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| Notice by the Shanghai Stock Exchange of Issuing the Guidelines No. 1 for the Application of Self-regulatory Rules of Companies Listed on the Shanghai Stock Exchange—Significant Asset Restructurings | | 上海证券交易所关于发布《上海证券交易所上市公司自律监管规则适用指引第1号--重大资产重组》的通知 |
| (No. 66 [2020] of the Shanghai Stock Exchange) | | （上证发〔2020〕66号） |
| All market participants: | | 各市场参与人： |
| For the purposes of further deepening the reform of “simplifying procedures, decentralizing powers, combining decentralization with appropriate control, and optimizing services,” and optimizing and improving the system of self-regulatory rules for mergers, acquisitions and restructurings, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has reviewed and integrated its business guidelines, guides and processes relating to mergers, acquisitions and restructurings, and reissued the Guidelines No. 1 for the Application of Self-regulatory Rules of Companies Listed on the Shanghai Stock Exchange—Significant Asset Restructurings (hereinafter referred to as the “Application Guidelines No. 1”), which are hereby issued and shall come into force on the date of issuance. | | 为进一步深化“放管服”改革，优化完善并购重组自律监管规则体系，上海证券交易所（以下简称本所）对本所并购重组相关业务指引、业务指南和流程进行了清理、整合，并以《上海证券交易所上市公司自律监管规则适用指引第1号--重大资产重组》（以下简称《适用指引第1号》）重新发布，自发布之日起施行。 |
| The businesses relating to the significant asset restructurings of companies listed on the STAR Market of the SSE shall be governed by the Application Guidelines No. 1, but the relevant restructuring examination, registration procedures, and other matters shall be governed by the relevant provisions of business rules of the STAR Market. | | 在本所科创板上市的公司办理重大资产重组相关业务，适用《适用指引第1号》；但有关重组审核和注册程序等事项，适用科创板业务规则的相关规定。 |
| The Guidelines for the Disclosure of Information on Significant Asset Restructurings of Listed Companies (No. 122 [2019], SSE), the Guidelines for Media Briefings of Listed Companies on Restructuring and Listing (No. 27 [2016], SSE), the Notice of Cooperating in Effective Completion of the Relevant Work of Separate Lanes Review System for Mergers, Acquisitions and Restructurings (No. 3 [2013], SSE), the Notice of Matters concerning the Disclosure of Information on Feedbacks on Mergers, Acquisitions and Restructurings (No. 4 [2015], SSE), the Notice of the Work concerning the Disclosure of Information on Non-licensing Mergers, Acquisitions and Restructurings (Letter No. 854 [2014], SSE), the Notice of Specific Matters concerning Implementing the Measures for the Administration of the Acquisitions of Listed Companies and Other Relevant Provisions (No. 3 [2009], SSE), the Memorandum No. 2 on the Disclosure of Information on Significant Asset Restructurings of Listed Companies—Guidelines for Financial Consultancy Services in Significant Asset Restructurings of Listed Companies (for Trial Implementation), and the Memorandum No. 6 on the Disclosure of Information on Significant Asset Restructurings of Listed Companies—Guidelines for the Cash Option Business of Listed Companies (for Trial Implementation) (Revised in August 2012) issued by the SSE previously shall be repealed. | | 本所此前发布的《上市公司重大资产重组信息披露业务指引》（上证发〔2019〕122号）、《上市公司重组上市媒体说明会指引》（上证发〔2016〕27号）、《关于配合做好并购重组审核分道制相关工作的通知》（上证发〔2013〕3号）、《关于并购重组反馈意见信息披露相关事项的通知》（上证发〔2015〕4号）、《关于落实非许可类并购重组事项信息披露相关工作的通知》（上证函〔2014〕854号）、《关于执行＜上市公司收购管理办法＞等有关规定具体事项的通知》（上证公字〔2009〕3号）、《上市公司重大资产重组信息披露工作备忘录第二号 上市公司重大资产重组财务顾问业务指引（试行）》《上市公司重大资产重组信息披露工作备忘录第六号 上市公司现金选择权业务指引（试行）（2012年8月修订）》同步废止。 |
| Annex: Guidelines No. 1 for the Application of Self-regulatory Rules of Companies Listed on the Shanghai Stock Exchange—Significant Asset Restructurings | | 特此通知。 |
| Shanghai Stock Exchange | | 附件：上海证券交易所上市公司自律监管规则适用指引第1号--重大资产重组 |
| September 11, 2020 | | 上海证券交易所 |
| Annex | | 二〇二〇年九月十一日 |
| Guidelines No. 1 for the Application of Self-regulatory Rules of Companies Listed on the Shanghai Stock Exchange—Significant Asset Restructurings | | 附件 |
| | 上海证券交易所上市公司自律监管规则适用指引第1号--重大资产重组 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the disclosure of information on significant asset restructurings of listed companies and relevant acts, maintaining the order of the securities market, and protecting the lawful rights and interests of investors, these Guidelines are developed in accordance with the Measures for the Administration of the Significant Asset Restructurings of Listed Companies (hereinafter referred to as the “Restructuring Measures”), the Special Provisions on the Significant Asset Restructurings of Companies Listed on the STAR Market, the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 26—Significant Asset Restructurings of Listed Companies (hereinafter referred to as the “Standards for the Contents and Formats No. 26”), the Stock Listing Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Stock Listing Rules”), the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (hereinafter referred to as the “Rules Governing the Listing of Stocks on the STAR Market”) and other applicable provisions issued by the China Securities Regulatory Commission (“CSRC”). | | 第一条 为了规范上市公司重大资产重组信息披露及相关行为，维护证券市场秩序，保护投资者合法权益，根据中国证监会《上市公司重大资产重组管理办法》（以下简称《重组办法》）、《科创板上市公司重大资产重组特别规定》《公开发行证券的公司信息披露内容与格式准则第26号--上市公司重大资产重组》（以下简称《内容与格式准则第26号》）、《上海证券交易所股票上市规则》（以下简称《股票上市规则》）和《上海证券交易所科创板股票上市规则》（以下简称《科创板股票上市规则》）等规定，制定本指引。 |
