Original title: The new three boards and new regulations are released! In these four types of situations, the listing is forcibly terminated →
In order to improve the NEEQ exit mechanism and promote the formation of a benign market entry and exit ecology, the National Equities Exchange and Quotations formulated the “Detailed Rules for the Termination of Listing of Companies Listed in the National SME Share Transfer System”, which was released and implemented on May 28.
The National Equities Exchange and Quotations stated that the detailed rules have improved the conditions and requirements for the mandatory termination of listing, adding four categories and twelve types of mandatory termination of listing, resolutely clearing out inferior companies, and improving the self-purification function of the market. These four categories include unreliable information disclosure, loss of ability to continue operations, major defects in corporate governance, and major violations of laws and regulations.
The detailed rules improve investor protection measures. In the process of compulsory delisting, a delisting arrangement period of ten trading days is set up to fully protect investors’ exit opportunities.In the process of voluntarily terminating the listing, the listing company must formulate a reasonable objectionshareholderProtection measures and approved by the board of directors andGeneral meeting of shareholdersDeliberated and approved, sponsoredBrokerageIt is necessary to express clear opinions on the rationality of the dissenting shareholder protection measures.
In addition, the detailed rules also optimized the conditions and procedures for voluntary termination of listing, and clarified the follow-up arrangements for termination of listing.
The National Equities Exchange and Quotations stated that the next step will be to implement new rules for the termination of listing, focus on improving the quality of listed companies, and promote the formation of a benign ecology in the new third board market that can enter and exit, and the survival of the fittest.
(Source: CCTV Finance)
(Editor in charge: DF372)
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