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Measures for the Administration of the Takeover of Listed Companies (2012 Revision) [Revised]
上市公司收购管理办法(2012修订) [已被修订]
【法宝引证码】

Measures for the Administration of the Takeover of Listed Companies 

上市公司收购管理办法

(The Measures for the Administration of the Takeover of Listed Companies, which were deliberated and adopted at the 180th chairmen's executive meeting of China Securities Regulatory Committee on May 17, 2006, amended according to The Decision on Amending Article 63 of the Administrative Measures for the Takeover of Listed Companies of the China Securities Regulatory of Committee on August 27, 2008; and amended according to Decision of the China Securities Regulatory Commission on Amending Article 62 and Article 63 of the Measures for the Administration of the Takeover of Listed Companies on February 14,2012) (2006年5月17日中国证券监督管理委员会第180次主席办公会议审议通过,根据2008年8月27日中国证券监督管理委员会《关于修改〈上市公司收购管理办法〉第六十三条的决定》、2012年2月14日中国证券监督管理委员会《关于修改〈上市公司收购管理办法〉第六十二条及第六十三条的决定》修订)

Chapter I General Provisions 

第一章 总 则

Article 1 These Measures are formulated in accordance with the Securities Law, the Company Law and other relevant laws and administrative regulations for the purpose of regulating the takeover of listed companies and the relevant alteration of share entitlements, protecting the lawful rights and interests of listed companies and investors, maintaining the order of the securities market and the social public interests and promoting the optimum distribution of resources of the securities market.   第一条 为了规范上市公司的收购及相关股份权益变动活动,保护上市公司和投资者的合法权益,维护证券市场秩序和社会公共利益,促进证券市场资源的优化配置,根据《证券法》、《公司法》及其他相关法律、行政法规,制定本办法。
Article 2 The takeover of listed companies and the relevant alteration of share entitlements shall be governed by the laws, administrative regulations and provisions of China Securities Regulatory Committee (hereinafter referred to as the CSRC). The parties concerned shall be faithful and reliable, abide by social ethics and business ethics, consciously maintain the order of the securities market, and be subject to the supervision of the government and the general public.   第二条 上市公司的收购及相关股份权益变动活动,必须遵守法律、行政法规及中国证券监督管理委员会(以下简称中国证监会)的规定。当事人应当诚实守信,遵守社会公德、商业道德,自觉维护证券市场秩序,接受政府、社会公众的监督。
Article 3 The takeover of listed companies and the relevant alteration of share entitlements shall be conducted in line with the principles of openness, fairness and equity.   第三条 上市公司的收购及相关股份权益变动活动,必须遵循公开、公平、公正的原则。
Information disclosure obligors for the takeover of listed companies or the relevant alteration of share entitlements shall fully disclose their entitlements in the listed companies and the alteration thereof, strictly perform the reporting, announcement and other statutory obligations, and shall assume the confidentiality obligation before the relevant information is disclosed. 上市公司的收购及相关股份权益变动活动中的信息披露义务人,应当充分披露其在上市公司中的权益及变动情况,依法严格履行报告、公告和其他法定义务。在相关信息披露前,负有保密义务。
The information as reported and announced by the information disclosure obligors shall be truthful, accurate and complete, and shall not contain any false record, misleading statement or major omission. 信息披露义务人报告、公告的信息必须真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
Article 4 The takeover of listed companies and the relevant alteration of share entitlements shall not damage state security or social public interests.   第四条 上市公司的收购及相关股份权益变动活动不得危害国家安全和社会公共利益。
Where the takeover of listed companies or the relevant alteration of share entitlements involves state industrial policies, industrial access or transfer of state-owned shares, etc., and should be subject to approval of the relevant department of the State, it shall be conducted upon approval. 上市公司的收购及相关股份权益变动活动涉及国家产业政策、行业准入、国有股份转让等事项,需要取得国家相关部门批准的,应当在取得批准后进行。
Where any foreign investor conducts the takeover of any listed company or the relevant alteration of any share entitlement, it shall obtain the approval of the relevant department of the State, be governed by Chinese laws, and obey the judicial and arbitral jurisdiction of China. 外国投资者进行上市公司的收购及相关股份权益变动活动的,应当取得国家相关部门的批准,适用中国法律,服从中国的司法、仲裁管辖。
Article 5 A purchaser can become a controlling shareholder of a listed company by way of obtaining shares, and can become an actual controller of a listed company by means of investment relationship, agreement or any other arrangement, and can obtain the controlling right of a listed company by adopting the aforesaid ways and means jointly.   第五条 收购人可以通过取得股份的方式成为一个上市公司的控股股东,可以通过投资关系、协议、其他安排的途径成为一个上市公司的实际控制人,也可以同时采取上述方式和途径取得上市公司控制权。