| Article 2 Companies listed on the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) and all relevant parties that plan for and conduct asset transactions prescribed in the Restructuring Measures (hereinafter referred to as “significant asset restructurings” or “restructurings”) shall disclose information and conduct other relevant acts in compliance with the Restructuring Measures, the Standards for the Contents and Formats No. 26, the Stock Listing Rules, these Guidelines, and other applicable provisions. | | 第二条 上海证券交易所（以下简称本所）上市公司及有关各方筹划、实施《重组办法》规定的资产交易行为（以下简称重大资产重组或重组），其信息披露及其他相关行为，应当遵守《重组办法》《内容与格式准则第26号》《股票上市规则》和本指引等规定。 |
| For the purposes of the preceding paragraph, “all relevant parties” mainly include shareholders, the actual controller, directors, supervisors, senior executives and other trading parties of a listed company, securities service institutions and personnel providing services for significant asset restructurings, and other relevant parties. | | 前款所称有关各方，主要包括上市公司股东、实际控制人、董事、监事、高级管理人员和其他交易各方，以及为重大资产重组提供服务的证券服务机构和人员等相关方。 |
| Article 3 A listed company shall disclose the information on restructurings in a timely and impartial manner and guarantee the veracity, accuracy and integrity of the information disclosed. All relevant parties shall proactively cooperate with listed companies in effectively disclosing information, provide listed companies with the relevant information involving significant asset restructurings in a timely and active manner, and guarantee the veracity, accuracy and integrity of the information provided. | | 第三条 上市公司应当及时、公平地披露重组相关信息，并保证所披露信息的真实、准确、完整。有关各方应当主动配合上市公司做好信息披露工作，及时、主动地向上市公司提供涉及重大资产重组的相关信息，并保证所提供信息的真实、准确、完整。 |
| Article 4 A listed company and all relevant parties shall prudently plan for significant asset restructuring matters involving the listed company and guarantee that significant asset restructuring matters in the plan are true and feasible and conducive to improving the quality of the listed company. | | 第四条 上市公司及有关各方应当审慎筹划涉及上市公司的重大资产重组事项，保证筹划中的重大资产重组事项的真实性和可行性，有利于提高上市公司质量。 |
| Article 5 A listed company and all relevant parties shall register and submit the archives of insiders in accordance with the relevant provisions issued by the CSRC and the SSE, and prepare the memorandum on the transaction process. | | 第五条 上市公司及有关各方，应当按照中国证监会及本所相关规定登记、报送内幕信息知情人档案，并编制交易进程备忘录。 |
| A listed company and all relevant parties must develop feasible confidentiality measures and strictly fulfill the obligation to maintain confidentiality. | | 上市公司及有关各方须制定切实可行的保密措施，严格履行保密义务。 |
| Article 6 A listed company shall prudently apply for the suspension of trading in its stocks and their derivatives, strictly control the time of trading suspension, avoid the abuse of trading suspension or delay the resumption of trading for no reason, and avoid replacing the obligation of the listed company and all relevant parties to keep information confidential with an application for trading suspension. | | 第六条 上市公司应当审慎申请对上市公司股票及其衍生品种停牌，严格控制停牌时间，避免滥用停牌或者无故拖延复牌时间，避免以申请停牌代替上市公司及有关各方的信息保密义务。 |
| Where trading suspension or resumption is involved, a listed company shall handle it accordance with the relevant provisions of the Guidelines for the Suspension or Resumption of Trading for Listed Companies Planning for Major Matters (see Annex 1 for details of the announcement format) issued by the SSE. | | 涉及停复牌业务的，上市公司应当按照本所《上市公司筹划重大事项停复牌业务指引》相关规定办理（公告格式详见附件1）。 |
| Article 7 An independent financial consultant shall, according to relevant requirements of the Measures for the Administration of Financial Advisory Services in the Mergers, Acquisitions and Restructurings of Listed Companies for good faith, due diligence and independence, prudently accept business entrustment, effectively fulfill due diligence obligations, diligently inspect declaration documents, independently issue professional opinions, and urge and assist listed companies and all relevant parties in fulfilling information disclosure obligations in a timely manner. | | 第七条 独立财务顾问应当按照《上市公司并购重组财务顾问业务管理办法》关于诚实守信、勤勉尽责及独立性的相关要求，审慎接受业务委托，切实履行尽职调查义务，认真核查申报文件，独立出具专业意见，并督促、协助上市公司及有关各方及时履行信息披露义务。 |
| Other securities service institutions providing services shall also fulfill duties according to the relevant provisions. | | 其他提供服务的证券服务机构也应当按照相关规定履行职责。 |
| Article 8 During the process of planning for or implementing significant asset restructuring matters, a listed company shall disclose relevant information to all investors in a timely and impartial manner and respond to major questions from the market or media, and shall convene an investor briefing or media briefing according to these Guidelines and other relevant provisions. | | 第八条 上市公司在筹划、实施重大资产重组事项过程中，应当及时、公平地向所有投资者披露相关信息，回应市场或媒体重大质疑，并按照本指引等相关规定召开投资者说明会或媒体说明会。 |
