Securities Times to ensure fair information disclosure is not empty talk

Securities Times: "to ensure fair disclosure of information" is not an empty hot column capital flows thousand thousand shares on stock diagnosis the latest rating simulated trading client sina finance App: Live on-line blogger to tutor you say stocks contest 60 million Securities Times reporter Zhou Shaojie shares with the right time to stop the resumption. Luoyang glass in September 8th "manufacturing" such a spectacle: H shares opened upward rise, the day the stock rose 38.95%, A shares was suspended in smooth water, reason is that the company is planning a reorganization of assets. Not only the transaction status is not synchronized, the announcement of Luoyang glass in two markets are also slightly different: disclosed in the Shanghai announcement said, "planning major events", "as soon as possible to determine whether these major issues, and 5 working days from the date of the stock suspension period (including the date of suspension announcement) the resumption of" disclosure in Hong Kong; the announcement said, "planning for asset restructuring matters", "on the matter did not enter into any agreement or contract". On the legal level alone, Luoyang glass A shares and H shares are not synchronous resumption of the rules are based on the local market, in line with the provisions of the local market regulation. At present, A, H shares of listed companies to stop the resumption of differences, mainly in the mainland and Hongkong market restructuring suspension system differences. Hong Kong Stock Exchange on the basis of the provisions of the Hongkong Securities Regulatory Commission to stop the resumption of insider information. "Hongkong securities and Futures Ordinance (Amendment) (2012)" the provisions of insider information must be specific news or information related to the transaction is still in the negotiation process, no specific transaction price information, also has not formed the clear intention of the specific transaction, it is not in accordance with the requirements of insider information. In accordance with the provisions of the HKEx, if not timely notice of insider information, listed companies must apply for a temporary suspension or suspension as soon as possible in a reasonable and feasible. At the same time, article 6.05 of the Listing Rules of the Hongkong also expressly provides that any short period of suspension or suspension of securities should be as short as possible. The mainland market is completely opposite. China provisions of the Commission, the listed company shall reach a substantive preliminary intention in the major asset restructuring transactions or the parties did not reach a substantive but it is expected that the confidential information is difficult, apply to the stock exchange for stock suspension in a timely manner. In the final analysis, Hongkong and the mainland securities market regulatory concepts lead to the difference between the two stop trading system. Hongkong market focus is to ensure the normal operation of the market, any short suspension shall be confined in the absolutely necessary period, to ensure that investors not to be unable to use the market, listed companies have a responsibility to ensure that in the announcement, or short suspension is no longer applicable, resume trading as soon as possible in the feasible range instead, has been suspended pending the outcome of the negotiations. Different from the Hongkong market, the mainland market more attention to insider information security. "Management measures" major asset restructuring of listed companies expressly listed transactions and other preliminary consultations on major asset restructuring matters, it shall immediately take the necessary and sufficient confidentiality measures, formulate strict and effective confidentiality system, defining the distribution scope of relevant sensitive information. On listed companies and trading相关的主题文章: