A Case Study On The Delisting And Re-listing Of NJTC

In recent years,China’s total economic growth is stable,and the industrial structure is constantly upgrading.As a barometer of economic development,the securities market must constantly improve market rules,build a reasonable system,and play its due role in the national economy.The delisting and re listing system is an important part of the securities market rules system.The measures for the implementation of suspending and terminating the listing of loss listed companies issued by the CSRC in 2001 first clarified the delisting system of China,while the CSRC and the SSE also issued several opinions on reform,improvement and strict implementation of the delisting system of Listed Companies in 2014 and 2012 respectively The implementation procedures and requirements for the relisting are clearly stated in the measures for the relisting of delisted companies of Shanghai Stock Exchange.As of 2019,the number of delisted companies in Shanghai and Shenzhen stock markets is 113,and only one NJTC has returned to the market through the re listing system,so the research on the re listing of delisted companies is particularly important.Based on the current delisting and relisting system arrangement of A-share market,this paper takes Nanjing Oil Transportation Co.,Ltd.(now named as China Merchants Nanjing Oil Transportation Co.,Ltd.)as an example to explore the norms and paths of delisting and re listing of Listed Companies in China,so as to provide reference for delisting companies to apply for re-listing.Starting from the delisting and re listing of A-share market,this paper analyzes the delisting and re listing process of NJTC,and concludes that the reasons for delisting mainly include the influence of policy,the imbalance between supply and demand of oil transportation industry,and the company’s operational decision-making mistakes,etc.However,due to the support of the new listing system and the measures implemented by the company,NJTC has been able to realize the re listing,After the re listing,the company’s solvency,operating capacity,profitability and growth have improved.The main reason for the success of the re listing is that the company meets the requirements of the re listing rules,and through the analysis of the current situation of the industry,the company has actively adjusted its business plan and formulated an effective restructuring plan.This case shows that in order to promote the orderly implementation of delisting and re listing of A-share market,perfect delisting and re listing system is the basic requirement,reasonable market operation mechanism is an important guarantee,and the company’s operation and management ability is the key.Therefore,it is necessary to improve relevant legislation,consolidate the institutional basis of delisting and re listing,improve the securities market system,and better play the functions of intermediary agencies.At the same time,guide investors to invest rationally and protect their legitimate rights and interests.