The purchaser shall include the investor and its concerted parties. 收购人包括投资者及与其一致行动的他人。
Article 6 No one may damage the lawful rights and interests of a target company or its shareholders by taking advantage of the takeover of the listed company.   第六条 任何人不得利用上市公司的收购损害被收购公司及其股东的合法权益。
If it is under any of the following circumstances, a listed company shall not be taken over: 有下列情形之一的,不得收购上市公司:
(1)The purchaser owes a large amount of debts, and has not paid its due debts, and the said circumstance is in a continuous state; (一)收购人负有数额较大债务,到期未清偿,且处于持续状态;
(2)The purchaser has ever committed any major illegal act or has ever been suspected of being involved in any major illegal act within the recent three years; (二)收购人最近3年有重大违法行为或者涉嫌有重大违法行为;
(3)The purchaser has ever committed any serious credit-breaking act in the securities market within the recent three years; (三)收购人最近3年有严重的证券市场失信行为;
(4)The purchaser, if it is a natural person, is under any of the circumstances as prescribed in Article 147 of the Company Law; or (四)收购人为自然人的,存在《公司法》第一百四十七条规定情形;
(5)Any other circumstance as prescribed by the laws or administrative regulations or as recognized by the CSRC under which no listed company can be taken over. (五)法律、行政法规规定以及中国证监会认定的不得收购上市公司的其他情形。
Article 7 No controlling shareholder or actual controller of a target company may misuse the stockholder's rights thereof to damage the lawful rights and interests of the target company or any other shareholder.   第七条 被收购公司的控股股东或者实际控制人不得滥用股东权利损害被收购公司或者其他股东的合法权益。
If the controlling shareholder or actual controller of a target company or any affiliated party thereof damages the lawful rights and interests of the target company or any other shareholder, the said controlling shareholder or actual controller shall initiatively eliminate the damages before the controlling right to the target company is transferred; otherwise, the said controlling shareholder or actual controller shall use the incomes from the transfer of the relevant shares to eliminate all the damages, and shall provide sufficient and effective performance guarantee or arrangement for the part for which the damages have not been eliminated yet, and obtain the approval from the general assembly of shareholders of the target company according to its articles of association. 被收购公司的控股股东、实际控制人及其关联方有损害被收购公司及其他股东合法权益的,上述控股股东、实际控制人在转让被收购公司控制权之前,应当主动消除损害;未能消除损害的,应当就其出让相关股份所得收入用于消除全部损害做出安排,对不足以消除损害的部分应当提供充分有效的履约担保或安排,并依照公司章程取得被收购公司股东大会的批准。
Article 8 The directors, supervisors and senior managers of a target company shall assume the obligation of fidelity and diligence, and shall equally treat all the purchasers that intend to take over the said company.   第八条 被收购公司的董事、监事、高级管理人员对公司负有忠实义务和勤勉义务,应当公平对待收购本公司的所有收购人。
The decisions made and the measures taken by the board of directors of a target company for the takeover shall be good for maintaining the rights of the company and its shareholders, and shall not erect any improper obstacle to the takeover by misusing its authorities, nor may it provide any means of financial aid to the purchaser by making use of the sources of the target company or damage the lawful rights and interests of the target company or its shareholders. 被收购公司董事会针对收购所做出的决策及采取的措施,应当有利于维护公司及其股东的利益,不得滥用职权对收购设置不适当的障碍,不得利用公司资源向收购人提供任何形式的财务资助,不得损害公司及其股东的合法权益。
Article 9 To take over a listed company, the purchaser shall hire a professional institution that is registered in China and has a financial consultancy qualification to be the financial consultant, otherwise, the purchaser shall not take over the listed company.   第九条 收购人进行上市公司的收购,应当聘请在中国注册的具有从事财务顾问业务资格的专业机构担任财务顾问。收购人未按照本办法规定聘请财务顾问的,不得收购上市公司。
The financial consultant shall be diligent and dutiful, abide by industrial criteria and professional ethics, keep his independence, and ensure the truthfulness, accuracy and integrity of the documents he has made and issued. 财务顾问应当勤勉尽责,遵守行业规范和职业道德,保持独立性,保证其所制作、出具文件的真实性、准确性和完整性。
If the financial consultant considers that the purchaser has damaged the lawful rights and interests of a target company or its shareholders by making use of the takeover of a listed company, it shall refuse to provide financial consultancy services to the purchaser. 财务顾问认为收购人利用上市公司的收购损害被收购公司及其股东合法权益的,应当拒绝为收购人提供财务顾问服务。
Article 10 The CSRC shall supervise over and administrate the takeover of listed companies and the relevant alteration of share entitlements according to law.   第十条 中国证监会依法对上市公司的收购及相关股份权益变动活动进行监督管理。
