| Working Rules and Procedures of the China Securities Regulatory Commission's Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies | | 中国证券监督管理委员会上市公司并购重组审核委员会工作规程 |
| (Issued by Announcement No. 97 [2007] of the China Securities Regulatory Commission on July 17, 2007; and revised for the first time in accordance with the Rules of the China Securities Regulatory Commission's Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies on December 28, 2011; and revised for the second time in accordance with the Working Rules and Procedures of the China Securities Regulatory Commission's Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies on April 20, 2014; and revised in accordance with the Decision of the China Securities Regulatory Commission to Amend and Repeal Thirteen Regulatory Documents including the Provisions on the Administration of Subordinated Debts of Securities Companies on December 7, 2017) | | （2007年7月17日证监发[2007]94号公布，根据2011年12月28日《中国证券监督管理委员会上市公司并购重组审核委员会工作规程》第一次修订，根据2014年4月20日《中国证券监督管理委员会上市公司并购重组审核委员会工作规程》第二次修订，根据2017年12月7日《中国证监会关于修改、废止＜证券公司次级债管理规定＞等十三部规范性文件的决定》修正） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of carrying out the principles of openness, fairness, and impartiality in the review of mergers, acquisitions, and restructurings of listed companies and improving the quality and transparency of review of mergers, acquisitions, and restructurings, these Rules and Procedures are developed in accordance with the Measures of the China Securities Regulatory Commission for the Issuance Review Boards and the relevant provisions on the mergers, acquisitions, and restructurings of listed companies. | | 第一条 为在上市公司并购重组审核工作中贯彻公开、公平、公正的原则，提高并购重组审核工作的质量和透明度，根据《中国证券监督管理委员会发行审核委员会办法》以及上市公司并购重组的相关规定，制定本规程。 |
| Article 2 These Rules and Procedures shall apply to the review of the following mergers, acquisition, and restructurings by the Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies (hereinafter referred to as the “Review Board”) of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”): | | 第二条 中国证券监督管理委员会(以下简称中国证监会)上市公司并购重组审核委员会(以下简称并购重组委)审核下列并购重组事项的，适用本规程： |
| (1) Listing by restructuring according to the relevant rules of the CSRC. | | (一)根据中国证监会的相关规定构成重组上市的； |
| (2) A listed company's purchase of assets from a particular party with new shares. | | (二)上市公司以新增股份向特定对象购买资产的； |
| (3) Combination or separation of a listed company. | | (三)上市公司实施合并、分立的； |
| (4) Other circumstances as set forth by the CSRC. | | (四)中国证监会规定的其他情形。 |
| Article 3 The Review Board shall review an applicant's application documents for merger, acquisition, or restructuring and the preliminary examination report of the CSRC in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and other laws, administrative regulations, and rules of the CSRC. | | 第三条 并购重组委依照《中华人民共和国公司法》、《中华人民共和国证券法》等法律、行政法规和中国证监会的规定，对并购重组申请人的申请文件和中国证监会的初审报告进行审核。 |
| The Review Board shall perform its functions under the procedures prescribed in these Rules and Procedures. | | 并购重组委依照本规程规定的程序履行职责。 |
| Article 4 The CSRC shall, based on the review opinion of the Review Board and under the statutory conditions and procedures, make a decision to approve or disapprove an application for merger, acquisition, or restructuring. | | 第四条 中国证监会根据并购重组委审核意见，依照法定条件和法定程序对并购重组申请作出予以核准或者不予核准的决定。 |
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| Chapter II Composition of the Review Board | | 第二章 并购重组委的组成 |
| Article 5 The Review Board shall be composed of not more than 35 professional members, among whom no more than seven are personnel of the CSRC. | | 第五条 并购重组委由专业人员组成，人数不多于35名，其中中国证监会的人员不多于7名。 |
