外文翻譯---香港證券交易所停牌、復(fù)牌、退市的制度(完整版)
【正文】 s referred to in the Listing Rules, resumption in trading of the listed issuer’s securities may take place during the mencement of the next trading session after the publication of the announcement. The announcement published by the listed issuer must contain adequate information so that trading can resume in a fair manner with the market fully informed. Disclosure of the suspended panies It is the responsibility of listed panies to make announcements to ensure that investors and the public are given sufficient information for making properly informed assessment of the listed panies’ securities. To enhance market transparency, the Exchange will require panies to issue a short explanation when they request a trading suspension. The Exchange will maintain contact with listed panies when their securities have been suspended from trading, and require them to make an announcement before trading in their securities resumes. Investors are advised to frequently check the Latest Listed Company Information on the HKExnews website for the listed panies’ announcements. It is the Exchange39。任何對該等事項作出補救的建議，將被當(dāng)作新上市申請?zhí)幚怼＿M入除牌程序第二階段的上市公司將有 6 個月的時間向交易所提交可行的復(fù)牌建議。小問題的積累變成了大問題， 但顯然沒有任何機制或制度，以檢測和避免這樣的小錯誤 的積累 。 它不僅可以采取許多不同的形式，也可以無意間導(dǎo)致一些變數(shù)，如政府的要求， 需要執(zhí)行的任務(wù)的要求，含糊不清或相互矛盾性質(zhì)的政策目標(biāo)，以及執(zhí)行機構(gòu)的能力。交易所亦會于上市公司停牌期間一直與公司保持聯(lián)絡(luò)，并會要求上市公司于復(fù)牌買賣前發(fā)出公告。 二、關(guān)于復(fù)牌的規(guī)定 交易所一貫的政策是，如非必要，上市公司的股份應(yīng)盡可能持續(xù)交易；暫停交易只 Hong Kong Exchanges and Clearing Limied.:Suspension, Resumption and Delisting[D] Main Board Listing Rule,2020 是處理潛在及實際出現(xiàn)的市場混亂情況的手段，即使暫停交易的情況屬必須的，停牌的時間亦應(yīng)盡可能縮短。如上市公司并不知悉有任何事宜或發(fā)展會導(dǎo)致、或可能導(dǎo)致其股份價格或成交量出現(xiàn)異常的波動，有關(guān)公司須盡快透過披露易網(wǎng)站刊發(fā)公告說明該情況，有關(guān)公司毋須停牌。 上市公司須履行他們在《上市規(guī)則》中的持續(xù)責(zé)任，及時地披露所有股價敏感資料，并確保這些資料能夠公平發(fā)布。就這方面，交易所編備了《股價敏感資料披露指引》以協(xié)助上市公司及其董事履行他們在《上市規(guī)則》中的責(zé)任。當(dāng)上市公司要求停牌時，交易所會要求上市公司發(fā)出簡短公告解釋停牌原因，以增加市場透明度。 四、 關(guān)于退市的管理 盡管大多數(shù)的讀者都承認迄今為止我們已經(jīng)給的例子，但是在績效中跟蹤績效悖論仍然不容易。當(dāng)火災(zāi)在工廠的地面上發(fā)生時，社區(qū)被摧毀，人喪生。若上市公司的證券已停牌 6 個月或以上而又未能符合有關(guān)的主板《上市規(guī)則》的規(guī)定，交易所會決定該公司是否需要進入除牌程序的第二階段。如該公司未能于公告所載的限期內(nèi)對該等事項作出補救，交易所可將其除牌。如該項停牌持續(xù)超過 12 個月，或在任何交易所認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。 iv. the issuer or its business is no longer suitable for listing. For Main Board listed panies, the continuation of a trading suspension for a prolonged period without the issuer taking adequate action to obtain restoration of listing may lead to the Exchange cancelling the listing. The Exchange will delist a Main Board listed pany whose securities have been suspended from trading for a prolonged period for the reason set out in (iii) above in accordance with the procedures set out in Practice Note 17 of the Main Board Listing Rules. For a listed issuer whose securities have been suspended from trading for six months or more and which has failed to ply with relevant Main Board Listing Rules, the Exchange will determine whether it is appropriate to proceed to the second stage of the Delisting Procedures. Where a listed issuer is placed to the seco
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