The CSRC shall establish a special committee composed of professionals and relevant experts, which can, upon the request of a functional department of the CSRC, provide consultancy opinions about whether the takeover of a listed company is constituted, whether there is any circumstance under which a listed company shall not be taken over, as well as other relevant matters. The CSRC shall make a decision according to law. 中国证监会设立由专业人员和有关专家组成的专门委员会。专门委员会可以根据中国证监会职能部门的请求,就是否构成上市公司的收购、是否有不得收购上市公司的情形以及其他相关事宜提供咨询意见。中国证监会依法做出决定。
Article 11 A stock exchange shall formulate business operational rules according to law, organize transactions and provide services for the takeover of listed companies and the relevant alteration of share entitlements, conduct real-time monitor of the relevant securities trading activities, supervise over the information disclosure obligors in the takeover of listed companies and the relevant alteration of share entitlements to practically perform the information disclosure obligation.   第十一条 证券交易所依法制定业务规则,为上市公司的收购及相关股份权益变动活动组织交易和提供服务,对相关证券交易活动进行实时监控,监督上市公司的收购及相关股份权益变动活动的信息披露义务人切实履行信息披露义务。
A securities depository and clearing institution shall formulate business operational rules according to law, and provide services for the registration, custody and settlement of securities, etc. involved in the takeover of listed companies and the relevant alteration of share entitlements. 证券登记结算机构依法制定业务规则,为上市公司的收购及相关股份权益变动活动所涉及的证券登记、存管、结算等事宜提供服务。
Chapter II Disclosure of Entitlements 

第二章 权益披露

Article 12 The entitlements that an investor holds in a listed company include the shares registered under its name as well as those that are not registered under its name but it can actually control the voting right thereof. The entitlements that are held by the investor and its concerted parties in a listed company shall be calculated on a consolidated basis.   第十二条 投资者在一个上市公司中拥有的权益,包括登记在其名下的股份和虽未登记在其名下但该投资者可以实际支配表决权的股份。投资者及其一致行动人在一个上市公司中拥有的权益应当合并计算。
Article 13 If the shares whose entitlements are held by an investor and its concerted parties reach 5% of the issued shares of a listed company through the securities transactions at the stock exchange, they shall formulate a report on the alteration of share entitlements within 3 days after the said fact occurs, submit a written report to the CSRC and the stock exchange, send a copy of the said report to the CSRC representative office at the locality of the listed company (hereinafter referred to as the representative office), notify the listed company and announce it to the general public; and they shall not buy or sell the stocks of the said listed company again within the aforesaid term.   第十三条 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,抄报该上市公司所在地的中国证监会派出机构(以下简称派出机构),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。
After the shares whose entitlements are held by the aforesaid investor and concerted parties reach 5% of the issued shares of the listed company, if the proportion of the shares whose entitlements are held by them to the issued shares of the listed company increases or reduces by 5% each time through the securities transactions at the stock exchange, they shall give a report and make an announcement according to the preceding Paragraph, and shall not buy or sell the shares of the said listed company again within the reporting period or within 2 days upon reporting and announcement. 前述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%后,通过证券交易所的证券交易,其拥有权益的股份占该上市公司已发行股份的比例每增加或者减少5%,应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后2日内,不得再行买卖该上市公司的股票。
Article 14 If the shares whose entitlements are held by an investor and its concerted parties reach or exceed 5% of the issued shares of a listed company by means of transfer agreement, they shall formulate a report on the alteration of share entitlements within 3 days after the said fact occurs, submit a written report to the CSRC and the stock exchange, send a copy of the said report to the representative office, notify the listed company of it, and make an announce on it.   第十四条 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,抄报派出机构,通知该上市公司,并予公告。
After the shares whose entitlements are held by an investor and its concerted parties reach 5% of the issued shares of a listed company, if the proportion of the shares whose entitlements are held them to the issued shares of the listed company increases or reduces by 5% each time, they shall perform the obligations of reporting and announcement according to the preceding Paragraph. 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%后,其拥有权益的股份占该上市公司已发行股份的比例每增加或者减少达到或者超过5%的,应当依照前款规定履行报告、公告义务。
