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7 In relation to the Securities Law of China, state the statutory conditions to be met to list the stocks of a joint stock company and the relevant organisation that may adopt stricter conditions for such listing.
答案:
7 This question requires candidates to state the statutory conditions to be satisfied to have the stocks listed under the Securities Law and the possible additional conditions by a security exchange.
In accordance with Article 50 of the Securities Law, where a joint stock company applies to have its shares listed, the following conditions shall be satisfied:
(i) The stocks of the company have already been issued publicly with the approval of the securities regulatory authority under the State Council;
(ii) The total amount of the company’s share capital is not less than RMB 30 million yuan;
(iii) The stocks of the company issued publicly amount to 25% or more of the total stocks of the company; where the total amount of the company’s share capital is more than RMB 400 million yuan, the ratio of the stocks issued publicly shall amount to 10% or more of the total stocks; and(iv) The company must have no records of involvement in serious illegal activities in the previous three years, and its financialand accounting statements must contain no false information in the same period.
A stock exchange may also stipulate stricter conditions for listing if such conditions have been approved by the securities regulatory authority under the State Council.
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