Implementing Rules of the Shanghai Stock Exchange on Business in the Delisting Preparation Period (Revised in 2015)

Implementing Rules of the Shanghai Stock Exchange on Business in the Delisting Preparation Period (Revised in 2015)

Implementing Rules of the Shanghai Stock Exchange on Business in the Delisting Preparation Period (Revised in 2015)

Shang Zheng Fa [2015] No.21

January 30, 2015

(Effective as of December 2012, revised for the first time in December 2013, and revised for the second time in January 2015)

Section 1 General Provisions

Article 1 In order to regulate the relevant matters during the delisting preparation period of the listed companies on the Shanghai Stock Exchange (hereinafter referred to as the "SSE") and protect the legitimate rights and interests of investors, the Implementing Rules of the Shanghai Stock Exchange on Business in the Delisting Preparation Period (hereinafter referred to as the "Implementing Rules") are formulated in accordance with the Listing Rules of the Shanghai Stock Exchange (hereinafter referred to as the "Listing Rules"), the Trading Rules of the Shanghai Stock Exchange (hereinafter referred to as the "Trading Rules"), the Interim Measures of the Shanghai Stock Exchange for Stock Trading on the Risk Alert Board (hereinafter referred to as the "Interim Measures for the Risk Alert Board") and other relevant provisions.

Article 2 The Implementing Rules shall apply to the stocks of listed companies whose listing the SSE has decided to terminate and whose trading enters the delisting preparation period in accordance with the provisions of the Listing Rules.
The stocks of a listed company that voluntarily applies for delisting shall not be traded in the delisting preparation period.

Article 3 After the stocks of a listed company enter the delisting preparation period, the company and the persons with the obligations of information disclosure shall continue to observe applicable laws, administrative regulations, departmental rules, other normative documents, the Implementing Rules and provisions under other business rules of the SSE, and fulfill their information disclosure obligation and other relevant obligations.

Article 4 Where a listed company fails to fulfill any of its obligations in accordance with the provisions of the Listing Rules of the SSE and the Implementing Rules, the SSE will, in accordance with the relevant provisions of the Listing Rules, mete out punishment against the relevant responsible personnel for such failure, and refuse to accept the application of the company for relisting within 36 months after the stocks of the company enter the National Equities Exchange and Quotations (hereinafter referred to as the "NEEQ") for transfer.

Section 2 Trading Arrangement

Article 5 Where the SSE decides to terminate the listing of the stocks of a listed company, such stocks shall enter the delisting preparation period as of the trading day following the expiration of five trading days after the decision is made, and the SSE shall arrange for the stocks to be traded on the Risk Alert Board.

Article 6 The trading life in the delisting preparation period is 30 trading days.
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