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Notice of the Shanghai Stock Exchange on Issuing the Guidelines of the Shanghai Stock Exchange on Trading Suspension and Resumption for Listed Companies Planning Major Events [Effective]
上海证券交易所关于发布《上海证券交易所上市公司筹划重大事项停复牌业务指引》的通知 [现行有效]
【法宝引证码】

Notice of the Shanghai Stock Exchange on Issuing the Guidelines of the Shanghai Stock Exchange on Trading Suspension and Resumption for Listed Companies Planning Major Events 

上海证券交易所关于发布《上海证券交易所上市公司筹划重大事项停复牌业务指引》的通知

(No. 117 [2018] of the Shanghai Stock Exchange) (上证发〔2018〕117号)

All market participants: 各市场参与人:
For the purposes of effectively carrying out the Guiding Opinions on Improving the Rules for the Suspension and Resumption of Trading of Stocks of Listed Companies issued by the China Securities Regulatory Commission (“CSRC”) and regulating the trading suspension and resumption of stocks and their derivatives during the period when listed companies are planning major events, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has revised and formed the Guidelines of the Shanghai Stock Exchange on Trading Suspension and Resumption for Listed Companies Planning Major Events (hereinafter referred to as the “Guidelines on Trading Suspension and Resumption,” see the Annex for details), which are hereby issued and shall come into force on the date of issuance. For the purposes of guaranteeing the smooth implementation of the Guidelines on Trading Suspension and Resumption, the transitional arrangements on the application of old and new rules are hereby announced as follows: 为落实好中国证监会《关于完善上市公司股票停复牌制度的指导意见》,规范上市公司筹划重大事项期间股票及其衍生品种的停复牌行为,上海证券交易所(以下简称本所)修订并形成《上海证券交易所上市公司筹划重大事项停复牌业务指引》(以下简称《停复牌指引》,详见附件),现予以发布,并自发布之日起施行。为确保《停复牌指引》顺利施行,现就新老规则适用的衔接安排事项通知如下:
I. Before the Guidelines on Trading Suspension and Resumption come into force, if a listed company has disclosed the announcement relating to the planning of offering of shares to purchase assets, and continues to disclose the progress of relevant matters by stage before the disclosure of the plan, the new provisions shall not apply.   一、《停复牌指引》施行前,上市公司已披露筹划发行股份购买资产相关公告的,在预案披露前继续按分阶段原则披露相关事项的进展情况,不适用新规。
II. The Guidelines on Trading Suspension and Resumption for Listed Companies Planning Major Events (No. 19 [2016], SSE) issued by the SSE on May 27, 2016 shall be repealed at the same time.   二、本所于2016年5月27日发布的《上市公司筹划重大事项停复牌业务指引》(上证发〔2016〕19号)同时废止。
Annex: Guidelines of the Shanghai Stock Exchange on Trading Suspension and Resumption for Listed Companies Planning Major Events 
特此通知。
Shanghai Stock Exchange 附件:上海证券交易所上市公司筹划重大事项停复牌业务指引
December 28, 2018 上海证券交易所
Annex: 二〇一八年十二月二十八日
Guidelines of the Shanghai Stock Exchange on Trading Suspension and Resumption for Listed Companies Planning Major Events 附件:
 上海证券交易所上市公司筹划重大事项停复牌业务指引
Chapter I General Provisions 

