【发布单位】中国证券监督管理委员会
  【发布文号】中国证券监督管理委员会令第35号
  【发布日期】2006-07-31
  【生效日期】2006-09-01
  【失效日期】-----------
  【所属类别】国家法律法规
  【文件来源】中国证券监督管理委员会
 

上市公司收购管理办法

 (中国证券监督管理委员会令第35号)




　　《上市公司收购管理办法》已经2006年5月17日中国证券监督管理委员会第180次主席办公会议审议通过，现予公布，自2006年9月1日起施行。

中国证券监督管理委员会主席：尚福林
二○○六年七月三十一日


上市公司收购管理办法

　　第一章　总则

　　第一条　为了规范上市公司的收购及相关股份权益变动活动，保护上市公司和投资者的合法权益，维护证券市场秩序和社会公共利益，促进证券市场资源的优化配置，根据《证券法》、《公司法》及其他相关法律、行政法规，制定本办法。

　　第二条　上市公司的收购及相关股份权益变动活动，必须遵守法律、行政法规及中国证券监督管理委员会（以下简称中国证监会）的规定。当事人应当诚实守信，遵守社会公德、商业道德，自觉维护证券市场秩序，接受政府、社会公众的监督。

　　第三条　上市公司的收购及相关股份权益变动活动，必须遵循公开、公平、公正的原则。

　　上市公司的收购及相关股份权益变动活动中的信息披露义务人，应当充分披露其在上市公司中的权益及变动情况，依法严格履行报告、公告和其他法定义务。在相关信息披露前，负有保密义务。

　　信息披露义务人报告、公告的信息必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。

　　第四条　上市公司的收购及相关股份权益变动活动不得危害国家安全和社会公共利益。

　　上市公司的收购及相关股份权益变动活动涉及国家产业政策、行业准入、国有股份转让等事项，需要取得国家相关部门批准的，应当在取得批准后进行。

　　外国投资者进行上市公司的收购及相关股份权益变动活动的，应当取得国家相关部门的批准，适用中国法律，服从中国的司法、仲裁管辖。

　　第五条　收购人可以通过取得股份的方式成为一个上市公司的控股股东，可以通过投资关系、协议、其他安排的途径成为一个上市公司的实际控制人，也可以同时采取上述方式和途径取得上市公司控制权。

　　收购人包括投资者及与其一致行动的他人。

　　第六条　任何人不得利用上市公司的收购损害被收购公司及其股东的合法权益。

　　有下列情形之一的，不得收购上市公司：

　　（一）　收购人负有数额较大债务，到期未清偿，且处于持续状态；

　　（二）　收购人最近3年有重大违法行为或者涉嫌有重大违法行为；

　　（三）　收购人最近3年有严重的证券市场失信行为；

　　（四）　收购人为自然人的，存在《公司法》第一百四十七条规定情形；

　　（五）　法律、行政法规规定以及中国证监会认定的不得收购上市公司的其他情形。

　　第七条　被收购公司的控股股东或者实际控制人不得滥用股东权利损害被收购公司或者其他股东的合法权益。

　　被收购公司的控股股东、实际控制人及其关联方有损害被收购公司及其他股东合法权益的，上述控股股东、实际控制人在转让被收购公司控制权之前，应当主动消除损害；未能消除损害的，应当就其出让相关股份所得收入用于消除全部损害做出安排，对不足以消除损害的部分应当提供充分有效的履约担保或安排，并依照公司章程取得被收购公司股东大会的批准。

　　第八条　被收购公司的董事、监事、高级管理人员对公司负有忠实义务和勤勉义务，应当公平对待收购本公司的所有收购人。

　　被收购公司董事会针对收购所做出的决策及采取的措施，应当有利于维护公司及其股东的利益，不得滥用职权对收购设置不适当的障碍，不得利用公司资源向收购人提供任何形式的财务资助，不得损害公司及其股东的合法权益。

　　第九条　收购人进行上市公司的收购，应当聘请在中国注册的具有从事财务顾问业务资格的专业机构担任财务顾问。收购人未按照本办法规定聘请财务顾问的，不得收购上市公司。

　　财务顾问应当勤勉尽责，遵守行业规范和职业道德，保持独立性，保证其所制作、出具文件的真实性、准确性和完整性。

　　财务顾问认为收购人利用上市公司的收购损害被收购公司及其股东合法权益的，应当拒绝为收购人提供财务顾问服务。

　　第十条　中国证监会依法对上市公司的收购及相关股份权益变动活动进行监督管理。

　　中国证监会设立由专业人员和有关专家组成的专门委员会。专门委员会可以根据中国证监会职能部门的请求，就是否构成上市公司的收购、是否有不得收购上市公司的情形以及其他相关事宜提供咨询意见。中国证监会依法做出决定。

　　第十一条　证券交易所依法制定业务规则，为上市公司的收购及相关股份权益变动活动组织交易和提供服务，对相关证券交易活动进行实时监控，监督上市公司的收购及相关股份权益变动活动的信息披露义务人切实履行信息披露义务。

　　证券登记结算机构依法制定业务规则，为上市公司的收购及相关股份权益变动活动所涉及的证券登记、存管、结算等事宜提供服务。

　　第二章　权益披露

　　第十二条　投资者在一个上市公司中拥有的权益，包括登记在其名下的股份和虽未登记在其名下但该投资者可以实际支配表决权的股份。投资者及其一致行动人在一个上市公司中拥有的权益应当合并计算。

　　第十三条　通过证券交易所的证券交易，投资者及其一致行动人拥有权益的股份达到一个上市公司已发行股份的5%时，应当在该事实发生之日起3日内编制权益变动报告书，向中国证监会、证券交易所提交书面报告，抄报该上市公司所在地的中国证监会派出机构（以下简称派出机构），通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。
　前述投资者及其一致行动人拥有权益的股份达到一个上市公司已发行股份的5%后，通过证券交易所的证券交易，其拥有权益的股份占该上市公司已发行股份的比例每增加或者减少5%，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后2日内，不得再行买卖该上市公司的股票。

　　第十四条　通过协议转让方式，投资者及其一致行动人在一个上市公司中拥有权益的股份拟达到或者超过一个上市公司已发行股份的5%时，应当在该事实发生之日起3日内编制权益变动报告书，向中国证监会、证券交易所提交书面报告，抄报派出机构，通知该上市公司，并予公告。

　　投资者及其一致行动人拥有权益的股份达到一个上市公司已发行股份的5%后，其拥有权益的股份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%的，应当依照前款规定履行报告、公告义务。

　　前两款规定的投资者及其一致行动人在作出报告、公告前，不得再行买卖该上市公司的股票。相关股份转让及过户登记手续按照本办法第四章及证券交易所、证券登记结算机构的规定办理。

　　第十五条　投资者及其一致行动人通过行政划转或者变更、执行法院裁定、继承、赠与等方式拥有权益的股份变动达到前条规定比例的，应当按照前条规定履行报告、公告义务，并参照前条规定办理股份过户登记手续。

　　第十六条　投资者及其一致行动人不是上市公司的第一大股东或者实际控制人，其拥有权益的股份达到或者超过该公司已发行股份的5%，但未达到20%的，应当编制包括下列内容的简式权益变动报告书：

　　（一）　投资者及其一致行动人的姓名、住所；投资者及其一致行动人为法人的，其名称、注册地及法定代表人；

　　（二）　持股目的，是否有意在未来12个月内继续增加其在上市公司中拥有的权益；

　　（三）　上市公司的名称、股票的种类、数量、比例；

　　（四）　在上市公司中拥有权益的股份达到或者超过上市公司已发行股份的5%或者拥有权益的股份增减变化达到5%的时间及方式；

　　（五）　权益变动事实发生之日前6个月内通过证券交易所的证券交易买卖该公司股票的简要情况；

　　（六）　中国证监会、证券交易所要求披露的其他内容。

　　　前述投资者及其一致行动人为上市公司第一大股东或者实际控制人，其拥有权益的股份达到或者超过一个上市公司已发行股份的5%，但未达到20%的，还应当披露本办法第十七条第一款规定的内容。

　　第十七条　投资者及其一致行动人拥有权益的股份达到或者超过一个上市公司已发行股份的20%但未超过30%的，应当编制详式权益变动报告书，除须披露前条规定的信息外，还应当披露以下内容：

　　（一）投资者及其一致行动人的控股股东、实际控制人及其股权控制关系结构图；

　　（二）取得相关股份的价格、所需资金额、资金来源，或者其他支付安排；

　　（三）投资者、一致行动人及其控股股东、实际控制人所从事的业务与上市公司的业务是否存在同业竞争或者潜在的同业竞争，是否存在持续关联交易；存在同业竞争或者持续关联交易的，是否已做出相应的安排，确保投资者、一致行动人及其关联方与上市公司之间避免同业竞争以及保持上市公司的独立性；

　　（四）未来12个月内对上市公司资产、业务、人员、组织结构、公司章程等进行调整的后续计划；

　　（五）前24个月内投资者及其一致行动人与上市公司之间的重大交易；

　　（六）不存在本办法第六条规定的情形；

　　（七）能够按照本办法第五十条的规定提供相关文件。

　　前述投资者及其一致行动人为上市公司第一大股东或者实际控制人的，还应当聘请财务顾问对上述权益变动报告书所披露的内容出具核查意见，但国有股行政划转或者变更、股份转让在同一实际控制人控制的不同主体之间进行、因继承取得股份的除外。投资者及其一致行动人承诺至少3年放弃行使相关股份表决权的，可免于聘请财务顾问和提供前款第（七）项规定的文件。

　　第十八条　已披露权益变动报告书的投资者及其一致行动人在披露之日起6个月内，因拥有权益的股份变动需要再次报告、公告权益变动报告书的，可以仅就与前次报告书不同的部分作出报告、公告；自前次披露之日起超过6个月的，投资者及其一致行动人应当按照本章的规定编制权益变动报告书，履行报告、公告义务。

　　第十九条　因上市公司减少股本导致投资者及其一致行动人拥有权益的股份变动出现本办法第十四条规定情形的，投资者及其一致行动人免于履行报告和公告义务。上市公司应当自完成减少股本的变更登记之日起2个工作日内，就因此导致的公司股东拥有权益的股份变动情况作出公告；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自公司董事会公告有关减少公司股本决议之日起3个工作日内，按照本办法第十七条第一款的规定履行报告、公告义务。

　　第二十条　上市公司的收购及相关股份权益变动活动中的信息披露义务人依法披露前，相关信息已在媒体上传播或者公司股票交易出现异常的，上市公司应当立即向当事人进行查询，当事人应当及时予以书面答复，上市公司应当及时作出公告。

　　第二十一条　上市公司的收购及相关股份权益变动活动中的信息披露义务人应当在至少一家中国证监会指定媒体上依法披露信息；在其他媒体上进行披露的，披露内容应当一致，披露时间不得早于指定媒体的披露时间。

　　第二十二条　上市公司的收购及相关股份权益变动活动中的信息披露义务人采取一致行动的，可以以书面形式约定由其中一人作为指定代表负责统一编制信息披露文件，并同意授权指定代表在信息披露文件上签字、盖章。

　　各信息披露义务人应当对信息披露文件中涉及其自身的信息承担责任；对信息披露文件中涉及的与多个信息披露义务人相关的信息，各信息披露义务人对相关部分承担连带责任。

　　第三章　要约收购

　　第二十三条　投资者自愿选择以要约方式收购上市公司股份的，可以向被收购公司所有股东发出收购其所持有的全部股份的要约（以下简称全面要约），也可以向被收购公司所有股东发出收购其所持有的部分股份的要约（以下简称部分要约）。

　　第二十四条　通过证券交易所的证券交易，收购人持有一个上市公司的股份达到该公司已发行股份的30%时，继续增持股份的，应当采取要约方式进行，发出全面要约或者部分要约。

　　第二十五条　收购人依照本办法第二十三条、第二十四条、第四十七条、第五十六条的规定，以要约方式收购一个上市公司股份的，其预定收购的股份比例均不得低于该上市公司已发行股份的5%。

　　第二十六条　以要约方式进行上市公司收购的，收购人应当公平对待被收购公司的所有股东。持有同一种类股份的股东应当得到同等对待。

　　第二十七条　收购人为终止上市公司的上市地位而发出全面要约的，或者向中国证监会提出申请但未取得豁免而发出全面要约的，应当以现金支付收购价款；以依法可以转让的证券（以下简称证券）支付收购价款的，应当同时提供现金方式供被收购公司股东选择。

　　第二十八条　以要约方式收购上市公司股份的，收购人应当编制要约收购报告书，并应当聘请财务顾问向中国证监会、证券交易所提交书面报告，抄报派出机构，通知被收购公司，同时对要约收购报告书摘要作出提示性公告。

　　收购人依照前款规定报送符合中国证监会规定的要约收购报告书及本办法第五十条规定的相关文件之日起15日后，公告其要约收购报告书、财务顾问专业意见和律师出具的法律意见书。在15日内，中国证监会对要约收购报告书披露的内容表示无异议的，收购人可以进行公告；中国证监会发现要约收购报告书不符合法律、行政法规及相关规定的，及时告知收购人，收购人不得公告其收购要约。

　　第二十九条　前条规定的要约收购报告书，应当载明下列事项：

　　（一）　收购人的姓名、住所；收购人为法人的，其名称、注册地及法定代表人，与其控股股东、实际控制人之间的股权控制关系结构图；

　　（二）收购人关于收购的决定及收购目的，是否拟在未来12个月内继续增持；

　　（三）上市公司的名称、收购股份的种类；

　　（四）预定收购股份的数量和比例；

　　（五）收购价格；

　　（六）收购所需资金额、资金来源及资金保证，或者其他支付安排；

　　（七）收购要约约定的条件；

　　（八）收购期限；

　　（九）报送收购报告书时持有被收购公司的股份数量、比例；

　　（十）本次收购对上市公司的影响分析，包括收购人及其关联方所从事的业务与上市公司的业务是否存在同业竞争或者潜在的同业竞争，是否存在持续关联交易；存在同业竞争或者持续关联交易的，收购人是否已作出相应的安排，确保收购人及其关联方与上市公司之间避免同业竞争以及保持上市公司的独立性；

　　（十一）未来12个月内对上市公司资产、业务、人员、组织结构、公司章程等进行调整的后续计划；

　　（十二）前24个月内收购人及其关联方与上市公司之间的重大交易；

　　（十三）前6个月内通过证券交易所的证券交易买卖被收购公司股票的情况；

　　（十四）中国证监会要求披露的其他内容。

　　收购人发出全面要约的，应当在要约收购报告书中充分披露终止上市的风险、终止上市后收购行为完成的时间及仍持有上市公司股份的剩余股东出售其股票的其他后续安排；收购人发出以终止公司上市地位为目的的全面要约，无须披露前款第（十）项规定的内容。

　　第三十条　收购人按照本办法第四十七条拟收购上市公司股份超过30%，须改以要约方式进行收购的，收购人应当在达成收购协议或者做出类似安排后的3日内对要约收购报告书摘要作出提示性公告，并按照本办法第二十八条、第二十九条的规定履行报告和公告义务，同时免于编制、报告和公告上市公司收购报告书；依法应当取得批准的，应当在公告中特别提示本次要约须取得相关批准方可进行。

　　未取得批准的，收购人应当在收到通知之日起2个工作日内，向中国证监会提交取消收购计划的报告，同时抄报派出机构，抄送证券交易所，通知被收购公司，并予公告。

　　第三十一条　收购人向中国证监会报送要约收购报告书后，在公告要约收购报告书之前，拟自行取消收购计划的，应当向中国证监会提出取消收购计划的申请及原因说明，并予公告；自公告之日起12个月内，该收购人不得再次对同一上市公司进行收购。

