The listed company (The listed company) refers to a joint stock limited company whose issued shares have been approved by the State Council or the securities administration department authorized by the State Council to be listed and traded on the stock exchange. The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange.
Conditions for a listed company:
1. Stocks have been approved by the securities regulatory authorities of the State Council and have been issued to the public.
2. The total amount of the company's share capital is not less than RMB 30 million.
3. Open for more than three years, the last three consecutive years of profit; the original state-owned enterprises established by law conversion, or the implementation of this law after the establishment of a new formation, its main sponsor is a large and medium-sized state-owned enterprises, may be counted consecutively.
4. The number of shareholders holding shares with a nominal value of RMB 1,000 or more is not less than 1,000, and the shares issued to the public amounted to more than twenty-five percent of the total number of shares of the company; the total share capital of the company is more than RMB 400 million yuan, and the proportion of its shares issued to the public is more than 10 percent.
5. The company has not committed any major violations of law in the last three years, and there are no false records in the financial accounting report.
6. Other conditions stipulated by the State Council.
Listing Procedures:
According to the relevant provisions of the Securities Law and the Company Law, the procedures for the listing of a joint stock limited company are as follows:
I. Application for Listing of Stocks to Securities Regulatory Authorities
An application for listing of stocks of a joint stock limited company must be submitted to the securities regulatory authorities under the State Council for approval. The securities regulatory authority may authorize the stock exchange to approve the application for listing of the company's shares in accordance with the statutory conditions and legal procedures.
Second, accept the approval of the securities regulatory authorities
The securities regulatory authorities shall review the materials submitted by the joint-stock limited company to apply for stock listing, and approve the application if it meets the conditions; if it does not meet the conditions, it shall be rejected; if it lacks the required documents, it can be requested to make up for the missing documents by a certain period of time; if it is expected not to make up for the missing documents, it shall reject the application.
Third, to the stock exchange listing committee listing application
Stock listing application approved by the securities regulatory authorities, should be submitted to the stock exchange approved documents and the following documents:
1. listing report;
2. application for listing of the shareholders' meeting decision;
3. articles of association;
4. Business license of the company;
5. Financial and accounting reports of the company for the last three years or since its establishment, verified by the statutory certification body;
6. Legal opinion and recommendation of the securities company;
7. The latest prospectus;
8. Other documents as required by the stock exchange.
The stock exchange shall arrange for the listing and trading of the stock within six months from the date of receipt of the above documents submitted by the issuer of the stock. The Provisional Regulations on the Administration of Stock Issuance and Trading also stipulate that, before listing, a joint stock company approved for stock listing shall sign a listing contract with the stock exchange, determine a specific listing date and pay the relevant fees to the stock exchange. The Securities Law is silent on this matter.
Fourth, the stock exchange unified listing announcement after the stock listing and trading
Article 47 of the Securities Law stipulates: "After the application for stock listing and trading is approved by the stock exchange, the listed company shall announce the relevant documents for the listing of the approved stock five days before the listing and make the documents available at the designated place for public inspection. " Article 48 of the Securities Law stipulates that "In addition to announcing the listing application documents stipulated in the preceding article, a listed company shall also announce the following matters: (i) the date on which the shares are authorized to be traded on the stock exchange; (ii) the list of the top ten shareholders holding the largest number of the company's shares and the amount of their holdings; and (iii) the names of the directors, supervisors, managers and relevant senior executives, as well as the status of their holdings of the Company's shares and bonds. Company's shares and bonds."
Through the above procedures, the shares of a joint stock company can be listed for trading. If a listed company loses the listing conditions stipulated in the Company Law, its shares shall be suspended or terminated in accordance with the law. If a listed company has one of the following circumstances, the SEC shall decide to suspend its stock listing:
1. The company's total share capital, share structure, etc., has changed and no longer meets the conditions for listing;
2. The company does not disclose its financial status in accordance with the regulations, or makes false records of its financial accounting report;
3. The company has committed a major violation of law;
4. The company has Consecutive losses in the last three years. If a listed company has one of the 2 or 3 situations mentioned above, which is proven to be true and the consequences are serious; or has one of the 1 or 4 situations mentioned above, which cannot be eliminated within the deadline and no longer has the listing conditions, the Securities and Futures Commission (SFC) shall decide to list its shares.