The Research On The Delisting System Of Growth Enterprise Market

The Growth Enterprise Delisting System is an organic part of the GEM market. An mature GEM should be a complete and organic unity of the capital market ,and the Delisting System must be brought into it and be unceasingly advanced to achieve a smooth operation. Suceessful practice and system construction experience of GEM in mature capitalist market economic countries and regions like America's NASDAQ and China's Hong Kong has sufficiently demonstrated this principle. On the prerequisite of fully consideration of the domestic capital market environment and market resources, we should refer to the experiences of the NASDAQ market about the delisting system in order to serve us as much as possible.The theoretical GEM delisting System should consist of the subject system of delisting, delisting standards, delisting procedures, delisting supervision, delisting legal remedies and etc.In the aspect of subject system of delisting rules, socialist market economy should be a kind of autonomous economy, and we should adopte active delisting rules which can endow small and medium-sized listed enterprises with more delisting autonomy. we also should enhance the disclosure obligation of delisting information and maintain a fair competition environment so as to protect interests of medium and small investors. In the aspect of delisting standard,we should adapt to the main enviroment of international stock markets and stick to an unified listing and delisting standard so as to prevent the mummified listed companies from athanasy and to use resource effectively.In the aspect of delisting procedure, we should regard PT and ST systems as our best mirror, and thin the delisting procedure to enhance the maneuverability of it; In the aspect of delisting supervision, we should change our ideas and refer to the practice of American securities market. We should reform the traditional processing authorization of listed enterprises and transfer the delisting decision right of listed enterprises to the stock exchange to allocate the supervision resource effectively and improve the supervision efficiency.In the aspect of delisting legal remedies, we should enhance the information disclosure obligation of each subject when they are dilisting and thin the identification criteria of such activities as violating information disclosure obligation, manipulating securities'transaction price,practising inside trading, and cheating in negotiable securities.In sum, the system construction of GEM is a process of constant perfection and progressive improvement. The opinion soliciting draft of growth enterprise market rules which was proposed on 21st march, 2008 did not refer to the delisting issue of GEM, which requires perfection in the later legislation.