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Measures for the Administration of the Material Asset Restructurings of Listed Companies (2019 Amendment) [Effective]
上市公司重大资产重组管理办法(2019修正) [现行有效]
【法宝引证码】

 
Measures for the Administration of the Material Asset Restructurings of Listed Companies (2019 Amendment) 

上市公司重大资产重组管理办法

(Deliberated and adopted at the 52nd chairman's executive meeting of the China Securities Regulatory Commission on July 7, 2014, and amended for the first time in accordance with the Decision on Amending the Measures for the Administration of the Material Asset Restructurings of Listed Companies by the Order No. 127 of the China Securities Regulatory Commission on September 8, 2016; and amended for the second time in accordance with the Decision of the China Securities Regulatory Commission to Amend the Measures for the Administration of the Material Asset Restructurings of Listed Companies on October 18, 2019) (2014年7月7日中国证券监督管理委员会第52次主席办公会议审议通过 根据2016年9月8日中国证券监督管理委员会《关于修改〈上市公司重大资产重组管理办法〉的决定》修正 根据2019年10月18日中国证券监督管理委员会《关于修改〈上市公司重大资产重组管理办法〉的决定》修正)

Chapter I General Provisions 

第一章 总则

Article 1 To regulate the material asset restructurings of listed companies, protect the lawful rights and interests of listed companies and investors, make listed companies constantly improve their quality, maintain the order of the securities market, and protect the public interests, these Measures are developed pursuant to the Company Law , the Securities Law , and other relevant laws and administrative regulations.   第一条 为了规范上市公司重大资产重组行为,保护上市公司和投资者的合法权益,促进上市公司质量不断提高,维护证券市场秩序和社会公共利益,根据《公司法》《证券法》等法律、行政法规的规定,制定本办法。
Article 2 These Measures apply to the asset trading behaviors of a listed company or any company held or controlled by it beyond its daily operating activities, such as the purchase, sale, or otherwise trading of assets, which result in material changes in the principal business, assets, or revenues of the listed company (hereinafter referred to as “material asset restructurings”).   第二条 本办法适用于上市公司及其控股或者控制的公司在日常经营活动之外购买、出售资产或者通过其他方式进行资产交易达到规定的比例,导致上市公司的主营业务、资产、收入发生重大变化的资产交易行为(以下简称重大资产重组)。
When purchasing assets by offering shares, a listed company shall comply with these Measures. 上市公司发行股份购买资产应当符合本办法的规定。
Where a listed company uses the raised funds to purchase assets or make foreign investments in accordance with the uses of raised funds as disclosed in the securities offering documents confirmed by the China Securities Regulatory Commission (“CSRC”), these Measures shall not apply. 上市公司按照经中国证券监督管理委员会(以下简称中国证监会)核准的发行证券文件披露的募集资金用途,使用募集资金购买资产、对外投资的行为,不适用本办法。
Article 3 No entity or individual may take advantage of a material asset restructuring to damage the lawful rights and interests of a listed company or its shareholders.   第三条 任何单位和个人不得利用重大资产重组损害上市公司及其股东的合法权益。
Article 4 In the material asset restructuring of a listed company, all parties concerned must timely and fairly disclose or provide information, and ensure that the information disclosed or provided is true, accurate, and integrated and has no false record, misleading statement or material omission.   第四条 上市公司实施重大资产重组,有关各方必须及时、公平地披露或者提供信息,保证所披露或者提供信息的真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
Article 5 In the material asset restructuring of a listed company, the directors, supervisors, and senior executives of the company shall keep good faith, diligently perform duties, safeguard the assets of the company, and protect the lawful rights and interests of the company and all its shareholders.   第五条 上市公司的董事、监事和高级管理人员在重大资产重组活动中,应当诚实守信、勤勉尽责,维护公司资产的安全,保护公司和全体股东的合法权益。
Article 6 Securities service agencies and personnel that provide services for the material asset restructuring of a listed company shall abide by laws, administrative regulations, and relevant provisions of the CSRC, observe the business standards and ethical norms generally recognized in the industry, rigorously perform duties, and undertake responsibilities for the veracity, accuracy, and integrity of the documents prepared or issued by them.   第六条 为重大资产重组提供服务的证券服务机构和人员,应当遵守法律、行政法规和中国证监会的有关规定,遵循本行业公认的业务标准和道德规范,严格履行职责,对其所制作、出具文件的真实性、准确性和完整性承担责任。
The securities service agencies and personnel mentioned in the preceding paragraph may not abet, assist, or collude with their clients in preparing or disclosing any report or announcement containing any false record, misleading statement, or material omission, engage in unfair competition, or take advantage of the material asset restructurings of listed companies to seek illicit interests. 前款规定的证券服务机构和人员,不得教唆、协助或者伙同委托人编制或者披露存在虚假记载、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,不得利用上市公司重大资产重组谋取不正当利益。
Article 7 Before information about the material asset restructuring of a listed company that they have access to is disclosed according to the law, entities and individuals shall be obligated to keep it confidential.   第七条 任何单位和个人对所知悉的重大资产重组信息在依法披露前负有保密义务。
No entity or individual may use it for insider trading, securities market manipulation, or other illegal activities. 禁止任何单位和个人利用重大资产重组信息从事内幕交易、操纵证券市场等违法活动。
Article 8 The CSRC shall oversee and regulate the material asset restructurings of listed companies according to the law.   第八条 中国证监会依法对上市公司重大资产重组行为进行监督管理。
When examining a listed company's application for material asset restructuring or for purchasing assets by offering shares, the CSRC may, in light of the company's compliance and integrity condition, its financial advisor's practice ability and quality, the industry policies of the state, and the type of the restructuring transaction, make differentiated, open, and transparent regulatory rules and arrangements, and conditionally reduce the examination items and links. 中国证监会审核上市公司重大资产重组或者发行股份购买资产的申请,可以根据上市公司的规范运作和诚信状况、财务顾问的执业能力和执业质量,结合国家产业政策和重组交易类型,作出差异化的、公开透明的监管制度安排,有条件地减少审核内容和环节。
Article 9 Buyout funds, equity investment funds, venture capital funds, industrial investment funds, and other investment institutions are encouraged to participate in the merger, acquisition, and restructuring of listed companies.   第九条 鼓励依法设立的并购基金、股权投资基金、创业投资基金、产业投资基金等投资机构参与上市公司并购重组。
Article 10 The CSRC shall set up the Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies (hereinafter referred to as the “Review Board”) under the Public Offering Review Committee. The Review Board shall cast votes to decide on the applications for material asset restructurings or for purchasing assets by offering shares, and give its examination opinions.   第十条 中国证监会在发行审核委员会中设立上市公司并购重组审核委员会(以下简称并购重组委),并购重组委以投票方式对提交其审议的重大资产重组或者发行股份购买资产申请进行表决,提出审核意见。
Chapter III Principles and Criteria for Material Asset Restructurings 