Before the said investor and concerted parties as mentioned in the preceding two paragraphs give a report and make an announcement, they shall not buy or sell the shares of the listed company again. The formalities for relevant share transfer and transfer registration shall be handled according to Chapter IV of these Measures as well as the provisions of the stock exchange and the securities depository and clearing institution. 前两款规定的投资者及其一致行动人在作出报告、公告前,不得再行买卖该上市公司的股票。相关股份转让及过户登记手续按照本办法第四章及证券交易所、证券登记结算机构的规定办理。
Article 15 If the alteration of share entitlements of an investor and its concerted parties by way of administrative transfer or alteration, implementation of court rulings, inheritance or donation, etc. reaches the proportion as prescribed in the preceding Article, they shall perform the obligations of reporting and announcement according to the preceding Article, and handle the formalities for share transfer registration by referring to the preceding Article.   第十五条 投资者及其一致行动人通过行政划转或者变更、执行法院裁定、继承、赠与等方式拥有权益的股份变动达到前条规定比例的,应当按照前条规定履行报告、公告义务,并参照前条规定办理股份过户登记手续。
Article 16 If an investor and its concerted parties are not the largest shareholder or actual controller of a listed company, and the shares whose entitlements are held by them reach 5% up to 20% of the issued shares of the listed company, they shall formulate a simplified report on the alteration of entitlements, which shall include the following contents:   第十六条 投资者及其一致行动人不是上市公司的第一大股东或者实际控制人,其拥有权益的股份达到或者超过该公司已发行股份的5%,但未达到20%的,应当编制包括下列内容的简式权益变动报告书:
(1)Names and domiciles of the investor and concerted parties; names, places of registration and legal representatives of the investor and the concerted parties if the investor and concerted parties are legal persons; (一)投资者及其一致行动人的姓名、住所;投资者及其一致行动人为法人的,其名称、注册地及法定代表人;
(2)Purposes of shareholding, whether the investor and concerted parties intend to continuously increase their entitlements in the listed company within the future 12 months; (二)持股目的,是否有意在未来12个月内继续增加其在上市公司中拥有的权益;
(3)Name, type of stocks, quantity and proportion of the listed company; (三)上市公司的名称、股票的种类、数量、比例;
(4)Time when the shares whose entitlements are held by them in the listed company reach or exceed 5% of the issued shares of the listed company or the shares whose entitlements are held by them increases or reduces by 5%, and the method for the said alteration; (四)在上市公司中拥有权益的股份达到或者超过上市公司已发行股份的5%或者拥有权益的股份增减变化达到5%的时间及方式;
(5)Brief information on the purchase and selling of the shares of the said company through the securities transactions at the stock exchange within 6 months as of the alteration of entitlements; and (五)权益变动事实发生之日前6个月内通过证券交易所的证券交易买卖该公司股票的简要情况;
(6)Other contents requiring disclosure by the CSRC or the stock exchange. (六)中国证监会、证券交易所要求披露的其他内容。
If the aforesaid investor and concerted parties are the largest shareholder or actual controller of a listed company, and the shares whose entitlements are held by them reach or exceed 5% of the issued shares of the listed company but do not reach 20%, they shall also disclose the contents as prescribed in Paragraph 1 of Article 17. 前述投资者及其一致行动人为上市公司第一大股东或者实际控制人,其拥有权益的股份达到或者超过一个上市公司已发行股份的5%,但未达到20%的,还应当披露本办法第十七条第一款规定的内容。
Article 17 If the shares whose entitlements are held by an investor and its concerted parties reach or exceed 20% but do not exceed 30% of the issued shares of the listed company, they shall formulate a detailed report on the alteration of entitlements for disclosing the following contents as well as the information as prescribed in the preceding Article:   第十七条 投资者及其一致行动人拥有权益的股份达到或者超过一个上市公司已发行股份的20%但未超过30%的,应当编制详式权益变动报告书,除须披露前条规定的信息外,还应当披露以下内容:
(1)The controlling shareholders and actual controllers of the investor and concerted parties, as well as the structure chart on their equity control relationship; (一)投资者及其一致行动人的控股股东、实际控制人及其股权控制关系结构图;
(2)The prices, necessary capital, sources of capital or other payment arrangements for obtaining the relevant shares; (二)取得相关股份的价格、所需资金额、资金来源,或者其他支付安排;
(3)Whether there is intra-industry competition or potential intra-industry competition between the business engaged in by the investor, concerted parties, or their controlling shareholders or actual controllers and the business of the listed company; whether there is any continuous affiliated transaction; whether corresponding arrangements have been made so as to avoid the intra-industry competition between the investor, concerted parties or their affiliated parties and the listed company and to keep the independence of the listed company if there is intra-industry competition or potential intra-industry competition; (三)投资者、一致行动人及其控股股东、实际控制人所从事的业务与上市公司的业务是否存在同业竞争或者潜在的同业竞争,是否存在持续关联交易;存在同业竞争或者持续关联交易的,是否已做出相应的安排,确保投资者、一致行动人及其关联方与上市公司之间避免同业竞争以及保持上市公司的独立性;
