State Council, Opinions on Further Optimising the Market Environment for Enterprise Mergers and Restructurings

国务院关于进一步优化企业兼并重组市场环境的意见

April 11, 2014 | BY

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Examination and approval of material asset purchases of listed companies no longer required.

Clp Reference: 2130/14.03.07 Promulgated: 2014-03-07

Issued: February 13 2014

Main contents: The prior review of a listed company's acquisition report is abolished, and after-the-event accountability is strengthened. The examination and approval of the material asset purchases, sales and exchanges of listed companies is abolished (unless a backdoor listing is constituted). Examination and approval is also lifted for certain circumstances where the obligation to make a takeover offer to a listed company is waived. Authority for the examination and approval of transfers of shares of listed companies held by local state-owned shareholders is delegated to local governments (Article 3).

Related legislation: Measures for the Administration of the Takeover of Listed Companies (Revised in 2014) ; and Opinions on Duly Registering Company Mergers and Divisions so as to Support Enterprise Consolidation and Re-organisation

clp reference:2130/14.03.07 issued:2014-03-07

Issued: February 13 2014

Main contents: The prior review of a listed company's acquisition report is abolished, and after-the-event accountability is strengthened. The examination and approval of the material asset purchases, sales and exchanges of listed companies is abolished (unless a backdoor listing is constituted). Examination and approval is also lifted for certain circumstances where the obligation to make a takeover offer to a listed company is waived. Authority for the examination and approval of transfers of shares of listed companies held by local state-owned shareholders is delegated to local governments (Article 3).

Related legislation: Measures for the Administration of the Takeover of Listed Companies (Revised in 2014) ; and Opinions on Duly Registering Company Mergers and Divisions so as to Support Enterprise Consolidation and Re-organisation

clp reference:2130/14.03.07 issued:2014-03-07

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