Which of the following statements regarding the current delisting rules for the main board of Shanghai stock exchange is incorrect?

Question

BlackTom AI · Accepted Answer

Special Treatment (*ST) was first introduced in the Mainboard Listing Rules of the Shanghai Stock Exchange in 1998 and is used to flag companies with heightened delisting risk.

1) Relevant knowledge points and concepts
- *ST designation: an exchange-level risk-warning label applied to listed companies that meet specified financial risk criteria (e.g., consecutive losses, negative net assets, severely impaired operations). It warns investors of elevated delisting risk and triggers additional regulatory monitoring and trading restrictions (such as narrower daily price limits).
- Delisting trigger conditions: persistent net losses, negative net assets, or other serious financial/operational problems can lead to *ST status and, if unresolved, to delisting procedures.
- Trading suspensions and transfers: suspensions, special transfer arrangements, and delisting procedures follow formal exchange rules and reviews; timing and mechanics are determined case-by-case under the exchange’s rules and not restricted to a single weekday.

2) Step-by-step reasoning
- Option claiming ST was introduced in 1998: historically correct; SSE implemented the risk-warning regime around that time.
- Option saying *ST serves as a warning to investors: correct by definition; *ST signals elevated delisting risk.
- Option claiming firms with high risks (net losses, low operating income, negative net assets) receive *ST: consistent with listing rules—such financial conditions are typical triggers for risk-warning designation.
- Option stating “Stocks with two years consecutive losses will be suspended for normal trading and are subject to particular transfer arrangement by the exchange on Fridays only”: examine key parts:
  - Two consecutive years’ losses can trigger risk-warning and delisting review — true.
  - Automatic suspension for normal trading is not an accurate blanket statement — suspensions occur under specific circumstances and timing varies.
  - The claim that any such transfer/suspension is carried out “on Fridays only” is factually incorrect; there is no rule requiring Friday-only transfers or suspensions.

3) Calculations
- No numerical calculations are required.

4) Why the correct answer is correct
- The incorrect element is the “on Fridays only” requirement and the implication of an automatic suspension procedure tied to that weekday. Exchange procedures are not constrained to a Friday-only rule.

5) Why other options are incorrect/correct briefly
- Option 1 (1998 introduction): correct.
- Option 2 (*ST as warning): correct.
- Option 4 (high-risk firms receive *ST): correct in substance.

Conclusion: The incorrect statement is “Stocks with two years consecutive losses will be suspended for normal trading and are subject to particular transfer arrangement by the exchange on Fridays only.” This matches the provided answer.

Which of the following statements regarding the current delisting rules for the main board of Shanghai stock exchange is incorrect?单项选择题

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