　　第三十二条　被收购公司董事会应当对收购人的主体资格、资信情况及收购意图进行调查，对要约条件进行分析，对股东是否接受要约提出建议，并聘请独立财务顾问提出专业意见。在收购人公告要约收购报告书后20日内，被收购公司董事会应当将被收购公司董事会报告书与独立财务顾问的专业意见报送中国证监会，同时抄报派出机构，抄送证券交易所，并予公告。

　　收购人对收购要约条件做出重大变更的，被收购公司董事会应当在3个工作日内提交董事会及独立财务顾问就要约条件的变更情况所出具的补充意见，并予以报告、公告。

　　第三十三条　收购人作出提示性公告后至要约收购完成前，被收购公司除继续从事正常的经营活动或者执行股东大会已经作出的决议外，未经股东大会批准，被收购公司董事会不得通过处置公司资产、对外投资、调整公司主要业务、担保、贷款等方式，对公司的资产、负债、权益或者经营成果造成重大影响。

　　第三十四条　在要约收购期间，被收购公司董事不得辞职。

　　第三十五条　收购人按照本办法规定进行要约收购的，对同一种类股票的要约价格，不得低于要约收购提示性公告日前6个月内收购人取得该种股票所支付的最高价格。

　　要约价格低于提示性公告日前30个交易日该种股票的每日加权平均价格的算术平均值的，收购人聘请的财务顾问应当就该种股票前6个月的交易情况进行分析，说明是否存在股价被操纵、收购人是否有未披露的一致行动人、收购人前6个月取得公司股份是否存在其他支付安排、要约价格的合理性等。

　　第三十六条　收购人可以采用现金、证券、现金与证券相结合等合法方式支付收购上市公司的价款。收购人聘请的财务顾问应当说明收购人具备要约收购的能力。

　　以现金支付收购价款的，应当在作出要约收购提示性公告的同时，将不少于收购价款总额的20%作为履约保证金存入证券登记结算机构指定的银行。

　　收购人以证券支付收购价款的，应当提供该证券的发行人最近3年经审计的财务会计报告、证券估值报告，并配合被收购公司聘请的独立财务顾问的尽职调查工作。

　　收购人以在证券交易所上市交易的证券支付收购价款的，应当在作出要约收购提示性公告的同时，将用于支付的全部证券交由证券登记结算机构保管，但上市公司发行新股的除外；收购人以在证券交易所上市的债券支付收购价款的，该债券的可上市交易时间应当不少于一个月；收购人以未在证券交易所上市交易的证券支付收购价款的，必须同时提供现金方式供被收购公司的股东选择，并详细披露相关证券的保管、送达被收购公司股东的方式和程序安排。

　　第三十七条　收购要约约定的收购期限不得少于30日，并不得超过60日；但是出现竞争要约的除外。

　　在收购要约约定的承诺期限内，收购人不得撤销其收购要约。

　　第三十八条　采取要约收购方式的，收购人作出公告后至收购期限届满前，不得卖出被收购公司的股票，也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。

　　第三十九条　收购要约提出的各项收购条件，适用于被收购公司的所有股东。
　收购人需要变更收购要约的，必须事先向中国证监会提出书面报告，同时抄报派出机构，抄送证券交易所和证券登记结算机构，通知被收购公司；经中国证监会批准后，予以公告。

　　第四十条　收购要约期限届满前15日内，收购人不得变更收购要约；但是出现竞争要约的除外。

　　出现竞争要约时，发出初始要约的收购人变更收购要约距初始要约收购期限届满不足15日的，应当延长收购期限，延长后的要约期应当不少于15日，不得超过最后一个竞争要约的期满日，并按规定比例追加履约保证金；以证券支付收购价款的，应当追加相应数量的证券，交由证券登记结算机构保管。

　　发出竞争要约的收购人最迟不得晚于初始要约收购期限届满前15日发出要约收购的提示性公告，并应当根据本办法第二十八条和第二十九条的规定履行报告、公告义务。

　　第四十一条　要约收购报告书所披露的基本事实发生重大变化的，收购人应当在该重大变化发生之日起2个工作日内，向中国证监会作出书面报告，同时抄报派出机构，抄送证券交易所，通知被收购公司，并予公告。

　　第四十二条　同意接受收购要约的股东（以下简称预受股东），应当委托证券公司办理预受要约的相关手续。收购人应当委托证券公司向证券登记结算机构申请办理预受要约股票的临时保管。证券登记结算机构临时保管的预受要约的股票，在要约收购期间不得转让。

　　前款所称预受，是指被收购公司股东同意接受要约的初步意思表示，在要约收购期限内不可撤回之前不构成承诺。在要约收购期限届满3个交易日前，预受股东可以委托证券公司办理撤回预受要约的手续，证券登记结算机构根据预受要约股东的撤回申请解除对预受要约股票的临时保管。在要约收购期限届满前3个交易日内，预受股东不得撤回其对要约的接受。在要约收购期限内，收购人应当每日在证券交易所网站上公告已预受收购要约的股份数量。

　　出现竞争要约时，接受初始要约的预受股东撤回全部或者部分预受的股份，并将撤回的股份售予竞争要约人的，应当委托证券公司办理撤回预受初始要约的手续和预受竞争要约的相关手续。

　　第四十三条　收购期限届满，发出部分要约的收购人应当按照收购要约约定的条件购买被收购公司股东预受的股份，预受要约股份的数量超过预定收购数量时，收购人应当按照同等比例收购预受要约的股份；以终止被收购公司上市地位为目的的，收购人应当按照收购要约约定的条件购买被收购公司股东预受的全部股份；未取得中国证监会豁免而发出全面要约的收购人应当购买被收购公司股东预受的全部股份。

　　收购期限届满后3个交易日内，接受委托的证券公司应当向证券登记结算机构申请办理股份转让结算、过户登记手续，解除对超过预定收购比例的股票的临时保管；收购人应当公告本次要约收购的结果。

　　第四十四条　收购期限届满，被收购公司股权分布不符合上市条件，该上市公司的股票由证券交易所依法终止上市交易。在收购行为完成前，其余仍持有被收购公司股票的股东，有权在收购报告书规定的合理期限内向收购人以收购要约的同等条件出售其股票，收购人应当收购。

　　第四十五条　收购期限届满后15日内，收购人应当向中国证监会报送关于收购情况的书面报告，同时抄报派出机构，抄送证券交易所，通知被收购公司。

　　第四十六条　除要约方式外，投资者不得在证券交易所外公开求购上市公司的股份。

　　第四章　协议收购

　　第四十七条　收购人通过协议方式在一个上市公司中拥有权益的股份达到或者超过该公司已发行股份的5%，但未超过30%的，按照本办法第二章的规定办理。

　　收购人拥有权益的股份达到该公司已发行股份的30%时，继续进行收购的，应当依法向该上市公司的股东发出全面要约或者部分要约。符合本办法第六章规定情形的，收购人可以向中国证监会申请免除发出要约。

　　收购人拟通过协议方式收购一个上市公司的股份超过30%的，超过30%的部分，应当改以要约方式进行；但符合本办法第六章规定情形的，收购人可以向中国证监会申请免除发出要约。收购人在取得中国证监会豁免后，履行其收购协议；未取得中国证监会豁免且拟继续履行其收购协议的，或者不申请豁免的，在履行其收购协议前，应当发出全面要约。

　　第四十八条　以协议方式收购上市公司股份超过30%，收购人拟依据本办法第六章的规定申请豁免的，应当在与上市公司股东达成收购协议之日起3日内编制上市公司收购报告书，提交豁免申请及本办法第五十条规定的相关文件，委托财务顾问向中国证监会、证券交易所提交书面报告，同时抄报派出机构，通知被收购公司，并公告上市公司收购报告书摘要。派出机构收到书面报告后通报上市公司所在地省级人民政府。

　　收购人自取得中国证监会的豁免之日起3日内公告其收购报告书、财务顾问专业意见和律师出具的法律意见书；收购人未取得豁免的，应当自收到中国证监会的决定之日起3日内予以公告，并按照本办法第六十一条第二款的规定办理。

　　中国证监会发现收购报告书不符合法律、行政法规及相关规定的，应当及时告知收购人，收购人未纠正的，不得公告收购报告书，在公告前不得履行收购协议。

　　第四十九条　依据前条规定所作的上市公司收购报告书，须披露本办法第二十九条第（一）项至第（六）项和第（九）项至第（十四）项规定的内容及收购协议的生效条件和付款安排。

　　已披露收购报告书的收购人在披露之日起6个月内，因权益变动需要再次报告、公告的，可以仅就与前次报告书不同的部分作出报告、公告；超过6个月的，应当按照本办法第二章的规定履行报告、公告义务。

　　第五十条　收购人进行上市公司的收购，应当向中国证监会提交以下文件：

　　（一）中国公民的身份证明，或者在中国境内登记注册的法人、其他组织的证明文件；

　　（二）基于收购人的实力和从业经验对上市公司后续发展计划可行性的说明，收购人拟修改公司章程、改选公司董事会、改变或者调整公司主营业务的，还应当补充其具备规范运作上市公司的管理能力的说明；

　　（三）收购人及其关联方与被收购公司存在同业竞争、关联交易的，应提供避免同业竞争等利益冲突、保持被收购公司经营独立性的说明；

　　（四）收购人为法人或者其他组织的，其控股股东、实际控制人最近2年未变更的说明；

　　（五）收购人及其控股股东或实际控制人的核心企业和核心业务、关联企业及主营业务的说明；收购人或其实际控制人为两个或两个以上的上市公司控股股东或实际控制人的，还应当提供其持股5%以上的上市公司以及银行、信托公司、证券公司、保险公司等其他金融机构的情况说明；

　　（六）财务顾问关于收购人最近3年的诚信记录、收购资金来源合法性、收购人具备履行相关承诺的能力以及相关信息披露内容真实性、准确性、完整性的核查意见；收购人成立未满3年的，财务顾问还应当提供其控股股东或者实际控制人最近3年诚信记录的核查意见。

　　境外法人或者境外其他组织进行上市公司收购的，除应当提交第一款第（二）项至第（六）项规定的文件外，还应当提交以下文件：

　　（一）财务顾问出具的收购人符合对上市公司进行战略投资的条件、具有收购上市公司的能力的核查意见；

　　（二）收购人接受中国司法、仲裁管辖的声明。

　　第五十一条　上市公司董事、监事、高级管理人员、员工或者其所控制或者委托的法人或者其他组织，拟对本公司进行收购或者通过本办法第五章规定的方式取得本公司控制权（以下简称管理层收购）的，该上市公司应当具备健全且运行良好的组织机构以及有效的内部控制制度，公司董事会成员中独立董事的比例应当达到或者超过1/2。公司应当聘请具有证券、期货从业资格的资产评估机构提供公司资产评估报告，本次收购应当经董事会非关联董事作出决议，且取得2/3以上的独立董事同意后，提交公司股东大会审议，经出席股东大会的非关联股东所持表决权过半数通过。独立董事发表意见前，应当聘请独立财务顾问就本次收购出具专业意见，独立董事及独立财务顾问的意见应当一并予以公告。

　　上市公司董事、监事、高级管理人员存在《公司法》第一百四十九条规定情形，或者最近3年有证券市场不良诚信记录的，不得收购本公司。

　　第五十二条　以协议方式进行上市公司收购的，自签订收购协议起至相关股份完成过户的期间为上市公司收购过渡期（以下简称过渡期）。在过渡期内，收购人不得通过控股股东提议改选上市公司董事会，确有充分理由改选董事会的，来自收购人的董事不得超过董事会成员的1/3；被收购公司不得为收购人及其关联方提供担保；被收购公司不得公开发行股份募集资金，不得进行重大购买、出售资产及重大投资行为或者与收购人及其关联方进行其他关联交易，但收购人为挽救陷入危机或者面临严重财务困难的上市公司的情形除外。

　　第五十三条　上市公司控股股东向收购人协议转让其所持有的上市公司股份的，应当对收购人的主体资格、诚信情况及收购意图进行调查，并在其权益变动报告书中披露有关调查情况。

　　控股股东及其关联方未清偿其对公司的负债，未解除公司为其负债提供的担保，或者存在损害公司利益的其他情形的，被收购公司董事会应当对前述情形及时予以披露，并采取有效措施维护公司利益。

　　第五十四条　协议收购的相关当事人应当向证券登记结算机构申请办理拟转让股份的临时保管手续，并可以将用于支付的现金存放于证券登记结算机构指定的银行。

　　第五十五条　收购报告书公告后，相关当事人应当按照证券交易所和证券登记结算机构的业务规则，在证券交易所就本次股份转让予以确认后，凭全部转让款项存放于双方认可的银行账户的证明，向证券登记结算机构申请解除拟协议转让股票的临时保管，并办理过户登记手续。

　　收购人未按规定履行报告、公告义务，或者未按规定提出申请的，证券交易所和证券登记结算机构不予办理股份转让和过户登记手续。

　　收购人在收购报告书公告后30日内仍未完成相关股份过户手续的，应当立即作出公告，说明理由；在未完成相关股份过户期间，应当每隔30日公告相关股份过户办理进展情况。

　　第五章　间接收购

　　第五十六条　收购人虽不是上市公司的股东，但通过投资关系、协议、其他安排导致其拥有权益的股份达到或者超过一个上市公司已发行股份的5%未超过30%的，应当按照本办法第二章的规定办理。

　　收购人拥有权益的股份超过该公司已发行股份的30%的，应当向该公司所有股东发出全面要约；收购人预计无法在事实发生之日起30日内发出全面要约的，应当在前述30日内促使其控制的股东将所持有的上市公司股份减持至30%或者30%以下，并自减持之日起2个工作日内予以公告；其后收购人或者其控制的股东拟继续增持的，应当采取要约方式；拟依据本办法第六章的规定申请豁免的，应当按照本办法第四十八条的规定办理。

　　第五十七条　投资者虽不是上市公司的股东，但通过投资关系取得对上市公司股东的控制权，而受其支配的上市公司股东所持股份达到前条规定比例、且对该股东的资产和利润构成重大影响的，应当按照前条规定履行报告、公告义务。

　　第五十八条　上市公司实际控制人及受其支配的股东，负有配合上市公司真实、准确、完整披露有关实际控制人发生变化的信息的义务；实际控制人及受其支配的股东拒不履行上述配合义务，导致上市公司无法履行法定信息披露义务而承担民事、行政责任的，上市公司有权对其提起诉讼。实际控制人、控股股东指使上市公司及其有关人员不依法履行信息披露义务的，中国证监会依法进行查处。

　　第五十九条　上市公司实际控制人及受其支配的股东未履行报告、公告义务的，上市公司应当自知悉之日起立即作出报告和公告。上市公司就实际控制人发生变化的情况予以公告后，实际控制人仍未披露的，上市公司董事会应当向实际控制人和受其支配的股东查询，必要时可以聘请财务顾问进行查询，并将查询情况向中国证监会、派出机构和证券交易所报告；中国证监会依法对拒不履行报告、公告义务的实际控制人进行查处。

　　上市公司知悉实际控制人发生较大变化而未能将有关实际控制人的变化情况及时予以报告和公告的，中国证监会责令改正，情节严重的，认定上市公司负有责任的董事为不适当人选。

　　第六十条　上市公司实际控制人及受其支配的股东未履行报告、公告义务，拒不履行第五十八条规定的配合义务，或者实际控制人存在不得收购上市公司情形的，上市公司董事会应当拒绝接受受实际控制人支配的股东向董事会提交的提案或者临时议案，并向中国证监会、派出机构和证券交易所报告。中国证监会责令实际控制人改正，可以认定实际控制人通过受其支配的股东所提名的董事为不适当人选；改正前，受实际控制人支配的股东不得行使其持有股份的表决权。上市公司董事会未拒绝接受实际控制人及受其支配的股东所提出的提案的，中国证监会可以认定负有责任的董事为不适当人选。

