A listed company may not be listed

There is no such thing as delisting, it should be delisting.

Listed companies can be delisted.

In Chapter 10, Section 1 of the new Listing Rules, which came into effect on 1 May 2000, there are four circumstances in which listing is suspended:

1) The total share capital and equity distribution of the listed company have changed, and the listing conditions are no longer met.

2) The listed company does not disclose its financial status in accordance with the regulations, or makes false records in the financial accounting report.

3) The listed company has committed major illegal acts.

4) The listed company has lost money in the last three consecutive years.

In the event of one of the first three circumstances, the exchange will suspend its listing in accordance with the decision of the China Securities Regulatory Commission; In the event of the fourth situation, the exchange will suspend its listing. From the date of the publication of the annual report of the listed company, the exchange will suspend the trading of the company, and make a decision on whether to suspend the listing of the company within three working days after the suspension, and report to the China Securities Regulatory Commission for the record.

Listed companies shall, in accordance with the decision of the stock exchange or the China Securities Regulatory Commission to suspend listing, publish the "Announcement of Suspension of Listing" in designated newspapers and periodicals. Since the date of the announcement, the exchange has ceased its ** continuous trading on a daily basis. During the period of suspension of listing, listed companies should still perform the relevant obligations of listed companies in accordance with the law, and the exchange provides investors with "special transfer" services to provide a way out for the circulation of these companies, so as to protect the interests of small and medium-sized investors as much as possible.

Article 1 of the Company Law of the People's Republic of China stipulates that if a listed company falls under any of the following five circumstances, the ***** administration department will decide to terminate its listing:

1) The company's total share capital, equity distribution, etc. have changed, and no longer meet the listing conditions, and cannot be eliminated within the time limit;

2) The company does not disclose its financial status in accordance with the regulations, or makes false records in the financial accounting report, and the consequences are serious after verification;

3) The company has committed major illegal acts, and the consequences are serious after investigation;

4) The company has suffered losses in the last three consecutive years and has not been eliminated within the time limit;

5) The company is dissolved, ordered to close down by the administrative department in accordance with the law, or declared bankrupt.

Termination of listing means losing the qualification to be listed and traded on the exchange, also known as delisting. The ** Law also clearly stipulates that listed companies that do not meet the requirements shall withdraw from the market in accordance with the provisions of the Company Law. The listing rules of the exchange stipulate that after receiving the notice of termination of its listing by the China Securities Regulatory Commission, a listed company shall publish an announcement of termination of listing in a designated newspaper, and shall contain the following:

1) The type, abbreviation, **** and date of termination of listing.

2) The decision of the China Securities Regulatory Commission to terminate its listing.

3) Other content required by the China Securities Regulatory Commission.

4) Other contents deemed necessary by the Exchange. However, there is no precedent for a company to be delisted on the Shanghai and Shenzhen stock exchanges.

You're talking about delisting, yes.

As long as it can meet the listing requirements of the local exchange, it can be listed in both places.

For example, domestic A shares and B shares, as well as H shares, are all right, but the company is required to be listed on A shares, to meet the listing requirements of A shares, to be listed on H shares, to meet the requirements for H share listing. A company can be listed in two places at the same time.

But in China, it can only be listed on one ** exchange, either in Shanghai or Shenzhen, and cannot be listed on both ** exchanges.

It can be listed in two places at the same time, which means: it can be listed on a ** exchange in China and a ** Hong Kong ** exchange at the same time, and it can also be listed on a ** exchange in China and ** exchange in the United States.

Extended Content:

Listing in a narrow sense, that is, initial public offerings (IPO), refers to the process of an enterprise issuing additional offerings to investors through the initial public offering of an exchange in order to raise funds for the development of the enterprise. When a large number of investors subscribe for new shares, they need to be allocated by lottery**, also known as new shares, and the subscribed investors expect to sell ** higher than the subscription price. At.

In the Chinese environment, there are three types of listings: Chinese companies are listed in China or on the Shenzhen ** Stock Exchange (A shares or B shares), Chinese companies directly go to overseas ** exchanges (such as New York ** Stock Exchange, NASDAQ** Exchange, London ** Exchange, etc.) (H shares), and Chinese companies indirectly set up offshore companies overseas and list on overseas ** exchanges in the name of the offshore company (red chips).

In addition to the company's public (non-targeted) offering**, a broad listing also includes the launch of a new product or service on the market.

If it is the same company, there is only one financial statement, one total assets. There is no concept of "issued assets", only the share capital and market value issued in each ** market. The sum of the share capital issued in the four places is the total share capital of this company.

The sum of the ** market capitalization listed in the four places is the total market capitalization of this company. The rules are the same for all countries. For example, if a company has 100 million shares in the A shares, B shares, Hong Kong stocks, and US markets, then the shareholders of the company in these four markets each have an interest in the entire company1 4.

There are 3 situations in which a company can go public. They are: 1. To apply for a listed company, the company must have been operating for more than 3 years, and has not changed directors or senior management within 3 years, and the company is operating legally; 2. There is no false capital contribution in the registered capital of the listed company, and there is no evasion of funds; 3. The registered capital of the listed company is at least 30 million, the public shares are more than a quarter of the total shares, the total share capital is at least 400 million yuan, and the public shares are more than 10%.

[Legal basis].

