中国证监会于2月底发布了《亏损上市公司暂停上市和终止上市实施办法》,使连续亏损的上市公司依法退出证券市场有了具体的操作程序。但这个实施办法的出台并不意味着中国的退市机制已经真正建立。相反,《办法》出台引发的一个问题是:买了被终止上市股票的投资人的利益如何得到恰当的保护?这个问题在缺乏规范的中国股市中尤为显得迫切。 China Securities Regulatory Commission released at the end of February “loss of listed companies to suspend the listing and termination of the implementation of the Listing,” so that the continuous loss of listed companies in accordance with the law to withdraw from the stock market with a specific operating procedures. However, the introduction of this implementation measure does not mean that China’s delisting mechanism has really been established. On the contrary, one issue raised by the “Measures” is how to protect the interests of investors who have terminated the listing of shares properly? This issue is especially urgent in the absence of a regulated Chinese stock market.