第二章 重大资产重组的原则和标准

Article 11 When conducting a material asset restructuring, a listed company shall sufficiently explain on the transaction's compliance with the following requirements, and disclose relevant information:   第十一条 上市公司实施重大资产重组,应当就本次交易符合下列要求作出充分说明,并予以披露:
(1) It complies with the state industry policies, and the environmental protection, land management, and anti-monopoly laws and administrative regulations. (一)符合国家产业政策和有关环境保护、土地管理、反垄断等法律和行政法规的规定;
(2) It will not result in the company's failure to meet the stock listing conditions. (二)不会导致上市公司不符合股票上市条件;
(3) The price of assets involved in the material asset restructuring is fair, and there is no damage to the lawful rights and interests of the listed company and its shareholders. (三)重大资产重组所涉及的资产定价公允,不存在损害上市公司和股东合法权益的情形;
(4) The ownership of assets involved in the material asset restructuring is clear, there is no legal obstacle to the transfer of title to the assets or the transfer of assets, and the relevant claims and debts have been properly handled. (四)重大资产重组所涉及的资产权属清晰,资产过户或者转移不存在法律障碍,相关债权债务处理合法;
(5) It is good for improving the continuous operating ability of the listed company, and will not result in such circumstances as that the major assets of the company are cash or that the company has no specific business after restructuring. (五)有利于上市公司增强持续经营能力,不存在可能导致上市公司重组后主要资产为现金或者无具体经营业务的情形;
(6) It is good for the listed company to maintain independence from its actual controller and the affiliates thereof in terms of businesses, assets, finance, personnel, and organization, and it complies with the relevant provisions of the CSRC on the independence of listed companies. (六)有利于上市公司在业务、资产、财务、人员、机构等方面与实际控制人及其关联人保持独立,符合中国证监会关于上市公司独立性的相关规定;
(7) It is good for the listed company to maintain a healthy and efficient corporate governance structure. (七)有利于上市公司形成或者保持健全有效的法人治理结构。
Article 12 Where a purchase or sale of assets by a listed company or any company held or controlled by it reaches any of the following criteria, it constitutes a material asset restructuring:   第十二条 上市公司及其控股或者控制的公司购买、出售资产,达到下列标准之一的,构成重大资产重组:
(1) The total assets purchased or sold account for 50% or more of the ending total assets as specified in the listed company's audited consolidated financial statements for the last fiscal year. (一)购买、出售的资产总额占上市公司最近一个会计年度经审计的合并财务会计报告期末资产总额的比例达到50%以上;
(2) The operating income from the purchased or sold assets in the last fiscal year accounts for 50% or more of the operating income as specified in the listed company's audited consolidated financial statements for the same period. (二)购买、出售的资产在最近一个会计年度所产生的营业收入占上市公司同期经审计的合并财务会计报告营业收入的比例达到50%以上;
(3) The net assets purchased or sold account for 50% or more of the ending net assets as specified in the public company's audited consolidated financial statements for the last fiscal year, and exceed 50 million yuan. (三)购买、出售的资产净额占上市公司最近一个会计年度经审计的合并财务会计报告期末净资产额的比例达到50%以上,且超过5000万元人民币。
Where the aforesaid criteria are not met, but the CSRC discovers any major problem that may damage the lawful rights and interests of the listed company or investors, the CSRC may, under the principle of prudential supervision, order the listed company to further disclose relevant information as required by these Measures, suspend the transaction, or hire an independent financial advisor or any other securities service agency to conduct further inspection and disclose its professional opinion. 购买、出售资产未达到前款规定标准,但中国证监会发现存在可能损害上市公司或者投资者合法权益的重大问题的,可以根据审慎监管原则,责令上市公司按照本办法的规定补充披露相关信息、暂停交易、聘请独立财务顾问或者其他证券服务机构补充核查并披露专业意见。
