Research On The Protection System Of Small And Medium-sized Investors’ Rights And Interests Under The Compulsory Delisting Of Listed Companies

On December 28,2019,my country passed the revised "Securities Law of the People’s Republic of China" and came into effect on March 1,2020.The biggest background of this new "Securities Law" is to adapt to the comprehensive implementation of the registration system reform.Transition from the original review system to the registration system.Under the background of the full implementation of the registration system,the number of listed companies must rise rapidly.While refining the listing conditions,in order to maintain the sound operation of the capital market,the delisting system,as an equally important "export" role,should also be effective Construction.In optimizing the delisting system,we should pay particular attention to the protection of the rights and interests of small and medium investors.Small and medium investors are the main group of investors in the capital market.In the process of compulsory delisting of listed companies,they are subject to professionalism,capital,and awareness of rights protection.In addition,China’s supporting measures to protect small and medium-sized investors in the process of compulsory delisting of listed companies are not complete.Therefore,establishing and improving the protection system for the rights and interests of small and medium-sized shareholders and protecting the rights and interests of small and medium-sized investors from the legal level is essential for stabilizing the capital market,The importance of improving market enthusiasm is self-evident.This article is mainly divided into five parts by asking questions,analyzing problems and solving problems.First,starting from the basic theory,it expounds the concept,significance and related theoretical basis of compulsory delisting and the protection of the rights and interests of small and medium investors.Second,from the development history of the protection of the rights and interests of small and medium investors under compulsory delisting and the current protection system,combined with typical cases: the compulsory delisting of Changsheng Biologics,the compulsory delisting of Xintai Electric,and the compulsory delisting of Boyuan Investment.Analyze the current situation of the protection of the rights and interests of small and medium-sized investors under the compulsory delisting of listed companies in my country,and draw out the problems in the system.Third,point out the deficiencies in the current system in our country and analyze the reasons,such as: relatively scattered legislation,inadequate supervision of key information disclosure,and imperfect relief system.Fourth,focus on studying the relevant legislation and supporting systems of this issue in many countries and regions outside the region,such as the United States,Japan,and Chinese Hong Kong.Research on the developed capital market systems outside the region has inspired the construction of this issue in our country.effect.Finally,in response to existing problems,proposed solutions,such as: perfecting my country’s legislation on the protection of investors’ rights and interests,perfecting compulsory delisting standards,and strengthening the supervision of major information disclosures.At this stage,the protection of investors’ rights and interests has received more and more attention from the society,and it is imperative to explore a practical way of protecting and remedying the rights and interests of small and medium-sized investors under the new Securities Law.