Share reform refers to the share-trading reform of listed companies. It is a process of eliminating institutional differences in share transfers in the A-share market through a negotiation mechanism for the balance of interests between shareholders of non-tradable shares and shareholders of tradable shares. There are four forms of equity setting: state shares, legal person shares, individual shares, and foreign shares."

Shareholding System Reform

(1) Qualifications and Number of Sponsors

If the original corporate investor is the sponsor, it involves a change in the organizational form of the original company. According to the provisions of Article 44 of the Company Law, the dissolution, division or change of the company form of a limited liability company must be approved by the representative 2. Approved by shareholders with 3 or more voting rights

(2) Promoters’ share capital and subscription methods

The "Company Law" stipulates that the minimum capital of a joint-stock company shall not be less than 5 million. The minimum registered capital of a joint-stock company listed on the GEM is 50 million yuan, and the company must have been profitable in the first three years since its establishment. The GEM listing and issuance conditions stipulate that the net assets at the end of the most recent period are not less than 20 million yuan, and there is no Without making up for losses, the total capital after issuance shall not be less than 30 million yuan.

The establishment of a joint-stock company can be through the establishment of a company by way of subscription of shares and payment of shares. It is different. Under the establishment method, the promoter must subscribe for all the shares and pay the full amount at one time; under the fundraising method, the shares subscribed by the promoter shall not be less than 35% of the total number of shares of the company, and the remaining shares shall be publicly raised. /p>

(3) Governance structure that meets the requirements of a joint-stock company

According to the provisions of the "Company Law", a governance structure that meets the requirements of a joint-stock company must be established, such as establishing a shareholders' meeting as the company's power The Board of Directors and the Board of Supervisors shall be formed, and the Board of Directors shall appoint a manager as the company's operating manager in accordance with the company's articles of association. The manager shall preside over the production and operation management and organize the implementation of the Board of Directors' resolutions. Supervision rights of managers, etc.

my country’s GEM market currently has some requirements for corporate governance structure that are not included in the Company Law, such as the establishment of independent directors, the implementation of a sponsor system, and the conditions for issuance and listing. and incentive mechanisms, etc., and puts forward higher requirements for the behavior of directors, supervisors, managers and other senior managers. These aspects need to be further revised and improved in the Company Law.

(4) Having a fixed place and production and operation conditions

A fixed place of production and operation is the fixed place where a joint-stock company conducts business activities. In order to facilitate the company to conduct business and conduct business transactions with other people or organizations, the joint-stock company shall conduct business according to the regulations. To meet the needs of business activities, several production and operation sites can be set up. In order to facilitate the management of a joint-stock company, the industrial and commercial administration department requires the company to register its domicile. The company's domicile is the location of the company's management agency, but it is not necessarily the production and operation site. , the company's residence can be in the city, and the company's production factory can be in the suburbs, or even in other cities or countries.

Extended information:

When the Chinese stock market was first established, it was mainly. It is a listed stock of a state-owned enterprise. Generally, the controlling shareholder of a state-owned enterprise is the state or state-owned asset management departments at all levels. This is also the origin of state-owned shares and legal person shares. State-owned shares and legal person shares cannot be listed and circulated like ordinary shares. The three types of state-owned shares, legal person shares and ordinary shares have formed a situation of "different rights for the same shares and different benefits for the same shares", which is not conducive to the development of the stock market. In this way, the "equity split" slowly began. The purpose of the share reform is to allow state-owned shares and legal person shares to "enjoy" the market treatment of ordinary shares and be able to participate in market circulation. Through full circulation, the same shares will have the same rights and the same benefits.

Reference: Baidu Encyclopedia-Share Reform