.

You can apply to cancel ST and *ST after meeting certain conditions.

According to Guo Ruiming, according to market rules, after the annual report is disclosed on April 30 each year, the stocks of the company in question will be subject to ST or *ST for various reasons, including substandard financial data, large amounts of funds being occupied by major shareholders, and internal control There are major defects, etc. According to the newly revised "Stock Listing Rules" of the Shanghai and Shenzhen Stock Exchanges at the end of April, the main change this year is that in order to severely punish fraud, listed companies that are administratively punished for financial fraud but do not meet the delisting standards for major violations will be implemented ST. There are currently 7.

Guo Ruiming said that the purpose of the ST and *ST systems is to fully remind investors of the relevant risks of listed companies, and they can apply for cancellation after meeting certain conditions. Among them, ST is "other risk warning" and will not be delisted directly. Most of the relevant issues and risks of these listed companies have been repeatedly reminded through announcements of case filings, orders for corrective measures, and financial information disclosure. *ST stands for "Delisting Risk Warning". Since the beginning of this year, 33 companies have reached the delisting standard, of which 22 have been delisted at face value. The market survival of the fittest mechanism is gradually taking shape. 47 companies will be delisted throughout 2023. The new delisting regulations have set up a certain transition period. It is expected that the number of delisted companies will not increase significantly in the short term.

Guo Ruiming pointed out that after a listed company is delisted, the company and relevant responsible persons should still bear corresponding civil, administrative and criminal legal responsibilities in accordance with the law for any violations that may have occurred before the delisting. The China Securities Regulatory Commission attaches great importance to the protection of investors involved in delisting, insists on "pursuing the illegal activities of the above-mentioned entities to the end", severely punishes market manipulation, financial fraud and other behaviors during the delisting process in accordance with the law, and protects investors through multiple channels. rights and interests.

Guo Ruiming emphasized that this year, the China Securities Regulatory Commission has transferred 17 delisted companies and their responsible persons suspected of committing crimes to the judiciary for investigation of criminal responsibility in accordance with the law. Subsequent judicial authorities will announce the case details in accordance with the law based on the progress of the investigation. If investors suffer losses due to illegal activities of listed companies, the China Securities Regulatory Commission supports investors to safeguard their legitimate rights and interests through litigation and other channels in accordance with the law. The CSI Small and Medium Investor Service Center will also guide and support investors to actively exercise their rights. Recently, it has sued a number of delisted companies and risk warning companies that violated laws and regulations through support litigation, subrogation litigation, etc., and two companies have been approved by the court of first instance. Five cases have been successfully judged and have been accepted by the court. Investors are requested to pay close attention to the information disclosure of relevant listed companies and make investment decisions with caution.

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