China: 科创板上市公司股票减持制度解读及其完善的建议

Last Updated: 22 April 2019
Article by Shidong Sang and Yuwei Wang
Most Read Contributor in China, June 2019

2019年1月30日公布的《上海证券交易所科创板股票上市规则》(下称"《上市规则(征求意见稿)》"),针对科创板市场的定位及该板上市公司的特征,如规定了更加合理的股份减持制度,如非公开转让方式、特定股东特殊情形下不得转让股份的制度等。

本文特对科创板上市公司股票减持的特殊规则作出解读,并提出若干完善建议,以抛砖引玉。

一、减持后控制权稳定的要求

《上市规则(征求意见稿)》第2.4.5条规定:"上市公司控股股东及其一致行动人、实际控制人在限售承诺期满后减持首发前股份的,应当保证公司有明确的控股股东和实际控制人。"

上述规定是为了保证公司减持后有明确的控股股东和实际控制人,防止公司因没有控股股东和实际控制人而发生治理僵局的情况。

如上述规则最终获得通过,这将意味着未来的科创板公司均需要有控股股东和实际控制人。基于该等逻辑,没有控股股东或者实际控制人是否还能登陆科创板将会成为问题。

上述规则也反映了监管中盯住实际控制人的监管策略。但实际上存在有实际控制人而没有控股股东的情况,如一个实际控制人通过多个持股主体持有上市公司股份,任何一个持股主体均不是控股股东,但实际控制人可通过该等持股主体控制上市公司,该等结构并不会影响盯住实际控制人监管策略的实施。

考虑到上述情况,笔者认为,上市公司控股股东及其一致行动人、实际控制人保证股份转让后公司有明确的实际控制人即可,而没有必要要求保证公司要有明确的控股股东。建议对该等规定作出进一步的完善。

二、核心技术人员转让股份被重点规制

《上市规则(征求意见稿)》将核心技术人员与控股股东、实际控制人、董事、监事、高级管理人员均列为特定股东。

除控股股东、实际控制人转让股份应当遵守"保证公司有明确的控股股东和实际控制人"外,核心技术人员在转让首发前的股份方面,与公司的控股股东、实际控制人转让首发前的股份,须遵守同样的规则,如:(1)股份锁定期限为36个月;(2)应主要通过非公开转让方式转让股份;(3)每年通过二级市场减持股份的数量受限制;(4)特定情形下不得减持。

三、设立非公开转让方式

《上市规则(征求意见稿)》规定了特定股东转让股份的三种方式:(1)二级市场减持;(2)非公开转让;(3)协议转让。

特定股东通过二级市场减持的数量受到严格限制。每人每年通过集中竞价和大宗交易减持首发前股份数量不得超过公司股份总数的1%。

非公开转让可能会成为特定股东减持股份的主要方式。非公开转让即通过保荐机构或者上市公司选定的证券公司以询价配售方式,向符合条件的机构投资者进行非公开转让。通过该等方式进行转让的,不再限制比例和节奏,并对受让后的股份设置12个月锁定期,即受让方自股份登记之日起12个月内不得转让。受让方再转让股份时,不再视同为特定股东转让股份。

协议转让方式的适用范围亦将受到限制。协议转让方式被限定在涉及上市公司控制权变更、国有股权转让等情形,与过往只要转让股份达到5%即允许协议转让有所区别,科创板上市公司股东协议转让股份将被限定于涉及上市公司控制权变更、国有股权转让等情形,这可能与非公开转让方式的通道开通有关。特定股东通过协议转让减持首发前股份,涉及控制权变更的,受让方自股份登记之日起12个月内不得转让;受让方所持股份解除限售后减持股份的,应遵守特定股东减持首发前股份的规定。

除上述三种方式外,特定股东通过司法强制执行、执行股权质押协议、赠与、可交换公司债券换股、股票收益互换等方式减持所持首发前股份的,受让方自股份登记之日起6个月内不得转让。受让方再转让股份的,不再视同为特定股东转让股份。

我们对非公开转让方式的规则提出以下完善建议:

(一)非公开转让方式导致实际控制人变更的情形

《上市规则(征求意见稿)》拟规定,特定股东通过协议转让减持首发前股份,涉及控制权变更的,受让方自股份登记之日起12个月内不得转让;受让方所持股份解除限售后减持股份的,应遵守特定股东减持首发前股份的规定。

