Since 2018, the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges have further improved the delisting system from the top-level design and implementation levels. At the same time, the number of listed companies that have been delisted has been significantly higher than in previous years.
According to statistics, up to now, five companies have been delisted since the beginning of this year, including Jilin Jien Nickel Co., Ltd. (*ST Jien) of the Shanghai Stock Exchange and Kunming Machine Tool Co., Ltd. (*ST Kunji) , the Silver-based Carbon New Materials Group Co., Ltd. of Shenzhen Stock Exchange (referred to as "ene carbon" or "decene carbon"), Jinya Technology Co., Ltd. (referred to as Jinya Technology), Jiangsu Yabate Technology Co., Ltd. ( Referred to as "Ya Baite").
Liu Junhai, a professor at Renmin University of China, said in an interview that "on the basis of continuous improvement of the system, the regulatory authorities strictly enforced the delisting system and achieved the 'one family and one delisting one', which means that the delisting normalization will be pulled this year. Start the curtain."
* ST Jean and *ST Kunming Machine are one of the main situations of the delisting system because of the long-term loss or even insolvency and the objective criteria for delisting. On May 22 this year, the Shanghai Stock Exchange decided to terminate the listing of ST Jean and *ST Kunji stocks based on the review opinion of the Listing Committee. According to the procedure, on July 11, “Delisting Jean†and “Delisting Kunming Machine†ushered in the last trading day. The Shanghai Stock Exchange will delist the shares of the two companies within 5 trading days after the expiration of the delisting period, and the company's shares will be terminated.
On the Shenzhen Stock Exchange , the olefinic carbon was delisted due to the termination of the listing of non-standard audit opinions; Yabate was suspected of committing a violation of the law and not disclosing important information, and the Shenzhen Stock Exchange has initiated a mandatory delisting mechanism for Yabato; Jinya Technology is suspected of committing fraudulent issuance of stocks, and the Shenzhen Stock Exchange has also initiated a mandatory delisting mechanism.
“The number of delisting companies this year has indeed increased compared with the previous years.†Chen Wei, director of the Chuan Cai Securities Research Institute, said, “This shows that with the stricter regulatory requirements, the traditional shell-keeping practices of listed companies are difficult to continue, especially It is a place of non-compliance and is subject to strict supervision. This means that delisting has been implemented effectively."
At the institutional level, at the beginning of March this year, the CSRC publicly solicited opinions on the revision of the “Opinions on Reform, Improvement, and Strict Implementation of the Delisting System of Listed Companiesâ€, and strengthened the decision-making body of the Shanghai and Shenzhen Stock Exchanges for the mandatory delisting of major illegal companies. responsibility. If the listed company constitutes fraudulent issuance, major information disclosure is illegal or other major illegal acts, the stock exchange shall make a decision to suspend or terminate the company's stock listing and trading in strict accordance with the law. The stock exchange shall formulate the listed company's suspension of listing due to major illegal acts. , the termination of the listing implementation rules.
While improving the delisting system for major illegal acts, the regulatory authorities have further increased the delisting implementation of enterprises with serious financial problems, long-term losses, and “zombie enterprises†that meet the delisting financial targets. Such as * ST Jean, * ST Kunji, olefin carbon three companies fall into this category.
After the revision and improvement of the delisting system by the CSRC, in mid-March, the Shanghai and Shenzhen Stock Exchanges quickly followed up and publicly solicited opinions on the revision of the “Implementation Measures for Significant Illegal Delisting of Listed Companiesâ€. The method clarified the situation of forced delisting from major illegal violations, and emphasized the strict implementation of major illegal delisting. At present, the opinions and methods for the relevant opinions and methods at the level of the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchanges have been closed, and it is expected to be released in due course.
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