A listed company is a joint stock limited company, which must meet certain conditions besides being approved to be listed and traded on the stock exchange. After the revision of the Company Law and the Securities Law, more enterprises will become listed companies and companies whose corporate bonds are listed and traded.
Second, the listing procedures of listed companies
According to the relevant provisions of the Securities Law and the Company Law, the procedures for listing a joint stock limited company are as follows:
(1) filing an application for listing of shares with the securities regulatory body.
A joint stock limited company applying for stock listing must be approved by the the State Council Securities Regulatory Authority. The securities regulatory department may authorize the stock exchange to approve the company's stock listing application in accordance with legal conditions and procedures.
(2) Accepting the approval of the securities regulatory authorities.
The securities regulatory body shall examine the materials submitted by a joint stock limited company for listing, and approve them if they meet the requirements; Do not meet the conditions, to be rejected; If the required documents are lacking, they may be required to complete them within a time limit; If payment is not expected, the application will be rejected.
(3) Apply to the listing committee of the stock exchange for listing.
After the stock listing application is approved by the securities regulatory body, the approval documents and the following documents shall be submitted to the stock exchange:
1, listing report;
2. The decision of the shareholders' meeting applying for listing;
3. Articles of association;
4. Business license of the company;
5. The financial and accounting reports of the company in the last three years or since its establishment verified by a statutory verification institution;
6. Legal opinions and letters of recommendation of the securities company;
7. The latest prospectus;
8. Other documents required by the stock exchange.
A stock exchange shall arrange the listing and trading of stocks within six months from the date of receiving the above-mentioned documents submitted by the stock issuer. The Interim Regulations on the Administration of Stock Issuance and Trading also stipulates that a joint stock limited company approved for listing shall sign a listing contract with the stock exchange before listing, determine the specific listing date, and pay relevant fees to the stock exchange. There is no provision in the securities law.
(4) Shares that are uniformly listed and traded on the stock exchange after the listing announcement.
Article 47 of the Securities Law stipulates: "After the stock listing application is approved by the stock exchange, the listed company shall announce the relevant documents of the approved stock listing five days before the listing transaction, and place the documents in the designated place for public inspection." Article 48 of the Securities Law stipulates: "In addition to the listing application documents specified in the preceding article, a listed company shall also announce the following matters:
(1) The date when the shares are allowed to be traded on the stock exchange;
(2) The list of the top ten shareholders who hold the most shares of the company and the amount held;
(3) Names of directors, supervisors, managers and relevant senior management personnel and their holdings of company stocks and bonds. "
Through the above procedures, the shares of a joint stock limited company can be listed and traded. If a listed company loses the listing conditions stipulated in the Company Law, its listing shall be suspended or terminated according to law. In any of the following circumstances, the China Securities Regulatory Commission decided to suspend the listing of its shares:
1, the company's total share capital and share structure have changed, and it no longer meets the listing conditions;
2. The company fails to disclose its financial status as required, or makes false records in the financial accounting report;
3. The company has a major illegal act;
The company has been losing money continuously in the past three years. The listed company has one of the above two or three situations, which is verified by investigation and has serious consequences; In case of any of the situations mentioned in Item 1 and Item 4, which cannot be eliminated within the time limit, the China Securities Regulatory Commission decides to list its shares.