| The Review Board may, as needed, have full-time members in a certain proportion. | | 并购重组委根据需要按一定比例设置专职委员。 |
| Article 6 The CSRC shall, under the principles of openness, fairness, and impartiality, appoint professionals to the Review Board under the procedures of “recommendation by self-regulatory industry organizations or relevant entities in charge, publication, practice check, competitive selection, and appointment by the CSRC.” | | 第六条 中国证监会依照公开、公平、公正的原则，按照行业自律组织或者相关主管单位推荐、社会公示、执业情况核查、差额遴选、中国证监会聘任的程序选聘并购重组委委员。 |
| Article 7 The term of a member of the Review Board shall be two years, and may be renewed; but the consecutive terms shall not exceed four years. | | 第七条 并购重组委委员每届任期2年，可以连任，连续任期最长不超过4年。 |
| Article 8 The members of the Review Board shall: | | 第八条 并购重组委委员应当符合下列条件： |
| (1) adhere to principles, be impartial and duteous, and strictly abide by laws, administrative regulations, and rules; | | (一)坚持原则，公正廉洁，忠于职守，遵守法律、行政法规和规章； |
| (2) be familiar with the business of mergers, acquisitions, and restructurings of listed companies and relevant laws, administrative regulations, and rules; | | (二)熟悉上市公司并购重组业务及有关的法律、行政法规和规章； |
| (3) have expertise and abundant practical experience in their respective industries; | | (三)精通所从事行业的专业知识，具有丰富的行业实践经验； |
| (4) have no record of any violation of law or discipline; and | | (四)没有违法、违纪记录； |
| (5) meet other conditions as set forth by the CSRC. | | (五)中国证监会规定的其他条件。 |
| Article 9 A member of the Review Board shall be dismissed by the CSRC if the member: | | 第九条 并购重组委委员有下列情形之一的，中国证监会应当予以解聘： |
| (1) violates any law, administrative regulation, or relevant rule of the CSRC; | | (一)违反法律、行政法规和中国证监会的相关规定的； |
| (2) fails to diligently perform his or her duties according to the rules of the CSRC; | | (二)未按照中国证监会的规定勤勉尽职的； |
| (3) fails to attend meetings of the Review Board two or more times without a reason; | | (三)两次以上无故不出席并购重组委会议的； |
| (4) applies for resignation, which is approved by the CSRC; or | | (四)本人提出辞职申请，并经中国证监会批准的； |
| (5) is otherwise deemed by the CSRC unfit for being a member of the Review Board after evaluation. | | (五)经中国证监会考核认为不适合担任并购重组委委员的其他情形。 |
| A member of the Review Board may be dismissed without regard to whether the member's term expires. After a member of the Review Board is dismissed, the CSRC shall appoint a person to fill the vacancy. | | 并购重组委委员的解聘不受任期是否届满的限制。并购重组委委员解聘后，中国证监会应选聘增补新的委员。 |
| Article 10 The CSRC shall organize the formation of an Expert Advisory Committee for Mergers, Acquisitions, and Restructurings (hereinafter referred to as the “Advisory Committee”), and the specific measures for the composition, functions, and working rules of the Advisory Committee shall be developed additionally. | | 第十条 中国证监会组织设立并购重组专家咨询委(以下简称专家咨询委)，专家咨询委的具体组成办法、工作职责和工作制度另行制定。 |
| Chapter III Functions and Duties of the Review Board and Members | | 第三章 并购重组委及委员的职责 |
| Article 11 The Review Board shall perform the following functions: in accordance with the relevant laws, administrative regulations, and rules of the CSRC, review whether an application of a listed company for merger, acquisition, or restructuring meets the relevant conditions; examine the relevant materials and opinions produced by the financial advisor, accounting firm, law firm, asset appraisal institution, and other securities service institutions and relevant personnel on matters involved in the application for merger, acquisition, or restructuring; review the preliminary examination report produced by the CSRC; and produce a review opinion on matters involved in the application for merger, acquisition, or restructuring in accordance with the law. | | 第十一条 并购重组委的职责是：根据有关法律、行政法规和中国证监会的规定，审核上市公司并购重组申请是否符合相关条件；审核财务顾问、会计师事务所、律师事务所、资产评估机构等证券服务机构及相关人员为并购重组申请事项出具的有关材料及意见书；审核中国证监会出具的初审报告；依法对并购重组申请事项提出审核意见。 |
