Problems needing attention in split listing of listed companies

(1) Clarify the restrictive standards for the spin-off and listing of enterprises. Because spin-off listing will inevitably have a great impact on enterprises themselves, stakeholders and even the capital market, and not every listed company's resources and conditions are suitable for spin-off, it is necessary to scientifically set the qualifications for spin-off listing of listed companies and clarify the restrictive standards for spin-off. (2) Standardizing the operating procedures of spin-off listing; The split listing of listed companies is of great significance to listed companies. Among the related parties of listed companies, because the interests are not completely consistent with those of other stakeholders, the party in a strong position often uses its dominant position to make decisions that harm the interests of minority shareholders, creditors, company employees and other weak parties. Therefore, in the process of spin-off, we should pay special attention to the procedural justice of the spin-off of listed companies, standardize and control the links that may have greater risks in the process of spin-off, clarify the decision-making procedures and application procedures, and fully reflect the protection of the rights and interests of shareholders and investors. (3) Pay attention to the protection of stakeholders' rights and interests. Because the spin-off listing involves the changes of the assets of the parent company, it has a great impact on the interests of shareholders and creditors of the parent company, especially the protection of the interests of minority shareholders needs to be clarified through institutional arrangements. In fact, standardizing the procedures of spin-off listing is inseparable from protecting the rights and interests of stakeholders. (4) Strengthen the supervision of information disclosure of spin-off listing, pay special attention to the information disclosure of spin-off listing of listed companies, and operate spin-off listing in sunshine. Make stricter regulations on the information disclosure of the spin-off listing of listed companies. The regulatory authorities shall formulate special disclosure rules for spin-off listing information, and stipulate the disclosure requirements, disclosure procedures and disclosure methods of spin-off agreements, financial consultant reports, independent directors' opinions, and the degree of correlation between the proposed spin-off business and the main business of the parent company.