Article 13 Where the purchase of assets by a listed company from the acquirer and the affiliates thereof within 36 months as of the date of change of control causes any of the following fundamental changes to the listed company, such purchase constitutes a material asset restructuring, and shall be reported to the CSRC for confirmation in accordance with the provisions of these Measures.   第十三条 上市公司自控制权发生变更之日起36个月内,向收购人及其关联人购买资产,导致上市公司发生以下根本变化情形之一的,构成重大资产重组,应当按照本办法的规定报经中国证监会核准:
(1) The total assets purchased account for 100% or more of the ending total assets as specified in the listed company's audited consolidated financial statements for the fiscal year immediately preceding the change of control of the listed company. (一)购买的资产总额占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告期末资产总额的比例达到100%以上;
(2) The operating income from the purchased assets in the last fiscal year accounts for 100% or more of the operating income as specified in the listed company's audited consolidated financial statements for the fiscal year immediately preceding the change of control of the listed company. (二)购买的资产在最近一个会计年度所产生的营业收入占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告营业收入的比例达到100%以上;
(3) The net assets purchased account for 100% or more of the ending net assets as specified in the listed company's audited consolidated financial statements for the fiscal year immediately preceding the change of control of the listed company. (三)购买的资产净额占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告期末净资产额的比例达到100%以上;
(4) The shares offered for the purchase of assets account for 100% or more of the shares of the trading day immediately before the resolution of the board of directors on purchasing assets from the acquirer and the affiliates thereof for the first time is made. (四)为购买资产发行的股份占上市公司首次向收购人及其关联人购买资产的董事会决议前一个交易日的股份的比例达到100%以上;
(5) Although the assets purchased by the listed company from the acquirer and the affiliates thereof do not reach the standards prescribed in subparagraphs (1) through (4) of this paragraph, the purchase may cause fundamental change to the main business of the listed company. (五)上市公司向收购人及其关联人购买资产虽未达到本款第(一)至第(四)项标准,但可能导致上市公司主营业务发生根本变化;
(6) Any other circumstance determined by the CSRC, which may lead to the fundamental change of the listed company. (六)中国证监会认定的可能导致上市公司发生根本变化的其他情形。
A listed company that conducts a material asset restructuring prescribed in the preceding paragraph shall comply with the following provisions: 上市公司实施前款规定的重大资产重组,应当符合下列规定:
(1) It shall comply with the requirements prescribed in Articles 11 and 43 of these Measures. (一)符合本办法第十一条、第四十三条规定的要求;
(2) The business entity of which the assets are purchased by the listed company shall be a joint-stock company or limited liability company and shall meet other offering conditions as set out in the Measures for the Administration of Initial Public Offering and Listing of Stocks. (二)上市公司购买的资产对应的经营实体应当是股份有限公司或者有限责任公司,且符合《首次公开发行股票并上市管理办法》规定的其他发行条件;
(3) Neither the listed company nor any of its controlling shareholders and actual controllers in the past three years is investigated by the judicial authority for being suspected of any crime or is investigated by the CSRC for being suspected of any violation of law or regulation, unless it has been three full years or more since the act suspected of constituting a crime or a violation of any law or regulation ceased, the transaction plan is able to eliminate the adverse consequences that may result from the act, and it does not impede the process of holding the relevant actor liable. (三)上市公司及其最近3年内的控股股东、实际控制人不存在因涉嫌犯罪正被司法机关立案侦查或涉嫌违法违规正被中国证监会立案调查的情形,但是,涉嫌犯罪或违法违规的行为已经终止满3年,交易方案能够消除该行为可能造成的不良后果,且不影响对相关行为人追究责任的除外;
