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For the purpose of developing the new market, Shenzhen Stock Exchange issued Listing Rules (Draft for soliciting public opinion) (“Listing Rules”) on Friday to solicit public opinions.
Listing Rules is an important supplemental rule to Provisional Measures on Administration of Initial Public Offering and Listing on the new market (“Provisional Measures”).Under the requirements of Provisional Measures, with fully concern over the outstanding creative and growing features of the new market firms, the Listing Rules designed the regulation in a more applicable way especially for information disclosure, restricted listing shares, responsibilities of sponsors and delisting requirements, which made great progress in investors protection, market efficiency improvement, and long-term and healthy development of the market promotion.
Information disclosure must be authentic, accurate, complete and timely is the foundation of the development of the new market. Thereunder the Listing Rules made strictly requirements on following issues: a) strengthened obligation consciousness for information disclosure for listing firms and their controlling shareholders, actual controllers and intermediary institutions; b) made temporary disclosure regulations and made reasonable trigger indicator for issues requiring temporary disclosure; c) emphasized on the requirement that the new market firms shall fully disclose information relevant to technology change risk; and d) strengthened regulations on information disclosure on the first listing day.
Listing Rules made big innovations in the regulation on restricted listing shares, supervision responsibility of sponsors and delisting.
Shenzhen Stock Exchange stated that it would amend and perfect Listing Rules after considering public options and would also continuously perfect related regulations to promote the long-term and healthy development of the market.