| At a media briefing or investor briefing, factual descriptive language shall be used to ensure that the language is true and accurate, concise, plain, and easy to understand; there are no false records, misleading statements or material omissions; and advertising, exaggerated, and other false publicity may not be conducted through the briefing. | | 媒体说明会及投资者说明会应当使用事实描述性的语言，确保真实准确、简明扼要、通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏，不得利用说明会进行广告性、夸大性等不实宣传。 |
| Article 9 A listed company shall, in non-trading hours, submit relevant information disclosure documents on significant asset restructurings to the SSE. The SSE shall conduct ex post regulation of the information disclosure documents on significant asset restructurings of the listed company, and make inquiries on the restructuring plan according to relevant provisions and regulatory needs, and the listed company shall disclose the inquiry letters of and reply of the SSE in a timely manner, and disclose the revised information disclosure documents. | | 第九条 上市公司应当在非交易时间向本所提交重大资产重组相关信息披露文件。本所对上市公司重大资产重组相关信息披露文件进行事后监管，根据相关规定及监管需要对重组方案实施问询，上市公司应当及时披露本所问询函及回复，并披露修订后的信息披露文件。 |
| Article 10 A listed company shall attach importance to the relevant reports and rumors on its significant asset restructurings covered in public media or on the market. If relevant reports or rumors may cause or have caused a significant impact on the trading prices of the company's stocks and their derivatives, the listed company and all relevant parties shall, according to the Stock Listing Rules and other applicable provisions, conduct verification and issue a clarification announcement in a timely manner. | | 第十条 上市公司应当关注公共媒体或市场出现的关于本公司重大资产重组的相关报道和传闻。如相关报道或传闻可能或者已经对该公司股票及其衍生品种交易价格产生较大影响的，上市公司及有关各方应当按照《股票上市规则》等规定，及时予以核实并发布澄清公告。 |
| Chapter II Restructuring Plan | | 第二章 重组方案 |
| Section 1 Disclosure of the Restructuring Plan | | 第一节 重组方案披露 |
| Article 11 To disclose a restructuring plan for the first time, a listed company may disclose a restructuring plan or directly disclose a restructuring report. The restructuring plan or restructuring report shall satisfy the requirements of the Standards for the Contents and Formats No. 26 and these Guidelines (see Annex 2 for the format of the restructuring plan for details). All relevant parties shall actively promote the restructuring matters and disclose the restructuring plan in a timely manner. | | 第十一条 上市公司首次披露重组方案，可以披露重组预案，也可以直接披露重组报告书。重组预案或重组报告书均应符合《内容与格式准则第26号》以及本指引的要求（重组预案格式详见附件2）。有关各方应当积极推进重组事项，及时披露重组方案。 |
| A listed company planning for significant asset restructuring for which the confirmation and registration of the CSRC is not required may, under the principle of disclosure by stages and before disclosing the restructuring plan, disclose an announcement on the planning of significant asset restructuring (hereinafter referred to as the “restructuring announcement”). The restructuring announcement shall specifically disclose the estimated time of the restructuring plan, the name or scope of subject matter of restructuring, the major trading counterparty and trading methods, among others. The listed company shall disclose the restructuring plan prior to the expiry of the estimated time. The company failing to disclose the restructuring plan within the estimated time shall disclose the reasons, risks, and whether there is any major obstacle in a timely manner. | | 上市公司筹划不需要中国证监会核准、注册的重大资产重组，可以按照分阶段披露原则，在披露重组方案前披露筹划重大资产重组提示性公告（以下简称重组提示性公告）。重组提示性公告应当明确披露重组方案的预计时间、重组标的名称或标的范围、主要交易对方、交易方式等。预计时间届满前，上市公司应当披露重组方案。公司未在预定时间内披露重组方案的，应当及时披露原因、风险及是否存在重大障碍。 |
| Article 12 A listed company shall, after disclosing a restructuring plan for the first time and before issuing a notice of the shareholders' meeting for the deliberation of the restructuring plan, maintain communication and contact with all trading parties, and issue a progress announcement at least once every 30 days to explain the specific progress of the restructuring matters. Major progresses of or major changes in this restructuring, if any, shall be immediately disclosed by the listed company. If the implementation conditions are indeed not met, the listed company shall terminate it as soon as possible. | | 第十二条 上市公司首次披露重组方案至发出审议本次重组方案的股东大会通知前，上市公司应当与交易各方保持沟通联系，并至少每30日发布一次进展公告，说明本次重组事项的具体进展情况。若本次重组发生重大进展或重大变化，上市公司应当立即披露。确实已不具备实施条件的，上市公司应当尽快终止。 |
| A listed company shall disclose a restructuring announcement by reference to the aforesaid contents, and fulfill the information disclosure obligation in a timely manner. | | 上市公司披露重组提示性公告的，应当参照上述内容，及时履行信息披露义务。 |
| Article 13 For the purposes of Article 12 of these Guidelines, “major progresses” shall include but not be limited to the following contents: | | 第十三条 本指引第十二条所称重大进展包括但不限于以下内容： |
