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Notice of the Shanghai Stock Exchange on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies [Effective]
上海证券交易所关于发布《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》的通知 [现行有效]
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Notice of the Shanghai Stock Exchange on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies 

上海证券交易所关于发布《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》的通知

(No. 24 [2017] of the Shanghai Stock Exchange) (上证发〔2017〕24号)

All listed companies: 各上市公司:
Recently, the China Securities Regulatory Commission (“CSRC”) has revised and issued the Several Provisions on Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies (Announcement No. 9 [2017], CSRC). In accordance with such Provisions, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has developed the Detailed Implementing Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies (hereinafter referred to as the “Detailed Implementing Rules,” see the Annex for details), which, as approved by the CSRC, are hereby issued, and shall come into force on the date of issuance. The relevant matters are hereby announced as follows: 近期,中国证监会修订发布了《上市公司股东、董监高减持股份的若干规定》(证监会公告〔2017〕9号)。根据该规定,上海证券交易所(以下简称本所)制定了《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》(以下简称《实施细则》,详见附件),经中国证监会批准予以发布,自发布之日起施行。现就相关事项通知如下:
I. All companies shall effectively conduct publicity and education relating to the Detailed Implementing Rules, and remind the relevant shareholders, directors, supervisors and senior executives to strictly comply with the provisions of the Detailed Implementing Rules. A special reminder shall be given that after the issuance of the Detailed Implementing Rules, if the controlling shareholder, a shareholder holding 5% or more shares, director, supervisor or senior executive of a listed company plans to reduce its or his shareholding through auction, it or he shall report the shareholding reduction plan to the SSE 15 trading days before sale for the first time, and make an announcement.   一、请各公司做好《实施细则》的宣传教育,提醒相关股东及董事、监事、高级管理人员严格遵守《实施细则》的规定。特别应当提醒,《实施细则》发布后,上市公司控股股东、持股5%以上的股东及董事、监事、高级管理人员拟通过集中竞价交易减持股份的,应当在首次卖出股份的15个交易日前向本所报告减持计划,并予以公告。
II. Before completing the debugging of its technical system jointly with the technical systems of securities companies, the SSE will, under relevant interim arrangements, handle shareholding reduction by shareholders through block trading in accordance with the Detailed Implementing Rules.   二、在本所完成与证券公司技术系统联合调试前,本所将根据相关临时安排,为股东办理其按照《实施细则》通过大宗交易方式减持股份的业务。
III. The SSE shall oversee shareholding reduction by shareholders, directors, supervisors and senior executives. If any regulatory violation is found, regulatory measures or disciplinary actions shall be taken against the violator in accordance with business rules. If the circumstances are serious, the violation shall be reported to the CSRC for investigation and handling.   三、本所对股东及董事、监事、高级管理人员减持股份的行为进行监管,发现违规的,将按业务规则采取监管措施或者予以纪律处分;情节严重的,将报中国证监会查处。
IV. If you have any inquiry in the implementation of the Detailed Implementing Rules, please consult the SSE in a written form.   四、《实施细则》执行过程中有疑问的,请以书面形式咨询本所。
 
特此通知。
Annex: Detailed Implementing Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies 附件:上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则
Shanghai Stock Exchange 上海证券交易所
May 27, 2017 二○一七年五月二十七日
Annex 附件
Detailed Implementing Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies 上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则
Article 1 For the purposes of regulating shareholding reduction by shareholders, directors, supervisors and senior executives of companies listed on the Shanghai Stock Exchange (hereinafter referred to as the “SSE”), maintaining the market order, and protecting the lawful rights and interests of investors, these Detailed Rules are developed in accordance with the Company Law, the Securities Law, the Several Provisions on Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies issued by the CSRC, the Stock Listing Rules and Trading Rules issued by the SSE, and other relevant provisions.   第一条 为规范上海证券交易所(以下简称本所)上市公司股东及董事、监事、高级管理人员(以下简称董监高)减持股份的行为,维护市场秩序,保护投资者合法权益,根据《公司法》《证券法》和中国证监会《上市公司股东、董监高减持股份的若干规定》及本所《股票上市规则》《交易规则》等有关规定,制定本细则。
Article 2 These Detailed Rules shall apply to the following shareholding reduction conduct:   第二条 本细则适用于下列减持行为:
(1) Shareholding reduction by principal shareholders, that is, the controlling shareholders and shareholders holding 5% or more shares (hereinafter collectively referred to as “principal shareholders”) of listed companies reduce shareholding, excluding the reduction of holding of shares they obtained through auction. (一)大股东减持,即上市公司控股股东、持股5%以上的股东(以下统称大股东),减持所持有的股份,但其减持通过集中竞价交易取得的股份除外;
(2) Shareholding reduction by specific shareholders, that is, shareholders other than principal shareholders reduce their holding of shares offered before companies' IPO and shares privately offered by listed companies (hereinafter collectively referred to as “specific shares”). (二)特定股东减持,即大股东以外的股东,减持所持有的公司首次公开发行前股份、上市公司非公开发行股份(以下统称特定股份);
(3) Shareholding reduction by directors, supervisors and senior executives. (三)董监高减持所持有的股份。
These Detailed Rules shall apply to the reduction of holding of shares obtained by such methods as judicial enforcement, execution of equity pledge agreements, gifts, exchangeable corporate bonds swaps, and stocks return swaps. 因司法强制执行、执行股权质押协议、赠与、可交换公司债券换股、股票收益互换等方式取得股份的减持,适用本细则。
Where specific shares are involved in non-trade transfer before the removal of restrictions on sale, these Detailed Implementing Rules shall apply to the transferee's follow-up reduction of holding of such shares. 特定股份在解除限售前发生非交易过户,受让方后续对该部分股份的减持,适用本细则。
Article 3 A shareholder, director, supervisor or senior executive that reduces shareholding shall comply with laws, administrative regulations, departmental rules, regulatory documents, these Detailed Rules and other business rules of the SSE. If it or he makes any commitment on the shareholding ratio, shareholding period, shareholding reduction methods and price, among others, it or he shall strictly fulfill such commitments.   第三条 股东及董监高减持股份,应当遵守法律、行政法规、部门规章、规范性文件、本细则以及本所其他业务规则;对持股比例、持股期限、减持方式、减持价格等作出承诺的,应当严格履行所做出的承诺。
Article 4 Where a principal shareholder or specific shareholder reduces shareholding by auction, the total shareholding reduction shall not exceed 1% of the company's total shares in any consecutive 90 days.   第四条 大股东减持或者特定股东减持,采取集中竞价交易方式的,在任意连续90日内,减持股份的总数不得超过公司股份总数的1%。
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