In the past two days, there is a kind of rhetoric in the investment circle, which is very worthy of our vigilance, I don't know when it started, and suddenly there are a large number of financial self-media who are unanimously discussing the delisting mechanism of the A-share market, this phenomenon seems to be speaking for ordinary shareholders, and the final result may lead to good intentions to do bad things, but damage the interests of small and medium-sized shareholders. They claim that the current $1 delisting rule is very unfair because it cheapens major shareholders and ultimately leads to the destruction of retail investors' account funds.
At first glance, this argument seems to be very reasonable, but it must not be overdone, after all, the current general delisting system in the big A market is derived from Wall Street, which is known as a model for mature markets. Therefore, the embarrassing situation of this mechanism is completely similar to the previous registration system, in fact, it is not a problem in itself, but the corresponding supporting mechanism has not kept up, if you blindly only criticize it, it is to cover up the exposure of other defects, which is definitely not conducive to the improvement and soundness of the entire market operation system. Of course, in addition to the delisting of face value, Wall Street also has other delisting measures such as direct delisting and trading volume standard delisting, strictly speaking, it implements a clearing mechanism with the coexistence of multiple delisting systems, and the corresponding is the strict implementation of various investor protection policies, which is sad and regrettable, what we are currently lacking is precisely these indispensable supporting procedures, so it has triggered a large number of market professionals to criticize and write.
It should be said that most of these voices are kind reminders and suggestions, and there is also considerable insight, such as allowing major shareholders and actual controllers to repurchase at the issue price, and the market value is not up to standard. If the regulators can listen to these good words that are conducive to the healthy development of the market, it will be a kind of blessing for the majority of small and medium-sized investors. However, it is also necessary for us to keep a clear head, and we must not be coerced by those superficial voices of justice, so as to make ineffective appeals for interest groups to steal fun, such as always taking the face value of 1 yuan to delist, which inadvertently shifts the direction of the contradiction, but inadvertently shelters those venture capital who eat and drink nonsense!