　　第六章　豁免申请

　　第六十一条　符合本办法第六十二条、第六十三条规定情形的，投资者及其一致行动人可以向中国证监会申请下列豁免事项：

　　（一）免于以要约收购方式增持股份；

　　（二）存在主体资格、股份种类限制或者法律、行政法规、中国证监会规定的特殊情形的，可以申请免于向被收购公司的所有股东发出收购要约。

　　未取得豁免的，投资者及其一致行动人应当在收到中国证监会通知之日起30日内将其或者其控制的股东所持有的被收购公司股份减持到30%或者30%以下；拟以要约以外的方式继续增持股份的，应当发出全面要约。

　　第六十二条　有下列情形之一的，收购人可以向中国证监会提出免于以要约方式增持股份的申请：

　　（一）收购人与出让人能够证明本次转让未导致上市公司的实际控制人发生变化；

　　（二）上市公司面临严重财务困难，收购人提出的挽救公司的重组方案取得该公司股东大会批准，且收购人承诺3年内不转让其在该公司中所拥有的权益；

　　（三）经上市公司股东大会非关联股东批准，收购人取得上市公司向其发行的新股，导致其在该公司拥有权益的股份超过该公司已发行股份的30%，收购人承诺3年内不转让其拥有权益的股份，且公司股东大会同意收购人免于发出要约；

　　（四）中国证监会为适应证券市场发展变化和保护投资者合法权益的需要而认定的其他情形。

　　收购人报送的豁免申请文件符合规定，并且已经按照本办法的规定履行报告、公告义务的，中国证监会予以受理；不符合规定或者未履行报告、公告义务的，中国证监会不予受理。中国证监会在受理豁免申请后20个工作日内，就收购人所申请的具体事项做出是否予以豁免的决定；取得豁免的，收购人可以继续增持股份。　

　　第六十三条　有下列情形之一的，当事人可以向中国证监会申请以简易程序免除发出要约：

　　（一）经政府或者国有资产管理部门批准进行国有资产无偿划转、变更、合并，导致投资者在一个上市公司中拥有权益的股份占该公司已发行股份的比例超过30%；

　　（二）在一个上市公司中拥有权益的股份达到或者超过该公司已发行股份的30%的，自上述事实发生之日起一年后，每12个月内增加其在该公司中拥有权益的股份不超过该公司已发行股份的2%；

　　（三）在一个上市公司中拥有权益的股份达到或者超过该公司已发行股份的50%的，继续增加其在该公司拥有的权益不影响该公司的上市地位；

　　（四）因上市公司按照股东大会批准的确定价格向特定股东回购股份而减少股本，导致当事人在该公司中拥有权益的股份超过该公司已发行股份的30%；

　　（五）证券公司、银行等金融机构在其经营范围内依法从事承销、贷款等业务导致其持有一个上市公司已发行股份超过30%，没有实际控制该公司的行为或者意图，并且提出在合理期限内向非关联方转让相关股份的解决方案；

　　（六）因继承导致在一个上市公司中拥有权益的股份超过该公司已发行股份的30%；

　　（七）中国证监会为适应证券市场发展变化和保护投资者合法权益的需要而认定的其他情形。

　　中国证监会自收到符合规定的申请文件之日起5个工作日内未提出异议的，相关投资者可以向证券交易所和证券登记结算机构申请办理股份转让和过户登记手续。中国证监会不同意其以简易程序申请的，相关投资者应当按照本办法第六十二条的规定提出申请。

　　第六十四条　收购人提出豁免申请的，应当聘请律师事务所等专业机构出具专业意见。

　　第七章　财务顾问

　　第六十五条　收购人聘请的财务顾问应当履行以下职责：

　　（一）对收购人的相关情况进行尽职调查；

　　（二）应收购人的要求向收购人提供专业化服务，全面评估被收购公司的财务和经营状况，帮助收购人分析收购所涉及的法律、财务、经营风险，就收购方案所涉及的收购价格、收购方式、支付安排等事项提出对策建议，并指导收购人按照规定的内容与格式制作申报文件；

　　（三）对收购人进行证券市场规范化运作的辅导，使收购人的董事、监事和高级管理人员熟悉有关法律、行政法规和中国证监会的规定，充分了解其应当承担的义务和责任，督促其依法履行报告、公告和其他法定义务；

　　（四）对收购人是否符合本办法的规定及申报文件内容的真实性、准确性、完整性进行充分核查和验证，对收购事项客观、公正地发表专业意见；

　　（五）接受收购人委托，向中国证监会报送申报材料，根据中国证监会的审核意见，组织、协调收购人及其他专业机构予以答复；

　　（六）与收购人签订协议，在收购完成后12个月内，持续督导收购人遵守法律、行政法规、中国证监会的规定、证券交易所规则、上市公司章程，依法行使股东权利，切实履行承诺或者相关约定。

　　第六十六条　收购人聘请的财务顾问就本次收购出具的财务顾问报告，应当对以下事项进行说明和分析，并逐项发表明确意见：

　　（一）收购人编制的上市公司收购报告书或者要约收购报告书所披露的内容是否真实、准确、完整；

　　（二）本次收购的目的；

　　（三）收购人是否提供所有必备证明文件，根据对收购人及其控股股东、实际控制人的实力、从事的主要业务、持续经营状况、财务状况和诚信情况的核查，说明收购人是否具备主体资格，是否具备收购的经济实力，是否具备规范运作上市公司的管理能力，是否需要承担其他附加义务及是否具备履行相关义务的能力，是否存在不良诚信记录；

　　　（四）对收购人进行证券市场规范化运作辅导的情况，其董事、监事和高级管理人员是否已经熟悉有关法律、行政法规和中国证监会的规定，充分了解应承担的义务和责任，督促其依法履行报告、公告和其他法定义务的情况；

　　（五）收购人的股权控制结构及其控股股东、实际控制人支配收购人的方式；

　　（六）收购人的收购资金来源及其合法性，是否存在利用本次收购的股份向银行等金融机构质押取得融资的情形；

　　（七）涉及收购人以证券支付收购价款的，应当说明有关该证券发行人的信息披露是否真实、准确、完整以及该证券交易的便捷性等情况；

　　（八）收购人是否已经履行了必要的授权和批准程序；

　　（九）是否已对收购过渡期间保持上市公司稳定经营作出安排，该安排是否符合有关规定；

　　（十）对收购人提出的后续计划进行分析，收购人所从事的业务与上市公司从事的业务存在同业竞争、关联交易的，对收购人解决与上市公司同业竞争等利益冲突及保持上市公司经营独立性的方案进行分析，说明本次收购对上市公司经营独立性和持续发展可能产生的影响；

　　（十一）在收购标的上是否设定其他权利，是否在收购价款之外还作出其他补偿安排；

　　（十二）收购人及其关联方与被收购公司之间是否存在业务往来，收购人与被收购公司的董事、监事、高级管理人员是否就其未来任职安排达成某种协议或者默契；

　　（十三）上市公司原控股股东、实际控制人及其关联方是否存在未清偿对公司的负债、未解除公司为其负债提供的担保或者损害公司利益的其他情形；存在该等情形的，是否已提出切实可行的解决方案；

　　（十四）涉及收购人拟提出豁免申请的，应当说明本次收购是否属于可以得到豁免的情形，收购人是否作出承诺及是否具备履行相关承诺的实力。

　　第六十七条　上市公司董事会或者独立董事聘请的独立财务顾问，不得同时担任收购人的财务顾问或者与收购人的财务顾问存在关联关系。独立财务顾问应当根据委托进行尽职调查，对本次收购的公正性和合法性发表专业意见。独立财务顾问报告应当对以下问题进行说明和分析，发表明确意见：

　　（一）收购人是否具备主体资格；

　　（二）收购人的实力及本次收购对被收购公司经营独立性和持续发展可能产生的影响分析；

　　（三）收购人是否存在利用被收购公司的资产或者由被收购公司为本次收购提供财务资助的情形；

　　（四）涉及要约收购的，分析被收购公司的财务状况，说明收购价格是否充分反映被收购公司价值，收购要约是否公平、合理，对被收购公司社会公众股股东接受要约提出的建议；

　　（五）涉及收购人以证券支付收购价款的，还应当根据该证券发行人的资产、业务和盈利预测，对相关证券进行估值分析，就收购条件对被收购公司的社会公众股股东是否公平合理、是否接受收购人提出的收购条件提出专业意见；

　　（六）涉及管理层收购的，应当对上市公司进行估值分析，就本次收购的定价依据、支付方式、收购资金来源、融资安排、还款计划及其可行性、上市公司内部控制制度的执行情况及其有效性、上述人员及其直系亲属在最近24个月内与上市公司业务往来情况以及收购报告书披露的其他内容等进行全面核查，发表明确意见。

　　第六十八条　财务顾问受托向中国证监会报送申报文件，应当在财务顾问报告中作出以下承诺：

　　（一）已按照规定履行尽职调查义务，有充分理由确信所发表的专业意见与收购人申报文件的内容不存在实质性差异；

　　（二）已对收购人申报文件进行核查，确信申报文件的内容与格式符合规定；

　　（三）有充分理由确信本次收购符合法律、行政法规和中国证监会的规定，有充分理由确信收购人披露的信息真实、准确、完整，不存在虚假记载、误导性陈述和重大遗漏；

　　（四）就本次收购所出具的专业意见已提交其内核机构审查，并获得通过；

　　（五）在担任财务顾问期间，已采取严格的保密措施，严格执行内部防火墙制度；

　　（六）与收购人已订立持续督导协议。

　　第六十九条　财务顾问在收购过程中和持续督导期间，应当关注被收购公司是否存在为收购人及其关联方提供担保或者借款等损害上市公司利益的情形，发现有违法或者不当行为的，应当及时向中国证监会、派出机构和证券交易所报告。

　　第七十条　财务顾问为履行职责，可以聘请其他专业机构协助其对收购人进行核查，但应当对收购人提供的资料和披露的信息进行独立判断。

　　第七十一条　自收购人公告上市公司收购报告书至收购完成后12个月内，财务顾问应当通过日常沟通、定期回访等方式，关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对收购人及被收购公司履行持续督导职责：

　　（一）督促收购人及时办理股权过户手续，并依法履行报告和公告义务；

　　（二）督促和检查收购人及被收购公司依法规范运作；

　　（三）督促和检查收购人履行公开承诺的情况；

　　（四）结合被收购公司定期报告，核查收购人落实后续计划的情况，是否达到预期目标，实施效果是否与此前的披露内容存在较大差异，是否实现相关盈利预测或者管理层预计达到的目标；

　　（五）涉及管理层收购的，核查被收购公司定期报告中披露的相关还款计划的落实情况与事实是否一致；

　　（六）督促和检查履行收购中约定的其他义务的情况。

　　在持续督导期间，财务顾问应当结合上市公司披露的季度报告、半年度报告和年度报告出具持续督导意见，并在前述定期报告披露后的15日内向派出机构报告。

　　在此期间，财务顾问发现收购人在上市公司收购报告书中披露的信息与事实不符的，应当督促收购人如实披露相关信息，并及时向中国证监会、派出机构、证券交易所报告。财务顾问解除委托合同的，应当及时向中国证监会、派出机构作出书面报告，说明无法继续履行持续督导职责的理由，并予公告。

　　第八章　持续监管

　　第七十二条　在上市公司收购行为完成后12个月内，收购人聘请的财务顾问应当在每季度前3日内就上一季度对上市公司影响较大的投资、购买或者出售资产、关联交易、主营业务调整以及董事、监事、高级管理人员的更换、职工安置、收购人履行承诺等情况向派出机构报告。

　　收购人注册地与上市公司注册地不同的，还应当将前述情况的报告同时抄报收购人所在地的派出机构。

　　第七十三条　派出机构根据审慎监管原则，通过与承办上市公司审计业务的会计师事务所谈话、检查财务顾问持续督导责任的落实、定期或者不定期的现场检查等方式，在收购完成后对收购人和上市公司进行监督检查。

　　派出机构发现实际情况与收购人披露的内容存在重大差异的，对收购人及上市公司予以重点关注，可以责令收购人延长财务顾问的持续督导期，并依法进行查处。

　　在持续督导期间，财务顾问与收购人解除合同的，收购人应当另行聘请其他财务顾问机构履行持续督导职责。

　　第七十四条　在上市公司收购中，收购人持有的被收购公司的股份，在收购完成后12个月内不得转让。

　　收购人在被收购公司中拥有权益的股份在同一实际控制人控制的不同主体之间进行转让不受前述12个月的限制，但应当遵守本办法第六章的规定。

　　第九章　监管措施与法律责任

　　第七十五条　上市公司的收购及相关股份权益变动活动中的信息披露义务人，未按照本办法的规定履行报告、公告以及其他相关义务的，中国证监会责令改正，采取监管谈话、出具警示函、责令暂停或者停止收购等监管措施。在改正前，相关信息披露义务人不得对其持有或者实际支配的股份行使表决权。

　　第七十六条　上市公司的收购及相关股份权益变动活动中的信息披露义务人在报告、公告等文件中有虚假记载、误导性陈述或者重大遗漏的，中国证监会责令改正，采取监管谈话、出具警示函、责令暂停或者停止收购等监管措施。在改正前，收购人对其持有或者实际支配的股份不得行使表决权。

　　第七十七条　投资者及其一致行动人取得上市公司控制权而未按照本办法的规定聘请财务顾问，规避法定程序和义务，变相进行上市公司的收购，或者外国投资者规避管辖的，中国证监会责令改正，采取出具警示函、责令暂停或者停止收购等监管措施。在改正前，收购人不得对其持有或者实际支配的股份行使表决权。

　　第七十八条　发出收购要约的收购人在收购要约期限届满，不按照约定支付收购价款或者购买预受股份的，自该事实发生之日起3年内不得收购上市公司，中国证监会不受理收购人及其关联方提交的申报文件；涉嫌虚假信息披露、操纵证券市场的，中国证监会对收购人进行立案稽查，依法追究其法律责任。

　　前款规定的收购人聘请的财务顾问没有充分证据表明其勤勉尽责的，中国证监会依法追究法律责任。

　　第七十九条　上市公司控股股东和实际控制人在转让其对公司的控制权时，未清偿其对公司的负债，未解除公司为其提供的担保，或者未对其损害公司利益的其他情形作出纠正的，中国证监会责令改正、责令暂停或者停止收购活动。

　　被收购公司董事会未能依法采取有效措施促使公司控股股东、实际控制人予以纠正，或者在收购完成后未能促使收购人履行承诺、安排或者保证的，中国证监会可以认定相关董事为不适当人选。

　　第八十条　上市公司董事未履行忠实义务和勤勉义务，利用收购谋取不当利益的，中国证监会采取监管谈话、出具警示函等监管措施，可以认定为不适当人选。

　　上市公司章程中涉及公司控制权的条款违反法律、行政法规和本办法规定的，中国证监会责令改正。

　　第八十一条　为上市公司收购出具资产评估报告、审计报告、法律意见书和财务顾问报告的证券服务机构或者证券公司及其专业人员，未依法履行职责的，中国证监会责令改正，采取监管谈话、出具警示函等监管措施。

