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Notice by the Shanghai Stock Exchange of Issuing the Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies [Effective]
上海证券交易所关于发布《上市公司重大资产重组信息披露业务指引》的通知 [现行有效]
【法宝引证码】

Notice by the Shanghai Stock Exchange of Issuing the Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies 

上海证券交易所关于发布《上市公司重大资产重组信息披露业务指引》的通知

(No. 122 [2019] of the Shanghai Stock Exchange) (上证发〔2019〕122号)

All market participants: 各市场参与人:
For the purposes of further implementing the market-oriented reform of merger, acquisition and restructuring, improving the quality of listed companies, and strengthening the supervision and administration of merger, acquisition and restructuring throughout the whole process, the Shanghai Stock Exchange (“SSE”) has analyzed and evaluated the market changes and relevant policy adjustments in the recent years, has comprehensively reviewed the business rules for merger, acquisition and restructuring, has revised and improved the Guidelines for Information Disclosure and Trading Suspension and Resumption in the Material Asset Restructuring of Listed Companies, and has formed the Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies (see Annex for the details), which are hereby issued and shall come into force on the date of issuance. The Guidelines for Information Disclosure and Trading Suspension and Resumption in the Material Asset Restructuring of Listed Companies (No. 5 [2015], SSE) shall be repealed concurrently. 为进一步落实并购重组市场化改革,提高上市公司质量,强化并购重组全流程监管,上海证券交易所(以下简称本所)分析评估了近年来市场变化及相关政策调整,对并购重组业务规则进行了全面梳理,对《上市公司重大资产重组信息披露及停复牌业务指引》进行了修订、完善,形成了《上市公司重大资产重组信息披露业务指引》(详见附件),现予以发布,并自发布之日起施行。《上市公司重大资产重组信息披露及停复牌业务指引》(上证发〔2015〕5号)同时废止。
The material asset restructuring of companies listed on the STAR Market shall be governed by the Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies, but the relevant restructuring examination, registration procedures, and other matters shall be governed by the relevant provisions of the business rules of the STAR Market. 本所科创板上市公司办理重大资产重组相关业务,适用《上市公司重大资产重组信息披露业务指引》,但有关重组审核和注册程序等事项,适用科创板业务规则的相关规定。
 
特此通知。
Annex: Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies 附件:上市公司重大资产重组信息披露业务指引
Shanghai Stock Exchange 上海证券交易所
December 20, 2019 二〇一九年十二月二十日
Annex 附件
Guidelines for the Information Disclosure for the Material Asset Restructuring of Listed Companies 上市公司重大资产重组信息披露业务指引
Chapter I General Provisions 

第一章 总则

Article 1 For the purposes of regulating the information disclosure and relevant activities for the material asset restructuring of listed companies, maintaining the order of the securities market, and protecting the lawful rights and interests of investors, these Guidelines are developed according to the Measures of the China Securities Regulatory Commission for the Administration of the Material Asset Restructurings of Listed Companies (hereinafter referred to as the “Restructurings Measures”), the Special Provisions of the China Securities Regulatory Commission on Material Asset Restructuring of STAR Market-Listed Companies, the Standards of the China Securities Regulatory Commission for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 26 – Significant Asset Restructurings of Listed Companies (hereinafter referred to as the “Standards for the Contents and Formats No. 26”), the Rules Governing the Listing of Stocks on Shanghai Stock Exchange (hereinafter referred to as the “Rules Governing the Listing of Stocks”), the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (hereinafter referred to as the “Rules Governing the Listing of Stocks on the STAR Market”) and other provisions.   第一条 为了规范上市公司重大资产重组信息披露及相关行为,维护证券市场秩序,保护投资者合法权益,根据中国证监会《上市公司重大资产重组管理办法》(以下简称《重组办法》)、《科创板上市公司重大资产重组特别规定》《公开发行证券的公司信息披露内容与格式准则第26号--上市公司重大资产重组》(以下简称《内容与格式准则第26号》)、《上海证券交易所股票上市规则》(以下简称《股票上市规则》)和《上海证券交易所科创板股票上市规则》(以下简称《科创板股票上市规则》)等规定,制定本指引。
Article 2 Companies listed on the Shanghai Stock Exchange (“SSE”) and all parties concerned that plan for and carry out asset trading activities prescribed in the Restructurings Measures (hereinafter referred to as “material asset restructuring” or “restructuring”) shall disclose information and carry out other relevant acts in compliance with the Restructurings Measures, the Standards for the Contents and Formats No. 26, the Rules Governing the Listing of Stocks, these Guidelines, and other provisions.   第二条 上海证券交易所(以下简称本所)上市公司及有关各方筹划、实施《重组办法》规定的资产交易行为(以下简称重大资产重组或重组),其信息披露及其他相关行为,应当遵守《重组办法》《内容与格式准则第26号》《股票上市规则》和本指引等规定。
For the purposes of the preceding paragraph, “all parties concerned” shall mainly include shareholders, actual controllers, directors, supervisors, senior executives and other trading parties of listed companies, securities service institutions and personnel providing services for material asset restructuring, and other relevant parties. 前款所称有关各方,主要包括上市公司股东、实际控制人、董事、监事、高级管理人员和其他交易各方,以及为重大资产重组提供服务的证券服务机构和人员等相关方。
Article 3 A listed company shall disclose restructuring-related information in a timely and impartial manner and guarantee the authenticity, accuracy and completeness of the information disclosed. Parties concerned shall proactively cooperate with listed companies in effectively conducting information disclosure, timely and proactively provide listed companies with relevant information involving material asset restructuring, and guarantee the authenticity, accuracy and completeness of the information provided.   第三条 上市公司应当及时、公平地披露重组相关信息,并保证所披露信息的真实、准确、完整。有关各方应当主动配合上市公司做好信息披露工作,及时、主动地向上市公司提供涉及重大资产重组的相关信息,并保证所提供信息的真实、准确、完整。
Article 4 A listed company and all parties concerned shall prudently plan for material asset restructuring matters involving the listed company and guarantee that the material asset restructuring matters to be planned are authentic and feasible and are conducive to the improvement of the quality of the listed company.   第四条 上市公司及有关各方应当审慎筹划涉及上市公司的重大资产重组事项,保证筹划中的重大资产重组事项的真实性和可行性,有利于提高上市公司质量。
Article 5 A listed company and all parties concerned shall, according to the relevant provisions, register and submit insiders, and develop a trading process memorandum during the period from planning for restructuring to disclosure of a report on material asset restructuring.   第五条 上市公司及有关各方,自筹划重组至披露重大资产重组报告书期间,应当按照相关规定登记、报送内幕知情人,并编制交易进程备忘录。
A listed company and all parties concerned must develop feasible confidentiality measures and strictly fulfill the obligation to maintain confidentiality. 上市公司及有关各方须制定切实可行的保密措施,严格履行保密义务。
Article 6 A listed company shall prudently apply for suspension of trading in its stocks and derivatives, strictly control the time of the suspension of trading, avoid abuse of suspension of trading or delay in resumption of trading for no reason, and avoid replacing the obligation of the listed company and all parties concerned to maintain confidentiality of information with applying for suspension of trading.   第六条 上市公司应当审慎申请对上市公司股票及其衍生品种停牌,严格控制停牌时间,避免滥用停牌或者无故拖延复牌时间,避免以申请停牌代替上市公司及有关各方的信息保密义务。
Where suspension or resumption of trading is involved, a listed company shall handle it according to the relevant provisions of the Guidelines for Suspension or Resumption of Trading for Listed Companies Planning Major Matters (see Annex 1 and Annex 2 for details of the announcement format). 涉及停复牌业务的,上市公司应当按照本所《上市公司筹划重大事项停复牌业务指引》相关规定办理(公告格式详见附件1、附件2)。
Article 7 An independent financial advisor shall, according to relevant requirements of the Measures for the Administration of the Financial Advisory Services for the Mergers, Acquisitions and Restructurings of Listed Companies for good faith, due diligence and independence, prudently accept business entrustment, effectively fulfill the due diligence investigation obligations, diligently inspect the declaration documents, independently issue professional opinions, and urge and support listed companies and parties concerned to fulfill the information disclosure obligations in a timely manner.   第七条 独立财务顾问应当按照《上市公司并购重组财务顾问业务管理办法》关于诚实守信、勤勉尽责及独立性的相关要求,审慎接受业务委托,切实履行尽职调查义务,认真核查申报文件,独立出具专业意见,并督促、协助上市公司及相关方及时履行信息披露义务。
Other securities service institutions providing services shall also fulfill duties according to the relevant provisions. 其他提供服务的证券服务机构也应当按照相关规定履行职责。
Article 8 During the process of planning for or implementing material asset restructuring matters, a listed company shall disclose relevant information to all investors in a timely and impartial manner and respond to major query from the market and media, and shall, according to these Guidelines, the Guidelines of the Shanghai Stock Exchange for the Explanation Meetings of Listed Companies on Reorganization and Listing to Media, and other relevant provisions, convene an investor briefing or media briefing.   第八条 上市公司在筹划、实施重大资产重组事项过程中,应当及时、公平地向所有投资者披露相关信息,回应市场或媒体重大质疑,并按照本指引及《上海证券交易所上市公司重组上市媒体说明会指引》等相关规定召开投资者说明会或媒体说明会。
Article 9 A listed company shall, within non-trading hours, submit relevant information disclosure documents on material asset restructuring to the SSE. The SSE shall conduct ex post supervision and administration of the relevant information disclosure documents on material asset restructuring of listed companies, and conduct inquiries into the restructuring schemes according to the relevant provisions and on the basis of the supervision and administration needs, and listed companies shall disclose the inquiry letters of and response to the SSE and disclose the revised information disclosure documents.   第九条 上市公司应当在非交易时间向本所提交重大资产重组相关信息披露文件。本所对上市公司重大资产重组相关信息披露文件进行事后监管,根据相关规定及监管需要对重组方案实施问询,上市公司应当及时披露本所问询函及回复,并披露修订后的信息披露文件。
Article 10 A listed company shall attach importance to the relevant reports and rumors on its material asset restructuring covered in the public media or occurred on the market. Where relevant reports or rumors may cause or have caused significant impact on the trading prices of the listed company's stocks and derivatives, the listed company and all parties concerned shall, according to the Rules Governing the Listing of Stocks and other provisions, conduct verification and issue a clarification announcement in a timely manner.   第十条 上市公司应当关注公共媒体或市场出现的关于上市公司重大资产重组的相关报道和传闻。如相关报道或传闻可能或者已经对上市公司股票及其衍生品种交易价格产生较大影响,上市公司及有关各方应当按照《股票上市规则》等规定,及时予以核实并发布澄清公告。
Chapter II Restructuring Scheme 

