| Announcement of the National Equities Exchange and Quotations Co., Ltd. on Issuing the Questions and Answers on Changes in Equity and Acquisition of Quoted Companies and the Questions and Answers on the Significant Asset Restructurings of Quoted Companies | | 全国中小企业股份转让系统有限责任公司关于发布《挂牌公司权益变动与收购业务问答》和《挂牌公司重大资产重组业务问答》的公告 |
| (Announcement No. 1232 [2018] of the National Equities Exchange and Quotations Co., Ltd.) | | （股转系统公告〔2018〕1232号） |
| For the purposes of optimizing the management mechanism of the National Equities Exchange and Quotations (“NEEQ”) for mergers, acquisitions and restructurings of quoted companies, and facilitating all market players to accurately understand and apply the Measures for the Administration of the Acquisition of Unlisted Public Companies, the Measures for the Administration of the Significant Asset Restructurings of Unlisted Public Companies and other provisions in changes in equity and acquisition, significant asset restructurings and other business activities, the National Equities Exchange and Quotations Co., Ltd. (“NEEQ Co.”) has developed the Questions and Answers on Changes in Equity and Acquisition of Quoted Companies and the Questions and Answers on the Significant Asset Restructurings of Quoted Companies, which are hereby issued. The Questions and Answers on Mergers, Acquisitions and Restructurings of Quoted Companies (I) , the Questions and Answers on Mergers, Acquisitions and Restructurings of Quoted Companies (II) , and the Questions and Answers on Mergers, Acquisitions and Restructurings of Quoted Companies (III) shall be concurrently repealed. | | 为优化全国中小企业股份转让系统挂牌公司并购重组管理机制，便于市场各方在权益变动和收购、重大资产重组等业务活动中，准确理解和适用《非上市公众公司收购管理办法》和《非上市公众公司重大资产重组管理办法》等规定，全国中小企业股份转让系统有限责任公司编制了《挂牌公司权益变动与收购业务问答》和《挂牌公司重大资产重组业务问答》，现予以发布实施。《挂牌公司并购重组业务问答（一）》、《挂牌公司并购重组业务问答（二）》和《挂牌公司并购重组业务问答（三）》同时废止。 |
| | 特此公告。 |
| Annex 1: Questions and Answers on Changes in Equity and Acquisition of Quoted Companies | | 附件1：挂牌公司权益变动与收购业务问答 |
| Annex 2: Questions and Answers on the Significant Asset Restructurings of Quoted Companies | | 附件2：挂牌公司重大资产重组业务问答 |
| National Equities Exchange and Quotations Co., Ltd. | | 全国中小企业股份转让系统有限责任公司 |
| October 26, 2018 | | 2018年10月26日 |
| Annex 1: | | 附件1： |
| Questions and Answers on Changes in Equity and Acquisition of Quoted Companies | | 挂牌公司权益变动与收购业务问答 |
| I. How shall investors and their persons acting in concert that trade stocks by market-making transfer, bidding transfer, after-hour agreement transfer, agreement transfer of specific matters, and other different means perform the relevant obligations for changes in equity prescribed in the Measures for the Administration of the Acquisition of Unlisted Public Companies (hereinafter referred to as the “Measures for Acquisition”)? | | 一、投资者及其一致行动人，通过做市转让、竞价转让、盘后协议转让、特定事项协议转让等不同方式买卖股票，应当如何履行《非上市公众公司收购管理办法》（以下简称《收购办法》）规定的权益变动相关义务？ |
| A: Investors and their persons acting in concert that transfer stocks through market-making or bidding and reach the standards for disclosure of changes in equity shall perform the relevant obligations for changes in equity. Investors and their persons acting in concert whose number of shares declared exceeds the standards for disclosure of changes in equity, but whose number of shares exceeding the standards is less than 1,000 may declare transfer at a time, and perform the relevant obligations for changes in equity after the completion of this transfer. | | 答：投资者及其一致行动人通过做市或竞价两种转让方式转让股票，达到权益变动披露标准，应当履行权益变动相关义务。投资者及其一致行动人申报的股份数量超过权益变动披露标准，但超出的股份数量不足1000股的，可以一次性申报转让，在该笔转让完成后履行权益变动相关义务。 |