　　第八十二条　中国证监会将上市公司的收购及相关股份权益变动活动中的当事人的违法行为和整改情况记入诚信档案。

　　违反本办法的规定构成证券违法行为的，依法追究法律责任。

　　第十章　附则

　　第八十三条　本办法所称一致行动，是指投资者通过协议、其他安排，与其他投资者共同扩大其所能够支配的一个上市公司股份表决权数量的行为或者事实。

　　在上市公司的收购及相关股份权益变动活动中有一致行动情形的投资者，互为一致行动人。如无相反证据，投资者有下列情形之一的，为一致行动人：

　　（一）投资者之间有股权控制关系；

　　（二）投资者受同一主体控制；

　　（三）投资者的董事、监事或者高级管理人员中的主要成员，同时在另一个投资者担任董事、监事或者高级管理人员；

　　（四）投资者参股另一投资者，可以对参股公司的重大决策产生重大影响；

　　（五）银行以外的其他法人、其他组织和自然人为投资者取得相关股份提供融资安排；

　　（六）投资者之间存在合伙、合作、联营等其他经济利益关系；

　　（七）持有投资者30%以上股份的自然人，与投资者持有同一上市公司股份；

　　（八）在投资者任职的董事、监事及高级管理人员，与投资者持有同一上市公司股份；

　　（九）持有投资者30%以上股份的自然人和在投资者任职的董事、监事及高级管理人员，其父母、配偶、子女及其配偶、配偶的父母、兄弟姐妹及其配偶、配偶的兄弟姐妹及其配偶等亲属，与投资者持有同一上市公司股份；

　　（十）在上市公司任职的董事、监事、高级管理人员及其前项所述亲属同时持有本公司股份的，或者与其自己或者其前项所述亲属直接或者间接控制的企业同时持有本公司股份；

　　（十一）上市公司董事、监事、高级管理人员和员工与其所控制或者委托的法人或者其他组织持有本公司股份；

　　（十二）投资者之间具有其他关联关系。

　　一致行动人应当合并计算其所持有的股份。投资者计算其所持有的股份，应当包括登记在其名下的股份，也包括登记在其一致行动人名下的股份。

　　投资者认为其与他人不应被视为一致行动人的，可以向中国证监会提供相反证据。

　　第八十四条　有下列情形之一的，为拥有上市公司控制权：

　　（一）投资者为上市公司持股50%以上的控股股东；

　　（二）投资者可以实际支配上市公司股份表决权超过30%；

　　（三）投资者通过实际支配上市公司股份表决权能够决定公司董事会半数以上成员选任；

　　（四）投资者依其可实际支配的上市公司股份表决权足以对公司股东大会的决议产生重大影响；

　　（五）中国证监会认定的其他情形。

　　第八十五条　信息披露义务人涉及计算其持股比例的，应当将其所持有的上市公司已发行的可转换为公司股票的证券中有权转换部分与其所持有的同一上市公司的股份合并计算，并将其持股比例与合并计算非股权类证券转为股份后的比例相比，以二者中的较高者为准；行权期限届满未行权的，或者行权条件不再具备的，无需合并计算。

　　前款所述二者中的较高者，应当按下列公式计算：

　　（一）投资者持有的股份数量／上市公司已发行股份总数

　　（二）（投资者持有的股份数量＋投资者持有的可转换为公司股票的非股权类证券所对应的股份数量）／（上市公司已发行股份总数＋上市公司发行的可转换为公司股票的非股权类证券所对应的股份总数）

　　第八十六条　投资者因行政划转、执行法院裁决、继承、赠与等方式取得上市公司控制权的，应当按照本办法第四章的规定履行报告、公告义务。

　　第八十七条　权益变动报告书、收购报告书、要约收购报告书、被收购公司董事会报告书、要约收购豁免申请文件等文件的内容与格式，由中国证监会另行制定。

　　第八十八条　被收购公司在境内、境外同时上市的，收购人除应当遵守本办法及中国证监会的相关规定外，还应当遵守境外上市地的相关规定。

　　第八十九条　外国投资者收购上市公司及在上市公司中拥有的权益发生变动的，除应当遵守本办法的规定外，还应当遵守外国投资者投资上市公司的相关规定。

　　第九十条　本办法自2006年9月1日起施行。中国证监会发布的《上市公司收购管理办法》（证监会令第10号）、《上市公司股东持股变动信息披露管理办法》（证监会令第11号）、《关于要约收购涉及的被收购公司股票上市交易条件有关问题的通知》（证监公司字[2003]16号）和《关于规范上市公司实际控制权转移行为有关问题的通知》（证监公司字[2004]1号）同时废止。
 


 《上市公司收购管理办法》修订说明

发布时间： 2006-05-23 09:43

为了规范上市公司的收购活动，保护上市公司和投资者的合法权益，维护证券市场秩序，发挥证券市场优化配置资源的功能，根据新修订的《证券法》、《公司法》，在认真总结现行《上市公司收购管理办法》执行三年多以来的经验和教训的基础上，中国证监会对现行《上市公司收购管理办法》作出修订，以适应国民经济战略性结构调整和证券市场股权分置改革后全流通的新局面。

　　一、修订原则

　　《证券法》第四章“上市公司的收购”，是规范上市公司收购行为的立法基础，不仅对上市公司收购行为作出原则性规定，而且考虑到上市公司收购活动的复杂性，授权中国证监会“依照本法的原则制定上市公司收购的具体办法”。本次修订工作遵循以下原则：

　　体现鼓励上市公司收购的立法精神

　　根据新修订的《证券法》对上市公司收购制度所做出的重大调整，将强制性全面要约收购制度，调整为强制性要约方式，收购人可以根据自己的经营决策自行选择向公司所有股东发出收购其全部股份的全面要约，也可以通过主动的部分要约方式取得公司控制权，从而大大降低收购成本，减少收购人规避动机，避免复杂的审批程序，有利于活跃上市公司收购活动。

　　在维护证券市场公平的基础上，提高市场效率

　　为顺应我国国民经济结构性的重大战略调整，发挥证券市场促进资源流动和优化配置的基础性功能，征求意见稿基于强制性信息公开披露、程序公平、公平对待股东等方面维护市场公平，在将强制性全面要约义务改为要约方式的同时，转变监管方式，基于重要性原则，根据持股比例的不同采取不同的监管方式，简化中国证监会审核程序、发挥财务顾问的作用，提高市场效率。

　　解决上市公司收购中存在的突出问题

　　针对上市公司收购中存在的收购人无实力、不诚信、甚至掏空上市公司的问题，征求意见稿通过要求收购人提交一系列证明文件，对收购人的主体资格予以规范，将存在证券市场失信行为、无实力、与上市公司存在利益冲突的收购人排除在证券市场之外。

　　强化财务顾问对收购人事前把关、事后持续督导的作用

　　明确财务顾问在上市公司收购中的责任，对其如何履行持续督导责任作出明确要求，通过运用市场的力量加强对收购人的行为约束。

　　适应股权分置改革后的上市公司股份全流通的新局面

　　在全流通的市场环境下，收购方式将呈多元化，征求意见稿明确对通过二级市场收购流通股的举牌收购实行事后监管，同时引入换股收购、非公开发行购买资产等创新方式，为市场化的并购预留了空间。

　　二、适用范围和整体框架

　　（一）适用范围

　　本办法适用于投资者对在境内证券交易所上市交易的上市公司的收购行为，不适用于收购仅在境外发行并上市的H股、N股等公司。

　　本办法规范的是取得上市公司控制权的收购活动及相关权益变动活动的信息披露行为，着重对要约收购、协议收购和间接收购予以规范。

　　（二）整体框架

　　征求意见稿将现行的《收购办法》和《上市公司股东持股变动信息披露管理办法》合二为一，将持股5％以上视为收购的预警点，持股20％以上须作详式信息披露，30%以上须采取要约方式或者向中国证监会申请豁免。征求意见稿共十章，包括总则、权益披露、要约收购、协议收购、间接收购、豁免申请、财务顾问、持续监管、罚则、附则。

　　三、修订的主要内容

　　转变监管方式，明确监管范围

　　根据征求意见稿，监管部门对上市公司收购活动的监管方式发生两个重要变化：一是从监管部门直接监管下的全面要约收购转变为财务顾问把关下的部分要约收购；二是从完全依靠监管部门事前监管，转变为适当的事前监管与强化的事后监管相结合。

　　基于重要性原则，监管部门根据投资者持股比例的不同，采取不同的监管方式：（1）对于持股介于5％到20％之间的，要求其简要披露信息，仅须报告；（2）对于持股介于20％到30％之间的，要求详细披露；对成为公司第一大股东的，比照收购人的标准，要求其聘请财务顾问出具核查意见，监管部门对其实行事后监管，发现其不符合收购人要求的，通过并购委员会审议，监管部门可责令其停止收购，限制其表决权的行使；（3）对于持股30％以上的，要求其聘请财务顾问出具核查意见，依法向监管部门报告，并履行法定要约义务或申请豁免，监管部门在15日内限期审核；（4）将成为公司实际控制人的间接收购，一并纳入规范。

　　规范收购人和出让人行为，解决上市公司收购中的突出问题

　　针对上市公司收购中存在的收购人无实力、不诚信、原控股股东掏空上市公司后金蝉脱壳等突出问题，征求意见稿从对收购人（买方）和控股股东及其实际控制人（卖方）两方面加以规范。

　　首先，对收购人从以下五个方面进行规范：

　　（1）对收购人主体资格予以规范，对于收购人存在到期不能清偿数额较大债务且处于持续状态、最近三年有重大违法行为、或严重的证券市场失信行为的，禁止其收购上市公司。

　　（2）明确界定一致行动人的范围，征求意见稿对一致行动人既作出原则性界定，又逐一列举，并将举证责任落在一致行动嫌疑人身上，促使隐藏在背后的收购人浮出水面。

　　（3）对收购人提出足额付款要求，为避免分期付款安排导致收购人先行控制上市公司后转移上市公司资金用于收购，出现“空手套白狼”的问题，规定收购人足额付款，方可办理股份过户。

　　（4）对收购人提出持续监管要求，除财务顾问在收购完成后的12个月内对收购人进行持续督导外，要求收购人实行向所在地证监局的每月报告制度，通过证监局加强持续监管力度。

　　（5）发挥地方政府的作用，证监局在收到收购人的书面报告后，向上市公司所在地的省、市两级地方政府征求意见，以使地方政府协助监管部门做好后续监管工作。

　　其次，对作为出让方的控股股东和实际控制人从以下两方面予以规范：

　　（1）要求作为出让方的控股股东和实际控制人有义务对收购人的收购意图、实力进行调查，并将调查情况予以披露。

　　（2）控股股东及其实际控制人存在占用、违规担保等损害公司和其他股东利益的，要主动消除损害，未消除损害之前，不得转让公司控制权；如控制权转让收入仍无法消除损害的，要求出让方提出充分有效的履约保证，并经过股东大会的批准。同时，上市公司董事会未采取有效措施“清欠解保”的，也要承担法律责任。

　　减少监管部门审批豁免权力，允许收购人限期限量增持

　　根据国务院《企业国有资产监督管理暂行条例》的规定，中央与地方对国有资产实行分级管理，分别代表国家履行出资人的职责，因此，对于跨地区、跨部门的国有单位之间转让国有股，凡是作为不同的商业利益主体进行的，一般不予豁免，以体现法律对国有、民营、外资公平对待的精神。

　　为适应全流通后的市场需要，允许收购人在收购完成12个月后每年增持不超过2％的股份。

　　鼓励市场创新，允许换股收购

　　明确收购人可以证券作为支付手段收购上市公司，换股收购将成为可能。征求意见稿规定收购人须提供证券发行人最近三年经审计的财务会计报告、证券估值报告，并配合上市公司聘请的独立财务顾问的尽职调查工作，同时在信息披露、董事会的责任、财务顾问的职责等方面予以细化；对于收购人通过取得上市公司发行的新股超过30％的，可以向监管部门申请免于履行要约义务，鼓励上市公司通过非公开发行购买资产，优化股权结构，提高资产质量。

　　建立市场约束机制，强化财务顾问的作用

　　推进市场化并购重组的前提是形成真正的市场约束机制，因此，本次修订的重要内容之一是建立财务顾问对收购人事前把关、事中跟踪、事后持续督导的责任制，要求收购人必须聘请中国证监会认可的财务顾问，由财务顾问负责对收购人的主体资格、收购目的、实力、诚信记录、资金来源和履约能力进行尽职调查，关注收购中收购人是否对上市公司有不当行为，并对收购人在收购完成后进行持续督导，积极防范收购人侵害上市公司和中小股东的合法权益。

　　完善要约收购的规范，维护市场公平

　　首先，将流通股的要约价格与市价挂钩，将要约提示性公告前30个交易日均价作为要约价格的底限，不再打折；其次，明确部分要约收购的底限为总股本的5％，维持20％履约保证金的规定，防止恶意利用要约收购进行内幕交易和操纵市场，扰乱市场秩序；第三，明确对不同要约方式下支付条件的特殊要求，部分要约可以采用现金、证券、法律允许的方式；以退市为目的的全面要约和中国证监会强制收购人发出的全面要约，必须提供现金选择；第四，允许收购人发出有条件的要约；第五，保证上市公司因要约收购退市后收购人与剩余小股东权利和义务的平衡。

　　对管理层收购严格监管，强化公司治理要求

　　征求意见稿对管理层收购持谨慎态度，在公司治理、批准程序、信息披露、公司估值等方面作出特别要求：首先，在公司治理方面，要求上市公司应当具备健全且运行良好的组织机构以及有效的内部控制制度，独立董事的比例应当达到董事会成员的1/2以上；其次，在批准程序上，要求2/3以上的独立董事赞成本次收购，经出席公司股东大会的非关联股东半数通过，独立董事应当聘请独立财务顾问出具专业意见；第三，增加信息披露的要求，要求董事和高管人员及其亲属就其在最近24个月内与上市公司业务往来情况、定期报告中就管理层还款计划落实情况等予以披露；第四，必须聘请会计师和评估师提供公司估值报告；第五，要求财务顾问进行持续督导；第六，对于管理层存在《公司法》第147条、第149条规定不履行诚信义务情况的，禁止收购上市公司。

　　强调董事诚信义务，适度限制反收购

　　考虑到《证券法》的修改和全流通的市场环境，收购人通过要约、二级市场等多种方式进行敌意收购取得上市公司的控制权将成为可能，因此，征求意见稿不再禁止董事会提出有关反收购的议案，但必须经股东大会批准方可采取反收购措施，并且对反收购活动作出原则性规定，要求被收购公司董事会针对收购所做出的决策及采取的措施，应当有利于维护本公司及其股东的利益，不得滥用职权对收购设置不适当的障碍。

 
Measures on Administration of Takeover of Listed Companies (2006)
  
     
The "Measures on Administration of Takeover of Listed Companies" were adopted through deliberation in the 180th Chairman Office Meeting of the China Securities Regulatory Commission on May 17, 2006. These Measures are hereby promulgated and shall come into effect as of September 1, 2006.
 
 
Shang Fulin
Chairman of the China Securities Regulatory Commission
July 31, 2006
 
 
Chapter 1   General Provisions
 
 
Article 1  
In order to standardize the activities of listed companies regarding the takeover and related equity changes thereof, protect the legitimate rights and interests of listed companies and the investors thereof, maintain the securities market order and public interests and promote the optimum distribution of the resources in the securities market, these Measures are formulated in accordance with the "Securities Law", the "Company Law" and other relevant laws and administrative regulations.
 
Article 2  
The activities of a listed company regarding the takeover and related equity changes thereof shall comply with the laws, administrative rules and regulations and the provisions of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"). The parties concerned shall be in good faith, observe social ethics and commercial morality, consciously maintain the securities market order and accept the supervision from the government and social public.
 
Article 3  
The activities of a listed company regarding the takeover and related equity changes thereof shall adhere to the principles of openness, fairness and impartiality.
 
Any person who is obliged to disclose the information in the activities of a listed company regarding the takeover and related equity changes thereof shall fully disclose the information on the equity he enjoys in the listed company and the changes thereof, and strictly perform the reporting, and announcement obligations and other statutory obligations.  He shall also bear the obligation to keep the relevant information confidential before it is disclosed.
 
The information reported or announced by information disclosure obligors shall be truthful, accurate and complete, no false records, misleading representations or significant omissions are allowed.
 
Article 4  
The activities of a listed company regarding the takeover and related equity changes thereof shall not endanger the security of the State and social public interests.
 
