| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 108) | | （第108号） |
| The Decision on Amending the Measures for the Administration of the Takeover of Listed Companies, as deliberated and adopted at the 52nd chairman's meeting of the China Securities Regulatory Commission (“CSRC”) on July 7, 2014, is hereby issued and shall come into force on November 23, 2014. | | 《关于修改〈上市公司收购管理办法〉的决定》已经2014年7月7日中国证券监督管理委员会第52次主席办公会审议通过，现予公布，自2014年11月23日起施行。 |
| Chairman of the China Securities Regulatory Commission: Xiao Gang | | 中国证券监督管理委员会主席：肖钢 |
| October 23, 2014 | | 2014年10月23日 |
| Decision on Amending the Measures for the Administration of the Takeover of Listed Companies | | 关于修改《上市公司收购管理办法》的决定 |
| I. Item (4) of paragraph 2 of Article 6 is amended to read: “The purchaser who is a natural person falls under any of the circumstances as set out in Article 146 of the Company Law.” | | 一、第六条第二款第（四）项修改为：“收购人为自然人的，存在《公司法》第一百四十六条规定情形；” |
| II. One paragraph is added in Article 9 as paragraph 4: “The financial consultant may not abet, assist, or collude with its client in preparing or disclosing any report or announcement document containing any false record, misleading statement or major omission, nor engage in unfair competition or seek unlawful interests by taking advantage of the takeover of a listed company.” | | 二、第九条增加一款，作为第四款：“财务顾问不得教唆、协助或者伙同委托人编制或披露存在虚假记载、误导性陈述或者重大遗漏的报告、公告文件，不得从事不正当竞争，不得利用上市公司的收购谋取不正当利益。” |
| III. Paragraph 1 of Article 13 is amended to read: “If, by trading securities on a stock exchange, an investor and the persons acting in concert hold equity shares accounting for 5% of the issued shares of a listed company, they shall prepare an equity change report within three days of the occurrence of the fact, submit a written report to both the CSRC and the stock exchange, notify the listed company, and publish an announcement; and may not trade the stock of the listed company within the aforesaid period.” | | 三、第十三条第一款修改为：“通过证券交易所的证券交易，投资者及其一致行动人拥有权益的股份达到一个上市公司已发行股份的5％时，应当在该事实发生之日起3日内编制权益变动报告书，向中国证监会、证券交易所提交书面报告，通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。” |
| IV. Paragraph 1 of Article 14 is amended to read: “If, by a transfer agreement, an investor and the persons acting in concert hold equity shares accounting for 5% or more of the issued shares of a listed company, they shall prepare an equity change report within three days of the occurrence of the fact, submit a written report to both the CSRC and the stock exchange, notify the listed company, and publish an announcement.” | | 四、第十四条第一款修改为：“通过协议转让方式，投资者及其一致行动人在一个上市公司中拥有权益的股份拟达到或者超过一个上市公司已发行股份的5％时，应当在该事实发生之日起3日内编制权益变动报告书，向中国证监会、证券交易所提交书面报告，通知该上市公司，并予公告。” |
| V. Article 28 is amended to read: “If the shares of a listed company are purchased by a tender offer, the purchaser shall prepare a tender offer report, hire a financial consultant, notify the target company, and publish an announcement on the summary of the tender offer report. | | 五、第二十八条修改为：“以要约方式收购上市公司股份的，收购人应当编制要约收购报告书，聘请财务顾问，通知被收购公司，同时对要约收购报告书摘要作出提示性公告。 |
| “If the takeover is subject to the approval of the relevant authority, and the purchaser shall place a special reminder in the summary of the tender offer report, and announce the tender offer report after obtaining the approval.” | | “本次收购依法应当取得相关部门批准的，收购人应当在要约收购报告书摘要中作出特别提示，并在取得批准后公告要约收购报告书。” |
| VI. Item (9) of paragraph 1 of Article 29 is amended to read: “The number and proportion of shares of the target company held by the purchaser at the time when the tender offer report is announced.” | | 六、第二十九条第一款第（九）项修改为：“公告收购报告书时持有被收购公司的股份数量、比例；” |
| VII. Article 30 is amended to read: “If the proportion of shares of a listed company purchased under Article 47 of these Measures exceeds 30% of the shares of the listed company, and the takeover must proceed by a tender offer, the purchaser shall publish a reminder announcement on the summary of the tender offer report within three days after the takeover agreement is reached or similar arrangements are made, perform the announcement obligations under Articles 28 and 29 of these Measures, but be exempt from preparing and announcing a report on takeover of the listed company; and if the tender offer is subject to any approval as legally required, the purchaser shall place a special reminder in the announcement that the tender offer may be implemented only after the required approval is obtained. | | 七、第三十条修改为：“收购人按照本办法第四十七条拟收购上市公司股份超过30%，须改以要约方式进行收购的，收购人应当在达成收购协议或者做出类似安排后的3日内对要约收购报告书摘要作出提示性公告，并按照本办法第二十八条、第二十九条的规定履行公告义务，同时免于编制、公告上市公司收购报告书；依法应当取得批准的，应当在公告中特别提示本次要约须取得相关批准方可进行。 |
| “If the required approval is not obtained, the purchaser shall, within two working days of receipt of the notice of disapproval, announce the cancellation of the takeover plan and notify the target company.” | | “未取得批准的，收购人应当在收到通知之日起2个工作日内，公告取消收购计划，并通知被收购公司。” |
| VIII. Article 31 is amended to read: “If the purchaser fails to announce a tender offer report within 60 days of publishing a reminder announcement on the tender offer, the purchaser shall notify the target company on the first working day after the expiration of the period, and publish an announcement; and shall publish an announcement once every 30 days thereafter until the tender offer report is announced. | | 八、第三十一条修改为：“收购人自作出要约收购提示性公告起60日内，未公告要约收购报告书的，收购人应当在期满后次一个工作日通知被收购公司，并予公告；此后每30日应当公告一次，直至公告要约收购报告书。 |