| Article 12 The members of the Review Board shall attend meetings of the Review Board in their personal capacity, perform their duties in accordance with the law, and independently express their review opinions and exercise voting rights. | | 第十二条 并购重组委委员以个人身份出席并购重组委会议，依法履行职责，独立发表审核意见并行使表决权。 |
| Article 13 The members of the Review Board shall: | | 第十三条 并购重组委委员应当遵守下列规定： |
| (1) attend meetings of the Review Board as required, and diligently perform their duties in the process of review; | | (一)按要求出席并购重组委会议，并在审核工作中勤勉尽职； |
| (2) keep national secrets and trade secrets of the parties to a merger, acquisition, or restructuring confidential; | | (二)保守国家秘密和并购重组当事人的商业秘密； |
| (3) not divulge information on discussion and voting, among others, at a meeting of the Review Board; | | (三)不得泄露并购重组委会议讨论内容、表决情况以及其他有关情况； |
| (4) not seek benefits for themselves or others, directly or indirectly, by taking advantage of their status as members of the Review Board or using any non-public information obtained in performing their duties; | | (四)不得利用并购重组委委员身份或者在履行职责中所得到的非公开信息，为本人或者他人直接或者间接谋取利益； |
| (5) not directly or indirectly accept funds, articles, and other gifts and other benefits from the parties to a merger, acquisition, or restructuring or any related entity or individual; | | (五)不得直接或间接接受并购重组当事人及相关单位或个人提供的资金、物品等馈赠和其他利益； |
| (6) not trade securities of a listed company directly, in an assumed name, or in the name of any other person; | | (六)不得直接或者以化名、借他人名义买卖上市公司的证券； |
| (7) not have any private contact with the parties to a merger, acquisition, or restructuring or any related entity or individual in performing their duties; | | (七)不得在履行职责期间私下与并购重组当事人及相关单位或个人进行接触； |
| (8) not collude with or induce other members of the Review Board in voting; | | (八)不得有与其他并购重组委委员串通表决或诱导其他并购重组委委员表决的行为； |
| (9) not deliver any public speech in the name of a member of the Review Board or engage in any work related to the Review Board, without authorization or approval; and | | (九)未经授权或许可，不得以并购重组委委员名义对外公开发表言论及从事与并购重组委有关的工作； |
| (10) comply with other relevant rules of the CSRC. | | (十)中国证监会的其他有关规定。 |
| Article 14 A member of the Review Board shall, after accepting the CSRC's appointment, faithfully declare for registration his or her securities accounts and holding of securities of listed companies; if the member holds securities of a listed company, he or she shall sell out such securities within one month from the date of appointment; and if the member fails to do so for any reason, he or she shall, within one month from the date of appointment, file an application for suspending securities trading and locking accounts during his or her term as a member of the Review Board. | | 第十四条 并购重组委委员接受中国证监会聘任后，应当如实申报登记证券账户及持有上市公司证券的情况；持有上市公司证券的，应当在聘任之日起一个月内清理卖出；因故不能卖出的，应当在聘任之日起一个月内提出聘任期间暂停证券交易并锁定账户的申请。 |
| Article 15 Where a party to a merger, acquisition, or restructuring or any other entity or individual influences a member of the Review Board by improper means, the member of the Review Board shall report it to the CSRC. | | 第十五条 并购重组当事人及其他任何单位或者个人以不正当手段对并购重组委委员施加影响的，并购重组委委员应当向中国证监会举报。 |
