What are the provisions of the company law on public shares?

Public shares refer to the shares raised from the public (not employees in the company) when a joint-stock company is established by offering, and also refer to the shares that can be listed and circulated when the public invests their property in the company according to law. According to the different subscribers and listing places of stock limited companies, public shares can be divided into A shares, B shares, H shares and ADR. Under the social offering method, the shares issued by a joint-stock company shall be publicly issued to the public except for the part subscribed by the promoters. According to China's regulations, one of the conditions for a company to apply for stock listing is that the number of shares publicly issued to the public reaches more than 25% of the company's total shares; If the company's total share capital exceeds 400 million yuan, the proportion of shares issued to the public exceeds 10%. After the public shareholding is less than 25%, the listing will be suspended. Public shareholding is less than 25% of the total share capital; If the above conditions are not met for 20 consecutive trading days, the Shanghai Stock Exchange will decide to suspend the listing of listed companies with a total share capital of more than RMB 400 million and a public shareholding ratio of less than 65,438+00%. /kloc-if it still fails to meet the standard within 0/2 months, the SSE will terminate its stock listing and trading. The Supplementary Notice on the Share Distribution of Listed Companies in the Listing Rules of Shanghai Stock Exchange issued by Shanghai Stock Exchange today clarifies that the change in the share distribution of listed companies means that the shares held by the public are less than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the shareholding ratio of the public is less than 10%. Among them, the public does not include shareholders who hold more than 0/0% of the shares of the listed company/KLOC-and their concerted actions, as well as directors, supervisors, senior managers and their related parties of the listed company. According to the notice, if the equity distribution of a listed company changes and it fails to meet the listing requirements for 20 consecutive trading days, the Shanghai Stock Exchange will decide to suspend its stock listing and trading. If the listing conditions cannot be met within 12 months from the date of suspension of listing, the Exchange will terminate the listing of its shares. If a company that has been suspended from listing is warned of delisting risk, it may put forward a rectification plan during the above period and resume listing after being approved by this Exchange. To sum up, when companies decide to transfer shares to citizens, it is equivalent to absorbing public funds, and if there is no clear provision in the company law, these companies will unscrupulously turn their legitimate fund-raising behavior into a criminal act against the market and citizens.