| Notice by the State-Owned Assets Supervision and Administration Commission of Issuing the Operating Guidelines for the Mixed Ownership Reform of Central Enterprises | | 国资委关于印发《中央企业混合所有制改革操作指引》的通知 |
| (No. 653 [2019] of the State-Owned Assets Supervision and Administration Commission) | | （国资产权〔2019〕653号） |
| All central enterprises: | | 各中央企业： |
| For the purposes of further implementing the decisions and deployments of the CPC Central Committee and the State Council on actively developing the mixed ownership economy, and advancing the mixed ownership reform in a steadily and orderly manner, on the basis of summarizing the mixed ownership reform of central enterprises, the State-Owned Assets Supervision and Administration Commission (“SASAC”) has developed the Operating Guidelines for the Mixed Ownership Reform of Central Enterprises, which are hereby issued for your reference. | | 为深入贯彻落实党中央、国务院关于积极发展混合所有制经济的决策部署，稳妥有序推进混合所有制改革，国资委在总结中央企业混合所有制改革工作的基础上，制定了《中央企业混合所有制改革操作指引》。现印发给你们，供参考。 |
| State-Owned Assets Supervision and Administration Commission | | 国资委 |
| October 31, 2019 | | 2019年10月31日 |
| Operating Guidelines for the Mixed Ownership Reform of Central Enterprises | | 中央企业混合所有制改革操作指引 |
| For the purposes of implementing the decisions and deployments of the CPC Central Committee and the State Council on actively developing the mixed ownership economy, promoting the mixed ownership reform in a steadily and orderly manner, advancing the complementarity, mutual promotion, and common development of capital of various ownerships, and consolidating the micro foundation of the basic socialist economic system, these Operating Guidelines are developed according to the spirit of the Guiding Opinions of the CPC Central Committee and the State Council on Deepening the Reform of State-owned Enterprises (No. 22 [2015], CPC Central Committee), the Opinions of the State Council on the Development of Mixed Ownership Economy by Central Enterprises (No. 54 [2015], State Council) and other documents, as well as the relevant policies and provisions, and in consideration of the practice experience of the reform of mixed ownership of central enterprises. Subsidiaries of central enterprises at all levels introducing non-public capital and collective capital to implement mixed ownership reform through transferring property, increasing registered capital and shares, initial public offering (“IPO”), asset restructuring of listed companies, and other methods shall carry out relevant work with reference to these Operating Guidelines. | | 为贯彻落实党中央、国务院关于积极发展混合所有制经济的决策部署，稳妥有序推进中央企业混合所有制改革，促进各种所有制资本取长补短、相互促进、共同发展，夯实社会主义基本经济制度的微观基础，按照《中共中央、国务院关于深化国有企业改革的指导意见》（中发〔2015〕22号）、《国务院关于国有企业发展混合所有制经济的意见》（国发〔2015〕54号）等文件精神和有关政策规定，结合中央企业混合所有制改革实践，制定本操作指引。中央企业所属各级子企业通过产权转让、增资扩股、首发上市（IPO）、上市公司资产重组等方式，引入非公有资本、集体资本实施混合所有制改革，相关工作参考本操作指引。 |
| I. Basic operating procedures | | 一、基本操作流程 |
| Subsidiaries of central enterprises at all levels implementing mixed ownership reform shall generally undergo the following basic operating procedures: feasibility study, developing mixed ownership reform schemes, undergoing the decision approval procedures, conducting audit and assessment, introducing non-public capital investors, and promoting the reform of the operating mechanisms of enterprises. Where mixed ownership reform is implemented by establishing new enterprises, foreign investment mergers and acquisitions, investment in capital and other means, the relevant procedures for investment management of central enterprises shall be undergone. | | 中央企业所属各级子企业实施混合所有制改革，一般应履行以下基本操作流程：可行性研究、制定混合所有制改革方案、履行决策审批程序、开展审计评估、引进非公有资本投资者、推进企业运营机制改革。以新设企业、对外投资并购、投资入股等方式实施混合所有制改革的，履行中央企业投资管理有关程序。 |
| 1. Feasibility study. | | （一）可行性研究。 |
| Enterprises intending to implement mixed ownership reform shall, according to the general requirements for “improving governance, strengthening incentives, highlighting the main business, and improving efficiency,” and under the principles of “applying policies that suit local conditions, applying policies that suit the industries concerned, applying policies that suit the enterprises concerned, making independent arrangement where it is feasible to do so, exercising control where it is feasible to do so and making participation where it is feasible to do so, without making arbitrary arrangement, without making full-range coverage, and without setting any timetable therefor,” conduct sufficient feasibility study for the necessity and feasibility of mixed ownership reform according to the relevant policies, cover each right enterprise by a right policy, and promote whichever becomes mature. | | 拟实施混合所有制改革的企业（以下简称拟混改企业）要按照“完善治理、强化激励、突出主业、提高效率”的总体要求，坚持“因地施策、因业施策、因企施策，宜独则独、宜控则控、宜参则参，不搞拉郎配，不搞全覆盖，不设时间表”的原则，依据相关政策规定对混合所有制改革的必要性和可行性进行充分研究，一企一策，成熟一个推进一个。 |
| The mixed ownership reform of state-owned enterprises in the category of commerce whose main business is in adequately competitive industries and fields shall be steadily promoted, and state-owned capital shall be controlled where it is feasible to do so and make participation where it is feasible to do so; exploration shall be made for mixed ownership reform of state-owned enterprises in the category of commerce whose main business is in important industries and key fields, the share controlling status of state-owned capital shall be maintained, and acquisition of shares by non-public capital shall be supported; according to different business characteristics, the mixed ownership reform of qualified state-owned public welfare enterprises shall be promoted in an orderly manner; and the role of professional platforms for state-owned capital investment and operating companies' market-oriented operations shall be fully maximized, and the mixed ownership reform of subordinated enterprises shall be actively promoted. | | 积极稳妥推进主业处于充分竞争行业和领域的商业类国有企业混合所有制改革，国有资本宜控则控、宜参则参；探索主业处于重要行业和关键领域的商业类国有企业混合所有制改革，保持国有资本控股地位，支持非公有资本参股；根据不同业务特点，有序推进具备条件的公益类国有企业混合所有制改革；充分发挥国有资本投资、运营公司市场化运作专业平台作用，积极推进所属企业混合所有制改革。 |
| At the feasibility study stage, enterprises shall, in accordance with the provisions of the relevant documents, evaluate the social stability risks in the implementation of mixed ownership reform. | | 可行性研究阶段，企业应按照有关文件规定，对实施混合所有制改革的社会稳定风险作出评估。 |
| 2. Developing mixed ownership reform schemes. | | （二）制定混合所有制改革方案。 |
| Enterprises intending to implement mixed ownership reform shall develop mixed ownership reform schemes. A scheme shall generally include the following: the profile of the enterprise, the analysis on the necessity and feasibility of the mixed ownership reform, the basic principles and ideas of the reform, the establishment of the corporate equity structure after the reform, the main measures for changing the operating mechanism, the conditions and requirements, methods, and pricing methods for the introduction of non-public capital, the employee incentive plan, the scheme for disposal of creditor's rights and debts, the scheme for resettlement of employees, the solutions to historical issues, the measures for the assessment and prevention of reform risks, the accountability measures for violation of relevant regulations, and the organizational guarantee and schedule for reform, among others. | | 拟混改企业应制定混合所有制改革方案，方案一般包括以下内容：企业基本情况，混合所有制改革必要性和可行性分析，改革基本原则和思路，改革后企业股权结构设置，转变运营机制的主要举措，引进非公有资本的条件要求、方式、定价办法，员工激励计划，债权债务处置方案，职工安置方案，历史遗留问题解决方案，改革风险评估与防范措施，违反相关规定的追责措施，改革组织保障和进度安排等。 |
