What are the GEM delisting systems, and what does GEM delisting mean?

Mandatory delisting indicators: 1. Failure to disclose the annual report or semi-annual report within the statutory time limit, and the company has not disclosed it within two months of the suspension of trading after that; 2. Due to major accounting errors or false records in the financial and accounting reports, the company was ordered to correct by the China Securities Regulatory Commission but the company did not correct within the specified time limit, and the company did not correct within two months after the suspension of trading; 3. Due to major defects in information disclosure or standardized operation, the firm ordered to make corrections but the company did not correct within the specified time limit, and the company did not correct within two months after the suspension of trading; 4. Due to changes in the company's total share capital or equity distribution, it no longer meets the listing conditions for 20 consecutive trading days, and it has not been resolved within the specified time limit; 5. The company may be forcibly dissolved in accordance with the law; 6. The court accepts the application for reorganization, reconciliation and bankruptcy liquidation of the company in accordance with the law; 7. Other circumstances as determined by the Exchange.

The current GEM delisting conditions and delisting procedures table.

Delisting conditions Delisting risk warning handling Suspension of listing Termination of listing.

Consecutive losses for two years, three years, four years (annual report).

Retrospective adjustments result in consecutive losses for two years, three years, and four years (annual report).

Net worth is negative for one year for two years and two and a half years (interim report).

The audit report is an opinion of negative or rejection for one year Two years Two and a half years (interim report).

Failure to correct material errors or false entries in financial accounting reports for two months and four months for six months.

Failure to disclose the annual report or interim report within the statutory deadline on the day after the end of the statutory disclosure period of two months and three months.

Dissolution of the company The next trading day after the announcement of the possible dissolution of the company is dissolved.

The court declares the company bankrupt The next trading day after the disclosure of the relevant bankruptcy acceptance announcement - the company is declared bankrupt by the court.

120 consecutive trading days** trading volume of less than 1,000,000 shares 120 consecutive trading days - 120 consecutive trading days again.

The distribution of shares or the number of shareholders for 20 consecutive trading days do not meet the listing conditions The proposed solution is approved by our firm, and on the day of resumption of trading, the listing conditions are still not met six months after the solution is announced, and the listing conditions are still not met for twelve months.

A change in the company's total share capital no longer meets the listing conditions Once it occurs, the listing will be suspended and the listing conditions will not be met within the period specified by the Exchange.

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Trading: 1. The cumulative trading volume for 120 consecutive trading days is less than 2 million shares.

2. The ** price is lower than the par value of each share for 20 consecutive trading days.

3. The market value of ** for 20 consecutive trading days is less than 500 million yuan.

4. The number of shareholders is less than 400 for 20 consecutive trading days.

5. Other acts as determined by the Exchange.

Finance: 1. The net profit in the most recent fiscal year is negative and the operating income is less than 100 million yuan.

2. The net assets at the end of the most recent accounting year were negative.

3. The financial report of the most recent fiscal year is issued with an audit report that cannot express an opinion or an adverse opinion; 4. Other circumstances of determination.

Normative category: 1. Failure to disclose annual or semi-annual reports at the specified time.

2. There are major errors or false records in the financial statements.

3. Failure to make corrections within the prescribed time limit due to major deficiencies in information disclosure. Trembling.

4. Due to changes in the company's total share capital or equity, it does not meet the listing conditions for 20 consecutive trading days and has not been resolved within the specified time limit.

5. Compulsory dissolution.

6. The court accepts reorganization, reconciliation and bankruptcy.

7. Other circumstances as determined by the Exchange.

The criteria for delisting on the GEM are as follows:

1. Losses for 4 consecutive years, or failure to disclose the first annual report within the statutory time limit after being suspended from listing;

2. Net assets are negative in the past two years;

3. The audit report is negative or unable to express an opinion;

Failure to correct material errors or false entries in financial and accounting reports for several months;

5. Failure to disclose the annual report or interim report within 3 months of the statutory period;

6. The cumulative trading volume for 120 consecutive trading days is never less than 1 million shares;

7. The ** price is lower than the par value of each share for 20 consecutive trading days;

8. 6 months after the suspension of listing, the sales crack still does not meet the conditions for closing the market at a loss;

9. Declared bankrupt by the court or dissolved by the company for any reason;

3 public reprimands from the exchange 3 times in a month.

1. Even the virtual fiber continues to lose.

2. Retrospective adjustment leads to continuous losses.

3. Negative net assets or retroactive adjustment of liquid ideas resulting in negative net assets.

4. The audit report is a negative opinion or refusal to express an opinion.

5. Failure to correct major errors or false records in the financial accounting report.

6. Failure to disclose the annual report or interim report within the statutory time limit.

7. The company is dissolved.

8. The court declares the company bankrupt.

9. The cumulative ** trading volume for 120 consecutive trading days is less than 1 million shares.

10. The equity distribution or the number of shareholders for 20 consecutive trading days do not meet the listing conditions.

11. The total share capital of the company changes and no longer has a listing order.

12. The company has been publicly reprimanded by the exchange three times in the past 36 months.

13. The daily ** price of the company has been lower than the par value per share for 20 consecutive trading days.

1. The company's economy has suffered losses for more than 4 consecutive years, or it has not disclosed its first annual report within the statutory time limit after being suspended from listing.

2. The company's net assets in the past two years have been negative.

3. The audit report is negative or unable to express an opinion;

Failure to correct material errors or misrepresentations in the accounting reports for several months.

5. Failure to disclose the annual report or interim report within 3 months of the statutory period;

6. The cumulative trading volume for 120 consecutive trading days is less than 1 million shares.

7. The ** price is lower than the par value of each share for 20 consecutive trading days;

8. It still does not meet the listing conditions after 6 months after the suspension of listing.

9. Declared bankrupt by the court or dissolved by the company for any reason;

3 public reprimands from the exchange 3 times in a month.

Extended Information Introduction to the Growth Enterprise Market (GEM) 1. The Growth Enterprise Market, also known as the Second Board Market, is a first-class trading market designed to provide financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market temporarily. GEM is an important supplement to the main board market and occupies an important position in the capital market. Compared with the main board market, the listing requirements of the GEM are often more relaxed, mainly reflected in the requirements of establishment time, capital scale, medium and long-term performance, etc.

2. The GEM appeared in the United States in the 70s of the last century and emerged in the 90s. In addition to this, the regulator also helps investors choose high-quality companies through the "sponsor" system. In the long history of development, the GEM was initially corresponding to the main board market with large mature companies, and the market image of small and medium-sized companies as the main object.