1. Suspend the resumption of the listed market, and listed companies are on the rise. China Stock Exchange has the following regulations on delisting of listed companies, and according to the severity of the situation, it has set several levels that may eventually lead to delisting: if the listed company has suffered losses for two consecutive years, the loss 1 year, the net assets have fallen below the par value, and there are major illegal acts in the company's operation, the exchange will give special treatment to the company's shares. That is, the ST system, marked stocks, called "ST shares", will be treated as PT if ST company has any problems, such as continuing to lose money next year and reaching the loss limit for three consecutive years in the company law. PT system is a special arrangement adopted by the stock exchange to suspend the stock circulation of listed companies, with the purpose of enhancing market liquidity and earnestly safeguarding the interests of the majority of small and medium-sized investors. When the exchange adopts the PT trading system, it also stipulates that in any 1 year within three years from1,PT companies can apply to the exchange for resumption of listing, and can resume listing after being approved by the China Securities Regulatory Commission. The first section of Chapter 10 of the new Listing Rules, which came into effect on May 1 2000, stipulates that there are four situations to suspend listing: (1) The total share capital and equity distribution of listed companies have changed, and they no longer meet the listing conditions; (2) The listed company fails to disclose its financial status as required, or makes false records in its financial and accounting reports; (3) The listed company has committed major illegal acts. (4) In case of any of the first three situations, the Exchange will suspend the listing of its shares according to the decision of the China Securities Regulatory Commission; In case of the fourth situation, this Exchange will suspend its stock listing. Since the publication of the annual report of a listed company, the Exchange has suspended its shares, and made a decision on whether to suspend the listing of the company's shares within three working days after the suspension, and reported it to the China Securities Regulatory Commission for the record. A listed company shall, in accordance with the decision made by the Exchange or the China Securities Regulatory Commission to suspend listing, publish a notice of suspension of listing in designated newspapers and periodicals. Since the date of the announcement, the exchange has stopped the daily trading of its shares. During the suspension of listing of listed companies, listed companies shall still perform relevant obligations according to law. Exchanges provide investors with "special transfer" services, provide a way out for the circulation of stocks of these companies, and protect the interests of small and medium-sized investors as much as possible. 2. Termination of listing According to Articles 157 and 158 of China's Company Law, if a listed company has one of the following five circumstances, the the State Council securities management department will decide to terminate the listing: (1) The total share capital and equity distribution of the company have changed, which no longer meets the listing conditions and cannot be eliminated within a time limit; (2) The company fails to disclose the information as required. Or make false records in financial accounting reports, which are verified to have serious consequences; (3) the company has committed major illegal acts, which have been verified to have serious consequences; (4) the company has suffered losses continuously in the last three years, which has not been eliminated within the time limit; (5) the company has been dissolved, ordered to close by the administrative department according to law or declared bankrupt. Termination of listing means losing the qualification for listing on the exchange, also known as delisting. The Securities Law also clearly stipulates that unqualified listed companies should be delisted in accordance with the provisions of the Company Law. 3. According to the Listing Rules of this Exchange, after receiving the notice of the China Securities Regulatory Commission to terminate the listing of its shares, a listed company shall publish a notice of termination of listing in a designated newspaper, and specify the following contents: (1) the type, abbreviation, securities code and date of termination of listing of listed shares; (2) The decision of the China Securities Regulatory Commission to terminate its listing; (3) Other contents required by the China Securities Regulatory Commission. (4) Other contents deemed necessary by the Exchange. However, at present, there is no precedent for companies to withdraw from the market in China and Shenzhen. With more and more listed companies, the state has also strengthened the management of listed companies to maintain a good economic environment. When major shareholders and executives reduce their holdings, they must issue a sales restriction order. In view of the delisting system of listed companies, relevant laws and regulations have also made detailed provisions, which are generally divided into suspension of listing and termination of listing.
Legal objectivity:
Article 56 of the Securities Law If a listed company has any of the following circumstances, the stock exchange shall decide to terminate its stock listing: (1) The total share capital, equity distribution and other changes of the company no longer meet the listing conditions, and it still cannot meet the listing conditions within the time limit stipulated by the stock exchange; (2) The company fails to disclose its financial status as required, or makes false records in its financial and accounting reports, and refuses to make corrections. (3) The company has suffered losses continuously in the last three years, and failed to return to profit in the following year; (4) The company is dissolved or declared bankrupt. (5) Other circumstances stipulated in the listing rules of stock exchanges.