| During the process of developing a scheme , the equity structure of mixed ownership enterprises shall be scientifically designed, equities shall be fully released to non-public capital, and non-public capital shall be made to dispatch directors or supervisors as much as possible; attention shall be paid to protecting employees' right to know and participate in mixed ownership reform, assessment shall be effectively conducted where employees' vital interests are involved, and the scheme for resettlement of employees shall be deliberated and adopted at the employee representative congress or employee congress; and the reform path shall be scientifically designed, the relevant preferential tax policies of the state shall be effectively and sufficiently utilized, and the reform costs shall be reduced. If necessary, external experts, and intermediary institutions, among others, may be hired to participate. | | 制定方案过程中，要科学设计混合所有制企业股权结构，充分向非公有资本释放股权，尽可能使非公有资本能够派出董事或监事；注重保障企业职工对混合所有制改革的知情权和参与权，涉及职工切身利益的要做好评估工作，职工安置方案应经职工大会或者职工代表大会审议通过；科学设计改革路径，用好用足国家相关税收优惠政策，降低改革成本。必要时可聘请外部专家、中介机构等参与。 |
| 3. Undergoing the decision approval procedures. | | （三）履行决策审批程序。 |
| After a scheme for mixed ownership reform is developed, central enterprises shall, under the decision-making mechanism of “major issues, major personnel appointments and dismissals, investments in major projects and use of large sums of money,” undergo the internal decision-making procedures of enterprises. Where an enterprise intending to implement mixed ownership reform engages in the main business in the important industry and key fields concerning national security and lifeline of the national economy and mainly undertakes major special tasks, its scheme for mixed ownership reform shall be submitted to the SASAC for approval upon examination and approval by the central enterprise, and where it is required to be submitted to the State Council for approval, the SASAC shall, according to the provisions of the relevant laws, administrative regulations, and documents of the State Council, undergo corresponding procedures; and where an enterprise intending to implement mixed ownership reform is a subsidiary with other functional positioning, its scheme for mixed ownership reform shall be approved by the central enterprise. | | 混合所有制改革方案制定后，中央企业应按照“三重一大”决策机制，履行企业内部决策程序。拟混改企业属于主业处于关系国家安全、国民经济命脉的重要行业和关键领域、主要承担重大专项任务子企业的，其混合所有制改革方案由中央企业审核后报国资委批准，其中需报国务院批准的，由国资委按照有关法律、行政法规和国务院文件规定履行相应程序；拟混改企业属于其他功能定位子企业的，其混合所有制改革方案由中央企业批准。 |
| 4. Conducting audit and assessment. | | （四）开展审计评估。 |
| To implement mixed ownership reform, an enterprise shall rationally determine the scope of assets included in the reform, and may choose methods such as free transfer, transfer of equity, and replacement of equity in accordance with the relevant regulations, where the assets and business need to be adjusted. An enterprise that really needs to conduct asset and capital verification prior to mixed ownership reform shall undergo the procedures according to the relevant provisions. | | 企业实施混合所有制改革，应合理确定纳入改革的资产范围，需要对资产、业务进行调整的，可按照相关规定选择无偿划转、产权转让、产权置换等方式。企业混合所有制改革前如确有必要开展清产核资工作的，按照有关规定履行程序。 |
| After the assets scope of an enterprise intending to implement mixed ownership reform is determined, the enterprise or entity holding the equity shall select and appoint an intermediary institution with corresponding qualifications to conduct financial audit and assets assessment, undergo the procedures for recordation of assets assessment projects, and regard the assets assessment results recorded as the reference basis for pricing of the asset transaction. | | 拟混改企业的资产范围确定后，由企业或产权持有单位选聘具备相应资质的中介机构开展财务审计、资产评估工作，履行资产评估项目备案程序，以经备案的资产评估结果作为资产交易定价的参考依据。 |
| 5. Introducing non-public capital investors. | | （五）引进非公有资本投资者。 |
