China: 证券交易所重大事项停复牌新规解析

Last Updated: 28 March 2019
Article by Wang Yizhe and Yuwei Wang
Most Read Contributor in China, March 2019

与国际成熟市场相比,A股市场仍存在着停牌事由较多、停牌期限特别是重大资产重组("重组")停牌期限较长等问题。随着资本市场国际化进程的推进,尤其是A股加入MSCI后,市场双向开放对停复牌制度提出了更高的要求。

2018年11月6日,证监会发布《关于完善上市公司股票停复牌制度的指导意见》,要求交易所完善停复牌自律规则,做好自律管理服务工作。

2018年12月28日,上海证券交易所("上交所")、深圳证券交易所("深交所",上交所、深交所合称"交易所")分别发布《上海证券交易所上市公司筹划重大事项停复牌业务指引》、《深圳证券交易所上市公司信息披露指引第2号——停复牌业务》("新规"),对之前颁布的停牌业务规则进行进一步修订、完善及整合,在满足上市公司基本的停牌需求基础上,进一步强化了上市公司及相关各方的审慎停牌义务,进一步贯彻"审慎启动停牌、严控停牌时间"的市场约束理念并明确传递从严监管的信号。

一、新规明确上市公司股票停复牌基本原则

新规是在前期监管成效的基础上,对停复牌行为做出进一步规范,新规明确上市公司停复牌应秉持如下3项基本原则:

项目 内容
审慎停牌原则 上市公司应当审慎办理停复牌业务,符合规定事由方可申请停牌。公司还应当结合重大事项进程安排,合理确定停牌时点和时长,尽可能压缩停牌时间。不得随意停牌、无故停牌或者拖延复牌时间。
分阶段信息披露原则 筹划重大事项的,原则上应当通过分阶段信息披露,及时向投资者提供决策有用信息,同时保障投资者交易权利,不得仅以相关事项结果尚不确定为由随意停牌。
不得已停牌代替相关各方保密义务原则 上市公司及其股东、实际控制人、董监高,交易各方,以及证券服务机构等相关主体,在筹划重大事项过程中,应当严格履行保密义务,因消息泄漏而过早停牌,导致停牌时间超过新规规定期限的,不予延期复牌。

二、新规的具体修订和调整

新规主要从如下4个方面对原有制度 [1]作了调整,总体方向是减少停牌事由,缩短停牌期限,强化分阶段披露要求,明确上市公司及相关方的停复牌责任,同时兼顾市场交易的实际需求。

(一)重点规范重组停复牌行为

新规对重组停复牌事项做出了如下5项主要修订:

事项 修订前 修订后
缩短重组停牌期限
  • 交所:上市公司筹划重组累计停牌时间不得超过5个月;
  • 深交所:上市公司筹划各类事项连续停牌时间自停牌之日起不得超过6个月
  1. 发行股份购买资产申请停牌,停牌时间不超过10个交易日;国家有关部门对相关事项停复牌时间另有要求,可申请继续停牌,但连续停牌时间原则不超过25个交易日;涉及国家重大战略项目、国家军工秘密等事项,对停复牌时间另有要求的,从其要求;
  2. 停牌期间更换重组标的的,其累计停牌时间也不得超过10个交易日;
  3. 重组方案重大调整申请停牌,停牌时间不超过5个交易日。
仅允许以发行股份或定向可转债购买资产的重组停牌 发行股份购买资产、现金购买或出售资产、资产置换或其他交易方式等
  1. 筹划重组涉及发行股份的,公司可以根据实际情况申请短期停牌。除涉及发行股份的外,筹划其他类重组事项不予停牌;
  2. 发行定向可转债[2]购买资产,可以参照发行股份购买资产申请停牌。
原则取消重组信息披露审核及问询回复期间停牌
  • 上交所:对上市公司直通披露的重组预案事后审核问询所需的停牌时间,不计入公司重组停牌时间;
  • 深交所:上市公司直通披露重组预案或报告书后,因事后审核所需的停牌时间不计入公司重组停牌时间
公司披露重组预案或者草案后,交易所审核及公司回复期间,原则上不再停牌。对于重组问询期间的停复牌,交易所根据实际情况保留必要的裁量权,以防止实践中可能有部分壳公司或涉及概念的公司筹划发行股份购买资产,标的资产估值虚高或者重组预案或草案存在重大问题,引发市场炒作和股价异动。
停牌期限届满即披露预案否则应终止实施 无明确规定
  1. 上市公司应在停牌期限届满前,披露经上市公司董事会审议通过的重组预案并申请复牌;
  2. 上市公司未能在停牌期限届满前披露重组预案,应当终止筹划重组并申请复牌。
明确停牌申请的时间窗口及披露要求 无明确规定
  1. 上市公司筹划发行股份购买资产拟申请停牌的,应当在首次提交披露有关事项的同时申请停牌(上交所);
  2. 上市公司筹划发行股份购买资产申请停牌,应在停牌公告中披露交易标的、交易方式、交易对手方及本次交易意向性文件/框架协议等;
  3. 上市公司在不停牌的情况下筹划涉及发行股份购买资产,应当做好信息保密工作,在披露重组预案或报告书前不得披露与该次重组有关的信息。

