On March 31, in order to broaden the multiple exit channels of listed companies, further regulate information disclosure in matters such as bankruptcy and reorganization, and effectively improve the quality of listed companies, the Shanghai Stock Exchange issued the “Shanghai Stock Exchange Self-discipline Supervision Guidelines for Listed Companies No. 13″. – Bankruptcy Reorganization and Other Matters” (hereinafter referred to as the “Information Disclosure Guidelines for Bankruptcy Reorganization”), and will be implemented from the date of issuance.
“Information Disclosure Guidelines for Bankruptcy Reorganization” includes a total of 8 chapters and 54 articles, focusing on regulating the reorganization, reconciliation and bankruptcy liquidation of listed companies and controlling shareholders and other related parties. Guarantee the order of bankruptcy matters and realize the effect of the system. In terms of specific regulations, focus on strengthening information disclosure requirements to ensure the transparency of the whole process of bankruptcy matters, which will help small and medium investors and market parties to obtain information in a timely manner; clarify the relevant requirements for rights adjustment and introduction of reorganized investors, and vote for the investor group meeting Provide convenience to fully protect the interests of small and medium investors; play the role of intermediaries, require financial advisors and law firms to express opinions on relevant pricing, ex-rights, and relevant meeting procedures to improve compliance and transparency; in addition, prevent insider trading. , the management of suspension and resumption of trading, the implementation of bankruptcy matters, etc.
In Chapter II of the “Information Disclosure Guidelines for Bankruptcy and Reorganization”, it is clarified that listed companies implement pre-reorganization, reorganization, During the period of reconciliation, bankruptcy and liquidation, in principle, stocks and their derivatives shall not be traded. Listed companies and relevant parties shall effectively protect the confidentiality of inside information and prevent and control insider transactions, disclose the progress of bankruptcy matters in stages, and fully remind relevant risks. If the board of directors or manager of a listed company deems it necessary, it may apply to the Stock Exchange for suspension of trading in stocks and derivatives. In principle, the suspension period shall not exceed 2 trading days. If it is really necessary, the suspension can be extended to 5 trading days.
The Guidelines for Information Disclosure of Bankruptcy and Reorganization are applicable to companies listed on the main board of the Shanghai Stock Exchange and the Science and Technology Innovation Board. The “Catalogue of General Business Rules for Continuous Supervision of Companies Listed on the Science and Technology Innovation Board” was adjusted simultaneously.
In recent years, the bankruptcy and reorganization of listed companies has increased, and some cases have received widespread attention from the market. The Shanghai Stock Exchange stated that the “Guidelines for Information Disclosure of Bankruptcy Reorganization” adhere to the direction of marketization and rule of law, based on the standardization of information disclosure of bankruptcy reorganization and other matters, improve the risk resolution and exit mechanism of listed companies, protect the interests of investors, and maintain a standardized and transparent market environment. , to promote the construction of a market ecology with both in and out.
In the early stage, after the release of the consultation draft of the Guidelines for Information Disclosure of Bankruptcy and Restructuring, the Shanghai Stock Exchange extensively collected opinions and suggestions from individual investors and professional market institutions through various channels , received a total of variousThere are hundreds of feedback suggestions. Judging from the overall situation of soliciting opinions, relevant professional institutions have paid more attention to the Guidelines for Information Disclosure of Bankruptcy Reorganization, generally agree with the general orientation of regulating bankruptcy matters, and have formed a relatively unified market consensus, including strengthening information disclosure, maintaining Market entities have the right to know, regulate the adjustment of rights and interests and reorganize the introduction of investors, play the role of intermediaries, and clarify market expectations, etc. The SSE attaches great importance to and carefully studies the reasonable suggestions collected during the public consultation process, and has fully absorbed and improved them in the official release.
The Shanghai Stock Exchange stated that if listed companies and related entities are involved in bankruptcy matters, they should strictly comply with the requirements of the “Information Disclosure Guidelines for Bankruptcy Restructuring”, perform information disclosure and other obligations, and effectively protect investment the legitimate rights and interests of the parties.
Next, the Shanghai Stock Exchange will strictly implement the relevant requirements of the “Guidelines for Information Disclosure of Bankruptcy Reorganization”, effectively regulate matters such as bankruptcy and reorganization, further expand multiple exit channels, and promote the improvement of listing company quality.