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Notice of the China Securities Regulatory Commission on Piloting the Share-trading Reform of Listed Companies
(No. 32 [2005] of the China Securities Regulatory Commission)
All listed companies and shareholders, recommending institutions, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the China Securities Depository & Clearing Corporation Limited,
In order to carry out Some Opinions of the State Council on Promoting the Reform, Opening and Steady Growth of the Capital Market (No. 3 [2004] of the State Council, hereinafter referred to as Some Opinions), and actively and properly solve the problem of share-trading, it is decided upon study to pilot the share-trading reform of listed companies. The pilot reform shall be adapted to the general requirements of “respecting the law of the market, benefiting the stability and growth of the market and effectively protecting the lawful rights and interests of investors, particularly public investors, when solving this problem” as set down by Some Opinions, be guided by the operational principles of sound development of the market, fair and uniform rules, collaborative selection of schemes, voting by shareholders with tradable shares and multi-step and orderly implementation, and be governed by the procedures and requirements as prescribed by this Notice. The notice on the relevant issues is hereby given as follows:
| | 中国证券监督管理委员会关于上市公司股权分置改革试点有关问题的通知
（证监发[2005]32号）
各上市公司及其股东，保荐机构，上海、深圳证券交易所，中国证券登记结算公司：
为了落实国务院《关于推进资本市场改革开放和稳定发展的若干意见》（国发[2004]3号，以下简称《若干意见》），积极稳妥解决股权分置问题，经研究决定，启动上市公司股权分置改革试点工作。改革试点须遵循《若干意见》提出的“在解决这一问题时要尊重市场规律，有利于市场的稳定和发展，切实保护投资者特别是公众投资者的合法权益”的总体要求，按照市场稳定发展、规则公平统一、方案协商选择、流通股东表决、实施分步有序的操作原则进行，并遵守本通知规定的程序和要求。现就有关问题通知如下：
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I.In order to keep the stability of the market and protect the legitimate rights and interests of investors, particularly public investors, the China Securities Regulatory Commission (hereinafter referred to as CSRC) shall, pursuant to the purposes of reform of the shareholders of listed companies and the recommendation of the recommending institutions, decide the pilot companies through consultation. The shareholders of the pilot listed companies may decide the share-trading reform schemes by themselves.
| | 一、为了保持市场稳定、保护投资者特别是公众投资者合法权益，中国证券监督管理委员会（以下简称中国证监会）根据上市公司股东的改革意向和保荐机构的推荐，协商确定试点公司。试点上市公司股东自主决定股权分置问题解决方案。
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II.A pilot listed company shall timely perform the obligation of disclosing information, faithfully, accurately and completely disclose the information, and do a good job in the suspension and resumption of trading of stocks:
| | 二、试点上市公司应当及时履行信息披露义务，真实、准确、完整地披露信息，并做好申请股票停复牌工作：
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i.Disclosing the information immediately after the pilot share-trading reform thereof is decided, and applying for suspending the trading of stocks.
| | （一）在被确定进行股权分置改革试点的第一时间披露该信息，并申请公司股票停牌。
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ii.Announcing the resolution of the broad of directors, opinions of independent directors, instructions on the share-trading reform, recommendation opinions of the recommending institution, notice on the temporary assembly of shareholders, and applying for resumption of trading of stocks within two working days after the broad of directors makes the decision on the share-trading reform.
A pilot listed company shall apply for suspending the trading of stocks from the day following the equity registration day of the temporary assembly of shareholders to the announcement of the resolution of the temporary assembly of shareholders.
| | （二）在董事会就股权分置改革方案做出决议的两个工作日内公告董事会决议、独立董事意见、股权分置改革说明书、保荐机构的保荐意见、召开临时股东大会的通知，并申请公司股票复牌。
试点上市公司应当申请自本次临时股东大会股权登记日的次日起至临时股东大会决议公告前公司股票停牌。
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iii.After the temporary assembly of shareholders makes the resolution on the share-trading reform scheme, the resolution of the temporary assembly of shareholders shall be announced and the trading of stocks of the company shall be resumed within two working days. Where the suspension of trading is necessary to continue as required by the implementation of the company's reform scheme, it may apply to the stock exchange for the continuing the suspension of the trading of stocks.
．．．．．． | | （三）在临时股东大会对股权分置改革方案做出决议后，应当在两个工作日内公告临时股东大会决议并申请公司股票复牌。公司改革方案实施需要继续停牌的，可以向证券交易所申请继续停牌。
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