Draft rules to improve delisting
Print Edition
CHINA’S securities regulator yesterday released draft rules aimed at improving the delisting system to ensure the quality of listed companies.
A listed company with under 25 percent of its shares owned by public investors will be delisted from the market under the rules. For companies with market capitalization above 400 million yuan (US$64.4 million), the trigger point to delist is 10 percent.
The draft rules also state a company will be delisted if its closing price is below book value for 20 straight trading days.
The rules also allow companies, forced to delist from stock exchanges, to trade their shares on the over-the-counter markets.
They also clarify procedures for companies that volunteer to delist due to strategic restructuring or privatization.
Under the existing rules, 78 companies have already delisted from the Shanghai and Shenzhen exchanges.
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