Discussion Of The Delisting Institution’s Perfection Of Listed Companies Of China

Securities market is an organic part of economy and society. Like a biosystem,its working order mainly depends on the purveyance and metabolism of the listedcompanies which are deemed as cells of securities market. So, the boom of securitiesmarket relies on the mechanism of purveyance and metabolism of the listedcompanies, which are complete and perfect. As the delisting system of listedcompany of the securities market constructs the main body of the metabolismmechanism of the listed companies, it first task is answer which situations the listedcompany involves in when it shall delist. Delisting can be classified as voluntary andcompulsory. And voluntary delisting is the result of listed company’s applying,compulsory delisting is the result of securities exchange or other organ of authorityapplying some criteria to specific listed company to terminate its stock exchange instock markets and quit the stock markets. The “certain criteria” is the continuedlisting requirements of listed companies maintaining its status of exchange its stockin stock market. This paper examines the continued listing criteria of china stockmarket only.This paper contains three sections. In the first section, the author makes asimple introduction about the delisting system and continued listing criteria, andsummarizes the development of China’s delisting system and continued listingcriteria.Section2includes four subsections. In the first subsection, the authorgeneralizes China’s active continued listing criteria system according to the levels ofregulation of China’s stock market. In the second subsection, the author analyses thestructure of quantitative and qualitative continued listing criteria in China’s activecontinued listing criteria system following the common classification. In the thirdsection, the author attempts to find the ordinance in China’s active continued listingcriteria system relying on foreign scholar’s research. And then, in the last subsection,the author reveals some flaws of China’s active continued listing criteria system.Section3brings the moderation of continued listing criteria to light and givethe answer of how to improve China’s active continued listing criteria systemaccording to the ordinance of continued listing criteria and the levels of stockmarket. This article changes the past research method which often gives a panoramicresearch to the delisting system. And this paper exclusively discusses the firstquestion of the delisting system, the continued listing criteria. The author hope togive people a new impression of continued listing criteria and to promote China’sdelisting system.