外文翻譯---香港證券交易所停牌、復牌、退市的制度(存儲版)
【正文】 imarily for these reasons, and to ensure that the Exchange meets its statutory obligation to maintain confidentiality with respect to regulatory information in its possession. In certain exceptional circumstances, however, it may be appropriate for the Exchange to ment, or to give information, about specific matters. The key reasons why the Exchange may adopt this approach are to maintain public confidence in the regulation of the market or to discharge its obligation, pursuant to Section 21 of the Securities and Futures Ordinance, to maintain, as far as reasonably practicable, an orderly, informed and fair market for the trading of securities and under the Listing Rules to preserve the general integrity and reputation of the market。 對于創(chuàng)業(yè)板公司而言，若上市公司的證券已持續(xù)停牌一段長時間，而上市 公司并無采取足夠措施令證券復牌，交易所可取消上市公司的上市地位。若上市公司未能在限期內(nèi)提交可行的復牌建議，將會進入第三階段除牌程序。 當然，當?shù)卣捅蛔肪控?任，但只能是事后。此外，一個人往往不知道績效悖論的存在，直到 為時已晚。投資者可時常于「披露易」網(wǎng)站上的「最新公告」一欄查閱上市公司刊發(fā)的公告。證券如已暫停買賣，復牌程序將視情況而定，交易所保留附加其認為適當?shù)臈l件的權利。 然而，如情況需要，例如當發(fā)現(xiàn)或懷疑有關異動是由于該公司某些股價敏感資料泄露所致，上市公司則須發(fā)表經(jīng)由董事會通過的聲明，說明該公司所知悉可能導致其股份價格或成交量出現(xiàn)不尋常波動的事項 (包括任何涉及股價敏感資料的商議或討論 )。有關上市公司則必須立即回應交易所的查詢。上市公司根據(jù)《上市規(guī)則》有責任按具體情況及其本身狀況評估什么屬其股價敏感資料。 三、 交易所停牌期間的披露 上市公司有責任刊發(fā)公告，以確保投資者和公眾獲得充分資料以對該公司的證券作出適當?shù)脑u估。交易所采取此做法主要是考慮到評論或提供資料有助以下目標：維護公眾對市場監(jiān)管的信心；履行其根據(jù)《證券及期貨條例》第 21 條的責任，即在合理地切實可行的范圍內(nèi)維持一個公平、有序及消息暢通的證券交易市場；根據(jù)《上市規(guī)則》，維持市場整體的公正和聲譽；保障投資者；防止不當行為充斥市場；及協(xié)助任何調(diào)查程序。因此，在住宅區(qū)經(jīng)營的授權被不公正地無條件延長了。交易所會根據(jù)主板《上市規(guī)則》第 17 項應用指引所載的程序將在上述情況 iii 下長期停牌的主板公司除牌。交易所如認為適當，將暫停該公司證券的買賣。交易所會將其復牌申請視為新申請人提出的上市申請?zhí)幚怼? iii. the issuer does not have a sufficient level of operations or assets to warrant the continued listing of its securities。 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
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