All listed companies and sponsors,
The "SSE Stock Listing Rules (Amendment in 2008)" (hereinafter referred to as the "Listing Rules"), approved by the China Securities Regulatory Commission (CSRC), is hereby issued by the Shanghai Stock Exchange (SSE) and will be effective since October 1, 2008, with the "SSE Stock Listing Rules (Amendment in 2006)" abolished at the same time.
For comparison of the new and the old listing rules, please refer to the comparison table in the "Section of Listed Companies" on the SSE website. The following issues are hereby announced for a smooth transition to the "Listing Rules".
- If a listed company's annual report of 2007 discloses that its capital has been non-operationally occupied by its controlling shareholder and related parties or it has violated decision-making procedures to provide outward guarantees, which remain unsettled before December 31, 2008, or if such serious problems occur in a listed company since the implementation of the "Listing Rules", the company should timely submit such documents as the directorate statement, the verification report given by relevant authority and the special report issued by relevant accounting firm to the SSE, and disclose them. The trading of the company's stocks and their derivatives will be suspended on the disclosure day, and the SSE will impose other special treatments upon its stock trading since the trading resumption day.
- For a company that has already entered bankruptcy procedures, it should disclose delisting risk alert within 2 trading days since the implementation of the "Listing Rules", as the bankruptcy procedures may trigger other delisting conditions.
- If the term of a company's agreement on connected transactions related to daily operation exceeds 3 years, the company should, in accordance with the Article 10.2.14 of the "Listing Rules", fulfill corresponding discussion procedures and disclosure obligations again before December 31, 2008.
- A listed company's current directors, supervisors and senior management should re-sign the "Statement and Commitment Letter of Directors (Supervisors and Senior Management)", and submit them to the SSE within 6 months since the implementation of the "Listing Rules".
