Topic: The "RMB 1 Delisting Rule" Rule and Corporate Share Repurchases

Date & Time: 15:30-16:30  May 9, 2026

Venue: Room 245, Quanxue Building

Organizers: School of Accounting, Dongbei University of Finance and Economics; Liaoning Province Capital Market Finance and Accounting Graduate Innovation and Academic Exchange Center

Abstract：

Deepening the reform of the delisting system is an essential pathway to promoting the healthy development of capital markets. Against this backdrop, this paper systematically investigates the impact of the “RMB 1 delisting” rule on corporate share repurchases in the context of the new delisting regulations. The findings show that firms facing greater pressure from the “RMB 1 delisting” rule are significantly more likely to announce share repurchase plans, with higher expected scale and value, after the implementation of the new delisting rules. Further analysis reveals that these firms do not improve their actual follow‑through on repurchases, resulting in positive short‑term investor reactions but long‑term losses. This study contributes to understanding how foundational institutions of China’s capital markets affect corporate behavior and investor protection, and provides empirical insights for further regulating listed firms’ avoidance of delisting and safeguarding investor interests.

Introduction of Speaker:

 Yuhui WU, Associate Dean of the School of Management, Xiamen University, Professor of Financial Management, Doctoral Supervisor, and a leading expert on a major project of the National Social Science Fund of China. His research focuses on corporate finance, corporate governance, and capital markets. He has been selected for the “New Century Excellent Talents” program of the Ministry of Education, the “National High‑level Accounting Talents (Academic)” program of the Ministry of Finance, and the “Young Talents in Publicity, Culture and Ideology (Academia)” program of the Publicity Department of the Central Committee. He has published over 60 papers in top domestic and international journals such as Economic Research Journal, Management World, and the Journal of Corporate Finance. He is the author of books including CFO Financial Analysis and Decision‑making and Post‑Split Share Structure Reform Research on Large Shareholders’ New Tunneling Behaviors. He has received the First Prize for Outstanding Achievements in Social Sciences of Fujian Province and the First Prize for Outstanding Achievements in Social Sciences of Xiamen City. He also serves as a consultant to the First Corporate Financial Advisory Expert Group of the Ministry of Finance.