(4)Follow-up plans for adjusting the assets, businesses, personnel, organizational structure or articles of association of the listed company for the future 12 months; (四)未来12个月内对上市公司资产、业务、人员、组织结构、公司章程等进行调整的后续计划;
(5)Important transactions between the investor or concerted parties and the listed company in the preceding 24 months; (五)前24个月内投资者及其一致行动人与上市公司之间的重大交易;
(6)There is no circumstance as prescribes in Article 6 of these Measures; and (六)不存在本办法第六条规定的情形;
(7)The relevant documents can be provided according to Article 50 of these Measures. (七)能够按照本办法第五十条的规定提供相关文件。
If the aforesaid investor and concerted parties are the largest shareholder or actual controller of a listed company, they shall hire a financial consultant to issue verification opinions concerning the contents disclosed in the aforesaid report on the alteration of entitlements, except for the administrative transfer or alteration of state-owned shares or the share transfer between different subjects as controlled by a same actual controller and the obtaining of shares by way of inheritance. If the aforesaid investor and concerted parties promise to abandon the voting right attached to the relevant shares for at least 3 years, they are not required to hire a financial consultant and provide the documents as prescribed in Item (7) of the preceding Paragraph. 前述投资者及其一致行动人为上市公司第一大股东或者实际控制人的,还应当聘请财务顾问对上述权益变动报告书所披露的内容出具核查意见,但国有股行政划转或者变更、股份转让在同一实际控制人控制的不同主体之间进行、因继承取得股份的除外。投资者及其一致行动人承诺至少3年放弃行使相关股份表决权的,可免于聘请财务顾问和提供前款第(七)项规定的文件。
Article 18 If an investor and its concerted parties that have disclosed any report on the alteration of entitlements need to submit or announce another report on the alteration of entitlements due to the alteration of their entitlements within 6 months as of the first disclosure, they are allowed to only report and announce the part of contents that are different from those in the first report; if there are more than 6 months as of the first disclosure, they shall formulate a new report on the alteration of entitlements according to the provisions in this Chapter, and perform the obligations of reporting and announcement.   第十八条 已披露权益变动报告书的投资者及其一致行动人在披露之日起6个月内,因拥有权益的股份变动需要再次报告、公告权益变动报告书的,可以仅就与前次报告书不同的部分作出报告、公告;自前次披露之日起超过6个月的,投资者及其一致行动人应当按照本章的规定编制权益变动报告书,履行报告、公告义务。
Article 19 If the alteration of shares whose entitlements are held by an investor and its concerted parties is under any of the circumstances as prescribed in Article 14 of these Measures because a listed company reduces its capital stock, the investor and its concerted parties are exempt from performing the obligations of reporting and announcement. And the listed company shall, within 2 working days as of the alteration registration for the reduction of capital stock, announce the alteration of shares whose entitlements are held by its shareholders; if the investor and its concerted parties may become the largest shareholder or actual controller of the said company because the company reduces its capital stock, they shall perform the obligations of reporting and announcement according to Paragraph 1 of Article 17 of these Measures within 3 working days as of the day when the board of directors of the company announces the resolution on reducing the capital stock of the company.   第十九条 因上市公司减少股本导致投资者及其一致行动人拥有权益的股份变动出现本办法第十四条规定情形的,投资者及其一致行动人免于履行报告和公告义务。上市公司应当自完成减少股本的变更登记之日起2个工作日内,就因此导致的公司股东拥有权益的股份变动情况作出公告;因公司减少股本可能导致投资者及其一致行动人成为公司第一大股东或者实际控制人的,该投资者及其一致行动人应当自公司董事会公告有关减少公司股本决议之日起3个工作日内,按照本办法第十七条第一款的规定履行报告、公告义务。
Article 20 Where, before an information disclosure obligor for the takeover of a listed company or the relevant alteration of share entitlements makes the disclosure, the relevant information has been spread on the media or an abnormality has occurred to the stock trading of the company, the listed company shall immediately inquire about the parties concerned, and the parties concerned shall timely give a written reply, and the listed company shall make an announcement in a timely manner.   第二十条 上市公司的收购及相关股份权益变动活动中的信息披露义务人依法披露前,相关信息已在媒体上传播或者公司股票交易出现异常的,上市公司应当立即向当事人进行查询,当事人应当及时予以书面答复,上市公司应当及时作出公告。
Article 21 Information disclosure obligors for the takeover of listed companies and the relevant alteration of share entitlements shall disclose the information on at lease one medium as designated by the CSRC; and if they disclose the said information on any other medium, the contents disclosed shall be consistent with each other, and the time for the latter disclosure shall not be earlier than that for the disclosure on the designated medium.   第二十一条 上市公司的收购及相关股份权益变动活动中的信息披露义务人应当在至少一家中国证监会指定媒体上依法披露信息;在其他媒体上进行披露的,披露内容应当一致,披露时间不得早于指定媒体的披露时间。