If the activities of a listed company regarding the takeover and related equity changes thereof relate to the State industrial policies, industry admission, or transfer of State-owned shares and require the approval of relevant departments of the State in advance such approval shall be obtained.
 
If any foreign investor engages in the activities of a listed company regarding the takeover and related equity changes thereof, he  shall obtain the approval of the relevant departments of the State, observe Chinese laws, and subject to the judicial and arbitration jurisdiction of China.
 
Article 5  
A purchaser may become a holding company shareholder of a listed company through acquiring shares, or become a defacto controller of a listed company through investment relationship or agreement or other arrangements, he may also acquire the control power of a listed company through adopting the   above two ways at the same time.
 
The purchaser shall include the investor or other person acting in concert with him.
 
Article 6  
No one shall be allowed to take advantage of the takeover of a listed company to undermine the legitimate rights and interests of the company to be taken over or the shareholders thereof.
 
Under any of the following circumstances, a listed company shall not be taken over:
 
(1) The purchaser bears a relatively large amount of debts that have fallen due but haven't been repaid and such state is continuing;
 
(2) The purchaser commits any seriously illegal act or is suspected of being involved in any seriously illegal act in the last three years;
 
(3) The purchaser has serious bad faith activities in the securities market in the last three years;
 
(4) In case the purchaser is a natural person, who is under the circumstances as prescribed in Article 147 of the "Company Law"; or
 
(5) Other circumstances under which a listed company shall not be taken over as prescribed by laws or administrative rules and regulations or as determined by the CSRC.
 
Article 7  
Any holding company shareholder or defacto controller of a listed company to be taken over shall not abuse the rights of shareholders to damage the legitimate rights and interests of the company to be taken over or other shareholders thereof.
 
If any holding company shareholder, defacto controller or affiliated party thereof damages the legitimate rights and interests of the company to be taken over or other shareholders thereof, the above holding company shareholder or defacto controller shall take the initiative to eliminate the damages before transferring the control power of the company to be taken over; in case   the damages are unable to be eliminated, he shall make arrangements for eliminating the total damages with the income deriving from the sale of relevant shares, with regard to the part of damages which are insufficient to be eliminated,  he shall provide sufficient and effective guarantee of performance or arrangement and obtain the consent from the shareholders' general meeting of the company to be taken over pursuant to the articles of association.
 
Article 8  
Any director, supervisor or senior management personnel of a company to be taken over shall bear the obligation to act faithfully and diligently, and treat all the purchasers of the company equally.
 
Any decision made by the board of directors of the company to be taken over regarding the takeover of the company and the measures adopted shall be advantageous to the protection of the interests of the company and the shareholders thereof, it shall not abuse the power to set up improper obstacles on the takeover, or take advantage of the resources of the company to provide the purchaser with financial aids in any form, or damage the lawful rights and interests of the company and the shareholders thereof.
 
Article 9  
When a purchaser takes over a listed company, he shall arrange a professional institution with the qualification to conduct financial consultancy business which is registered in China to act as its financial advisor. A purchaser who does not arrange a financial advisor according to these Measures shall not be allowed to take over a listed company.
 
A financial consultancy shall act in due diligence, observe the business regulations and professional ethics, keep independently, and ensure the documents prepared or issued by it to be truthful, accurate and complete.
 
If a financial advisor considers that the purchaser takes advantage of the takeover to damage the legitimate rights and interests of the company to be taken over and the shareholders thereof, it shall refuse to provide financial consultancy services to the purchaser.
 
Article 10  
The China Securities Regulatory Commission (hereinafter referred to as the CSRC) shall exercise the supervision and administration over the activities of listed companies regarding the takeover and related equity changes thereof according to law.
 
The CSRC shall establish a Special Committee composed of professionals and relevant experts. The Special Committee may, upon the request of the functional departments of the CSRC, provide consultancy opinions on whether it constitutes the takeover of a listed company, whether it is under the situations where the takeover is not allowed and other relevant matters. The CSRC shall make decisions regarding these matters according to law.
 
Article 11  
The stock exchanges shall stipulate the business rules according to law to organize the trading and provide services for the activities of listed companies regarding the takeover and related equity changes thereof, exercise the practical monitoring over the relevant securities trading activities, and supervise the information disclosure obligors in the activities of the listed company regarding the takeover and related equity changes thereof  to practically perform the information disclosure obligations.
 
The securities registration and cleaning institutions shall stipulate the  business rules according to law to provide services regarding the matters involved in the activities of listed companies regarding  the takeover and related equity changes thereof such as securities registration, custody, settlement, etc.
 
Chapter 2   Disclosure of Interests
 
 
Article 12  
The interests enjoyed by an investor in a listed company shall include the shares registered under his name and the shares that have not registered under his name while he has voting rights under his control. The interests enjoyed by an investor and the persons acting in concert with him in a listed company shall be calculated in combination.
 
Article 13  
Through the security trading on a stock exchange, if an investor and the persons acting in concert with him  hold 5% of the shares already issued by a listed company, they shall prepare an equity change report within three days as from the date on which such shareholding becomes a fact, submit a written report to the CSRC and the Stock Exchange, send a copy to the detached  office of the CSRC of the place where the listed company is located (hereinafter referred to as Detached Office), and notify the listed company of such matter and make a public announcement; During the period specified above, they shall not continue to purchase or sell the shares of the listed company by themselves.
 
After the investor and the persons acting in concert with him mentioned above have held 5% of the shares already issued by a listed company,   if, through the security trading on a stock exchange, the proportion of the shares held by them to the shares already issued by the listed company increases or decreases 5%, they shall report such matter and make a public announcement according to the provisions of the preceding paragraph. During the reporting period and within two days after the report and announcement are made, they shall not continue to purchase or sell the shares of the listed company by themselves.
 
Article 14  
Through the transfer by agreement, if an investor and the persons acting in concert with him hold 5% or above of the shares already issued by a listed company, they shall prepare an equity change report within three days as from the date on which such shareholding becomes a fact, submit a written report to the CSRC and the Stock Exchange, send a copy to the Detached Office, notify the listed company of such matter and make a public announcement.
 
After the investor and the persons acting in concert with him have held 5% of the shares already issued by the listed company, if the proportion of the shares held by them to the shares already issued by the listed company increases or decreases 5% or above, they shall perform the obligations of reporting and announcement according to the provisions of the preceding paragraph.
 
The investor and the persons acting in concert with him mentioned in the preceding two paragraphs shall not purchase or sell the shares of the listed company before making the report or announcement. The formalities for the transfer of the relevant shares and the transfer registration thereof shall be transacted according to Chapter IV of these Measures and the provisions of the stock exchange and the securities registration and clearing institutions.
 
Article 15  
If the shares held by an investor and the persons acting in concert with him reach the proportion mentioned in the preceding Article through administrative appropriation or alteration, executing the court judgements or orders, inheritance or donation, they shall perform the obligations of reporting and announcement according to the provisions of the preceding Article and go through the formalities for the transfer registration of the shares with reference to the preceding Article.
 
Article 16  
If an investor and the persons acting in concert with him are not the largest shareholder or defacto controller of a listed company and they hold the shares already issued by a listed company of more than 5% or above but not reach 20%, they shall prepare a simplified equity change report which shall include the following information:
 
(1) The names and domiciles of the investor and the persons acting in concert with him, in case the investor and the persons acting in concert with him are legal persons, the names, registered places and legal representatives of them shall be included;
 
(2) The purpose of holding shares, whether they intend to continuously increase the equity they enjoy in the listed company in the next following 12 months;
 
(3) The name of the listed company, the category, amount and proportion of the shares;
 
(4) The time when the shares held by them in the listed company reach or exceed 5% of the shares already issued by the company or the shares held by them increase or decrease 5% and the method for the change;
 
(5) The brief explanations on the purchase and sale of the shares of the company through the security trading on the stock exchanges during six months before the equity change occurs; and
 
(6) Other information to be disclosed as required by the CSRC and the Stock Exchange.
 
If the investor and the persons acting in concert with him are the largest shareholder or defacto controller of the listed company and they hold the shares already issued by the listed company of more than 5% or above but not reach 20%, they shall also disclose the contents prescribed in Paragraph (1) of Article 17 of these Measures.
 
Article 17  
If the shares held by an investor and the persons acting in concert with him reach or exceed 20% but not exceed 30% of the shares already issued by a listed company, they shall also prepare a detailed equity change report which shall disclose the following information in addition to the information prescribed in the preceding Article:
 
(1) The holding company shareholder, defacto controller of the investor and the persons acting in concert with him, and the structure chart on the shareholding relationship thereof;
 
(2) The price and amount of capital required in acquiring the shares, , capital resources or other payment arrangements;
 
(3) Whether there is trade competition or potential trade competition between the business conducted by the investor, the persons acting in concert with him and the holding company shareholder and defacto controller thereof and the business of the listed company, whether there is affiliated trading; if there is trade competition or continuous affiliated trading, whether the corresponding arrangements have been made to avoid the trade competition  between the investor, the persons acting in concert with him and the affiliated parties thereof and the listed company and maintain the independence of the listed company;
 
(4) The following plan on the adjustment of the assets, business, staff members, organizational structure and the articles of association of the listed company in the following 12 months;
 
(5) The major transactions conducted between the investor, the persons acting in concert with him and the listed company in the last 24 months;
 
(6) The circumstance mentioned in Article 6 of these Measures does not exist; and
 
(7) Being able to provide relevant documents as prescribed by Article 50 of these Measures.
 
If the investor and the persons acting in concert with him mentioned above are the largest shareholder or defacto controller of the listed company, they shall also arrange a financial advisors to issue the verification opinions regarding the information disclosed in the above equity change report, except for the administrative appropriation and transfer or alteration of State-owned shares, the transfer of shares among the different entities which are under the control of the same defacto controller, and the acquisition of the shares through inheritance However, if the investor and the persons acting in concert with him promise to give up exercising the voting rights of relevant shares for at least three years, they may not arrange a financial advisor and provide the relevant documents as prescribed by Item (7) of the preceding Paragraph.
 
Article 18  
If an investor and the persons acting in concert with him that have disclosed the equity change report need to make the equity change report or announcement for a second time due to the change of the shares  within six months as of the date on which the disclosure is made, they may make the report and announcement on the part that is different from the previous report; if six months has passed as from the previous disclosure date, they shall prepare the equity change report according to the provisions of this Chapter and perform the obligations of reporting and announcement.
 
Article 19  
If the situation mentioned in Article 14 of these Measures occurs due to the change of the shares of the investor and the persons acting in concert with him arising from the reduction of the share capital of a listed company, the investor and the persons acting in concert with him may be exempted form performing the obligations of reporting and announcement. Within two working days as from the date on which the change registration on the reduction of the share capital is completed, the listed company shall make a public announcement on the change of the shares held by the shareholders resulting therefrom; if the reduction of the share capital of the company may result in the investor and the persons acting in concert with him to become the largest shareholder or defacto controller of the company, such investor and the persons acting in concert with him shall, within three working days as from the date on which the board of directors of the company announces the resolution on the reduction of the share capital of the company to the public, perform the obligations of reporting and announcement according to the provisions of Paragraph (1) of Article 17 of these Measures.
 
Article 20  
Before an information disclosure obligor in the activities of a listed company regarding the takeover and related equity change thereof discloses the information according to law, if the relevant information has been spread in the media or the trading of the company's shares becomes abnormal, the listed company shall immediately check with the concerned parties who shall give a written reply promptly, and the listed company shall make a public announcement without delay.
 
Article 21  
An information disclosure obligor in the activities of a listed company regarding the takeover and related equity changes thereof shall disclose the information in at least one media designated by the CSRC in accordance with law; if the information is disclosed in other medias, the contents of the information disclosed shall be the same and the disclosure time shall not be earlier than that on the designated media.
 
Article 22  
If the information disclosure obligors in the activities of a listed company regarding the takeover and related equity changes thereof take concerted action, they may agree in written that one of them will be designated as a representative to be responsible for preparing the information disclosure documents and agree to authorize the designated representative to sign and seal on such documents.
 
Each information disclosure obligor shall bear the liability for the information relating to him in the information disclosure documents; with respect to the information relating to several disclosure obligors in the information disclosure documents, each information disclosure obligor shall bear jointly and severally liabilities for the relevant part.
 
Chapter 3   Takeover by Offer
 
 
Article 23  
If an investor chooses voluntarily to purchase the shares of a listed company by offer, he may make an offer to all the shareholders of the company to be taken over on the purchase of all the shares held by them (hereinafter referred to as the whole offer), or make an offer to all the shareholders of the company to be taken over on the purchase of part of the shares held by them (hereinafter referred to as the partial offer).
 
Article 24  
Where, through the security trading in stock exchanges, the shares of a listed company held by a purchaser has reached 30% of the shares already issued by the listed company, if he continues to increase the holding of shares, the purchaser shall make the purchase by offer and make a whole offer or partial offer.
 
Article 25  
If a purchaser purchases the shares of a listed company by offer according to the provisions of Article 23, 24, 47 and 56 of these Measures, the proportion of the shares he intends to purchase shall not be less than 5%of the shares already issued by the listed company.
 
Article 26  
If a listed company is taken over by offer, the purchaser shall treat all the shareholders of the company to be taken over equally. The shareholders who hold the shares of the same category shall be treated equally.
 
Article 27  
If a purchaser makes a whole offer in order to terminate the listing of a listed company or make a whole offer by reason that he is not granted the exemption when he makes the application to the CSRC, he shall make the purchase in cash; if he makes the purchase with convertible securities (hereinafter referred to as securities) according to law, he shall provide the means of payment in cash for the shareholders of the company to be taken over for selection at the same time.
 
Article 28  
If the shares of a listed company are purchased by offer, the purchaser shall prepare the report on takeover by offer, arrange the financial advisor to submit a written report to the CSRC and the stock exchange and send a copy of the report to the Detached Office, notify the company to be taken over of such matter, and make an alert announcement on the summary of the report on the takeover by offer.
 
A purchaser shall announce the report on takeover by offer, professional opinions of the financial advisor, and the legal opinions issued by the lawyer to the public within 15 days as from the date on which he submits the report on the takeover by offer that complies with the provisions of the CSRC and the relevant documents prescribed in Article 50 of these Measures according to the preceding paragraph. Within the said 15 days, if the CSRC does not raise any objection against the information disclosed in the report on the takeover by offer, the purchaser may announce the report to the public; if the CSRC discovers that the report on the takeover by offer does not comply with laws, administrative rules and regulations or other relevant provisions, it shall notify the purchaser of such matter promptly, and the purchaser shall not announce the report on the takeover by offer to the public.
 
Article 29  
The report on the takeover by offer mentioned in the preceding article shall contain the following items:
 
(1)  The name and domicile of the purchaser; if the purchaser is a legal person, its name, registered place, legal representative and the structure chart on the shareholding relationship between the purchaser and its holding company shareholder and defacto controller;
 (2) The decision of the purchaser on the takeover and the purpose of takeover, whether he intends to increase the shareholding in the next following 12 months;
 
(3) The name of the listed company to be taken over and the category of the shares to be purchased;
 
(4) The amount and proportion of the shares to be purchased;
 
(5)  The price of the purchase;
 
(6) The amount of the capital required for the takeover, capital resources and guarantee, or other payment arrangements;
 
(7)  The conditions specified in the take-over offer;
 
(8) The term of the takeover;
 
(9) The amount and proportion of the shares of the company to be taken over held at the time when the report on the takeover by offer is submitted;
 
(10) The analysis regarding the influence of this takeover on the listed company, including whether there is trade competition or potential trade competition between the business conducted by the purchaser and the affiliated parties thereof and the business of the listed company, whether there is continuous affiliated trading; if the trade competition or continuous affiliated trading exists, whether the purchaser has made corresponding arrangements to avoid the trade competition between the purchaser and the affiliated parties thereof and the listed company and maintain the independence of the listed company;
 
(11) The following plan on the adjustment of the assets, business, staff members, organizational structure and articles of association of the listed company within the following 12 months;
 
(12) The major transactions between the purchaser, the affiliated parties thereof and the listed company in the last 24 months;
 
(13) The situation on the purchase and sale of the shares of the company to be taken over through the security trading on the stock exchange in the last six months; and
 
(14) Other information required to be disclosed by the CSRC.
 
