Viewpoint | Information Disclosure Obligations of Related Parties to Bankruptcy Matters of Listed Companies-Interpretation of No. 13 and No. 14 of the Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange
Published:
2022-04-02
On March 31, 2022, the "Shanghai Stock Exchange Listed Companies Self-Regulatory Guidelines No. 13-Bankruptcy Reorganization and Other Matters" and "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 14-Bankruptcy Reorganization and Other Matters" will be implemented simultaneously. The above guidelines issued by the Shanghai and Shenzhen Stock Exchanges are basically the same. They mainly stipulate in detail the listed company's reorganization, reconciliation, and bankruptcy liquidation matters (collectively referred to as bankruptcy matters) from a regulatory perspective. The information disclosure obligations of related parties to bankruptcy matters such as senior executives, bankruptcy administrators and their members, creditors, and reorganization investors, and pointed out that listed companies that implement pre-reorganization and other procedures, as well as the bankruptcy of the controlling shareholder, the largest shareholder, subsidiaries and participating companies that have an important impact on the operation of the listed company, which may have a greater impact on the trading prices of the listed company's stocks and their derivatives, refer to the above guidelines to perform Information disclosure obligations. The above two guidelines are of great guiding and normative significance for us to deal with the bankruptcy of listed companies and their affiliated companies. In order to facilitate the operation, the author combed the information disclosure obligations and corresponding obligation subjects in the various stages of bankruptcy matters of listed companies stipulated in the guidelines. See the following table for details: Note: This table is a review for the purpose of intuitively understanding the content of information disclosure, and the specific provisions are subject to the content set out in the guidelines.
On March 31, 2022, the "Shanghai Stock Exchange Listed Companies Self-Regulatory Guidelines No. 13-Bankruptcy Reorganization and Other Matters" and "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 14-Bankruptcy Reorganization and Other Matters" will be implemented simultaneously. The above guidelines issued by the Shanghai and Shenzhen Stock Exchanges are basically the same. They mainly stipulate in detail the listed company's reorganization, reconciliation, and bankruptcy liquidation matters (collectively referred to as bankruptcy matters) from a regulatory perspective. The information disclosure obligations of related parties to bankruptcy matters such as senior executives, bankruptcy administrators and their members, creditors, and reorganization investors, and pointed out that listed companies that implement pre-reorganization and other procedures, as well as the bankruptcy of the controlling shareholder, the largest shareholder, subsidiaries and participating companies that have an important impact on the operation of the listed company, which may have a greater impact on the trading prices of the listed company's stocks and their derivatives, refer to the above guidelines to perform Information disclosure obligations.
The above two guidelines are of great guiding and normative significance for us to deal with the bankruptcy of listed companies and their affiliated companies. In order to facilitate the operation, the author combed the information disclosure obligations and corresponding obligation subjects in the various stages of bankruptcy matters of listed companies stipulated in the guidelines. See the following table for details:
Note: This table is a review for the purpose of intuitively understanding the content of information disclosure, and the specific provisions are subject to the content set out in the guidelines.
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