第二章 重组方案

Article 11 To disclose a restructuring scheme for the first time, a listed company may disclose a restructuring plan and directly disclose a restructuring report. A restructuring plan and a restructuring report shall satisfy the requirements of the Standards for the Contents and Formats No. 26 and these Guidelines. All parties concerned shall actively promote the restructuring matters and disclose the restructuring scheme in a timely manner.   第十一条 上市公司首次披露重组方案,可以披露重组预案,也可以直接披露重组报告书。重组预案或重组报告书均应符合《内容与格式准则第26号》以及本指引的要求。有关各方应当积极推进重组事项,及时披露重组方案。
A listed company planning for material asset restructuring for which administrative licensing of the China Securities Regulatory Commission (“CSRC”) is not required may, under the principle of disclosure by stages and before disclosing the restructuring scheme, disclose an announcement on planning of material asset restructuring (hereinafter referred to as “announcement on restructuring”). An announcement on restructuring shall specifically disclose the estimated time of the restructuring scheme, the name of the restructuring subject, the trading counterparties and the trading means, among others. A listed company shall, prior to expiry of the estimated time, disclose the restructuring scheme. A company failing to disclose the restructuring scheme at the estimated time shall disclose the reasons, risks, and whether there is any major obstacle in a timely manner. 上市公司筹划不需要中国证监会行政许可的重大资产重组,可以按照分阶段披露原则,在披露重组方案前披露筹划重大资产重组提示性公告(以下简称重组提示性公告)。重组提示性公告应当明确披露重组方案的预计时间、重组标的名称、交易对手方、交易方式等。预计时间届满前,上市公司应当披露重组方案。公司未在预定时间内披露重组方案的,应当及时披露原因、风险及是否存在重大障碍。
Article 12 A listed company shall, after disclosing a restructuring scheme for the first time and before issuing a notice of the shareholders' meeting for deliberation of the restructuring scheme, maintain communication and contact with all trading parties, and issue a progress announcement at least once every 30 days to explain the specific progress of the restructuring matters. Major progresses of or major changes in this restructuring, if any, shall be immediately disclosed by the listed company. Where the implementation conditions are indeed not met, the listed company shall terminate it as soon as possible.   第十二条 上市公司首次披露重组方案至发出审议本次重组方案的股东大会通知前,上市公司应当与交易各方保持沟通联系,并至少每30日发布一次进展公告,说明本次重组事项的具体进展情况。若本次重组发生重大进展或重大变化,上市公司应当立即披露。确实已不具备实施条件的,上市公司应当尽快终止。
A listed company disclosing an announcement on restructuring shall, with reference to the aforesaid contents, fulfill the information disclosure obligations in a timely manner. 上市公司披露重组提示性公告的,应当参照上述内容,及时履行信息披露义务。
Article 13 For the purposes of Article 12 of these Guidelines, “major progresses” shall include, but not be limited to the following:   第十三条 本指引第十二条所称重大进展包括但不限于以下内容:
(1) signing a restructuring service agreement and other written documents with an independent financial advisor and other securities service institutions; (一)与独立财务顾问等证券服务机构签订重组服务协议等书面文件;
(2) signing restructuring-related agreements with trading counterparties, or making major revision or modification to the restructuring framework or agreement of intent signed; (二)与交易对手方签订重组相关协议,或者对已签订的重组框架或意向协议作出重大修订或变更;
(3) having obtained pre-approval opinions of the competent departments on restructuring matters; (三)取得有权部门关于重组事项的前置审批意见等;
(4) making phased progress in due diligence investigation, audit, assessment and other work; and (四)尽职调查、审计、评估等工作取得阶段性进展;
(5) termination risk occurring to the matters planned, such as serious divergence between trading parties on the price, drastic fluctuation on the market, and major change in the tax policy and industrial policy on the trading subject, which may cause trading failure. (五)筹划事项出现终止风险,如交易双方对价格产生严重分歧、市场出现大幅波动、税收政策及交易标的行业政策发生重大变化,可能导致交易失败;
For the purposes of Article 12 of these Guidelines, “major changes” shall include, but not be limited to the following: 本指引第十二条所称重大变化包括但不限于以下内容:
(1) changing, increasing or reducing the trading subjects; (一)更换、增加、减少交易标的;
(2) replacing an independent financial advisor and other securities service institutions; (二)更换独立财务顾问等证券服务机构;
(3) significant adjustment to the trading counterparties, scope of restructuring trading subjects, supporting financing scheme and trading pricing; (三)交易对方、重组交易标的范围、配套融资方案、交易作价出现重大调整;
(4) significant change in the industry, sector and market environment of the restructuring trading subjects; (四)重组交易标的所在产业、行业及市场环境等发生重大变化;
(5) significant change in the business and financial conditions of the restructuring trading subject; (五)重组交易标的经营及财务状况发生重大变化;
(6) trading counterparty and restructuring trading subject involving major litigation or arbitration; (六)交易对方、重组交易标的涉及重大诉讼或仲裁;
(7) all trading parties are unable to obtain approval of the relevant department, meet the preconditions for restructuring or complete relevant commitment made in the restructuring scheme at the estimated time; (七)交易各方无法在预定时间内获得有关部门审批、达到重组先决条件或完成重组方案中做出的相关承诺;
(8) the relevant entities of the material asset restructuring are subject to case-filing and investigation by the CSRC or the judicial authority; (八)本次重大资产重组相关主体被中国证监会立案调查或者被司法机关立案侦查;
(9) the listed company is unable to contact with the trading counterparties or obtain restructuring progress in a timely manner; and (九)上市公司无法与交易对方取得联系并及时获取重组进展情况;
(10) other major matters that may affect the smooth progress of this restructuring. (十)其他可能影响本次重组顺利推进的重大事项。
Article 14 A listed company planning for material asset restructuring shall develop a restructuring plan or restructuring report according to the provisions and disclose it upon deliberation and adoption by the board of directors.   第十四条 上市公司筹划重大资产重组的,应当按规定编制重组预案或重组报告书,经董事会审议通过后予以披露。
A listed company disclosing a restructuring plan shall, on a next working day after deliberation and adoption by the board of directors, disclose the summary and full text of the restructuring plan (see Annex 3 for details of the format of the restructuring plan), announcement on the resolution of the board of directors, opinions of independent directors, and verification opinions of the independent financial advisor (if applicable), and documents or opinions issued by other intermediaries (if applicable), and submit the following documents for reference based on the contents disclosed: 上市公司披露重组预案的,应当在董事会审议通过后的次一工作日披露重组预案摘要及全文(重组预案格式详见附件3)、董事会决议公告、独立董事意见、独立财务顾问核查意见(如适用)、其他中介机构出具的文件或意见(如适用),并根据披露内容提交下列备查文件:
(1) the trading contact or agreement annexed with effective conditions signed by the listed company and trading counterparties; (一)上市公司与交易对方签订的附生效条件的交易合同或协议;
(2) the commitment issued by the trading counterparties according to the requirements of Article 1 of the Provisions on Several Issues concerning Regulating Material Asset Restructuring of Listed Companies; (二)交易对方按照中国证监会《关于规范上市公司重大资产重组若干问题的规定》第一条的要求出具的承诺;
(3) the official reply in principle (if applicable) issued by the competent department of the state; (三)国家相关有权主管部门出具的原则性批复(如适用);
(4) the supporting documents proving that the trading counterparty has lawfully owned the complete rights to the trading subject and the explanatory materials proving that there is no circumstance of restriction or prohibition of transfer shall be provided by the trading counterparty in principle, before the first resolution of the board of directors for this trading is announced, where a listed company intends to purchase assets; (四)上市公司拟购买资产的,在本次交易的首次董事会决议公告前,交易对方原则上应当提供已经合法拥有交易标的完整权利的证明文件,及不存在限制或者禁止转让情形的说明材料;
(5) the special verification opinions issued by a certified public accountant for whether the significant impact of matters involved in relevant non-standard audit opinions have been eliminated or will be eliminated through this trading, where the listed company intends to issue shares to purchase assets, and the certified public accountant issues an audit report with qualified opinions, negative opinions or inexpressible opinions on its financial accounting reports of the most recent year and term; (五)上市公司拟采用发行股份购买资产,且最近一年及一期财务会计报告被注册会计师出具保留意见、否定意见或者无法表示意见的审计报告的,注册会计师就相关非标审计意见涉及事项的重大影响是否已经消除或者将通过本次交易予以消除出具的专项核查意见;