If a purchaser makes a whole offer, he shall fully disclose in the report on the takeover by offer the risk arising from the termination of the listing, the completion time of the takeover after the termination of the listing and other following arrangements on the sale of the shares by the remaining shareholders who still hold the shares of the listed company; if the purchaser makes a whole offer in order to terminate the listing of a listed company, he may not disclose the information mentioned in Item (10) of the preceding Paragraph.
 
Article 30  
If a purchaser intends to purchases more than 30% of the shares of a listed company and shall change to make the purchase by offer according to Article 47 of these Measures, he shall make an alert announcement on the summary of the report on the takeover by offer within three days after reaching the takeover agreement or making similar arrangements, and perform the obligations of reporting and announcement according to the provisions of Article 28 and 29 of these Measures, and at the same time he may be exempted from preparing, reporting and announcing the report on the takeover by offer of the listed company; if the offer subject to the approval of relevant departments according to law,  the announcement shall clearly indicate that this offer shall not be carried out before obtaining the relevant approval.
 
If a purchaser fails to obtain the approval, he shall submit a report on the revocation of the takeover plan to the CSRC within two working days as from the date on which he receives the notice, report the matter to the Detached Office together with a copy of the report and send a copy of the report to the stock exchange at the same time, notify the company to be taken over and make a public announcement.
 
Article 31  
After a purchaser has submitted the report on the takeover by offer to the CSRC, if he intends to cancel the takeover plan on his own initiative before the announcement of the report on the takeover by offer, he shall make an application on the cancellation of the takeover plan together with the reasons thereof to the CSRC and make a public announcement; the purchaser shall not take over the same listed company again within 12 months from the date of announcement.
 
Article 32  
The board of directors of the listed company to be taken over shall investigate the purchaser regarding his qualification, credit status and purchase intention, analyse the offer conditions, and make suggestions as to whether the shareholders should accept the offer or not, and arrange an independent financial advisor to provide professional opinions. Within 20 days after the purchaser announces the report on the takeover by offer to the public, the board of directors of the company to be taken over shall submit the report of the board of directors and the professional opinions of the independent financial advisor to the CSRC, send a copy of the report to the Detached Office and the stock exchange at the same time, and make a public announcement.
 
If the purchaser makes a significant change on the conditions of the take-over offer, the board of directors of the company to be taken over shall submit the supplementary opinions on the change of the offer conditions issued by the board of directors and the independent financial advisor within three working days,, and report such matter and make a public announcement.
 
Article 33  
During the period after the purchaser makes an alert announcement and before the takeover by offer is completed, except for continuously engaging in normal operation activities or carrying out the resolutions made by the shareholders' general meeting, without the approval of the shareholders' general meeting, the board of directors of the company to be taken over shall not exert significant influence on the company's assets, liabilities, rights and interests or business results by such means as disposing the assets of the company, foreign investment, adjusting the major business of the company, providing guaranty, extending loans, etc.
 
Article 34  
During the period of the takeover by offer, the directors of the company to be taken over shall not resign from their offices.
 
Article 35  
If a purchaser conducts the takeover by offer in accordance with the provisions of these Measures, the offer price for the shares of the same category shall not be lower than the highest price at which the purchaser acquires the shares of such category within six months prior to the date on which the alert announcement on the takeover by offer is made.
 
 
If the offer price is lower than the arithmetic average value of the daily weighted average price of the shares of such category within 30 trading days prior to the date on which the alert announcement is made, the financial advisor arranged by the purchaser shall analyse the trading situation of the shares of such category in the last six months as to whether the price of the shares is manipulated, whether there are persons acting in concert with the purchaser who are not disclosed, whether there are other payment arrangements for the shares which are acquired by the purchaser in the last six months, and whether the offer price is reasonable, etc.
 
Article 36  
A purchaser may take over a listed company through legal means of payment such as payment in cash, securities, or both cash and securities at the same time. The financial advisor arranged by the purchaser shall clearly state the information on the ability of the purchaser to takeover the listed company by offer.
 
If a purchaser makes the purchase in cash, he shall, at the same time when the alert announcement on the takeover by offer is made, deposit the total amount of the acquisition money of not less than 20% with the bank designated by the securities registration and clearing institution as the guaranteed funds for the performance.
 
If the purchaser makes the purchase with securities, he shall provide the audited financial and accounting reports and the securities valuation reports of the issuer of the securities in the last three years, and cooperate with the independent financial advisor arranged by the company to be taken over in the investigation work.
 
If the purchaser makes the purchase with the securities listed and traded on the stock exchange, he shall, at the same time when the alert announcement on the takeover by offer is made, entrust the securities registration and clearing institution with custody of all the securities to be used for payment, except for the new shares issued by the listed company; if the purchaser makes the purchase with the bonds listed on the stock exchange, the time for listing and trading of such bonds shall be not less than one month; if the purchaser makes the purchase with the securities which are not listed and traded on the stock exchange, he shall provide the means of payment in cash for the shareholders of the company to be taken over for selection at the same time, and disclose in detail the information on the custody of the relevant securities and the method and procedure arrangements for serving them on the shareholders of the company to be taken over.
 
Article 37  
The takeover term stipulated in a take-over offer shall be not less than 30 days but not more than 60 days; except that any competitive offer occurs.
 
Within the time limit for acceptance stipulated in the take-over offer, the purchaser shall not revoke his take-over offer.
 
Article 38  
In the case of takeover by offer, during the period after the purchaser makes the announcement before the expiration of the takeover term, the purchaser shall not sell the shares of the company to be taken over or buy the shares of the company to be taken over in a way not stipulated in the offer or with the conditions beyond those stipulated in the offer.
 
Article 39  
All the conditions stipulated in a take-over offer shall apply to all the shareholders of the company to be taken over.
 
If any purchaser intends to change the conditions of the take-over offer, he shall submit a written report to the CSRC in advance, and at the same time report the matter to the Detached Office together with a copy of the report, send a copy of the report to the stock exchange and the securities registration and clearing institution, and notify the company to be taken over of such matter; and make a public announcement upon the approval of the CSRC.
 
Article 40  
Within 15 days prior to the expiration of the term of a take-over offer, a purchaser shall not change the terms of the take-over offer; except that any competitive offer occurs.
 
Where any competitive offers occur, if the period between the date on which the purchaser who makes the initial take-over offer changes the contents of the offer and the date on which the term of the initial take-over offer expires is less than 15 days the term of the offer shall be extended; the term extended shall not be less than 15 days but shall not exceed the expiration date of the last competitive offer, and  the guaranteed funds for the performance shall be also increased in prescribed proportion; in the case of payment with securities, the purchaser shall increase a certain amount of the securities and put them under the custody of a securities registration and cleaning institution.
 
A purchaser who makes a competitive offer shall issue the alert announcement on the takeover by offer at least five days prior to the expiration of the term of the initial offer, , and shall perform the obligations of reporting and announcement according to the provisions of Article 28 and 29 of these Measures.
 
Article 41  
If the basic facts disclosed in the report on the takeover by offer change greatly, the purchaser shall, within two working days as from the date on which the change occurs, make a written report to the CSRC, report the matter to the Detached Office together with a copy of the report, send a copy of the report to the stock exchange, notify the company to be taken over of such matter and make a public announcement.
 
Article 42  
Any shareholder who agrees to accept the take-over offer (hereinafter referred to as the shareholder of preliminary acceptance) shall entrust a securities company to go through the relevant formalities on the preliminary acceptance of the offer. The purchaser shall entrust a securities company to apply at the securities registration and cleaning institution for the temporary custody of the shares in the preliminary acceptance offer. The shares in the preliminary acceptance offer which are under the temporary custody of the securities registration and clearing institution shall not be transferred during the period of the takeover by offer.
 
Preliminary acceptance mentioned in the preceding paragraph refers to the initial intention to accept the offer made by the shareholders of the company, which shall not constitute an acceptance before it is allowed to be revoked within the term of the takeover by offer. The shareholders of preliminary acceptance may entrust a securities company to go through the formalities for the revocation of the preliminary acceptance offer before three trading days as from the date on which the term of the takeover by offer expires,, the securities registration and cleaning institution shall release the temporary custody of the shares in the preliminary acceptance offer based on the revocation application of the shareholders of preliminary acceptance. Any shareholder of preliminary acceptance shall not revoke his acceptance of the offer within three trading days prior to the expiration of the term of the takeover by offer. Within the term of the takeover by offer, a purchaser shall announce the amount of the shares in the take-over offer which he has preliminarily accepted on the website of the stock exchange every day.
 
In case competitive offers occur, if the shareholder of preliminary acceptance who has accepted the initial offer intends to revoke the whole or part of the shares preliminarily accepted and sell the revoked shares to the competitive offerors, he shall entrust a securities company to handle the formalities for revocation of the preliminary acceptance of the initial offer and the relevant formalities for preliminary acceptance of the competitive offer.
 
Article 43  
Upon the expiration of the term of the takeover by offer, the purchaser who makes the partial offer shall purchase the shares preliminarily accepted by the shareholders of the company to be taken over with the conditions stipulated in the take-over offer, if the amount of the shares in the preliminary acceptance offer exceeds the amount of the shares planned to buy, the purchaser shall buy the shares in the preliminary acceptance offer at the same ratio; if the takeover aims to terminate the listing of the company to be taken over, the purchaser shall, according to the conditions set in the take-over offer, purchase all the shares preliminarily accepted by the shareholders of the company to be taken over; the purchaser who is not granted the exemption from the CSRC and  thus makes a whole offer shall purchase all the shares preliminarily accepted by the shareholders of the company to be taken over.
 
Within three trading days after the expiration of the term of the takeover by offer, the entrusted securities company shall apply for handling the formalities on the settlement of the transfer of shares and the transfer registration of the shares at the securities registration and clearing institution, and release the temporary custody of the shares that exceed the proportion scheduled to purchase; the purchaser shall announce the results of the takeover by offer to the public.
 
Article 44  
Where, upon the expiration of the term of the takeover by offer, if the shareholding distribution of the company to be taken over does not meet the conditions for listing, the shares of the listed company shall be terminated for listing and trading by the stock exchange according to law. Prior to the completion of the takeover, the shareholders who still hold the shares of the company to be taken over shall have the right to sell their shares to the purchaser on the same conditions as the take-over offer within a reasonable period set in the takeover report and the purchaser shall purchase such shares.
 
Article 45  
Within 15 days upon the expiration of the term of the takeover by offer, the purchaser shall submit a written report on the takeover status to the CSRC and at the same time report the matter to the Detached Office together with a copy of the report and also send a copy of the report to the stock exchange and notify the company to be taken over of such matter.
 
Article 46  
A purchaser shall not subscribe for the shares of a listed company publicly outside the stock exchange by any means other than offer.
 
Chapter 4   Takeover by Agreement
 
 
Article 47  
If, through the purchase agreement, the shares held by a purchaser reach or exceed 5% of the shares already issued by a listed company but not exceed 30%, the purchase shall be handled in accordance with the provisions of Chapter II of these Measures.
 
If a purchaser continues to purchase the shares of the listed company after the shares held by him reach 30% of the shares issued by the listed company, he shall make a whole offer or partial offer to the shareholders of the listed company. If it is under the situations mentioned in Chapter VI of these Measures, the purchaser may apply at the CSRC for exempting from making the offer. The purchaser shall perform the takeover agreement after obtaining the exemption from the CSRC; if he does not obtain the exemption from the CSRC and intends to continue to perform the take-over agreement, or does not apply for the exemption, he shall make a whole offer before performing the takeover agreement.
 
Article 48  
Where the purchaser has purchased over 30% of the shares of a  listed company by agreement, if he plans to apply for the exemption in accordance with the provisions of Chapter VI of these Measures, he shall prepare a takeover report of the listed company within three days as of the date on which he concludes the agreement with the shareholders of the listed company and also submit the exemption application and the relevant documents prescribed in Article 50 of these Measures, entrust a financial advisor to submit the written report to the CSRC and the stock exchange, and at the same time report the matter to the Detached Office together with a copy of the report, notify the company to be taken over, and announce the summary of the takeover report of the listed company to the public. The Detached Office shall notify  the provincial people's government where the listed company is located after receiving the written report.
 
The purchaser shall make a public announcement on the takeover report, professional opinions of the financial advisor and the legal opinions issued by the lawyer within three days after obtaining the exemption from the CSRC; if he does not obtain the exemption, he shall make the public announcement within three days after receiving the decision from the CSRC and handle this matter according to the provisions of Paragraph (2) of Article 61 of these Measures. 
 
If the CSRC discovers that the takeover report does not company with the relevant provisions of laws and administrative rules and regulations, it shall notify the purchaser of this issue promptly, if the purchaser does not make the rectification, he shall not announce the takeover report to the public and shall not perform the takeover agreement before the announcement.
 
Article 49  
The takeover report of a listed company prepared in accordance with the provisions of the preceding article shall disclose the information prescribed from Item (1) to (6), and Item (9) to (14) of Article 29 of these Measures, the conditions for the takeover agreement's entry into force and the payment arrangements.
 
If a purchaser who has disclosed the takeover report needs to make the report or announcement for a second time due to the change of interests within six months from the disclosure date, he may make the report or announcement on the part that is different from the previous report; if it exceeds six months, he shall perform the obligations of reporting and announcement according to the provisions of Chapter II of these Measures.
 
Article 50  
When a purchaser takes over a listed company, he shall submit the following documents to the CSRC:
 
(1)  The identification certificate of Chinese citizen, or the certificate documents of the legal person or other institution which is registered in China;
 
(2) A statement on the feasibility of the following development plan of the listed company on the basis of the strength and professional experience of the purchaser, if the purchaser plans to modify the articles of association, re-elect the board of directors, change or adjust the major business of the company, he shall also provide a statement on his management capacity for regulation and operation of the listed company;
 
(3) Where there is trade competition or affiliated trading between the purchaser, its affiliated parties and the company to be taken over, he shall provide a statement on preventing the trade competition and other interest conflicts and maintaining the operation independence of the company to be taken over;
 
(4) A statement to prove that  the purchaser's holding company shareholder and defacto controller have not changed in the last two years if the purchaser is a legal person or other organization;
 
(5) a statement on the key  enterprise and key business, affiliated enterprises and major business of the purchaser and the holding company shareholder and defacto controller thereof; if the purchaser or the defacto controller thereof  is two holding company shareholders or defacto controllers of the listed company or above, it shall also provide the explanations on the listed company or other financial institutions such as banks, trust companies, securities companies and insurance companies of which  it holds the shares of more than 5%; and
 
(6) Verification opinions of the financial advisor on the credibility record of the purchaser in the last three years, the legitimacy of the sources of the funds used for the takeover, the purchaser's ability  to perform the relevant undertakings and the truthfulness, accuracy and completeness of the relevant information disclosed; if it is not more than three years since the establishment of the purchaser, the financial advisor shall also provide the verification opinions on the credibility record of its controlling shareholder or defacto controller in the last three years.
 
If a legal person or other organization outside the territory of China takes over a listed company, apart from submitting the relevant documents as prescribed from Item (2) to Item (5) of Paragraph 1, the following documents shall also be provided:
 
(1) verification opinions of the financial advisor to prove that the purchaser complies with the requirements for launching strategic investment in a listed company and has the ability to take over a listed company; and
 
(2) A statement to prove that the purchaser accepts the judicial and arbitration jurisdiction of China.
 
