證劵類畢業(yè)論文外文翻譯--香港證券交易所停牌、復(fù)牌、退市的制度

1、<p>　　本 科 生 畢 業(yè) 論 文（設(shè)計(jì)）</p><p>　　外 文 文 獻(xiàn) 翻 譯　</p><p>　　譯文： 香港證券交易所停牌、復(fù)牌、退市的制度 </p><p>　　香港證券交易所停牌、復(fù)牌、退市的制度</p><p><b>　　一、關(guān)于停牌的規(guī)定</b></p><

2、p>　　香港證券市場(chǎng)沒有漲跌停板制，但香港有一套就股價(jià)及成交量波動(dòng)的市場(chǎng)監(jiān)察機(jī)制。若交易所察覺上市發(fā)行人的股份的價(jià)格或成交量出現(xiàn)不尋常的波動(dòng)，又或報(bào)章出現(xiàn)可能會(huì)影響上市公司的證券價(jià)格或買賣的報(bào)導(dǎo)，或市場(chǎng)出現(xiàn)有關(guān)傳聞，為維持一個(gè)公平有序的市場(chǎng)，交易所一般會(huì)聯(lián)絡(luò)上市公司。有關(guān)上市公司則必須立即回應(yīng)交易所的查詢。</p><p>　　上市公司須履行他們?cè)凇渡鲜幸?guī)則》中的持續(xù)責(zé)任，及時(shí)地披露所有股價(jià)敏感資料，并確保

3、這些資料能夠公平發(fā)布。如上市公司并不知悉有任何事宜或發(fā)展會(huì)導(dǎo)致、或可能導(dǎo)致其股份價(jià)格或成交量出現(xiàn)異常的波動(dòng)，有關(guān)公司須盡快透過披露易網(wǎng)站刊發(fā)公告說(shuō)明該情況，有關(guān)公司毋須停牌。</p><p>　　然而，如情況需要，例如當(dāng)發(fā)現(xiàn)或懷疑有關(guān)異動(dòng)是由于該公司某些股價(jià)敏感資料泄露所致，上市公司則須發(fā)表經(jīng)由董事會(huì)通過的聲明，說(shuō)明該公司所知悉可能導(dǎo)致其股份價(jià)格或成交量出現(xiàn)不尋常波動(dòng)的事項(xiàng)(包括任何涉及股價(jià)敏感資料的商議或討論)

4、。上市發(fā)行人如未能即時(shí)發(fā)放有關(guān)股價(jià)敏感資料的公告，可能需要暫停其股份買賣，待發(fā)出公告后才恢復(fù)交易。</p><p>　　所謂股價(jià)或成交量異動(dòng)，是當(dāng)一家公司的股份價(jià)格及/或成交量在沒有明顯原因支持下而有不尋常的表現(xiàn)；例如大市下跌，但公司股價(jià)卻大幅上升，又或者交投量突然大幅增加。至于股價(jià)或成交量的波幅是否屬「異?！沟牟ǚ?，交易所會(huì)參照有關(guān)股份的過往表現(xiàn)，或該股份所屬行業(yè)的其它股份表現(xiàn)，以及大市的整體情況等等來(lái)作考慮。

5、</p><p>　　所謂股價(jià)敏感資料，是指與上市公司有關(guān)、供證券持有人和投資者評(píng)估公司狀況所必需的資料，或避免其證券的買賣出現(xiàn)虛假市場(chǎng)的情況所必需的資料，又或可合理預(yù)期會(huì)重大影響其證券的買賣及價(jià)格的資料(例如：在財(cái)務(wù)表現(xiàn)方面有利或不利的變化、集團(tuán)重組、重要交易、發(fā)行證券等)。上市公司根據(jù)《上市規(guī)則》有責(zé)任按具體情況及其本身狀況評(píng)估什么屬其股價(jià)敏感資料。就這方面，交易所編備了《股價(jià)敏感資料披露指引》以協(xié)助上市公司