(6) an explanation on satisfaction of the listed company subject to case-filing and investigation with the conditions for issue of shares to purchase assets (if applicable); (六)被立案调查上市公司符合发行股份购买资产条件的说明(如适用);
(7) the trading process memorandum; and (七)交易进程备忘录;
(8) other documents required by the SSE. (八)本所要求的其他文件。
Article 15 A listed company disclosing a structuring report shall, upon deliberation and adoption by the board of directors, disclose an announcement on the resolution of the board of directors, a notice on convening a shareholders' meeting (if applicable), a summary of an equity change report or acquisition report (if applicable), a summary and full text of a report (draft) on material asset restructuring, a report of an independent financial advisor, an independent verification opinion, and reports and opinions issued by other securities service institutions in a timely manner, and submit the following documents for reference:   第十五条 上市公司披露重组报告书的,经董事会审议通过后,应当及时披露董事会决议公告、股东大会召开通知(如适用)、权益变动报告书或者收购报告书摘要(如适用)、重大资产重组报告书(草案)摘要及全文、独立财务顾问报告、独立核查意见和其他证券服务机构出具的报告和意见,并提交下列备查文件:
(1) the documents for reference required to be submitted according to subparagraph 2 of Article 14; (一)第十四条第二款要求提交的备查文件;
(2) an explanation for adjustment to the restructuring scheme, including: whether the trading counterparty, restructuring method, scope and valuation of trading subject, and share issue price have been changed, compared with the structuring plan; (二)重组方案调整说明,包括:与预案相比,交易对方、重组方式、交易标的范围及估值、发行股份价格是否发生变化;
(3) the specific agreement on profit compensation (if applicable); (三)盈利补偿具体协议(如适用);
(4) the examination and approval, verification or recordation documents of the relevant departments on material asset restructuring (if applicable); (四)有关部门对重大资产重组的审批、核准或备案文件(如适用);
(5) the trading contact or agreement annexed with effective conditions signed by the listed company and trading counterparties; and (五)上市公司与交易对方签订的附生效条件的交易合同或协议;
(6) other documents required by the SSE. (六)本所要求的其他文件。
Article 16 Where a listed company discloses a restructuring report, the independent financial advisor shall issue an independent financial advisor's report according to the provisions of the Restructurings Measures, the Standards for the Contents and Formats No. 26 and the Measures for the Administration of the Financial Advisory Services in the Mergers, Acquisitions and Restructurings of Listed Companies.   第十六条 上市公司披露重组报告书的,独立财务顾问应当按照《重组办法》《内容与格式准则第26号》《上市公司并购重组财务顾问业务管理办法》的规定,出具独立财务顾问报告。
Where a listed company conducts material asset restructuring for which it needs to apply for administrative licensing with the CSRC, the independent financial advisor shall, according to the Notice of Cooperating with Effective Completion of the Relevant Work of Separate Lanes Review System for Mergers, Acquisitions and Restructurings and other provisions, offer specific opinions on relevant matters. 上市公司进行需向中国证监会申请行政许可的重大资产重组的,独立财务顾问应当根据《关于配合做好并购重组审核分道制相关工作的通知》等规定,对相关事项发表明确意见。
Article 17 Where a listed company signs performance commitments and other compensation agreements with all parties concerned, a compensation agreement disclosed by it shall include the following: party making the performance commitment, compensation method, calculation method, quantity and amount of compensation, conditions triggering compensation, procedures for execution of compensation, time limit for compensation, guarantee measures for compensation, and dispute resolution methods, among others. A listed company shall explain whether the clauses of the compensation agreement are specific and feasible, and prudently demonstrate the performance risk.   第十七条 上市公司与有关各方签订业绩承诺等补偿协议的,上市公司披露的补偿协议应包含以下内容:业绩承诺方、补偿方式、计算方法、补偿的数量和金额、触发补偿的条件、补偿的执行程序、补偿的时间期限、补偿的保障措施、争议解决方式等。上市公司应当说明补偿协议条款是否清晰明确、切实可行,并审慎论证履约风险。
A listed company's board of directors and independent financial advisor shall, on the basis of the existing conditions, objectively demonstrate and analyze the realizability of performance commitments, including compensation schedule, share lifting arrangement, share pledge arrangement, and arrangements for voting rights and dividend distribution rights of compensated shares, among others, explain whether the performance compensation agreement is specific and feasible and the relevant measures for guaranteeing that the listed company may obtain feasible performance compensation, and fully remind whether there is any risk of insufficient compensation or untimely making of compensation. 上市公司董事会和独立财务顾问应当基于现有条件客观论证分析业绩承诺的可实现性,包括补偿时间安排、股份解限安排、股份质押安排、补偿股份的表决权和股利分配权安排等,并说明业绩补偿协议是否明确可行,以及保证上市公司能够获得切实可行的业绩补偿的相关措施,并充分提示是否存在补偿不足、补偿不及时的风险等。
Article 18 In the event of a major query on the market after a listed company discloses a restructuring scheme, it shall make clarification in a timely manner and explain whether there is any substantial obstacle in this scheme and whether it intends to proceed with it. An independent financial advisor engaged by a company shall issue special opinions.   第十八条 上市公司披露重组方案后,市场出现重大质疑的,公司应当及时作出澄清,并说明本次方案是否存在实质性障碍、是否拟继续推进。公司聘请的独立财务顾问应当出具专项意见。
Article 19 Where the first resolution of the board of directors on issue of shares to purchase assets is announced and the board of directors fails to issue a notice of convening shareholders' meeting within 6 months, a listed company shall disclose special explanation for failure to issue a notice of convening shareholders' meeting within 6 months. The special explanation shall explain the reasons and confirm whether to proceed with or terminate it. A company proceeding with it shall re-convene a meeting of the board of directors to deliberate the matter of issuing shares to purchase assets and set the date of announcing the resolution of the board of directors as the pricing base day for the issue of shares.   第十九条 发行股份购买资产的首次董事会决议公告后,董事会在6个月内未发布召开股东大会通知的,上市公司应当披露关于6个月内未发布召开股东大会通知的专项说明。专项说明应当解释原因,并明确是否继续推进或终止。继续推进的,应当重新召开董事会审议发行股份购买资产事项,并以该次董事会决议公告日作为发行股份的定价基准日。
Article 20 To deliberate material asset restructuring matters, the shareholders' meeting of a listed company shall hold voting on matters listed in the Restructurings Measures item by item.   第二十条 上市公司股东大会审议重大资产重组事项的,应当针对《重组办法》所列事项逐项表决。
Where a listed company raises supporting funds while issuing shares to purchase assets and supporting financing is not the premise of the purchase of assets, the trading schemes for purchase of assets and supporting financing may be split into two proposals for voting separately; where purchase of assets and supporting financing are premise of each other, only after the proposals for the purchase of assets and supporting financing are both deliberated and adopted, may the trading schemes be proceeded with. 上市公司发行股份购买资产同时募集配套资金的,如购买资产不以配套融资为前提,购买资产与配套融资的交易方案可以分拆为两项议案、分别表决;如购买资产与配套融资互为前提,购买资产与配套融资议案均获审议通过后,交易方案方可继续推进。
Where the matter of issuing shares to purchase assets submitted to the shareholders' meeting for deliberation is not approved and the board of directors of the listed company re-adopts a resolution of issuing shares to purchase assets, the date of announcing the resolution of the board of directors shall be set as the pricing base day for the issue of shares. 发行股份购买资产事项提交股东大会审议未获批准的,上市公司董事会如再次作出发行股份购买资产决议,应当以该次董事会决议公告日作为发行股份的定价基准日。
Article 21 After disclosing a restructuring scheme, a listed company intending to change the trading object, trading subject, and trading price, among others, and having constituted a major adjustment to the original trading scheme shall re-undergo the relevant decision-making procedures.   第二十一条 上市公司披露重组方案后,拟对交易对象、交易标的、交易价格等作出变更,构成对原交易方案重大调整的,应当重新履行相关决策程序。
Chapter III Termination of Restructuring 

