The Research On Legal Issues Of The Protection Of Investors In The Delisting Of China’s Listed Companies

The normalization of delisting in China is the general trend.Promoting the survival of the fittest in the securities market is conducive to the efficient use of social resources,which promote the healthy and prosperous development of the market economy.Strengthening investor protection during the delisting of listed companies is the guarantee that the normalization of delisting will proceed smoothly.At the same time,investors in China’s securities market are mainly small and medium investors,and their ability to take risks and protect themselves is low.They need external forces of the legal system to provide support for their rights and interests.Delisting is mainly divided into voluntary delisting and compulsory delisting.Depending on the delisting path,it can also be divided into the transformation to the low-level board or the exit of the securities market.With the construction and development of a multi-level market,the laws and regulations on investor protection during delisting are also constantly improved.At the same time,many institutions have been set up to assist investors in protecting their rights and interests,but the relevant legal mechanisms still need improvement.In terms of s pecific analysis examples,in voluntary delisting process of Erchong zhongzhuang and Shanghai putian,issues such as the delisting decision-making process and compensation pricing to investors are worthy of attention,simultaneously it is necessary to pay attention to balancing the interests of the company and small and medium shareholders;in compulsory delisting process of Xintai and Changsheng,the abnormal performance of stock prices in the delisting process,issues such as the lack of information discl osure,and the difficulty in implementing investor compensation are closely related to investor protection.At present,China’s delisting path is relatively single,and the lack of circulation between different market sectors will also make it difficult for investors to realize their benefits.To this end,in terms of controlling investor risks,we can strengthen the information disclosure,investor education,and investor rights expression of listed companies to implement the investor ’s right to know and make decisions;we can broaden the delisting path by promoting substantial market tiering and circulation between different market segments,and optimize the delisting process by simplifying process and promoting the normalization of delisting in order to the role of delisting warnings can be truly exerted.In terms of improving the way of rights relief,litigation relief can be improved by widening the scope of relevant litigation acceptance and lifting restrictions on risk agents properly;non-litigation relief can be improved by establishing national institutions,dispute resolution channels,and arbitration.In terms of making up for investor losses,it is possible to implement compensation for investors by improving the legal regulations on cash options and advance payments.