| (1) Signing restructuring service agreements and other written documents with an independent financial consultant and other securities service institutions. | | （一）与独立财务顾问等证券服务机构签订重组服务协议等书面文件； |
| (2) Signing agreements relating to restructuring with trading counterparties, or making major revisions or modification to the restructuring framework or agreement of intent signed. | | （二）与交易对方签订重组相关协议，或者对已签订的重组框架或意向协议作出重大修订或变更； |
| (3) Having obtained the opinion of the competent department on approving restructuring matters, among others. | | （三）取得有权部门关于重组事项的审批意见等； |
| (4) Making progress for a certain stage in due diligence, audit, assessment and other work. | | （四）尽职调查、审计、评估等工作取得阶段性进展； |
| (5) The risk of termination of planned matters, such as serious price difference between both parties to the transaction, large fluctuations on the market, and major changes in the tax policy and industry policy on the subject matter of transaction, which may result in trading failure. | | （五）筹划事项出现终止风险，如交易双方对价格产生严重分歧、市场出现大幅波动、税收政策及交易标的行业政策发生重大变化，可能导致交易失败。 |
| For the purposes of Article 12 of these Guidelines, “major changes” shall include but not be limited to the following contents: | | 本指引第十二条所称重大变化包括但不限于以下内容： |
| (1) Change, increase or decrease of the subject matter of transaction. | | （一）更换、增加、减少交易标的； |
| (2) Replacement of an independent financial consultant or any other securities service institution. | | （二）更换独立财务顾问等证券服务机构； |
| (3) Significant adjustment to the trading counterparty, the scope of subject matter of the restructuring transaction, supporting financing plan or trading price. | | （三）交易对方、重组交易标的范围、配套融资方案、交易作价出现重大调整； |
| (4) Significant change in the industry, sector or market environment, among others, of the subject matter of the restructuring transaction. | | （四）重组交易标的所在产业、行业及市场环境等发生重大变化； |
| (5) Significant change in the business and financial conditions of the subject matter of the restructuring transaction. | | （五）重组交易标的经营及财务状况发生重大变化； |
| (6) Involvement of the trading counterparty and subject matter of the restructuring transaction in major litigation or arbitration. | | （六）交易对方、重组交易标的涉及重大诉讼或仲裁； |
| (7) All trading parties are unable to obtain the approval of the relevant department, meet the preconditions for restructuring or complete relevant undertakings made in the restructuring plan within the estimated time. | | （七）交易各方无法在预定时间内获得有关部门审批、达到重组先决条件或完成重组方案中做出的相关承诺； |
| (8) The entity relating to the significant asset restructuring is subject to case investigation by the CSRC or official investigation by the judicial authority. | | （八）本次重大资产重组相关主体被中国证监会立案调查或者被司法机关立案侦查； |
| (9) The listed company is unable to contact the trading counterparty and obtain the information on the restructuring progress in a timely manner. | | （九）上市公司无法与交易对方取得联系并及时获取重组进展情况； |
| (10) Other major matters that may affect the smooth progress of this restructuring. | | （十）其他可能影响本次重组顺利推进的重大事项。 |
| Article 14 Where a listed company discloses a restructuring report, the independent financial consultant shall issue a report of the independent financial consultant according to the provisions of the Restructuring Measures, the Standards for the Contents and Formats No. 26 and the Measures for the Administration of Financial Advisory Services in the Mergers, Acquisitions and Restructurings of Listed Companies. | | 第十四条 上市公司披露重组报告书的，独立财务顾问应当按照《重组办法》《内容与格式准则第26号》《上市公司并购重组财务顾问业务管理办法》的规定，出具独立财务顾问报告。 |
| Where a listed company or the relevant party has any irregular conduct, the independent financial consultant shall urge it to make rectification and explain the relevant rectification information in the relevant verification opinion. If the scope of due diligence is restricted due to the non-cooperation of the listed company or the trading counterparty in the restructuring, and as a result the independent financial consultant is unable to make a judgment, the independent financial consultant shall not issue the report of an independent financial consultant and the relevant verification opinion to the listed company. | | 上市公司和有关各方存在不规范行为的，独立财务顾问应当督促其整改，并将整改情况在相关核查意见中予以说明。因上市公司或重组交易对方不配合，使尽职调查范围受限制，导致独立财务顾问无法做出判断的，独立财务顾问不得为上市公司出具独立财务顾问报告和相关核查意见。 |
| Article 15 Where a listed company needs to apply to the CSRC for the administrative licensing of a significant asset restructuring, the independent financial consultant shall give specific opinions on the following matters in accordance with the relevant provisions issued by the CSRC (see Annex 3 for details). | | 第十五条 上市公司进行需向中国证监会申请行政许可的重大资产重组的，独立财务顾问应当根据中国证监会相关规定（详见附件3），对以下事项发表明确意见： |
| (1) Whether the industry involved in the significant asset restructuring falls under the industry supported by the classified examination arrangement of the Guidelines No. 1 for the Application of Regulatory Rules—Listing issued by the CSRC. | | （一）本次重大资产重组涉及的行业是否属于中国证监会《监管规则适用指引--上市类第1号》分类审核安排支持的行业； |
| (2) Whether the transaction type involved in the significant asset restructuring belongs to the same industry or upstream and downstream mergers and acquisitions, and constitutes restructuring or listing. | | （二）本次重大资产重组所涉及的交易类型是否属于同行业或上下游并购，是否构成重组上市； |
