"Preferred Stock Pilot Management Measures" Released Yesterday.

< p > > a href= "//www.sjfzxm.com/news/index_s.asp" > www.sjfzxm.com/news/index_s.asp < /a > < strong > < a href= "//www.sjfzxm.com > > preferred stock < /a > pilot management measures promulgated yesterday.

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< p > < strong > companies are not listed, they can also issue preferred shares.

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< p > noun explanation: < /p >

< p > preferred stock is also a stock, but its holder has priority over the holder of common stock in terms of profits dividends and the right to distribute residual property.

Preferred shareholders do not have the right to vote and be elected, nor do they have the right to participate in the business. Preferred shareholders can not withdraw shares, and can only be redeemed through the agreed terms.

As a compensation for abandoning shareholders' rights, preferred stock holders give priority to dividends paid by the company.

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< p > China Securities Regulatory Commission promulgated the "preferred stock pilot management measures" 21 days ago.

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< p > Zhang Xiaojun, a spokesman for the SFC, has 9 chapters and 70 articles, including the exercise of general principles, the exercise of shareholders' rights of preferred stock, preferred shares issued by listed companies, non-public offering preferred stock of non listed public companies, paction pfer and registration settlement, information disclosure, buyback and merger and reorganization, regulatory measures and legal responsibilities, and supplementary provisions.

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< p > < strong > no more than two hundred persons per issue, < /strong > < /p >.

< p > according to the method, listed companies may issue preferred shares, and non listed public companies may issue preferred shares in private.

If a listed company issues preferred stock, it may apply for approval and sub issue.

Non - public offering preferred shares are issued only to qualified investors, and no more than two hundred persons are issued each time.

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< p > the regulations focus on the links that are easy to appear.

The first is to limit the coupon dividend rate of < a href= "//www.sjfzxm.com/news/index_c.asp > /a" non-public offering preferred stock "and ask it to" not exceed the weighted average return on net assets of the last two fiscal years ".

The two is to exclude the directors, senior managers and spouses of the issuing companies from outside the scope of the non-public offering of qualified investors, so as to avoid the pfer of interests.

The three is to stipulate that a listed company should issue a preferred stock to related shareholders, and the related shareholders should avoid voting.

The four is to require independent directors to issue special opinions on Issuing preferred shares.

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< p > Zhang Xiaojun said that the law stipulates that "listed companies shall not issue preferred shares that can be converted into common stocks".

In view of the special requirements of capital supervision of commercial banks, commercial banks may, in accordance with regulatory provisions, convert preferred shares into common stock when the trigger of non-public offering triggers.

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< p > < strong > public offering requires three years of profit less than /strong > /p >

< p > on the conditions for issuing preferred shares, Zhang Xiaojun said that according to the development process of overseas preferred stock, an important application of preferred stock is to provide temporary financing facilities for companies operating temporarily but with overall assets in good condition.

Therefore, the method stipulates that "the annual average distributable profit realized in the last three fiscal years should be no less than the general requirement of the dividend of a preferred stock for one year", so that the conditions for non-public issuance preferred stock are more reasonable. At the same time, the listed companies that still require the issuance of preferred shares are fully qualified for the last three fiscal years, with the conditions of < a href= "//www.sjfzxm.com > > earnings < /a > /p.