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Shanghai bourse unveils draft delisting proposal

(Xinhua)

11:19, April 30, 2012

BEIJING, April 29 (Xinhua) -- China's Shanghai Stock Exchange on Sunday announced a draft proposal for improving its delisting rules in a bid to protect investors and promote the healthy development of the stock market.

Adjustments in the proposal include enriching delisting criteria, simplifying delisting procedures and creating a risk warning board and a board for equity sales before delisting to protect investors.

The current system for delisting companies has some drawbacks, including overly simple standards and a relatively long delisting process, a press release from the bourse said.

"The current system has not effectively performed the function of eliminating poorly-performing companies, so it cannot meet the needs of our current practices," according to the release.

The Shenzhen stock exchange, the smaller of the country's two bourses, released a similar draft proposal for delisting companies on its main board and small- and medium-sized enterprises board.

Both bourses said they will seek public opinions on the draft proposals from now until May 20.

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