| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 34 [2018]) | | （〔2018〕34号） |
| The Guiding Opinions on Improving the Rules for the Suspension and Resumption of Trading of Stocks of Listed Companies are hereby issued, and shall come into force on the date of issuance. | | 现公布《关于完善上市公司股票停复牌制度的指导意见》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| November 6, 2018 | | 2018年11月6日 |
| Guiding Opinions on Improving the Rules for the Suspension and Resumption of Trading of Stocks of Listed Companies | | 关于完善上市公司股票停复牌制度的指导意见 |
| For purposes of promoting listed companies' standard governance and quality improvement, guaranteeing the disclosure of information on the suspension and resumption of trading of stocks of listed companies in a timely and fair manner, maintaining the order of market transactions, protecting the lawful rights and interests of general minority investors, and promoting the sustainable, stable and sound development of the capital market, in accordance with the Company Law, the Securities Law and other relevant provisions, the following guiding opinions on improving the rules for the suspension and resumption of trading of stocks of listed companies are hereby offered. | | 为促进上市公司规范治理、提升质量，确保上市公司股票停复牌信息披露及时、公平，维护市场交易秩序，保护广大中小投资者合法权益，促进资本市场持续稳定健康发展，根据《公司法》《证券法》等有关规定，现就完善上市公司股票停复牌制度，提出如下指导意见。 |
| I. Specifying the basic principles for the suspension and resumption of trading of stocks of listed companies | | 一、明确上市公司股票停复牌基本原则 |
| (1) Principle of prudential trading suspension. A listed company shall prudentially suspend trading, take non-trading suspension, short-term trading suspension and intermittent trading suspension as the principle and take trading suspension, long-term suspension and continuous trading suspension as exception, shall not suspend trading at will or delay the time of trading resumption without any reason, and shall take effective measures to prevent long-term trading suspension and other circumstances. | | （一）审慎停牌原则。上市公司应当审慎停牌，以不停牌为原则、停牌为例外，短期停牌为原则、长期停牌为例外，间断性停牌为原则、连续性停牌为例外，不得随意停牌或者无故拖延复牌时间，并应采取有效措施防止出现长期停牌等情况。 |
| (2) Principle of phased disclosure. Where any major event occurs in a listed company and lasts for a relatively long time, the listed company shall, under the principle of timely disclosure, disclose in phases the specific information on the progress of the relevant event. A listed company shall not apply for suspending the trading of its stocks at will on the ground that the result of relevant event is uncertain. | | （二）分阶段披露原则。上市公司发生重大事项，持续时间较长的，应当按照及时披露的原则，分阶段披露有关事项进展的具体情况。上市公司不应以相关事项结果尚不确定为由随意申请股票停牌。 |
(3) Principle of strict confidentiality. A listed company and its shareholders, actual controller, directors, supervisors, senior executives and other trading parties, as well as securities companies and securities service providers providing services and other relevant parties shall, in the course of planning and implementing any major event that may considerably affect the trading price of the company's stock, effectively fulfill their statutory obligations of confidentiality, establish and improve confidentiality rules, and effectively manage information and register insiders. All parties concerned shall not be exempt from the obligation of confidentiality even if an application for suspending the trading of stocks of the listed company is filed.
．．．．．． | | （三）严格保密原则。上市公司及其股东、实际控制人，董事、监事、高级管理人员和其他交易各方，以及提供服务的证券公司、证券服务机构等相关主体，在筹划、实施可能对公司股票交易价格产生较大影响的重大事项过程中，应当切实履行法定保密义务，建立健全保密制度，做好信息管理和内幕信息知情人登记工作。不得以申请上市公司股票停牌代替相关各方的保密义务。
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