In the United States, listed companies must be delisted as long as they meet one of the following conditions:
1, with less than 600 shareholders and less than 400 shareholders holding more than 100 shares;
2. The public holds less than 200,000 shares, or its total value is less than $654.38+00,000;
3. Operating losses in the past five years;
4. The total assets are less than $4 million, and it has suffered losses every year for the past four years;
5. The total assets are less than US$ 2 million, and it has suffered losses continuously in recent two years;
6. No bonus for five consecutive years.
Japan's securities market stipulates that listed companies must withdraw from the market in any of the following circumstances:
1, the number of listed stocks is insufficient100000 shares, and the capital is less than 500 million yen;
2. The number of social shareholders is less than 65,438+0,000 (delayed by one year);
3. Business activities are stopped or in a semi-stopped state;
4. No dividend has been paid in the last five years;
5. Liabilities exceed assets for three consecutive years;
6. Listed companies have "false records", which has great influence.
Japan's Nasdaq market, established in June 2000, also introduced delisting system, that is, when the number of shareholders and the total market price after listing are lower than a certain benchmark, they will be delisted. Its purpose is to eliminate the OTC stocks with low liquidity to ensure the interests of investors.
Shenzhen GEM companies are directly delisted, and backdoor is not allowed.
Extended data:
De-listing procedure:
(1) The Exchange shall notify the listed company within 10 working days after it finds that the listed company is below the listing standard;
(2) After receiving the notice, the company shall make a reply to the Exchange within 45 days, and put forward a rectification plan in the reply, indicating that the company will meet the listing standards again within 18 months at the latest;
(3) The Exchange shall, within 45 days after receiving the company's rectification plan, notify the company whether to accept its rectification plan;
(four) within 45 days after receiving the reply of the exchange on its rectification plan, release the information that the company has fallen below the listing standard;
5. After the plan is launched 18 months, the Exchange will review the company every three months. During this period, if the company fails to implement the plan, the exchange will decide whether to terminate the listing according to the seriousness of the case;
[6]/KLOC-If the company still does not meet the listing requirements after 0/8 months, the Exchange will notify the company to terminate its stock listing and inform the company that it has the right to apply for a hearing;
(7) If the hearing supports the decision of the Exchange to terminate the stock listing, the Exchange will apply to the US Securities and Exchange Commission;
Being approved by the ⑻SEC, the trading of the company's shares was officially terminated. As can be seen from the above situation, the longest time for the exchange to decide to terminate the listing of the company's shares is 22 months.
Baidu encyclopedia-delisting