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Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors [Revised]
外国投资者对上市公司战略投资管理办法 [已被修订]
【法宝引证码】

Order of the Ministry of Commerce, China Securities Regulatory Commission, State Administration of Taxation, State Administration for Industry and Commerce, and State Administration of Foreign Exchange 

商务部、中国证券监督管理委员会、国家税务总局、国家工商行政管理总局、国家外汇管理局令


(No.28 [2005])
 
(2005年第28号)

The Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors, which have been formulated by the Ministry of Commerce, China Securities Regulatory Commission, State Administration of Taxation, State Administration for Industry and Commerce, and State Administration of Foreign Exchange, are hereby promulgated, and shall come into force after 30 days as of the promulgation.
 

商务部、证监会、税务总局、工商总局、外汇局制定了《外国投资者对上市公司战略投资管理办法》,现予以发布,自发布之日起30日后施行。

Minister of the Ministry of Commerce
 
商务部部长  薄熙来

Chairman of China Securities Regulatory Commission
 
证监会主席  尚福林

Director General of the State Administration of Taxation
 
税务总局局长 谢旭人

Director General of the State Administration for Industry and Commerce
 
工商总局局长 王从孚

Director General of the State Administration of Foreign Exchange
 
外汇局局长  胡晓炼

December 31, 2005
 
二00五年十二月三十一日

Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors
 

外国投资者对上市公司战略投资管理办法


 

Article 1 With a view to regulating the strategic investment of foreign investors in A share listed companies (hereinafter referred to as the listed companies) after share-trading reform, maintaining the order of securities market, introducing advanced overseas management experiences, technologies and capital, and improving the corporate governance of the listed companies, as well as protecting the lawful rights and interests of the listed companies and their shareholders, the present Measures are formulated in light of the requirements of the Guiding Opinions on Share-trading Reform of Listed Companies, and in accordance with the state laws and regulations on the supervision over foreign-funded companies and listed companies, as well as the Interim Provisions for Foreign Investors to Merge Domestic Enterprises.   第一条 为了规范股权分置改革后外国投资者对A股上市公司(以下简称上市公司)进行战略投资,维护证券市场秩序,引进境外先进管理经验、技术和资金,改善上市公司治理结构,保护上市公司和股东的合法权益,按照《关于上市公司股权分置改革的指导意见》的要求,根据国家有关外商投资、上市公司监管的法律法规以及《外国投资者并购境内企业暂行规定》,制定本办法。

 
Article 2 The present Measures shall be applicable to the acts of foreign investors (hereinafter referred to as the investors), who obtain the A share stock of the listed companies that have completed the share-trading reform and the newly listed companies after the share-trading reform through a scale of medium and long-term strategic merger investment (hereinafter referred to as the strategic investment).   第二条 本办法适用于外国投资者(以下简称投资者)对已完成股权分置改革的上市公司和股权分置改革后新上市公司通过具有一定规模的中长期战略性并购投资(以下简称战略投资),取得该公司A股股份的行为。

 
Article 3 The investors may make strategic investment in the listed companies in accordance with the present Measures upon the approval of the Ministry of Commerce.   第三条 经商务部批准,投资者可以根据本办法对上市公司进行战略投资。

 
Article 4 The following principles shall be followed in the strategic investment:   第四条 战略投资应遵循以下原则:

1. Abiding by the state laws, regulations, and the relevant industrial policies, and not impairing national economic security and public interests;
 
(一)遵守国家法律、法规及相关产业政策,不得危害国家经济安全和社会公共利益;

2. Sticking to the principle of openness, justness and fairness, maintaining the lawful rights and interests of the listed companies and their shareholders, and accepting the supervision of the government and the general public, and the judicial and arbitration jurisdictions of China;
 
(二)坚持公开、公正、公平的原则,维护上市公司及其股东的合法权益,接受政府、社会公众的监督及中国的司法和仲裁管辖;

3. Encouraging medium and long-term investment, and maintaining the normal order of the securities market, not making sensationalism; and
 
(三)鼓励中长期投资,维护证券市场的正常秩序,不得炒作;

4. Not obstructing fair competition, or resulting in excessive concentration of the relevant products markets, or elimination or restriction of competition.
 
