Study On The Motivation Of Shanghai Potevio's Active Delisting And The Protection Of The Rights And Interests Of Small And Medium Shareholders

Delisting system is one of the basic systems for the healthy development of capital market.Its perfection can realize the survival of the fittest,form a reasonable price discovery mechanism,and strengthen the protection of investors.However,there are always difficulties in delisting in China.Most enterprises will take various measures to maintain their listing status before being forced to delist.In delisting enterprises,most of them are forced to delist because of continuous losses or major illegal acts caused by poor management.In 2014,China Securities Regulatory Commission issued several opinions on delisting system,legalizing the concept of active delisting,giving listed companies the option of independent delisting,effectively promoting the development of active delisting.Shanghai Potevio Co,once a backbone enterprise specializing in the production of high-tech communication products,finally chose to withdraw from the market because it is difficult to meet the market demand in the process of its continuous transformation.This paper selects Shanghai Potevio as the case study object,and analyzes its basic situation,financial situation,the process of active delisting,the motivation of active delisting and the impact on the rights and interests of small and medium-sized shareholders in detail.Through this study,the following conclusions are drawn: first of all,Shanghai Potevio has been unable to keep up with the changes of the external environment.Secondly,there are many problems in operation: the main business is lack of competitiveness,project investment decision-making errors and transformation failure.Thirdly,the financial situation has been deteriorating year by year,with three consecutive years of losses in 2015-2017 and a performance deficit in 2018.Finally,there are still violations of the rights and interests of small and medium shareholders.Based on the analysis and summary of the previous contents,the following conclusions are put forward: Shanghai Potevio should actively promote innovation driven,transformation and upgrading,focus on the main business,cultivate new business growth points of the company;focus on the main business,clear the direction of industrial development,improve the main business income of the enterprise;actively reduce costs and increase efficiency,improve the profits of the enterprise;further standardize the protection of the rights and interests of small and medium-sized shareholders in terms of their rights to profit,to know,to vote and to dissent;CSRC should further improve the delisting system and make active delisting a better choice for the development of enterprises,rather than avoiding the helpless choice of non-active delisting.