| An enterprise intending to implement mixed ownership reform shall introduce non-public capital investors in an open, fair and impartial manner at equity exchanges, and on stock market and other market-oriented platforms. The main methods of introducing non-public capital investors at equity exchanges shall include increasing capital and shares and transferring partial state-owned equities. The main methods of introducing non-public capital investors through the stock market shall include IPO, transfer of shares of listed companies, issuance of securities, and asset restructuring, among others. During the process of introducing non-public capital investors through market platforms, a central enterprise shall pay attention to safeguarding the right to equal participation of various types of social capital, and shall not have clear directivity or any content that violates the principle of fair competition. | | 拟混改企业引进非公有资本投资者，主要通过产权市场、股票市场等市场化平台，以公开、公平、公正的方式进行。通过产权市场引进非公有资本投资者，主要方式包括增资扩股和转让部分国有股权。通过股票市场引进非公有资本投资者，主要方式包括首发上市（IPO）和上市公司股份转让、发行证券、资产重组等。中央企业通过市场平台引进非公有资本投资者过程中，要注重保障各类社会资本平等参与权利，对拟参与方的条件要求不得有明确指向性或违反公平竞争原则的内容。 |
| 6. Promoting the reform of operating mechanisms. | | （六）推进运营机制改革。 |
| Mixed ownership enterprises shall improve the modern enterprise system, improve the corporate governance structure, fully maximize the fundamental role of the bylaws in corporate governance, make all shareholders jointly develop the bylaws, regulate the relationship between powers and responsibilities of the shareholders' meeting, board of directors, board of supervisors, the management, and Party's organizations, implement the functions and powers of the board of directors, and deepen three system reforms; and sufficiently, effectively and flexibly utilize various positive incentive tools, build a diversified and systematic incentive and restraint system, and fully mobilize the enthusiasm of employees. The management and control model of mixed ownership enterprises shall be transformed, the specific management and control methods shall be determined upon negotiations on the basis of the different proportions and structures of state-owned capital and non-public capital, state-owned investors shall strengthen the management and control methods within the limit of the amount and proportion of contribution and by relying on dispatching equity directors, the boundaries of supervision and administration shall be specified, and shareholders shall not interfere in the routine operation of enterprises. | | 混合所有制企业要完善现代企业制度，健全法人治理结构，充分发挥公司章程在公司治理中的基础性作用，各方股东共同制定章程，规范企业股东（大）会、董事会、监事会、经理层和党组织的权责关系，落实董事会职权，深化三项制度改革；用足用好用活各种正向激励工具，构建多元化、系统化的激励约束体系，充分调动企业职工积极性。转变混合所有制企业管控模式，探索根据国有资本与非公有资本的不同比例结构协商确定具体管控方式，国有出资方强化以出资额和出资比例为限、以派出股权董事为依托的管控方式，明确监管边界，股东不干预企业日常经营。 |
| II. Key operating points of the relevant links of “mixing capital” | | 二、“混资本”相关环节操作要点 |
| 1. Audit and assessment of assets. | | （一）资产审计评估。 |
| (1) Financial audit. To implement mixed ownership reform, financial audit shall be carried out according to the Notice by the General Office of the State Council of Forwarding the Opinions of the State-owned Assets Supervision and Administration Commission under the State Council for Regulating the Restructuring of State-owned Enterprises (No. 96 [2003] of the General Office of the State Council), the Notice by the General Office of the State Council of Forwarding the Implementation Opinions of the State-Owned Assets Supervision and Administration Commission for Further Regulating the Restructuring of State-owned Enterprises (No. 60 [2005] of the General Office of the State Council) and other provisions. | | 1.财务审计。实施混合所有制改革，应当按照《国务院办公厅转发国务院国有资产监督管理委员会关于规范国有企业改制工作意见的通知》（国办发〔2003〕96号）、《国务院办公厅转发国资委关于进一步规范国有企业改制工作实施意见的通知》（国办发〔2005〕60号）等规定，开展财务审计工作。 |
