Regulatory Guidelines for Listed Companies No.1 — Regulatory Requirements in Respect of an Outstanding Deficit After a Material Asset Restructuring by a Listed Company

上市公司监管指引第1号—上市公司实施重大资产重组后存在未弥补亏损情形的监管要求

Listed companies required to disclose outstanding deficit after restructuring.

Clp Reference: 2330/12.03.23 Promulgated: 2012-03-23

(Issued by the China Securities Regulatory Commission on March 23 2012.)

(中国证券监督管理委员会于二零一二年三月二十三日公布。 )

Announcement of the CSRC [2012] No. 6

证监会公告 [2012] 6号

上市公司发行股份购买资产实施重大资产重组后，新上市公司主体全额承继了原上市公司主体存在的未弥补亏损，根据《公司法》、《上市公司证券发行管理办法》等法律法规的规定，新上市公司主体将由于存在未弥补亏损而长期无法向股东进行现金分红和通过公开发行证券进行再融资。对于上市公司因实施上述重组事项可能导致长期不能弥补亏损，进而影响公司分红和公开发行证券的情形，现明确监管要求如下：

一、相关上市公司应当遵守《公司法》规定，公司的资本公积金不得用于弥补公司的亏损。

二、相关上市公司不得采用资本公积金转增股本同时缩股以弥补公司亏损的方式规避上述法律规定。

三、相关上市公司应当在临时公告和年报中充分披露不能弥补亏损的风险并做出特别风险提示。

When, after a listed company issues shares to purchase assets and carries out a material asset restructuring, the new listed company entity succeeds to the entire outstanding deficit of the former listed company entity, pursuant to laws and regulations such as the Company Law (公司法)and the Measures for the Administration of Securities Offerings by Listed Companies (上市公司证券发行管理办法) , the new listed company entity will not be able to distribute cash dividends to shareholders or seek further financing through the public offering of securities for an extended period of time due to the existence of the outstanding deficit. With respect to the possibility that a listed company will be unable to make up its deficit for an extended period of time as the result of carrying out the aforementioned restructuring, thereby affecting the company's distribution of dividends and offering of securities to the public, we hereby specify the regulatory requirements as follows:

四、相关上市公司在实施重大资产重组时，应当在重组报告书中充分披露全额承继亏损的影响并做出特别风险提示。

1. The relevant listed company shall comply with the Company Law (公司法), and its capital common reserve may not be used to make up its deficit.

2. The relevant listed company may not evade the foregoing legal provision by converting part of its capital common reserve to increase its share capital while simultaneously carrying out a reverse stock split so as to make up its deficit.

3. The relevant listed company shall fully disclose the risk of its being unable to make up the deficit and give a special risk alert in an interim announcement and its annual report.

4. When carrying out the material asset restructuring, the relevant listed company shall fully disclose the impact of its succeeding to the entire deficit and give a special risk alert in the restructuring report.

clp reference:2330/12.03.23prc reference:证监会公告 [2012] 6号promulgated:2012-03-23

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