6、及其董事履行他們?cè)凇渡鲜幸?guī)則》中的責(zé)任。</p><p><b>　　二、關(guān)于復(fù)牌的規(guī)定</b></p><p>　　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；暫停交易只是處理潛在及實(shí)際出現(xiàn)的市場(chǎng)混亂情況的手段，即使暫停交易的情況屬必須的，停牌的時(shí)間亦應(yīng)盡可能縮短。證券如已暫停買賣，復(fù)牌程序?qū)⒁暻闆r而定，交易所保留附加其認(rèn)為適當(dāng)?shù)臈l件的權(quán)利。在一般

7、情況下，當(dāng)上市發(fā)行人發(fā)出適當(dāng)?shù)墓婧螅蚱洚?dāng)初要求停牌的具體理由不再適用時(shí)，交易所會(huì)讓公司復(fù)牌。在其他情況下，停牌將會(huì)持續(xù)，直至發(fā)行人符合所有有關(guān)的規(guī)定為止。</p><p>　　上市公司就股價(jià)敏感資料或根據(jù)《上市規(guī)則》須予公布的交易發(fā)出公告后，可于隨即的交易時(shí)段開始時(shí)恢復(fù)交易。有關(guān)公告須具備充足資料，以求達(dá)到在恢復(fù)交易后，有關(guān)股份可在一個(gè)公平及市場(chǎng)已廣泛知悉有關(guān)消息的情況下進(jìn)行。</p><

8、p>　　三、交易所停牌期間的披露</p><p>　　上市公司有責(zé)任刊發(fā)公告，以確保投資者和公眾獲得充分資料以對(duì)該公司的證券作出適當(dāng)?shù)脑u(píng)估。當(dāng)上市公司要求停牌時(shí)，交易所會(huì)要求上市公司發(fā)出簡(jiǎn)短公告解釋停牌原因，以增加市場(chǎng)透明度。交易所亦會(huì)于上市公司停牌期間一直與公司保持聯(lián)絡(luò)，并會(huì)要求上市公司于復(fù)牌買賣前發(fā)出公告。投資者可時(shí)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。</p>&

9、lt;p>　　根據(jù)交易所一般政策，交易所不會(huì)對(duì)個(gè)別公司、人士或案件作出評(píng)論。這政策使交易所按保密機(jī)制執(zhí)行其監(jiān)管工作，以確保有關(guān)程序公正持平，并保障上市公司及其董事免受無(wú)理指控。此外，交易所因其監(jiān)管職能而擁有某些資料，采取「不評(píng)論」政策確保交易所可履行其保密的法定責(zé)任。</p><p>　　不過，在某些特殊情況下，交易所對(duì)具體事宜作出評(píng)論或提供資料或會(huì)較為恰當(dāng)。交易所采取此做法主要是考慮到評(píng)論或提供資料有助以

10、下目標(biāo)：維護(hù)公眾對(duì)市場(chǎng)監(jiān)管的信心；履行其根據(jù)《證券及期貨條例》第21條的責(zé)任，即在合理地切實(shí)可行的范圍內(nèi)維持一個(gè)公平、有序及消息暢通的證券交易市場(chǎng)；根據(jù)《上市規(guī)則》，維持市場(chǎng)整體的公正和聲譽(yù)；保障投資者；防止不當(dāng)行為充斥市場(chǎng)；及協(xié)助任何調(diào)查程序。</p><p><b>　　四、關(guān)于退市的管理</b></p><p>　　盡管大多數(shù)的讀者都承認(rèn)迄今為止我們已經(jīng)給的例子

11、，但是在績(jī)效中跟蹤績(jī)效悖論仍然不容易。它不僅可以采取許多不同的形式，也可以無(wú)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(jī)構(gòu)的能力。此外，一個(gè)人往往不知道績(jī)效悖論的存在，直到為時(shí)已晚。因?yàn)椋灰磺许樌?，或看似順利，沒有必要進(jìn)行干預(yù)（cf. Leeuw, 1995）。一個(gè)爆竹廠爆炸的例子中發(fā)現(xiàn)，調(diào)查原因，這場(chǎng)災(zāi)難揭示了一系列“小”的問題，這些問題本身并不被視為是災(zāi)難性的。例如，這個(gè)事件

