As time goes by, the securities market gradually matures and the rules are constantly improved.

The same is true for the stock delisting rules in 2023.

So, what are the rules for stock delisting in 2023?

Why are delisting rules needed?

What impact does it actually have on the market and stock investors?

Let's analyze it from multiple angles.

1. What are the rules for stock delisting?

Stock delisting is the process of removing a listed company's shares from a stock exchange.

Reasons for removal may be due to poor company performance, fraud, violation of corporate governance rules, etc.

Stock delisting rules guide stock exchanges when they can remove a stock from its listing and set out the steps to be taken during the delisting process.

2. The impact of delisting rules on the market and shareholders Delisting rules have an important impact on both the market and shareholders: First, they help maintain market order.

Listed companies must fulfill certain legal responsibilities to safeguard the public interest.

Companies' compliance with delisting rules can help prevent bad behavior in the market and maintain the healthy development of the market.

Secondly, this helps protect the interests of shareholders.

Withdrawing from the market may cause stock prices to fall and shareholders may suffer losses, but if a listed company fails to comply with regulations and results in delisting, the impact will be even worse.

Finally, delisting rules also help regulators better manage the market.

When companies fail to comply with regulations, regulators need to take action against them to protect the public interest.

Closing a company is a powerful tool to combat violations and issue warnings.

3. Stock delisting rules in 2023. According to the "Shenzhen Stock Exchange Stock Listing Rules (2022 Revision)" issued on January 7, 2022, Article 9.2.1 stipulates that if a listed company encounters any of the following circumstances, this

The Exchange terminates the listing and trading of its stocks: (1) A company that only issues A shares on the Exchange has a cumulative stock trading volume of less than 5 million shares through the Exchange's trading system for 120 consecutive trading days; (2) a company that only issues A shares on the Exchange has

For a company that only issues B-shares, the cumulative trading volume of its stocks through the Exchange’s trading system for 120 consecutive trading days is less than 1 million shares; (3) For a company that issues both A-shares and B-shares on the Exchange,

The cumulative trading volume of its A-shares through the Exchange's trading system for 120 consecutive trading days is less than 5 million shares and the cumulative trading volume of its B-shares is less than 1 million shares; (4) Only A-shares are issued on the Exchange

Or a company that only issues B shares has a daily closing price of less than 1 yuan through the Exchange’s trading system for twenty consecutive trading days; (5) A company that issues both A shares and B shares on the Exchange

, the daily closing prices of A shares and B shares through the Exchange's trading system for 20 consecutive trading days are both lower than 1 yuan; (6) The company's stock closing market value on the Exchange for 20 consecutive trading days is lower than

300 million yuan; (7) The number of shareholders of the company has been less than 2,000 for 20 consecutive trading days; (8) Other circumstances recognized by the Exchange.

The trading days specified in the preceding paragraph do not include the full-day trading suspension day of the company's stocks and the twenty trading days starting from the date of the company's initial public offering of stocks.

According to the "Shanghai Stock Exchange Stock Listing Rules (Revised in 2022)" issued by the Shanghai Stock Exchange on January 7, 2022, the Shanghai Stock Exchange has the following situations of termination of listing: ① Mandatory delisting for trading types.

(1) For a listed company that only issues A-shares on the Exchange, the cumulative stock trading volume achieved through the Exchange’s trading system for 120 consecutive trading days is less than 5 million shares, or the daily stock closing price for 20 consecutive trading days is

Less than RMB 1; (2) For a listed company that only issues B shares on the Exchange, the cumulative stock trading volume achieved through the Exchange’s trading system for 120 consecutive trading days is less than 1 million shares, or for 20 consecutive trading days

The daily closing price of stocks is less than RMB 1; (3) For a listed company that issues both A shares and B shares on the Exchange, the trading volume or closing price of its A and B shares simultaneously touches the first (1)

(4) The number of shareholders of a listed company has been less than 2,000 every day for 20 consecutive trading days (excluding the 20 trading days from the date of the company’s initial public offering of stocks); (5)

) The total daily stock closing market value of the listed company on the Exchange for 20 consecutive trading days is less than RMB 300 million; (6) Other circumstances identified by the Exchange.

The trading days specified in the preceding paragraph do not include days when the company's stocks are suspended from trading for the entire day.