Delisting can be divided into active delisting and passive delisting:
Active delisting
It means that the company voluntarily applies to the regulatory authorities for cancellation permission according to the resolutions of the shareholders' meeting and the board of directors. Generally, there are the following reasons: the shareholders' meeting decides not to renew the license when the operating period expires; The shareholders' meeting decides to dissolve; Dissolution due to merger or division; Bankruptcy; Adjust the structure and layout according to market demand.
Passive delisting
It means that futures institutions are forced to revoke their licenses by the regulatory authorities, which generally leads to major risks due to major violations of laws and regulations or poor management.
1, privatization delisting
Privatization and delisting are generally completed through active delisting. For example, Liaohe Oilfield (0008 17) and Jinzhou Petrochemical (000763).
2. Stock exchange delisting
The delisting of a stock exchange is generally voluntary. After the stock exchange is delisted, the original shareholders will become shareholders of another company. For example, after S shandong aluminum industry (600205) and S Lan Aluminum (600296) and China Aluminum (60 1600) exchanged shares, the original shareholders of S shandong aluminum industry (600205) and S Lan Aluminum (600296) became shareholders of China Aluminum (60 1600).
3. Loss delisting
Loss delisting is generally passive delisting. ST shares, listed companies that have suffered losses for three consecutive years, will be suspended from listing, and will be delisted if they still fail to meet the conditions for resuming listing within the prescribed time limit. For example, *ST Precision (600092)S*ST Longchang (600772) was delisted because it could not publish its annual report within the specified time after the suspension of listing. At present, the standard of delisting of A-share companies due to performance factors is to suspend listing for three consecutive years (temporarily keep the code and qualification). If they continue to lose money in the next six months, they will face delisting.
Disposal of delisted stocks:
There are three possibilities: one is to return to the main board after reorganization (such as Jinan Light Automobile); The other is to go to the third board in the future; Another possibility is bankruptcy, completely gone.
If your stock is listed on the Third Board, you can trade in the Third Board market, three times a week (Monday, Wednesday and Friday) and once a week (every Friday), depending on your performance. Before that, you have to go to the securities business department to open a shareholder account in the third board market. You need to bring your ID card, shareholder account card and your stock trading card. First open an account for the shareholders of the third board, and then transfer the shares. If you haven't been on the third board, you have to wait patiently. .
Detailed provisions:
1. According to the relevant regulations, the shares originally circulated in the exchange of delisting companies will be transferred by securities companies (sponsoring brokers) qualified to handle share transfer business, and will be traded in the share transfer system within 45 working days.
2. According to the regulations, the shareholders of delisting companies need to open a share transfer account (individual shareholder 30 yuan, institutional shareholder 100 yuan) and go through the procedures of share confirmation and transfer custody (individual shareholder 10 yuan, institutional shareholder 30 yuan). Individual shareholders should bring their ID cards when opening share transfer accounts.
3. Before the delisting company is listed on the agency share transfer system, shareholders should go through the procedures of share confirmation and transfer custody as soon as possible, otherwise it may not be able to catch up with the company's first trading day. After the delisting company goes public, shareholders can continue to go through the formalities of confirmation and transfer of shares, but their shares can only be transferred after two trading days (that is, the third board transaction).