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| Opinions of the China Securities Regulatory Commission on Strictly Implementing the Delisting System | | 中国证监会关于严格执行退市制度的意见 |
| All local offices of the China Securities Regulatory Commission (“CSRC”); all exchanges; all subordinate entities; all associations; and all departments and bureaus of the CSRC: | | 中国证监会各派出机构，各交易所，各下属单位，各协会，会内各司局： |
| Delisting system is the key basic system of the capital market. Since the deliberation and adoption of the Implementation Plan for Improving the Delisting Mechanism of Listed Companies by the Central Commission for Comprehensively Deepening Reform in 2020, the normalized delisting has started smoothly. For the purposes of further deepening reform, achieving an orderly and timely liquidation pattern, and making greater efforts to protect the legitimate rights and interests of small and medium-sized investors, the CSRC has developed these Opinions on the basis of carefully summarizing the reform experience and fully considering the national conditions and the market conditions. | | 退市制度是资本市场关键的基础性制度。2020年中央深改委审议通过《健全上市公司退市机制实施方案》以来，常态化退市平稳开局。为进一步深化改革，实现进退有序、及时出清的格局，更大力度保护中小投资者合法权益，中国证监会在认真总结改革经验和充分考虑国情市情基础上，制定本意见。 |
| I. General requirements | | 一、总体要求 |
| The guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the market-oriented and law-based principles shall be insisted on: | | 坚持以习近平新时代中国特色社会主义思想为指导，坚持市场化、法治化原则： |
| —Highlighting the investment value of listed companies. In consideration of the listing conditions of enterprises, strict delisting standards shall be scientifically set, to more accurately achieve “withdrawal as much as possible.” A differentiated delisting standard system for listed companies in different sectors shall be established and improved. All kinds of illegal “shell protection” and “shell speculation” shall be cracked down on through stricter securities supervision and law enforcement, and joint efforts shall be made to reduce the value of “shell” resources. | | ——突出上市公司投资价值。结合企业上市条件，科学设置严格的退市标准，更加精准实现“应退尽退”。建立健全不同板块上市公司差异化的退市标准体系。以更严的证券监管执法打击各种违法“保壳”“炒壳”行为，着力削减“壳”资源价值。 |
| —Smoothing diversified channels for delisting. Mandatory delisting standards for the categories of financial index, trading index, standardized operation, major violation shall be strictly implemented. The policies on consolidation by merger, acquisition and reorganization of listed companies shall be improved, and market-oriented voluntary delisting shall be supported. | | ——畅通多元化退市渠道。严格财务指标类、交易指标类、规范运作类、重大违法类强制退市标准。完善上市公司吸收合并等并购重组政策，支持市场化方式的主动退市。 |
| —Vigorously strengthening investor protection. The principle of “delisting and stable delisting.” Delisted companies and their controlling shareholders, actual controllers, directors and senior executives shall be severely punished for illegal acts, and the investor compensation and relief mechanism in the delisting process shall be improved to effectively protect the legitimate rights and interests of investors; and the consensus of all parties shall be reached and a stable delisting environment shall be created. | | ——大力加强投资者保护。坚持“退得下、退得稳”。严惩退市公司及其控股股东、实际控制人和董事、高管的违法行为，健全退市过程中的投资者赔偿救济机制，切实保护投资者的合法权益；凝聚各方共识，创造平稳的退市环境。 |
| II. Main measures | | 二、主要措施 |
| ．．．．．． | | ．．．．．． |
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