Recently, the State Council issued the new “Nine National Rules”, the Securities Regulatory Commission issued “Opinions on Strict Implementation of the Delisting System”, and the exchange publicly solicited comments on the delisting rules. According to reports, the new delisting regulations focus on improving the overall quality of existing listed companies. Through strict delisting standards, the intention is to accurately identify “empty shell zombies” and “bad horses”, not “small-cap stocks.” The new regulations target companies that are capable of paying dividends but the dividend ratio continues to be low. As long as the dividend ratio or amount meets the standard, a “small cap” company will not be ST if the two meet one of them. If “small-cap stocks” lose money due to poor operating performance, they will not be STed because they “have no dividends to share.” There is an interpretation in the market that the market will be delisted without dividends, which is a misinterpretation. (Securities Times)