| On Dec.28,2018,the first stock in the history of A shares was officially born,which was forced to delist with maket value below par value.The delisting of Zhonghong Holding Co.,Ltd marks the opening of a new mechanism of "face value delisting" in China’s capital market.A healthy capital market needs a robust listing system and delisting system to maintain its orderly operation.Only in this way can we improve the quality of the capital market,optimize the allocation of market resources,and promote the better development of China’s capital market.Especially in the context of the implementation of the registration system,the research on delisting of listed companies is of great significance for maintaining the order of the capital market and promoting the realization of the normalization of delisting.This paper takes the Zhonghong Holding Co.,Ltd which is the first company to be delisted because of the stipulation of triggering the closing price as an example to explore the problems existing in the delisting of listed companies in China,so as to provide enlightenment for further improving the delisting system and improving the quality of listed companies in the future.Based on the research on delisting of listed companies at home and abroad and the institutional arrangement and status quo of delisting of listed companies in China,this paper introduces and analyzes the process of delisting,the reasons of delisting and the performance of delisting to New OTC Market.It concludes that the reasons include blind implementation of the "high sends turn" Improper operation and development strategy of the company,high debt risk and imperfect internal governance mechanism.While the delisting of Zhonghong Holding Co.,Ltd has opened up a new exit channel and accelerated the process of the survival of the fittest of listed companies,there are some problems in the process of delisting from the macro perspective,such as insufficient supervision and punishment,imperfect multi-level market system and single exit channel,lack of protection of investors’ legitimate rights and interests,no effect of the risk warning and deficiency of policy supporting work.Based on the above analysis of the delisting case of Zhonghong Holding Co.,Ltd and the research on the problems of delisting system in China,the paper puts forward the enlightenment of perfecting supervision,increasing punishment,improving the multi-level market system,opening the delisting channel,strengthening the protection of investors’ legitimate rights and interests,perfecting the delisting risk warning system,and doing a good job of policy supporting work to improve the delisting system of listed companies.In order to improve the quality of listed companies,this paper draws inspiration from the rational formulation of dividend policy,rational formulation of business development strategy,strengthening risk management and improving the internal governance mechanism of the company.Through the research of this paper,we can solve some problems of delisting system of listed companies in China,and promote its further improvement and more effective implementation. |
