Xinhua News Agency, Shanghai, March 12th Question: Can the appearance of major illegal delisting regulations activate the "metabolism" mechanism of A shares?

　　Xinhua News Agency reporter Pan Qing

　　On the 9th, the Shanghai and Shenzhen Stock Exchanges simultaneously issued the Measures for the Implementation of Mandatory Delisting of Listed Companies for Major Violations of Law (Draft for Comment). While stipulating the circumstances of major illegal delisting, it is clear that major illegal listed companies may not resume listing, and fraudulent issuing companies may not apply for re-listing.

　　In the new round of delisting system reform, why does fraudulent issuance bear the brunt? The compliance index of delisting system tends to be perfect. Can the "metabolism" mechanism of A shares be activated?

　　The new delisting rules of Shanghai and Shenzhen Stock Exchanges were unveiled, and fraudulent issuance was the first to bear the brunt.

　　On March 2nd, CSRC publicly solicited opinions from the public on the revision of Several Opinions on Reforming, Perfecting and Strictly Implementing the Delisting System of Listed Companies, strengthened the decision-making subject responsibility of the Exchange for the mandatory delisting of major illegal companies, and improved the mandatory delisting system for major illegal companies.

　　A week later, the Shanghai and Shenzhen Stock Exchanges simultaneously issued the "Implementation Measures for Compulsory Delisting of Listed Companies for Major Violations (Draft for Comment)", which achieved full coverage and strict handling of possible major violations by listed companies through institutional arrangements.

　　According to the exposure draft, the major illegal delisting situations stipulated in the Measures include not only the fraud in the initial public offering and reorganization listing, but also the major illegal disclosure of information such as annual reports. At the same time, the illegal facts identified by administrative punishment and judicial judgment can be used as the basis for the determination of compulsory delisting.

　　Among all kinds of major illegal acts, fraudulent issuance bears the brunt. The new regulations stipulate that there are false records, misleading statements or major omissions in the application or disclosure documents of listed companies for initial public offering of shares, which are determined by the administrative punishment decision of the China Securities Regulatory Commission to constitute fraudulent issuance, or are made guilty by the people’s court according to Article 160 of the Criminal Law. Effective judgment; If a listed company issues shares to purchase assets, which constitutes reorganization and listing, its application or disclosure documents contain false records, misleading statements or major omissions, and it is determined by the China Securities Regulatory Commission that it constitutes fraudulent issuance, it will be forced to withdraw from the market.

　　"Don’t tell lies, don’t make false accounts, true disclosure is the issuer’s absolute legal obligation and basic integrity requirements. Fear of the law, respect for the law, and adherence to the law are the bottom line requirements for issuers to participate in securities market issuance activities. " Lu Wendao, the chief counsel of the Shanghai Stock Exchange, said that as the most serious illegal act in the securities market, fraudulent issuance seriously eroded the operating foundation of the securities market and should be resolutely delisted and never tolerated.

　　Optimize delisting procedures and tighten the road of "coming back"

　　In addition to clarifying the situation of mandatory delisting for major violations of the law, the other two highlights of the new regulations are to optimize delisting procedures and tighten the road of "coming back".

　　On the one hand, it is stipulated that the period of suspension of listing due to triggering major illegal forced delisting will be shortened from 12 months to 6 months.

　　On the other hand, after a major illegal company is suspended from listing, it will no longer consider the company’s rectification and compensation, and will directly terminate its listing after the expiration of six months and may not resume listing. A company delisted due to fraudulent issuance shall not apply for re-listing. The time interval for companies that illegally delisted due to major information disclosure to apply for re-listing was extended from one year to five years.

　　Prior to this, in the revision of the opinions on delisting reform, the CSRC decoupled the delisting of listed companies from the transfer to public security organs, and deleted the provisions on correcting illegal acts, replacing responsible personnel and properly arranging civil compensation to apply for resumption of listing.

　　Jiang Mingde, chief consultant of Yixin Weiye Fund, believes that whether it is blocking the "back door" to correct illegal resumption of listing or closing the "door" for fraudulent issuing companies to return to A shares, it has conveyed a clear signal of strict supervision of major illegal delisting.

　　While fully covering major illegal acts, the new regulations will also include "incorrigible after repeated education" in the scope of delisting. It is stipulated in the exposure draft that listed companies should be delisted if they are punished by the CSRC for violating the law of information disclosure for more than three times within 60 months.

