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Saturday, April 28, 2001, updated at 11:05(GMT+8) | ||||||||||||||
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On Delisting of Money-losing Listed Companies: CSRC OfficialsTalks on the delisting of money-losing listed companies were made respectively by Zhou Xiaochuan, chairman of the China Securities Regulatory Commission (CSRC) and Anthony Neoh, chief advisor to the CSRC at the China International Investment Forum on April 26.When asked about that whether the delisting of PT Narcissus Electric Appliances Co., Ltd. (SSE: 600625) marks the milestone in the advance of China's securities market toward standardized operation, Zhou admitted that the delisting of deficit-making listed companies is a significant event in the history of Chinese capital market. "This is done to strengthen the regulations to the securities market, to further protect the interests of the minor shareholders, and to restrict the listed companies," said him. "However, if the case is considered in the course of the Chinese capital market with the history of only five or ten years, it is not that epoch-making but there is no doubt that it is essential," concluded Zhou. Neoh shared his point of view on the same topic. "The delisted companies will be turned to another trading system, which will be put into effect in the coming months," said Neoh. According to him, new shareholders will enter these delisted companies and restructure them. The companies are looked forward to returning to the stock market with better criteria. They will return to the stock market just like a newborn company for listing, and of course will be qualified to be listed again. "The internal governance of the delisted companies will guarantee the stock market in China to be open, or more open to the international investors, to meet the standard of company management, and to meet that of information disclosure, which are the standards widely accepted worldwide." Neoh said. Source: Panorama
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