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A Brief Introduction to Stock Transfer Agent System
Stock transfer agent services refer to stock transfer brokerage services provided by securities companies with their own facilities to non-listed companies.
In order to provide a solution for the transfer of negotiable shares transacted in original STAQ and NET systems, China Securities Regulatory Commission approved the Securities Association of China to launch Measures of Experimental Stock Transfer Agent Services of Securities Companies on June 12, 2001. The first stock transfer company debuted on July 16, symbolizing the startup of the equity transfer agent system. After August 29, 2002, stocks of delisted companies have become another kind of stocks made experiment in the transfer agent system.
At present, only stocks listed on the original STAQ and NET systems and stocks delisted from Shanghai Stock Exchange and Shenzhen Stock Exchange were transacted in the stock transfer agent system. A company applying to have their stocks transacted in the system must satisfy the following requirements: it should be a legal joint stock company with a complete management structure, and the percentage of its shares registered to be deposited should reach a certain level.
Stocks in the system will be transacted in aggregate auction. The amplitude of stock price fluctuation should be within 5% of the opening price. The stocks will be separated into 2 categories. Stocks of companies with a positive equity interest or net profit were allowed to transact 5 times a week, and others were allowed to transact 3 times a week.
The stock transfer agent system is independent from the transaction system of stock exchanges. Investors should open a non-listed company stock transfer account before they can transfer stocks in the stock transfer agent system.
Investors should have a full understanding of the great risk in transacting stocks in the stock transfer agent system. Before signing a proxy agreement with a securities sales department and starting the transaction, investors should read the Warning of Risk in Stock Transfer, and sign on it promising that they will take the investment risk.
Companies listed on the system should disclose information as required in Detail Rules of Information Disclosure of Stock Transfer Companies. Companies whose stocks were transferred 5 times a week should disclose information as required for listed companies. Companies whose stocks were transferred 3 times a week should disclose annual report audited by CPA companies qualified to deal with securities related businesses within 4 months after the ending of a fiscal year.
The sp*****oring broker should supervise, guide and urge the stock transfer company to disclose information timely and exactly according to the agreement of stock transfer agent. The sp*****oring broker is amenable to suspend the transfer of a company if it fails to discloses information as required.
Securities Association of China entrust Shenzhen Stock Exchange to carry through real-time supervision to the stock transfer, and undertake the resp*****ibility of self-disciplined management to supervise the operation of the equity transfer agent system.
By the end of 2002, there have been 12 companies having 14 stocks listed on the stock transfer agent system. Over 120,000 investors open accounts in it. The system has a capitalization of 8.3 billion yuan, including A-shares of 3.5 billion yuan and B-shares of 25 million US dollars.
