Opinions on the Application of Securities and Futures Laws, No.19: Opinions on the Application of Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies

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(Issued by the China Securities Regulatory Commission on, and effective as of, January 10, 2025.)

CSRC Announcement [2025] No.1

We have formulated and hereby publish the Opinions on the Application of Securities and Futures Laws, No.19: Application of Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies for the purpose of correctly understanding and applying Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies and request that you act accordingly.

1. For the purposes of the first paragraph of Article 13 of the Takeover Measures, 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 Takeover Measures, 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.

2. For the purposes of the second paragraph of Article 13 of the Takeover Measures, the phrase “whenever the percentage of shares… increases or decreases… by a quantity equivalent to 5% of the outstanding shares of the listed company” means that the percentage of the outstanding shares of the listed company accounted for attains an integral multiple of 5% (excluding 5%), e.g. 10%, 15%, etc.

For the purposes of the second paragraph of Article 14 of the Takeover Measures, the phrase “whenever the percentage of shares… increases or decreases by a quantity equal to or exceeding 5% of the outstanding shares of the listed company” means that the percentage of the outstanding shares of the listed company accounted for attains or surpasses an integral multiple of 5% (excluding 5%), e.g. 10%, 15%, etc.

3. For the purposes of the third paragraph of Article 13 of the Takeover Measures, the phrase “for each increase or decrease of 1% in the percentage of the outstanding shares of such listed company” means when the percentage of the outstanding shares of the listed company attains an integral multiple of 1%, e.g. 6%, 7%, 8%. etc.

4. If a change in the share capital of a listed company, such as one due to an additional offering of shares, reduction of share capital, transfer of shares by a holder of convertible bonds, etc., results in the percentage of shares in which an investor and the persons acting in concert therewith have an interest attains or exceeds 5% or an integral multiple of 5% or the percentage of shares in which an investor holding at least 5% of the shares and the persons acting in concert therewith have an interest attains or exceeds an integral multiple of 1%, the investor and the persons acting in concert therewith are not required to perform reporting, announcement or restriction of sale obligations. The listed company shall, within the prescribed period of time from the date on which the listed company completed registration of the change in its share capital, make an announcement on the aforementioned resulting change in the shares in which the investor and the persons acting in concert therewith have an interest; where, due to a reduction in the share capital of the company, the investor and the persons acting in concert therewith could become the largest shareholder or the de facto controller, the investor and the persons acting in concert therewith shall perform their reporting and announcement obligations in accordance with Article 19 of the Takeover Measures.

5. The times in Articles 13 and 14 of the Takeover Measures refer to trading days. In the phrase “within three days from the date of occurrence of the fact” in the first paragraph of Article 13 and the first paragraph of Article 14, the three days commence to count on the date the fact occurs; the phrase “during the aforementioned period of time” in the first paragraph of Article 13 means the period between the date the fact occurs and the announcement date, inclusive of the date of occurrence of the fact and the announcement date; the phrase “from the date on which the fact occurred to within three days after the announcement” in the second paragraph of Article 13 includes the date of occurrence of the fact and the three days commence to count on the trading day immediately following the announcement date.

6. These Opinions shall be implemented on the date of issuance. The Guidelines on the Application of Regulatory Rules: Listing No.1 issued on July 31, 2020 shall apply to stock trading acts carried out prior to the issuance hereof, however, where, pursuant hereto, a finding that a violation is minor is made or no violation of the law is deemed to have been committed, these Opinions shall apply.




(中国证券监督管理委员会于二零二五年一月十日发布施行。)

证监会公告 [2025] 第1号

为了正确理解与适用《上市公司收购管理办法》（证监会令第 166 号，以下简称《收购办法》）第十三条、第十四条，我会制定《证券期货法律适用意见第 19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》，现予公布，请遵照执行。

一、《收购办法》第十三条第一款“达到一个上市公司已发行股份的 5%时”是指触及一个上市公司已发行股份的5%时，如从 4%升至 5%、从 6%降至 5%。

《收购办法》第十四条第一款“达到或者超过一个上市公司已发行股份的 5%时”是指触及或者跨越一个上市公司已发行股份的 5%时。

二、《收购办法》第十三条第二款“占该上市公司已发行股份的比例每增加或者减少 5%”是指占该上市公司已发行股份的比例触及 5%的整数倍（不含 5%），如 10%、15%等。

《收购办法》第十四条第二款“占该上市公司已发行股份的比例每增加或者减少达到或者超过 5%”是指占该上市公司已发行股份的比例触及或者跨越 5%的整数倍（不含 5%），如 10%、15%等。

三、《收购办法》第十三条第三款“占该上市公司已发行股份的比例每增加或者减少 1%”是指占该上市公司已发行股份的比例触及 1%的整数倍时，如 6%、7%、8%等。

四、因上市公司增发股份、减少股本、以及可转债持有人转股等上市公司股本变化导致投资者及其一致行动人拥有权益的股份比例触及或者跨越 5%及 5%的整数倍，或者导致持股 5%以上的投资者及其一致行动人拥有权益的股份比例触及 1%的整数倍的，投资者及其一致行动人无需履行报告、公告和限售义务。上市公司应当自完成股本变更登记之日起规定时间内，就因此导致的投资者及其一致行动人拥有权益的股份发生前述变动情况作出公告；因公司减少股本可能导致投资者及其一致行动人成为公司第一大股东或者实际控制人的，该投资者及其一致行动人应当按照《收购办法》第十九条履行报告、公告义务。

五、《收购办法》第十三条、第十四条中的时间指交易日。其中，第十三条第一款和第十四条第一款的“事实发生之日起 3 日内”中 3 日的起算日为事实发生当日；第十三条第一款的“在上述期限内”是指该事实发生之日起至公告日，含事实发生之日和公告日当日；第十三条第二款的“事实发生之日起至公告后 3 日内”含事实发生当日，3 日的起算日为公告日的次一交易日。

六、本规定自发布之日起实施。本规定发布之前实施的股票交易行为适用 2020 年 7 月 31 日发布的《监管规则适用指引——上市类第 1 号》，但依据本规定认定违法程度较轻或者不认为是违法的，适用本规定。