滬深交易所發佈停復牌新規

China's two stock exchanges set the upper-time limit for listed firms' trading suspension to better protect investors' interests.

爲了更好的保護投資者的利益，近日，上海證券交易所和深圳證券交易所針對上市公司停牌時間設限。

Listed firms on the Shanghai and Shenzhen bourses seeking to suspend trading over important asset reorganization should finish the process within a time frame of no longer than three months, according to statements released by the two institutions.

根據這兩家國內的證券交易所發佈的聲明，上海和深圳交易所的上市公司因重大資產重組而尋求停牌的，其完成這一程序的時間不得超過3個月。

In addition, similar time limits were also rolled out for continuous plans for asset reorganization, non-public offerings and major asset purchase.

此外，兩家交易所還針對連續的資產重組方案、非公開發行、重大資產購買等事項制定了類似的時間限制。

The new rules are meant to "curb stock suspensions at will and to regulate suspensions", the Shanghai Stock Exchange said.

上海交易所表示，新規是爲了遏制隨意對股票進行停牌，並對停牌操作進行管理。

Over 1,400 companies suspended their Shanghai- and Shenzhen-listed shares to prevent stock prices from plunging further after the mainland stock market underwent a major correction in June last year.

內地股市在去年六月進行了一次大的修正之後，超過1400家公司暫停其上海和深圳上市股票，以防止股票價格進一步下跌。

"The arbitrary share suspension is a shared concern of regulators and investors both in China and abroad." said Gao Ting, head of China strategy at UBS Securities.

瑞銀證券中國戰略主管高挺表示：“無論是在國內還是國外，隨意對股票進行停牌都是監管層和投資者共同關注的問題。”

Around 300 companies were suspended from trading in April this year, half of which cited restructuring as reason while another 40 percent only vaguely described their reason for suspension as "important events," according to Goldman Sachs.

根據高盛集團的信息表示，大約有300家公司在今年四月停牌，其中一半以重組爲原因，而另外40%只是模糊地描述其原因爲“重要事件”。