.jpg)
The SZSE has released the “Notice on Further Regulating the Trading by Directors, Supervisors and Senior Management of a ChiNext Listed Company in the Company’s Shares”, setting up the further requirements for the reduction of stockholding by directors, supervisors and senior management after those persons leave their offices.
The main contents of the Notice include the following four points: One is that a listed company shall draw up the system for management of shares owned by directors, supervisors and senior management, suitable for the company’s characteristics, in accordance with the requirements of the relevant provisions, in light of its own development strategy; the second point is to regulate the stockholding reduction by directors, supervisors and senior management, including that in case where a director, supervisor or senior manager of a listed company reports the resignation within six months as of the listing date of the company’s shares, the person shall not transfer its shares of the company within 18 months as of the reported date of leaving office; the third point is to encourage directors, supervisors and senior management to add to the commitment the extension of the lockup period, setting the lowest stockholding reduction price; and the last point is to require a sponsor to focus much attention on the resignation of directors, supervisors and senior management, supervise the performance of the commitments made by these persons, examine the compliance of the floating of restricted shares owned by these persons.
The Notice takes into account the stability of the management body of a ChiNext listed company, conducive to further strengthening the supervision on the stock trading by directors, supervisors and senior management. At the same time, the Notice also aims to protect the legitimate rights and interests of investors and push forward the steady and healthy development of ChiNext market.
?
