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How long will the company's listing be closed?

Time: 14:50:40 December 25, 2019
What does a company's closed period mean? The so-called closed period actually refers to the lock-up period, which refers to the special period during which investors hold shares of listed companies but cannot trade in the market. The setting of a closed period is a special policy arrangement. Its fundamental purpose is mainly to stabilize the shareholder structure and company operations of listed companies. Major shareholders, actual controllers, and executives quickly reduce their holdings and liquidate after the company's listing, causing large fluctuations in stock prices. Guard against moral hazard.

The closing period of the listing varies depending on the target. For example, the basic standard for all shareholders is 12 months, and the standard for controlling shareholders, actual controllers and related parties is 36 months after listing. Directors, supervisors and The closing period of senior executives is one year after listing, and the annual sales can not exceed 25%, and the transfer cannot be transferred for half a year. From half a year to one year, no more than 50% within 6 months after leaving. For the directors, supervisors and senior management of GEM listed companies, the closing period is based on the date of IPO listing, and the six-month period is used to declare resignation within six months from the date of IPO listing. Within eighteen months from the date of the IPO, he cannot transfer the shares directly held by him; if he declares his resignation between the seventh month and the twelfth month from the date of the IPO, he shall not transfer his shares within twelve months from the date of the notice of resignation The shares of the company directly held can basically be seen to have a closed period of about two years. In special cases, the closed period can reach three years.

In addition, the closing period has also been specified in the SME Board and the ChiNext. The setting of a closed period has a positive effect on the stability of listed companies. At the same time, there is a certain risk of weakening liquidity. Investors need to weigh the advantages and disadvantages and choose carefully when buying. (.Shares.)
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