Article 22 If an information disclosure obligor for the takeover of a listed company and the relevant alteration of share entitlements take concerted action, they can, in written form, stipulate one person to be the designated representative responsible for uniformly formulating the information disclosure documents, and agree to authorize the designated representative to affix signatures and seals on the information disclosure documents.   第二十二条 上市公司的收购及相关股份权益变动活动中的信息披露义务人采取一致行动的,可以以书面形式约定由其中一人作为指定代表负责统一编制信息披露文件,并同意授权指定代表在信息披露文件上签字、盖章。
Each information disclosure obligor shall assume abilities for the information about himself in the information disclosure documents; and where any information disclosure document includes any information involving two or more other information disclosure obligors, all the obligors shall assume joint and several liabilities for the relevant parts. 各信息披露义务人应当对信息披露文件中涉及其自身的信息承担责任;对信息披露文件中涉及的与多个信息披露义务人相关的信息,各信息披露义务人对相关部分承担连带责任。
Chapter III Tender Offer 

第三章 要约收购

Article 23 If an investor adopts the means of tender offer to purchase the shares of a listed company by itself, it can send out a tender offer to all the shareholders of the target company for purchasing all the shares they hold (hereinafter referred to as the general tender offer), or send out a tender offer to all the shareholders of the target company for purchasing part of the shares they hold (hereinafter referred to as the partial tender offer).   第二十三条 投资者自愿选择以要约方式收购上市公司股份的,可以向被收购公司所有股东发出收购其所持有的全部股份的要约(以下简称全面要约),也可以向被收购公司所有股东发出收购其所持有的部分股份的要约(以下简称部分要约)。
Article 24 When the shares of a listed company held by a purchaser reaches 30% of the issued shares of the company through securities trading at the stock exchange, and the purchaser continues to increase the shareholding, it shall adopt the means of tender offer and send out a general or partial tender offer.   第二十四条 通过证券交易所的证券交易,收购人持有一个上市公司的股份达到该公司已发行股份的30%时,继续增持股份的,应当采取要约方式进行,发出全面要约或者部分要约。
Article 25 If a purchaser purchases the shares of a listed company by means of tend offer according to Articles 23, 24, 47 and 56 of these Measures, the proportion of shares to be purchased shall not be lower than 5% of the issued shares of the said listed company.   第二十五条 收购人依照本办法第二十三条、第二十四条、第四十七条、第五十六条的规定,以要约方式收购一个上市公司股份的,其预定收购的股份比例均不得低于该上市公司已发行股份的5%。
Article 26 If a listed company is taken over by means of tender offer, the purchaser shall equally treat all the shareholders of the target company. All the shareholders that hold a same kind of shares shall be treated equally.   第二十六条 以要约方式进行上市公司收购的,收购人应当公平对待被收购公司的所有股东。持有同一种类股份的股东应当得到同等对待。
Article 27 If a purchaser sends out a general tender offer for the purpose of delisting a listed company or sends out a general tender offer because it has not obtained the exemption from the CSRC after filing such an application, it shall pay the takeover price by cash; if it pays the takeover price by the transferable securities (hereinafter referred to as the securities), it shall also offer the means of cash for the shareholders of the target company to choose.   第二十七条 收购人为终止上市公司的上市地位而发出全面要约的,或者向中国证监会提出申请但未取得豁免而发出全面要约的,应当以现金支付收购价款;以依法可以转让的证券(以下简称证券)支付收购价款的,应当同时提供现金方式供被收购公司股东选择。
Article 28 If the shares of a listed company are purchased by means of tender offer, the purchaser shall formulate a tender offer report, hire a financial accountant to submit a written report to the CSRC and the stock exchange, send a copy of the report to the representative office, notify the target company, and make a suggestive announcement on the summary of tender offer report.   第二十八条 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,并应当聘请财务顾问向中国证监会、证券交易所提交书面报告,抄报派出机构,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。
The purchaser shall announce the tender offer report, professional financial consultancy opinions and legal opinions issued by lawyers within 15 days upon submission of the tender offer report as prescribed by the CSRC as well as the relevant documents as prescribed in Article 50 of these Measures according to the preceding Paragraph. If the CSRC holds no objection to the contents disclosed in the tender offer report within 15 days, the purchaser may announce it; if the CSRC finds any part of the tender offer report inconsistent with any law, administrative regulation or any other relevant provision, the CSRC shall notify it to the purchaser in a timely manner, and the purchaser shall not announce the tender offer. 收购人依照前款规定报送符合中国证监会规定的要约收购报告书及本办法第五十条规定的相关文件之日起15日后,公告其要约收购报告书、财务顾问专业意见和律师出具的法律意见书。在15日内,中国证监会对要约收购报告书披露的内容表示无异议的,收购人可以进行公告;中国证监会发现要约收购报告书不符合法律、行政法规及相关规定的,及时告知收购人,收购人不得公告其收购要约。
