外文翻譯---香港證券交易所停牌、復(fù)牌、退市的制度-wenkub
2023-05-19 08:30:08 本頁(yè)面
【正文】 help any investigation process. Regulation of delisting The Exchange operates a continuous trading market. In spite of its consistent policy to allow continuous trading in a listed issuer’s securities as far as possible, the Exchange may, for the sake of maintaining a fair and orderly market, suspend trading in a listed pany’s securities or delist a pany in such circumstances and subject to such conditions as it thinks fit. The Exchange may also do so where: i. the issuer (the listed pany) fails, in a manner considered material, to ply with the Listing Rules。 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 historical performance of the stock or the performance of other stocks in the same sector and overall market
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