(四)不得妨碍公平竞争,不得造成中国境内相关产品市场过度集中、排除或限制竞争。

 
Article 5 An investor shall comply with the following requirements when making strategic investment:   第五条 投资者进行战略投资应符合以下要求:

 
(一)以协议转让、上市公司定向发行新股方式以及国家法律法规规定的其他方式取得上市公司A股股份;
1. It obtains the A share stock of a listed company by way of transfer under an agreement or directional issuance of new shares by the listed company or by any other means as prescribed by any state law or regulation; 
(二)投资可分期进行,首次投资完成后取得的股份比例不低于该公司已发行股份的百分之十,但特殊行业有特别规定或经相关主管部门批准的除外;

 
(三)取得的上市公司A股股份三年内不得转让;
2. The investment may be made by stages, the proportion of shares obtained by it after completing initial investment shall be no lower than 10% of the shares having been issued by the company, unless there are special provisions in a special industry or it is approved by the competent departments; 
(四)法律法规对外商投资持股比例有明确规定的行业,投资者持有上述行业股份比例应符合相关规定;属法律法规禁止外商投资的领域,投资者不得对上述领域的上市公司进行投资;

 
(五)涉及上市公司国有股股东的,应符合国有资产管理的相关规定。
3. The A share stock of a listed company obtained by it shall not be transferred within 3 years; 

   第六条 投资者应符合以下要求:
4. For the industry for which there are clear provisions by any law or regulation on the proportion of shares held by a foreign investor, the proportion of shares of the aforesaid industries held by an investor shall comply with the relevant provisions; for any fields to which foreign investment is prohibited by any law or regulation, the investor shall not make investment in any listed company in the aforesaid field; and 
(一)依法设立、经营的外国法人或其他组织,财务稳健、资信良好且具有成熟的管理经验;

 
(二)境外实有资产总额不低于1亿美元或管理的境外实有资产总额不低于5亿美元;或其母公司境外实有资产总额不低于1亿美元或管理的境外实有资产总额不低于5亿美元;
5. In case any state-owned shareholder of a listed company is involved, it shall comply with the relevant provisions on state-owned assets administration. 
(三)有健全的治理结构和良好的内控制度,经营行为规范;

 
(四)近三年内未受到境内外监管机构的重大处罚(包括其母公司)。
Article 6 An investor shall comply with the following requirements: 

   第七条 通过上市公司定向发行方式进行战略投资的,按以下程序办理:
1. It is a foreign legal person or other organization that is established and operated according to law, with sound finance, good credit standing, and mature management experiences; 
(一)上市公司董事会通过向投资者定向发行新股及公司章程修改草案的决议;

 
(二)上市公司股东大会通过向投资者定向发行新股及修改公司章程的决议;
2. Its total overseas paid-in capital shall be no less than USD 100 million or the total overseas paid-in capital under its management shall be no less than USD 500 million; or the total overseas paid-in capital of its overseas parent company is no less than USD 100 million or the total overseas paid-in capital under the management of its parent company shall be no less than USD 500 million; 
(三)上市公司与投资者签订定向发行的合同;

 
(四)上市公司根据本办法第十二条向商务部报送相关申请文件,有特殊规定的从其规定;
3. It has sound governance structure and sound internal control system, and criterions for management acts; and 
(五)在取得商务部就投资者对上市公司进行战略投资的原则批复函后,上市公司向中国证监会报送定向发行申请文件,中国证监会依法予以核准;

 
(六)定向发行完成后,上市公司到商务部领取外商投资企业批准证书,并凭该批准证书到工商行政管理部门办理变更登记。
4. It (including its parent company) has no records of grave penalties by any regulatory institution both home and abroad within the past three years. 

   第八条 通过协议转让方式进行战略投资的,按以下程序办理:
Article 7 In case the strategic investment is made by way of directional issuance of a listed company, it shall be handled in light of the following procedures: 
(一)上市公司董事会通过投资者以协议转让方式进行战略投资的决议;

 
(二)上市公司股东大会通过投资者以协议转让方式进行战略投资的决议;
1. The board of directors of the listed company adopts the resolutions on directional issuance of new shares to investors and amendments of the draft of the articles of association of the company; 
(三)转让方与投资者签订股份转让协议;

 
(四)投资者根据本办法第十二条向商务部报送相关申请文件,有特殊规定的从其规定;
2. The shareholders' meeting of the listed company adopts the resolutions on directional issuance of new shares to investors and amendments of the articles of association of the company; 
(五)投资者参股上市公司的,获得前述批准后向证券交易所办理股份转让确认手续、向证券登记结算机构申请办理登记过户手续,并报中国证监会备案;

 
(六)协议转让完成后,上市公司到商务部领取外商投资企业批准证书,并凭该批准证书到工商行政管理部门办理变更登记。
3. The listed company signs a directional issuance contract with the investor; 

   第九条 投资者拟通过协议转让方式构成对上市公司的实际控制,按照第八条第(一)、(二)、(三)、(四)项的程序获得批准后,向中国证监会报送上市公司收购报告书及相关文件,经中国证监会审核无异议后向证券交易所办理股份转让确认手续、向证券登记结算机构申请办理登记过户手续。完成上述手续后,按照第八条第(六)项办理。
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