Delisting can be divided into active delisting and passive delisting. Voluntary delisting means that the company voluntarily applies to the regulatory authorities for cancellation of the license according to the resolutions of the shareholders' meeting and the board of directors. Generally, there are the following reasons: when the operating period expires, the shareholders' meeting decides not to extend it; The shareholders' meeting decides to dissolve; Dissolution due to merger or division; Bankruptcy; Adjust the structure and layout according to market demand. Passive delisting means that futures institutions are forcibly revoked by the regulatory authorities, usually because of major violations of laws and regulations or poor management, which leads to major risks.

Second, analyze the details

Delisting refers to the situation that a listed company actively or passively terminates its listing because it cannot meet other listing standards of the exchange, that is, a listed company becomes a non-listed company. Delisting can be divided into active delisting and passive delisting, and there are complicated delisting procedures. Exchanges generally have greater autonomy in delisting listed companies.

III. The stock exchange decides to terminate the listing of listed companies in any of the following circumstances:

1, the company's total share capital, equity distribution, etc. are changed and no longer meet the listing conditions, and still cannot meet the listing conditions within the time limit stipulated by the stock exchange;

2. The company fails to disclose the financial status in accordance with the regulations, or makes false records on the financial and accounting reports, and refuses to correct them;

3. The company has suffered losses continuously in the last three years, and failed to return to profit in the following year;

4. The company is dissolved or declared bankrupt;

5. Other circumstances stipulated in the listing rules of stock exchanges.