第三章 重组终止

Article 22 A listed company that terminates a material asset restructuring after disclosing a restructuring plan or a restructuring report or terminates a material asset restructuring due to a suspension of trading for the material asset restructuring shall disclose an announcement on termination of material asset restructuring (see Annex 4 for the details of the format), including an introduction to the restructuring framework (if applicable) and an explanation for the reasons for termination of the restructuring, among others, and concurrently pledge that it will no longer plan for any material asset restructuring matter within 1 month at a minimum from the date of announcement.   第二十二条 上市公司披露重组预案或者重组报告书后终止重大资产重组,或者因重大资产重组停牌后终止重大资产重组的,应当披露终止重大资产重组公告(格式详见附件4),公告应当包括重组框架介绍(如适用)、终止重组原因说明等,同时承诺自公告之日起至少1个月内不再筹划重大资产重组事项。
A listed company that terminates a material asset restructuring after disclosing an announcement on restructuring shall disclose an announcement on termination of a material asset restructuring, including an introduction to the restructuring framework (if applicable) and an explanation for the reasons for termination of the restructuring, among others. 上市公司披露重组提示性公告后终止重大资产重组的,应当披露终止重大资产重组公告,公告应当包括重组框架介绍(如适用)、终止重组原因说明等。
Article 23 Where after a listed company discloses a restructuring plan or a restructuring report and before it convenes a shareholders' meeting, listed company or a trading counterparty intends to terminate the material asset restructuring, the listed company shall also convene a meeting of the board of directors in a timely manner to deliberate the termination of the material asset restructuring matters, disclose the content of the resolution of the board of directors, independent directors' opinions and independent financial advisor's verification opinions (if applicable), and submit the following documents for reference:   第二十三条 上市公司披露重组预案或重组报告书后、股东大会召开前,上市公司或交易对方拟终止重大资产重组的,上市公司还应当及时召开董事会审议终止重大资产重组事项,披露董事会决议内容、独立董事意见及独立财务顾问核查意见(如适用),并提交以下备查文件:
(1) the agreement on terminating the material asset restructuring; (一)终止本次重大资产重组的协议;
(2) the explanation of the trading counterparty for termination of the material asset restructuring matters (if applicable); and (二)交易对方对终止本次重大资产重组事项的说明(如适用);
(3) the trading process memorandum on termination of the material asset restructuring matters. (三)终止本次重大资产重组事项的交易进程备忘录。
A trading counterparty may disclose its explanation for termination of the material asset restructuring matters simultaneously via the listed company, and the listed company shall cooperate with the trading counterparty in disclosing information. 交易对方可以通过上市公司同时披露其关于终止重大资产重组事项的说明,上市公司应当配合交易对方进行信息披露。
Article 24 A listed company shall make an explanation for termination of the material asset restructuring matters in the announcement on termination of material asset restructuring and an explanation shall, at a minimum, include the following:   第二十四条我我我什么都没做 上市公司应当在终止重大资产重组公告中就终止本次重大资产重组事项作出说明,说明应当至少包括以下内容:
(1) the reasons for terminating the material asset restructuring; (一)终止本次重大资产重组的原因;
(2) the specific process from the time when a trading party offers a proposal of terminating a material asset restructuring to the time when the board of directors deliberates the termination of the restructuring matters; (二)从交易一方提出终止重大资产重组动议到董事会审议终止本次重组事项的具体过程;
(3) whether relevant deliberation procedures have been fully undergone for the termination matter; (三)本次终止事项是否充分履行相关审议程序;
(4) the trading of stocks and (or) derivatives of the listed company by the listed company's controlling shareholder, trading counterparty and other insiders during the period from the disclosure of the restructuring scheme for the first time to termination of the material asset restructuring; (四)上市公司控股股东、交易对方及其他内幕信息知情人自重组方案首次披露至终止重大资产重组期间买卖上市公司股票及(或)其衍生品种的情况;
(5) whether the matter of terminating the material asset restructuring constitutes breach of contract by one or more trading parties, the liability for breach of contract and the measures taken or to be taken (if applicable); and (五)本次重大资产重组终止事项是否构成交易一方或多方违约、违约责任及已采取或拟采取的措施(如适用);
(6) the analysis on the impact of the termination of the material asset restructuring on the listed company. (六)本次重大资产重组终止对上市公司的影响分析。
Article 25 A listed company that terminates restructuring after disclosing a restructuring plan or restructuring report shall, after the board of directors deliberates and adopts a resolution on termination of the material asset restructuring, convene an investor briefing in a timely manner and further disclose the convening situation. Persons attending an investor briefing shall, at a minimum, include a listed company's board chairman or general manager, board secretary, trading counterparty or its representative, key director and senior executives of the restructuring subject and sponsor of the independent financial advisor.   第二十五条 上市公司披露重组预案或重组报告书后终止重组的,在董事会审议通过终止重大资产重组决议后,应当及时召开投资者说明会,并披露召开情况。参加投资者说明会的人员至少应当包括上市公司董事长或总经理、董事会秘书、交易对方或其代表、重组标的主要董事和高级管理人员、独立财务顾问主办人。
Article 26 Where, after the shareholders' meeting of a listed company deliberates and adopts a restructuring scheme, the board of directors adopts a resolution to terminate this material asset restructuring within the validity period of the resolution of the shareholders' meeting, the listed company shall, besides undergoing the decision-making procedures and fulfilling the information disclosure obligations according to Article 22 to Article 25 of these Guidelines, decide whether or not to convene a shareholders' meeting to deliberate termination of restructuring matters on the basis of the authorization of the shareholders' meeting.   第二十六条 上市公司股东大会审议通过重组方案后,在股东大会决议有效期内董事会决议终止本次重大资产重组的,上市公司除适用本指引第二十二条至第二十五条,履行决策程序和信息披露义务外,还应当根据股东大会的授权情况,决定是否召开股东大会审议终止重组事项。
Article 27 A listed company ordered by the CSRC to suspend restructuring activities due to violation of relevant provisions of the Restructurings Measures shall postpone the convening of a shareholders' meeting or the implementation of the restructuring scheme, and conduct disclosure in a timely manner; and a company ordered by the CSRC to terminate the restructuring matters shall terminate the restructuring and conduct disclosure in a timely manner.   第二十七条 上市公司因违反《重组办法》相关规定,被中国证监会责令暂停重组活动的,公司应当暂缓召开股东大会或实施重组方案,并及时披露;被中国证监会责令终止重组事项的,公司应当终止本次重组,并及时披露。
Article 28 Where, from disclosure of a restructuring scheme for the first time to convening of relevant shareholders' meeting, a listed company is subject to case-filing and investigation by the CSRC or the judicial authority as the restructuring matter is suspected of insider trading, the listed company shall suspend the restructuring process, be stopped from submitting the restructuring matter to the shareholders' meeting for deliberation, disclose relevant information in a timely manner, and give a risk warning on possible termination of the restructuring, among others.   第二十八条 上市公司首次披露重组方案至召开相关股东大会前,如该重组事项涉嫌内幕交易被中国证监会立案调查或者被司法机关立案侦查的,上市公司应当暂停本次重组进程,不得将重组事项提交股东大会进行审议,并及时披露相关信息,以及就本次重组可能被终止等情况进行风险提示。
Where, after convening a shareholders' meeting and before applying to the CSRC for administrative licensing, a listed company is subject to case-filing and investigation by the CSRC or the judicial authority as the material asset restructuring matter is suspected of insider trading, the listed company shall suspend the restructuring process, disclose relevant information in a timely manner, and give a risk warning on possible termination of the restructuring, among others. 上市公司召开相关股东大会后至向中国证监会提出行政许可申请前,如该重大资产重组事项涉嫌内幕交易被中国证监会立案调查或者被司法机关立案侦查的,上市公司应当暂停本次重组进程,及时披露相关信息并就本次重组可能被终止等情况进行风险提示。
During the suspension period, the listed company may independently decide whether or not to terminate the restructuring; where it decides to terminate the restructuring, it shall issue an announcement on termination of material asset restructuring in a timely manner, and pledge that it will no longer plan for material asset restructuring within 1 month at a minimum from the date of announcement. 在暂停期间,上市公司可以自主决定是否终止本次重组,决定终止的应当及时发布终止重大资产重组公告,并承诺自公告之日起至少1个月内不再筹划重大资产重组。
Article 29 Where, during the period of planning for and implementing material asset restructuring, the controlling shareholder or actual controller of a listed company is subject to administrative penalties imposed upon by the CSRC or is held criminally accountable by the judicial authority according to the law as it is involved in an insider trading, the listed company shall terminate the restructuring, conduct disclosure in a timely manner, and concurrently pledge that it will no longer plan for material asset restructuring within 12 month at a minimum from the date of announcement.   第二十九条 上市公司筹划、实施重大资产重组期间,因上市公司控股股东或者实际控制人存在内幕交易被中国证监会行政处罚或者被司法机关依法追究刑事责任的,应当终止本次重组,并及时披露,同时承诺自公告之日起至少12个月内不再筹划重大资产重组。
Chapter IV Verification and Implementation of Restructuring 

