Scripture Society theory | normalization of delisting and establishing a new order in the market

Author:Economic Observer Time:2022.08.13

Author: Society

Figure: Tuwa Creative

*ST Ji Tong has been regulated and punished a few days ago and touched major illegal forced delisting. Although listed companies are not new in A -share retirements, this can still be regarded as proof of currently accelerating the normalized speed increase of A -share delisting. Perhaps it can be said that the new order of "progressive, retreat, advance and retreat" has been established.

At present, the number of A -share delisting companies is growing rapidly. According to Wind data, as of August 11, a total of 43 companies in the A -share market were delisted in 2022. This number has been close to the total number of delisting companies in the past three years. In June this year, 29 companies were delisted, exceeding the number of all -year -old companies in 2021.

From the perspective of mature experience in the international market, a stable and healthy capital market must be required to unblock the entrances and exports to form a market ecology with input and virtuous circulation. In the past, because the mechanism was not yet sound, good companies could not get in, and bad companies could not go out. It was difficult for the A -share market to play the role of resource allocation. In order to change this situation, in October 2020, the Fifth Plenary Session of the 19th CPC Central Committee proposed to establish a normal -delisting mechanism to open the curtain of the reform of the delisting system in this round. At the end of the same year, the Shanghai and Shenzhen Exchange officially released a new delisting regulations.

The normalization of delisting means that the export of the A -share market is clearly increased, compared with the previous export efficiency of the delisting, the delisting cycle is shortened, the "leather company" without the main business and the long -term loss of "zombie enterprises" with efficient exit, the capital market The efficiency of resource allocation is optimized and improved, which is more conducive to the role of the capital market to serve the real economy. Some institutional statistics show that after the new delisting regulations were promulgated, the turnover of head enterprises (the top 10%of the market value) accounted for from 39.29%in 2020 to 45.84%in 2021, and it has been with the heads of the New York Stock Exchange in 2021 ( 10%of the market value) 54.81%of the transaction ratio is close.

On the other hand, the normalization of delisting has also played a role in urging and alerting to listed companies, improving the quality requirements of information disclosure of enterprises.

From the perspective of the market as a whole, the delisting system and registration system are "two sides", which are the top priorities of the domestic capital market reform at this stage. Science and Technology Board and GEM have successively piloted the registration system for the listing of the enterprise. The establishment and improvement of the delisting mechanism provides an withdrawal channel for companies that cannot keep up with the development of A shares. The virtuous cycle ecology of the survival of the fittest of the listed company was established.

Since the beginning of this year, the topic of the comprehensive registration system has been repeatedly mentioned. Recently, the chairman of the CSRC Yi Huiyan published an article in the "Askish" saying that after nearly three years of pilot exploration, the registration system with information disclosure as the core has initially adopted the market test. Basically, it is basically available.

Under the comprehensive registration system, the efficiency of the capital market has been upgraded, and the efficiency of economic efficiency has been improved. The market -oriented issuance, pricing and elimination system will increase corporate differentiation, promote the survival of the survival of the fittest, and gather capital towards high -quality targets, and the value of unit capital will be more effective. At the same time, the registration system is of critical significance for the development of direct financing, especially equity financing.

To fully implement the registration system for stock issuance, it is necessary to continue to promote the reform of related fields on the basis of adhering to the "building system, non -intervention, zero tolerance". Just as Yi Hui Man said, this includes the scientific grasp of the registration mechanism, the positioning of various sectors, and guiding the healthy development of capital to standardize the healthy development of the capital. Land. At the same time, accelerate the reform of intermediary and investment, improve the law enforcement judicial system and investor protection system of securities law enforcement, promote innovation of key systems, and create a good system and ecological environment for the healthy development of the capital market.

In the long run, the establishment of the new ecology has caused the wind of blind speculation, and a listed company with advanced productivity, competitive advantages, and sustainable performance will bring rich returns to investors. The problem company and zombie company are accelerated to clean up the market. We will usher in a standard, transparent, open, dynamic, and tough capital market as expected.

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