(4) Neither the listed company nor any of its controlling shareholders and actual controllers is given a public reprimand by the stock exchange or has any other serious dishonest conduct in the last 12 months. (四)上市公司及其控股股东、实际控制人最近12个月内未受到证券交易所公开谴责,不存在其他重大失信行为;
(5) The material asset restructuring does not fall under any other circumstance which may damage investors' lawful rights and interests or is against the principles of openness, fairness and justice as determined by the CSRC. (五)本次重大资产重组不存在中国证监会认定的可能损害投资者合法权益,或者违背公开、公平、公正原则的其他情形。
Where a listed company conducts a material asset restructuring through asset purchase by offering shares, the Securities Law and relevant provisions of the CSRC shall apply. 上市公司通过发行股份购买资产进行重大资产重组的,适用《证券法》和中国证监会的相关规定。
For the purposes of paragraph 1 of this Article, “control” shall be determined in accordance with the provision of Article 84 of the Measures for the Administration of the Acquisition of Listed Companies. If a listed company has dispersed ownership, and its directors and senior executives may make major financial and business decisions of the company, it shall be determined that they have the right to control the listed company. 本条第一款所称控制权,按照《上市公司收购管理办法》第八十四条的规定进行认定。上市公司股权分散,董事、高级管理人员可以支配公司重大的财务和经营决策的,视为具有上市公司控制权。
Where a company listed on ChiNext purchases assets of high-tech industries and strategic emerging industries in line with national strategies from the acquirer and the affiliates thereof as of the date of change of control, resulting in any of the circumstances set forth in paragraph 1 of this Article, the business entity of which the assets are purchased shall be a joint-stock company or limited liability company and shall meet other offering conditions as set out in the Measures for the Administration of the Initial Public Offerings and Listing of Stocks on ChiNext. 创业板上市公司自控制权发生变更之日起,向收购人及其关联人购买符合国家战略的高新技术产业和战略性新兴产业资产,导致本条第一款规定任一情形的,所购买资产对应的经营实体应当是股份有限公司或者有限责任公司,且符合《首次公开发行股票并在创业板上市管理办法》规定的其他发行条件。
Where the assets purchased by the listed company from the acquirer and the affiliates thereof as of the date of change of control fall within the scope of finance, venture capital investment or any other specific industry, it shall be otherwise prescribed by the CSRC. 上市公司自控制权发生变更之日起,向收购人及其关联人购买的资产属于金融、创业投资等特定行业的,由中国证监会另行规定。
Article 14 The proportions mentioned in Articles 12 and 13 of these Measures shall be calculated in accordance with the following provisions:   第十四条 计算本办法第十二条、第十三条规定的比例时,应当遵守下列规定:
(1) If the purchased assets are stock rights, the total assets shall be the total assets of the investee multiplied by the proportion of shares gained from the investment, or the transaction price, whichever is higher, the operating income shall be the operating income of the investee multiplied by the proportion of shares gained from the investment, and the net assets shall be the net assets of the investee multiplied by the proportion of shares gained from the investment, or the transaction price, whichever is higher. If the sold assets are stock rights, the total assets, operating income, and net assets shall be the total assets, operating income, and net assets of the investee multiplied by the proportion of shares gained from the investment, respectively. (一)购买的资产为股权的,其资产总额以被投资企业的资产总额与该项投资所占股权比例的乘积和成交金额二者中的较高者为准,营业收入以被投资企业的营业收入与该项投资所占股权比例的乘积为准,资产净额以被投资企业的净资产额与该项投资所占股权比例的乘积和成交金额二者中的较高者为准;出售的资产为股权的,其资产总额、营业收入以及资产净额分别以被投资企业的资产总额、营业收入以及净资产额与该项投资所占股权比例的乘积为准。