Article 29 A tender offer report as prescribed in the preceding Article shall state the following matters:   第二十九条 前条规定的要约收购报告书,应当载明下列事项:
(1)Name and domicile of the purchaser; name, place of registration, and legal representative of the purchaser, as well as a structure chart on the equity control relationship between the purchaser, its controlling shareholders and actual controllers, if the purchaser is a legal person; (一)收购人的姓名、住所;收购人为法人的,其名称、注册地及法定代表人,与其控股股东、实际控制人之间的股权控制关系结构图;
(2)Decision of the purchaser on takeover, purposes of takeover, and whether the purchaser will continue to increase the shareholding within the future 12 months; (二)收购人关于收购的决定及收购目的,是否拟在未来12个月内继续增持;
(3)Name of the listed company, and type of shares to be purchased; (三)上市公司的名称、收购股份的种类;
(4)Quantity and proportion of the shares to be purchased; (四)预定收购股份的数量和比例;
(5)Takeover price; (五)收购价格;
(6)Amount of capital required for the takeover, sources of capital, guarantees of the capital or other payment arrangements; (六)收购所需资金额、资金来源及资金保证,或者其他支付安排;
(7)Conditions as stipulated in the tender offer; (七)收购要约约定的条件;
(8)Term of takeover; (八)收购期限;
(9)Amount of shares of the target company as held by the purchaser at the time when the tender offer report is submitted, and the proportion of the said amount of shares to all the shares of the target company; (九)报送收购报告书时持有被收购公司的股份数量、比例;
(10)An analysis of effects of this takeover on the listed company, such as whether there is intra-industry competition or potential intra-industry competition between the business engaged in by the purchaser or any affiliated party thereof and the business of the listed company; whether there is any continuous affiliated transaction; whether corresponding arrangements have been made so as to avoid the intra-industry competition between the purchaser or any affiliated parties thereof and the listed company, and to keep the independence of the listed company if there is intra-industry competition or potential intra-industry competition; (十)本次收购对上市公司的影响分析,包括收购人及其关联方所从事的业务与上市公司的业务是否存在同业竞争或者潜在的同业竞争,是否存在持续关联交易;存在同业竞争或者持续关联交易的,收购人是否已作出相应的安排,确保收购人及其关联方与上市公司之间避免同业竞争以及保持上市公司的独立性;
(11)Follow-up plans for adjusting the assets, businesses, personnel, organizational structure or articles of association of the listed company for the future 12 months; (十一)未来12个月内对上市公司资产、业务、人员、组织结构、公司章程等进行调整的后续计划;
(12)Important transactions between the purchaser or any affiliated parties thereof with the listed company before 24 months; (十二)前24个月内收购人及其关联方与上市公司之间的重大交易;
(13)Information on the purchase and selling of shares of the target company through the securities trading at the stock exchange within the previous 6 months; and (十三)前6个月内通过证券交易所的证券交易买卖被收购公司股票的情况;
(14)Other contents as required to be disclosed by the CSRC. (十四)中国证监会要求披露的其他内容。
In the case of sending out a general tender offer, the purchaser shall, in the tender offer report, fully disclose the risks for the termination of listing, the time for completing the takeover after the termination of listing as well as the follow-up arrangements for the remaining shareholders that still hold the shares of the listed company to sell their shares; and in the case of sending out a general tender offer for the purpose of delisting the listed company, the purchaser may not disclose the contents prescribed in Item (10) of the preceding Paragraph. 收购人发出全面要约的,应当在要约收购报告书中充分披露终止上市的风险、终止上市后收购行为完成的时间及仍持有上市公司股份的剩余股东出售其股票的其他后续安排;收购人发出以终止公司上市地位为目的的全面要约,无须披露前款第(十)项规定的内容。
Article 30 If the shares of a listed company to be purchased by a purchaser according to Article 47 of these Measures exceed 30% of the total shares of the listed company, the takeover shall be conducted by means of tender offer, and the purchaser shall make a suggestive announcement on the summary of the tender offer report within 3 days after the takeover agreement is reached or similar arrangements are made, and shall perform the obligations of reporting and announcement according to Articles 28 and 29, and shall be exempt from formulating, announcing and publicizing the report on takeover of the listed company; and if the takeover shall be subject to approval, the purchaser shall place a special reminder in the announcement that this takeover shall not be carried out until the relevant party approves it.   第三十条 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报告和公告义务,同时免于编制、报告和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 approval has not been obtained, the purchaser shall, within 2 working days upon receipt of the notice, submit a report to the CSRC for canceling the takeover plan, simultaneously send a copy of the report to the representative office and the stock exchange, notify it to the target company, and make an announcement. 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,向中国证监会提交取消收购计划的报告,同时抄报派出机构,抄送证券交易所,通知被收购公司,并予公告。
