With the full disclosure of the semi-annual report of the new three-board LED listing company, there are not many cases in which the performance of some enterprises in the first half of the year has turned sharply.

Recently, the National Stock Transfer System issued the “Detailed Implementation Rules for the Listing and Listing of Stocks of National SME Share Transfer System (Consultation Draft)” (hereinafter referred to as “Implementation Rules”), involving voluntary termination of listing, forced termination of listing, protection of investor rights, Regulatory measures and violations.

Among them, it is proposed to add five kinds of forced termination of listing.

The reporter learned that in accordance with the principle of consistent logic with the listing conditions, the "Regulations" selected basic and bottom-line requirements such as information disclosure, corporate governance, and ability to continue operations, and added new situations that should be forced to terminate listing:

First, information disclosure is seriously untrustworthy. In order to highlight the "disclosure-based information" regulatory concept, and fully protect the right to know the investment, listed companies that are seriously untrustworthy in information disclosure should be forced to terminate listing.

Therefore, the "Regulations" stipulates the conditions for the mandatory termination of the listing of "the financial statements of the last two years have been issued by the certified public accountant as negative or unable to express an opinion."

The second is fraudulent listing. For listed companies that have been subject to disciplinary action by the national share transfer company for fraudulently defrauding the listing, the national share transfer company will be forced to terminate the listing.

Third, the corporate governance mechanism of listed companies is not perfect. This article refers to the provisions of the first paragraph of Article 1 of the Supreme People's Court's Provisions on Several Issues Concerning the Application of the Company Law of the People's Republic of China (II), that is, “the company cannot hold a general meeting of shareholders for more than two years, and the company’s operation and management occurs. Seriously difficult, shareholders who hold more than 10% of the voting rights of all shareholders of the company alone or in aggregate may file a dissolution of the company's litigation, and stipulate that the "bottom line" of corporate governance is not able to convene a general meeting of shareholders or form an effective resolution.

At the same time, the rectification period is set to one year, and if the listed company fails to resume the functions of the shareholders' meeting within 12 months, it will be forced to terminate the listing.

Fourth, there is uncertainty in the ability to continue to operate. The “Regulations” refer to the relevant matters affecting the ability of continuing operations listed in the “Guidelines for the Application of Auditing Standards for Chinese Certified Public Accountants No. 1324 - Sustainability Management”, with the concept of “market selection”, respecting the professional judgment of intermediaries, and stipulating the listing companies such as The annual financial accounting report cannot be based on the assumption of continuing operations, or the annual financial accounting report is subject to the uncertainty of the CPA's ability to continue to operate, or the securities brokers have issued uncertainties regarding the ability to continue to operate. The company will force its shares to be listed.

There are two options for the specific approach. One is to immediately terminate the listing when the above situation occurs, and the other is to require the listed company to issue a risk warning announcement on the day when the relevant intermediary agency discloses the disclosure, if its ability to continue operations cannot be improved in the year when the opinion is issued, and The listing was terminated when the intermediary agency again issued relevant opinions during the year.

The current Regulations adopt the second option.

Fifth, it is a major violation of the law. Major violations are defined as cases in which they are subject to administrative penalties by the China Securities Regulatory Commission and are deemed to constitute major violations in the administrative penalty decision, or are transferred to the public security organs by the China Securities Regulatory Commission. For the above behavior, once the investigation is confirmed, the listing is forcibly terminated.

In addition, in order to strengthen market supervision, maintain the "three public" principle, and serious market discipline, listed companies that have not violated the law but have repeatedly violated the law, and repeated violations, should also be forced to terminate listing.

Therefore, the "Regulations" also stipulates the "compulsory disciplinary action for the three-year disciplinary action of the national share transfer company in the last 36 months."

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