What are the characteristics of high-pressure supervision throughout the whole process of delisting?

From Boyuan Investment in Shanghai in 216 to Xindu Hotel and Xintai Electric in Shenzhen in 217, since the delisting system reform, three companies in Shanghai and Shenzhen have been forced to withdraw from the market. For major information disclosure violating the < P > law, the regulatory authorities strictly implemented the delisting system and found that one company withdrew from the market. In the meantime, the complexity of delisting also constantly poses new challenges to the regulatory authorities, and delisting supervision also needs the concerted efforts of all parties in the market, so as to further improve the delisting system and ensure the healthy and orderly development of the entire capital market ecological environment.

according to the insiders, as the first case in two cities that was delisted due to illegal disclosure of major information, the delisting practice of Boyuan Investment is the concrete implementation and embodiment of legal supervision, comprehensive supervision and strict supervision, which is of symbolic significance for promoting the survival of the fittest and optimizing the market ecological environment.

There is evidence for delisting

Looking back at the delisting process of Boyuan Investment, it took 26 months from the discovery of illegal clues to the termination of listing of stocks, which can be roughly divided into five stages: the first stage is the discovery and investigation of major illegal clues.

In March, 214, the Shanghai Stock Exchange found that there were obvious anomalies in notes receivable, discounted bills, prepayments and other capital transactions of Boyuan Investment, and sent two annual report audit opinions letters to the company and informed the Guangdong Securities Regulatory Bureau. Since then, Guangdong Securities Regulatory Bureau quickly launched an on-site inspection of Boyuan Investment and found possible violations of the company. On June 17th of that year, the company was put on file for investigation.

the second is the stage of administrative investigation and transfer to public security organs. In the administrative investigation, the Guangdong Securities Regulatory Bureau found that the compensation funds promised by the controlling shareholder of Boyuan Investment for the performance of the 38 million yuan company's share reform were not truly fulfilled, and the violation was serious, which may touch the delisting standard of illegal disclosure of major information. According to the deployment of the CSRC, on December 8, 214, the Guangdong Securities Regulatory Bureau and the Shanghai Stock Exchange cooperated closely, requiring the company to announce the illegal facts found out, and < P > to indicate the delisting risk. On March 26, 215, the CSRC transferred the company to the public security organ according to law. The next day, the CSRC and the Shanghai Stock Exchange held separate press conferences to inform the market about the situation, and made a policy interpretation on the delisting standards and procedures for major violations.

the third stage is risk warning and suspension of listing. After Boyuan Investment was transferred to the public security organ, the Shanghai Stock Exchange started the delisting procedure according to the law. On March 31st, 215, the company's stock was given a delisting risk warning < P >; On May 25th of that year, the listing of the company's shares was suspended. During the suspension of listing, the company applied to the court for reorganization, and intended to receive shareholder assets. Investors and public opinion linked this with whether the company terminated listing. In this regard, Shanghai

Stock Exchange timely discussed with the listing department of the CSRC and Guangdong Securities Regulatory Bureau, made a regulatory judgment and made it public, requiring the company to clearly disclose relevant matters, which would not affect the delisting process of the company, clarified the market expectation and eliminated the possible interference to delisting workers.

the fourth stage is to make a decision to terminate the listing of the company's shares. On March 21, 216, the Shanghai Stock Exchange made a decision to terminate the listing of the company's shares and informed the market of the specific situation.

fifth, the delisting consolidation period and delisting stage. During this period, the Shanghai Stock Exchange took preventing speculation and maintaining the order of market transactions as its main regulatory tasks, and adopted a number of measures in information disclosure, investor suitability management and market supervision. Generally speaking, the trading of the company's shares during the delisting period is relatively stable.

during the delisting of boyuan investment, the CSRC plays an overall guiding role, especially in the stage of transferring to public security organs and the stage when the Shanghai Stock Exchange decides to terminate the listing. The supervision is open and transparent, and the relevant departments are coordinated in time to cooperate with the overall arrangement of delisting. Shanghai Stock Exchange resolutely implements the main responsibility for the delisting of Boyuan Investment, implements delisting procedures and requirements according to laws and regulations, strengthens the disclosure of company information and delisting risks, and actively guides and carries out public opinion propaganda. Guangdong Securities Regulatory Bureau gives full play to its first-line advantages, actively tracks judicial progress, timely reports the situation and coordinates support. In the eyes of all parties in the market, the regulatory authorities cooperated closely, bravely supervised and took responsibility

, and the relevant disposal work was generally affirmed by the market and public opinion. The shareholders of the company, especially small and medium-sized investors, responded rationally and achieved good law enforcement and market effects.

There is no example to follow.

