China has no delisting quota for 2013: securities regulator
BEIJING (Reuters) - Tighter rules for delisting Chinese companies that fail to meet a range of financial criteria do not mean regulators are aiming to hit a target level of delistings in 2013, the country's top securities regulator said on Wednesday.
"We don't have a number, a target or a quota for delisting," Guo Shuqing, chairman of the China Securities Regulatory Commission, told a conference organized by the Economist newspaper.
China has tightened regulations to remove companies from trading their shares on public markets if they fail to meet a series of metrics including revenues, dividends and net asset value.
"We hope that some companies that are not qualified to be listed will be delisted," Guo said, adding that there would be a grace period to allow companies to address shortfalls.
(Reporting by Nick Edwards; Editing by Richard Pullin)
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