A Case Study Of Zhonghong Shares Delisting

In 2018,the China Securities Regulatory Commission announced major changes to the delisting system of listed companies,with the aim of improving the effectiveness of the delisting system,accelerating the process of clearing "junk stocks",and promoting the healthy development of the capital market.This reform decision It is of great significance to the long-term development of the securities market.The research object of this paper is mainly concentrated in large cities such as Beijing,Shandong,and Zhejiang.The state and local governments have issued a series of property market regulation policies for first-and second-tier cities.Zhonghong shares have been greatly affected by this round of policies,and the company’s poor management In the end,the stock price "broken" and withdrew from the market,becoming a typical result of capital market reform.The article analyzes the structure of Zhonghong’s "broken face" delisting structure.First,it introduces the background and significance of the topic.Secondly,it analyzes the two forms of delisting,and the concepts of "high transfer",financial fraud,and internal control.It also introduces debt term structure theory,corporate governance theory,and information asymmetry theory as the basis of case analysis.In addition,through the longitudinal perspective of the timeline,the basic situation of Zhonghong shares was reviewed,and the company’s debt situation and self-rescue operations before delisting were introduced.In the process of analyzing the company’s "broken face" delisting,it detailed the company’s stock price fluctuations and delisting procedures.In addition,this article analyzes the four major reasons leading to the company’s "broken face" delisting from both the internal and external aspects of the company,mainly: financial data fraud,internal control failure,"high transfer",changes in the industry environment,and at the same time The impact of the "broken face" delisting on listed companies and investors.Finally,a summary of the case study and the enlightenment to the listed companies,market regulators and investors.Zhonghong Co.,Ltd.set the first “de-faced” delisting stock in domestic history.This “feat” opened the “face value delisting” channel,highlighting the function of“survival of the fittest” in the capital market,reflecting the government’s purification of the investment environment and its reform and improvement The determination of the stock market.The warning significance of the case is extensive and profound forregulators,listed real estate companies,and investors.After analysis and summary,this article attempts to remind listed companies to understand the relevant legal knowledge such as the stock delisting system,attach importance to the company’s standardized governance,and pay attention to the periodicity of economic development.At the same time,investors are urged to invest rationally,inspiring readers to think and analyze issues from multiple perspectives.