BEIJING - The Shenzhen Stock Exchange, the smaller one of China's two bourses, delisted two companies on Monday amid a push to improve its stock delisting procedures.
The bourse said in a statement on its website that Jiangsu Chinese Online Logistics Co Ltd and Powerise Information Technology Co Ltd failed to win approval to resume trading and would be delisted.
Jiangsu Chinese Online Logistics suffered losses for three years in a row from 2003 to 2005. Its trading was suspended according to regulations on May 15, 2006, the SZSE said.
Powerise Information Technology saw losses from 2004 to 2006 and its trading was suspended on May 24, 2007.
In late June, both the Shanghai Stock Exchange and the SZSE released programs to improve existing stock delisting rules in a bid to protect investors and promote the healthy development of the stock market.
The new rules enriched delisting criteria and set specific requirements concerning the stock performance of listed companies on the two bourses.
The SZSE statement said improving stock delisting rules will help clean up the market environment, curb speculation and raise the overall quality of listed companies.
"As China's stock market turns mature and more market-oriented, stock delisting will become an increasingly common phenomenon," the statement said.
By the end of 2011, both stock exchanges had delisted a total of 45 companies, according to the SZSE.
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