12、中明顯缺乏地方和中央政府，監(jiān)察局，消防部門的監(jiān)督。缺乏適當(dāng)?shù)谋O(jiān)督，就會(huì)阻止對(duì)非法活動(dòng)發(fā)生的發(fā)現(xiàn)。因此，在住宅區(qū)經(jīng)營(yíng)的授權(quán)被不公正地?zé)o條件延長(zhǎng)了。當(dāng)火災(zāi)在工廠的地面上發(fā)生時(shí)，社區(qū)被摧毀，人喪生。小問題的積累變成了大問題，但顯然沒有任何機(jī)制或制度，以檢測(cè)和避免這樣的小錯(cuò)誤的積累。當(dāng)然，當(dāng)?shù)卣捅蛔肪控?zé)任，但只能是事后。這留給我們一個(gè)問題，即我們?cè)鯓硬拍軝z測(cè)和預(yù)防公共部門中績(jī)效悖論的發(fā)生。</p><p>　　交易所營(yíng)

13、運(yùn)的是一個(gè)持續(xù)交易的市場(chǎng)，雖然一貫的政策是上市公司的股份應(yīng)盡可能持續(xù)交易，但為維持市場(chǎng)公平有序，交易所在其認(rèn)為適當(dāng)?shù)那闆r及條件下可能會(huì)把公司停牌或除牌。此外，交易所亦可能在以下情況把公司停牌或除牌：發(fā)行人（上市公司）未能遵守《上市規(guī)則》，而情況屬嚴(yán)重者；發(fā)行人證券的公眾持股量不足；發(fā)行人進(jìn)行的業(yè)務(wù)活動(dòng)或擁有的資產(chǎn)不足以保持其證券繼續(xù)上市；發(fā)行人或其業(yè)務(wù)不再適宜上市。 </p><p>　　對(duì)主板

14、公司而言，若上市公司已持續(xù)停牌一段很長(zhǎng)時(shí)間，但并無(wú)采取足夠行動(dòng)爭(zhēng)取復(fù)牌，則可能會(huì)導(dǎo)致除牌。交易所會(huì)根據(jù)主板《上市規(guī)則》第17項(xiàng)應(yīng)用指引所載的程序?qū)⒃谏鲜銮闆riii下長(zhǎng)期停牌的主板公司除牌。若上市公司的證券已停牌6個(gè)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(huì)決定該公司是否需要進(jìn)入除牌程序的第二階段。進(jìn)入除牌程序第二階段的上市公司將有6個(gè)月的時(shí)間向交易所提交可行的復(fù)牌建議。若上市公司未能在限期內(nèi)提交可行的復(fù)牌建議，將會(huì)進(jìn)入第

15、三階段除牌程序。進(jìn)入第三階段除牌程序后，上市公司將有最后6個(gè)月向交易所提交可行的復(fù)牌建議。若發(fā)行人在第三階段屆滿時(shí)仍未能提交可行的復(fù)牌建議，上市公司的上市地位將會(huì)被取消。</p><p>　　交易所亦可根據(jù)主板《上市規(guī)則》第6.10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，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

16、該公司證券的買賣。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?lt;/p><p>　　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

17、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)。</p><p>　　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

18、，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?。如該?xiàng)停牌持續(xù)超過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。</p><p>　　Suspension, Resumption and Delisting</p><p>　　R

19、egulation of Suspension</p><p>　　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 volu

20、me of securities.To 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 w

21、hich may affect the price or trading volume of its securities. In those circumstances, the issuer must pro</p><p>　　Listed companies must fulfill their continuing obligations under the Listing Rules to provi

22、de timely disclosure of all price-sensitive 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

23、 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 </p><p>　　Where ne

24、cessary (e.g. if it is found or suspected that the unusual movement is caused by a leak of any price-sensitive information relating to the issuer), the listed issuer must publish a statement duly approved by the board sp

25、ecifying 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 price-sensitive matter). Where the lis

26、ted issuer delays in issuing an announcement coverin</p><p>　　Unusual movements in share price or trading volume refer to unusual movements in a company’s share price and/or trading volume that have no obvio

27、us reason, e.g. 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

28、”, the Exchange will take into account the historical performance of the stock or the performance of other stocks in the same sector an</p><p>　　Price-sensitive information refers to information which is rel

