The Shanghai Securities Regulatory Commission revised the "radiation system" late at night. | ETtoday Continental | ETtoday News Cloud

▲ The China Securities Regulatory Commission has revised the delisting system for listed companies and has speculated that Changchun Changsheng may have to exit the market. (Figure / CFP, the same below)

Continental Center / full report

Changchun Changshun biotechnology problem vaccine incident caused panic. The Continental Securities Regulatory Commission recently announced that it will revise the "Several Opinions on the Reform and Improvement of the Listed Companies' Delisting System" of 2014, the mandatory delisting of the main illegal cases and the strengthening of the liability. of the stock exchange delisting system. The implementation of the three main points of the relevant liabilities of the controlling shareholder and the effective controller of the company who is obliged to write off the company. Such a modification action has also been speculated that it is aimed at Changchun Changsheng.

According to the China Securities Regulatory Commission, the delisting system of listed companies is an important basic system of the capital market Since the publication of the "cancellation notices" in 2014, a diversified delisting including an illegal major delisting was initially formed. The system of indicators, as well as a more stable radiation implementation mechanism.

In order to improve and improve the basic functions of the capital market, it is very important to achieve merchandising, the rule of law and the normalization of the delisting of listed companies. The CSRC pointed out that based on the experience of the implementation of the "cancellation notices", the implementation of the provisions of the Securities Law would further improve the content of the major illegal dismantling, improve Operability of the rules and would strengthen the front line. Regulatory function and revision of the radiation notice.

The CSRC emphasizes that this time, it mainly revised three aspects. First, to improve the main situation of major illegal decommissioning, and to clarify that listed companies constitute fraudulent transmissions, major breaches of disclosure of information or other major illegal acts involving national security, public security, ecological security and public health. The stock market must strictly follow the law in accordance with the requirements of the basic system to suspend and terminate the decision to register the shares of the company.

Second, strengthen the responsibility of the delisting system of the stock market, clarify that the stock exchange must formulate the implementation rules for the listed company to suspend the registration and terminate the registration due of major illegal acts. Relevant responsibilities of controlling shareholder, effective controller, managers, supervisors, top managers, etc., emphasize that they should cooperate with stakeholders to do a good job in removing related work. and fulfilling the relevant functions.

Regarding this review of the system, the CSRC stated that it was very important to improve the function of the capital market, to strengthen the vitality of market players, to shape a culture of Investment and build a good survival mechanism. In addition, those responsible for large illegal enterprises, especially those that seriously jeopardize the market order, seriously undermine the interests of the population and cause major social impacts, resolutely implement mandatory withdrawals on the market. market.

The CSRC also recalled that the delisting of listed companies has changed the way stock trades are transferred, but that the corporation itself is still a corporation, a majority shareholder, a controller, directors, supervisors, senior executives and other officials. In accordance with the attitude of being accountable to employees and responsible to investors, we will seriously fulfill the normal production and operating functions after the company withdraws from the market.

▲ Rabies vaccine manufactured by Changchun Changsheng turned out to be a false production record, and DTP vaccine turned out to be a bad drug.

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