　　The relevant person in charge of the Shanghai Stock Exchange said that the purpose of the above arrangement is to form a comprehensive regulatory deterrent, leaving no dead ends, urging listed companies to fulfill their information disclosure obligations according to laws and regulations, and safeguarding the fundamental interests of small and medium investors.

　　"Metabolism" mechanism is out of order, and diversified delisting indicators should be improved.

　　As the second largest spot stock market in the world, the Shanghai and Shenzhen stock markets had 3,517 listed companies as of March 9, with a total market value of nearly 58 trillion yuan.

　　While the volume is growing steadily, the A-share market has long been plagued by the failure of the "metabolism" mechanism. Wind statistics show that only 57 listed companies bid farewell to A shares in 17 years since PT Narcissus first set a precedent for delisting in 2001, including some companies that were absorbed and merged and delisted.

　　The poor delisting mechanism has not only led to the chaos of "staying stiff but not retreating", but also seriously affected the stock market’s pricing function and resource allocation function.

　　With the normalization of new share issuance, the supervision of the securities market shows a strict trend in the whole chain. From the initial public offering to the reorganization public offering, a series of system improvements are aimed at "entrance clearance". This also puts forward new requirements for the delisting system reform to unblock the "export customs".

　　After several rounds of reform, A shares have established a market-oriented and diversified delisting index system, including financial indicators such as net profit, net assets, operating income and non-standard audit opinions, as well as trading indicators such as stock volume and stock closing price. On this basis, the release of relevant rules for mandatory delisting of major violations of laws will improve the compliance delisting indicators.

　　It is worth noting that the new round of reform gives the two major exchanges the right to formulate rules for major illegal delisting. The relevant person in charge of the Shanghai Stock Exchange said that it will effectively assume the main responsibility of delisting decision-making, take whether major illegal acts affect the listing status of listed companies as the focus of consideration in rule-making, and clarify specific standards and implement supporting procedures and mechanisms in accordance with the principle of strictness.

　　Prior to this, the Shanghai and Shenzhen Stock Exchanges had already practiced the mandatory delisting of major illegal activities. In 2016, *ST Boyuan, which was involved in major violations of information disclosure, became the first listed company in the history of A shares to be forced to withdraw from the market due to major violations. The following year, Xintai Electric became the first case of forced delisting of fraudulent issuance.

　　CCTV News:This year marks the 70th anniversary of the patriotic health campaign. At the recent National Patriotic Health Campaign Conference, the relevant person in charge of the National Patriotic Health Office said that the patriotic health campaign needs to be more targeted in the face of the new situation and new tasks of epidemic prevention and control in COVID-19.

　　Over the past 70 years, China’s patriotic health movement has flourished. According to the statistics of relevant departments, the penetration rate of sanitary toilets in rural areas has exceeded 73%, the harmless treatment rate of urban domestic garbage has exceeded 99%, and the penetration rate of tap water in rural areas has reached 84%. The average number of excellent days of air quality in 339 cities above prefecture level accounted for 87%, and various environmental health indicators improved significantly.

　　At present, the prevention and control of epidemic situation in COVID-19 is facing new situation and new tasks, so it is necessary to carry out patriotic health campaign more pertinently to effectively protect people’s life safety and health.

Recently, heavy rain has hit many provinces and cities in southern China. I believe what you hear most in the report is "affected by El Ni? o", but do you know how El Ni? o affects the weather? How should we deal with the rainstorm to ensure our own safety to the maximum extent? In this issue, follow Xiaobian to learn science to answer your questions!

With the south wind blowing continuously from the South China Sea to the mainland, it marks the beginning of the rainy season in China. From the end of March this year, South China entered the first flood season, nearly 16 days earlier than before. According to the news of China Meteorological Bureau, there have been 17 times of heavy precipitation in the south since the flood season. The monitoring shows that the precipitation in southern China is obviously higher than that in previous years. The precipitation in the whole southern region is generally higher by 25%-100%, and even reaches 100%-200% in some areas.

Figure 1 Precipitation in eastern China in April compared with the same period of previous years (percentage)

Taking Guangzhou as an example, the cumulative precipitation in Guangzhou from March 6, 2016 to June 1 has been nearly 300 mm more than in previous years, and nearly 50% more than in normal years. As can be seen from the figure, there was a sudden increase in precipitation at the end of March (between March 16 and March 21), because South China, where Guangzhou is located, entered the pre-flood season, and the precipitation in Guangzhou was obviously higher after the start of the pre-flood season.

