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限售股解禁是“股改”的遗留问题。市场从股权分置到实现全流通，必然要求建立与之相适应的新的市场制度。“股改”的顺利完成，并不意味着新的制度己经建立起来。如果说股改限售股的解禁只是一个暂时性的问题，首发原股东股份的解禁则是将来市场将一直存在的问题。

Restricted shares lifted a "stock change" legacy. Market from tradable to achieve circulation inevitably requires the establishment with suitable new market system. "Stock change" successfully completed, does not mean that the new system has been established. If the share reform Restricted Shares lifting of the ban is only a temporary problem, starting the original shareholders shares lifted the market will have been sucked to the problems. Therefore, only the establishment and improvement of restricted shares on the share reform, the new and old for rear starting the original shareholders holdings of shares of the market system in order to ensure that the market in tradable mode running smoothly.

因此，只有建立与完善有关股改限售股、新老换断后首发原股东股份减持的市场制度，才能确保市场在全流通模式下能够顺利运转。

(A) the reduction of the current restrictive regulations on
Starting the original general shareholders within one year after listing of the Shares may not be transferred; starting the controlling shareholder of shares within three years shall not be traded. Such provisions recent slight relaxation, such as the September 2008 revised "Stock Listing Rules", the original share capital increase before the first lock-up period shortened from three years to one year, while starting the original controlling shareholders in a listed years later in the same person under the legal control of inter-transferable.
Time to implement the relevant provisions of laws and regulations
"Securities Law" in October 2005 listed company directors, supervisors and senior management, shares of listed companies held more than five percent of the shareholders, will be held by the company's shares sold within six months after the purchase , or sell it within six months after purchase, which proceeds belong to the company, the Board shall recover its proceeds.

Listed company's controlling shareholder in the company's annual report, semi-annual report shall not be transferred within 30 days before the announcement of the lifting of restrictions on sale of stock shares.

Issuers are invited to the listing of its shares, the controlling shareholders and actual controllers shall undertake: 

white pedestrians stock market within 26 months from the date will not transfer or entrust others to manage their own direct and indirect holdings Issue people pre-IPO shares in issue, not by the issuer acquire the shares, but parties to the transfer are subject to common control relationship exists or actual controller control, white hair pedestrian year from the date the stock market, may exempt from this commitment; issuer pre-IPO shares in issue, hair pedestrian year from the date of listing of shares may not be transferred.

"The stock of listed companies to lift restrictions on the transfer of shares guidance," April 2008
"Stock Listing Rules" September 2008 Revision

 (Two) on the reduction of restricted shares specified channel
Time to implement the relevant provisions of laws and regulations
"The stock of listed companies to lift restrictions on the transfer of shares guidance" in April 2008 to lift restrictions on sale of stock shares held by shareholders sold to the public wit本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。