As soon as he opened the material, he saw the words that surprised him, Zhang Qi immediately looked away at Fang Hong and said with a little surprise: "Xincheng Stock Exchange? ”

Fang Hong said unhurriedly: "The idea of the SGX has been around for a long time, and this meeting in Beijing is a good window, what does Mr. Zhang think?" ”

Hearing this, Zhang Qi did not reply immediately, but looked at the content of the material again.

In fact, Zhang Qi had such an idea in Xincheng himself, and the city also had ideas, but he couldn't find a suitable opportunity to promote it.

As time passed, Zhang Qi couldn't help but exclaim as he looked at the content of the materials: "There is no refinancing of restricted shares, no delivery of futures indexes, and no options...... Good guys, Mr. Fang, your innovative ideas for the capital market are really ahead of your time, and if the SGX registration-based pilot can be successfully implemented, it will definitely be of far-reaching significance to the mainland capital market......"

This is a statement of high emotional intelligence, in fact, Zhang Qi's heart was extremely shocked, when he just looked at the beginning, he thought that Fang Hong just wanted Xincheng to be the entire exchange, but he didn't think that the idea was not on the same channel at all.

After taking a preliminary look at the content of the materials, Zhang Qi realized that Fang Hong wanted to break the routine and reformulate a new set of rules and play, which meant moving a lot of people's cakes.

Zhang Qi looked at the content of the materials and read them word by word: "The normal delisting rules of listed companies on the SGX. The tangible assets of the listed company shall not be less than RMB 15 million; The market capitalization must not be less than RMB 200 million; The net income for the most recent fiscal year is not less than RMB 3 million or the net income for two of the last three financial years is not less than RMB 3 million; The public holds not less than 500,000 shares; The number of market makers is not less than 2; The number of shareholders shall not be less than 500. ”

If any of the above conditions fail to meet the standard, the company will immediately enter the risk warning window and be ST, and the company will be given 6 months to repair the target. If the repair is completed within the specified time, the hat ST will return to normal, and if the repair is not completed within the specified time, the company will enter the delisting risk warning and will be given a 12-month time repair index, and if the repair is completed within the specified time, the company will enter the delisting and delisting procedure, and complete the entire delisting process within one to three months. ”

Zhang Qi looked away at Fang Hong and couldn't help but say: "That is to say, for a company listed on the SGX, its normal delisting procedure will give the company 18 months to save itself, and once the 18-month self-help window expires, there will be no room for maneuver to enter the delisting procedure unconditionally?" ”

Fang Hongyan was concise: "Yes." ”

According to the content elaborated on the materials, the delisting rules are clearly written, and there is no flexible space, which is directly given to the rules.

At this time, Zhang Qi looked at the content of this page again, and suddenly asked after a while: "What is written here is the normal delisting rules, that is, there are still abnormal delistings?" ”

Fang Hong nodded with a smile and said: "Mr. Zhang is keen, insightful, yes, the abnormal delisting is aimed at listed companies that violate laws and regulations, performance fraud, market fraud and other behaviors, and the content is on the next page." ”

Hearing this, Zhang Qi immediately turned the page, and sure enough, he stared at the content with a slight frown and read: "If a major shareholder reduces his holdings for the first time in violation of regulations and does not exceed 2% of the company's total share capital, the company will immediately ST, and from the day of ST, it shall not take off its hat in the next two years, shall not refinance within three years, shall not be included in the new stock 50 index within five years, and the constituent stocks in the new stock 50 index shall be directly eliminated in violation of regulations." ”

Zhang Qi was surprised to see these contents, this is a rather strict joint sitting mechanism, one shareholder commits a crime, and all shareholders pay the bill together. Zhang Qi also quickly understood Fang Hong's intention of designing, such a joint sitting mechanism can allow all shareholders of all sizes to spontaneously supervise each other, and they will definitely do so, because whose interests are cared for, and few people will tolerate their own interests being damaged and others taking benefits, which can have a deterrent effect, thereby reducing the willingness to violate the rules.

In addition, the punishment is also very large, once it is found that it is not a fixed fine of 600,000, but immediately the company directly enters the ST sequence, even if the company is not allowed to take off the hat within two years of normal operation, it cannot be refinanced within three years, and it is not eligible to be included in the new stock 50 index within five years.

And this is only the first level of punitive measures, Zhang Qi looked at the content behind and read while reading: "For the second illegal reduction of holdings or the first illegal reduction of more than 5% of the total share capital of listed companies, they will directly enter the unconditional delisting procedure, and the shareholders involved in the illegal reduction will be banned from the SGX market for ten years." ”

Seeing this, Zhang Qi called a good guy in his heart, the second illegal reduction or one-time reduction of more than 5%, the company simply delisted directly and unconditionally, and the shareholders who reduced their holdings were banned from the market for ten years, which is the most severe punishment he has ever seen.

Then, Zhang Qi looked at the next article and read: "For listed companies with serious violations of laws and regulations such as performance fraud and market fraud, once it is found and confirmed, the company will unconditionally enter the delisting procedure, and the relevant responsible person will be banned from the SGX market for life, that is, he will not be allowed to invest in SGX stocks for life." ”

Zhang Qi once again called out in his heart a good guy, if such a rule is put on the main board of the two cities, I don't know how many listed companies will have to be cleared, and I don't know how many people will be banned from the market for life.

For those who violate laws and regulations to defraud the listing, Fang Hong may not be able to send them in to step on the sewing machine under the current legal provisions, but he can isolate these people from the SGX or clean them up in time, which is no problem.

After reading this section on the content of the delisting rules, Zhang Qi couldn't help but let out an exclamation again, he never expected this to happen, he knew that the SGX that Fang Hong wanted to engage in would most likely move someone else's cake, but he didn't expect it to be so ruthless.

Zhang Qi has no doubt that Fang Hong is serious, nor does he doubt his determination, once the SGX pilot is implemented, it will definitely be strictly implemented in accordance with this top-level design.

After a while, Zhang Qi said: "What are the characteristics of this new stock 50 index? ”

Fang Hong said with a smile: "The new stock 50 is the core of the SGX, to build it into an exponential bull, by 50 stocks listed on the Singapore Stock Exchange to form the constituent stocks of the new stock 50 index, mainly composed of technology stocks, so the new stock 50 index will become the highest-performing and best-running stock index in the major stock indexes in the A-share market, of course, the volatility will be much greater than the Shanghai Index, after all, it is dominated by technology stocks." ”

Zhang Qi turned the page to the section of the New Securities 50 Index, and immediately stared at it: "The five basic inclusion conditions of the New Securities 50 Index. (1) Must be a company listed on the SGX-ST; (2) Must be a non-financial company, and listed for more than one year, and be in the top 25% of the SGX market capitalization for three consecutive months, which can be reduced to half a year; (3) the average daily trading volume of the stock exceeds 1 million shares; (4) Submit quarterly and annual reports normally; (5) It is not in bankruptcy proceedings, and there are no other circumstances that may lead to the inability to be listed and traded normally. ”

Zhang Qi saw one of the "must be non-financial companies", and couldn't help but think of the Nasdaq, and Fang Hong just said that it is mainly composed of technology stocks, which is obviously to build the New Stock 50 Index into the Nasdaq of the A-share market.

It is no wonder that this valuation will become the highest-performing and best-performing stock index among the major stock indexes in the A-share market, dominated by technology stocks, and technology stocks must have high growth, rise sharply, and volatility will be relatively large.

……

(End of chapter)