Fig. 2 precipitation in Guangzhou compared with normal years

The so-called pre-flood season in South China refers to the rainy period in South China, which starts from the end of March and early April and ends around June. It usually marks the beginning of the summer rainy season in the whole China monsoon region. During this period, cold and warm air meet in opposition, and besides rainstorm, there are often strong convective weather phenomena such as thunderstorm, gale and hail.

What needs to be known is that the most important weather system affecting China is the western Pacific subtropical high, which is referred to as "western Pacific subtropical high" for short or directly called "subtropical high". The west side of the subtropical high will guide the water vapor northward, while the northern boundary of the subtropical high is often connected with the cold air southward, so the position of the subtropical high often determines the position of the rain belt. The movement time and advance and retreat speed of subtropical high determine the movement time and advance and retreat speed of rain belt.

During the first flood season in South China, the northern boundary of the subtropical high is located in the coastal area of South China. The subtropical high and the southwest jet in the westerly trough of the south branch jointly transport warm and humid air over South China. Before the cold air goes south, the warm and humid air accumulates in South China, which makes the air humidity gradually increase and the air gradually reach saturation, forming dew on the ground and walls. This is the "returning to the south sky" in South China.

The intersection of cold and warm air masses is called "front", and when the "front" lingers and moves less, it is called "quasi-static". When the cold air in the north continues to go south, it conflicts fiercely with the warm and humid airflow, forming a quasi-static front, which is called "the quasi-static front in South China".

At this time, because the subtropical high can’t go northward immediately because of the blocking of cold air, it stagnates in South China, and there will be a continuous precipitation weather process in South China, which is the first flood season in South China.

In the first flood season in South China, due to the frequent cold air activities and the water vapor can’t completely go north, the precipitation in North China is often less, and high temperature and dry weather often occur. This is the spring drought in North China. During this period, the weather situation of flooding in the south and drought in the north often occurs in China.

In late June, the southern part of China is usually in summer, and the subtropical high gradually becomes stronger, and the subtropical high will gradually move northward and stagnate in the middle and lower reaches of the Yangtze River. The quasi-static front on the ground will gradually move northward to the Jianghuai area, forming the so-called quasi-static front in Jianghuai. During this period, there will be a continuous precipitation weather process in the middle and lower reaches of the Yangtze River, which is the prestigious Jianghuai Meiyu, and the quasi-static front of Jianghuai is also called "Meiyu Front".

In fact, in addition to China, the continuous precipitation weather processes in the same period in South Korea and Japan are also called Meiyu, and they are called Meiyu together with Jianghuai Meiyu. Internationally, Meiyu sometimes directly refers to the summer and rainy season precipitation in East Asia, and that quasi-static front is directly called Meiyu front.

However, in some years, when it is in the pre-flood season in South China, the subtropical high will sometimes suddenly move northward to the Yangtze River basin, and the rain belt will also move northward to the Yangtze River basin, and the precipitation in South China will have a stagnant period. However, there will be a weather process similar to plum rain in the Jianghuai basin, which is called "early plum rain". For example, in late May of this year (2016), the Yangtze River Basin experienced an early rainy weather process. At that time, the Yangtze River Basin did not enter summer, but there was a continuous rainy weather process similar to Meiyu, which was actually the reason why the subtropical high suddenly moved northward. The biggest difference between early Meiyu and Meiyu is that after the early Meiyu, the subtropical high will retreat to South China again, and the rainy area will return to South China again; After the Meiyu process, the subtropical high will continue to move northward to North China, forming a rainy season in North China.

After the Meiyu, the subtropical high moved north and North China entered the rainy season. At this time, South China will be re-controlled by the tropical system going northward with the subtropical high, and there will be a wave of precipitation concentration period, which is called the late flood season in South China. During this period, North China and South China entered the flood season, while the Yangtze River basin was located in the subtropical high, and entered the summer drought period, so the precipitation situation in the whole country easily became a "waterlogging-drought-waterlogging" model.

Since last year, the public has generally heard the news of El Ni? o, and El Ni? o has also made 2015 the hottest year since the temperature record was recorded in 1880. The appearance of El Nino will make the sea water temperature in the eastern Pacific rise. However, due to the weakening of the easterly wind, it is difficult for the warm sea water in the eastern Pacific to spread westward to the northwest Pacific, while the sea water in the northwest Pacific will be relatively cold, which will lead to the weakening of convection and the weakening of the western Pacific subtropical high, which usually occurs in the year after El Ni? o. According to this El Ni? o, the next year of El Ni? o is 2016. The weakening of the subtropical high will lead to the lack of motivation to go north, which means that the time of staying in the south will become longer, and the time of continuous precipitation in the southern basin may also become longer, which is prone to flood disasters.

