China Securities Regulatory Commission, Opinions on the Application of Securities and Futures Laws: Opinions on the Application of Articles 13 and 14 of the «Measures for the Administration of the Acquisition of Listed Companies»(Draft for Comments)

中国证券监督管理委员会证券期货法律适用意见——第十三条、第十四条的适用意见 (征求意见稿)

February 09, 2024 | BY

Susan Mok

CSRC clarifies M&A thresholds

Issued: January 5, 2024

Main contents: For the purposes of the first paragraph of Article 13 of the Measures for the Administration of the Acquisition of Listed Companies, the phrase "when 5% of the outstanding shares of a listed company is reached" means when 5% of the outstanding shares of a listed company is attained, e.g. a rise from 4% to 5% or a drop from 6% to 5%.

For the purposes of the first paragraph of Article 14 of the Measures for the Administration of the Acquisition of Listed Companies, the phrase "when 5% of the outstanding shares of a listed company is reached or exceeded" means when 5% of the outstanding shares of a listed company is attained or surpassed.

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