| (a) Selection and appointment of audit institutions. Audit institutions shall be selected and appointed by the differential competition method. Their qualifications, credibility and capabilities, shall be comprehensively inspected and understood. An audit institution selected and appointed shall, in the previous two years, have no record of violations of laws or regulations, have not undertaken the assessment business of a same mixed ownership reform project, and have no economic interest relationship with the enterprise. | | （1）关于选聘审计机构。选聘审计机构应采取差额竞争方式，综合考察和了解其资质、信誉及能力。选聘的审计机构近两年内在企业财务审计中没有违法、违规记录，未承担同一混合所有制改革项目的评估业务，与企业不存在经济利益关系。 |
| (b) Audit reports. Audit reports shall be unqualified standard audit reports. For a project to be listed or a major asset restructuring project of a listed company whose assessment base date is before June 30 (inclusive), audit reports for the most recent three complete accounting years and the current year as of the assessment base date shall be issued; and for a project whose assessment base date is after June 30, audit reports for the most recent two complete accounting years and the current year as of the assessment base date shall be issued. For other economic behavior, audit reports for the most recent complete accounting year and the current year as of the assessment base date shall be issued. | | （2）关于审计报告。审计报告应为无保留意见的标准审计报告。拟上市项目或上市公司的重大资产重组项目，评估基准日在6月30日（含）之前的，需出具最近三个完整会计年度和本年度截至评估基准日的审计报告；评估基准日在6月30日之后的，需出具最近两个完整会计年度和本年度截至评估基准日的审计报告。其他经济行为需出具最近一个完整会计年度和本年度截至评估基准日的审计报告。 |
| (2) Asset assessment. To implement mixed ownership reform, asset assessment shall be carried out in accordance with the provisions of the Asset Appraisal Law of the People's Republic of China, the Interim Measures for the Administration of Assessment of State-owned Assets of Enterprises (Order No. 12 of the State-Owned Assets Supervision and Administration Commission) and other provisions. | | 2.资产评估。实施混合所有制改革，应当按照《中华人民共和国资产评估法》《企业国有资产评估管理暂行办法》（国资委令第12号）等规定，开展资产评估工作。 |
| (a) Selection, appointment, and entrustment of assessment institutions. A central enterprise shall select and appoint an assessment institution by the differential competition method from its pool of backup assessment institutions. An assessment institution selected and appointed shall have the qualifications, professionals and specialties suitable for the assessment needs of the enterprise, and have no practicing record of state-owned assets assessment project in violation of laws and regulations; understand the laws and regulations, policies, features of economic behavior, and relevant market information concerning the enterprise and its industry; and have no economic interest relationship with parties involved in the mixed ownership reform. For an asset assessment project whose assessment object is equity of an entity, the entity holding the equity shall conduct entrustment, and where matters of increasing capital and shares are involved, the entity holding the equity and the entity increasing capital may conduct joint entrustment. | | （1）评估机构选聘及委托。中央企业应当采取差额竞争方式在本企业评估机构备选库内选聘评估机构。选聘的评估机构应具有与企业评估需求相适应的资质条件、专业人员和专业特长，近3年内没有违法、违规执业国有资产评估项目记录；掌握企业及所在行业相关的法律法规、政策、经济行为特点和相关市场信息；与混合所有制改革相关方无经济利益关系。评估对象为企业股权的资产评估项目，由产权持有单位委托，其中涉及增资扩股事项的，可由产权持有单位和增资企业共同委托。 |
| (b) Authority of assessment recordation management. The recordation of an asset assessment project involved in a mixed ownership reform approved by the SASAC shall be in the charge of the SASAC; the recordation of an asset assessment project involved in a mixed ownership reform approved by an central enterprise shall be in the charge of the central enterprise; and where an enterprise assessed involves several state-owned shareholders, upon consensus, the state-owned shareholder with the largest shareholding ratio may undergo the recordation formalities. | | （2）评估备案管理权限。经国资委批准的混合所有制改革涉及的资产评估项目，由国资委负责备案；经中央企业批准的混合所有制改革涉及的资产评估项目，由中央企业负责备案；被评估企业涉及多个国有股东的，经协商一致，可以由持股比例最大的国有股东办理备案手续。 |
