每經AI快訊(xun)，4月30日(ri)，上交(jiao)所(suo)就正式(shi)發(fa)布《股票發(fa)行上市(shi)審(shen)核規則(ze)》等9項業務(wu)規則(ze)答記(ji)者(zhe)(zhe)問。本(ben)次(ci)規則(ze)修訂引入現(xian)金(jin)(jin)(jin)分(fen)(fen)紅(hong)(hong)(hong)不(bu)達(da)標實(shi)施(shi)(shi)(shi)“其他風(feng)險(xian)(xian)警示”（ST）措(cuo)施(shi)(shi)(shi)，目的(de)(de)(de)(de)(de)在于(yu)(yu)以(yi)更強的(de)(de)(de)(de)(de)約(yue)束(shu)督(du)促公(gong)(gong)(gong)司(si)(si)(si)(si)回(hui)報(bao)投(tou)資者(zhe)(zhe)。與(yu)“退(tui)市(shi)風(feng)險(xian)(xian)警示”（*ST）不(bu)同，上市(shi)公(gong)(gong)(gong)司(si)(si)(si)(si)不(bu)會(hui)僅因為分(fen)(fen)紅(hong)(hong)(hong)不(bu)達(da)標而(er)被退(tui)市(shi)。分(fen)(fen)紅(hong)(hong)(hong)不(bu)達(da)標實(shi)施(shi)(shi)(shi)ST情形(xing)，針對的(de)(de)(de)(de)(de)是(shi)最近一(yi)年(nian)(nian)盈(ying)(ying)利且(qie)母公(gong)(gong)(gong)司(si)(si)(si)(si)報(bao)表(biao)年(nian)(nian)末未(wei)分(fen)(fen)配利潤(run)為正值(zhi)(zhi)(zhi)的(de)(de)(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)(si)，對過去三年(nian)(nian)的(de)(de)(de)(de)(de)分(fen)(fen)紅(hong)(hong)(hong)情況進行總(zong)體評估(gu)，當三年(nian)(nian)累(lei)計(ji)的(de)(de)(de)(de)(de)分(fen)(fen)紅(hong)(hong)(hong)比例和分(fen)(fen)紅(hong)(hong)(hong)金(jin)(jin)(jin)額(e)(e)均(jun)(jun)不(bu)滿足要(yao)求時(shi)(shi)（即最近一(yi)個會(hui)計(ji)年(nian)(nian)度凈(jing)(jing)利潤(run)為正值(zhi)(zhi)(zhi)且(qie)母公(gong)(gong)(gong)司(si)(si)(si)(si)報(bao)表(biao)年(nian)(nian)末未(wei)分(fen)(fen)配利潤(run)為正值(zhi)(zhi)(zhi)的(de)(de)(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)(si)，最近三個會(hui)計(ji)年(nian)(nian)度累(lei)計(ji)現(xian)金(jin)(jin)(jin)分(fen)(fen)紅(hong)(hong)(hong)總(zong)額(e)(e)低于(yu)(yu)最近三個會(hui)計(ji)年(nian)(nian)度年(nian)(nian)均(jun)(jun)凈(jing)(jing)利潤(run)的(de)(de)(de)(de)(de)30%，且(qie)最近三個會(hui)計(ji)年(nian)(nian)度累(lei)計(ji)現(xian)金(jin)(jin)(jin)分(fen)(fen)紅(hong)(hong)(hong)金(jin)(jin)(jin)額(e)(e)低于(yu)(yu)5000萬元），公(gong)(gong)(gong)司(si)(si)(si)(si)將(jiang)會(hui)被實(shi)施(shi)(shi)(shi)ST。回(hui)購注銷金(jin)(jin)(jin)額(e)(e)納入前述現(xian)金(jin)(jin)(jin)分(fen)(fen)紅(hong)(hong)(hong)金(jin)(jin)(jin)額(e)(e)。指標設(she)計(ji)兼顧(gu)了(le)投(tou)資者(zhe)(zhe)回(hui)報(bao)訴求和公(gong)(gong)(gong)司(si)(si)(si)(si)持續發(fa)展(zhan)需要(yao)，公(gong)(gong)(gong)司(si)(si)(si)(si)可以(yi)在三年(nian)(nian)的(de)(de)(de)(de)(de)評估(gu)期(qi)內根據(ju)公(gong)(gong)(gong)司(si)(si)(si)(si)盈(ying)(ying)利和現(xian)金(jin)(jin)(jin)流情況自主制定分(fen)(fen)紅(hong)(hong)(hong)計(ji)劃。此外，規則(ze)充分(fen)(fen)考慮(lv)了(le)科創板企業研(yan)發(fa)投(tou)入大等情況，作(zuo)了(le)差異(yi)化安排(pai)。本(ben)次(ci)設(she)置(zhi)具體指標時(shi)(shi)，綜合考慮(lv)了(le)未(wei)分(fen)(fen)配利潤(run)、盈(ying)(ying)利情況等影響上市(shi)公(gong)(gong)(gong)司(si)(si)(si)(si)分(fen)(fen)紅(hong)(hong)(hong)的(de)(de)(de)(de)(de)各(ge)種因素，預(yu)計(ji)不(bu)會(hui)有(you)(you)大量(liang)公(gong)(gong)(gong)司(si)(si)(si)(si)因現(xian)金(jin)(jin)(jin)分(fen)(fen)紅(hong)(hong)(hong)不(bu)達(da)標被實(shi)施(shi)(shi)(shi)ST。以(yi)2022年(nian)(nian)度數據(ju)測算，滬(hu)市(shi)涉(she)及公(gong)(gong)(gong)司(si)(si)(si)(si)數量(liang)約(yue)為30家。該規則(ze)將(jiang)于(yu)(yu)2025年(nian)(nian)1月1日(ri)起正式(shi)實(shi)施(shi)(shi)(shi)，首次(ci)“最近三個會(hui)計(ji)年(nian)(nian)度”指2022年(nian)(nian)度至(zhi)2024年(nian)(nian)度，所(suo)涉(she)及的(de)(de)(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)(si)仍有(you)(you)時(shi)(shi)間改(gai)善公(gong)(gong)(gong)司(si)(si)(si)(si)分(fen)(fen)紅(hong)(hong)(hong)情況。規則(ze)正式(shi)實(shi)施(shi)(shi)(shi)后，將(jiang)會(hui)推(tui)動更多公(gong)(gong)(gong)司(si)(si)(si)(si)真金(jin)(jin)(jin)白銀回(hui)報(bao)投(tou)資者(zhe)(zhe)。