| (3) Whether the significant asset restructuring involves offered shares. | | （三）本次重大资产重组是否涉及发行股份； |
| (4) Whether the listed company falls under the circumstance of case investigation by the CSRC and the case has not been closed. | | （四）上市公司是否存在被中国证监会立案稽查尚未结案的情形； |
| (5) Other matters required by the CSRC or the SSE. | | （五）中国证监会或本所要求的其他事项。 |
| Article 16 Where a listed company signs performance undertakings and other compensation agreements with all relevant parties, the compensation agreement disclosed by it shall cover the following contents: the party making the performance undertaking, compensation method, calculation method, quantity and amount of compensation, conditions triggering compensation, procedures for the execution of compensation, time limit for compensation, compensation guarantee measures, and dispute resolution methods, among others. The listed company shall explain whether the clauses of the compensation agreement are specific and feasible, and prudently demonstrate the performance risk. | | 第十六条 上市公司与有关各方签订业绩承诺等补偿协议的，上市公司披露的补偿协议应当包含以下内容：业绩承诺方、补偿方式、计算方法、补偿的数量和金额、触发补偿的条件、补偿的执行程序、补偿的时间期限、补偿的保障措施、争议解决方式等。上市公司应当说明补偿协议条款是否清晰明确、切实可行，并审慎论证履约风险。 |
| A listed company's board of directors and independent financial consultant shall, based on the existing conditions, objectively demonstrate and analyze the realizability of performance undertakings, including the compensation schedule, arrangements on removing restrictions on the trading in shares, share pledge arrangements, and arrangements on voting rights and dividend distribution rights of compensated shares, among others, explain whether the performance compensation agreement is specific and feasible and the relevant measures for guaranteeing that the listed company may obtain feasible performance compensation, and fully remind whether there is any risk of insufficient compensation or failure to make compensation in a timely manner. | | 上市公司董事会和独立财务顾问应当基于现有条件客观论证分析业绩承诺的可实现性，包括补偿时间安排、股份解限安排、股份质押安排、补偿股份的表决权和股利分配权安排等，并说明业绩补偿协议是否明确可行，以及保证上市公司能够获得切实可行的业绩补偿的相关措施，并充分提示是否存在补偿不足、补偿不及时的风险等。 |
| Article 17 In the event of a major question on the market after a listed company discloses a restructuring plan, the company shall make clarification in a timely manner and explain whether there is any substantial obstacle in this plan and whether it intends to proceed with it. An independent financial consultant retained by the company shall issue special opinions. | | 第十七条 上市公司披露重组方案后，市场出现重大质疑的，公司应当及时作出澄清，并说明本次方案是否存在实质性障碍、是否拟继续推进。公司聘请的独立财务顾问应当出具专项意见。 |
| Section 2 Procedures for the Deliberation of the Restructuring Plan | | 第二节 重组方案审议程序 |
| Article 18 A listed company planning for a significant asset restructuring shall develop a restructuring plan or restructuring report according to the applicable provisions and disclose it upon deliberation and adoption by the board of directors. | | 第十八条 上市公司筹划重大资产重组的，应当按规定编制重组预案或重组报告书，经董事会审议通过后予以披露。 |
| A listed company disclosing a restructuring plan shall, on a next working day after deliberation and adoption by the board of directors, disclose the summary and full text of the restructuring plan, announcement on the resolution of the board of directors, opinions of independent directors, and verification opinion of the independent financial consultant (if applicable), and documents or opinions issued by other securities service institutions (if applicable), and submit the following documents for reference based on the contents disclosed: | | 上市公司披露重组预案的，应当在董事会审议通过后的次一工作日披露重组预案摘要及全文、董事会决议公告、独立董事意见、独立财务顾问核查意见（如适用）、其他证券服务机构出具的文件或意见（如适用），并根据披露内容提交下列备查文件： |
| (1) The trading contact or agreement with entry-into-force conditions signed by the listed company and trading counterparty. | | （一）上市公司与交易对方签订的附生效条件的交易合同或协议； |
| (2) The undertaking issued by the trading counterparty according to the requirements of Article 1 of the Provisions on Several Issues concerning Regulating Significant Asset Restructurings of Listed Companies. | | （二）交易对方按照中国证监会《关于规范上市公司重大资产重组若干问题的规定》第一条的要求出具的承诺； |
| (3) The official reply in principle (if applicable) issued by the competent department of the state. | | （三）国家相关有权主管部门出具的原则性批复（如适用）； |
| (4) The supporting documents proving that the trading counterparty has lawfully owned complete rights to the subject matter of transaction and the explanatory materials proving that there is no restriction or prohibition of transfer shall be provided by the trading counterparty in principle, before the first resolution of the board of directors on this transaction is announced, if a listed company intends to purchase assets. | | （四）上市公司拟购买资产的，在本次交易的首次董事会决议公告前，交易对方原则上应当提供已经合法拥有交易标的完整权利的证明文件，及不存在限制或者禁止转让情形的说明材料； |