第四章 重组核准及实施

Article 30 For a material asset restructuring that is not required to be subject to administrative licensing by the CSRC, a listed company shall, after its shareholders' meeting deliberates and adopts the restructuring scheme and undergoes the necessary approval procedures, implement the restructuring scheme as soon as possible.   第三十条 对于不需要中国证监会行政许可的重大资产重组,上市公司应当在股东大会审议通过重组方案并完成必要的批准程序后,尽快实施重组方案。
After the restructuring is implemented, a listed company shall, within 3 trading days, disclose a report on implementation of the restructuring, and disclose the opinions of the independent financial advisor and law firm on the website of the SSE. 重组实施完毕的,上市公司应当在3个交易日内披露重组实施情况报告书,并在本所网站上披露独立财务顾问和律师事务所意见。
Where a restructuring scheme has not been implemented within 60 days from the date when the announcement on the resolution of the shareholders' meeting is disclosed, a listed company shall disclose an announcement on implementation of restructuring on the trading day following the expiry of the period and disclose the progress once every 30 days prior to completion of implementation. 重组方案在股东大会决议公告披露之日起60天内未实施完毕的,上市公司应当于期满后次一交易日披露重组实施情况公告,并在实施完毕前每30日披露一次进展情况。
Article 31 A material asset restructuring required to be subject to administrative verification by the CSRC and other departments prior to implementation shall not be implemented before the listed company obtains all verifications.   第三十一条 对于实施前需经中国证监会以及其他部门行政核准的重大资产重组,在上市公司取得所有核准前,不得实施。
The listed company shall make a special prompt on the risk of possible failure to obtain approval for restructuring in this restructuring scheme, specifying that the material asset restructuring shall not be implemented before approval of the relevant department is obtained. 上市公司应当在本次重组方案中就重组可能无法获得批准的风险作出特别提示,明确未取得相关部门批准前,不能实施本次重大资产重组。
Where the CSRC makes a decision of sending feedback on, refusing to accept, resuming acceptance of, and suspending, resuming or terminating the examination of an application for administrative licensing for a listed company's material asset restructuring or other departments make relevant decisions under the administrative approval procedures, the listed company shall disclose the relevant progress in a timely manner and give a risk warning. 中国证监会对上市公司重大资产重组的行政许可申请作出反馈意见、不予受理、恢复受理、中止审核、恢复审核或者终止审核决定,或者其他部门在行政核准程序中做出相关决定的,上市公司应当及时披露相关进展,并进行风险提示。
Article 32 Where, during the period of examination of a restructuring scheme by the CSRC, a listed company intends to apply for suspension or resumption of examination, it shall, after convening a meeting of the board of directors for deliberation and adoption and conducting disclosure in an announcement, file an application with the CSRC.   第三十二条 中国证监会对重组方案审核期间,上市公司拟申请中止审核、恢复审核的,应当在召开董事会审议通过并在公告披露后,向中国证监会提出申请。
Article 33 A listed company whose material asset restructuring needs to be submitted to the Merger, Acquisition and Restructuring Committee for examination shall, upon receipt of a notice on proposed convening of a working conference of the Merger, Acquisition and Restructuring Committee, disclose the prompt notice of examination by the Merger, Acquisition and Restructuring Committee. A listed company shall pay close attention to the announcement on the website of the CSRC, disclose the announcement on arrangement for the working conference of the Merger, Acquisition and Restructuring Committee in a timely manner after the date of convening a working conference of the Merger, Acquisition and Restructuring Committee is specified, file an application for suspension of trading in its stocks from the period of holding a working conference of the Merger, Acquisition and Restructuring Committee till the disclosure of the voting results on the trading day before the convening of such a working conference, and submit a relevant announcement on suspension of trading.   第三十三条 上市公司重大资产重组需提交并购重组委审核的,应当在收到拟召开并购重组委工作会议的通知时,披露并购重组委审核提示性公告。上市公司应当密切关注证监会网站公告,在并购重组委工作会议召开日期明确后,及时披露并购重组委工作会议安排公告,并于并购重组委工作会议召开的前一交易日提交公司股票在并购重组委工作会议期间直至表决结果披露前停牌的申请及相关停牌公告。
A listed company shall, upon receipt of the examination results from the Merger, Acquisition and Restructuring Committee, make an announcement and resume trading on the next trading day. The announcement shall specify the examination result as unconditional approval, conditional approval or disapproval, and another announcement shall be made after the listed company receives a decision of approval or disapproval from the CSRC. The company shall disclose the specific conditions for conditional approval or specific reasons for disapproval. 上市公司收到并购重组委审核结果后,应当在次一交易日公告并复牌。公告应当明确审核结果为无条件通过、有条件通过或不通过,并明确上市公司在收到中国证监会作出的予以核准或者不予核准的决定后将再行公告。公司应当及时披露有条件通过的具体条件或不通过的具体理由。
Article 34 Where the CSRC decides to approve or disapprove its restructuring scheme, a listed company shall disclose an announcement on receipt of the approval or disapproval document of the CSRC in a timely manner.   第三十四条 中国证监会对重组方案作出予以核准或不予核准的决定的,上市公司应当及时披露收到证监会核准文件或不予核准文件的公告。
Article 35 Where the CSRC approves a restructuring scheme, the listed company shall disclose an announcement on revision notes for the restructuring report (if applicable), the full text of the revised restructuring report and relevant intermediaries' opinions on the website of the SSE, and the situation requiring approval by relevant departments. The independent financial advisor and law firm shall issue professional opinions therefor.   第三十五条 中国证监会对重组方案予以核准的,上市公司应当披露重组报告书修订说明公告(如适用),并在本所网站上披露修订后的重组报告书全文和相关中介机构意见,同时披露尚需取得有关部门核准的情况。独立财务顾问和律师事务所应当对此出具专业意见。
Article 36 Where the CSRC disapproves a restructuring scheme, the board of directors of the listed company shall, as authorized by the shareholders' meeting and within 10 days upon receipt of the decision of disapproval from the CSRC, adopt a resolution of modifying or terminating the restructuring scheme and make an announcement.   第三十六条 中国证监会对重组方案不予核准的,上市公司董事会应当根据股东大会的授权,在收到中国证监会不予核准的决定后10日内,就是否修改或终止本次重组方案做出决议并予以公告;
Where the board of directors of the listed company decides to terminate the scheme as authorized by the shareholders' meeting, it shall make a specific explanation to investors in the announcement of the board of directors; where it intends to implement the opinions of the Merger, Acquisition and Restructuring Committee and re-file an application as authorized by the shareholders' meeting, it shall specifically explain the reasons and plan, among others, for re-filing in the announcement of the board of directors. 如上市公司董事会根据股东大会的授权决定终止方案,应当在董事会公告中向投资者明确说明;如上市公司董事会根据股东大会的授权准备落实并购重组委的意见并重新上报,应当在董事会公告中明确说明重新上报的原因、计划等。
Article 37 After the relevant departments approve the material asset restructuring matters, the listed company shall make an announcement and arrange for the implementation as soon as possible.   第三十七条 上市公司重大资产重组事项取得全部相关部门核准后,应当公告并尽快安排实施。
Where the restructuring involves issue of shares to purchase assets, the listed company shall, within 3 trading days after the completion of asset transfer, announce the relevant information and provide the verification opinions of the independent financial advisor and the legal opinions of the law firm; and after undergoing the formalities for registration of newly added shares with Shanghai Branch of China Securities Depository and Clearing Co., Ltd. and obtaining the custody certificate for newly added shares issued thereby, it shall disclose the issue results, i.e. announcement on the change in shares in a timely manner. 重组涉及发行股份购买资产的,上市公司应当在资产过户完成后的3个交易日内,公告相关情况并提供独立财务顾问核查意见和律师事务所法律意见;上市公司在中国证券登记结算有限公司上海分公司办理新增股份登记手续并取得其出具的新增股份托管证明后,应当及时披露发行结果暨股份变动公告。
After the restructuring is implemented, a listed company shall disclose a report on implementation of the restructuring, and disclose the opinions issued by the independent financial advisor and law firm on the website of the SSE. 重组实施完毕后,上市公司披露重大资产重组实施情况报告书,并在本所网站上披露独立财务顾问和律师事务所出具的意见。
Article 38 A listed company whose material asset restructuring scheme involves supporting financing shall, within the time limit prescribed in the verification document, complete the implementation and fulfill the relevant information disclosure obligations.   第三十八条 上市公司重大资产重组方案涉及配套融资的,应当在核准文件规定时间内实施完毕并履行相应的信息披露义务。
Article 39 A listed company that fails to implement material asset restructuring within the validity period of the resolution of the shareholders' meeting and intends to proceed with the restructuring shall, before expiry of the validity period of the resolution, convene a shareholders' meeting to deliberate the extension of the resolution.   第三十九条 上市公司未能在股东大会决议有效期内实施重大资产重组,拟继续推进本次重组的,应当在决议有效期结束前召开股东大会审议延长决议有效期。
Chapter V Continuous Information Disclosure after Implementation of Restructuring 

