Legal basis: Article 6 of the Regulations on the Establishment of Shareholders and Directors of Listed Companies shall not reduce its shares under any of the following circumstances:
(1) The listed company or major shareholder is suspected of committing crimes in securities and futures, and has been placed on file for investigation by the China Securities Regulatory Commission or judicial organs, and it has not been six months since the decision on administrative punishment or criminal judgment was made.
(2) The major shareholder has been publicly condemned by the stock exchange for violating the rules of the stock exchange for less than three months. (3) Other circumstances stipulated by the China Securities Regulatory Commission.
Article 7 Under any of the following circumstances, the directors of a listed company may not reduce their shares:
(a) Dong is suspected of committing crimes in securities and futures, and it is less than six months after the administrative punishment decision and criminal judgment are made during the period when he is placed on file for investigation by the China Securities Regulatory Commission or the judicial organ.
(two) Dong has been publicly condemned by the stock exchange for violating the rules of the stock exchange for less than three months. (3) Other circumstances stipulated by the China Securities Regulatory Commission. Article 8 Where a major shareholder or director of a listed company intends to reduce his/her shares through centralized auction trading on the stock exchange, he/she shall report to the stock exchange 15 trading days before the initial offering, and disclose the reduction plan in advance, which shall be filed by the stock exchange. The contents of the shareholding reduction plan of major shareholders and directors of listed companies shall include but not limited to the quantity, source, time interval, mode, price range and reasons of shareholding reduction. The time interval of reduction shall conform to the provisions of the stock exchange. During the time interval of pre-disclosure, the major shareholder Dong shall disclose the progress of reduction in accordance with the provisions of the stock exchange. After the implementation of the reduction plan, the major shareholders and directors shall report to the stock exchange and make an announcement within two trading days; If the reduction plan is not implemented or completed within the pre-disclosed reduction time interval, it shall be reported to the stock exchange and announced within two trading days after the expiration of the reduction time interval. Article 9 The total number of shares reduced by major shareholders of a listed company through centralized bidding transactions on the stock exchange within three months shall not exceed 65,438+0% of the total shares of the company. Shareholders' reduction of the shares issued before the initial public offering of the company and the shares issued by the listed company in a non-public offering through centralized bidding transactions on the stock exchange shall comply with the proportion limit stipulated in the preceding paragraph. The number of non-public shares issued by listed companies that shareholders reduce through centralized bidding within 12 months after the expiration of the restricted share sale period shall also meet the proportion limit stipulated by the stock exchange. When the provisions of the preceding three paragraphs apply, the shares held by the major shareholders of listed companies and their concerted actions shall be calculated together.