SuspensionResumptionAndDelisting香港证券交易所停牌复牌退市的制度大学毕业论文外文文献翻译
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文献、资料中文题目：
香港证券交易所停牌、复牌、退市的制度
文献、资料英文题目：Suspension, Resumption and Delisting
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文献、资料发表（出版）日期：
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翻译日期： 2017.02.14
香港证券交易所停牌、复牌、退市的制度
一、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。 <
br>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。
①
二、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
Hong Kong Exchanges and Clearing
Limied.:Suspension, Resumption and Delisting[D]
Main Board Listing Rule,2008
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。
三、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<
br>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。
四、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1
2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
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 andor 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 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