第一章 总 则

 
Article 1 For the purposes of regulating trading suspension and resumption of stocks and their derivatives during the period when listed companies are planning major events, maintaining the securities market order, and guaranteeing investors' right to know and trading rights, these Guidelines are developed in accordance with the Measures for the Administration of Stock Exchanges, the Measures for the Administration of Material Asset Restructurings of Listed Companies, the Measures for the Administration of the Offering of Securities by Listed Companies, the Guiding Opinions on Improving the Rules for the Suspension and Resumption of Trading of Stocks of Listed Companies, the Stock Listing Rules of the Shanghai Stock Exchange and other provisions.   第一条 为了规范上市公司筹划重大事项期间股票及其衍生品种的停复牌行为,维护证券市场秩序,保障投资者的知情权和交易权,根据《证券交易所管理办法》《上市公司重大资产重组管理办法》《上市公司证券发行管理办法》《关于完善上市公司股票停复牌制度的指导意见》及《上海证券交易所股票上市规则》等规定,制定本指引。
Article 2 A listed company shall prudentially apply for trading suspension, specify the cause for trading suspension, rationally determine the trading suspension time, reduce the trading suspension time as much as possible and apply for trading resumption in a timely manner.   第二条 上市公司应当审慎申请停牌,明确停牌事由,合理确定停牌时间,尽可能缩短停牌时长,并及时申请复牌。
Article 3 When a listed company plans any major event, it shall disclose the specific circumstances of the relevant event by stage and shall not apply for trading suspension merely on the ground that the result of the relevant event is uncertain.   第三条 上市公司筹划重大事项,应当分阶段披露有关事项的具体情况,不得仅以相关事项结果尚不确定为由申请停牌。
Where there is any major uncertainty in the relevant major event, which may have a significant impact on the trading price of a stock and its derivatives, the company may apply for trading suspension in accordance with the provisions of these Guidelines. 相关重大事项存在重大不确定性,可能对股票及其衍生品种交易价格产生较大影响的,公司可以按本指引的规定申请停牌。
Article 4 A listed company and its shareholders, actual controller, directors, supervisors, senior executives and all other trading parties, as well as the securities company or securities service provider, among others, which provides services, shall strictly perform the confidentiality obligation in the process of planning any major event, and effectively manage information and register insider information. The listed company shall not use the application for trading suspension to replace the performance of information confidentiality obligation by all relevant parties.   第四条 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,在筹划重大事项的过程中,应当严格履行保密义务,并做好信息管理和内幕信息知情人登记工作。上市公司不得以申请停牌代替相关各方的保密义务。
Article 5 A listed company that applies for trading suspension for planning any major event shall state the specific cause for trading suspension, trading suspension period, the predicted time of trading resumption and other content. During the trading suspension period, the listed company shall disclose in details the progress of the planned major event by stage, and avoid information disclosure in an ambiguous and stereotype manner.   第五条 上市公司因筹划重大事项申请停牌,应当披露停牌具体事由、停牌期限和预计复牌时间等内容。停牌期间,上市公司应当分阶段详细披露筹划重大事项的进展情况,避免笼统、概括式的信息披露。
The listed company that applies for trading resumption shall disclose the major work of the planned event during the trading suspension period, the progress of the event, the impact on the company and follow-up arrangements, among others, and fully warn of the risks and uncertainties of the relevant event. 上市公司申请复牌,应当披露停牌期间筹划事项的主要工作、事项进展、对公司的影响以及后续安排等,并充分提示相关事项的风险和不确定性。
When the listed company terminates the planning of any major event, it shall immediately apply for trading resumption, disclose the specific reasons for terminating the planning, decision-making procedures, the impact on the company, follow-up arrangements and other matters, and fully warn of the risks. 上市公司终止筹划重大事项,应当立即申请复牌,披露终止筹划的具体原因、决策程序、对公司的影响以及后续安排等事项,并充分提示风险。
Article 6 A listed company and its controlling shareholder, actual controller, directors, supervisors, senior executives and all other trading parties, among others, shall diligently perform their duties, proactively advance the planned event during the trading suspension period, strictly perform the information disclosure obligation, reduce trading suspension time as much as possible, and guarantee investors' trading rights.   第六条 上市公司及其控股股东、实际控制人、董事、监事、高级管理人员和其他交易各方等,应当勤勉尽责,在停牌期间积极推进所筹划事项,严格履行信息披露义务,尽可能缩短停牌时长,保障投资者的交易权利。
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