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Shanghai Stock Exchange Issues Rules for Particular Transfer
The Shanghai Stock Exchange issued new rules for particular transfer (PT) service for suspended stocks Thursday.
Under the new rules, PT service will be offered for suspended stocks on the PT day. Bidding prices shall not be five percent higher than the last transaction price, but no limit is imposed on the slide.
When the bourse decides to suspend a stock, it will notify the firm and the public of its decision. Normal services for the stock will stop on the same day the public is notified.
The company involved shall also notify the public of the suspension of its stock, after which the PT service will be made available for its stock.
PT service will be stopped on the day an application for a grace period is formally taken up by the bourse, or when the application is denied and publicly announced.
The service will also be stopped on the day a firm has publicly announced its intention not to file for a grace period.
If a firm fails to apply for a grace period within 45 days of the suspension of its stocks, PT service will halt on the 46th day.
The rules also cover other cases inviting a halt of PT service, among them, the delisting of a stock or the cancellation of a suspension.
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