Article 51  
Where any director, supervisor, senior management personnel, staff members of a listed company or the legal persons or other organizations under its control or entrusted by it intend to takeover the company or adopt the means prescribed in Chapter V of these Measures to acquire the control power of the company (hereinafter referred to as the management takeover), the listed company shall have a sound and well-operating organization and effective internal control system,  and the ratio of independent directors among the members of the board of directors shall reach 50% or more. The company shall arrange the asset valuation institution which has the qualification to conduct securities and futures businesses to provide the assets appraisal report, and the takeover plan shall be carried out upon the resolution of the non-affiliated directors and shall be submitted to the shareholders' general meeting for deliberation after the consent from the independent directors of two thirds or above, and shall be adopted by the non-affiliated shareholders attending the shareholders' general meeting who hold more than one half of the voting rights. Before the independent directors offer opinions, it shall arrange the independent financial advisor to issue professional opinions on this takeover, the opinions from the independent directors and independent financial advisor shall be announced to the public together.
 
If any director, supervisor, senior management personnel of a listed company is in the situation prescribed in Article 149 of the "Company Law" or has any bad credibility record in the securities market in the last three years, he shall not be allowed to take over the company.
 
Article 52  
In case of takeover by agreement, the period between the date on which the takeover agreement is concluded and the date on which the ownership transfer of relevant shares is completed shall be the transition period for the takeover of the listed company (hereinafter referred to as the transition period). During the transition period, the purchaser shall not propose through holding company shareholders to reelect the board of directors of the company, if it has sufficient reasons to reelect the board of directors, the directors from the purchaser shall not exceed one-third of the members of the board of directors; the company to be taken over shall not provide guaranty for the purchaser or the affiliated parties thereof; it shall not issue shares publicly to raise funds, engage in major purchase and sale of assets,  major investment, or engage in other affiliated transaction with the purchaser and the affiliated parties thereof, except where the purchaser aims to save the listed company which is involved in crisis or confronted with severe financial difficulty.
 
Article 53  
Where any holding company shareholder of a listed company transfers the shares of the listed company held by him to the purchaser by agreement, he shall conduct an investigation over the qualification, credit status and purchaser intention of the purchaser, and disclose the relevant information on the investigation in the equity change report.
 
If the holding company shareholder and the affiliated parties thereof have not paid off the debts owed to the company; released the guaranty provided by the company for their debts, or contain other situations that damage the interests of the company, the board of directors of the company to be taken over shall disclose the above-mentioned situations promptly and take effective measures to safeguard the interests of the company.
 
Article 54  
The relevant parties to the takeover by agreement shall apply at the securities registration and clearing institution for handling the formalities on temporary custody of the shares to be transferred, and may deposit the cash with the bank designated by the securities registration and clearing institution.
 
Article 55  
After the takeover report is announced, the relevant parties shall, after confirming the share transfer in the stock exchange, conform to the business rules  of the stock exchange and the securities registration and cleaning institution to apply at the securities registration and cleaning institution for releasing   the temporary custody of the shares planed be transferred with presenting the certificate regarding depositing all the funds used for transfer with the bank account which is recognized by both parties and handle the formalities for transfer registration.
 
If the purchaser fails to perform the obligations of reporting and announcement according to relevant provisions, or fails to make application according to the relevant provisions, the stock exchange and the securities registration and cleaning institution shall not handle the formalities for shares transfer or transfer registration.
 
If the purchaser fails to complete the formalities on the share transfer registration within 30 days after announcing the takeover report, it shall make the public announcement and state the reasons promptly; it shall announce the proceeding status on the formalities for the transfer registration every 30 days before completing the transfer registration of relevant shares.
 
Chapter 5   Indirect Takeover
 
 
Article 56  
Where a purchaser is not a shareholder of a listed company, however, the shares held by him reach or exceed 5% but do not exceed 30% of the shares issued by the listed company through investment relationship, agreement or other arrangements, the matter shall be handled according to the provisions of Chapter II of these Measures.
 
If the shares held by the purchaser exceed 30%  of the shares issued by the listed company, he shall make a whole offer to all the shareholders of the company; if the purchaser estimates that he can not make a whole offer within 30 days as from the date on which this fact occurs, he shall urge the shareholders to decrease the shares of the company held by them to 30%  or below within the said 30 days and make a public announcement within two working days from the shares decreasing date, if the purchaser plans to increase the shares afterwards, he shall conduct the purchase by offer; if he intends to apply for the exemption in accordance with the provisions of Chapter VI of these Measures, he shall transact the formalities  according to the provisions of Article 48 of these Measures.
 
Article 57  
If a purchaser is not a shareholder of a listed company, but he acquire the control power over the shareholders of the listed company through investment relationship and the shares held by the shareholders of the listed company under his control reach the ratio prescribed in the preceding article and exert significant influence on the assets and profit of such shareholders, the purchaser shall perform the obligations of reporting and announcement according to the provisions of the preceding article.
 
Article 58  
The defacto controller of a listed company and the shareholders under his control shall bear the obligation to cooperate with the listed company to disclose the information concerning the change of the defacto controller truthfully, accurately and completely; if the defacto controller and the shareholders under his control refuse to perform the above-mentioned obligation of cooperation, which result in the company to be unable to perform the statutory information disclosure obligations and thus cause the listed company to bear the civil or administrative liabilities, the listed company shall have the right to bring a lawsuit against them. If the defacto controller or the holding company shareholder instigates the listed company or the relevant personnel not to perform the information disclosure obligations under law, they shall be penalized by the CSRC according to law.
 
Article 59  
If the defector controller of a listed company and the shareholders under his control fail to perform the obligations of reporting and announcement, the listed company shall make a report and announcement immediately as of the date on which it knows the fact. If the defacto controller still fails to perform the disclosure obligations after the listed company announces the change of the defacto controller, the board of directors of the listed company shall inquire of the defacto controller and the shareholders under his control about such matter, if necessary, it may arrange  a financial advisor to make the inquiry and report the inquire situation to the CSRC, the Detached Office and the stock exchange; the defacto controller who refuses to perform the obligations of reporting and  announcement  shall be investigated and penalized by the CSRC.
 
If the listed company knows that the defacto controller undergo great changes but fails to report and announce the change information promptly, the CSRC shall order it to make the rectification, in case the circumstance is serious the directors of the listed company who is liable for the issue shall be determined as improper person.
 
Article 60  
If the defacto controller of a listed company and the shareholders under his control fail to perform the obligations of reporting and announcement, or the cooperation obligation mentioned in Article 58, or the defacto controller is under the situation where he is not allowed to take over the listed company, the board of directors of the listed company shall refuse to accept the proposal or interim motion submitted by the shareholders under the control of the defacto controller, and report such matter to the CSRC, the Detached Office and the stock exchange.
The CSRC shall order the defacto controller to rectify the mistakes, it may determine the directors that are nominated by the defacto controller through the shareholders under his control as unsuitable person; before the shareholders under the control of the defacto controller make the rectification, he shall not exercise the voting rights relating to the shares held by them. If the board of directors of the listed company does not refuse to accept the proposal raised by the defacto controller and the shareholders under his control, the CSRC may determine the relevant liable directors as unsuitable persons.
 
Chapter 6   Application for Exemption
 
 
Article 61  
The investor and the persons acting in concert with him may apply at the CSRC for the following exemptions if complying with the situations mentioned in Article 62 and 63 of these Measures:
 
(1)  be exempted from increasing the holding of the shares through a take-over offer; and
 
(2)  if it is involved in  the restriction of subject qualification or categories of the shares, or other special situations prescribed by laws, administrative rules and regulations or the provisions of the CSRC, they may apply for exempting from making a take-over offer to all the shareholders of the company to be taken over;
 
If the purchaser and the persons acting in concert with him fail to obtain the exemption, they shall decrease the shares of the company to be taken over held by them or the shareholders under their control to 30% or below; if they intend to continue to increase the holding of the shares by the means other than offer, they shall make a whole offer.
 
Article 62  
A purchaser may apply at the CSRC for exempting from increasing the holding of the shares by offer under any of the following situations:
 
(1) If the purchaser and the seller can prove that the takeover does not result in any change to the defacto controller of the listed company;
 
(2) Where the listed company is confronted with severe financial difficulty, the purchaser puts forward a reorganization proposal to save the company  which has been approved by the shareholders' general meeting of the company, and the purchaser promises that he will not transfer his share equity in  the said company within three years;
 
(3) If the purchaser acquires the new shares issued to him by the listed company upon the approval of the non-affiliated shareholders of the shareholders' general meeting of the listed company, which results in the shares of the said company held by him exceeding 30% of the shares already issued by the company, and the purchaser has promised not to transfer the shares within three years and the shareholders' general meeting of the company agrees him to be exempted from making an offer; or
 
(4) Other situations determined by the CSRC in order to meet the needs in the development of the securities market and protecting the lawful rights and interests of investors.
 
If the documents for exemption application submitted by the purchaser comply with the relevant provisions, and the purchaser has performed the obligations of reporting and announcement according to the provisions of these Measures, the CSRC shall accept the application; if the documents for the application do not comply with the relevant provisions or the purchaser fails to perform the obligations of reporting and announcement, the CSRC shall not accept the application.
Within 20 working days after the receipt of the application for exemption, the CSRC shall make a decision on whether or not to grant the exemption for the specific matters applied by the purchaser; if the exemption is granted, the purchaser may continue to increase the shares.
 
Article 63  
Under any of the following situations, the party concerned may apply at the CSRC for exempting from making an offer through summary procedure:
 
(1) If the gratis appropriation, change or merger of State-owned assets upon the approval of the government or the State-owned assets administration department cause the shares held by the investor in a listed company exceeding 30% of the shares already issued by the company;
 
(2) If the shares held by the purchaser in a listed company reach or exceed 30% of the shares already issued by the said company, after one year as of the date on which such fact occurs, the shares increased by the purchaser in the company every 12 months shall be not more than 2% of the shares already issued by the same company;
 
(3) Where the shares held by the purchaser reach or exceed 50% of the shares already issued by the company, if he continues to increase the shares in the listed company, it does not affect the listing of the company;
 
(4)  The listed company repurchases the shares from certain shareholders according to the price approved in the shareholders' general meeting and thus the share capital is reduced, which result in the shares held by the purchaser exceeding 30% of the shares already issued by the company;
 
(5) If, the financial institutions such as securities companies or banks conduct the undertaking or loans business within the scope of business according to law, which result in the shares held by such institutions exceeding 30% of the shares already issued by the listed company while they show no activity or intention to actually control the listed company and propose a solution on the transfer of relevant shares to non-affiliated parties within a reasonable period of time;
 
(6) If the shares held by the purchaser in a listed company exceed 30% of the shares issued by the listed company through inheritance; or
 
(7) Other situations determined by the CSRC in order to meet the needs in the development of the securities market and protecting the lawful rights and interests of investors.
 
If the CSRC does not raise any objection within five working days after receiving the application documents that comply with the relevant provisions, the relevant parties may apply at the stock exchange and the securities registration and clearing institution for going through the formalities on share transfer and transfer registration. If the CSRC does not entertain the application through summary procedure, the relevant investor shall make the application according to Article 62 of these Measures.
 
Article 64  
If a purchaser applies for exemption, he shall arrange professional institutions such as a legal firm to provide professional opinions.
 
Chapter 7   Financial Advisors
 
 
Article 65  
The financial advisor arranged by a purchaser shall perform the following duties:
 
(1) To conduct conscientious investigation on the relevant information of the purchaser;
 
(2) To provide professional services to the purchaser according to his requirements, comprehensively valuate the financial and operational status of the company to be taken over, assist the purchaser in analyzing the laws, financial affairs and operational risk involved in the takeover, provide suggestions or opinions on the matters involved in the takeover plan such as  the price and means of takeover, payment arrangements, etc., and guide the purchaser to produce application documents according to the prescribed contents and formats;
 
(3) To provide guidance for the purchaser in the standardized operation of the securities market to make the directors, supervisors and senior management personnel of the purchaser to be familiar with relevant laws, administrative rules and regulations and the provisions of the CSRC, fully understand the obligations and responsibilities which should be borne by them, and urge them to perform the obligations of reporting and announcement and other statutory obligations according to law;
 
(4) To fully check and verify whether the purchaser complies with the provisions of these Measures and the truthfulness, accuracy and completeness of the contents of the declaration documents, and issue professional opinions on the matters relating to the takeover  objectively and impartially;
 
(5) To accept the entrustment from the purchaser to submit the declaration materials to the CSRC, and organize and coordinate the purchaser and other professional institutions to give reply according to the verification opinions of the CSRC;
 
(6) To sign agreements with the purchaser, continuously supervise the purchaser to observe the laws, administrative rules and regulations, the provisions of the CSRC, rules of the stock exchange and articles of association of the listed company, exercise the right of shareholders according to law and practically perform the undertakings or relevant agreements within 12 months after the completion of the takeover;
 
Article 66  
The financial advisor report issued by the financial advisor arranged by the purchaser shall make explanations and analysis on the following matters, and shall clearly state the opinions item by item:
 
(1) Whether the information disclosed in the takeover report or the report on takeover by offer of the listed company which is produced by the purchaser are truthful, accurate and complete;
 
(2) The purpose of the takeover;
 
(3) Whether the purchaser provides all the necessary certificate documents, base on the verification on the actual strength, main business, continuous operation situations, financial status and credit status of the purchaser and the holding company shareholders and defacto controller thereof to state whether the purchaser has qualification, the economic strength for the takeover, the management ability for regulating the operation of the listed company, whether it needs to bear additional obligations and whether it has the ability to perform such  obligations, and whether he has any bad faith record;
 
(4) The situations on providing the guidance for the purchaser in the standardized operation of the securities market, the situations on whether the directors, supervisors and senior management personnel have been familiar with the relevant laws, administrative rules and regulations and the provisions of the CSRC and fully understand the obligations and responsibilities undertaken by them, and urge them to perform the obligations of reporting and announcement and other statutory obligations according to law;
 
(5) The shareholding structure of the purchaser and   the means of control of the holding company shareholders and defacto controller over the purchaser;
 
(6) The resource of the funds for the takeover and the legitimacy thereof, whether there is any situation under which the purchaser uses the shares acquired from this takeover to finance through the pledge from banks and other financial institutions;
 
(7) In case of the takeover with securities by purchaser, it shall clearly state whether the information disclosed by the securities issuer is truthful, accurate and complete and the facilitation situation on the securities trading; 
 
(8) Whether the purchaser has performed necessary formalities for authorization and approval;
 
(9) Whether it has made arrangements on the stable operation of the listed company during the takeover transition period, and whether such arrangements comply with the relevant provisions;
 
(10) to conduct analysis on the following plan proposed by the purchaser, if there is trade competition or affiliated trading between the business conducted by the purchaser and the business of the listed company, he shall conduct the analysis on the proposal of the purchaser regarding settling the interests conflicts such as trade competition and maintaining the independent operation of the listed company, and clearly state  the potential influence of this takeover on the independent operation and continuous development of the listed company;
 
(11) Whether other rights are set on the object of the takeover, and whether there are other compensation arrangements in addition to the takeover money;
 
(12) Whether there is any business relationship between the purchaser and the  affiliated parties thereof and the company to be taken over, whether the purchaser and the directors, supervisors and senior management personnel of the company to be taken over have reached any agreement or consent on the future position arrangements;
 
(13) Whether the original holding company shareholders, defacto controllers and the affiliated parties thereof in a listed company fail to pay off their debts to the company, or release the guaranty provided by the company for their debts, or under other situations under which the interests of the company are damaged, if such situations exist, whether they have put forward a practical and feasible solution; and
 
(14)  If the purchaser intends to apply for the exemption, it shall clearly state whether the takeover is in the situation under which the exemption may be granted, whether the purchaser has made undertakings and whether it has the actual strength to perform the relevant undertakings.
 