| (5) The special verification opinion issued by a certified public accountant on whether the significant impact of matters involved in relevant non-standard audit opinions have been eliminated or will be eliminated through this transaction, if the listed company intends to offer shares to purchase assets, and whether the certified public accountant issues an audit report with qualified opinion, negative opinion or disclaimer of opinion on its financial accounting reports of the most recent year and period. | | （五）上市公司拟采用发行股份购买资产，且最近一年及一期财务会计报告被注册会计师出具保留意见、否定意见或者无法表示意见的审计报告的，注册会计师就相关非标审计意见涉及事项的重大影响是否已经消除或者将通过本次交易予以消除出具的专项核查意见； |
| (6) An explanation on satisfaction of the listed company subject to case investigation with the conditions for the offering of shares to purchase assets (if applicable). | | （六）被立案调查上市公司符合发行股份购买资产条件的说明（如适用）； |
| (7) The trading process memorandum. | | （七）交易进程备忘录； |
| (8) Other documents required by the SSE. | | （八）本所要求的其他文件。 |
| Article 19 A listed company disclosing a structuring report shall, upon deliberation and adoption by the board of directors, disclose an announcement on the resolution of the board of directors, a notice on the convening of a shareholders' meeting (if applicable), a summary of an equity change report or acquisition report (if applicable), a summary and full text of a report (draft) on significant asset restructuring, a report of an independent financial consultant, an independent verification opinion, and reports and opinions issued by other securities service institutions in a timely manner, and submit the following documents for reference: | | 第十九条 上市公司披露重组报告书的，经董事会审议通过后，应当及时披露董事会决议公告、股东大会召开通知（如适用）、权益变动报告书或者收购报告书摘要（如适用）、重大资产重组报告书（草案）摘要及全文、独立财务顾问报告、独立核查意见和其他证券服务机构出具的报告和意见，并提交下列备查文件： |
| (1) The documents for reference required to be submitted according to paragraph 2 of Article 18. | | （一）第十八条第二款要求提交的备查文件； |
| (2) An explanation on adjustment to the restructuring plan, including whether the trading counterparty, restructuring method, scope and valuation of subject matter of transaction, and share issue price have been changed, in comparison with the structuring plan. | | （二）重组方案调整说明，包括：与预案相比，交易对方、重组方式、交易标的范围及估值、发行股份价格是否发生变化； |
| (3) The specific agreement on profit compensation (if applicable). | | （三）盈利补偿具体协议（如适用）； |
| (4) The documents issued by the relevant departments regarding the approval, confirmation or recordation of the significant asset restructuring (if applicable). | | （四）有关部门对重大资产重组的审批、核准或备案文件（如适用）； |
| (5) The trading contact or agreement with entry-into-force conditions signed by the listed company and trading counterparty. | | （五）上市公司与交易对方签订的附生效条件的交易合同或协议； |
| (6) Other documents required by the SSE. | | （六）本所要求的其他文件。 |
| Article 20 Where the board of directors fails to issue a notice of convening a shareholders' meeting within six months after the first resolution of the board of directors on the offering of shares to purchase assets is announced, a listed company shall disclose a special explanation on the failure to issue a notice of convening a shareholders' meeting within six months. The special explanation shall explain the reason and specify whether to proceed with or terminate it. A company proceeding with it shall re-convene a meeting of the board of directors to deliberate the matter of offering shares to purchase assets and set the date of announcing the resolution of the board of directors as the pricing base day for the offering of shares. | | 第二十条 发行股份购买资产的首次董事会决议公告后，董事会在6个月内未发布召开股东大会通知的，上市公司应当披露关于6个月内未发布召开股东大会通知的专项说明。专项说明应当解释原因，并明确是否继续推进或终止。继续推进的，应当重新召开董事会审议发行股份购买资产事项，并以该次董事会决议公告日作为发行股份的定价基准日。 |
| Article 21 To deliberate significant asset restructuring matters, the shareholders' meeting of a listed company shall vote on matters listed in the Restructuring Measures item by item. | | 第二十一条 上市公司股东大会审议重大资产重组事项的，应当针对《重组办法》所列事项逐项表决。 |
| Where a listed company raises supporting funds while offering shares to purchase assets and supporting financing is not the premise of the purchase of assets, the trading plan for the purchase of assets and supporting financing may be split into two proposals for separate voting; if the purchase of assets and supporting financing are the premise of each other, only after the proposals for the purchase of assets and supporting financing are both deliberated and adopted may the trading plan be proceeded with. | | 上市公司发行股份购买资产同时募集配套资金的，如购买资产不以配套融资为前提，购买资产与配套融资的交易方案可以分拆为两项议案、分别表决；如购买资产与配套融资互为前提，购买资产与配套融资议案均获审议通过后，交易方案方可继续推进。 |
| Where the matter of offering shares to purchase assets submitted to the shareholders' meeting for deliberation is disapproved and the board of directors of the listed company re-adopts a resolution of offering shares to purchase assets, the date of announcing the resolution of the board of directors shall be taken as the pricing base day for the offering of shares. | | 发行股份购买资产事项提交股东大会审议未获批准的，上市公司董事会如再次作出发行股份购买资产决议，应当以该次董事会决议公告日作为发行股份的定价基准日。 |