In 214, the CSRC issued "Several Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies" (referred to as "Delisting Opinions"), which included major

illegal acts that strongly reflected in the market and seriously damaged the rights and interests of investors into delisting conditions, and was concerned and recognized by all parties in the market. The person in charge of the supervision department said in an interview that the delisting of Boyuan Investment was the first test of this system. Because there is no precedent to follow, a lot of work < P > involves the connection between administration and justice, which requires repeated deduction and demonstration, and the disposal work is very complicated.

specifically, the complexity of the supervision of Boyuan's investment delisting is mainly reflected in three aspects: First, the significance of the illegal behavior of Boyuan's investment information disclosure. In the course of handling this case, the company and some shareholders considered that the relevant illegal acts did not constitute a major violation of the law, and at the same time, according to the principle of non-retroactivity of the law, the new rules of delisting for major violations of the law should not be applied, requiring the regulatory authorities to comprehensively consider the case and the precedent of other illegal companies, and not to delist the company. In this regard, in the form of answering a reporter's question, the CSRC explained to the market the significance of Boyuan's illegal investment behavior from the aspects of illegal purposes, illegal means and illegal results, which was recognized by all parties in the market. Since then,

the CSRC has started the administrative penalty procedure in time, and determined that the company's behavior is a major violation of the law. The two public regulatory actions of the CSRC have safeguarded the seriousness and authority of delisting.

Second, the delisting initiation procedure is transferred to the public security organ, and there are many links in the follow-up disposal work, so it is difficult to deal with it. Boyuan Investment has been delisted because it was transferred to the public security organ. In the actual implementation of

, the delisting procedure is initiated by transferring the company to the public security organ, and the related illegal matters involve judicial connection and related procedures, and there are many follow-up work links for delisting. During the disposal period, under the guidance of the CSRC, the relevant departments demonstrated and pushed < P > many times, and worked out several sets of response plans under different circumstances, which ensured that the delisting work did not occur repeatedly and clarified the expectations of all parties in the market.

the third is to urge the company to cooperate closely, earnestly fulfill its due obligations and successfully complete the delisting work. According to the person in charge of the regulatory department, although the company's illegal facts are conclusive, it is legal and compliant to implement mandatory delisting, but in the face of the serious consequences of delisting, the company still has great resistance. In order to avoid being forced to withdraw from the market, the company has carried out a series of "self-help", and the procedures of related matters are carried out at the same time, which makes the delisting work more complicated and difficult to supervise the information disclosure. In this regard, on the one hand, the Shanghai Stock Exchange strictly supervises, dares to show its supervisory attitude, takes timely disciplinary action against violations, and resolutely safeguards the authority of supervision; On the other hand, Shanghai Stock Exchange fully communicated with < P > Company, explained the regulatory basis, and strived to gain the understanding and support of the company. In the end, with the cooperation of the company, the information disclosure related to delisting was well completed, and the delisting risk was fully revealed to the market, laying a foundation for the smooth completion of delisting < P > disposal.

Protection of rights and interests comes first

Looking back at the whole process of delisting, we can find that protecting investors' rights and interests is the starting point and the end result of delisting system reform. The regulatory authorities attach great importance to this and put the protection of investors' rights and interests in the first place in every link of the delisting process.

first of all, in the process of delisting, the regulatory authorities repeatedly urged and required the company to compensate investors for losses according to law. Secondly, continue to urge the company to fulfill its information disclosure obligations and fully reveal the delisting risk. It is reported that after the company was transferred to the public security organ for major violations in March 216, the Shanghai Stock Exchange urged the company to disclose the specific circumstances and serious consequences of its major violations, and explained to investors the specific process of subsequent suspension and termination of listing, so as to confirm investors' expectations. At the same time, according to the emergency plan and actual needs, the Shanghai Stock Exchange suspended the company's announcement through train business. During the two stock trading periods of the company's delisting risk warning trading period and delisting consolidation period, * * * asked the company to disclose more than 5 risk disclosure announcements, which fully revealed the delisting risk and trading risk to investors. In addition, in view of the problem that Director Dong Jiangao in the company's annual report announced on April 3, 215 did not guarantee the truthfulness, accuracy and completeness of the disclosed

information, the Shanghai Stock Exchange launched a rapid response mechanism, requiring the company to correct it in time and publicly condemning the responsible person.

In addition, the Shanghai Stock Exchange pays attention to maintaining the trading order of the company's shares during the trading period and actively reminds the trading risks. In this process, the Shanghai Stock Exchange has mainly done three things: First, the trading information of company shares < P > is released in official website in time to remind investors to pay attention to the trading risks. The second is to take temporary suspension measures for abnormal trading behavior in the stock market; For investors who violate the rules and overbought, and securities companies that fail to do a good job in customer transaction compliance management, corresponding regulatory measures have been taken. Third, in response to the illegal reduction of the company's largest shareholder during the risk warning period, the Shanghai Stock Exchange took timely regulatory action, and explicitly required the shareholder not to buy or sell the company's shares in the < P > line within two days after the disclosure of the equity change report.

survival of the fittest is the law of social survival.