The abstract is to implement the "Guiding Opinions of the State Council on Piloting Preference Shares" (Guo Fa [2013] No. 46) and the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legal Rights and Interests of Small and Medium-sized Investors in the Capital Market" (State Council issued [2013] ]110), with...
In order to implement the "Guiding Opinions of the State Council on Piloting Pilot Shares" (Guo Fa [2013] No. 46) and the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legal Rights and Interests of Small and Medium-sized Investors in the Capital Market" (Guo Banfa [2013] No. 110), in line with the implementation of the “Priority Stock Pilot Management Measures”, guide and standardize the listed companies to make full use of the preferred stock system to innovate and effectively protect the legitimate rights and interests of small and medium-sized investors. Recently, the CSRC has carried out centralized revision and revision of nine normative documents such as the “Guidelines for the Listing of Listed Companies”.
It is understood that these nine normative documents are the "Guidelines for the Listing of Listed Companies (2006 Revision)" (hereinafter referred to as the "Guidelines for the Constitution"), the Rules of the General Meeting of Listed Companies (hereinafter referred to as the "Convention Rules"), and the "public offering" Corporate Information Disclosure Content and Format Guidelines for Securities No. 2 - Content and Format of Annual Report (Revised in 2012) (hereinafter referred to as "Annual Reporting Guidelines"), "Company Information Disclosure Content and Format Guidelines for Public Offering of Securities No. 3 - Contents and Formats of the Semi-annual Report (Revised in 2013) (hereinafter referred to as the "Semi-annual Reporting Guidelines"), "Corporate Information Disclosure and Registration Rules for Public Offering of Securities No. 13 - Special Provisions on the Content and Format of Quarterly Reports (2013) Revision) (hereinafter referred to as "Quarterly Report Rules"), "Company Information Disclosure Content and Format Guidelines for Public Offering of Securities No. 15 - Report on Changes in Equity" (hereinafter referred to as "Equity Change Report"), "Public Issuance of Securities" Corporate Information Disclosure Content and Format Guidelines No. 16 - Listed Company Acquisition Report (hereinafter referred to as the "Acquisition Report" ")), "Company Information Disclosure Content and Format Guidelines for Public Offering of Securities No. 17 - Tender Offer Report" (hereinafter referred to as "Tender Offer Report") and "Company Information Disclosure Content and Format Guidelines for Public Offering of Securities" No. - Application documents for major assets restructuring of listed companies (hereinafter referred to as "Reorganization Documents").
The spokesman of the Securities and Futures Commission, Deng Wei, said that the revision follows the idea of ​​“deregulation and strengthening supervision”. The main contents include:
First, clarify the rights of preferred stockholders, refine the shareholder exercise mechanism and combine the characteristics of preferred stocks, in order to ensure that all types of shareholders realize their rights and interests in a fair and orderly manner, this revision, first, clear the priority in the notes section of the "Guidelines of the Bylaws" The definition of shares, and prompts the company to make requirements in the articles of association regarding the conditions for the issuance of preferred shares, whether it can set different priorities for other terms in addition to the distribution of profits and the right to distribute the remaining property.
The second is to clarify the rights of preferred shareholders. On the one hand, in the "Guidelines for the Bylaws" and "Rules of the General Assembly", it is generally stipulated that the shareholders of preferred stocks do not attend the general meeting of shareholders, and the shares held do not have voting rights. On the other hand, the "Guidelines for the Bylaws" and the "Rules of the General Assembly" respectively stipulate that the shareholders of preferred shares have the right to vote in the following major matters when reviewing the following major issues, and at the same time refine the procedural requirements: (1) modify the company's articles of association with priority (2) One or cumulative reduction of the company's registered capital of more than 10%; (3) merger, division, dissolution or change of company form; (4) issuance of preferred shares; (5) other provisions of the company's articles of association situation. At the same time, in order to ensure that the preferred stockholders can effectively defend their rights when they are owed dividends, the “Guidelines for the Bylaws” require that the company’s articles of association clarify that when the company’s accumulated three fiscal years or two consecutive fiscal years fail to pay dividends on preferred stocks, priority Shareholders can resume voting rights until the company pays the dividends owed in full according to the charter.
Third, in order to facilitate shareholders' participation in the decision-making of the company's preference shares, the revised "Guidelines for the Bylaws" and "Rules of the General Assembly" require the company to provide online voting when convening a general meeting of shareholders to consider relevant proposals. At the same time, the "Rules of the General Assembly" also provides for the voting requirements for the consideration of the issuance of preferred stocks at the general meeting of shareholders.
Second, improve the voting and disclosure mechanism, and strengthen the protection of the rights and interests of small and medium-sized investors. After the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legal Rights and Interests of Small and Medium-sized Investors in the Capital Market", I will follow the "Opinions" on "Guiding the Shareholders' Meeting of Listed Companies. Adopting online voting methods; actively promoting the voting system to elect directors and supervisors; listed companies may not impose minimum shareholding ratio restrictions on collecting voting rights; establish separate counting mechanism for small and medium investors; improve the pertinence of information disclosure, and formulate voluntary and concise Specific requirements such as the “Disclosure Rules” have been amended and supplemented with the relevant provisions of the “Guidelines for the Constitution”, “Rules of the General Assembly”, “Guidelines for Annual Reports” and “Guidelines for Semi-annual Reports”.
In order to effectively improve the transparency of corporate governance, fully disclose the issuance of preferred stocks and the shareholding of preferred stockholders, and the revised “Relevant Shares Related Information” section in the revised Annual Report Guidelines and Semi-annual Reporting Standards, special disclosures (1) the issuance and listing of preferred shares; (2) the distribution of profits of preferred shares; (3) the repurchase or conversion of preferred shares (applicable to commercial banks); (4) the relevant circumstances concerning the restoration of voting rights of preferred shares , including the recovery and exercise of relevant voting rights, the situation of shareholders and actual controllers and major accounting data and financial indicators; (5) accounting policies and reasons for preferred stocks. (6) The total number of preferred shareholders and the top 10 preferred shareholders. At the same time, the revised "Quarterly Report Rules" updated the relevant provisions, focusing on the disclosure of preferred stockholders and their shareholdings. In addition, in order to avoid repeated disclosure of the above contents in different chapters of the annual report and the semi-annual report, this revision continues to strengthen the application of the index, allowing the disclosure content to be reduced without affecting the effectiveness of the disclosure.
III. Refining the types of shareholders' equity and improving the rules of mergers and acquisitions This revision combines the calculation of equity interests, special provisions for tender offers and the issue of preferred stocks as the innovation needs of M&A and payment instruments, and makes the following improvements to the M&A rules:
First, when the change in the equity of a listed company is clearly calculated, it does not include preferred stocks whose voting rights have not been restored.
Second, it is clear in the revised "Tender Offer Report" that when the tender offer obligation is triggered, different acquisition conditions may be proposed for the preferred stock and the common stock.
Third, in order to regulate listed companies to purchase assets or support financing through the issuance of preferred stocks, this revision of the “Restructuring Documents” supplements the information disclosure requirements for issuing preferred stocks.
IV. Other amendments In addition to the above amendments, in contrast to the “Listed Companies Supervision Guide No. 3 – Cash dividends of listed companies” issued in November 2013, the revised “Articles of Association Guidelines” requires the company to state cash in the articles of association. The dividend policy, sound dividend decision-making procedures and mechanisms, clarify the priority of cash dividends relative to stock dividends in the way of profit distribution.
At the same time, combined with the actual situation of information disclosure of listed companies, this revision also makes the following changes to the "Annual Reporting Guidelines": First, in order to highlight the investor demand orientation, the mandatory disclosure of the financial status, operating results and cash flow of the controlling shareholder of the legal person will be transferred. To encourage disclosure. The second is to revise the mandatory disclosure requirements for the listed company's directors and supervisors to receive remuneration from the controlling shareholder. They only require disclosure to receive remuneration and no longer require disclosure of specific amounts. The third is to increase the flexibility requirements for the articles in the “Annual Reporting Guidelines” that do not apply to the specific industry in which the company is located, or which cannot be disclosed for other reasons, and allow the company to temporarily disclose the reasons on the premise of fully explaining the reasons.

