The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange.
The Company Law has the following provisions for listed companies:
Article 48
To apply for the listing of securities, an application shall be submitted to the stock exchange, which shall examine and approve the application according to law, and both parties shall sign a listing agreement.
The stock exchange arranges the listing and trading of government bonds according to the decision of the department authorized by the State Council.
Article 49
When applying for listing and trading of stocks, corporate bonds convertible into stocks or other securities subject to the recommendation system as stipulated by laws and administrative regulations, an institution with the recommendation qualification shall be employed as a sponsor. The provisions of paragraphs 2 and 3 of Article 11 of this Law shall apply to listed sponsors.
Article 51
The state encourages companies that meet industrial policies and listing conditions to go public.
Article 52
To apply for stock listing, the following documents shall be submitted to the stock exchange:
(a) listing report;
(2) the resolution of the shareholders' meeting to apply for stock listing;
(3) Articles of association;
(4) Business license of the company;
(5) Financial and accounting reports of the company in the last three years audited by an accounting firm according to law;
(6) Legal opinions and letters of recommendation for listing;
(7) The latest prospectus;
(8) Other documents stipulated in the listing rules of stock exchanges.
Article 53
After the application for stock listing is examined and approved by the stock exchange, the company that signed the listing agreement shall announce the relevant documents for stock listing within the prescribed time limit, and place the documents in the designated place for public inspection.
Article 54
A company that has signed a listing agreement shall announce the following items in addition to the documents specified in the preceding article:
(1) The date when the shares are allowed to be traded on the stock exchange;
(2) The list of the top ten shareholders who hold the most shares of the company and the amount of their shares;
(3) The actual controller of the company;
(4) Names of directors, supervisors and senior managers and their holdings of company stocks and bonds.
Article 55
Under any of the following circumstances, the stock exchange shall decide to suspend its stock listing and trading:
(a) the company's total share capital, equity distribution and other changes no longer meet the listing conditions;
(2) The company fails to disclose its financial status as required, or makes false records in its financial and accounting reports, which may mislead investors.
(3) The company has committed major illegal acts;
(4) The company has suffered continuous losses in the last three years;
(5) Other circumstances stipulated in the listing rules of stock exchanges.
Article 56
The listing of a listed company shall be terminated by the stock exchange under any of the following circumstances:
(a) the company's total share capital, equity distribution and other changes no longer meet the listing conditions, and still can not meet the listing conditions within the time limit stipulated by the stock exchange;
(2) The company fails to disclose its financial status as required, or makes false records in its financial and accounting reports, and refuses to make corrections.
(3) The company has suffered losses continuously in the last three years, and failed to return to profit in the following year;
(4) The company is dissolved or declared bankrupt.
(5) Other circumstances stipulated in the listing rules of stock exchanges.
Article 57
A company applying for listing corporate bonds shall meet the following conditions:
(1) The term of corporate bonds is more than one year.
(2) The actual amount of corporate bonds issued is not less than 50 million yuan;
(3) The company still meets the statutory conditions for issuing corporate bonds when applying for listing bonds.
Article 58
To apply for the listing of corporate bonds, the following documents shall be submitted to the stock exchange:
(1) Listing report
(2) The resolution of the board of directors on applying for listing of corporate bonds.
(3) Articles of Association
(4) Business license of the company;
(5) Measures for raising corporate bonds
Securities Law (VI) Actual issuance amount of corporate bonds
(7) Other documents stipulated in the listing rules of stock exchanges. When applying for the listing of convertible corporate bonds, a listing recommendation letter issued by the sponsor institution shall also be submitted.
Article 59
After the application for listing of corporate bonds is approved by the stock exchange, the company that signed the listing agreement shall announce the listing documents and related documents of corporate bonds within the prescribed time limit, and place the application documents in designated places for public inspection.
Article 60
After the listing and trading of corporate bonds, the stock exchange decides to suspend the listing and trading of corporate bonds under any of the following circumstances:
(a) the company has a major illegal act;
(2) Significant changes have taken place in the company's circumstances, which do not meet the conditions for listing corporate bonds.
(3) The funds raised by corporate bonds are not used according to the approved purposes.
(4) Failing to fulfill its obligations in accordance with the measures for raising corporate bonds.
(5) The company has suffered continuous losses in the last two years.
Article 61
The stock exchange decides to terminate the listing and trading of corporate bonds if it finds that the company has serious consequences due to the circumstances listed in Items (1) and (4) of the preceding article, or the circumstances listed in Items (2), (3) and (5) of the preceding article have not been eliminated within the time limit. Where a company is dissolved or declared bankrupt, the stock exchange shall terminate the listing and trading of its corporate bonds.
Article 62
If you are dissatisfied with the decision made by the stock exchange not to list, suspend listing or terminate listing, you may apply to the review institution established by the stock exchange for review.