File photo shows the exterior view of Shanghai Stock Exchange at Pudong New Area in Shanghai, east China. (Xinhua)
BEIJING, Feb. 28 (Xinhua) -- China's Shanghai, Shenzhen and Beijing stock exchanges, the National Equities Exchange and Quotations Co., Ltd. (NEEQ Co., Ltd.) and China Securities Depository and Clearing Co., Ltd. (CSDC) invited public opinions on their jointly drafted stock transfer rules of delisted firms during February 25 to March 27, reported Xinhua Finance.
The rules include six parts, mainly covering the general principles, arrangement on delisting on stock exchanges, registration procedure on confirmation of ownership of delisted firms' stocks, listing for transfer of delisted stocks, self-discipline management and supplementary provisions.
Much simplified than the past provisions, the rules require chief securities brokers to press ahead with delisted stocks' listing for transfer on the delisting section on NEEQ so as to avoid that stocks delisted from the related stock exchanges can not be listed for transfer for a long time.
Apart from optimized delisted stock ownership confirmation registration procedures, the regulations also contain main arrangements on post-listing for transfer affairs on the NEEQ delisting section, including conditions for delisted firms to carry out significant asset restructuring and stock issuance, positive incentives to delisted firms' standard and rules-based business operation, the self-discipline management measures for delisted firms and the situations for compulsory exit of delisted firms.
In view of the relatively large risks to invest in delisted stocks, the rules set appropriate thresholds for investors to better protect small investors and curb speculation. For instance, the rules continue to set investor suitability requirements in the delisting period, in which an individual investor willing to trade delisting period stocks shall have over two years of stock trading experience and possess securities assets averaging more than 500,000 yuan in each of the 20 trading days before its securities trading and related fund accounts opening. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
A single purchase
