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

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).