Article 31 Where a purchaser intends to cancel the takeover plan by itself after a tender offer report has been submitted to the CSRC and before the tender offer report is publicized, the purchaser shall submit an application to the CSRC for canceling the takeover plan, explain the reasons, and make an announcement, and shall not take over the same listed company within 12 months upon announcement.   第三十一条 收购人向中国证监会报送要约收购报告书后,在公告要约收购报告书之前,拟自行取消收购计划的,应当向中国证监会提出取消收购计划的申请及原因说明,并予公告;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。
Article 32 The board of directors of the target company shall investigate the capacity, credit status and purpose of takeover of the purchaser, analyze the conditions for tender offer, put forward suggestions on whether the shareholders should accept the tender offer, and hire an independent financial consultant to issue professional opinions. The board of directors of the target company shall, within 20 days after the purchaser announces the tender offer report, submit a report of the board of directors of the target company as well as the professional opinions of the independent financial consultant to the CSRC, simultaneously submit a copy of the said report and opinions to the representative office and the stock exchange, and make an announcement.   第三十二条 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将被收购公司董事会报告书与独立财务顾问的专业意见报送中国证监会,同时抄报派出机构,抄送证券交易所,并予公告。
Where the purchaser makes any major alteration to the conditions for tender offer, the board of directors of the target company shall, within 3 working days, submit supplementary opinions of the board of directors and the independent financial consultant about the alteration of the conditions for tender offer, give a report and make an announcement. 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个工作日内提交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,并予以报告、公告。
Article 33 Unless the target company continuously engages in normal business operations or implements the resolutions made by the general assembly of shareholders, the board of directors of the target company shall not, after the purchaser makes a suggestive announcement and before the tender offer is completed, produce significant effects on the assets, liabilities, entitlements or business performances of the company by disposing of the assets or external investments of the company or adjusting main businesses, guarantees or loans of the company, etc.   第三十三条 收购人作出提示性公告后至要约收购完成前,被收购公司除继续从事正常的经营活动或者执行股东大会已经作出的决议外,未经股东大会批准,被收购公司董事会不得通过处置公司资产、对外投资、调整公司主要业务、担保、贷款等方式,对公司的资产、负债、权益或者经营成果造成重大影响。
Article 34 During the course of tender offer, no director of the target company may resign.   第三十四条 在要约收购期间,被收购公司董事不得辞职。
Article 35 In the case of a tender offer as conducted by the purchaser according to these Measures, the offered price for a same kind of shares shall not be lower than the highest price at which the purchaser obtains the said kind of shares within 6 months before the suggestive announcement on tender offer is made.   第三十五条 收购人按照本办法规定进行要约收购的,对同一种类股票的要约价格,不得低于要约收购提示性公告日前6个月内收购人取得该种股票所支付的最高价格。
If the offered price is lower than the arithmetic average value of the daily weighted average prices of the said kind of shares within 30 trading days prior to the date on which the suggestive announcement is made, the financial consultant hired by the purchaser shall analyze the trading of the said kind of shares for the previous 6 months, and explain whether there is any manipulation of stock prices, whether the purchaser has failed to disclose its concerted parties, whether there is any other arrangement for the purchaser to obtain the shares of the company for the previous 6 months, as well as the rationality of the price offer.
......
 要约价格低于提示性公告日前30个交易日该种股票的每日加权平均价格的算术平均值的,收购人聘请的财务顾问应当就该种股票前6个月的交易情况进行分析,说明是否存在股价被操纵、收购人是否有未披露的一致行动人、收购人前6个月取得公司股份是否存在其他支付安排、要约价格的合理性等。
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