What does share reform mean?

Share reform refers to the share-trading reform of listed companies, which is a process to eliminate the institutional differences in share transfer in the A-share market through the interest balance negotiation mechanism between non-tradable shareholders and tradable shareholders. In order to eliminate the institutional differences in share transfer in the A-share market, the state promulgated the share reform, which is a negotiation mechanism through the balance of interests between non-tradable shareholders and tradable shareholders. Generally speaking, the split share structure restricts the development of the macro-empty mode of the capital market from all aspects and promotes the fundamental change of the state-owned assets management system.

Shareholding system reform

1, qualification and number of sponsors

If the original enterprise investor is the sponsor, it will involve the change of the organizational form of the original company. According to Article 44 of the Company Law, the dissolution, division or change of corporate form of a limited liability company must be approved by shareholders representing more than two thirds of the voting rights.

2. Sponsor's share capital and subscription method

The Company Law stipulates that the minimum capital of a company limited by shares shall not be less than 5 million yuan, and the minimum registered capital of a company limited by shares listed and issued shall be 50 million yuan, and the company shall make profits in the first three years. According to the listing and issuance conditions of GEM, the net assets at the end of the latest period are not less than 20 million yuan, and there is no uncompensated loss. The total share capital after issuance is not less than 30 million yuan.

A joint stock limited company may be established through initiation or offering.

3. A governance structure that meets the requirements of a joint stock limited company.

According to the provisions of the Company Law, it is necessary to establish a governance structure that meets the requirements of a joint stock limited company, such as setting up a shareholders' meeting as the authority of the company, setting up a board of directors and a board of supervisors, and the board of directors will appoint a manager as the company's operation manager according to the company's articles of association. The manager presides over the production, operation and management, and organizes the implementation of the resolutions of the board of directors; As the internal supervision organization of the company, the board of supervisors exercises supervision over directors, managers and other senior managers.

4, with a fixed place and production and operation conditions.

The fixed sheltered production and business operation place is the fixed place where a joint stock limited company engages in business activities. In order to facilitate the company to carry out business with others or organizations, a joint stock limited company may set up a number of production and business premises according to the needs of business activities. In order to facilitate the management of a joint stock limited company, the administrative department for industry and commerce requires the company to register its domicile. The domicile of the company is the location of the company's management organization, but it is not necessarily the place of production and operation. For example, the company's domicile can be in the city, while the company's production factory can be in the suburbs, or even other cities or countries.