SIC

Emery, also known as Silicon Carbide (SiC), is produced by high-temperature smelting of resistance furnaces using quartz sand, petroleum coke (or coal coke), and sawdust (need to add salt when green silicon carbide is produced). Silicon carbide also has a rare mineral, Moissanite, in nature. Silicon carbide is also called Carbon silica. Among the non-oxide high-tech refractory raw materials such as C, N, B, etc., silicon carbide is the most widely used and the most economical one, and it can be called gold grit or refractory sand. At present, China's industrial production of silicon carbide is divided into two types of Black Silicon Carbide and green silicon carbide, are hexagonal crystals, the specific gravity of 3.20 ~ 3.25, the microhardness of 2840 ~ 3320kg/mm2.

Silicon carbide has two common basic varieties of black silicon carbide and green silicon carbide, both of which are α-SiC. 1 Black silicon carbide contains about 95% of SiC. Its toughness is higher than that of green silicon carbide. It is mostly used for processing low tensile strength materials such as glass, ceramics, stone, refractory materials, cast iron and non-ferrous metals. 2 Green silicon carbide contains more than 97% SiC, self-sharpening, mostly used for processing hard alloys, titanium alloys and optical glass, also used for honing cylinder liners and grinding high-speed steel cutters. In addition, there is cubic silicon carbide, which is a yellow-green crystal made by a special process, used for the production of abrasives for bearing superfinishing, surface roughness can be processed from Ra32 ~ 0.16 microns to Ra0.04 ~ 0.02 micron.

 

Silicon Carbide

Silicon Carbide,Black Silicon Carbide,Silicon Carbide For Abrasives,High Purity Silicon Carbide

Hwa Seng Resources (Hong Kong) Co., Limited , https://www.hwaseng-resources.com