| (c) Key concerns. First, an assessment base date shall be selected as close as possible to the implementation date of the mixed ownership reform. In the event of a matter with significant impact on the assessment results after date, the assessment base date or assessment results shall be adjusted. Second, the scope of assessment shall be consistent with the scope determined in the scheme for mixed ownership reform, decision-making documents, and entrustment agreement on assessment business, among others. Third, assets such as house property, land and mineral resources included in an assessment shall have clear ownership and complete licenses. The right to use state-owned land allocated meeting the conditions for land allocated may continue to be used by allocation with the approval of the people's government at or above the county level. Fourth, more than two methods of assessment shall be adopted for an asset assessment project involving enterprise value in principle. Fifth, prior to the recordation of an asset assessment project, the publicity procedures shall be undergone according to the publicity rules for asset assessment projects. | | （3）重点关注事项。一是评估基准日选取应尽量接近混合所有制改革的实施日期。如果期后发生对评估结果产生重大影响的事项，应调整评估基准日或评估结果。二是评估范围应与混合所有制改革方案、决策文件、评估业务委托约定书等确定的范围一致。三是纳入评估的房产、土地、矿产资源等资产应当权属明晰、证照齐全。符合划拨用地条件的国有划拨土地使用权，经所在地县级以上人民政府批准可继续以划拨方式使用。四是涉及企业价值的资产评估项目，原则上应当采用两种以上评估方法。五是资产评估项目备案前，应当按照资产评估项目公示制度履行公示程序。 |
| 2. Implementing mixed ownership reform at equity exchanges. | | （二）通过产权市场实施混合所有制改革。 |
| (1) Selection of equity exchanges. A non-listed enterprise implementing mixed ownership reform by transfer of equity and increasing capital and shares shall, according to the Measures for the Supervision and Administration of the Transactions of State-Owned Assets of Enterprises (Order No. 32 of the State-Owned Assets Supervision and Administration Commission and the Ministry of Finance), the Notice of Issuing the Operating Rules for the Trading of State-owned Property Rights of Enterprises (No. 120 [2009] of the State-Owned Assets Supervision and Administration Commission), and other relevant provisions, implement it publicly at an equity exchange determined by the SASAC for engaging in related business. Institutions engaging in transfer of equity of central enterprises shall include the China Beijing Equity Exchange, the Tianjin Property Rights Trading Center, the Shanghai United Assets and Equity Exchange and the Chongqing United Assets and Equity Exchange; and institutions providing services of increasing capital and shares for central enterprises shall include the China Beijing Equity Exchange and the Shanghai United Assets and Equity Exchange. | | 1.产权交易机构选择。非上市企业通过产权转让、增资扩股方式实施混合所有制改革应按照《企业国有资产交易监督管理办法》（国资委 财政部令第32号）、《关于印发＜企业国有产权交易操作规则＞的通知》（国资发产权〔2009〕120号）等有关规定，在国资委确定的可以从事相关业务的产权交易机构中公开进行。从事中央企业产权转让业务的机构有北京产权交易所、天津产权交易中心、上海联合产权交易所和重庆联合产权交易所；从事中央企业增资扩股业务的机构有北京产权交易所和上海联合产权交易所。 |
| (2) Information disclosure. The projects trading at exchanges shall be disclosed at the equity exchanges in strict accordance with the provisions. After an enterprise's scheme for mixed ownership reform is determined, the timing for information issuance may be rationally selected and the relevant information shall be disclosed as early as possible. The time for formal information disclosure of an equity transfer project shall not be less than 20 working days, and the information shall be pre-disclosed for not less than 20 working days where transfer of the actual control of an enterprise is involved. The time for information disclosure of a project of increasing capital and shares shall not be less than 40 working days. | | 2.信息披露。进场交易项目要严格按照规定在产权交易机构进行信息披露。企业混合所有制改革方案确定后，可合理选择信息发布时机，及早披露相关信息。产权转让项目正式信息披露时间不少于20个工作日，涉及企业实际控制权转移的应进行信息预披露，时间不少于20个工作日。增资扩股项目信息披露时间不少于40个工作日。 |