Article 67  
Any independent financial advisor arranged by the board of directors or independent directors of a listed company shall not act as the financial advisor of the purchaser concurrently or has any affiliated relationship with the financial advisor of the purchaser. The independent financial advisor shall conduct conscientious investigation and provide explicit opinions on the impartiality and legitimacy of the takeover as entrusted. The report of the independent financial advisor shall state and analyse the following issues and provide explicit opinions:
 
(1) Whether the purchaser has the qualification to become a takeover subject;
 
(2) The analysis on the potential influence of the actual strength of the purchaser and the takeover on the independent operation and continuous development of the company to be taken over;
 
(3) Whether the purchaser intends to take advantage of the assets of the company to be taken over or take advantage of the company to be taken over to provide financial support for the takeover;
 
(4) In case of takeover by offer, it shall conduct analysis on the financial status of the company to be taken over, state clearly whether the takeover price sufficiently reflects the value of the company to be taken over, whether the takeover offer is fair and reasonable, and put forward suggestions on the acceptance of the offer by the public shareholders of the company to be taken over.
 
(5) In case of takeover with securities, it shall also conduct the valuation analysis on the relevant securities according to the assets, business and profit prediction of the securities issuer, and provide professional opinions on whether the takeover conditions are fair and reasonable to the public shareholders of the company to be taken over, and whether they should accept the takeover conditions of the purchaser; and
 
(6)   In case of the management takeover, it shall conduct valuation analysis on the listed company, carry out a comprehensive verification on the takeover regarding the pricing basis, means of payment, resources of the takeover funds, financing arrangements, arrangements for repayment and the feasibility thereof, the implementation situations of the internal control system of the listed company and the validity thereof , the situation on the business relationship between the above-mentioned personnel and the lineal relatives thereof and the listed company in the last 24 months and the other contents disclosed in the takeover report, and provide explicit opinions.
 
Article 68  
If a financial advisor is entrusted to submit the declaration documents to the CSRC, it shall make the following undertakings in the financial advisor report:
 
(1) it has performed the obligation of conscientious investigation in accordance with the relevant provisions, and has sufficient reasons to believe that there is no substantial difference between the professional opinions issued by it and the contents of the declaration documents of the purchaser;
 
(2) it has verified the declaration documents of the purchaser and ensured that the contents and formats of the declaration documents comply with the relevant provisions;
 
(3) it has sufficient reasons to believe that the takeover complies with laws, administrative rules and regulations, and the provisions of the CSRC, and has sufficient reasons to believe that the information disclosed by the purchaser is truthful, accurate and complete, and contain no false record, misleading representation or significant omission;
 
(4) the professional opinions issued for the takeover have been submitted to its internal examination institution for examination and have passed the examination;
 
(5) it has taken strict measures for confidentiality and carry out the internal firewall system strictly during his tenure of office as a financial advisor; and
 
(6) it has concluded the continuous supervision agreement with the purchaser.
 
Article 69  
In the course of the takeover and during the period of continuous supervision, the financial advisor shall pay notice that whether the company to be taken over is in the situations which damage the interests of the listed company such as providing guaranty or loans for the purchaser and the affiliated parties thereof, if any illegal or improper activities are found, it shall report the situation to the CSRC, the Detached Office and the stock exchange promptly.
 
Article 70  
For the purpose of performing the duties, the financial advisor may engage other professional institutions to assist him in conducting the verification over the purchaser, but it shall make independent judgment on the materials provided and information disclosed by the purchaser.
 
Article 71  
Within 12 months from the date on which  the purchaser announce the takeover report of the listed company to the date on which the takeover is completed, the financial advisor shall pay close attention to the business situation of the listed company through daily communication and regular visit, and perform the duties of continuous supervision towards the purchaser and the company to be taken over in the light of  the matters disclosed in the regular reports and interim announcements of the company to be taken over:
 
(1)  to urge the purchaser to go through the formalities for the transfer of the shares promptly and perform the obligations of reporting and announcement according to law;
 
(2) to urge and examine the purchaser and the company to be taken over to regulate the operation according to law; 
 
(3)  to urge and examine the performance of the relevant undertakings publicly by the purchaser;
 
(4)  to based on the regular report of the company to be taken over to verify the implementation status of the following plans by the purchaser, including whether the expected goal has been achieved, whether there are relatively great differences between the implementation results and the contents disclosed before, whether the relevant profit prediction or the goal expected to be reached by the management have been realized;
 
(5) in case of the management takeover, it shall verify whether the implementation status on the relevant repayment plans disclosed in the regular report of the company to be taken over comply with the fact; and
 
(6) to urge and examine the performance of other obligations agreed in the takeover.
 
During the period of continuous supervision, the financial advisor shall issue the opinions regarding the continuous supervision on the basis of the quarterly reports, semi-annual reports and yearly reports disclosed by the listed company, and report the matter to the Detached Office within 15 days after the above-mentioned regular reports are disclosed.
 
During such period, if the financial advisor discovers that the information disclosed in the takeover report of the listed company by the purchaser does not comply with the fact, the financial advisor shall supervise and urge the purchaser to disclose the relevant information truthfully, and report such issue to the CSRC, the Detached Office and the stock exchange promptly. If the financial advisor terminates the entrustment contract, it shall make a written report to the CSRC and the Detached Office promptly, state the reason why it is unable to continue performing the continuous supervision responsibilities, and make a public announcement regarding this.
 
Chapter 8   Continuous Regulation
 
 
Article 72  
Within 12 months after completing the takeover of a listed company, the financial advisor arranged by the purchaser shall, within the first three days of each quarter, report such situations which exert relevantly great influence on  the listed company as the investment, purchase or sale of assets, affiliated trading, the adjustment of major business, the replacement of the directors, supervisors or senior management personnel, the arrangements for the employees, the performance of the undertakings by the purchaser ,etc. to the Detached Office.
 
If the registered place of the purchaser is different from that of the listed company, it shall report a copy of the report on the above information to the Detached Office of the place where the purchaser is located.
 
Article 73  
The Detached Office shall, in adherence to the principle of prudential supervision, supervise and examine the purchaser and the listed company after completing the takeover through the talking with the accountant firm which undertakes the audit business of the listed company, carrying out the examination over the implementation of the continuous supervision responsibilities of the financial advisor, conduct the on-the-spot inspection periodically or non-periodically, etc.
 
If the Detached Office discovers that there are significant difference between the actual situation and the contents disclosed by the purchaser, it shall pay special attention to the purchaser and the listed company, and may order the purchaser to extend the period of continuous supervision, and investigate and penalize such activities according to law.
 
Article 74  
During the takeover of a listed company, the shares of the company to be taken over held by the purchaser shall not be transferred within 12 months after completing the takeover.
 
The 12 months restriction mentioned above shall not apply to the situation where the shares held by a purchaser in the company to be taken over are transferred among the different subjects under the control of the same defacto controller, however, the provisions of Chapter VI of these Measures shall be observed.
 
Chapter 9   Regulatory Measures and Legal Liabilities
 
 
Article 75  
If any information disclosure obligor in the activities of a listing company regarding the takeover and related equity changes thereof fails to perform the obligations of reporting and announcement or other related obligations in accordance with the provisions of these Measures, the CSRC shall order it to make the rectification, and take the regulatory measures such as regulatory talking, issuing a warning letter or ordering him to cease the takeover. The purchaser shall not exercise the voting rights relating to the shares held or actually controlled by him before the rectification is made.
 
Article 76  
If any false record misleading representation or significant omission is contained in the reports or announcements submitted by the information disclosure obligor in the course of the activities of a listed company regarding the takeover and related equity changes thereof, the CSRC shall order him to make the rectification, and take the regulatory measures such as regulatory talking, issuing a warning letter or ordering him to cease the takeover activities. The purchaser shall not exercise the voting rights relating to the shares held or actually controlled by him before the rectification is made.
 
Article 77  
If an investor and the persons acting in concert with him have acquired the control power of a listed company while fail to arrange a financial advisor according to the provisions of these Measures, avoid the statutory procedures or obligations, takes over the listed company in a disguised form, or a foreign investor avoids the jurisdiction of China, the CSRC shall order them to make the rectification, and take the regulatory measures such as issuing a warning letter, ordering them to cease the takeover activities. The purchaser shall not exercise the voting rights relating to the shares held or actually controlled by him before the rectification is made.
 
Article 78  
If the purchaser who makes the take-over offer does not pay the purchase price or purchase the shares he preliminarily accepted according to agreements upon the expiration of the term of the take-over offer, it shall not take over the listed company within three years as of the date on which such fact occurs, the CSRC shall not entertain the declaration documents submitted by the purchaser and the affiliated parties thereof; if it is involved in false information disclosure or the manipulation of the securities market, the CSRC shall file a case and make an auditing against the purchaser, and investigate its legal liabilities according to law.
 
Article 79  
When any holding company shareholder and the defacto controller thereof of a listed company transfer the control power of the company, if they fail to pay off their debts to the company, release the guaranty provided by the company against their debts; or make the rectification on other situations that damage the interests of the company, the CSRC shall order them to make the rectification and order them to suspend or cease the takeover activities.
 
If the board of directors of the company to be taken over fails to take effective measures to promote the holding company shareholders and the defacto controller thereof to make the rectification according to law, or fails to promote the purchaser to perform the undertakings, arrangements or guarantees after the completion of the takeover, the CSRC may determine the relevant directors to be unsuitable persons.
 
Article 80  
If the directors of a listed company fail to perform the obligations to act faithfully and diligently, or take advantage of the takeover to seek for unlawful interests, the CSRC may take the regulatory measures such as regulatory talking or issuing a warning letter and may determine them to be unsuitable persons.
 
If the clauses relating to the control power of the company which are contained in the articles of association of the listed company violate the laws, administrative rules and regulations and the provisions of these Measures, the CSRC shall order the company to make the rectification.
 
Article 81  
If any securities service institution or securities company and the practitioners thereof  that issue the asset appraisal reports, audit reports, legal opinions, and financial advisor reports for listed companies fail to perform their duties according to law, the CSRC shall order them to make the rectification, and take the regulatory measures such as regulatory talking and issuing a warning letter.
 
Article 82  
The CSRC shall record the illegal activities and the rectification situations of the parties in the activities of a listing company regarding the takeover and related equity changes thereof into the integrity archive.
 
Anyone who violates the provisions of these Measures and thus constitutes the securities illegal activities shall be investigated for the legal liabilities according to the law.
 
Chapter 10   Supplementary Provisions
 
 
Article 83  
The "acting in concert" mentioned in these Measures refers to the act or fact where an investor  works with other investors together to expand the voting rights of the shares of a listed company under their control through agreement or other arrangements.
 
Those investors who are in concerted action regarding the activities of the takeover and related equity changes in a listed company shall be regarded as the persons acting in concert. Unless there is any rebuttal, if the investors are under any of the following situations, they shall be regarded as the persons acting in concert:
 
(1) there is shareholding relationship among the investors.
 
(2) the investors are controlled by the same subject;
 
(3) the major members among the directors, supervisors or senior management personnel of an investor act as directors, supervisors or senior management personnel in another investor;
 
(4) an investor contributes the share capital in another investor and is able to exert significant influence on the important decisions of the company in which it contributes share capital;
 
(5) other legal persons, other organizations or natural persons other than banks provide financing arrangements for the investor to acquire relevant shares;
 
(6)  there are other economic interest relationships such as partnership, cooperation and association among the investors;
 
(7) the natural person holding over 30% of the investor's shares, holds the shares of the same listed company with the investor;
 
(8) any director, supervisor or senior management personnel who holds the position in the investor holds the shares of the same listed company with the investor;
 
(9) the parents, spouses, children and the spouses thereof, the parents of the spouses, brothers and sisters and the spouses thereof, or the brothers and sisters of the spouses and the spouses thereof, of the natural person holding more than 30% of the investor's shares or the director, supervisor or senior management personnel who hold the position in the investor hold the shares of the same listed company with the investor;
 
 (10) the director, supervisor or senior management personnel who hold the position in the listed company and the relatives thereof mentioned in the preceding Item hold the shares of the said company at the same time, or hold the shares of the said company with the companies which is directly or indirectly under the control of himself or the relatives mentioned in the preceding Item at the same time;
 
(11) any director, supervisor, senior management personnel, and the staff members of the listed company and the legal persons or other organizations under their control or entrusted by them hold the shares of the said company; or
 
(12) there is other affiliated relationship among the investors.
 
The shares held by the persons acting in concert shall be consolidated and calculated. For the purpose of calculating the shares held by the investor, the shares registered under the investor's name and those registered under the names of the persons acting in concert with him shall be included.
 
If an investor deems that he shall not be regarded as the person acting in concert with others, he may provide rebuttal to the CSRC.
 
Article 84  
Under any of the following situations, the investor shall be deemed as enjoying the control power of a listed company:
 
(1) the investor is the holding company shareholder of a listed company who holds more than 50% of the company's shares;
 
(2) the investor is actually able to control more than 30% of the voting rights by the shares of a listed company;
 
(3) the investor is able to decide the re-election of more than half of the members of the board of directors of a listed company through the voting rights of the company's shares actually controlled by him;
 
(4) the investor is able to exert significant influence on the resolutions of the general meeting of a listed company through the voting rights of the company's shares he controls actually; or
 
(5)  Other provisions deemed by the CSRC.
 
Article 85  
If an information disclosure obligor is involved in the calculation of the shareholding proportion, the convertible part in its securities which have already been issued by the listed company and can be converted into company shares shall be consolidated into its held shares of the same listed company for calculation. Then the proportion of shares held by it and the proportion calculated from consolidating the shares converted from non-shareholding securities shall be compared, whichever higher shall prevail. If the right has not been exercised upon the expiration for exercising the right, or if the conditions for excising the right no longer exist, the said shares shall not be consolidated and calculated.
 
The higher one as mentioned in the preceding Paragraph shall be calculated according to the following formulas:
 
(1) The amount of shares held by the investor / the total amount of the shares already issued by the listed company; and
 
(2) (The amount of shares held by the investor + the amount of the shares corresponded to the none-share securities which can be converted into company shares) / (the total amount of the shares already issued by the listed company + the total amount of the shares corresponded to the non-shareholding securities which can be converted into the company shares issued by the listed company).
 
Article 86  
If an investor acquires the control power of a listed company through administrative appropriation, execution of the judgements and orders of the people's courts, inheritance or donation, the investor shall perform the obligations of reporting and announcement according to the provision s of Chapter IV of these Measures.
 
Article 87  
The contents and formats of the equity change report, the takeover report, the report on takeover by offer, the statement of the board of directors of the company to be taken over, and documents for exemption application on the takeover by offer shall be made separately by the CSRC.
 
Article 88  
If the company to be taken over is listed within and outside the territory of China at the same time, apart from observing these Measures and relevant provisions of the CSRC, the purchaser shall also observe the relevant provisions of the place outside the territory where it is listed.
 
Article 89  
If a foreign investor takes over a listed company or the shares held by him in the listed company change, apart from observing the provisions of these Measures, the investor shall also abide by the relevant provisions regarding the foreign investor investing in listed companies.
 
Article 90  
These Measures shall come into effect as of September 1, 2006. The "Measures for Administration of the Takeover of Listed Companies" (Order No.10 of the CSRC), the "Measures for Administration of Information Disclosure on the Change of Shareholding of Shareholders of Listed Companies" (Order No.11 of the CSRC), the "Notice on Relevant Issues Concerning the Listing and Trading Conditions of the Shares of Companies to be Taken Over Involved in the Takeover by Offer" (Zheng Jian Gong Si Zi [2003] No. 16) and the "Notice on Relevant Issues Concerning the Regulation of the Transfer of Actual Control Power of Listed Companies"  (Zheng Jian Gong Si Zi [2004] No. 1) shall be repealed simultaneously.
 
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