第五章 重组实施后的持续信息披露

Article 40 A listed company that purchases assets from its controlling shareholder, actual controller or an affiliateded party under its control, or purchases assets from a specific object other than the aforesaid entities thus causing change in its right of control, conducts assessment or valuation of assets to be purchased by the present earning value method, the hypothetical development method, or any other method based on the prospective earnings in the future and uses the assessment or valuation result as a reference basis for pricing shall separately disclose the difference between the actual profit and predicted profit of relevant assets in its annual report during the performance commitment period after the completion of the material asset restructuring, and the accounting firm shall issue special examination opinions therefor. Where a listed company voluntarily discloses a profit forecast report in a restructuring trading or a trading counterparty voluntarily makes a performance commitment, the aforesaid requirements shall apply mutatis mutandis.   第四十条 上市公司向控股股东、实际控制人或者其控制的关联人购买资产,或者向除前述主体之外的特定对象购买资产导致控制权发生变更的,且采取收益现值法、假设开发法等基于未来收益预期的估值方法对购买资产进行评估或者估值并作为定价参考依据的,上市公司应当在重大资产重组实施完毕后业绩承诺期内的年度报告中单独披露相关资产的实际盈利数与利润预测数的差异情况,并由会计师事务所对此出具专项审核意见。上市公司在重组交易中自愿披露盈利预测报告或者交易对方自愿作出业绩承诺的,应当参照前述要求执行。
The listed company whose restructuring causes goodwill shall, according to the Accounting Standards for Business Enterprises and other provisions, conduct impairment testing at the end of each year and disclose in its annual report the key parameters for and assumptions of the identification and selection of asset portfolio, and other important information concerning the impairment of goodwill. 上市公司重组产生商誉的,上市公司应当按照《企业会计准则》等规定,每年年末进行减值测试,并在年度报告中披露资产组认定、选取的关键参数和假设等与商誉减值相关的重要信息。
Article 41 A listed company shall disclose the fulfillment of commitments for material asset restructuring made by all parties concerned during the commitment period in its annual reports. After fulfillment of the commitments, a listed company shall disclose an announcement on fulfillment of the commitments in a timely manner.   第四十一条 上市公司应当在年度报告中披露承诺期内有关各方重大资产重组承诺的履行情况。在承诺事项履行完毕时,上市公司应当及时披露承诺事项完成情况公告。
Where a commitment for material asset restructuring involves performance compensation, the trading counterparty shall pay compensation in full in a timely manner without evading, rejecting or changing its compensation obligations. Where a trading counterparty fails to fulfill or violate the performance compensation agreement or commitment within the prescribed time limit, the listed company shall conduct disclosure in a timely manner and explain the corresponding solutions. 重大资产重组承诺涉及业绩补偿的,交易对方应当及时、足额补偿,不得逃废、变更补偿义务。交易对方超期未履行或者违反业绩补偿协议、承诺的,上市公司应当及时披露,并说明相应解决措施。
Article 42 A listed company shall, in the discussion of and analysis on business operation in an annual report, disclose the specific progress of its restructuring integration, including but not limited to, the specific measures of the listed company for integrating the trading subject during the reporting period, whether it is consistent with the previous plan, the integration risks faced, and the assessment of phased effects, and its independent directors shall issue opinions therefor.   第四十二条 上市公司应当在年度报告经营情况讨论与分析中披露重组整合的具体进展情况,包括但不限于上市公司在报告期内对交易标的进行整合的具体措施、是否与前期计划相符、面临的整合风险与阶段性效果评估等内容,独立董事应当对此发表意见。
The time limit for disclosure of the integration effect shall be not less than 3 accounting years from the date when the restructuring trading is completed; and shall last until completion of all relevant performance commitment matters, where there is any performance commitment for a restructuring trading. 整合效果的披露期限自本次重组交易实施完毕之日起,不少于3个会计年度;如重组交易存在业绩承诺的,直至相关业绩承诺事项全部完成。
Article 43 An independent financial advisor shall, according to the Restructurings Measures, the Measures for the Administration of the Financial Advisory Services in the Mergers, Acquisitions and Restructurings of Listed Companies, the Guidelines for the Continuous Supervision of Companies Listed on the Shanghai Stock Exchange, and other relevant requirements, issue continuous supervision opinions with due diligence and effectively fulfill the continuous supervision obligations.   第四十三条 独立财务顾问应当根据《重组办法》上市公司并购重组财务顾问业务管理办法》《上海证券交易所上市公司持续督导工作指引》等相关要求,勤勉尽责,出具持续督导意见,切实履行持续督导义务。
During the continuous supervision period, an independent financial advisor shall urge the trading counterparties to effectively fulfill the relevant performance compensation commitments and take guarantee measures, An independent financial advisor shall issue opinions for the company's integration plan and implementation effect. 持续督导期内,独立财务顾问应督促交易对方切实履行相关业绩补偿承诺和保障措施。独立财务顾问应对公司的整合计划及实施效果发表意见。
Article 44 An independent financial advisor shall, by routine communication, regular return visit, and other methods, and in consideration of the disclosure of a listed company's periodic reports, effectively and continuously conduct supervision, and shall report to the SSE in a timely manner and urge the listed company and all parties concerned to provide solutions, where it finds that the trading subject is suspected of committing major financial fraud and being involved in major risk matters and the benefits of the listed company may be damaged.   第四十四条 独立财务顾问应当通过日常沟通、定期回访等方式,结合上市公司定期报告的披露,做好持续督导工作,如发现交易标的存在重大财务造假嫌疑、重大风险事项,可能损害上市公司利益情况的,应当及时向本所报告,并督促上市公司及有关各方提供解决措施。
Chapter VI Supplementary Provisions 

