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Special topicPerssonpoker: heavy weight! The exchange issued new rules for soliciting opinions, such as dividends, compulsory delisting, information disclosure and so on.
Wei Guanhong, a journalist, has many articles per editor.
On April 12, the official website of the Beijing Stock Exchange disclosed that the Beijing Stock Exchange openly solicited opinions and answered reporters' questions on the revision of business rules such as the rules governing the examination and approval of public offerings and listings. It was mentioned that on April 12, the Beijing Stock Exchange openly solicited opinions from the market on six supporting business rules, and the relevant person in charge of the Northern Exchange answered questions about the situation.
The Beijing Stock Exchange said that in accordance with the requirements of the relevant policy documents, the Beijing Stock Exchange has revised the Public Development Audit rules, the restructuring Audit rules, and the detailed rules for the Management of the two Committees, in an effort to further consolidate the responsibilities of all parties:
First, the declaration responsibility of the issuer and so on. Among them, in order to urge sponsor institutions and issuers to pay more attention to the quality of declaration and prevent "declaration with illness" and "clearance declaration", it is proposed to extend the interval for sponsors to declare again after being rejected twice within 12 months from 3 months to 6 months. for the issuer to "withdraw as soon as possible" and "withdraw as soon as possible" to add a 6-month declaration interval.
The second is the responsibility of the "gatekeeper" of the intermediary. Among them, the implementation of the "declaration is responsible" requirements, strengthen on-site supervision, proposed to clarify on-site supervision as one of the main means of audit.
The third is the responsibility of the audit subject of the exchange.
The Beijing Stock Exchange said that the current compulsory delisting system of the Northern Exchange has set four types of standards: trading, financial, normative, and major violations. The revision of the "listing rules" focuses on improving the delisting system, revising the four major delisting indicators, and synchronously adjusting the supporting arrangements for information disclosure and suspension of trading.
The first is the compulsory delisting of transactions. New trading volume delisting target, 120 consecutive trading days cumulative trading volume of less than 1 million shares will be forced delisting.
Second, the financial category of compulsory delisting. It is clear that all financial indicators are cross-applicable, that is, after the implementation of the financial compulsory delisting risk warning, if the company touches any of the relevant financial indicators in the first fiscal year, it will be forced to delist. When determining the amount of operating income, it is required to deduct the business income that has nothing to do with the main business, and the total increase in profit in the dimension of loss investigation is negative. In canceling the delisting risk warning condition, the internal control audit report is added to the requirement of standard unqualified opinion.
The third is the standard category of compulsory delisting. In order to severely crack down on the occupation of funds and urge enterprises to improve internal governance, there are three delisting situations: capital occupation of controlling shareholders, non-standard audit opinions of internal control, and disorderly struggle for control.
Fourth, major violations of the law and compulsory delisting. In order to clear companies with large amounts of fraud and continuous fraud for many years, it is newly stipulated that the amount of falsely recorded business income, total profits, net profits and other major financial indicators disclosed by the company in any year is more than 200 million yuan and exceeds 30% of the amount of the corresponding subjects disclosed in that year, or the total amount of false records of the main financial indicators has reached more than 300 million yuan for two consecutive years and exceeds 20% of the total amount of the corresponding subjects disclosed in those two years. Or if the main financial indicators have been falsely recorded for three consecutive years, they will be forced to be delisted.
In addition, in order to tie in with the revision of delisting indicators, internal control evaluation and audit report requirements are added in the corporate governance part, and performance KuaiBao and performance advance disclosure requirements are adjusted simultaneously.
In addition, the Northern Stock Exchange has revised the guidelines for the reduction of holdings, which mainly include:
The first is to implement the requirements of preventing "detour reduction". After the reduction by means of new divorce, termination of legal or non-legal person, division, etc., the relevant parties continue to abide by the restriction of reduction.PerssonpokerMake it clear that judicial enforcement, illegal disposal of margin trading, and gifts will continue to abide by the provisions on share reduction; if major shareholders are required to transfer their shares through agreement or reduce their holdings in bulk transactions, the transferee shall not reduce their transferred shares within 6 months of the transfer; major shareholders and directors are prohibited from selling securities, and restricted shares are prohibited from selling.
The second is to strengthen the responsibility of the actual controller, the major shareholder and the secretary of the board of directors. Require the actual controllers and major shareholders of listed companies to carry out the reduction in a standardized, rational and orderly manner, and pay full attention to the interests of listed companies and minority shareholders; require the secretaries of listed companies to check the reduction of shareholders' holdings quarterly and find timely reports of violations.
Third, abolish the procedural disclosure requirements. Delete the half-time and half-planned process disclosure requirements, reduce the overlap with the disclosure of changes in rights and interests, and avoid repeated disclosure and excessive process information disclosure.
The fourth is to stipulate trading restrictions in sensitive periods. The sensitive period of annual and semi-annual reports will be changed from 30 days to 15 days, and the sensitive period of quarterly reports, performance forecasts and KuaiBao performance reports will be changed from 10 days to 5 days. Delete the sensitive period limit of the controlling shareholder and the actual controller.
Source: visual China-VCG211300009287