外文翻譯---香港證券交易所停牌、復(fù)牌、退市的制度-文庫(kù)吧
2025-04-17 08:30 本頁(yè)面
【正文】 。 交易所亦可根據(jù)主板《上市規(guī)則》第 條將主板公司除牌。如交易所認(rèn)為主板公司或其業(yè)務(wù)不再適合上市，交易所將刊登公告，載明該公司的名稱(chēng)，并列明限期，以便該公司在限期內(nèi)對(duì)導(dǎo)致其不適合上市的事項(xiàng)作出補(bǔ)救。交易所如認(rèn)為適當(dāng)，將暫停該公司證券的買(mǎi)賣(mài)。如該公司未能于公告所載的限期內(nèi)對(duì)該等事項(xiàng)作出補(bǔ)救，交易所可將其除牌。任何對(duì)該等事項(xiàng)作出補(bǔ)救的建議，將被當(dāng)作新上市申請(qǐng)?zhí)幚怼? 對(duì)于創(chuàng)業(yè)板公司而言，若上市公司的證券已持續(xù)停牌一段長(zhǎng)時(shí)間，而上市 公司并無(wú)采取足夠措施令證券復(fù)牌，交易所可取消上市公司的上市地位。若交易所擬向長(zhǎng)期停牌的創(chuàng)業(yè)板公司行使其除牌權(quán)力，交易所一般會(huì)給予創(chuàng)業(yè)板公司通知，要求有關(guān)公司需于某段時(shí)間（一般為 6 個(gè)月）內(nèi)補(bǔ)救該等引致交易所打算行使其除牌權(quán)力的事項(xiàng)。于所定期限屆滿(mǎn)時(shí)，交易所可發(fā)出通知即時(shí)取消有關(guān)公司的上市地位，或倘公司提交的建議令交易所滿(mǎn)意，交易所或會(huì)行使其酌情權(quán)延長(zhǎng)除牌期限，而創(chuàng)業(yè)板公司須于限期內(nèi)補(bǔ)救該等引致交易所打算行使其除牌權(quán)力的事項(xiàng)。 除了主板《上市規(guī)則》第 21 章所界定的「投資公司」及主要或僅從事證券經(jīng)紀(jì)業(yè)務(wù)的上市公司 之外，無(wú)論是主板公司或創(chuàng)業(yè)板公司，若公司全部或大部分的資產(chǎn)為現(xiàn)金或短期證券，則該公司不會(huì)被交易所視為適合上市，交易所會(huì)將其停牌。在停牌期間，如該公司經(jīng)營(yíng)有一項(xiàng)適合上市的業(yè)務(wù)，即可向交易所申請(qǐng)復(fù)牌。交易所會(huì)將其復(fù)牌申請(qǐng)視為新申請(qǐng)人提出的上市申請(qǐng)?zhí)幚怼Ｈ缭擁?xiàng)停牌持續(xù)超過(guò) 12 個(gè)月，或在任何交易所認(rèn)為有需要的其它情況下，交易所均有權(quán)取消該公司的上市資格。 Suspension, Resumption and Delisting Regulation of Suspension There is no circuit breaker in place in Hong Kong’s securities market, but the Exchange has in place a set of market mechanisms to monitor movements in price and trading volume of maintain a fair and orderly market, the Exchange usually contacts a listed issuer if it notices unusual movements in the price or trading volume of its securities, or press reports or market rumours which may affect the price or trading volume of its securities. In those circumstances, the issuer must promptly respond to any such enquiries from the Exchange. Listed panies must fulfill their continuing obligations under the Listing Rules to provide timely disclosure of all pricesensitive information and ensure the fair distribution of the information. Where the listed issuer is unaware of any matter or development that is or may be relevant to the unusual price movement or trading volume of its listed securities, it should clarify the situation by publishing an announcement on the HKExnews website as soon as possible. However, a trade suspension is not necessary. Where necessary (. if it is found or suspected that the unusual movement is caused by a leak of any pricesensitive information relating to the issuer), the listed issuer must publish a statement duly approved by the board specifying the circumstances which it knows to have potentially led to the unusual movement in its price or trading volume (including any negotiations or discussions in relation to a pricesensitive matter). Where the listed issuer delays in issuing an announcement covering relevant pricesensitive information, trading in the issuer’s securities may be suspended until the announcement is released. Unusual movements in share price or trading volume refer to unusual move ments in a pany’s share price and/or trading volume that have no obvious reason, . a significant rise in the issuer’s share price when the market is plunging, or a significant increase in trading volume. When determining whether or not any movement in price or trading volume is “unusual”, the Exchange will take into account the histo
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