第六章 附则

Article 45 Where a listed company and all parties concerned violate these Guidelines, the SSE may take measures such as on-site inspection and take regulatory measures against or impose disciplinary sanctions upon the listed company and relevant parties in light of the severity of the circumstances.   第四十五条 上市公司及有关各方违反本指引规定的,本所可以采取现场检查等措施,并将视情节轻重对上市公司及相关当事人采取监管措施或者予以纪律处分。
Where a securities service institution and personnel providing services for the material asset restructuring matters of a listed company fail to act with due diligence during the listed company's restructuring process and to prudently issue relevant opinions, the SSE shall take regulatory measures against or impose disciplinary sanctions upon them as the case may be. 为上市公司重大资产重组事项提供服务的证券服务机构和人员在上市公司重组过程中未能勤勉尽责,出具意见不审慎的,本所视情况采取监管措施或者予以纪律处分。
Where a listed company and all parties concerned are found to be suspected of violating laws, administrative regulations and relevant provisions of the CSRC during the restructuring process, the SSE shall submit a request to the CSRC and its local offices for verification in a timely manner. 本所发现上市公司及有关各方在重组过程中涉嫌违反法律、行政法规及中国证监会有关规定的,将及时提请中国证监会及其派出机构核查。
Article 46 Where a company listed on the STAR market conducts material asset restructuring, these Guidelines shall apply. However, matters relevant to the examination and registration of material asset restructuring of a company listed on the STAR market shall not be governed by the relevant provisions of the Rules Governing the Listing of Stocks on the STAR Market and the Rules for the Examination of Material Asset Restructuring of Companies Listed on the STAR Market, other than the provisions of Articles 31 to 36 of these Guidelines.   第四十六条 科创板上市公司进行重大资产重组的,适用本指引,但与科创板上市公司重大资产重组审核、注册有关的事项,适用《科创板股票上市规则》《科创板上市公司重大资产重组审核规则》的相关规定,不适用本指引第三十一条至第三十六条的规定。
Article 47 The power to interpret these Guidelines shall remain with the SSE.   第四十七条 本指引由本所负责解释。
Article 48 These Guidelines shall come into force on the date of issuance. The Guidelines for Information Disclosure and Trading Suspension and Resumption in the Material Asset Restructuring of Listed Companies (No. 5 [2015], SSE) issued by the SSE on January 8, 2015 shall be repealed concurrently.   第四十八条 本指引自发布之日起施行。本所于2015年1月8日发布的《上市公司重大资产重组信息披露及停复牌业务指引》(上证发〔2015〕5号)同时废止。
Annexes: 附件:
1. Announcement on Suspension of Trading for Material Asset Restructuring of a Listed Company 1.上市公司筹划重大资产重组停牌公告
2. Application Form for Suspension of Trading for Material Asset Restructuring of a Listed Company 2.上市公司重大资产重组停牌申请表
3. Guidelines for the Format of the Material Asset Restructuring Plan of a Listed Company 3.上市公司重大资产重组预案格式指引
4. Announcement on Termination of Material Asset Restructuring of a Listed Company聊五分钱的天吗 4.上市公司终止重大资产重组公告
 附件1
 上市公司筹划重大资产重组停牌公告
 适用范围:
 上市公司进入重大资产重组停牌程序,其信息披露事项适用本指引。
 证券代码:       证券简称:      公告编号:
 XXXX股份有限公司重大资产重组停牌公告
 

  本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。
如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的,公司应当在公告中作特别提示。。


   一、停牌事由和工作安排
   二、本次重组的基本情况
 (一)交易标的基本情况
交易标的名称,符合《上市公司筹划重大事项停复牌业务指引》暂缓披露情形的除外。
 (二)交易对方的基本情况
交易对方的名称,符合《上市公司筹划重大事项停复牌业务指引》暂缓披露情形的除外。
 (三)交易方式
交易方式指发行股份购买资产、定向发行可转债购买资产或其他重组方式。
   三、本次重组的意向性文件
意向性文件的签署时间、主要内容,及签署正式重组文件的有关安排计划。
   四、风险提示
XXXX股份有限公司
XXXX年XX月XX日
报备文件
 (一)经董事长签字并加盖公司公章的停牌申请
 (二)有关资产重组的相关意向性协议文件或证明文件
附件2
上市公司重大资产重组停牌申请表
   一、公司简称及代码
   二、来自北大法宝停牌时间安排
   三、本次重大资产重组方式(可多选):
 (一)现金购买;
 (二)出售资产;
 (三)发行股份购买资产;
 (四)发行定向可转债购买资产;
 (五)资产置换;
 (六)吸收合并;
 (七)其他交易行为。
   四、交易标的名称
   五、交易对方名称和上市公司的关系
   六、本次重大资产重组是否构成重组上市
 (一)是;
 (二)否。
   七、上市公司及其现任董事、高级管理人员是否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。
   八、独立财务顾问名称、联系人、联系方式(如适用)。
董事长签字
XXXX股份有限公司(盖章)
XXXX年XX月XX日
附件3
上市公司重大资产重组预案格式指引
 

第一节 总则

   一、上市公司进行重大资产重组的,在首次召开董事会前,相关资产尚未完成审计、估值或评估,应当在首次董事会决议公告的同时按照本指引披露重大资产重组预案(以下简称重组预案)。
   二、本指引是对上市公司重大资产重组预案信息披露的最低要求。不论本指引是否有明确规定,凡对上市公司股票及其衍生品交易价格可能产生较大影响或对投资者做出投资决策有重大影响的信息,均应披露。
本指引某些具体要求对本次重大资产重组预案确实不适用的,上市公司可根据实际情况,在不影响披露内容完整性的前提下予以适当调整,但应当在信息披露时作出说明。
本所可以根据监管实际需要,要求上市公司补充披露其他有关信息。
   三、上市公司应当在证券交易所网站披露重组预案全文。
 

第二节 封面、目录、释义

   四、上市公司应当在重组预案文本封面列明重组预案的标题。重组预案标题应当明确具体交易形式,包括但不限于:××股份有限公司重大资产购买预案、××股份有限公司重大资产出售预案、××股份有限公司重大资产置换预案、××股份有限公司发行股份购买资产预案、××股份有限公司吸收合并××公司预案。资产重组采取其他交易形式的,应当在标题中予以明确。
资产重组采取两种以上交易形式组合的,应当在标题中列明,如“××股份有限公司重大资产置换及发行股份购买资产预案”;发行股份购买资产同时募集配套资金的,应当在标题中标明“并募集配套资金”,如“××股份有限公司发行股份购买资产并募集配套资金预案”;资产重组构成关联交易的,还应当在标题中标明“暨关联交易”的字样,如“××股份有限公司重大资产购买暨关联交易预案”。
封面应当载明上市公司名称、股票代码、股票简称、主要交易对方的名称或姓名、重组预案披露日期、独立财务顾问名称。
   五、重组预案的目录应当标明各章、节的标题及相应的页码,内容编排应当符合通行的中文惯例。
   六、上市公司应当在重组预案中对可能造成投资者理解障碍及有特定含义的术语作出释义,释义应当在目录次页排印。
 

第三节 交易各方声明

   七、上市公司应当在重组预案中载明:“本公司及全体董事、监事、高级管理人员保证本预案内容的真实、准确、完整,对预案的虚假记载、误导性陈述或者重大遗漏负连带责任”。
上市公司董事会应当声明:“本预案所述事项并不代表中国证监会、上海证券交易所对于本次重大资产重组相关事项的实质性判断、确认或批准。本预案所述本次重大资产重组相关事项的生效和完成尚待取得中国证监会的核准(如适用)”。
   八、交易对方应当声明:“本次重大资产重组的交易对方XXX已出具承诺函,将及时向上市公司提供本次重组相关信息,并保证所提供的信息真实、准确、完整,如因提供的信息存在虚假记载、误导性陈述或者重大遗漏,给上市公司或者投资者造成损失的,将依法承担个别和连带的法律责任”。
   九、相关证券服务机构及人员应当声明(如适用):“本次重大资产重组的证券服务机构XXX及人员XXX保证披露文件的真实、准确、完整,如本次重组申请文件存在虚假记载、误导性陈述或重大遗漏,且该证券服务机构未能勤勉尽责的,将承担连带赔偿责任”。
 