| Article 22 Where a listed company intends to modify the counterparty, subject matter of transaction or trading price, among others, after the restructuring plan is disclosed, which constitutes a major adjustment to the original trading plan, the listed company shall perform the relevant decision-making procedures once again. | | 第二十二条 上市公司披露重组方案后，拟对交易对方、交易标的、交易价格等作出变更，构成对原交易方案重大调整的，应当重新履行相关决策程序。 |
| Section 3 Cash Option | | 第三节 现金选择权 |
| Article 23 Where a listed company's plan for a significant asset restructuring falls under any of the following circumstances, it shall offer cash option to the relevant shareholders. | | 第二十三条 上市公司筹划重大资产重组出现如下情形的，应当给予相关股东现金选择权： |
| (1) The listed company is merged by another company through share swap. | | （一）上市公司被其他公司通过换股方式吸收合并的； |
| (2) In case of merger of another company, the listed company grants its shareholders the right to claim cash acquisition. | | （二）上市公司吸收合并其他公司，上市公司给予其股东现金收购请求权的； |
| (3) If a listed company is split up into two or more independent legal persons, the listed company grants its shareholders the right to claim cash acquisition. | | （三）上市公司分立成两个或两个以上独立法人的，上市公司给予其股东现金收购请求权的。 |
| For the purposes of these Guidelines, “cash option” means that when a listed company intends to conduct a merger, acquisition, division or any other major matter, the shareholders of the listed company sell shares of the listed company they hold to the relevant party providing the cash option (or a third party designated by it, hereinafter referred to as the “cash option provider”) within a specified period of time at a determined price. | | 本指引所称现金选择权，是指上市公司拟实施合并、收购、分立等重大事项时，该上市公司的股东按确定的价格在规定期限内将持有的上市公司股份出售给提供现金选择权的相关当事人（或其指定的第三方，以下简称现金选择权提供方）的权利。 |
| Article 24 A listed company and cash option provider handling the cash option business shall comply with the provisions of relevant laws, regulations, department rules, regulatory documents, and business rules and bylaws of the SSE and the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The listed company shall handle the cash option business in accordance with these Guidelines and other relevant provisions (see Annex 4 for details), including submitting information disclosure documents and business application, among others. | | 第二十四条 上市公司和现金选择权提供方办理现金选择权业务，应当遵守有关法律、法规、部门规章、规范性文件、本所及中国证券登记结算有限责任公司上海分公司的业务规则和公司章程的规定。上市公司应当按照本指引等相关规定（详见附件4）办理现金选择权业务，包括提交信息披露文件、业务申请等。 |
| The provisions of the preceding paragraph shall apply, mutatis mutandis, if any other company offers to acquire a listed company and pays with securities that are not listed and traded on a stock exchange, or any other company makes a tender offer to all shareholders to acquire a listed company and pays the acquisition price with transferable securities in accordance with the law, or under other circumstances where cash options need to be provided to protect the interests of shareholders. | | 其他公司要约收购上市公司并以未在证券交易所上市交易的证券作为支付手段的、其他公司全面要约收购上市公司以依法可以转让的证券支付收购价款的，以及为保护股东利益，其他需要提供现金选择权的情形，参照前款规定执行。 |
| Chapter III Briefings on Restructuring | | 第三章 重组相关说明会 |
| Section 1 Media Briefings | | 第一节 媒体说明会 |
| Article 25 A listed company shall convene a media briefing if its significant asset restructuring constitutes restructuring and listing. If the significant asset restructuring of a company does not constitute restructuring and listing, the CSRC or the SSE may, based on the needs, require the company to convene a media briefing (see Annex 5 for the requirements for the meeting process). | | 第二十五条 上市公司重大资产重组构成重组上市的，应当召开媒体说明会。对于未构成重组上市的重大资产重组，中国证监会或本所可以根据需要，要求公司召开媒体说明会（会议流程要求详见附件5）。 |
| A listed company shall retain lawyers to witness the convening of a media briefing, and disclose whether the notice of lawyers on the media briefing, the convening procedures, the participants, and information disclosure, among others, comply with the special opinions of these Guidelines. | | 上市公司应当聘请律师见证媒体说明会召开过程，并披露律师对媒体说明会的通知、召开程序、参会人员及信息披露等是否符合本指引的专项意见。 |
| Article 26 A listed company that plans to convene a media briefing shall convene it in non-trading hours after the disclosure of the restructuring plan for the first time. | | 第二十六条 上市公司拟召开媒体说明会的，应当在首次披露重组方案后的非交易时间召开。 |
| Article 27 A listed company that plans to convene a media briefing shall, at the same time of disclosing the restructuring plan or report or within two trading days of the receipt of the request for convening a media briefing, announce the specific arrangements for convening a media briefing. | | 第二十七条 上市公司拟召开媒体说明会的，应当在披露重组预案或报告书的同时，或收到召开媒体说明会要求的2个交易日内，公告召开媒体说明会的具体安排。 |
| In principle, a listed company shall convene a media briefing within five trading days of the date of disclosure of the aforesaid announcement. | | 上市公司原则上应当在上述公告披露之日起5个交易日内召开媒体说明会。 |
| Article 28 Under one of the following circumstances after a listed company convenes a media briefing, the SSE may require the listed company to convene a media briefing once again: | | 第二十八条 上市公司召开媒体说明会后，出现如下情形的，本所可要求上市公司再次召开媒体说明会： |
| (1) There are significant question or complaints on the media briefing. | | （一）对媒体说明会存在重大质疑或投诉举报的； |
| (2) Major adjustments are made to the restructuring plan. | | （二）重组方案发生重大调整的； |
