System Analysis Of Delisting And Relisting In Chinese And American Securities Market And Case Study

In the past 24 years, from the establishment till now, Chinese Securities Market has been in unhealthy condition as “ Great Attention on Financing but Contempt on Investment”, “ Great Attention on Listing but Contempt on Delisting”, as for the imperfect market system, immature market parties involved, not open enough of the supervision mechanism etc. Generally, the market concept prefer to good parties listing, and bad parties delisting. And the audit system of China’ IPO, make listing become a huge intangible assert of parties. By “Administrative Tendency” of the local government, unclear quantitative standard of old delisting system, the executive power of delisting is reduced to a discount.Over the years, the amount of newly listed parties and the delisted ones shows asymmetry greatly.First of all, this article through the delisting conditions analysis of overseas mature securities market mainly in U.S.A., the delisting standard, Procedures, direction etc, is to study the forced to withdraw and automatic withdraw in the American securities market. As a case of “Burger King”(BKW), through its ups and downs road of leading to capital from the listing to delisting, for privatization and back to the listing again, to analyze the impact on its stakeholders, reflect the normalization characteristic of delisting in the mature market.The second, in 2014 October, China Securities Regulatory Commission(CSRC) issued the reform and improvement of delisting system policy, the Shanghai stock exchange and Shenzhen stock exchange’s delisting rules was also subsequently issued. Through these new regulations, we can see that the management will increase the executive power of the delisting policy, and encourage Listing parties to choose automatic withdraw in compliance with laws and regulations. In 2015, China’s IPO will transition to the registration system. Parallel improvement of the delisting and listing system, will further enhance the efficiency of resource allocation of Chinese Securities Market.The Third, through the case analysis of China’s first stock, listed to delisting, back to listing- “Chongqing Chuanyi”, to be agreement with the delisting system in the Resource Allocation Function of China Securities Market as a positive role.