香港证券交易所停牌、复牌、退市的制度--毕业设计外文翻译.docx

西安工程大学学士学位外文翻译译文

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原文题目: Suspension, Resumption and Delisting
译 文： 香港证券交易所停牌、复牌、退市的制度
专业班级： 11级教育技术学01班
姓 名：
学 号： 41109020120

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香港证券交易所停牌、复牌、退市的制度
1 关于停牌的规定
香港证券市场没有涨跌停板制，但香港有一套就股价及成交量波动的市场监察机制。若交易所察觉上市发行人的股份的价格或成交量出现不寻常的波动，又或报章出现可能会影响上市公司的证券价格或买卖的报导，或市场出现有关传闻，为维持一个公平有序的市场，交易所一般会联络上市公司。有关上市公司则必须立即回应交易所的查询。
上市公司须履行他们在《上市规则》中的持续责任，及时地披露所有股价敏感资料，并确保这些资料能够公平发布。如上市公司并不知悉有任何事宜或发展会导致、或可能导致其股份价格或成交量出现异常的波动，有关公司须尽快透过披露易网站刊发公告说明该情况，有关公司毋须停牌。
然而，如情况需要，例如当发现或怀疑有关异动是由于该公司某些股价敏感资料泄露所致，上市公司则须发表经由董事会通过的声明，说明该公司所知悉可能导致其股份价格或成交量出现不寻常波动的事项(包括任何涉及股价敏感资料的商议或讨论)。上市发行人如未能即时发放有关股价敏感资料的公告，可能需要暂停其股份买卖，待发出公告后才恢复交易。
所谓股价或成交量异动，是当一家公司的股份价格及/或成交量在没有明显原因支持下而有不寻常的表现；例如大市下跌，但公司股价却大幅上升，又或者交投量突然大幅增加。至于股价或成交量的波幅是否属「异常」的波幅，交易所会参照有关股份的过往表现，或该股份所属行业的其它股份表现，以及大市的整体情况等等来作考虑。
所谓股价敏感资料，是指与上市公司有关、供证券持有人和投资者评估公司状况所必需的资料，或避免其证券的买卖出现虚假市场的情况所必需的资料，又或可合理预期会重大影响其证券的买卖及价格的资料(例如：在财务表现方面有利或不利的变化、集团重组、重要交易、发行证券等)。上市公司根据《上市规则》有责任按具体情况及其本身状况评估什么属其股价敏感资料。就这方面，交易所编备了《股价敏感资料披露指引》以协助上市公司及其董事履行他们在《上市规则》中的责任。
2 关于复牌的规定
交易所一贯的政策是，如非必要，上市公司的股份应尽可能持续交易；暂停交易只是处理潜在及实际出现的市场混乱情况的手段，即使暂停交易的情况属必须的，停牌的时间亦应尽可能缩短。证券如已暂停买卖，复牌程序将视情况而定，交易所保留附加其认为适当的条件的权利。在一般情况下，当上市发行人发出适当的公告后，或其当初要求停牌的具体理由不再适用时，交易所会让公司复牌。在其他情况下，停牌将会持续，直至发行人符合所有有关的规定为止。
上市公司就股价敏感资料或根据《上市规则》须予公布的交易发出公告后，可于随即的交易时段开始时恢复交易。有关公告须具备充足资料，以求达到在恢复交易后，有关股份可在一个公平及市场已广泛知悉有关消息的情况下进行。
3 交易所停牌期间的披露
上市公司有责任刊发公告，以确保投资者和公众获得充分资料以对该公司的证券作出适当的评估。当上市公司要求停牌时，交易所会要求上市公司发出简短公告解释停牌原因，以增加市场透明度。交易所亦会于上市公司停牌期间一直与公司保持联络，并会要求上市公司于复牌买卖前发出公告。投资者可时常于「披露易」网站上的「最新公告」一栏查阅上市公司刊发的公告。
根据交易所一般政策，交易所不会对个别公司、人士或案件作出评论。这政策使交易所按保密机制执行其监管工作，以确保有关程序公正持平，并保障上市公司及其董事免受无理指控。此外，交易所因其监管职能而拥有某些资料，采取「不评论」政策确保交易所可履行其保密的法定责任。