Company Law of the People's Republic of China Article 151 [Shareholder Remedies for Damage to the Company's Rights and Interests] Where directors and senior managers have any of the circumstances provided for in Article 149 of this Law, the shareholders of a limited liability company or shareholders who hold more than 1% of the company's shares individually or collectively for more than 180 consecutive days may request in writing the board of supervisors or the supervisors of a limited liability company without a board of supervisors to file a lawsuit with the people's court; Where a supervisor has any of the circumstances provided for in Article 149 of this Law, the aforesaid shareholder may request in writing the board of directors or the executive director of a limited liability company without a board of directors to file a lawsuit in the people's court.

If the board of supervisors, the supervisors of a limited liability company without a board of supervisors, or the board of directors or executive directors refuse to file a lawsuit after receiving the written request of the shareholders specified in the preceding paragraph, or fail to file a lawsuit within 30 days from the date of receipt of the request, or if the situation is urgent and failure to immediately file a lawsuit will cause irreparable damage to the interests of the company, the shareholders provided for in the preceding paragraph have the right to directly file a lawsuit in the people's court in their own name for the benefit of the company.

There are 3 conditions that a company needs to meet before it can be listed. 1. ** Approved by the ***** Supervision and Administration Agency, it has been publicly issued; 2. The total share capital of the company shall not be less than RMB 30 million; 3. The public offering of shares reaches more than 25% of the total number of shares of the company.

If the total share capital of the company exceeds RMB 400 million, the proportion of shares issued to the public shall be more than 10%.

[Legal basis].Article 47 of the ** Law of the People's Republic of China An application for listing and trading shall meet the listing conditions stipulated in the listing rules of the ** exchange.

**The listing conditions stipulated in the listing rules of the exchange shall set forth requirements for the issuer's operating years, financial status, minimum public offering ratio, corporate governance, integrity record, etc.

The same listed company can be listed in two places, and in Hong Kong, the company to be listed must apply for listing in accordance with the requirements of the Listing Rules.

As part of the listing reform, HKEX has added three new chapters to the Main Board Listing Rules and amended the existing Listing Rules accordingly to allow biotech companies that fail to pass the Main Board financial eligibility test to list. Allowing companies with weighted voting rights to be listed; Establish a new secondary listing channel for Chinese and international companies seeking a secondary listing in Hong Kong.

The two sides are listed at the same time, and each has a part of the shares, which are not connected with each other and are not different from each other. For example, if you open a company, people from Hong Kong invest some of your money, and people from mainland China invest some of your money. However, there is a stipulation that the shares in the hands of those people in Hong Kong can be bought and sold with each other, but they cannot be bought and sold in the mainland market, and the mainland is the same, they can buy and sell each other in the mainland, but they cannot buy and sell in Hong Kong.

Legal analysis: The subsidiaries of listed companies can be listed, but there is a certain premise, that is, the subsidiaries are required to continue to operate for more than 3 years, except for those approved by the company.

Legal basis: Article 14 of the Company Law of the People's Republic of China A company may establish a branch. To establish a branch, it is necessary to apply for registration with the company registration authority and obtain a business license.

The branch does not have the status of a legal person, and its civil liability shall be borne by the company. The company may set up a subsidiary, which has the legal person qualification and independently bears civil liability in accordance with the law.

Of course. Compared with the parent company, the subsidiary is completely an independent company, with independent accounting, self-financing, and the parent company receives dividends in proportion to its shares. Therefore, they can be listed at the same time, or they can be listed as subsidiaries or parent companies; It can be listed on the same exchange or on different exchanges.

For example, the current Sinopec 600628 and S Petrochemical, as well as Yangzi Petrochemical and China ** Gas, which were previously delisted, are all subsidiaries of Sinopec.

From a legal point of view, the parent and subsidiary are independent legal persons, so they are not counted. From the perspective of mold infiltration employees, the holding subsidiaries that enter the core business of listed companies can often consider themselves to be members of the group of listed companies, that is, "I work in a listed company". From a regulatory point of view, the holding subsidiaries of listed companies also have many constraints, such as the need to be audited and disclose information on major events and related party transactions.

From an economic point of view, it is not impossible to say that a wholly-owned subsidiary and a listed company are the same, and when preparing financial statements, the listed company also needs to carry out accounting consolidation of its subsidiaries, and investors are more concerned about the quality of the consolidated financial statements, but bury the spine rather than the financial report of the parent company.

There is no such thing as delisting, only delisting, and the law allows companies to delist after listing, but they must meet the conditions for delisting. Delisting is divided into active delisting and passive delisting, active delisting refers to the company's application to the regulatory authorities for cancellation of the "license" according to the resolution of the shareholders' meeting and the board of directors, and the company will generally take the initiative to delist due to the expiration of the business period, the shareholders' meeting decides to dissolve and other reasons; Passive delisting refers to the delisting of a company due to the revocation of its business license due to major violations of laws and regulations.

Article 100 of the Company Law calls for the first 20 articles.

The term "listed company" as used in this law refers to the shares listed and traded on the ** exchange.

Article 2 of the Enterprise Bankruptcy Law.

Where an enterprise legal person is unable to pay off its debts when due, and its assets are insufficient to pay off all debts or it clearly lacks the ability to pay off debts, it shall liquidate its debts in accordance with the provisions of this Law.

Where an enterprise legal person has the circumstances provided for in the preceding paragraph, or has a clear loss of solvency, it may carry out reorganization in accordance with the provisions of this Law.