GEM listed companies publicly condemned the standard has been issued and implemented more stringent than the main board (VC300)

Recently, the Shenzhen Stock Exchange officially issued and implemented the Standard for Public Condemnation of Listed Companies on the GEM (hereinafter referred to as the Standard for Public Condemnation), which clarified and standardized the standards for public condemnation by listed companies on the GEM, and further improved and perfected the discipline and self-discipline Supervision and enforcement mechanism.

The relevant person in charge of the Shenzhen Stock Exchange said that since the "public condemnation standard" was publicly solicited for opinions on March 22, it has received high attention and active participation from investors, listed companies, members, intermediaries, experts and scholars, as of March On the 30th, 87 feedbacks were received. At the same time, the Shenzhen Stock Exchange also convened a symposium on some GEM listed companies on March 28 to listen to the amendments and opinions of GEM listed companies. After the solicitation of opinions, the Shenzhen Stock Exchange organized relevant departments to carry out serious research and discussion on the feedback, and on the basis of absorbing the reasonable opinions in the above feedback, made further amendments and improvements to the Standard of Public Condemnation.

The relevant person in charge of the Shenzhen Stock Exchange said that the "public condemnation standard" has made institutional innovations and constructions based on the characteristics of GEM listed companies, highlighting the principle of strict supervision. First, based on the characteristics of high growth and high risk of GEM companies, on the basis of the calculation of specific data of GEM companies, set more strict trigger indicators than the main board and small and medium-sized board; second, for the over-raising of GEM companies The characteristics of high capital ratio, set clear violation standards from the three aspects of capital occupation, illegal guarantees, and raised capital management to ensure regulatory deterrence, strict management of GEM raised funds, especially over-raised funds; third, for listed companies Frequently issued information disclosure violations of major events, periodic report disclosure violations, capital occupancy, violation guarantees and other key violations have made detailed regulations and conducted key regulations and crackdowns to strengthen the supervision of companies listed on GEM.

The person in charge introduced that, in order to fully protect the legitimate rights and interests of the parties, the "public condemnation standard" also specifically added 15 tasks that can be accepted by the listed company against the public condemnation decision made by the Shenzhen Stock Exchange and can be received from the date of the decision. Provisions to apply for review to Shenzhen Stock Exchange within a few days.

At the same time, in order to ensure the effective exercise of the right to apply for review by listed companies and improve the fairness, scientificity, transparency and credibility of the Shenzhen Stock Exchange ’s appeal review process, the Shenzhen Stock Exchange has simultaneously revised the "Work Rules of the Appeal Review Committee" and the number of appeal review committee From the original no more than 14 people to no more than 24 people, and a new (second) appeal review committee was established according to law.

In the composition of the new Appeal Review Committee, there are 21 members outside the Institute, accounting for 87.5%, and 3 members in the Institute, accounting for 12.5%, including 6 listed companies (2 on the Main Board, SME Board, and GEM listed companies) ), 2 securities companies, 2 fund management companies, 2 accounting firms, 2 law firms, 1 China International Economic and Trade Arbitration Commission, 2 China Securities Regulatory Commissions, 1 Shanghai Stock Exchange, 1 member director, colleges and universities There are 2 scholars and 3 Shenzhen Stock Exchanges.

The person in charge also pointed out that the first public announcement of the "Condemnation Standards" on the GEM as a pilot is a new starting point for the Shenzhen Stock Exchange to promote basic institutional innovation of the GEM and a new exploration to promote "legal supervision and sunshine supervision". As an attempt and exploration, the "public condemnation standard" is only applicable to public condemnation of companies listed on GEM, excluding notification and criticism of companies listed on GEM, as well as shareholders, actual controllers and directors, supervisors, senior management, etc. Disciplinary action by other subjects. Next, the Shenzhen Stock Exchange will gradually expand the scope of the pilot on the basis of summing up relevant experience, broaden the scope of application of the "public condemnation standard", and take advantage of the ongoing revision of the main board "Stock Listing Rules" to announce the main board and small and medium boards to the society in due course Listed companies publicly condemn the standards.

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