| In 2020,GME began to implement the pilot reform of registration system,and gradually realized the transformation from approval system to registration system.With the reform of registration system in GEM,a better delisting system is urgently needed to ensure the smooth implementation of the provisions of wide import and strict export registration system.In 2020,our country started the delisting system of listed companies make significant modification opinions,stricter delisting system,delisting increase value indicators and tighter financial indicators delisting rules,retreat city company quantity increase gradually,par-value delisted stocks become main force of delisted company in 2020,this suggests that the country gradually to speed up the cleaning process of “junk”,Further exerting the compulsory delisting system of listed companies plays an important role in improving the efficiency of resource allocation in the securities market,which is more conducive to promoting the sound development of the capital market.In this paper,Shengyun Environment-protection Company,which was delisted due to par-value,was selected as the research object.As a waste concept stock and a star environmental protection company,it has experienced a whole decade from listing to delisting,but now it is dumped in the rising tide of garbage classification,which is a typical “achievement” of delisting reform in GEM.This paper analyzes the structure arrangement of the delisting of Shengyun Environment-protection Company’s par-value.Firstly,it introduces the research background and significance of this paper.Secondly,the differences of different indicators in the delisting system and the development process of China’s delisting system are described.Meanwhile,the theory of sequential financing,industry life cycle theory,control rights theory and domino effect theory are introduced as the theoretical basis of case analysis.Then,it introduces the reasons for choosing the case,the basic situation,financial situation,delisting and self-rescue process of Shengyun Environment-protection Company.Then,this paper analyzes the reasons for the delisting of Shengyun Environment-protection Company value from both internal and external aspects.The external reasons are mainly tight financing environment,fierce industry competition and long project cycle,and the internal reasons are mainly:Related party capital occupation,overdue default of bonds,corporate operating losses and shareholders’ moral hazard,and also analyzes the impact of Shengyun Environment-protection Company’s par-value delisting on enterprises,minority shareholders and the securities market.Finally,according to the problems in the face value delisting process of Shengyun Environment-protection Company,the corresponding suggestions are put forward.Shengyun Environment-protection Company was listed in GEM in 2010,but finally delisted due to face value,which shows that the function of “survival of the fittest” in GEM is gradually highlighted,which reflects that China’s delisting system is more in line with the market and sends a good signal of continuous optimization of investment environment.Case the main significance of this paper is to alert environmental class listed companies,investors and government departments in the capital markets need to be aware of the problems in the process of development,to remind to attaches great importance to environmental protection class in corporate governance of listed company delisting regulations,formulate scientific investment strategy and pay attention to the change of external environment,calling for the general investors to invest in careful decision-making and multi-dimensional thinking,At the same time,we hope that the government can further improve the GEM delisting system to protect the reasonable rights and interests of companies and investors. |
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