What are the provisions of the Company Law on the transfer of shares held by senior managers of listed companies?

The Company Law and the Securities Law only stipulate that senior executives shall not transfer more than 25% of their shares each year, but there is no clear explanation on the base. In this regard, in 2007, the CSRC issued the Management Rules for Shares of Listed Companies and Their Changes, which made up for this loophole.

The principle is: when there are no new shares in that year, the calculation formula of the number of shares that directors, supervisors and senior managers of listed companies can reduce is as follows

The number of shares that can be reduced = the number of shares held at the end of last year X25%

As long as the senior executives do not leave their posts and increase their holdings, the general lock-in of shares will be lifted from June 65438+ 10/2006, but only 25% of all the shares held, that is, 2500 shares, can be transferred. Assuming that he reduced all his shareholdings in 2006, what he can reduce in 2007 is 7500*25%.

In addition, there are several points for your reference.

(1) Disposal of new shares this year

The newly-added shares in that year are dealt with in two ways: if the shares held are increased due to equity distribution in the form of bonus shares and capitalization, the number of shares that can be reduced in that year can be increased in the same proportion. If shares are added for other reasons, 25% of the newly added shares with unlimited sale conditions can be transferred in the current year, and the newly added shares with limited sale conditions cannot be reduced, but they are included in the transferable share base of the following year.

(2) Disposal of transferable and untransferred shares in the current year

Shares that can be reduced but not reduced in the current year cannot be reduced freely in the following year, that is, the number of transferable shares should be recalculated on the basis of the number of shares held at the end of the current year.