If the purchase of stock rights gains the listed company the control of the investee, the total assets shall be the total assets of the investee, or the transaction price, whichever is higher, the operating income shall be the operating income of the investee, and the net assets shall be the net assets of the investee, or the transaction price, whichever is higher. If the sale of stock rights costs the listed company the control of the investee, the total assets, operating income, and net assets shall be the total assets, operating income, and net assets of the investee, respectively. 购买股权导致上市公司取得被投资企业控股权的,其资产总额以被投资企业的资产总额和成交金额二者中的较高者为准,营业收入以被投资企业的营业收入为准,资产净额以被投资企业的净资产额和成交金额二者中的较高者为准;出售股权导致上市公司丧失被投资企业控股权的,其资产总额、营业收入以及资产净额分别以被投资企业的资产总额、营业收入以及净资产额为准。
(2) If the purchased assets are non-equity assets, the total assets shall be the book value of the assets, or the transaction price, whichever is higher, and the net assets shall be the difference between the book value of relevant assets and the book value of relevant liabilities, or the transaction price, whichever is higher. If the sold assets are non-equity assets, the total assets shall be the book value of the assets, and the net assets shall be the difference between the book value of relevant assets and the book value of relevant liabilities. If the non-equity assets involve no liability, the standards for net assets specified in subparagraph (3), paragraph 1 of Article 12 shall not apply. (二)购买的资产为非股权资产的,其资产总额以该资产的账面值和成交金额二者中的较高者为准,资产净额以相关资产与负债的账面值差额和成交金额二者中的较高者为准;出售的资产为非股权资产的,其资产总额、资产净额分别以该资产的账面值、相关资产与负债账面值的差额为准;该非股权资产不涉及负债的,不适用第十二条第一款第(三)项规定的资产净额标准。
(3) If the listed company purchases and sells assets concurrently, the relevant proportions of the assets purchased and sold shall be calculated separately, and whichever higher shall be taken as the proportion needed. (三)上市公司同时购买、出售资产的,应当分别计算购买、出售资产的相关比例,并以二者中比例较高者为准。
(4) If the listed company consecutively purchases and sells the same or related assets in 12 months, the relevant amount shall be calculated on a cumulative basis. The asset transactions for which the material asset restructuring report has been prepared and disclosed in accordance with these Measures are not required to be subject to cumulative calculation, unless that the accumulative period and scope of the material asset restructuring prescribed in paragraph 1 of Article 13 of these Measures are otherwise prescribed by the CSRC. If the traded assets are owned or controlled by the same party, in the same or similar business scope, or under any other circumstance determined by the CSRC, they may be deemed the same or related assets. (四)上市公司在12个月内连续对同一或者相关资产进行购买、出售的,以其累计数分别计算相应数额。已按照本办法的规定编制并披露重大资产重组报告书的资产交易行为,无须纳入累计计算的范围。中国证监会对本办法第十三条第一款规定的重大资产重组的累计期限和范围另有规定的,从其规定。交易标的资产属于同一交易方所有或者控制,或者属于相同或者相近的业务范围,或者中国证监会认定的其他情形下,可以认定为同一或者相关资产。
Article 15 The term “otherwise trading of assets” as mentioned in Article 2 of these Measures includes:   第十五条 本办法第二条所称通过其他方式进行资产交易,包括:
(1) forming new enterprises with others, or increasing or decreasing the capital of existing enterprises; (一)与他人新设企业、对已设立的企业增资或者减资;
(2) being entrusted to operate or lease the assets of other enterprises, or entrusting operating assets to other parties for operation or lease; (二)受托经营、租赁其他企业资产或者将经营性资产委托他人经营、租赁;
(3) accepting conditional assets donations, or donating assets to other parties; and (三)接受附义务的资产赠与或者对外捐赠资产;
(4) other circumstances recognized by the CSRC on the principle of prudential supervision. (四)中国证监会根据审慎监管原则认定的其他情形。
If the above-mentioned transaction of assets substantially constitutes a purchase or sale of assets, and the relevant proportion calculated by the criteria set out by these Measures reaches 50% or above, the listed company concerned shall fulfill relevant obligations and undergo relevant procedures in accordance with these Measures. 上述资产交易实质上构成购买、出售资产,且按照本办法规定的标准计算的相关比例达到50%以上的,应当按照本办法的规定履行相关义务和程序。
Chapter III Material Asset Restructuring Procedure 

