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Notice by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission of Matters on Re-lending for Share Repurchase and Increase in Shareholding | | 中国人民银行、金融监管总局、中国证监会关于设立股票回购增持再贷款有关事宜的通知 |
China Development Bank, all policy banks, state-owned commercial banks, Postal Savings Bank of China, and all joint-stock commercial banks: | | 国家开发银行,各政策性银行、国有商业银行,中国邮政储蓄银行,各股份制商业银行: |
For the purposes of implementing the decisions and arrangements of the CPC Central Committee and the State Council, establishing a long-term mechanism to enhance the inherent stability of the capital market, further maintaining the stable operation of the capital market, and boosting market confidence, the People's Bank of China (PBC) establishes a re-lending program for share repurchase and increase in shareholding, aiming to direct financial institutions to provide loans to listed companies and their principal shareholders. Loan funds shall be used for designated purposes and operated in a closed-loop manner, support share repurchase and increase in the holding of shares of listed companies respectively, and propel listed companies to proactively use tools such as share repurchase and increase in shareholding for market value management. You are hereby notified of the relevant issues as follows: | | 为贯彻落实党中央、国务院决策部署,建立增强资本市场内在稳定性长效机制,进一步维护资本市场稳定运行,提振市场信心,中国人民银行设立股票回购增持再贷款,引导金融机构向上市公司和主要股东提供贷款,贷款资金坚持“专款专用,封闭运行”,分别支持其回购和增持上市公司股票,推动上市公司积极运用回购、股东增持等工具进行市值管理。现就有关事宜通知如下: |
I. Share repurchase by listed companies and increase in shareholding by principal shareholders | | 一、上市公司回购股票和主要股东增持股票 |
1. Conditions and scope for listed companies and principal shareholders. Listed companies repurchasing shares and principal shareholders increasing their shareholdings may be included in the scope of policy support if they meet the following basic conditions: | | (一)上市公司和主要股东的条件和范围。上市公司回购股票和主要股东增持股票,符合下述基本条件的,可纳入政策支持范围: |
(1) Basic conditions for share repurchase by listed companies. A listed company shall meet the conditions specified in Article 8 of the Rules for the Repurchase of Shares by Listed Companies (Announcement No. 63 [2023], CSRC) and shall not be a company subject to delisting risk warnings. A listed company shall disclose its share repurchase plan. | | 1.上市公司回购股票的基本条件。上市公司应当符合《上市公司股份回购规则》(中国证券监督管理委员会公告〔2023〕63号)第八条规定的条件,且不是已被实施退市风险警示的公司。上市公司应当披露回购方案。 |
(2) Basic conditions for increase in shareholding by principal shareholders. “Increase in shareholding by principal shareholders” means the purchase of shares of a listed company by principal shareholders through centralized auction trading. A listed company in which principal shareholders increase their shareholdings shall not be subject to delisting risk warnings. In principle, a principal shareholder shall be a shareholder holding 5% or more of the shares of the listed company, be able to pay its debts, and have not committed any major illegal act in the most recent year. A principal shareholder that increases its shareholding shall disclose its shareholding increase plan. | | 2.主要股东增持股票的基本条件。主要股东增持指主要股东通过集中竞价方式买入上市公司股票。主要股东增持的上市公司不得为已被实施退市风险警示的公司。主要股东原则上为上市公司持股5%以上股东,具备债务履行能力,且最近一年无重大违法行为。主要股东增持应当披露增持计划。 |
(3) Listed companies of different ownership shall be treated equally. Central enterprises are encouraged to play a leading role. | | 3.对不同所有制上市公司一视同仁。鼓励中央企业发挥带头作用。 |
2. Opening separate special securities accounts. A listed company applying for loans and principal shareholders shall open separate special securities accounts solely for share repurchase and increase in shareholding. Only one capital account is allowed to be opened for the special securities account, and the lending institution shall be selected as the third-party custodian bank. The transfer of custody or change of designation for the special securities account is strictly prohibited. If the requirements for the opening of a special securities account conflict with the existing provisions, the implementation of relevant provisions may be exempted. | | (二)开立单独专用证券账户。申请贷款的上市公司和主要股东应当开立单独的专用证券账户,专门用于股票回购和增持。该专用证券账户只允许开立一个资金账户,且应当选择贷款机构为第三方存管银行。该专用证券账户不得办理转托管或者转指定手续。如开立专用证券账户与现行规定不符的,可豁免执行相关规定。 |
II. Granting of loans for share repurchase and increase in shareholding by financial institutions | | 二、金融机构发放股票回购增持贷款 |
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