| (3) The restructuring is terminated. | | （三）终止重组的； |
| (4) Any other circumstance deemed necessary by the SSE. | | （四）本所认为必要的其他情形。 |
| Article 29 A listed company shall, on the next trading day after the convening of the media briefing, disclose the information on the convening of the media briefing, including the questions raised by the media at the meeting, the on-site replies of the company, the reasons for the failure to give a reply (if any), and the additional notes of the company after the meeting. | | 第二十九条 上市公司应当在不晚于媒体说明会召开后次一交易日，披露媒体说明会的召开情况，包括媒体在会上提出的问题、公司现场答复情况及未答复理由（如有）、公司会后补充说明内容。 |
| Article 30 Where the information issued by a listed company at a media briefing is not disclosed in the restructuring plan, it shall make corresponding amendments to the restructuring plan and disclose it in a timely manner. | | 第三十条 上市公司在媒体说明会上发布的信息未在重组方案中披露的，应当相应修改重组方案并及时披露。 |
| The independent financial consultant, accounting firm, law firm, assessment institution, or any other securities service institution shall issue opinions on whether the supplementary contents disclosed in the restructuring plan are consistent with the information announced at the media briefing and disclose them. | | 独立财务顾问、会计师事务所、律师事务所及评估机构等证券服务机构应当对重组方案补充披露的内容与媒体说明会发布的信息是否一致发表意见，并予以披露。 |
| Section 2 Investor Briefings | | 第二节 投资者说明会 |
| Article 31 A listed company that terminates restructuring after disclosing a restructuring plan or restructuring report shall convene an investor briefing in a timely manner after the board of directors deliberates and adopts a resolution on terminating the significant asset restructuring. The personnel attending an investor briefing shall, at a minimum, include a listed company's chairman of the board of directors or general manager, secretary of the board of directors, trading counterparty or its representative, major directors and senior executives of the subject matter of restructuring, and the sponsor of the independent financial consultant. | | 第三十一条 上市公司披露重组预案或重组报告书后终止重组的，在董事会审议通过终止重大资产重组决议后，应当及时召开投资者说明会。参加投资者说明会的人员至少需包括上市公司董事长或总经理、董事会秘书、交易对方或其代表、重组标的主要董事和高级管理人员、独立财务顾问主办人。 |
| Article 32 A listed company shall convene an investor briefing in non-trading hours, and perform notification and the corresponding information disclosure obligation. | | 第三十二条 上市公司应当在非交易时间召开投资者说明会，并履行通知和相应的信息披露义务。 |
| Chapter IV Termination of Restructuring | | 第四章 重组终止 |
| Article 33 A listed company that terminates a significant asset restructuring after disclosing a restructuring plan or restructuring report or terminates a significant asset restructuring due to the suspension of trading for the significant asset restructuring shall disclose an announcement on terminating the significant asset restructuring (see Annex 6 for the details of the format), including an introduction to the restructuring framework (if applicable) and an explanation on the reasons for terminating the restructuring, among others, and at the same time, make an undertaking that it will no longer plan for any significant asset restructuring matter within at least one month from the date of announcement. | | 第三十三条 上市公司披露重组预案或者重组报告书后终止重大资产重组，或者因重大资产重组停牌后终止重大资产重组的，应当披露终止重大资产重组公告（格式详见附件6），公告应当包括重组框架介绍（如适用）、终止重组原因说明等，同时承诺自公告之日起至少1个月内不再筹划重大资产重组事项。 |
| A listed company that terminates a significant asset restructuring after disclosing a restructuring announcement shall disclose an announcement on terminating the significant asset restructuring, including an introduction to the restructuring framework (if applicable) and an explanation on the reason for terminating the restructuring, among others. | | 上市公司披露重组提示性公告后终止重大资产重组的，应当披露终止重大资产重组公告，公告应当包括重组框架介绍（如适用）、终止重组原因说明等。 |
| Article 34 Where, after a listed company discloses a restructuring plan or restructuring report and before it convenes a shareholders' meeting, a listed company or a trading counterparty intends to terminate the significant asset restructuring, the listed company shall also convene a meeting of the board of directors in a timely manner to deliberate the termination of the significant asset restructuring, disclose the content of the resolution of the board of directors, opinions of independent directors and verification opinion of the independent financial consultant (if applicable), and submit the following documents for reference: | | 第三十四条 上市公司披露重组预案或重组报告书后、股东大会召开前，上市公司或交易对方拟终止重大资产重组的，上市公司还应当及时召开董事会审议终止重大资产重组事项，披露董事会决议内容、独立董事意见及独立财务顾问核查意见（如适用），并提交以下备查文件： |
| (1) The agreement on terminating the significant asset restructuring. | | （一）终止本次重大资产重组的协议； |
| (2) An explanation of the trading counterparty on terminating the significant asset restructuring (if applicable). | | （二）交易对方对终止本次重大资产重组事项的说明（如适用）； |
| (3) The trading process memorandum on terminating the significant asset restructuring. | | （三）终止本次重大资产重组事项的交易进程备忘录。 |
| ．．．．．． | | 交易对方可以通过上市公司同时披露其关于终止重大资产重组事项的说明，上市公司应当配合交易对方进行信息披露。 |
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