| (3) Selection of investors. Enterprises intending to implement mixed ownership reform shall rationally determine the methods for selection of investors. Auction, bidding and tendering, online bidding, and other methods may be adopted for equity transfer projects; and bidding, competitive negotiation, comprehensive deliberation and other methods may be adopted for projects of increasing capital and shares. In the selection of investors, for strategic investors, matching and coordination with the enterprise's development strategies, business operation objectives, main business, and other respects shall be mainly considered, and for financial investors, the capital strength and financial status shall be mainly considered. | | 3.投资人遴选。拟混改企业要合理确定投资人的遴选方式。产权转让项目可采取拍卖、招投标、网络竞价等方式，增资扩股项目可采取竞价、竞争性谈判、综合评议等方式。投资人遴选过程中，对战略投资人主要关注与企业发展战略、经营目标、主营业务等方面的匹配和协同情况，对财务投资人主要关注资金实力和财务状况等。 |
| (4) Key concerns. | | 4.重点关注事项。 |
| (a) An enterprise shall concurrently increase registered capital and transfer equity. Where an enterprise continues to maintain a state-owned controlling position after the mixed ownership reform, and a state-owned shareholder in China intends to simultaneously transfer a small part of equity held during the process of increasing registered capital, it shall be handled under the procedures of increasing registered capital in a unified manner and the equity transfer price shall be consistent with the capital increase price. | | （1）企业增资与产权转让同步进行。企业混合所有制改革后继续保持国有控股地位的，如增资过程中国有股东拟同步转让其所持有的少部分企业产权，统一按照增资流程操作，产权转让价格应与增资价格保持一致。 |
| (b) Protection of trade secrets. Where, during the process of cooperating with the due diligence investigation into an intended investor, the business secrets of an enterprise intending to implement mixed ownership reform are involved, confidentiality agreements shall be entered into with the relevant parties according to the requirements of the Notice of Issuing the Interim Provisions on the Protection of Trade Secrets of Central Enterprises (No. 41 [2010] of the State-Owned Assets Supervision and Administration Commission), to protect its own rights and interests. | | （2）商业秘密保护。在配合意向投资人尽职调查过程中，如涉及拟混改企业商业秘密，应按照《关于印发＜中央企业商业秘密保护暂行规定＞的通知》（国资发〔2010〕41号）要求，与相关方签订保密协议，保护自身权益。 |
| (c) Trading price. The first official minimum bid price of an equity transfer project shall not be lower than the recorded assessment result. Where a transferee's intention of reducing price is not collected upon expiry of the information disclosure period and the new minimum bid price is less than 90% of the assessment result, consent of the entity approving mixed ownership reform shall be obtained; and after the trading price is determined, both trading parties shall not adjust the trading price on the ground of profits or losses incurred and other reasons. The trading price of a project of increasing capital and shares shall be determined on the basis of the assessment result and in consideration of the conditions, quotations and other factors of intended investor, upon deliberation and consent of the board of directors or shareholders' meeting. | | （3）交易价格。产权转让项目首次正式挂牌底价不得低于经备案的评估结果，信息披露期满未征集到受让方拟降价的，新的挂牌底价低于评估结果90%时，应经混合所有制改革批准单位同意；交易价格确定后，交易双方不得以期间损益等理由对交易价格进行调整。增资扩股项目的交易价格以评估结果为基础，结合意向投资人的条件和报价等因素综合确定，并经企业董事会或股东会审议同意。 |
| 3. Implementing mixed ownership reform on stock markets. | | （三）通过股票市场实施混合所有制改革。 |