第三章 重大资产重组的程序

Article 16 When initially consulting with each other on a material asset restructuring, a listed company and its counterpart shall take effective and sufficient confidentiality measures, develop rigorous and effective confidentiality rules, limit the scope of persons with access to relevant sensitive information, and enter into confidentiality agreements with the securities service agencies they have hired, if any.   第十六条 上市公司与交易对方就重大资产重组事宜进行初步磋商时,应当立即采取必要且充分的保密措施,制定严格有效的保密制度,限定相关敏感信息的知悉范围。上市公司及交易对方聘请证券服务机构的,应当立即与所聘请的证券服务机构签署保密协议。
If, before the listed company publishes the resolution of the board of directors on the material asset restructuring, the relevant information has been disseminated over the media or unusual fluctuations occur to the trading of the stock of the company, the listed company shall immediately publish the relevant plans or the status quo of the relevant matters, the relevant progress, and risk factors, and handle other relevant matters in accordance with the information disclosure rules. 上市公司关于重大资产重组的董事会决议公告前,相关信息已在媒体上传播或者公司股票交易出现异常波动的,上市公司应当立即将有关计划、方案或者相关事项的现状以及相关进展情况和风险因素等予以公告,并按照有关信息披露规则办理其他相关事宜。
Article 17 A listed company shall hire an independent financial advisor, a law firm, an accounting firm qualified for the relevant securities business, and other securities service agencies to issue opinions on its material asset restructuring.   第十七条 上市公司应当聘请独立财务顾问、律师事务所以及具有相关证券业务资格的会计师事务所等证券服务机构就重大资产重组出具意见。
The independent financial advisor and the law firm shall prudentially verify whether the material asset restructuring constitutes an affiliated transaction and issue express opinions based on the verified facts. If the material asset restructuring involves any affiliated transaction, the independent financial adviser shall issue an express opinion on the impact of the restructuring on the non-affiliated shareholders of the listed company. 独立财务顾问和律师事务所应当审慎核查重大资产重组是否构成关联交易,并依据核查确认的相关事实发表明确意见。重大资产重组涉及关联交易的,独立财务顾问应当就本次重组对上市公司非关联股东的影响发表明确意见。
Where the price of the asset transaction is determined based on the asset appraisal results, the listed company shall hire an asset appraisal agency qualified for the relevant securities business to issue an asset appraisal report. 资产交易定价以资产评估结果为依据的,上市公司应当聘请具有相关证券业务资格的资产评估机构出具资产评估报告。
Where a securities service agency takes the professional opinion of any other securities service institution or personnel in issuing its own opinion, it shall conduct a due diligence to verify the contents of the professional opinion it takes in a prudential manner and be responsible for the conclusion formed based on the said profession opinion. 证券服务机构在其出具的意见中采用其他证券服务机构或者人员的专业意见的,仍然应当进行尽职调查,审慎核查其采用的专业意见的内容,并对利用其他证券服务机构或者人员的专业意见所形成的结论负责。
Article 18 After concluding an employment contract with a securities service agency, a listed company and its counterpart may not change it without just causes. Where they indeed need to change it for a just cause, they shall disclose the specific reason and the opinions stated by the agency. 

