Opinions on the Application of Articles 14 and 44 of the «Measures for the Administration of Material Asset Restructurings by Listed Companies»: Opinions on the Application of Securities and Futures Laws No.12
《上市公司重大资产重组管理办法》第十四条、第四十四条的适用意见——证券期货法律适用意见第12号
CSRC prevents backdoor listing from circumventing regulation.
(Promulgated by the China Securities Regulatory Commission on, and effective as of, April 24 2015.)
(中国证券监督管理委员会于二零一五年四月二十四日发布施行。)
证监会公告〔2015〕10号
为了正确理解与适用《上市公司重大资产重组管理办 法》(证监会令第109号)第十四条、第四十四条的规定，我会制定了《〈上市公司重大资产重组管理办法〉第十四条、第四十四条的适用意见——证券期货法律适用意见第12 号》，现予公布，请遵照执行。
一、《上市公司重大资产重组管理办法》（以下简称《重 组办法》）第十四条第一款第（四）项规定：“上市公司在12 个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算相应数额。已按照本办法的规定编制并披露重 大资产重组报告书的资产交易行为，无须纳入累计计算的范围，但本办法第十三条规定情形除外。”考虑到《重组办法》第十三条规定的重组行为的特殊性，为防止化整为零规避监 管，严格执行拟注入资产须符合完整性、合规性和独立性要求，现就该规定中相关计算原则提出适用意见如下：
（一）执行累计首次原则，即按照上市公司控制权发生变更之日起，上市公司在重大资产重组中累计向收购人购买的资产总额（含上市公司控制权变更的同时，上市公司向收 购人购买资产的交易行为），占控制权发生变更的前一个会 计年度经审计的合并财务会计报告期末资产总额的比例累 计首次达到100%以上的原则；
（二）执行预期合并原则，即收购人申报重大资产重组方案时，如存在同业竞争和非正常关联交易，则对于收购人解决同业竞争和关联交易问题所制定的承诺方案，涉及未来 向上市公司注入资产的，也将合并计算。
二、《重组办法》第四十四条规定：“上市公司发行股份购买资产的，可以同时募集部分配套资金，其定价方式按照 现行相关规定办理。”现就该规定中发行股份购买资产项目 配套融资提出适用意见如下：
上市公司发行股份购买资产同时募集的部分配套资金， 所配套资金比例不超过拟购买资产交易价格100%的，一并由 并购重组审核委员会予以审核；超过100%的，一并由发行审 核委员会予以审核。 不属于发行股份购买资产项目配套资金的上市公司再 融资，仍按现行规定办理。
三、本规定自公布之日起施行。《第十三条、第四十三条的适用意见——证券期货法律适用意见第12号》（证监会公告〔2011〕17号）同时废止。
Announcement of the CSRC [2015] No.10
With a view to correctly understanding and applying Articles 14 and 44 of the Measures for the Administration of Material Asset Restructurings by Listed Companies (Order of the CSRC No.109), we have formulated the Opinions on the Application of Articles 14 and 44 of the <Measures for the Administration of Material Asset Restructurings by Listed Companies>: Opinions on the Application of Securities and Futures Laws No.12 and hereby publish the same. You are asked to act accordingly.
1. Item (4) of the first paragraph of Article 14 of the Measures for the Administration of Material Asset Restructurings by Listed Companies (the Measures) specifies that, “if a listed company purchases or sells identical or related assets for a continuous period of 12 months, the pertinent figures shall be calculated separately using the aggregate figures. With the exception of cases specified in Article 13 hereof, asset transactions of which a Material Asset Restructuring report has been formulated and disclosed in accordance herewith need not be included in the aggregate calculation”. Considering the special nature of the restructuring specified in Article 13 of the Measures, we hereby set forth the following opinions on the application of the relevant calculation principles in said provision in order to prevent the division of wholes into several parts to circumvent regulation and strictly implement the requirement that the assets that are to be injected be intact, compliant and independent:
(1) implementation of the first-time aggregate principle, namely the principle under which, from the date on which the change in control of the listed company occurred, the percentage of the period-end total assets indicated on the audited consolidated financial accounting report of the listed company for the financial year preceding the change in control accounted for by the total amount of the assets purchased in the aggregate by the listed company from the acquirer in the course of the material asset restructuring (including the transaction involving the purchase of assets by the listed company from the acquirer at which time control of the listed company changed) reaches 100% or more in the aggregate for the first time;
(2) implementation of the anticipated consolidation principle, namely, when the acquirer submits the material asset restructuring plan, if inter-affiliate competition or irregular affiliated transactions exist, then, if the undertaking plan formulated by the acquirer to resolve the issues of inter-affiliate competition or affiliated transactions involves the injection of assets into the listed company at a future time, they will also be counted together.
2. Article 44 of the Measures specifies that, “where a listed company offers shares to purchase assets, it may simultaneously make an offering to raise certain ancillary funds. The pricing method therefor shall be handled in accordance with current relevant provisions.” We hereby set forth the following application opinions concerning the raising of ancillary financing in concert with an offering of shares for the purchase of assets as specified in said provision as follows:
Where the percentage of the certain ancillary funds raised by a listed company simultaneously with its offering of shares to purchase assets does not exceed 100% of the transaction price for the target assets, both the offering and the ancillary financing shall be subject to review by the committee for the review of mergers, acquisitions and restructurings; where the percentage exceeds 100%, both the offering and the ancillary financing shall be subject to review by the Public Offering Review Committee. Where the refinancing of a listed company does not fall into the category of ancillary funds raised in concert with an offering of shares to purchase assets, matters shall continue to be handled in accordance with current provisions.
3. These provisions shall be effective as of the date of promulgation. The Opinions on the Application of Articles 13 and 43 of the <Measures for the Administration of Material Asset Restructurings by Listed Companies>: Opinions on the Application of Securities and Futures Laws No.12 (Announcement of the CSRC [2011] No.17) shall be repealed simultaneously.
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