| To implement mixed ownership reform through issuance of securities on stock markets, transfer of shares of listed companies, assets restructuring of state-owned shareholders and listed companies, and other methods, the procedures shall be undergone according to the Measures for the Supervision and Administration of State-owned Equities of Listed Companies (Order No. 36 of the State-Owned Assets Supervision and Administration Commission, the Ministry of Finance and the China Securities Regulatory Commission) and the relevant provisions on supervision and administration of securities. | | 通过股票市场发行证券、转让上市公司股份、国有股东与上市公司资产重组等方式实施混合所有制改革，应按照《上市公司国有股权监督管理办法》（国资委 财政部 证监会令第36号）及证券监管的有关规定履行程序。 |
| (1) Issuance of securities. To implement mixed ownership reform by issuance of securities, IPO, state-owned shareholders' issuance of exchangeable corporate bonds with shares held in a listed company, listed company's issuance of shares to purchase equities held by non-state-owned shareholders, additional issuance, issuance of convertible corporate bonds and other methods may be adopted. Where IPO is adopted, the procedures for state-owned shareholder marks administration shall be undergone as required. Enterprises in line with national strategies, possessing key core technologies, having outstanding technological innovation capabilities, mainly relying on core technologies for production and business operation, and having stable business models, high market recognition degree, sound social image, and relatively strong growth potentiality may actively apply for listing on the STAR Market. | | 1.发行证券。通过发行证券形式实施混合所有制改革，可以采取首发上市（IPO）、国有股东以所持上市公司股票发行可交换公司债券、上市公司发行股份购买非国有股东所持股权、增发和发行可转换公司债券等方式。采取首发上市（IPO）方式的，应当按照要求履行国有股东标识管理程序。符合国家战略、拥有关键核心技术、科技创新能力突出、主要依靠核心技术开展生产经营、具有稳定商业模式、市场认可度高、社会形象良好、具有较强成长性的企业，可积极申请在科创板上市。 |
(2) Transfer of shares of listed companies. The principles of openness, fairness, and impartiality shall be insisted on, and public solicitation shall generally be adopted. After performing the internal decision-making procedures, the state-owned shareholder shall notify the listed company in writing of conducting disclosure and issuing an indicative announcement according to the law. A state-owned shareholder shall, after submitting the transfer plan, feasibility study report, internal decision-making document, public collection information to be issued, and other content to the SASAC through the comprehensive equity management information system of the SASAC, notify the listed company of the public collection information in writing, and the content of the public collection information shall mainly include the ownership and quantity of the shares to be transferred, the qualification conditions to be met by the transferee, the rules for the selection of the transferee, and the period of public collection, among others. The qualification conditions for the transferee in the public collection information shall not contain any clause with orientation or against the fair competition requirements. A state-owned shareholder shall, after receiving the application for acceptance and the acceptance plan submitted by an intended transferee, form a working group composed of staff members of internal functional departments and independent external experts, and select and determine the transferee in strict accordance with the announced rules. The transfer price shall not be lower than the arithmetic mean value of daily weighted average prices within 30 trading days before the date when the indicative announcement is made or the listed company's audited net asset value per share in the last accounting year, whichever is higher.
．．．．．． | | 2.上市公司股份转让。应坚持公开、公平、公正原则，一般采取公开征集方式进行。国有股东履行内部决策程序后，书面通知上市公司，由其依法披露、进行提示性公告。国有股东将转让方案、可行性研究报告、内部决策文件、拟发布的公开征集信息等内容通过国资委产权管理综合信息系统报国资委同意后，书面通知上市公司发布公开征集信息，内容主要包括拟转让股份权属情况和数量、受让方应当具备的资格条件、受让方的选择规则、公开征集期限等。公开征集信息中对受让方资格条件不得设定指向性或违反公平竞争要求的条款。收到拟受让方提交的受让申请和受让方案后，国有股东成立由内部职能部门及独立外部专家组成的工作小组，严格按照已公告的规则选择确定受让方。转让价格不低于上市公司提示性公告日前30个交易日的每日加权平均价格的算术平均值及最近一个会计年度经审计的每股净资产值中的较高者。
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