Speed Up The Establishment Of A Direct Delisting System For GEM Companies

The seminar on "multi-level capital market construction and investor rights protection" jointly sponsored by the Shenzhen stock exchange and China Law Society Securities Law Research Institute was held in Shenzhen on 7 th.

Chen Dongzheng, chairman of the Shenzhen stock exchange, said in his speech that speeding up the establishment of the direct delisting system of the listed companies in the multi-level capital market construction process is a major move to promote the innovation of investor rights and interests protection system under the new situation.

Chen Dongzheng stressed that the establishment and implementation of the current delisting system played an important role in improving the overall quality of China's listed companies, but there were also some drawbacks in the specific operation, especially the asset restructuring of backdoor listing.

In view of this, the gem delisting system no longer implements a long time delisting risk warning system, no longer mandatory to return to the next level of the market to continue trading, including three main points: first, the direct delisting; two is the rapid delisting; three is to eliminate backdoor speculation.

Chen Dongzheng pointed out that exploring the establishment of the direct delisting system of gem requires corresponding supporting measures to ensure the effective implementation of the scheme.

The next step is to improve the litigation mode and explore the system of subrogation in China's Investor Protection Fund.

We can pilot the gem first, and then proceed to the promotion of the motherboard and SME board when the pilot scheme of subrogation litigation is successful.