Category: Money tips Release Date: 2006-12-11
September 7, 2005, Stock Exchange and other introduced the "split share structure reform of listed companies operational guidelines" and the share reform specification format guide
A comprehensive reform of listed companies stocks pushed into the concrete implementation phase. By the Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Corporation jointly developed the "split share structure reform of listed companies operational guidelines" (hereinafter referred to as "operating instructions") today introduced the implementation. Combined with the previous launch of the "companies listed on the split share structure reform guidance," "split share structure reform of listed companies management approach", share reform comprehensively implement the supporting policies have been all "your marks."
September 7 dished out the "operational guidance" is divided into 30, the detailed provisions of the share reform of specific operational processes and related requirements. "Action Guide" stipulates that agencies should sponsor the reform program as well as technical feasibility of compliance with the Stock Exchange, the Clearing Corporation of communication, communication did not involve a specific company name and the right price level.
Sponsor institution should be based exchanges co-ordination arrangements to inform the company's board in the specified time to exchange information submitted to the reform program and the disclosure of documents. Exchange will consider the reform program comprehensive compliance, market stability and other factors, according to a balanced control the pace of reform needs, consultation to determine the relevant time for the shareholders meeting. The board of directors of listed companies will have to arrange under the Exchange issued a notice to convene the relevant shareholder meeting, while the exchanges should be submitted to the right sector reform program approval of intent.
"Action Guide" with particular emphasis in the relevant shareholder meeting notification, shall include the organization's board of directors of non-tradable shareholders and tradable shareholders of communication and consultation arrangements. Company directors should be taken to hold an investor forum held media briefings, online roadshow, visiting institutional investors, issuing征求意见函other forms, to assist non-tradable shareholders and tradable shareholders to conduct communication and consultation on the reform program.
For the communication and information, the "operating instructions" provides that the board shall notify the relevant shareholders meeting within ten days from the date of release, notice of non-tradable shareholders and tradable shareholders, the situation and results of communication and consultation, and apply for shares resume trading. Shares after the resumption, shall not be re-adjustment and reform program. Board of Directors fails within ten days notice if the communication and consultation and results, in principle, should be eliminated and this related to the shareholders meeting, and apply for shares resume trading.
"Action Guide" For the issue commitments given special attention. "Action Guide" stipulates that commitment to the development commitments in the matter, it should be a full assessment of performance risk, the formulation and ability to adapt to their own commitment to compliance issues. Commitments were set out in the letter of commitment that should be at least the following elements: a commitment to issues and methods of performance, performance time, performance capability analysis, performance risk prevention measures; two promised performance issues of security arrangements, including the secured party, the secured party qualification, by way of security, the security agreement the principal terms, warranties, etc.; three matters of liability for breach of promise; four committed people that.
In addition, the SSE, Shenzhen Stock Exchange today, is also under the "operating instructions" issued the "split share structure reform of listed companies Format Guidelines Manual" (hereinafter referred to as "Format Guidelines"). "Format Guide" states that, for listed companies to first conduct a capital fund Zhuanzengguben or distribution of profits, non-tradable shareholders will receive shares or cash as payment arrangements implemented should be based on Zhuanzeng or after the distribution of the base to calculate the level of price arrangements .
"Format Guidelines" also specifically provides that if there is major shareholder of listed companies occupancy, and the failure to plan for solution, a listed company board should also notice treatment program. (Xinhua Yuan Kecheng)
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