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Order of the Chinese Securities Regulatory Committee
(No.10)
Regulations on the Takeover of Listed Companies are hereby promulgated and shall come into effect as of December 1, 2002.
Chairman: Zhou Xiaochuan
September 28, 2002
Regulations on the Takeover of Listed Companies
| | 中國證券監督管理委員會令
（第10號）
現發布《上市公司收購管理辦法》，自2002年12月1日起施行。
主席 周小川
二00二年九月二十八日
上市公司收購管理辦法
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Chapter 1 General Provisions
| | 第一章 總則
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Article 1 These regulations are formulated, in accordance with the Company Law, the Securities Law, and other laws and relevant rules and regulations, for the purpose of standardizing the activities of the takeover of the listed companies, promoting the optimum distribution of the resources of the securities markets, protecting the lawful rights and interests of the investors, and safeguarding the normal order of the securities market.
| | 第一條 為規範上市公司收購活動，促進證券市場資源的優化配置，保護投資者的合法權益，維護證券市場的正常秩序，根據《公司法》、《證券法》及其他法律和相關行政法規，制定本辦法。
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Article 2 The takeover of the listed companies as mentioned in these regulations refers to an act which entitles a purchaser to the practical control right of or the potential practical control right of a listed company if, through activities of the transfer of shares in the stock exchange, or through lawful means other than the activities of transfer of shares in the stock exchange, the purchaser holds a certain proportion of the shares issued by the said listed company.
| | 第二條 本辦法所稱上市公司收購，是指收購人通過在證券交易所的股份轉讓活動持有一個上市公司的股份達到一定比例、通過證券交易所股份轉讓活動以外的其他合法途徑控制一個上市公司的股份達到一定程度，導致其獲得或者可能獲得對該公司的實際控制權的行為。
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Article 3 A purchaser may, by agreement or by offer, or through transaction in the manner of public centralized trading at the competing price, take over a listed company, and obtain the practical control right of a listed company.
Where a purchaser takes over a listed company, he shall adhere to the provisions stipulated by these regulations, and shall perform the obligations of making timely report and announcement in accordance with the provisions stipulated by these regulations.
| | 第三條 收購人可以通過協議收購、要約收購或者證券交易所的集中競價交易方式進行上市公司收購，獲得對一個上市公司的實際控制權。
收購人進行上市公司收購，應當遵守本辦法規定的收購規則，並按照本辦法的規定及時履行報告、公告義務。
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Article 4 The activities of the takeover of the listed companies shall be conducted in line with the principles of openness, fairness and equitablity. The relevant parties shall be faithful and reliable, and shall consciously safeguard the order of the securities market.
| | 第四條 上市公司收購活動應當遵循公開、公平、公正的原則，相關當事人應當誠實守信，自覺維護證券市場秩序。
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Article 5 Information reported and announced by the relevant parties involved in the takeover of the listed companies shall be truthful, accurate, and complete, and shall not contain a falsehood, misleading statement or major omission.
No individuals shall spread false information, disturb the market order, or undertake other fraudulent activities by taking advantage of the takeover of the listed companies.
| | 第五條 上市公司收購活動相關當事人所報告、公告的信息，必須真實、准確、完整，不得有虛假記載、誤導性陳述或者重大遺漏。
任何人不得利用上市公司收購散布虛假信息，擾亂市場秩序或者進行其他欺詐活動。
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Article 6 Takeover of the listed companies may be conducted through payment by cash, by lawfully transferable securities, or by other means prescribed by laws, or rules and regulations.
| | 第六條 上市公司收購可以采用現金、依法可以轉讓的證券以及法律、行政法規規定的其他支付方式進行。
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Article 7 A purchaser shall not damage the lawful rights and interests of the company under takeover and its shareholders by taking advantage of the takeover of the listed company.