| Article 16 Where a member of the Review Board falls under any of the following circumstances, which may affect his or her impartial performance of duties, when reviewing the application documents for a merger, acquisition, or restructuring, the member shall apply for his or her withdrawal in a timely manner: | | 第十六条 并购重组委委员审核并购重组申请文件时，有下列情形之一，可能影响公正履行职责的，委员应当及时提出回避： |
| (1) The member or his or her relative serves as a director (including an independent director), a supervisor, a manager, or any other senior executive of a party to the merger, acquisition, or restructuring or a professional institution employed by such a party. | | (一)委员本人或者其亲属担任并购重组当事人或者其聘请的专业机构的董事(含独立董事，下同)、监事、经理或者其他高级管理人员的； |
| (2) The member or the employer of the member has provided sponsorship, underwriting, financial advisory, auditing, asset appraisal, legal, consulting, or any other services for a party to the merger, acquisition, or restructuring in the last two years. | | (二)委员本人或者其所在工作单位近两年内为并购重组当事人提供保荐、承销、财务顾问、审计、资产评估、法律、咨询等服务的； |
| (3) The company or institution where the member or his or her relative serves as a director, a supervisor, a manager, or any other senior executive has a relationship of commercial competition with a party to the merger, acquisition, or restructuring. | | (三)委员本人或者其亲属担任董事、监事、经理或其他高级管理人员的公司或机构与并购重组当事人有商业竞争关系的； |
| (4) The member has contacted a party to the merger, acquisition, or restructuring or any other related entity or individual. | | (四)委员与并购重组当事人及其他相关单位或者个人进行过接触的； |
| (5) The member or his or her relative holds securities or shares of a company related to the matters involved in the application for merger, acquisition, or restructuring. | | (五)委员本人及其亲属持有与并购重组申请事项相关的公司证券或股份的； |
| (6) A relative of the member or the employer of the member has any other conflict of interest with the applicant for merger, acquisition, or restructuring. | | (六)委员亲属或者委员所在工作单位与并购重组申请人存在其他利益冲突的； |
| (7) Other circumstances where a conflict of interest may arise as determined by the CSRC or which may affect the member's impartial performance of duties as deemed by the member. | | (七)中国证监会认定的可能产生利害冲突或者委员认为可能影响其公正履行职责的其他情形。 |
| “Relative” as mentioned in the preceding paragraph means a parent, the spouse, a child, or the spouse of a child of a member of the Review Board. | | 前款所称亲属，是指并购重组委委员的父母、配偶、子女及其配偶。 |
| Article 17 Where an applicant for merger, acquisition, or restructuring or any other related entity or individual deems that any conflict of interest or potential conflict of interest between the applicant, entity, or individual and a member of the Review Board may affect the member's impartial performance of duties, the applicant, entity, or individual may submit a written request with an explanation of reasons to the CSRC for withdrawal of the member. | | 第十七条 并购重组申请人及其他相关单位或者个人认为并购重组委委员与其存在利害冲突或者潜在的利害冲突，可能影响并购重组委委员公正履行职责的，可以向中国证监会提出要求有关并购重组委委员予以回避的书面申请，并说明理由。 |
| The CSRC shall determine whether the relevant member shall withdraw, upon the written request of the applicant for merger, acquisition, or restructuring or other related entity or individual. | | 中国证监会根据并购重组申请人及其他相关单位或者个人提出的书面申请，决定相关并购重组委委员是否回避。 |
Article 18 After acceptance of appointment, the members of the Review Board shall undertake to comply with the relevant rules and disciplinary requirements of the CSRC for the members of the Review Board, diligently perform their duties, and accept evaluation and supervision by the CSRC.
．．．．．． | | 第十八条 并购重组委委员接受聘任后，应当承诺遵守中国证监会对并购重组委委员的有关规定和纪律要求，认真履行职责，接受中国证监会的考核和监督。
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