For example, 1998 was also the year after El Nino. At that time, there was a big flood in the Yangtze River basin, and the people in the Yangtze River basin experienced a difficult period of fighting floods. The intensity of El Nino this time was the same as or slightly weaker than that in 1998. With the continuous improvement and development of national flood control facilities, the people have a strong flood protection. Although it may not be the same as in 1998, it is also necessary to learn from history. In order to prevent the historical disaster from repeating itself, we need to be vigilant.

When heavy precipitation weather occurs, stay away from low-lying areas. People in mountainous areas need to guard against geological disasters such as landslides, do not wade reluctantly, stay away from rivers, embankments and other areas, and go to safe areas in time when danger is found. Similarly, it is also necessary to pay close attention to the official information released by meteorological departments and flood control departments, take a responsible attitude towards the safety of their own lives and property, cooperate with the disaster prevention measures of government departments, and follow the instructions to evacuate in time when they are in dangerous areas.

Note: In this paper, the precipitation anomaly map in the eastern region is drawn by the National Atmospheric and Oceanic Administration (NOAA), and the precipitation in Guangzhou region is drawn by the National Climate Prediction Center (CPC). Meteorological data required for mapping are provided by the observation stations participating in the global exchange of the World Meteorological Organization (WMO).

The article was produced by China, a popular science student, and was authorized to be published in the column "Learning Science with Xiaobian" of CCTV. Please indicate the source for reprinting.

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Producer: computer network information center

Salt is the "top of all tastes". Without salt, the flavor of dishes will be greatly reduced. However, it is distressing that high sodium intake is an important risk factor for hypertension, cardiovascular diseases, gastric cancer and other diseases, affecting health and life expectancy.

The 2022 version of the dietary pagoda was changed from the original recommendation of < 6 grams to < 5 grams, which is consistent with the recommendation of WHO. At present, the average salt consumption of Chinese people is about 10g, which needs to be controlled.

Beware of the ubiquitous "salt" in life

In daily life, a 76-gram salted duck egg contains 5 grams of salt, a bag of 250 grams of dry sauce contains 39.56 grams of salt, and some ingredients that don’t taste very salty may also be high-salt foods.

In addition, we should also pay attention to the "invisible salt" in life, such as soy sauce, yellow sauce, hot sauce, bean paste and pickles, which all contain relatively high salt, and processed meat such as ham, quick-frozen pasta, kelp and other foods also contain certain salt, so it is best not to add salt when cooking.

There are also two kinds of "big salt collectors" that many people ignore: a 100-gram fried dough stick contains 1.6 grams of salt; The dried noodles look very light, and the salt content in every 500 grams can be close to 12 grams! Because in the processing of dried noodles, a lot of salt will be added in order to increase the strength, ensure the taste and facilitate storage.

Tips

① Check the ingredient list on the outer packaging of dried noodles before purchasing dried noodles, and give priority to the one with lower sodium content. If you have enough time, it is healthier to roll noodles at home with lower salt.

2 The tomato sauce bought in the market also contains a certain amount of salt, so frying the sauce with fresh tomatoes is healthier with lower salt.

③ Using spices such as onions skillfully in the cooking process can help to enlarge the fragrance and umami taste, and reduce the salt, so that you can eat delicious food and be healthy!

Six small tricks to control salt

When cooking, vinegar, lemon juice and other sour sauces are used instead of some salt and soy sauce, which can improve the taste of food and taste delicious.

Cooking methods such as steaming, roasting and boiling are often used. For soup with salt, avoid drinking vegetable soup.

Eat more delicious dishes, such as onions, tomatoes, green peppers, carrots and other foods, and use the taste of the food itself to enhance the taste of the dishes.

When cooking cold salad, put salt at last, sprinkle a little less salt and add some vinegar, and it tastes good.

When using condiments such as soy sauce, use the method of dipping and dipping instead of pouring soy sauce into the dish at one time.

You don’t need to put salt in all the dishes, and the last soup can be made without salt. Because the taste of salt in people’s mouth can be accumulated, people have left salt in their mouth when they eat other dishes, so when they drink soup at last, it tastes good even without salt.

Signed more than 1000 people! This street coordinates the "people’s livelihood security" and "accurate service" for the disabled.

Drinking coffee and "Ga San Hu" on the road is the most delicious! Come to "Shanghai Coffee Highland" to catch autumn.

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Comprehensive from: CCTV goes home for dinner

Editor: Qiu Caihong

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