| Investors and their persons acting in concert that transfer stocks through agreement transfer and reach the standards for disclosure of changes in equity shall perform the relevant obligations for changes in equity. Where the shares intended to be transferred by an investor and its persons acting in concert exceeds the standards for disclosure of changes in equity, but split transfer is unable to meet the standards of after-hour agreement transfer for the number of declaration or amount of transfer, transfer may be conducted at a time, and the relevant obligations for changes in equity may be performed after the completion of this transfer. | | 投资者及其一致行动人通过盘后协议转让方式转让股票，达到权益变动披露标准，应履行权益变动相关义务。投资者及其一致行动人拟转让的股份超过权益变动披露标准，但分拆转让又无法满足盘后协议转让方式对申报数量或转让金额的规定标准，可以一次性转让，在该笔转让完成后履行权益变动相关义务。 |
| Investors and their persons acting in concert that transfer stocks by agreement transfer of specific matters and intend to reach or exceed the standards for disclosure of changes in equity shall, before applying to the NEEQ Co. for handling agreement transfer of specific matters, perform the relevant obligations for changes in equity in a timely manner. | | 投资者及其一致行动人通过特定事项协议转让方式转让股票，拟达到或超过权益变动披露标准的，应当在向全国股转公司申请办理特定事项协议转让前及时履行权益变动相关义务。 |
| The standards for disclosure of changes in equity means that the shares whose equities are owned by an investor and its persons acting in concert reach or exceed 10% of the total capital stocks of the quoted company, or each time when the proportion of the shares in which they hold equities is an integer multiple of 5% caused by change in shares after reaching 10%, as prescribed in the Measures for Acquisition. When calculating the shares in which equities are owned, the shares held by an investor directly or indirectly and by its persons acting in concert shall be calculated on a consolidated basis. “Shares indirectly held” means the shares that are not registered in investors' names, but over which these investors may actually control the voting rights. | | 权益变动披露标准是指，根据《收购办法》的规定，投资者及其一致行动人拥有权益的股份达到或超过挂牌公司总股本的10%，或者达到10%后股份变动导致其拥有权益的股份占比每达到5%的整数倍。在计算拥有权益的股份时，投资者直接持有、间接持有及其一致行动人持有的股份应当合并计算。间接持有的股份是指虽未登记在投资者名下，但该投资者可以实际支配表决权的股份。 |
| “Relevant obligations for changes in equity” means that an information disclosure obligor shall develop and disclose a report on changes in equity in a timely manner, and shall no longer trade stocks of the quoted company from the day when the changes in equity occur to two transfer days after the disclosure of the report on changes in equity, according to the provisions of the Measures for Acquisition. | | 权益变动相关义务是指，信息披露义务人根据《收购办法》的规定，及时编制并披露权益变动报告书，并自权益变动的事实发生之日起至披露权益变动报告书后的2个转让日内，不得再行买卖该挂牌公司的股票。 |
| II. Where an acquirer is a legal person or another organization, how shall the acquirer disclose its controlling shareholder and actual controller? | | 二、收购人为法人或其他组织的，收购人应如何披露其控股股东、实际控制人的情况？ |
| A: An acquirer shall, according to the provisions of Article 17 of the Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No. 5 (hereinafter referred to as the “Standards No. 5”), disclose its controlling shareholder and actual controller; and concurrently pledge that its controlling shareholder and actual controller comply with the provisions of Article 6 of the Measures for Acquisition. | | 答：收购人应当按照《非上市公众公司信息披露内容与格式准则第5号》（以下简称《第5号准则》）第十七条的规定，披露其控股股东、实际控制人的情况；同时应当承诺其控股股东、实际控制人符合《收购办法》第六条的规定。 |
