| In 2018,following the promulgation of the“Opinions on Reform,Improvement and Strict Implementation of the Delisting System of Listed Companies”issued by the China Securities Regulatory Commission（hereinafter referred to as the“CSRC”）,on the basis of extensive solicitation,the“Implementation Measures for Significantly Illegal Delisting of Listed Companies”was issued by the Shanghai Stock Exchange（“SSE”）and Shenzhen Stock Exchange（“SZSE”）in the11thof 2018.By the way,the“Stock Listing Rules”and“Retirement Companies Re-listing Implementation Measures”were also revised and improved.The focus of the new delisting rules is to improve the delisting,resumption of listing and re-listing of major illegal companies.This is also considered to be a substantial breakthrough in the deregulation system reforms that the regulatory authorities have been planning for many years,and to promote the normalization of delisting.The continuous deepening of the reform of the delisting system has brought great challenges to the protection system of public shareholders in China.Whether the reform of the delisting system can be smoothly promoted depends largely on a complete and effective protection system for public shareholders.This paper first conducts a type analysis of 59 delisting companies.In addition to the trend of gradually diversifying the delisting types,the implementation effect of the previous revisions of some delisting standards also reflects the prudence and hesitation of system designers.In addition,this article sorts out and analyzes the existing and previous protection measures for public investors and finds that the judicial system that should play an active role in protecting public investors has been passive for a long time,but what really works is the conservative and prudent delisting system.There are two main problems in the protection system,on the one hand,the stock trading system is incomplete,such as the illegal disclosure of information of delisted companies and the long-term suspension of delisted stocks,which seriously infringed the shareholders’rights and interests of the delisted companies;on the other hand,most of the delisted companies have violated the laws and regulations.When shareholders seek to judicial relief,the judicial system that should play a role is often in a“failure”state,and it is difficult to respond to public shareholders’demands in a timely and effective manner.The fundamental reasons for the aforementioned problems lies in two parts.On the one hand,there are omissions in the supervision of the securities market,failing to take effective measures to curb illegal acts of listed companies.On the other hand,China’s relevant functional departments have relied on political resource mobilization deeply to protect the invetors in the case of delisting of listed companies.The most common way is to give financial subsidies.The reorganization also helps listed companies avoid the risk of delisting and achieve the purpose of“protecting”shareholders.However,it is difficult to use political measures to form a long-term and effective protection mechanism for public investors,and it cannot fundamentally help companies on the verge of delisting to get out of business difficulties.Therefore,this article suggests that we should firstly abandon the old notion of stability,and we must improve it from strengthening the supervision of the securities market,ensuring the delisting of stock transactions,and make judicial play an active role. |
