对人为因素导致的上市公司退市风险说“不”

Core Viewpoint - Z Company is facing potential delisting risks due to failure to appoint an annual auditor and non-compliance with regulatory requirements, which could lead to significant consequences for the company and its investors [1][2][3] Group 1: Company Issues - Z Company has been identified as a "problematic company" due to its refusal to cooperate with regulatory investigations and the presence of false records in its financial reports [1][2] - The company was ordered by the Fujian Securities Regulatory Bureau to rectify its issues and submit a corrected annual report, but it failed to do so within the stipulated timeframe [1][2] - Z Company previously engaged Beijing Yatai International Accounting Firm for auditing but failed to formalize the agreement and pay the audit fees, leading to the termination of this partnership [1] Group 2: Regulatory Environment - The Shenzhen Stock Exchange's rules state that if Z Company does not complete its rectification within two months of being suspended, it may face delisting risk warnings, and if it fails again in the following two months, it could be delisted entirely [1] - The regulatory framework for delisting has been strengthened in recent years, with new criteria introduced, including market value and trading volume thresholds [2][3] Group 3: Market and Investor Impact - Delisting due to human factors, such as financial fraud and major information disclosure violations, can be avoided, unlike delisting caused by market factors [3] - If Z Company is ultimately delisted due to its non-compliance and failure to correct its financial reports, it would result in a loss of its listing status and a significant drop in stock price, adversely affecting investors [3] - The recommendation is for regulatory bodies to impose strict penalties on companies that cause delisting due to human factors and to ensure compensation for affected investors [3]