The Gem Delisting Scheme Is Under Development.

Zhu Congjiu, assistant chairman of the SFC 15 days ago Boao forum for Asia At the annual meeting 2011, Gem The formulation of the delisting scheme is being actively promoted.

This year " Two sessions(NPC and CPPCC) During the period, Chen Dongzheng, chairman of the Shenzhen stock exchange, revealed that the latest gem delisting proposal suggested that the delisting companies enter the agency system transaction, but to increase the power and restriction of the exchange for direct delisting.

According to Chen Dongzheng, the latest draft of gem's delisting proposal suggests that the delisting enterprises enter the "third board" of the agency system to continue trading, but at the same time emphasize increasing the power and constraints of the exchange for direct delisting, including: first, to enhance the strictness of the delisting warning of the exchange; enterprises are subject to continuous warning, meet the criteria of delisting, that is, delisting, and do not allow the backdoor reorganization. Two, the exchange should set up a special review committee, allowing the enterprises receiving the warning to appeal and supervise the behavior of the exchange. But he did not explicitly introduce the specific time point of the delisting system. Zhu Congjiu did not give a clear time.

In response to the doubt that the issue mechanism of the gem is not marketable, Zhu Congjiu said: "I think the gem issuing mechanism has been very market-oriented." For some people who believe that the upper limit of gem price earnings ratio should be determined, Zhu Congjiu responded with several questions, "who will determine the price earnings ratio?" Is the highest price earnings ratio determined by marketization?

Zhu Congjiu said that the launch of the gem in 2009 has played three roles: first, in the critical period of the financial crisis, it has resolved the need for funds for the development of small and medium-sized enterprises, is an effective measure to deal with the financial crisis; second, the launch of the gem has deepened the role of changing the mode of economic growth; third, it is an objective necessity for the Chinese market to allocate resources, and the launch of the gem will help improve the multi-level capital market system.

In view of the fact that the listed companies have completed the prospectus, "[0.00 0% shares", Zhu Congjiu said that the problem of Shengjing mountain river lies in a major omission. Whether further measures should be taken should be decided according to the survey results.