第四节 重大事项提示

   十、上市公司应当在重大事项提示部分,就与本次重组有关的重大事项进行提示,包括但不限于以下内容:
 (一)本次重组方案简要介绍;
 (二)按《重组办法》规定计算的相关指标、本次重组是否构成关联交易(如构成关联交易,应披露构成关联交易的原因,涉及董事和股东的回避表决安排)、是否构成《重组办法》十三条规定的交易情形(以下简称重组上市)及判断依据;
 (三)本次重组支付方式、募集配套资金安排简要介绍(如适用);
 (四)交易标的预估作价情况简要介绍(如适用)。
 

第五节 重大风险提示

   十一、就本次交易对重组后上市公司经营和财务产生严重不利影响的重大风险因素,及本次交易行为存在的重大不确定性风险等,进行“重大风险提示”,包括但不限于以下内容:
 (一)本次重组审批风险。本次交易行为涉及有关报批事项的,应当详细说明已向有关主管部门报批的进展情况和尚需呈报批准的程序,以及可能无法获得批准的风险(如适用);
 (二)交易标的权属风险。如抵押、质押等权利限制,诉讼、仲裁或司法强制执行等重大争议或者妨碍权属转移的其他情形可能导致交易标的存在潜在不利影响和风险等(如适用);
 (三)交易标的评估或估值风险。本次评估或估值存在报告期变动频繁且对评估或估值影响较大的指标,该指标的预测对本次评估或估值的影响,进而对交易价格公允性的影响等(如适用);
 (四)交易标的对上市公司持续经营影响的风险。由于政策、市场、技术、汇率等因素引致的风险(如适用);
 (五)公司治理与整合风险:上市公司管理水平不能适应重组后上市公司规模扩张或业务变化的风险、交易标的与上市公司原有业务、资产、财务、人员、机构等方面的整合风险。如本次拟购买的主要交易标的不属于同行业或紧密相关的上下游行业的,应充分披露本次交易的必要性以及后续整合存在的不确定性及风险(如适用);
 (六)财务风险:本次重组导致上市公司财务结构发生重大变化的风险(如适用);
 (七)其他与本次重组相关的风险(如适用)。
 

第六节 本次交易概况

   十二、本次交易的背景及目的概况。
   十三、本次交易的方案概况,方案介绍中应当披露本次交易是否构成《重组办法》十三条规定的交易情形(以下简称重组上市)及其判断依据。
 

第七节 上市公司基本情况

   十四、上市公司最近三十六个月的控制权变动情况,最近三年的主营业务发展情况,以及因本次交易导致的股权控制结构的预计变化情况。
 

第八节 主要交易对方

   十五、主要交易对方基本情况。
主要交易对方为法人的,应当披露其名称、注册地、法定代表人,与其控股股东、实际控制人之间的产权控制关系结构图;
主要交易对方为自然人的,应当披露其姓名(包括曾用名)、性别、国籍、是否取得其他国家或者地区的居留权等;
主要交易对方为其他主体的,应当披露其名称、性质,如为合伙企业,还应披露合伙企业及其相关的产权及控制关系、主要合伙人等情况。
上市公司以公开招标、公开拍卖等方式购买或出售资产的,如确实无法在重组预案中披露交易对方基本情况,应说明无法披露的原因及影响。
 

第九节 交易标的

   十六、交易标的基本情况,包括:
 (一)交易标的名称、企业性质、注册地、主要办公地点、法定代表人、注册资本、成立日期;
 (二)交易标的产权或控制关系;
 (三)交易标的报告期(本指引所述报告期指最近两年及一期,如初步估算属于重组上市的情形,报告期指最近三年及一期)主营业务,包括主要产品或服务、盈利模式、核心竞争力等概要情况等;
 (四)交易标的报告期主要财务指标(包括总资产、净资产、营业收入、净利润、经营活动产生的现金流量净额等),并说明是否为经审计数;
交易标的属于境外资产或者通过公开招标、公开拍卖等方式购买的,如确实无法披露财务数据,应说明无法披露的原因和影响,并提出解决方案;
 (五)交易标的预估值及拟定价等(如适用)。上市公司应当披露交易标的价值预估的基本情况,包括所采用的估值方法、增减值幅度等,简要分析预估合理性(如适用)。如无法披露预估值及拟定价的,应当说明无法披露的原因及影响;
相关证券服务机构未完成审计、评估或估值、盈利预测审核的(如涉及),上市公司应当作出“相关资产经审计的财务数据、评估或估值结果、以及经审核的盈利预测数据(如涉及)将在重大资产重组报告书中予以披露”的特别提示以及“相关资产经审计的财务数据、评估或估值最终结果可能与预案披露情况存在较大差异”的风险揭示。
 

第十节 交易方式

   十七、非现金支付方式情况(如适用)。上市公司发行股份购买资产的,应当披露发行股份的定价及依据、本次发行股份购买资产的董事会决议明确的发行价格调整方案等相关信息。
上市公司通过发行优先股、向特定对象发行可转换为股票的公司债券、定向权证等非现金支付方式购买资产的,应当比照前述要求披露相关信息。
   十八、交易方案涉及吸收合并的,应当披露换股价格及确定方法、本次吸收合并的董事会决议明确的换股价格调整方案、异议股东权利保护安排、债权人权利保护安排等相关信息。
   十九、交易方案涉及募集配套资金的,应当简要披露募集配套资金的预计金额及占交易总金额的比例、股份发行情况、用途等相关信息。
 

第十一节 风险因素

   二十、本次交易存在其他重大不确定性因素,包括尚需取得有关主管部门的报批等情况的,应当对相关风险作出充分说明和特别提示。
 

第十二节 其他重要事项

   二十一、上市公司的控股股东及其一致行动人对本次重组的原则性意见,及控股股东及其一致行动人、董事、监事、高级管理人员自本次重组复牌之日起至实施完毕期间的股份减持计划。
上市公司披露为无控股股东的,应当比照前述要求,披露第一大股东及持股 5%以上股东的意见及减持计划。
   二十二、本次重组相关主体是否存在依据《关于加强与上市公司重大资产重组相关股票异常交易监管的暂行规定》第十三条不得参与任何上市公司重大资产重组情形的说明。
   二十三、相关证券服务机构对重组预案已披露内容发表的核查意见(如适用)。
附件4
上市公司终止重大资产重组公告
适用范围:
上市公司终止重大资产重组,其信息披露事项适用本指引。
证券代码:        证券简称:       公告编号:
xxxx股份有限公司终止重大资产重组公告

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。


如有董事对临时公告的内容的真实性、准确性和完整性无法保证或存在异议的,公司应当在公告中作特别提示。


   一、本次筹划重大资产重组的基本情况
 (一)筹划重大资产重组背景、原因;
 (二)披露重组框架,重组框架至少包括主要交易对方、交易方式、交易标的。
   二、公司在推进重大资产重组期间所做的主要工作
 (一)推进重大资产重组所做的工作;
 (二)终止重组的相关审议程序;
 (三)已履行的信息披露义务;
 (四)已取得的核准同意函(如适用);
 (五)已签订的协议书等(如适用)。
   三、终止筹划本次重大资产重组的原因,以及从交易一方提出终止重大资产重组动议到董事会审议终止本次重组事项的具体过程。
   四、上市公司控股股东、交易对方及其他内幕信息知情人自重组方案首次披露至终止重大资产重组期间买卖上市公司股票及其(或)衍生品种的情况。
   五、交易对方关于本次重组终止的说明(如适用)
   六、本次终止重大资产重组对上市公司影响的分析、相关违约责任及已采取或拟采取的措施(如适用)
   七、承诺
 公司应承诺在披露本公告之日起至少1个月内,不再筹划重大资产重组事项。公司应说明召开投资者说明会的相关安排。
   八、股票及其衍生品种复牌安排(如适用)
 根据有关规定,公司股票及其衍生品种将于XXXX年XX月XX日开始复牌。
 特此公告。
 XXXX股份有限公司
 XXXX年XX月XX日
     
     
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