| “If the purchaser intends to cancel the takeover plan after publishing a reminder announcement on a tender offer but before announcing the tender offer report, the purchaser shall announce the reasons for cancellation; and shall not purchase the same listed company again within 12 months of the announcement.” | | “收购人作出要约收购提示性公告后，在公告要约收购报告书之前，拟自行取消收购计划的，应当公告原因；自公告之日起12个月内，该收购人不得再次对同一上市公司进行收购。” |
| IX. Article 32 is amended to read: “The board of directors of the target company shall investigate the eligibility, credit standing, and takeover purposes of the purchaser, analyze the conditions of the tender offer, make a recommendation on whether the shareholders should accept the tender offer, and hire an independent financial consultant to provide a professional opinion. The board of directors of the target company shall, within 20 days after the purchaser announces the tender offer report, publish the report of the board of directors of the target company and the professional opinion of the independent financial consultant. | | 九、第三十二条修改为：“被收购公司董事会应当对收购人的主体资格、资信情况及收购意图进行调查，对要约条件进行分析，对股东是否接受要约提出建议，并聘请独立财务顾问提出专业意见。在收购人公告要约收购报告书后20日内，被收购公司董事会应当公告被收购公司董事会报告书与独立财务顾问的专业意见。 |
| “If the purchaser makes any major modification of the conditions of the tender offer, the board of directors of the target company shall, within three working days, announce the supplemental opinions of the board of directors and the independent financial consultant on the modification of the conditions of the tender offer.” | | “收购人对收购要约条件做出重大变更的，被收购公司董事会应当在3个工作日内公告董事会及独立财务顾问就要约条件的变更情况所出具的补充意见。” |
| X. Article 36 is amended to read: “The purchaser may pay the price for the takeover of a listed company by cash, securities, a combination of cash and securities, or any other lawful means. In the case of paying the takeover price by securities, the purchaser shall provide the audited financial accounting reports of the issuer of the securities for the most recent three years and a securities valuation report, and cooperate with the due diligence conducted by the independent financial consultant hired by the target company. In the case of paying the takeover price by bonds listed on a stock exchange, the period during which the bonds may be traded on the stock exchange shall not be less than one month. In the case of paying the takeover price by securities not listed on any stock exchange, the purchaser must, at the same time, provide the cash means for the shareholders of the target company to choose, and disclose in detail the manners of keeping the securities and delivering the securities to the shareholders of the target company and the procedural arrangements. | | 十、第三十六条修改为：“收购人可以采用现金、证券、现金与证券相结合等合法方式支付收购上市公司的价款。收购人以证券支付收购价款的，应当提供该证券的发行人最近3年经审计的财务会计报告、证券估值报告，并配合被收购公司聘请的独立财务顾问的尽职调查工作。收购人以在证券交易所上市的债券支付收购价款的，该债券的可上市交易时间应当不少于一个月。收购人以未在证券交易所上市交易的证券支付收购价款的，必须同时提供现金方式供被收购公司的股东选择，并详细披露相关证券的保管、送达被收购公司股东的方式和程序安排。 |
| “The financial consultant hired by the purchaser shall conduct full due diligence on the ability of the purchaser to pay the takeover price and the sources of funds, disclose in detail the process and basis of verification, and explain whether the purchaser has the ability to implement the tender offer. The purchaser shall, when publishing a reminder announcement on the tender offer, provide, at a minimum, one of the following arrangements to ensure the purchaser's ability to perform an agreement: | | “收购人聘请的财务顾问应当对收购人支付收购价款的能力和资金来源进行充分的尽职调查，详细披露核查的过程和依据，说明收购人是否具备要约收购的能力。收购人应当在作出要约收购提示性公告的同时，提供以下至少一项安排保证其具备履约能力： |
| (1) In the case of paying the takeover price in cash, the purchaser shall deposit not less than 20% of the total amount of the takeover price with the bank designated by the securities depository and clearing institution as a performance bond; or in the case of paying the takeover price by securities listed and traded on a stock exchange, the purchaser shall deposit all the securities used for the payment with the securities depository and clearing institution, except for the new shares issued by the listed company. | | （一）以现金支付收购价款的，将不少于收购价款总额的20%作为履约保证金存入证券登记结算机构指定的银行；收购人以在证券交易所上市交易的证券支付收购价款的，将用于支付的全部证券交由证券登记结算机构保管，但上市公司发行新股的除外； |
| (2) The letter of guarantee issued by the bank for the price required for the tender offer. | | （二）银行对要约收购所需价款出具保函； |
| (3) A written commitment made by the financial consultant to assuming the joint and several liability, indicating that if the purchaser fails to pay the takeover price upon expiration of the term of tender offer, the financial consultant will make the payment.” | | （三）财务顾问出具承担连带保证责任的书面承诺，明确如要约期满收购人不支付收购价款，财务顾问进行支付。” |
XI. Paragraph 2 of Article 39 is amended to read: “Where the purchaser needs to modify a tender offer, it must publish an announcement indicating the specific modification in a timely manner, and notify the target company.”
．．．．．． | | 十一、第三十九条第二款修改为：“收购人需要变更收购要约的，必须及时公告，载明具体变更事项，并通知被收购公司。”
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