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Four PT Firms Secure Six Months' Grace
The Shanghai Stock Exchange (SSE) Tuesday granted a six-month grace period to PT SAIC Multiple Trading (600837 SSE) and PT Commercial Real Estate (SSE: 600833) each from Aril 19, 2001 as well as to PT Shanghai Double Deer Electric Appliances Co., Ltd. (SSE: 600633) and PT Chengdu Hongguang Industrial Co., Ltd. (SSE: 600083) each from April 20,2001.
The four PT companies will still be delisted from the stock market if they fail to gain profit within the grace period, said SSE.
The application of PT Narcissus Electric Appliances Co., Ltd. for a grace period was denied by Shanghai Stock Exchange (SSE) on April 20. And China Securities Regulatory Commission (CSRC) has decided to terminate its listing as of April 23, which thus became the first company delisted from China's decade-long securities market. The delisting of PT Narcissus Electric was hailed as the beginning of exit mechanism in China's fledgling securities market.
Establishment of delisting system will urge listed companies to regulate their operation and make more efforts to improve the quality of their companies, the spokesman of CSRC said. PT companies that have reported over three straight years of losses should make a workable turnaround plan or will face delisting, said the spokesman, warning investors of risks involved in such companies.
By PD Online Staff Huang Ying
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