[Text|High-tech LED reporter Zhao Hui] While the pace of the IPO registration system is getting closer, the CSRC has further strengthened the information disclosure work of listed companies.

Since December, the Shanghai and Shenzhen stock markets have continued to hit new highs, and a large amount of funds have begun to flood into the stock market. When the market value of most listed companies began to increase substantially, another group of companies faced significant risks of delisting.

On the evening of December 11 and 12, more than 20 listed companies in the Shanghai and Shenzhen stock exchanges issued announcements on the risk of delisting. This was also carried out in accordance with the "Opinions on Reform, Improvement and Strict Implementation of the Delisting System of Listed Companies" implemented by the China Securities Regulatory Commission last month.

On the evening of December 12 alone, 12 Shenzhen listed companies collectively released the delisting risk warning announcements. These 12 companies cover many industries, including Bohui Paper, Shanghai Material Trade, *ST Great Wilderness, and Great Energy. , Wuzhou Transportation, *ST Chengcheng, Chong Hing Resources, Dayuan Shares, *ST Guochuang, Jade Bird Huaguang and other listed companies.

Among them, LED listed company Qinshang Optoelectronics (002638.SZ) is also among them.

The 12 listed companies were mainly warned of delisting risks due to violations of information disclosure and suspended listing.

According to the “Prompt Announcement on the Risks of Delisting Risks and Suspension of Listing Risks” issued by Qinshang Optoelectronics, the company is currently being investigated by the China Securities Regulatory Commission for suspected information disclosure violations.

According to the reporter's understanding, Qinshang Optoelectronics has received the "Notice of Investigation" from the China Securities Regulatory Commission on December 1 and was formally involved in the investigation.

According to the announcement, if Qinshang Optoelectronics is subject to administrative punishment by the China Securities Regulatory Commission and is found to be a major illegal act in the administrative penalty decision, or is suspected of violating the rules and not disclosing important information, it will be transferred to the public security organ according to law. Due to the fraudulent issuance or major information disclosure violations as stipulated in Article 13.2.1 of the Shenzhen Stock Exchange Listing Rules (2014 Revision), the company's stock trading was subject to delisting risk warning.

If the delisting risk warning expires 30 trading days expires, the company's stock will be suspended until the Shenzhen Stock Exchange makes a decision on whether to suspend the company's stock listing within 15 trading days.

On July 4th, the CSRC announced the “Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies (Consultation Draft)” and publicly solicited opinions from the public.

In recent years, the number of listed companies that have been filed due to irregular information disclosure has increased. However, not every company has been severely punished. The promulgation of the “Delisting Opinions” has played a warning and deterrent effect on major illegal activities of listed companies. The 12 listed companies collectively released the delisting risk warning announcements, which is the performance of the CSRC to strengthen supervision.

Four situations involving mandatory delisting of major illegal companies:

First, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares. After the administrative punishment of the CSRC is suspended, the stock exchange will decide to terminate the listing of the company's shares within one year from the date of the CSRC's decision on administrative punishment.

Second, listed companies have false records, misleading statements or major omissions due to initial public offerings or disclosure documents, causing issuers who do not meet the conditions for issuance to defraud the issuance approval, or have a substantial impact on the pricing of new shares, suspected The crime of fraudulent issuance was transferred to the public security organ according to law and the listing was suspended. Within one year from the date of the transfer decision made by the CSRC, the stock exchange decided to terminate the listing of the company's shares.

Third, listed companies are subject to administrative punishment by the CSRC due to false records, misleading statements or major omissions in the information disclosure documents, and are suspended in the administrative punishment decision form to constitute a major illegal act, and the administrative punishment decision is made at the CSRC. Within one year from the date of the issue, the stock exchange will make a decision to terminate the listing of the company's shares in accordance with its stock listing rules.

Fourth, listed companies have false records, misleading statements or major omissions due to information disclosure documents. Suspected violations of disclosure and non-disclosure of important information have been suspended from the public security organs according to law, and within one year from the date of the CSRC’s decision to transfer The stock exchange has decided to terminate the listing of the company's shares in accordance with its stock listing rules.

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