Every time the hot review 丨 Xiahua Electronics sued the Shanghai Stock Exchange to fail the delisting decision, it is not allowed to challenge

A few days ago, the Shanghai Financial Court publicly tried the plaintiff Xiahua Electronics (that is, delisting Xiahua) to sue the defendant's Shanghai Stock Exchange to terminate the listing decision, and made a first trial judgment in court to reject the lawsuit request of the plaintiff Xiahua Electronics. This is the first case in the country to claim to be revoked due to the decision to terminate the listing of the exchanges in accordance with the new delisting regulations. The author believes that the delisting of the Shanghai and Shenzhen Exchange determines that the authority is not to challenge.

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Xiahua Electronics was originally a professional TV manufacturer. It was once known as the "color TV king" and "color TV overlord". When it was popular, it was not lost to Sichuan Changhong at all. However, with the advancement and innovation of technology, the company gradually declined, and the performance was deteriorating, and shells became the "highlight" of the enterprise.

Since 2016, Xiahua Electronics has been trapped in the quagmire. In 2020, it was warned by delisting risk due to the threshold of revenue below 100 million yuan in revenue. In 2021, the non -net profit continued to lose money. Although the operating income was 152 million yuan, the amount after deducting the amount that had nothing to do with the main business or did not have the substantive income of the business was 0 yuan. After the delisting period, Xiahua Electronic Stocks were delisted on the Shanghai Stock Exchange on June 30 this year. Since then, due to the refuse to accept the delisting decision made by the Shanghai Stock Exchange, Xiahua Electronics has filed an administrative lawsuit to the Shanghai Financial Court and requested the cancellation of the delisting decision.

The delisting of listed companies has become the norm in the current market. However, it is very rare for a listed company to file an administrative lawsuit after delisting. On the surface, Xiahua Electronics does not accept the delisting decision made by the Shanghai Stock Exchange, and it is not no reason. For example, Xiahua Electronics believes that since 2018, the company has taken agricultural imports as its main business. During the corresponding operating income inspection of 2021, it should be identified as the main operating income. It is zero yuan, and the "Termination Decision to Termidity" is unclear.

Earlier, although the delisting system has been reforming several rounds, there are still vulnerabilities. The "undead bird" and "empty shell" companies on the Shanghai -Shenzhen market have become popular. In 2020, the Securities Regulatory Commission reformed and launched a new delisting regulation on the delisting system. Among them, the combined assessment index of "net profit+revenue" was added.

Moreover, in order to prevent listed companies from avoiding the delisting through revenue indicators, the Shanghai Stock Exchange also released the "Shanghai Stock Exchange's Self-disciplinary Supervision Guide No. 2-Financial delisting indicator: business income deduction", "Science and Technology Innovation Board listed company information disclosure Business Guide No. 9-Financial delisting indicator: Business income deduction "and other rules and regulations, which clarify business income deductions, including trade business. The revenue of 152 million yuan claimed by Xiahua Electronics is actually the income generated by the trade business. It is not the income generated by the core business. The Shanghai Stock Exchange determines that its main business income is 0 yuan.

The author believes that the Shanghai Financial Court rejected Xiahua Electronics's lawsuit is completely reasonable and legal. The expectations of Xiahua Electronics to get rid of the fate of delisting through administrative lawsuits will not be realized.

Due to the combination of "net profit+revenue", Xiahua Electronics is only one of the listed companies that have been forced to delist after the implementation of many new delisted regulations. It can be said that after several rounds of reforms, the achievements of listed companies' delisting are obvious to all. As of now, the first shares of fraud issuance, the first share of the illegal delisting, the first shares of the face value, the first shares of the face value, the first shares of the non -standard delisting, the first share of the major illegal delisting, the initiative to delist A listed company with various types of delisting and other types of delisting in the first -stock of annual reports has appeared. Especially after the implementation of the new delisting regulations, not only the delisting of listed companies is normalized, but the number of listed companies withdrawn each year has increased significantly. With the blessing of the new delisting regulations, the Shanghai and Shenzhen stock market also opened up garbage companies and went to go to the company. The process of "empty shell" company and the "immortal bird" of the stock market is virtually conducive to further purifying the market environment, enhancing the value of market investment, changing the atmosphere of speculation in junk stocks, and advocating the correct investment concept. All of this will undoubtedly benefit the development of the capital market.

Of course, because the delisting involves the interests of various participants in the market, especially the interests of small and medium investors, when the Shanghai -Shenzhen Exchange makes a delisting decision, it needs to be cautious. The delisting decision must be convinced, but also the "iron case".

Daily Economic News

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