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2014年,在“史上最严退市政策”——《关于改革完善并严格实施上市公司退市制度的若干意见》发布之后,欣泰电气不幸成为了创业板成立以来首只退市股票,也是我国资本市场首只因欺诈发行而退市的股票。在注册制改革的大背景下,“退市难”这一现象成为了阻碍我国资本市场健康发展的最大的绊脚石之一,退市制度改革迫在眉睫。显然,欣泰电气案例对我国退市制度改革具有里程碑式的意义。本文通过对欣泰电气退市案例的分析回顾,对我国创业板退市制度改革的现状进行探讨。
In 2014, Xintai Electric was unfortunately the first delisted stock since the founding of GEM after it was released in “The Most Serious Retreat Policy in the History” - “Several Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies” It is also the first stock market in China’s capital markets to be delisted for fraud issuance. Under the background of the registration reform, the phenomenon of “delisting the market” has become one of the biggest stumbling blocks to the healthy development of China’s capital market. The reform of the delisting system is imminent. Obviously, the case of Xintai Electric has a milestone on the reform of China’s delisting system. In this paper, we review the case of delisting of Xintai Electric and discuss the status quo of the reform of our delisting system.