29、evant to a listed company, necessary to enable holders of listed securities and investors to appraise the position of the issuer or to avoid the establishment of a false market in its securities, or might be reasonably e

30、xpected materially to affect market activity in and the price of the issuer’s securities (e.g. favourable or unfavourable change in its financial performance, group restructuring, material transaction and issue of secu&l

31、t;/p><p>　　Regulation of Resumption</p><p>　　It has been the policy of the Exchange to refrain from trading suspension unless necessary. Trading suspension is just a tool to address potential and a

32、ctual market disorder. Even if a trading suspension is necessary, the duration of suspension should be kept as short as is reasonably possible.Where dealings have been suspended, the procedure for lifting the suspension

33、will depend on the circumstances and the Exchange reserves the right to impose such conditions as it considers appropriate. Und</p><p>　　Where trading in the listed securities has been suspended pending an

34、announcement of price-sensitive information or a notifiable transaction as referred to in the Listing Rules, resumption in trading of the listed issuer’s securities may take place during the commencement of the next trad

35、ing 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</p>

36、;<p>　　Disclosure of the suspended companies</p><p>　　It is the responsibility of listed companies to make announcements to ensure that investors and the public are given sufficient information for ma

37、king properly informed assessment of the listed companies’ securities. To enhance market transparency, the Exchange will require companies to issue a short explanation when they request a trading suspension. The Exchang

38、e will maintain contact with listed companies when their securities have been suspended from trading, and require them to make an anno</p><p>　　It is the Exchange's general policy not to comment on indiv

39、idual companies, individuals, or cases. This policy enables the Exchange to discharge its regulatory function on a confidential basis and to preserve the integrity of its process, as well as to protect listed issuers an

40、d their directors against whom unfounded accusations may have been made. The “no comment” policy exists primarily for these reasons, and to ensure that the Exchange meets its statutory obligation to maintain confidential

41、i</p><p>　　In certain exceptional circumstances, however, it may be appropriate for the Exchange to comment, or to give information, about specific matters. The key reasons why the Exchange may adopt this ap

42、proach 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 o

43、rderly, informed and fair market for the trading of securities and under the Listing</p><p>　　Regulation of delisting</p><p>　　The Exchange operates a continuous trading market. In spite of its

44、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 company’s securities

45、or delist a company in such circumstances and subject to such conditions as it thinks fit. The Exchange may also do so where: </p><p>　　i.the issuer (the listed company) fails, in a manner considered mate

46、rial, to comply with the Listing Rules; </p><p>　　ii.there are insufficient securities in the hands of the public; </p><p>　　iii.the issuer does not have a sufficient level of operations or a

47、ssets to warrant the continued listing of its securities; </p><p>　　iv.the issuer or its business is no longer suitable for listing. </p><p>　　For Main Board listed companies, the continuation

48、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 comp

49、any 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 list

50、ed issuer </p><p>　　The Exchange may also delist a Main Board company in accordance with Main Board Listing Rule 6.10. Where the Exchange considers that a Main Board issuer or its business is no longer suita

51、ble for listing it will publish an announcement naming the issuer and specifying the period within which the issuer must have remedied those matters which have rendered it unsuitable for listing. Where appropriate the Ex

52、change will suspend dealings in the securities of the issuer. If the issuer fails to remedy t</p><p>　　Where the securities of a GEM issuer have been continuously suspended for a prolonged period without the

53、 issuer taking adequate action to obtain a restoration of the listing, the Exchange may cancel their listing. Where the Exchange proposes to exercise its right to cancel a listing, it will usually give the GEM issuer a p

54、eriod (ordinarily, six months) to remedy those matters that have given rise to the Exchange’s proposal to cancel the listing. On the expiry of the specified period, the Exchang</p><p>　　Issuers, either on th

55、e Main Board or GEM, whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing (except where the issuer is an “investment company” as referred to

56、 in Chapter 21 of the Main Board Listing Rules or is solely or mainly engaged in the securities brokerage business) and trading of their securities will be suspended by the Exchange. The issuer may apply to the Exchange