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 renew 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 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.
What circumstances will be removed?
1, privatization delisting Privatization delisting is generally completed through active delisting.
2. Stock exchange delisting Stock exchange delisting is generally active. After the stock exchange is delisted, the original shareholders will become shareholders of another company.
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.
However, there must be a delisting standard for delisting. At present, the delisting of listed companies adopts a single standard: delisting after three years of continuous losses.
The delisting of listed companies is the transformation from listed companies to unlisted companies. The company still exists and can operate. The delisting of futures institutions from existence to extinction is also an important reason why the delisting system has been delayed.
It is more appropriate to adopt multiple standards. If a futures institution commits one of the following acts and fails to pass the rectification, it will be delisted: if it fails to pass the annual inspection; Failing to meet the standards set by the regulatory authorities at the time of opening; The "four unifications" are not strictly implemented, and the situation is serious; Contracting, leasing, joint venture and joint venture; Customers can't access funds normally; There are overdrafts and warehouses.
A futures institution shall immediately withdraw from the market if it commits any of the following acts:
Misappropriation of customer deposits; Set up illegal outlets; The penetration of the warehouse is huge; Remind the senior management of the institution to talk three times, warn twice or refuse to talk twice within the agreed time limit; The futures institution has major violations of laws and regulations or major risks; The futures company was revoked the futures brokerage business license by China Securities Regulatory Commission.