In order to unplug the “suspension nail house”, the supervisory layer sacrificed the killer. The CSRC has recently improved the stock suspension and resumption system of listed companies. The company has many reasons for suspending trading, and the suspension period, especially for enterprises with long suspension of major asset restructuring, is aimed at rectifying the rules and regulations and safeguarding the market for many years. Suspended the "nails".
The establishment of the stock suspension and resumption system is to prevent stock prices from fluctuating due to major events that are being planned or carried out by listed companies to protect the interests of investors. However, some listed companies use the suspension to “self-regulate” the stock price. When the stock price falls, they will suspend trading on the grounds of “publishing important announcements” and “planning for major asset restructuring” to achieve risk aversion. Especially in the downturn of the market, the suspension of the card has become the "amulet" of individual companies. Once stopped, the stock price is maintained to wait for the market to pick up. Some listed companies have issued locks for reorganization, or they have been suspended by the "barbarians at the door". Free suspension of trading, long-term suspension of trading, and insufficient disclosure of information during the suspension period have become the resistance of normal market transactions, which not only led to the lock-up of a large number of chips, but also reduced the efficiency of capital and resource flow and allocation, affected market liquidity and activity, and undermined market order and The environment also allows investors to lose their basic trading rights.
In order to cure the suspension of chaos, the regulatory authorities have repeatedly reformed the system of suspension and resumption. For example, the maximum suspension period for M&A and reorganization should not exceed 5 months. The main body of the suspension is required to clarify the specific content of the disclosure required for the suspension period on a monthly basis. Although this has alleviated the problems of arbitrary suspension of trading, long-term suspension of trading, and abuse of suspension of cards to a certain extent, there are still "nail houses" that are unmoved. In fact, there are not a few companies that have been suspended for more than five months.
In order to completely eliminate the suspension of "nails", it is necessary to make the supervision measures strict. The improvement of the suspension and resumption system by the CSRC is to guide the listed companies to use the right to suspend trading in a reasonable and reasonable manner through the reshaping of the system. On the one hand, the rules clarify that the principle of non-stop is the principle of suspension, suspension is the exception, short-term suspension is the principle, long-term suspension is the exception, intermittent suspension is the principle, and continuous suspension is the basic principle of exception, to maximize the protection of trading opportunities; It also gives the exchange the right to force resumption of trading and refusal to suspend trading. When the stock of a listed company does not resume trading within the prescribed time limit, when the reason for the suspension is not in compliance with the regulations or it is not appropriate to suspend the trading, the exchange can exercise its power to avoid the “sipping the fish” and suspending the market. order. In addition, the rules also require the exchange to establish a stock suspension time and component index index elimination mechanism andSuspension informationThe publicity system, and regularly announce to the market the manner in which the listed companies suspend the frequency of the cards and the order of the time, and urge the listed companies to take measures to stop the cards and suspend the cards reasonably.
Taking multiple measures and strictly restraining, the market has consistently praised the supervision and perfection of the stop-and-return system. It is expected that the exchange can refine the specific rules for stock suspension and resumption according to the regulations as soon as possible, and guide the listing while ensuring the smooth function of the stop-and-play function. The company prudently exercised the right to suspend trading, maintain the continuity and liquidity of market transactions, and resolutely correct the unhealthy trend of listed companies "want to stop and stop."
(Article source: Securities Times)