(二)进一步收紧筹划其他重大事项停牌标准

新规进一步收紧了可以申请停牌的其他重大事项的范围及停牌时限:

事项 原有制度内容 新规内容
控制权变更、要约收购
  • 上交所:原则上不得超过5个交易日,确有必要的,经董事会审议通过后,可以申请延期复牌不超过5个交易日,公司筹划事项依法须经事前审批或属重大无先例的除外;
  • 深交所:不得超过10个交易日
  • 上交所:原则上应当分阶段披露筹划进展。确需停牌的,可申请停牌不超过2个交易日,确有必要的,可以延期至5个交易日;
  • 深交所:原则上应当分阶段披露筹划进展,确有必要的,可以延期至5个交易日。
破产重整 无明确规定
  • 上交所:原则上股票不停牌,并应当分阶段披露重整事项的进展。确需停牌的,可申请停牌不超过2个交易日,确有必要的,可以延期至5个交易日;
  • 深交所:原则上股票不停牌,并应当分阶段披露重整事项的进展,确有必要的,可以延期至5个交易日。
非公开发行
  • 上交所:原则上不得超过10个交易日,符合规定情形可延期不超过5个交易日。经董事会审议可申请延期复牌不超过20天;经股东大会审议可申请延期复牌不超过2个月,但非公开发行事项依法须经事前审批或者属重大无先例的除外;
  • 深交所:募集资金用途不涉及重大资产购买,停牌时间不得超过10个交易日;募集资金用途涉及重大资产购买,停牌时间不得超过1个月。
不得申请停牌
签订重大合同或战略性协议
  • 上交所:原则上不得超过5个交易日。确有必要的,经董事会审议通过后,可以申请延期复牌不超过5个交易日,公司筹划事项依法须经事前审批或属重大无先例的除外;
  • 深交所:停牌时间不得超过10个交易日。
不得申请停牌
个别公司出现重大风险的特殊情况(存在重大不确定性,可能严重影响市场秩序、损害投资者合法权益的事项) 无明确规定 证监会或者交易所认为有必要的,上市公司可以申请停牌

(三)强化上市公司及相关各方勤勉尽责义务

停复牌关乎投资者的交易权利,上市公司及相关主体均负有责任和义务。新规明确对上市公司及相关主体滥用停牌、拖延复牌、违反勤勉义务、信息披露违规的,交易所将采取如下自律监管措施:

相关主体的违规行为 监管措施
上市公司申请停牌不审慎;上市公司、控股股东、实际控制人等相关方有滥用停牌、拖延复牌时间、违反承诺、不履行相应决策程序以及信息披露不真实、不准确、不完整等行为。 交易所将开展现场检查,并视情况对上市公司、控股股东、实际控制人、董事长等责任人采取监管措施或者予以纪律处分;发现上市公司在停复牌过程中存在涉嫌违反法律、行政法规及中国证监会有关规定的行为线索的,将及时提请中国证监会及其派出机构核查。
为上市公司提供服务的证券公司、证券服务机构等在公司停复牌办理中未勤勉尽责,出具意见不审慎。 交易所视情况采取监管措施或者予以纪律处分。

(四)明确交易所停复牌办理和事中事后监管职责

为落实一线监管要求,新规对《证券交易所管理办法》 [3]赋予交易所的停复牌监管职能予以明确和细化,主要包括如下4项内容:

业务办理 上市公司因筹划重大事项申请停牌的,交易所依据新规及交易所相关业务规则予以办理。公司的停牌申请不符合规定事由或新规规定的条件和要求的,交易所可以拒绝办理。
事中事后监管 对于发现停复牌事由不符合实际情况和规定的,事中可以要求公司复牌;公司未申请复牌的,可以强制复牌。对于事后监管发现存在滥用停牌权利、停牌事由不符合规定、信息披露不符合要求的情况,可以视情况采取监管措施和纪律处分。情节严重的,可以提请证监会立案调查。
暂停办理停复牌 证券市场交易出现极端异常情况的,交易所可以根据证监会的决定或市场实际情况,暂停办理上市公司停牌申请,维护市场交易的连续性和流动性,保护投资者的交易权。
强化信息公开 为加强外部监督力度,督促公司审慎停牌、缩短停牌时间,新规规定了停复牌公示制度,即公司股票累计停牌时间过长或停牌过于频繁的,交易所可以视情况对其停复牌情况进行公示,包括停牌时长、最近一年内停牌次数、停牌原因、公司停牌进展披露情况等。

三、新规下发行股份购买资产重组停复牌的时间轴

新规实施后,上市公司实施发行股份购买资产重组停复牌的时间轴如下:

时间 内容 备注
T日
(停牌日)
上市公司筹划发行股份购买资产申请停牌,应当在停牌公告中披露交易标的、交易方式、交易对手方及本次交易意向性文件/框架协议等。
  1. 上市公司筹划发行股份购买资产,应当在首次提交披露有关事项的同时申请停牌(上交所);
  2. 重组交易涉及通过竞拍方式进行,可以暂缓披露交易标的、交易方式、交易对手方及本次交易意向性文件/框架协议等;
  3. 重组标的涉及境外上市公司,可以暂缓披露标的资产及交易对手方名称,但应当披露重组标的资产的行业类型。
T日
至复牌前
披露截至停牌前1个交易日前10大股东的名称及持股数量、前10大流通股股东的名称及持股数量、股东总人数。 -
T+10日
(最长不超过10个交易日)
上市公司应在停牌期限届满前,披露经董事会审议通过的重组预案,并申请复牌;上市公司未能在停牌期限届满前披露重组预案,应当终止筹划重组并申请复牌。
  1. 国家有关部门对相关事项停复牌时间另有要求,可申请继续停牌,但连续停牌时间原则不超过25个交易日;
  2. 涉及国家重大战略项目、国家军工秘密等事项,对停复牌时间另有要求的,从其要求。
上市公司披露重组预案或者报告书后,交易所审核及公司回复期间 原则上不再停牌 对于重组问询期间的停复牌,交易所根据实际情况保留必要的裁量权,以防止实践中可能有部分壳公司或涉及概念的公司筹划发行股份购买资产,标的资产估值虚高或者重组预案或草案存在重大问题,引发市场炒作和股价异动。
D日
(重组方案重大调整停牌日)
披露重组预案或者报告书后,因需要对方案作出重大调整申请停牌。
D+5日
(最长不超过5个交易日)
披露调整后的披露重大调整的具体情况、当前进展、后续安排以及尚需履行的程序等事项,并申请复牌。 -

四、新老衔接安排

新规自2018年12月28日起施行,交易所对新规实施前后规则适用衔接事宜作出相应安排,具体如下:

交易所 具体安排
上交所 以发布实施日为线进行"新老划断",新规施行前上市公司已披露筹划发行股份购买资产相关公告的,在预案披露前继续按分阶段原则披露相关事项的进展情况,不适用新规。
深交所 以发布实施日为线进行"新老划断":
  1. 对于新规施行前已停牌的公司,适用原有制度,但应加快重大事项的筹划进程并及时复牌;
  2. 对于新规施行前已披露筹划发行股份购买资产且未停牌的公司,可分阶段披露并继续筹划推进,不强制要求新规实施后立即停牌并在10个交易日内披露重组预案。

文中注释

[1]原有制度指上交所、深交所分别于2016年5月27日发布的《上市公司筹划重大事项停复牌业务指引》、《主板信息披露业务备忘录第9号——上市公司停复牌业务》、《中小企业板信息披露业务备忘录第14号——上市公司停复牌业务》、《创业板信息披露业务备忘录第22号——上市公司停复牌业务》。

[2]2018年11月1日,证监会发布《证监会试点定向可转债并购支持上市公司发展》,推进以定向可转债作为并购重组支付工具的试点,以丰富并购重组融资渠道,因定向可转债的转股价格可能参照发行股份购买资产的定价基准确定,新规明确该类事项可参照发行股份购买资产的情形进行停牌和信息披露。

[3]2018年1月1日,证监会发布《证券交易所管理办法》,进一步明确了证券交易所停复牌业务办理原则和事中事后监管职责。

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In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions