the Commission held a media briefing

Practitioners say, compulsory dividend rules of implementation of and follow-up to, IPO from gem company began, boards and small bonus rules will also progressively introduce new initiatives just out to the SFC in dividends after the introduction, journalists today was informed that the detailed rules for the Securities and Futures Commission recently launched dividend of listed companies for gem, require the gem company dividends promised to write a Constitution andMajor issues in the prospectus do tip. 　　In addition, the Commission requires the gem company to develop the dividend return plan, should be continued. According to the requirements of the securities, the issuer should be clear in the articles: issue shares to be listed after profit distribution policies, including the distribution of profits, specific conditions and the amount or proportion of cash dividends, stock dividends issuedSpecific conditions, the distribution of profits during the interval, such as distribution of profits shall perform the procedure for the consideration. At the same time swtor power leveling, issuers on profit distribution planning decisions and adjustment mechanisms also need to be clear in the articles. As a result of large changes in the external business environment and internal operation of the need to adjust the profit distribution policy, protection of shareholders ' rights should be the starting point, at the general meeting of shareholders in the proposalDetailed demonstration and explanation. Under the new rules, issuers need to disclose in the prospectus profit distribution policy and implementation during the reporting period, including the distribution of profits is not cause, and retained the use of funds. In addition, the company's dividend return factors considered by the planning and formulation and decision-making processes also require to disclose in the prospectus. The industry believes, the SFC on the gemCompany's dividend requirements starting from the listed sources picked up. 　　At the same time, concern is that of the SFC to require issuers in prospectuses Home on the dividend policy for "significant matters tips", to issue shares to be listed after the profit distribution policy, the specific plans to reward plan, dividend policy and dividends instructions. This corresponds to, sponsor organizations,Intermediaries such as lawyers and reporting accountants have many duties, to the issuer's dividend policy disclosure verification and the verification opinion. Special requirements of the SFC, verification of intermediaries should indicate whether the profit distribution policy issuers focus on giving investors steady returns, whether it is conducive to protecting the legitimate rights and interests of investors, company prospectus and the prospectus on the distribution of profitsDisclose whether the relevant provisions. Although on the surface, the new rules of the securities is intended primarily for information disclosure of companies pay dividends for the specification and refinement, and does not constrain what percentage of the cash dividend, but investment bankers point out that, although not listed any hard constraints, in the implementation in practice, the SFC may be similar to the window to direct requests toRed promises, especially for IPO companies, have been implementing this requirement. Practitioners say, compulsory dividend rules of implementation of and follow-up to, IPO from gem company began. Bonus rules governing boards and small and certainly will continue. This reporter learned that, although the current Board and small bonus rules have not yet issued, but the IPO volumes of material to beListed companies have joined the dividends promised in the original prospectus. 　　November 10, the Commission held a media briefing, promised in response to market the four hot spots, to force listed companies increase cash dividends reward shareholders, strengthening the construction of credit of listed companies, and so on. Recently issued to the various market organisations implement the document, whether it isHonesty is also stepped up its dividend the old republic power leveling, first start with the second board companies. On November 18, Commission officials said the delisting of the gem system will also be made public for comment. Open frame early release under gem in the GEM listing rules of the Shenzhen Stock Exchange 11 clear delisting criteria, including the last two years of losses, the mostClose fiscal year shows that year audited a negative net worth, the company implemented stock 120 consecutive days cumulative turnover of less than 1 million shares. In July this year, General Manager of Shenzhen Stock Exchange announced Song Liping, on this basis will also add two standard cumulative Exchange publicly censured 3 within the last 36 months, prices for 20 consecutive trading days less than the nominal value of stocks transactions, Will terminate the GEM listing on the stock.