Extended data:
Stock delisting refers to the situation that listed companies terminate their listing actively or passively because they can't meet other listing standards such as exchange finance, that is, they become unlisted companies from listed companies.
Delisting can be divided into active delisting and passive delisting:
Voluntary delisting: refers to the company's initiative to apply 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: refers to the mandatory revocation of the license of a futures institution by the regulatory authorities, which generally leads to major risks due to major violations of laws and regulations or poor management.
Privatization delisting: Privatization delisting is generally completed through voluntary delisting. For example, Liaohe Oilfield (0008 17) and Jinzhou Petrochemical (000763).
Stock exchange delisting: Stock exchange delisting 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).
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.
Delisting when the stock price is lower than 1 yuan: Delisting when the stock price is lower than 1 yuan is generally passive. If the share price of a listed company is lower than 1 yuan for 20 consecutive trading days, it will be forcibly terminated by the exchange. For example, San Hong Zhong (000979).