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Shenzhen bourse delists 2 stocks
By Verain Ye |
December 26, 2012, Wednesday
|
Print Edition
Print Edition
THE Shenzhen Stock Exchange will delist two loss-making firms to improve the overall quality of the market and "protect the interests of investors."
Jiangsu Chinese Online Logistics Co and Powerise Information Technology Co will be delisted next week after they failed to win approval to resume trading, the exchange said in a statement.
Trading of Jiangsu Chinese Online Logistics was suspended in May 2006 because the company posted losses for three consecutive years from 2003 to 2005. Powerise Information Technology was suspended in May 2007 for losing money for three straight years from 2004 to 2006.
The exchange rejected their applications to resume trading as Jiangsu Chinese Online Logistics continued to make losses in the first fiscal year after trading was suspended while Powerise Information Technology has no operating revenue since 2009.
The bourse deliberated the status of four companies, including these two, on Monday. The other two, Dandong Chemical Fibre Co and Sichuan Direction Photoelectricity Co, were allowed to resume trading.
There are 16 others awaiting a delisting fate before the year-end on the exchange.
"Stock delisting will become increasingly common as China's stock market grows mature and market-oriented," the statement said. "It's helpful to improve the overall quality of the market and thus protect the interest of investors."
Forty-five companies have been delisted from the Shanghai and Shenzhen bourses since last year.
Jiangsu Chinese Online Logistics Co and Powerise Information Technology Co will be delisted next week after they failed to win approval to resume trading, the exchange said in a statement.
Trading of Jiangsu Chinese Online Logistics was suspended in May 2006 because the company posted losses for three consecutive years from 2003 to 2005. Powerise Information Technology was suspended in May 2007 for losing money for three straight years from 2004 to 2006.
The exchange rejected their applications to resume trading as Jiangsu Chinese Online Logistics continued to make losses in the first fiscal year after trading was suspended while Powerise Information Technology has no operating revenue since 2009.
The bourse deliberated the status of four companies, including these two, on Monday. The other two, Dandong Chemical Fibre Co and Sichuan Direction Photoelectricity Co, were allowed to resume trading.
There are 16 others awaiting a delisting fate before the year-end on the exchange.
"Stock delisting will become increasingly common as China's stock market grows mature and market-oriented," the statement said. "It's helpful to improve the overall quality of the market and thus protect the interest of investors."
Forty-five companies have been delisted from the Shanghai and Shenzhen bourses since last year.
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