Research On The Compulsory Delisting Of Jien Nickel Industry Co., Ltd

As an important basic system in the securities market,the delisting system plays an important role in promoting the survival of the fittest,improving the quality of listed companies,optimizing the allocation of resources,and protecting the legitimate rights and interests of investors.The delisting system is divided into active delisting and forced delisting.Mandatory delisting refers to the decision by the securities regulatory agency to suspend listing or terminate listing of a listed company that is deemed to be a major illegal act or no longer meets the listing requirements based on its regulatory powers.Compared with active delisting,the number of stakeholders involved in a compulsory delisting is more complicated and the relationship is more complicated.Therefore,the implementation of a compulsory delisting will often face more problems.In order to promote the stable and orderly development of China's securities market,China's Securities Regulatory Commission issued "Several Opinions on Reform and Perfection and Strict Implementation of the Delisting System of Listed Companies" in October 2014,which officially launched the reform of the delisting system;In March 2018,based on the 2014 delisting system,the CSRC made some changes to the compulsory delisting system and officially released it in July 2018.With the continuous promulgation and improvement of a series of policies,China's compulsory delisting system now has a relatively diversified delisting index system and a relatively stable delisting implementation mechanism,marking that China's securities market has gradually entered a normal delisting track.Jien Nickel Industry Co.,Ltd As the first company that was forced to delist due to a number of financial indicators and audit opinions that were not met after the revision of the delisting system by the Securities Regulatory Commission in March 2018,the reason for the delisting is for the same industry and the entire securities market.Listed companies have a strong warning and reference significance.In addition,how to deal with the problem of the lack of protection of investor rights and interests in the case of Jien Nickel Industry Co.,Ltd's delisting is also worth pondering.Therefore,this article selects Jien Nickel Industry Co.,Ltd as the research object and combines the relevant basic theories and references related to delisting.First,it analyzes and introduces China's delisting system,the delisting process and the impact of delisting.Next,the detailed analysis of internal and external reasons that led to the delisting of Jien Nickel Industry Co.,Ltd was focused on the perspectives of the regulatory environment,macroeconomic situation,industryconditions,operations,corporate governance,investment strategies,and financing strategies.Finally,based on the above analysis,we put forward specific suggestions to prevent other listed companies from repeating the same mistakes;put forward corresponding countermeasures for optimizing the regulatory agency and improving the investor's rights protection mechanism;guide investors to invest rationally and establish a correct investment concept.