人丑就要多读书

  第十八条 上市公司及交易对方与证券服务机构签订聘用合同后,非因正当事由不得更换证券服务机构。确有正当事由需要更换证券服务机构的,应当披露更换的具体原因以及证券服务机构的陈述意见。
Article 19 A listed company shall, in the “Discussion and Analysis by the Management” section of the material asset restructuring report, elaborate in details the impact of the transaction on the continuous operating ability, future development, earnings per share in the year, and other financial and non-financial indicators of the company.   第十九条 上市公司应当在重大资产重组报告书的管理层讨论与分析部分,就本次交易对上市公司的持续经营能力、未来发展前景、当年每股收益等财务指标和非财务指标的影响进行详细分析。
Article 20 Where the price of assets involved in the material asset restructuring of a listed company is determined based on the asset appraisal results, the asset appraisal agency shall conduct assessment in accordance with the relevant standards and norms for asset appraisal. The board of directors of the listed company shall give express opinions on the independence of the assessment agency, the reasonability of the assessment hypothesis, the relevance of the assessment methods to the assessment purpose, and the fairness of pricing based on the assessment results.   第二十条 重大资产重组中相关资产以资产评估结果作为定价依据的,资产评估机构应当按照资产评估相关准则和规范开展执业活动;上市公司董事会应当对评估机构的独立性、评估假设前提的合理性、评估方法与评估目的的相关性以及评估定价的公允性发表明确意见。
Where the price of relevant assets is not determined based on the asset appraisal results, the listed company shall elaborate in details in the material asset restructuring report the valuation method, parameters, and other indicators and factors that affect the valuation results of the assets. The board of directors of the listed company shall give express opinions on the independence of the assessment agency, the reasonability of the assessment hypothesis, and the relevance of the assessment methods to the assessment purpose, and elaborate in details in the material asset restructuring report the fairness of the price of the transaction in view of the comparable transaction price of relevant assets in the market, and the price-to-earnings ratio, price-to-book ratio, or any other generally accepted indicator of listed companies in the same industry. 相关资产不以资产评估结果作为定价依据的,上市公司应当在重大资产重组报告书中详细分析说明相关资产的估值方法、参数及其他影响估值结果的指标和因素。上市公司董事会应当对估值机构的独立性、估值假设前提的合理性、估值方法与估值目的的相关性发表明确意见,并结合相关资产的市场可比交易价格、同行业上市公司的市盈率或者市净率等通行指标,在重大资产重组报告书中详细分析本次交易定价的公允性。
Under the circumstances specified in the preceding two paragraphs, in principle, the assessment or valuation agency shall take two or more methods for assessment or valuation. The independent directors of the listed company shall attend the meeting of the board of directors to express independent opinions on the independence of the assessment agency, the reasonability of the assessment hypothesis, and the fairness of the transaction price, which shall be disclosed separately.
......
 前二款情形中,评估机构、估值机构原则上应当采取两种以上的方法进行评估或者估值;上市公司独立董事应当出席董事会会议,对评估机构或者估值机构的独立性、评估或者估值假设前提的合理性和交易定价的公允性发表独立意见,并单独予以披露。
......

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