Case Study Of Jiangsu Zhongji Delisting On The New Third Board

Capital is an important support factor for the development of the company.In recent years,China's small and medium-sized enterprises have long been faced with the problem of financing difficulties.Due to the limitations of bank loan quotas,restrictions on the use of conditions,availability,and other factors,a large number of enterprises with industrial expansion and strategic development are difficult to obtain in the banking system.The line of credit has turned to the capital market for financing.As an important component of China's multi-level capital market,the New Third Board bears the heavy responsibility of SME financing,high-quality business incubation and deepening of the financial system.The dissertation takes Jiangsu Zhongji's delisting from the New Third Board as the research object.Through on-the-spot investigation and literature research,the author explores the factors from the perspective of the breakdown of both parties'contracts and finds that the cause of the Jiangsu Zhongji delisting event lies in the non Rational decision-making and stock transfer company's operating system are not perfect two aspects.The paper conducted an itemized analysis of the factors including new shares issuance,share transfer,bond financing failure,the erosion of profitability of listed companies,and the lack of transfer opportunities after the listing of Jiangsu Zhongji.It was found that Jiangsu Zhongji and the stock transfer company The incidents all have major responsibilities,and the construction of the stock-turning companies themselves is more important and has the same negative impact on other listed companies.This article believes that the reasons for the Chinese-funded aspect of Jiangsu are mainly blind decision-making,blindly trusting brokers,accounting firms and other intermediary agencies for false publicity in the absence of understanding of the capital market;With regard to market development,there are many problems in the conversion and regulation of stock exchange companies,which can neither help publicly-funded companies such as Jiangsu Zhongji,but also impose significant financial burdens and regulatory pressure on listed companies.The value of case studies is to provide good and sound development advice for the research subjects.The research on Jiangsu Zhongji has no possibility to make the decision of the second listing,but the construction of stock transfer company has irreplaceable value for the development of China's multi-level capital market.Therefore,based on the research conclusions,the paper put forward corresponding development proposals and resolution plans for the proposed companies and stock transfer companies.In respect of the proposed company to be listed,it is necessary to fully analyze its own real needs,conduct adequate due diligence on the counterparty before entering a new field,actively absorb the experience of this and other similar cases,and fully understand the capital market and multi-party interests.Then make a rational decision;in the stock transfer company,the current most important issues are reflected in four aspects:the positioning of the sector is not clear,the market expansion of the main body too quickly,high investment barriers and inadequate disclosure of information.Therefore,the stock transfer company should refer to the operational concept of "raising,investing,managing,and retiring",implement the delisting and quality improvement of the listed company,remove the long-term non-tradable zombie companies from the market,gradually reduce the access threshold for investors,and increase the The number of individual investors;strengthen information disclosure and supervision and punishment to avoid malicious speculation;implementation of the new three board fuse mechanism to stimulate market vitality.The research conclusions of the dissertation can provide powerful guidance for the listed companies to participate in the capital market financing decision and the stock company's standardized governance.