不过，在某些特殊情况下，交易所对具体事宜作出评论或提供资料或会较为恰当。交易所采取此做法主要是考虑到评论或提供资料有助以下目标：维护公众对市场监管的信心；履行其根据《证券及期货条例》第21条的责任，即在合理地切实可行的范围内维持一个公平、有序及消息畅通的证券交易市场；根据《上市规则》，维持市场整体的公正和声誉；保障投资者；防止不当行为充斥市场；及协助任何调查程序。
4 关于退市的管理
尽管大多数的读者都承认迄今为止我们已经给的例子，但是在绩效中跟踪绩效悖论仍然不容易。它不仅可以采取许多不同的形式，也可以无意间导致一些变数，如政府的要求，需要执行的任务的要求，含糊不清或相互矛盾性质的政策目标，以及执行机构的能力。此外，一个人往往不知道绩效悖论的存在，直到为时已晚。因为，只要一切顺利，或看似顺利，没有必要进行干预（cf. Leeuw, 1995）。一个爆竹厂爆炸的例子中发现，调查原因，这场灾难揭示了一系列“小”的问题，这些问题本身并不被视为是灾难性的。例如，这个事件中明显缺乏地方和中央政府，监察局，消防部门的监督。缺乏适当的监督，就会阻止对非法活动发生的发现。因此，在住宅区经营的授权被不公正地无条件延长了。当火灾在工厂的地面上发生时，社区被摧毁，人丧生。小问题的积累变成了大问题，但显然没有任何机制或制度，以检测和避免这样的小错误的积累。当然，当地政客被追究责任，但只能是事后。这留给我们一个问题，即我们怎样才能检测和预防公共部门中绩效悖论的发生。
交易所营运的是一个持续交易的市场，虽然一贯的政策是上市公司的股份应尽可能持续交易，但为维持市场公平有序，交易所在其认为适当的情况及条件下可能会把公司停牌或除牌。此外，交易所亦可能在以下情况把公司停牌或除牌：发行人（上市公司）未能遵守《上市规则》，而情况属严重者；发行人证券的公众持股量不足；发行人进行的业务活动或拥有的资产不足以保持其证券继续上市；发行人或其业务不再适宜上市。
对主板公司而言，若上市公司已持续停牌一段很长时间，但并无采取足够行动争取复牌，则可能会导致除牌。交易所会根据主板《上市规则》第17项应用指引所载的程序将在上述情况iii下长期停牌的主板公司除牌。若上市公司的证券已停牌6个月或以上而又未能符合有关的主板《上市规则》的规定，交易所会决定该公司是否需要进入除牌程序的第二阶段。进入除牌程序第二阶段的上市公司将有6个月的时间向交易所提交可行的复牌建议。若上市公司未能在限期内提交可行的复牌建议，将会进入第三阶段除牌程序。进入第三阶段除牌程序后，上市公司将有最后6个月向交易所提交可行的复牌建议。若发行人在第三阶段届满时仍未能提交可行的复牌建议，上市公司的上市地位将会被取消。
交易所亦可根据主板《上市规则》第6.10条将主板公司除牌。如交易所认为主板公司或其业务不再适合上市，交易所将刊登公告，载明该公司的名称，并列明限期，以便该公司在限期内对导致其不适合上市的事项作出补救。交易所如认为适当，将暂停该公司证券的买卖。如该公司未能于公告所载的限期内对该等事项作出补救，交易所可将其除牌。任何对该等事项作出补救的建议，将被当作新上市申请处理。
对于创业板公司而言，若上市公司的证券已持续停牌一段长时间，而上市公司并无采取足够措施令证券复牌，交易所可取消上市公司的上市地位。若交易所拟向长期停牌的创业板公司行使其除牌权力，交易所一般会给予创业板公司通知，要求有关公司需于某段时间（一般为6个月）内补救该等引致交易所打算行使其除牌权力的事项。于所定期限届满时，交易所可发出通知即时取消有关公司的上市地位，或倘公司提交的建议令交易所满意，交易所或会行使其酌情权延长除牌期限，而创业板公司须于限期内补救该等引致交易所打算行使其除牌权力的事项。
除了主板《上市规则》第21章所界定的「投资公司」及主要或仅从事证券经纪业务的上市公司之外，无论是主板公司或创业板公司，若公司全部或大部分的资产为现金或短期证券，则该公司不会被交易所视为适合上市，交易所会将其停牌。在停牌期间，如该公司经营有一项适合上市的业务，即可向交易所申请复牌。交易所会将其复牌申请视为新申请人提出的上市申请处理。如该项停牌持续超过12个月，或在任何交易所认为有需要的其它情况下，交易所均有权取消该公司的上市资格。

