| Notice by the China Securities Regulatory Commission of Requesting Public Comments on the Decision to Amend the Measures for the Administration of the Material Asset Restructurings of Listed Companies | | 中国证监会关于就《关于修改〈上市公司重大资产重组管理办法〉的决定》公开征求意见的通知 |
For the purposes of continuously advancing the market-oriented reform of mergers, acquisitions and restructuring, promoting the supply-side stock restructuring, increment optimization and the transformation of momentum, and improving the quality of listed companies, so as to serve the development of real economy, the China Securities Regulatory Commission (“CSRC”) plans to amend some articles of the Measures for the Administration of the Material Asset Restructurings of Listed Companies and hereby solicit public comments. The public may submit their comments by the following means and methods: | |
为持续推进并购重组市场化改革，促进供给侧存量重组、增量优化、动能转换，提高上市公司质量，服务实体经济发展，我会拟对《上市公司重大资产重组管理办法》部分条文进行修改，现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见： |
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| 1. Logging onto the legal information website of the Chinese government (http://www.chinalaw.gov.cn), and submitting comments through the “Requests for Comments on Legislation” column of the main menu on the homepage. | | 1.登陆中国政府法制信息网（网址：http：//www.chinalaw.gov.cn），进入首页主菜单的“立法意见征集”栏目提出意见。 |
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| 2. Logging onto the website of the CSRC (http://www. csrc.gov.cn), and submitting comments by clicking the Decision to Amend the Measures for the Administration of the Material Asset Restructurings of Listed Companies on the right side of the homepage. | | 2.登陆中国证监会网站（网址：http：//www.csrc.gov.cn），进入首页右侧点击“《关于修改〈上市公司重大资产重组管理办法〉的决定》”提出意见。 |
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| 3. E-mail: ssb@csrc.gov.cn. | | 3.电子邮件：ssb@csrc.gov.cn。 |
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| 4. Mailing address: Department of Listed Company Supervision of the China Securities Regulatory Commission, Fukai Building, 19 Jinrong Street, Xicheng District, Beijing, 100033. | | 4.通信地址：北京市西城区金融大街19号富凯大厦中国证监会上市公司监管部，邮政编码：100033。 |
Comments may be submitted until July 20, 2019. | |
意见反馈截止时间为2019年7月20日。 |
China Securities Regulatory Commission | |
中国证监会 |
June 20, 2019 | |
2019年6月20日 |
Annex 1 | |
附件1 |
Decision to Amend the Measures for the Administration of the Material Asset Restructurings of Listed Companies | |
关于修改《上市公司重大资产重组管理办法》的决定 |
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| I. Article 13 is amended to read: “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. | | 一、第十三条修改为：“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： |
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| (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； |
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| (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； |
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| (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； |
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| (4) The shares offered for the purchase of assets account for 100% or more of the shares of the last trading day 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； |
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| (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； |
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| (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： |
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| (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； |
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| (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； |
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| (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； |
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| (4) Neither the listed company nor any of its controlling shareholders and actual controllers is given a public reprimand by the stock exchange and 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； |
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| (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 and new technology industries and strategic new 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。” |
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| II. Article 14 is amended to read: “The proportions mentioned in Articles 12 and 13 of these Measures shall be calculated in accordance with the following provisions: | | 二、第十四条修改为：“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： |
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| (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。 |
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| (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。 |
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| (3) If the listed company purchases and sells assets concurrently, the relevant proportions 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。 |
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| (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。” |
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| III. Paragraph 4 of Article 22 is amended to read: “The listed company shall announce the resolution of the board of directors and the opinions of independent directors on one of the newspapers and periodicals designated by the CSRC, and disclose in full text the material asset restructuring report and the summary thereof, and the reports or opinions of relevant securities service agencies on the website of the stock exchange.” | | 三、第二十二条第四款修改为：“上市公司只需选择一种中国证监会指定的报刊公告董事会决议、独立董事的意见，并应当在证券交易所网站全文披露重大资产重组报告书及其摘要、相关证券服务机构的报告或者意见。” |
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| IV. Paragraph 1 of Article 44 is amended to read: “Where a listed company purchases assets by offering shares, it may raise some counterpart funds at the same time, which shall be priced in accordance with relevant existing provisions.” | | 四、第四十四条第一款修改为：“上市公司发行股份购买资产的，可以同时募集部分配套资金，其定价方式按照现行相关规定办理。” |
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| V. One article is added after Article 61 as Article 62: “Where material asset restructurings by the companies listed on the STAR Market are otherwise provided for by the CSRC, such provisions shall prevail.” | | 五、第六十一条后增加一条，作为第六十二条：“中国证监会对科创板公司重大资产重组另有规定的，从其规定。” |
This Decision shall come into force on MM/DD/2019. The Measures for the Administration of the Material Asset Restructurings of Listed Companies, as amended according to this Decision, shall be reissued. | |
本决定自2019年月日起施行。《上市公司重大资产重组管理办法》根据本决定作相应修改，重新公布。 |
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上市公司重大资产重组管理办法 |
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（2019年*月*日中国证券监督管理委员会第*次主席办公会议审议通过， |
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根据2019年*月*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） |
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| | 第一章 总 则 |
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| | 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。 |
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| | 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）。 |
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上市公司发行股份购买资产应当符合本办法的规定。 |
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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。 |
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| | 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。 |
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| | 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。 |
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| | 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。 |
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| | 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。 |
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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。 |
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| | 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。 |
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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。 |
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| | 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。 |
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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。 |
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| | 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。 |
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| | 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。 |
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| | 第二章 重大资产重组的原则和标准 |
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| | 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： |
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| | （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； |
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| | （二）不会导致上市公司不符合股票上市条件； |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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。 |
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| | 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： |
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| | （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； |
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| | （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； |
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| | （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。 |
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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。 |
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| | 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： |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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。 |
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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： |
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| | （一）符合本办法第十一条、第四十三条规定的要求； |
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| | （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； |
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| | （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； |
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| | （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； |
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| | （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。 |
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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。 |
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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。 |
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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。 |
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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。 |
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| | 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：
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