Along with the overall implementation of the ChiNext Delisting System, the “First Session Training Course on Regulating Operations and Development for Companies Listed on the ChiNext” was held by the Shenzhen Stock Exchange recently. Attendance included 130 chairmen of the board of directors and senior executives representing 77 ChiNext-listed companies from Guangdong, Hunan, Fujian, Jiangxi and Hainan.
Since the official implementation of the ChiNext Delisting System, it was the first large-scale training activity held by the SZSE, with board chairmen and senior executives of ChiNext-listed companies being target trainees. The training aimed to further enhance the senior management’s awareness of capital market systems revolution and the changing situations, realize the more demanding requirements for regulated operations shouldered on ChiNext-listed companies, actively adapt to the profound changes in market operating mechanism and propel companies with regulated and healthy development.
As expressed by the principal of the SZSE, a milestone in the ChiNext systems construction has been marked with the implementation of the ChiNext Delisting System, which will make a positive and profound impact on the sustainable and healthy development of ChiNext as well as the patterns of behavior of market players including listed companies. The new delisting system not only reflects the high-efficient and marketized delisting orientation, but also calls for tougher demands on ChiNext-listed companies for sustainable business capability and regulated operation standards. Featured by limited scale of operations, less maturity in business model, weaker anti-risk capability and more fluctuations in performance, ChiNext-listed companies are more apt to trigger delisting conditions with higher delisting risk. Therefore, ChiNext-listed companies should enrich their knowledge on new delisting regulations, and enhance their awareness of delisting risk. Meanwhile, delisting risk should be minimized at the source by means of optimizing corporate governance and internal control mechanism, solidifying the base of major businesses, and beefing up core competitiveness. Investors’ right to know should also be protected. Listed companies should constantly improve the quality of information disclosure and strengthen the awareness and ability of make use of the capital market, laying a better foundation for the companies’ leapfrog development.
In additional to the interpretation of key points in the ChiNext Delisting System, the training program also included the courses in respect of information disclosure, insider trading prevention and control, regulating operations, M&A and restructuring, equity incentives rules, etc. In the upcoming two months, the SZSE plans to hold three sessions of such training courses in different regions so that rotational trainings will be delivered to ChiNext-listed companies. Meanwhile, the propaganda and education on the ChiNext Delisting System and new listing rules will be continuously intensified so that delisting systems could give full play in the regulated and healthy development of the ChiNext board.