A Case Study Of Ni Huo Technology's Active Delisting In The NEEQ

Since the second half of 2017,the number of delisting companies listed on the new third board has gradually increased.As of December 31,2019,the total number of new third board listing dropped from the peak of 11645 in November 2017 to 8953,a drop of 23%;the net number of new third board listing has been negative for 21 consecutive months,and the trend of delisting is growing.As an important part of China's multi-level capital market,the new third board is an important platform for serving China's small and medium-sized enterprises and private economy,as well as an important embodiment of China's continuous improvement of the financial system.Nowadays,the development of the new third board market is cold and the number of delisting is increasing rapidly,which makes us have to analyze and think deeply about this phenomenon.From the perspective of active delisting of listed companies,this paper will take single case analysis as the main method,literature research,field research and data analysis as the auxiliary methods,and select a representative active delisting company counterfire technology as an example to analyze the reasons for its active delisting,reflecting that some listed companies are making decisions on listing and the national stock transfer companies are building on the NEEQ The existing problems in the process of establishment provide reasonable suggestions for the rational decision-making of the company to be listed and the healthy development of the NEEQ.The main part of the paper analyzes the reasons for the active delisting of counterfire technology from the two dimensions of the company itself and the new third board market.From the perspective of the company's own factors,on the surface,it is caused by the fact that counterfire technology did not realize any form of financing during the listing period,is unlikely to change the board in the future,and has higher listing costs.But in fact,the fundamental reason for counterfire technologyto take the initiative to delist is that counterfire technology blindly makes listing decisions and lacks the depth of capital market Cognition and inaccurate positioning of self-development strategy.After finding the root cause from the company's own factors,the paper gives the suggestion that the company to be listed should follow the steps of clarifying the listing purpose,reasonably predicting the effectiveness of listing in combination with its own and market conditions,fully understanding the advantages and disadvantages of listing,and finally making a rational decision.In addition to the company's own factors,the core problems such as financing in the new third board market are also important factors leading to the company's active delisting.Through the analysis of the delisting data and financing data of the new third board market,the paper concludes that the choice of active delisting due to the factors of the new third board market is not a case,and the financing function of the new third board market has not been fully played.The paper also explores the factors that the financing function of the new third board market is not fully played,such as liquidity dilemma,too fast expansion speed,inadequate information disclosure and lagging system construction,which seriously affect the enthusiasm of investors to participate in the new third board market and become an important factor that restricts the function of the new third board financing.Based on the research conclusion and the current situation of the new third board,the paper puts forward that the national stock transfer system should be improved in system construction,function improvement and service innovation,and give full play to the role of the new third board market in serving small and medium-sized enterprises and private economy.The paper chooses representative cases to study,and analyzes that blind listing decision is the fundamental reason for the case company to take the initiative to delist.In addition to the company's own factors,the core problems in the new third board market,such as financing,are also important factors for the company to take the initiative to delist.The research value of the paper is mainly reflected in two aspects:first,the paper puts forward suggestions to the companies to be listed according to the research conclusion,which will provide reference value and reference significance for the companies to be listed rationally;second,on the basis of the case study conclusionand the development status of the new third board,it will also provide reference value for the national stock transfer system in system construction,function improvement Service innovation and other aspects put forward targeted suggestions.