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上市公司股份增减持规则
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上交所《上市公司股份减增持规则理解一本通》.pdf
梧桐树下V· 2025-09-01 09:07
Group 1: Shareholding Reduction Rules - The document outlines the main regulatory framework for shareholding reduction by listed companies, including laws and regulations such as the Securities Law and Company Law, with specific implementation dates [7][25]. - It details the identification process for different types of shareholders, including directors, major shareholders, and specific shareholders, and the legal or committed lock-up periods applicable to them [8][9]. - The document specifies the disclosure requirements for shareholding reductions, including the need for announcements prior to selling shares and the timeline for reporting the completion of reduction plans [9][10]. Group 2: Market Value Management Rules - The document emphasizes that market value management is a strategic behavior aimed at enhancing company quality to improve investment value and shareholder returns [17]. - It highlights various methods for enhancing investment value, including mergers and acquisitions, employee stock ownership plans, cash dividends, investor relations management, and share buybacks [17][19]. - The document outlines the responsibilities of different stakeholders, including board members and major shareholders, in promoting and managing the company's market value [17][19]. Group 3: Fundraising Rules - The document describes the regulatory framework for fundraising by listed companies, including the requirement to open special accounts for raised funds and the prohibition of using these funds for non-designated purposes [25][27]. - It specifies the conditions under which companies can adjust their fundraising plans, including the need for board approval and timely disclosure of any changes [27][28]. - The document also addresses the management of idle funds, allowing temporary cash management under strict conditions to ensure the funds are used appropriately [27][28].