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上市公司及其控股股东、实际控制人在筹划、论证涉及公司的重大事项时,为避免泄露敏感信息影响股价,通常申请公司股票停牌,以维护中小股东的知情权,保证信息披露的公平性。但是,股票停牌时间过长或随意停牌,会损害中小股东的交易权,降低市场效率,违背证券发行制度改革所遵循的效率原则和市场化导向,不利于培育健康成熟的资本市场环境。目前,虽然已有相关规则对停牌事项进行规范,但是部分A股上市公司的股票停牌仍存在申请随意、时间过长、标准不统一等问题。该文通过梳理沪、深交易所现行股票停、复牌制度,结合上市公司实践操作情况及对比香港联交所的股票停、复牌规则,对修订后的股票停复牌制度进行探讨,提出了如何完善现行股票停、复牌制度的建议。
Listed companies and their controlling shareholders and actual controllers, in planning and arguing important issues involving the company, usually apply for the suspension of shares of the company in order to avoid the disclosure of sensitive information and affect the fairness of information disclosure. However, suspending the stock suspension for a long time or arbitrarily suspending trading will damage the trading rights of minority shareholders and reduce market efficiency, violating the principle of efficiency and market orientation that the reform of the securities issuance system follows and will not be conducive to nurturing a healthy and mature capital market environment. At present, although the relevant rules have been formulated to regulate the issue of suspension, the suspension of stock applications in some A-share listed companies still exists for a long period of time and the standards are not uniform. In this paper, by reviewing the suspension and resumption of trading of the existing stocks in Shanghai and Shenzhen Stock Exchanges, combining with the actual operation of listed companies and comparing the suspension and resumption rules of stocks in Hong Kong Stock Exchange, this paper discusses the revised stock suspension resumption licensing system, The current stock stop, resumption of trading system recommendations.