1. The issuer does not comply with the listing rules and the situation is serious;

2. The minimum public shareholding ratio shall not exceed 25% of the issued share capital. For companies with a market value of HK$ 4 billion or more, the minimum public shareholding ratio is less than 20%, that is, HK$ 654.38+0 billion;

3. The business activities or assets of the issuer are insufficient to maintain the listing of its securities;

4. The issuer or its business is no longer suitable for listing.

Listed companies on GEM will be warned of delisting risk in any of the following circumstances:

(1) consecutive losses in the last two years (based on the audited net profit of the current year disclosed in the annual report of the last two years);

(2) Due to important errors or false records in the financial and accounting reports, the company took the initiative to correct or was ordered by the China Securities Regulatory Commission to retroactively adjust the previous financial and accounting reports, resulting in continuous losses in the last two years;

(3) The financial accounting report of the latest fiscal year shows that the audited net assets of that year are negative;

(4) The company's stock has been suspended for two months due to important errors or false records in the financial accounting report, which was ordered by the China Securities Regulatory Commission to make corrections but failed to make corrections within the prescribed time limit;

(5) Failing to disclose the annual report or interim report within the statutory time limit;

(6) The financial accounting report of the most recent fiscal year is an audit report with negative opinions or unable to express opinions issued by certified public accountants;

(7) circumstances that may lead to the dissolution of the company;

(8) Because the equity distribution or the number of shareholders does not meet the listing requirements, the company proposes a solution to the equity distribution or the number of shareholders within the prescribed time limit, which is implemented with the consent of the Shenzhen Stock Exchange;

(9) The cumulative trading volume of the company's shares through the trading system of Shenzhen Stock Exchange for consecutive 120 trading days is less than 6,543.8+0,000 shares;

(10) The court accepts the application for reorganization, reconciliation or bankruptcy liquidation of the company according to law;

(1 1) Other circumstances with delisting risk as determined by Shenzhen Stock Exchange.

After delisting, according to the current regulations, it is not possible to directly apply for resumption of listing. Issuers need to re-apply for stock issuance and listing in accordance with the Interim Measures for the Administration of IPO.

The first stock delisted from GEM:

Since June 30th, 2009 10, the Growth Enterprise Market has been born for more than six years. No GEM companies delisted during the period. In recent days, the discussion about who will become the "first delisting stock" of GEM has attracted the attention of the market. According to media reports, there are 10 listed companies on GEM, including "senior" GEM companies like Jifeng Agricultural Machinery and "monster stocks" like An Shuo Information, and Jinya Technology, which was suspended in June last year, is one of them.

The disclosure of the 20 15 annual report has ended. According to the statistics of Shanghai and Shenzhen Stock Exchanges, the net profit of companies in Shanghai increased by -2.66% year-on-year. The net profit of Shenzhen Stock Exchange Company increased by 7.42% year-on-year, of which the main board, small and medium-sized board and growth enterprise market increased by -0.35%, 2.96% and 24.84% respectively. Just behind the brilliant performance of the GEM, 26 of the 504 GEM companies lost money last year, a substantial increase compared with 20 14 (12). Two of them (Keheng (300340) and Aerospace Plate Industry (300344)) suffered losses for two consecutive years. In addition, Wanfushengke (300268) and Tianlong Optoelectronics (300029), which suffered losses for two consecutive years on 20 12 and 20 13, suffered losses again last year after realizing "short-term" profits on 20 14.

Jinya Technology (300028) has been listed in 2009, and its operation is sluggish and its restructuring is difficult. Last year, it was investigated by the Securities and Futures Commission for financial fraud. Up to now, the investigation of the CSRC has not reached a final conclusion, but according to the announcement of filing a case and the announcement of self-inspection, public opinion generally believes that Jinya Technology, as the first batch of listed transactions on the GEM, may reopen the market and become the first stock to be delisted from the GEM.