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Recently, the “Shenzhen Stock Exchange GEM Listing Rules†(revised in 2012) was released and will be officially implemented on May 1. The GEM delisting system that has been brewing for a long time has finally revealed the true face of the GEM. The market reacted strongly. On the first trading day after the announcement (April 23), the GEM index closed down 5.25%, with more than 30 stocks. Down limit. "The revised GEM Listing Rules have formulated a number of criteria for the exit of listed companies on the GEM, and improved the auditing standards for resuming listings, which is conducive to cracking down on speculation and fraud, forming a survival and inferior mechanism in the GEM market, and stimulating enterprises. Seriously operate and guide investors to invest rationally," said Li Xiyi, an associate researcher at the Institute of Technology Investment Research, China Academy of Science and Technology Development Strategy. Let the poor performance stocks "nowhere to hide" On November 28 last year, the "Proposal on Improving the GEM Delisting System" (draft for comment) was released, and the Shenzhen Stock Exchange revised and improved according to feedback from all walks of life, mainly the content of the plan. Implement the specific terms of the revised GEM Listing Rules. Judging from the revised GEM Listing Rules, the GEM delisting system is more stringent and detailed than the previous draft. In the entire delisting standard system, the retrospective adjustment of the annual financial accounting report was added on the basis of the draft for comment. Among the criteria for suspension of listing, except for “the financial accounting report of the most recent year shows that the audited net assets at the end of the year is negativeâ€, “there are important prior period errors or false records due to financial accounting reports, and financial accounting reports for previous years. Retrospective adjustment has resulted in a situation in which the net assets at the end of the last year is negative. In the termination of the listing criteria, “there are important prior errors or false records due to financial accounting reports, and retrospective adjustments have been made to the previous years’ financial accounting reports. At the end of the last two years, the net assets were negative. "The increase in the retrospective adjustment of financial accounting reports has increased the cost of financial fraud for listed companies on the GEM, and it has also sounded the alarm for those who attempted to go public through fraudulent listings," said Zhang Qi, an analyst at Zero2IPO Research Center. In order to prevent listed companies from issuing non-standard unqualified audit opinions through financial accounting reports to avoid suspension or termination of listing, the revised "GEM Listing Rules" clearly states that non-standard unqualified audit opinions involve obvious violations of corporate accounting standards and systems. Where the relevant information is disclosed in the normative provisions, the corrected financial accounting report and relevant audit report shall be disclosed within the prescribed time limit. If it has not been corrected within 4 months from the expiration of the prescribed time limit, it will be suspended from listing; if it has not been corrected within 6 months, it will be terminated. Zhang Qi believes that the proposed regulations have increased the risk of delisting of enterprises with financial accounting reports, indicating that the listed companies have delayed the disclosure of financial accounting reports and related audit reports will be delisted to deal with “not a child’s playâ€. "In combination with the reform of the new share issuance system that has been started before, coupled with the effective implementation of the delisting system, the listed companies with loss of performance will no longer have a hiding place, thus helping to raise the risk awareness of listed companies and establish strictness for listed companies. The constraint mechanism is conducive to improving the overall quality of the GEM. The formation of a capital market with an orderly advancement and retreat can achieve the ultimate optimal allocation of resources." Zhang Qi said. Advocating rational investment concept Guo Shuqing, chairman of the China Securities Regulatory Commission, said recently: "At this stage, China's securities market is still in the stage of 'emerging plus transition'. There are still various irregular behaviors in the securities market, among which speculation is new, speculation is small, and speculation is very serious. The net assets of some companies with poor performance stocks have been negative and lost their basic value, but the phenomenon of speculation in the market is still often seen." "For a long time, some investors are keen to speculate on poorly performing listed companies and so-called 'Shell resources'. The main reason is that some listed companies with poor performance in China's securities market continue to interpret the legend of 'Don't Die Bird'. A large number of ST-listed companies conduct profit operations through various methods such as asset disposal, debt restructuring and government subsidies. This has circumvented the existing delisting system. This situation has encouraged investors to irrational investment behaviors, and believes that even though listed companies have suffered huge losses in the past few years, they will not withdraw from the market, thus gambling on the backdoor restructuring to obtain huge profits." China Securities Regulatory Commission Investor Protection Bureau The person in charge said that implementing a strict delisting system will help guide investors Investment, value investing, a healthy investment culture and atmosphere. This new regulation fully reflects the attitude of not supporting the return of listing through “backdoorâ€. According to the Shenzhen Stock Exchange, most of the suspended listed companies that have resumed listing through “backdoor†are on the basis of supplementary materials, delaying the maintenance of listing status and restructuring. The revised “GEM Listing Rules†apply for the resumption of listing. The time limit for the company's supplementary materials is clearly limited, requiring the company to provide supplementary materials within 30 trading days. After the expiration of the term, the application for new materials will no longer be accepted. In addition, the revised GEM Listing Rules also increased the conditions for suspending listed companies to apply for resumption of listing, requiring the company to have no major changes in its main business during the suspension of listing and to have sustainable profitability. At the same time, it is clear that companies that have been suspended for three consecutive years due to losses or retrospective adjustments for three consecutive years should deduct the net profit before and after deducting non-recurring gains and losses as the basis for resuming the earnings judgment of the listing, and eliminate the adjustment of profits by non-recurring income. To evade delisting; to clarify that a company that has been suspended for three consecutive years of losses and a net asset at the end of the year is suspended, the annual report disclosed after the suspension of listing must be issued by a certified public accountant with a standard unqualified audit report before the listing can be resumed. Application. Analysts said that the strict delisting system will also curb the "three highs" (high stock price, high price-earnings ratio, super-raised funds) issue and "performance change face" in the GEM market. Under the strict delisting system, investors will pay more attention to the performance and quality of listed companies, avoiding companies with delisting risks, rather than discriminating and speculating on new shares. Supervising the company to regulate the operation of relevant experts pointed out that the delisting system will also supervise the companies that have been listed on the GEM and intend to go public, and continue to enhance their competitiveness. "Strict GEM delisting system will put an end to the speculative psychology and behavior of enterprises, and prompt enterprises to really think about how to make efforts to become bigger and stronger." Li Xiyi said. "Delisting system as a 'purifier' of the capital market can promote the market to play the role of survival of the fittest, optimize the structure of listed companies in the competition. Without the pressure of operation, there is no driving force for advancement. The listing is not in the safe, and the strict elimination system is required. Supervise the management to seriously manage the company, continue to forge ahead, and remain invincible in the market." The relevant person in charge of the China Securities Regulatory Commission's Investor Protection Bureau said. In addition, Li Xiyi believes that the GEM delisting system will also change the situation of the previous over-the-counter (Pre-IPO) projects of equity investment institutions to a certain extent, and guide them to pay more attention to core competitiveness, independent intellectual property rights and technological content. Technology-based SMEs, especially to strengthen the support and cultivation of SMEs in the early stages of development. Analysts said that as a new market segment, the GEM has taken on an important mission since its birth. In addition to supporting the development of strategic emerging industries, the GEM is also responsible for the “test field†of capital market system innovation. The introduction and effective implementation of the GEM delisting system will form a demonstration role for the entire A-share market.