| III. Where a quoted company is acquired by agreement, how to define the time point of the “day when the event occurs” in Article 16 of the Measures for Acquisition? | | 三、以协议方式收购挂牌公司的，如何界定《收购办法》第十六条中“事实发生之日”的时点？ |
| A: Where a quoted company is acquired by agreement, the date when the relevant agreement is signed shall be the “day when the event occurs.” An acquirer shall, within two transfer days of the day when the relevant agreement is signed, perform the obligation of information disclosure prescribed in Article 16 of the Measures for Acquisition. | | 答：以协议方式进行挂牌公司收购的，相关协议签订之日为“事实发生之日”。收购人应当在相关协议签订之日起2个转让日内履行《收购办法》第十六条规定的信息披露义务。 |
| IV. In the acquisition of a quoted company, besides disclosure of an acquisition report and other obligations to be performed by an acquirer, how shall a quoted company perform the obligation of information disclosure? | | 四、挂牌公司收购中，除收购人应履行披露收购报告书等义务外，挂牌公司应如何履行信息披露义务？ |
| A: According to the provisions of the Detailed Rules for the Information Disclosure of Quoted Companies, in the acquisition of a quoted company, the quoted company shall disclose the announcement on modifying the first majority shareholder or actual controller within two transfer days from the day when the first majority shareholder or actual controller changes. | | 答：根据《挂牌公司信息披露细则》的规定，挂牌公司收购中，挂牌公司应当自第一大股东或实际控制人实际发生变动之日起2个转让日内，披露第一大股东或实际控制人变更的公告。 |
| V. How to judge the time point of “completing acquisition” set out in Articles 9, 18 and 36 of the Measures for Acquisition? | | 五、如何判断《收购办法》第九条、第十八条和第三十六条中规定的“收购完成”时点？ |
| A: Under the circumstance that an investor and its person acting in concert make it become the first majority shareholder or actual controller of a quoted company by investment relations and other methods prescribed in Article 16 of the Measures for Acquisition, when an acquirer completes transfer of all relevant shares or obtains the equity of the relevant shares according to the acquisition report disclosed, the acquisition is completed. Besides the aforesaid circumstance, where an investor and its person acting in concert discloses the acquisition report after becoming the first majority shareholder or actual controller according to the provisions of the Measures for Acquisition, when the first majority shareholder or actual controller of a quoted company is changed, the acquisition is completed. | | 答：在投资者及其一致行动人通过投资关系等《收购办法》第十六条规定的方式导致其拟成为挂牌公司第一大股东或者实际控制人的情形，收购人按照已披露的收购报告书完成所有相关股份过户或实际取得相关股份对应的权益，为收购完成。除上述情形外，根据《收购办法》的规定，投资者及其一致行动人在成为第一大股东或实际控制人后披露收购报告书的，挂牌公司第一大股东或实际控制人实际发生变动，为收购完成。 |
| VI. Where the actual controller of a quoted company is not changed, but the first majority shareholder is changed, how shall the obligation of information disclosure be performed? | | 六、挂牌公司实际控制人未发生变化的情况下，第一大股东发生变化的，应当如何履行信息披露义务？ |
A: Where a quoted company has an actual controller, the actual controller is not changed, and only the first majority shareholder is changed, the quoted company shall, within two transfer days of the day when the event occurs, disclose the announcement on changing the first majority shareholder. However, where the first majority shareholder of a quoted company is changed in the absence of an actual controller, the acquirer shall, according to the provisions of Article 16 of the Measures for Acquisition, perform the obligation of disclosing the acquisition report.
．．．．．． | | 答：挂牌公司有实际控制人，且实际控制人未发生变化，仅第一大股东变化的情形，挂牌公司自事实发生之日起2个转让日内披露第一大股东变更的公告即可。但是，在挂牌公司没有实际控制人的情形下第一大股东发生变化的，收购人应当按照《收购办法》第十六条的规定，履行披露收购报告书等义务。
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