Any purchaser who is incompetent for the practical performance shall be forbidden to enter into the takeover of a listed company; company to be taken over shall not provide the purchaser with financial aids in any form.
| | 第七條 收購人不得利用上市公司收購損害被收購公司及其股東的合法權益。
禁止不具備實際履約能力的收購人進行上市公司收購，被收購公司不得向收購人提供任何形式的財務資助。
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Article 8 The holding shareholders and other practical controller of a listed company shall bear good faith to the company under their control and other shareholders.
A purchaser shall be faithful and reliable to the listed company under takeover and other shareholders of the listed company, and shall provide completely effective guarantees to perform the specific matters which the purchaser has promised.
| | 第八條 上市公司的控股股東和其他實際控制人對其所控制的上市公司及該公司其他股東負有誠信義務。
收購人對其所收購的上市公司及其股東負有誠信義務，並應當就其承諾的具體事項提供充分有效的履行保證。
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Article 9 Directors, supervisors and senior management persons of a listed company shall have the obligation of good faith to the listed company which they work for and to the shareholders of such listed company.
Where a listed company changes its directors or its directors quit their positions during the term of the takeover, such listed company shall explain the reasons and make it publicly known.
| | 第九條 上市公司的董事、監事和高級管理人員對其所任職的上市公司及其股東負有誠信義務。
被收購公司在收購期間有更換董事或者董事辭任情形的，公司應當說明原因，並做出公告。
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Article 10 The Chinese Securities Regulatory Committee (hereinafter referred to as CSRC) shall supervise the activities of the takeover of the listed companies.
The stock exchange and the securities registration and clearing institution shall, pursuant to the duties and responsibilities authorized by the CSRC and their respective work regulations, supervise the daily activities of the takeover of the listed companies.
| | 第十條 中國證券監督管理委員會(以下簡稱中國證監會)依法對上市公司收購活動實行監督管理。
證券交易所和證券登記結算機構根據中國證監會賦予的職責及其業務規則，對上市公司收購活動實行日常監督管理。
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Article 11 The CSRC may establish a special committee composed of professionals, which shall provide opinions on whether a specific transaction constitutes a takeover of a listed company, on how the parties shall perform their relevant duties, on whether the specific transaction matters will affect the continuous listing status of the listed company under takeover, and as to other entitative and procedural matters.
| | 第十一條 中國證監會可以設立由專業人士組成的專門委員會，就具體交易事項是否構成上市公司收購、當事人應當如何履行相關義務、具體交易事項是否影響被收購公司的持續上市地位以及其他相關實體、程序事宜提出意見。
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Chapter II Provisions on Takeover by Agreement
| | 第二章 協議收購規則
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Article 12 Where a listed company is taken over by agreement, the purchaser shall submit to the SCRC a report on the takeover of the listed company the next day after the conclusion of the agreement; at the same time, the purchaser shall submit a copy of the report to the office under the SCRC located in the place where the listed company lies, send a copy of the report to the stock exchange, notify the listed company that is taken over, and make a suggestive announcement of the summary of the report on the takeover of the listed company.
If the SCRC fails to offer objection within 15 days from the date of receiving the report on the takeover of the listed company, the purchaser may make an announcement of the report on the takeover of the listed company, and perform the takeover agreement.
| | 第十二條 以協議收購方式進行上市公司收購的，收購人應當在達成收購協議的次日向中國證監會報送上市公司收購報告書，同時抄報上市公司所在地的中國證監會派出機構，抄送證券交易所，通知被收購公司，並對上市公司收購報告書摘要做出提示性公告。
中國證監會在收到上市公司收購報告書後十五日內未提出異議的，收購人可以公告上市公司收購報告書，履行收購協議。
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Article 13 Where a listed company is taken over by agreement, if the purchaser continues to increase shareholding or aggrandizing the control of the listed company after he comes to hold or control 30 percent of the shares issued by the listed company, he shall issue a takeover offer to all shareholders of the listed company to be taken over, which indicates a proposal to buy all the shares held by all the shareholders; if the takeover offer complies with the provisions stipulated in Chapter IV of these regulations, the purchaser may submit an application to the SCRC for exemption; upon exemption, the listed company may be taken over by agreement.
| | 第十三條 以協議收購方式進行上市公司收購，收購人所持有、控制一個上市公司的股份達到該公司已發行股份的百分之三十時，繼續增持股份或者增加控制的，應當以要約收購方式向該公司的所有股東發出收購其所持有的全部股份的要約；符合本辦法第四章規定情形的，收購人可以向中國證監會申請豁免；獲得豁免的，可以以協議收購方式進行。
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Article 14 Where a listed company is taken over by agreement, if the shares the purchaser plans to hold or control excess 30 percent of the shares issued by the listed company, the purchaser shall issue a takeover offer to all shareholders of the listed company to be taken over, which indicates a proposal to buy all the shares held by all the shareholders; if the takeover offer complies with the provisions stipulated in Chapter IV of these regulations, the purchaser may submit an application to the SCRC for exemption; upon exemption, the listed company may be taken over by agreement.
| | 第十四條 以協議收購方式進行上市公司收購，收購人擬持有、控制一個上市公司的股份超過該公司已發行股份的百分之三十的，應當以要約收購方式向該公司的所有股東發出收購其所持有的全部股份的要約；符合本辦法第四章規定情形的，收購人可以向中國證監會申請豁免；獲得豁免的，可以以協議收購方式進行。
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Article 15 When the listed company to be taken over receives the notification sent by the purchaser, its board of directors shall state a timely opinion on the potential influence which the takeover may impose upon the listed company; simultaneously the independent director shall express his independent opinion when he is engaged in the development of the opinion of the board of directors. If the board of directors of the listed company under takeover deems it necessary, the board may employ professional institutions such as an independent financial consultant to offer them consultative opinion in the name of the listed company. The opinion of the board of directors of the listed company under takeover, the opinion of the independent director, and the opinion of the professional institution shall be made known to the general people.
Where a listed company is taken over by the management, or staff members, the independent director of the company under takeover shall state his independent review on the potential influence which the takeover may impose upon the listed company. The independent director shall demand the company to employ such professional institutions as an independent financial consultant to offer consultative opinion, which plus the opinion of the independent director shall be made publicly known. The fees for the financial consultant shall be borne by the company to be taken over.
| | 第十五條 被收購公司收到收購人的通知後，其董事會應當及時就收購可能對公司產生的影響發表意見，獨立董事在參與形成董事會意見的同時還應當單獨發表意見。被收購公司董事會認為有必要的，可以為公司聘請獨立財務顧問等專業機構提供咨詢意見。被收購公司董事會意見、獨立董事意見和專業機構意見一並予以公告。
管理層、員工進行上市公司收購的，被收購公司的獨立董事應當就收購可能對公司產生的影響發表意見。獨立董事應當要求公司聘請獨立財務顧問等專業機構提供咨詢意見，咨詢意見與獨立董事意見一並予以公告。財務顧問費用由被收購公司承擔。
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Article 16 In the case of the transfer of shares held by institutions authorized by the state, or the transfer of shares which is subject to administrative examination and approval, the relevant parties to the takeover agreement shall not effect the takeover by agreement before examination and approval is provided by the competent administrative department.
| | 第十六條 涉及國家授權機構持有的股份的轉讓，或者須經行政審批方可進行的股份轉讓，協議收購相關當事人應當在獲得有關主管部門批准後，方可履行收購協議。
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Article 17 The relevant parties to the takeover agreement shall, in accordance with the regulations and requirements drawn up by the stock exchange or the securities registration and clearing institution, apply for the transfer of shares and the registration of change of ownership.
The stock exchange and the securities registration and clearing institution shall not handle the transfer of shares and the registration of change of ownership if, inconsistent with provisions, no report or announcement is performed, or no application is submitted.
| | 第十七條 協議收購相關當事人應當按照證券交易所和證券登記結算機構的業務規則和要求，申請辦理股份轉讓和過戶登記手續。
未按照規定履行報告、公告義務或者未按照規定提出申請的，證券交易所和證券登記結算機構不予辦理股份轉讓和過戶登記手續。
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Article 18 Where a listed company is taken over by agreement, the relevant parties shall, on an ad hoc basis, entrust a securities registration and clearing institution with custody of the shares planned to be transferred and with deposit of the cash to be used as the payment with the designated bank.
| | 第十八條 以協議收購方式進行上市公司收購，相關當事人應當委托證券登記結算機構臨時保管擬轉讓的股票，並將用于支付的現金存放于證券登記結算機構指定的銀行賬戶。
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Article 19 By agreement, if the transfer of shares issued by a listed company and quoted for trading on the stock exchange results in the purchaser's practical control right or feasible control right of the said company, the following procedures shall be applicable:
| | 第十九條 以協議收購方式轉讓一個上市公司的掛牌交易股票，導致受讓人獲得或者可能獲得對該公司的實際控制權的，應當按照以下程序辦理:
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1. after the takeover report on the listed company is announced, the relevant parties shall entrust the securities company to apply for transfer of shares and registration of change of ownership; the entrusted securities companies shall apply to the stock exchange and the securities registration and clearing institution for suspension of trading and ad hoc custody of the shares scheduled to take over; if the shares of a listed company are suspended for trading or entrusted with custody on a ad hoc basis, an announcement shall be made;
The stock exchange may, in light with the needs of the management of the securities market, decide on the suspension of listing of the shares which are quoted and traded on the stock exchange.
| | (一)公告上市公司收購報告書後，相關當事人應當委托證券公司申請辦理股份轉讓和過戶登記手續；接受委托的證券公司應當向證券交易所和證券登記結算機構申請擬收購部分的暫停交易和臨時保管；予以暫停交易和臨時保管的，應當做出公告；
證券交易所可以根據證券市場管理的需要，做出被收購公司掛牌交易股票暫停交易的決定；
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2. the transferee shall, on the next day from submitting an application for transfer of shares, make announcement of the matters of the transfer agreement and the name of the securities company that accepts the entrustment, and inform the listed company of these.
| | (二)受讓人應當在提出股份轉讓申請的次日，就轉讓協議事宜以及接受委托的證券公司名稱做出公告，並通知該上市公司；
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3. the stock exchange shall, within 3 work days from the date on which it receives the application, complete the examination and rectification, and decide on whether to affirm the application or not;
| | (三)證券交易所在收到股份轉讓申請後三個工作日內完成審核，對所申請的股份轉讓做出予以確認或者不予確認的決定；
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4. if the stock exchange affirms the application for transfer of shares, the entrusted securities company shall, in the name of both the transferor and transferee, apply to the securities registration and clearing institution for registration of the change of ownership; the transferee shall, within 2 days after the completion of the registration of the change of the ownership, make the registration publicly known.
if the stock exchange refuses to affirm the application, the entrusted securities company shall on the same date when it receives the notification from the stock exchange, inform both the transferor and transferee of the shares and the company under takeover of the refusal to affirm the application, and shall, in the name of the transferor and transferee, apply to the securities registration and clearing institution for elimination of the temporary custody of the said shares; the transferor shall, within 2 work days from the date on which he is informed of the refusal to affirm the application, make announcement of the matter;
| | (四)證券交易所對所申請的股份轉讓予以確認的，由接受委托的證券公司代表轉讓雙方向證券登記結算機構申請辦理股份過戶登記手續，受讓人在過戶登記手續完成後二個工作日內做出公告；
證券交易所不予確認的，接受委托的證券公司應當在收到證券交易所通知的當日，將不予確認的決定通知轉讓雙方和被收購公司，並代表轉讓雙方向證券登記結算機構申請解除對該部分股票的臨時保管；出讓人應當在獲悉不予確認決定後二個工作日內做出公告；
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5. after the registration of the change of the ownership of the shares, the entrusted securities company shall, in the name of the transferee, apply to the securities registration and clearing institution for elimination of the temporary custody of the said shares; the transferee shall, within 2 work days from the date of submitting the application for the elimination of the custody, make announcement of the matter; the said section of shares shall resume trading in the stock exchange.
| | (五)股份轉讓過戶登記手續完成後，由接受委托的證券公司代表受讓人向證券登記結算機構申請解除該部分股票的臨時保管，受讓人在提出解除保管申請後的二個工作日內做出公告，該部分股票在證券交易所恢複交易。
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Article 20 Where Holding shareholders of a listed company or other practical controllers of a listed company transfer their practical control rights of the listed company, if they fail to repay their debts in full to the company; or if they fail to eliminate the guarantee which the company has provide for their debts; or if there exist other matters that damage the interests of the company, the board of directors of the listed company shall, for the company, employ an audit institution, which shall make special rectification and examination of the relevant matters and produce a report on the rectification and examination, and demand the holding shareholders of the listed company or other practical controllers of the listed company offer feasible resolutions. The board of directors of the listed company and the independent director shall state their respective review on the feasibility of the resolution. The listed company under takeover shall make announcement of the report on the rectification and examination, as well as announcement of the resolution, and of the respective opinion of the board of directors and the independent director.
If the holding shareholders or other practical controllers refuse to make resolutions, the board of directors, or the independent director shall adopt completely effective legal measures to protect the interests of the company.
| | 第二十條 上市公司控股股東和其他實際控制人在轉讓其對一個上市公司的實際控制權時，未清償其對公司的負債，未解除公司為其負債提供的擔保，或者存在其損害公司利益的其他情形的，被收購公司董事會應當為公司聘請審計機構就有關事項進行專項核查並出具核查報告，要求該控股股東和其他實際控制人提出切實可行的解決方案，被收購公司董事會、獨立董事應當就其解決方案是否切實可行分別發表意見。被收購公司應當將核查報告、解決方案與董事會和獨立董事意見一並予以公告。
前款控股股東和其他實際控制人拒不提出解決方案的，董事會、獨立董事應當采取充分有效的法律措施維護公司利益。
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Article 21 If, upon approval by the SCRC and the stock exchange, the shareholders of a listed company transfer by public collection the shares they hold which are issued by the listed company, the transfer shall be entrusted to the securities company, specific procedures and requirement for which shall be consistent with the professional provisions stipulated by the stock exchange.
| | 第二十一條 經中國證監會和證券交易所同意，上市公司股東通過公開征集方式出讓其所持有的上市公司股份的，應當委托證券公司代為辦理，具體程序和要求執行證券交易所的相關業務規則。
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Article 22 Where a purchaser holds, controls the shares of a listed company by means of administrative distribution or transfer of the state-owned shares, by ruling of the courts, by inheritance, and by donation, which entitles him to the practical or possible control of a listed company, these regulations shall be applicable.
| | 第二十二條 收購人通過國有股權行政劃轉、法院裁決、繼承、贈與等合法途徑持有、控制一個上市公司的股份，導致其獲得或者可能獲得對一個上市公司的實際控制權的，按照本章規定辦理。
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Chapter III Provisions on Takeover by Offer
| | 第三章 要約收購規則
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Article 23 When the number of shares held or controlled by a purchaser comes to 30 percent of the shares issued by a listed company, the purchaser shall, on the next day after such shareholding becomes a fact, submit a report on the takeover of the said company to the CSRC. At the same time the purchaser shall submit a copy of the report to the office under the CSRC located in the place where the listed company lies, send a copy of the report to the stock exchange, and make an announcement. Without performing the obligation of reporting and announcing in accordance with these regulations, the purchaser shall not continue to increase the shareholding or aggrandize the control right.
．．．．．． | | 第二十三條 收購人持有、控制一個上市公司的股份達到該公司已發行股份的百分之三十時，應當在該事實發生的次日向中國證監會報送上市公司收購報告書，同時抄報上市公司所在地的中國證監會派出機構，抄送證券交易所，通知被收購公司，並做出公告。未按照本辦法的規定履行報告、公告義務的，收購人不得繼續增持股份或者增加控制。
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