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 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 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 companies must fulfill their continuing obligations under the Listing Rules to provide 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 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 (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 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 price-sensitive matter). Where the listed issuer delays in issuing an announcement covering relevant price-sensitive 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 movements in a company’s share price and/or trading volume that have no obvious 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”, 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 conditions.
Price-sensitive information refers to information which is relevant 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 expected 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 securities etc.). Listed issuers are required under the Listing Rules to assess what is price-sensitive information taking into account specific circumstances and their own conditions. In this connection, the Exchange has prepared the Guide on Disclosure of Price-sensitive Information to help listed issuers and their directors fulfil their obligations under the Listing Rules.
Regulation of Resumption
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 actual 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 will depend on the circumstances and the Exchange reserves the right to impose such conditions as it considers appropriate. Under normal circumstances, the Exchange will restore dealings as soon as possible following publication of an appropriate announcement, or when the specific reasons given by the listed issuer in support of its request for a trading suspension no longer apply. In some cases the suspension will be continued until any specific requirements have been met.
Where trading in the listed securities has been suspended pending an 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 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 companies
It is the responsibility of listed companies to make announcements to ensure that investors and the public are given sufficient information for making 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 Exchange will maintain contact with listed companies 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 companies’ announcements.
It is the Exchange's general policy not to comment on individual 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 and 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 confidentiality with respect to regulatory information in its possession.
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 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; to protect investors; to prevent widespread malpractice; or, 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 company’s securities or delist a company in such circumstances and subject to such conditions as it thinks fit. The Exchange may also do so where:
i. the issuer (the listed company) fails, in a manner considered material, to comply with the Listing Rules;
ii. there are insufficient securities in the hands of the public;
iii. the issuer does not have a sufficient level of operations or assets to warrant the continued listing of its securities;
iv. the issuer or its business is no longer suitable for listing.
For Main Board listed companies, 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 company 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 comply 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 second stage of the Delisting Procedures, it is given six months to submit a viable resumption proposal to the Exchange. The listed issuer will be placed to the third stage of the Delisting Procedures should it fail to submit a viable resumption proposal within the prescribed timeframe. Upon entering the third stage of the Delisting Procedures, the listed issuer will be given a final six months to submit a valid resumption proposal. Where no viable proposal has been received from the issuer for resumption of trading by the end of the third stage, its listing will be cancelled.
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 suitable 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 Exchange will suspend dealings in the securities of the issuer. If the issuer fails to remedy those matters within the period set out in the announcement, the Exchange will cancel the listing. Any proposals to remedy those matters will be treated as if they were an application for listing from a new applicant.
Where the securities of a GEM issuer have been continuously suspended for a prolonged period without the 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 period (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 Exchange may give notice to cancel the listing with immediate effect or, where the issuer has responded with proposals satisfactory to the Exchange, may exercise its discretion to extend the period within which the issuer is expected to have remedied those matters that have given rise to the Exchange’s proposal to cancel the listing.
Issuers, either on the 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 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 to lift the suspension once it has a business suitable for listing. The Exchange will treat its application for lifting of the suspension as if it were an application for listing from a new applicant. The Exchange reserves the right to cancel the listing if such suspension continues for more than 12 months or in any other case where it considers it necessary.

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