笔者理解,特定股东通过非公开转让方式减持股份的,也有可能导致实际控制权的变更(如参与询价方只有一人的),该等情形下,也应设立如协议转让情形下对受让方的特殊规制安排。

(二)为国有股权作协议转让特殊对待没有必要

《上市规则(征求意见稿)》中,拟明确可以通过协议转让方式进行股份转让的情形包括"涉及上市公司控制权变更"和"国有股权转让"两种情形。

过往关于上市公司股份转让的监管中,并没有对国有股权转让设定的特殊的转让方式,而是采取一视同仁的原则。

因此,对于科创板上市公司的股票中的国有股份,在转让方式方面,并没有对作特殊对待之必要。

四、其他股东可采取非公开转让方式转让股份

特定股东以外的创业投资基金股东及其他股东所持首发前股份解除限售后,除可以按照《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》《上海证券交易所上市公司创业投资基金股东减持股份实施细则》等有关规定减持外,也可以按照特定股东减持股份的方式减持股份,即可以采取非公开转让方式实施减持。对于投资基金而言,这将有利于创投资金退出,促进创新资本形成。

我们注意到"特定股东以外的创业投资基金股东及其他股东所持首发前股份解除限售后,除可以按照《减持细则》《上海证券交易所上市公司创业投资基金股东减持股份实施细则》等有关规定减持外"的规定可能会引起歧义,可能会被解读为非创业投资基金也可以按照《上海证券交易所上市公司创业投资基金股东减持股份实施细则》进行减持。如该等解读并不符合立法愿意,建议后续作表述上的进一步完善。

五、特定股东在特殊情形下不得转让股份

根据《上市规则(征求意见稿)》的规定,发生以下两种情形的,在特定的期间内,特定股东不得转让股份:

(1)公司上市时尚未盈利的,在公司实现盈利前,特定股东不得减持首发前股份。但公司上市满5个完整会计年度后,不再受该等限制。

(2)上市公司发生重大违法情形,触及退市标准的,自相关行政处罚决定或者司法裁判作出之日起至公司股票终止上市前,特定股东不得减持公司股份。

笔者注意到,"上市时尚未盈利"的标准并不是很明确,建议在未来进一步完善相关规则时,对于尚未盈利的判断标准作进一步清晰的规定。

六、二级市场减持的信息披露制度

股东通过二级市场减持首发前股份的,应进行减持前信息披露、进展披露和结果披露。

(一)减持前信息披露

股东拟在二级市场减持首发前股份的,应当在首次卖出的15个交易日前,披露减持计划,减持计划的内容应当包括拟减持股份的数量、减持时间区间、方式、价格区间、减持原因等信息。每次披露的减持时间区间不得超过1年。

特定股东还应在减持计划中披露下列内容:(1)减持原因和减持时点考虑;(2)上市公司是否存在重大负面事项和重大风险等;(3)交易所要求披露的其他内容。

(二)进展披露

股东减持所持首发前股份,至迟应当在下列时点发布减持进展情况公告:

(1)首次减持股份事实发生的次一交易日;

(2)持股比例每减少1%的整数倍事实发生的次一交易日。

在减持计划时间区间内,上市公司披露高送转或筹划并购重组等重大事项的,特定股东应当立即披露减持首发前股份进展情况。

(三)结果披露

股东应当在减持计划实施完毕或者减持计划届满后的2个交易日内,披露减持情况。

七、股份托管制度确保股份转让合规

《上市规则(征求意见稿)》规定,公司股东持有的首发前股份,应当在公司上市前托管在为公司提供首次公开发行上市保荐服务的保荐机构。保荐机构不具有经纪业务资格的,应当托管在实际控制该保荐机构的证券公司或其依法设立的其他证券公司。

保荐机构或者上述证券公司应当对公司股东减持首发前股份的情况进行前端核查和监控。股东减持首发前股份转让的委托违反有关规定的,保荐机构或者受托的证券公司应当拒绝接受其委托。

八、其他的规则完善建议

除前述外,对于其他相关具体规则,笔者有以下完善建议:

(一)关于发行人股票上市之日起一年后,特定转让双方进行的股份转让

《上市规则(征求意见稿)》第2.4.4条第2款规定:"转让双方存在控制关系,或者均受同一实际控制人控制的,自发行人股票上市之日起一年后,可豁免遵守前款承诺。"

相比于上海证券交易所主板上市规则的类似规定,在"可豁免遵守前款承诺"前少了"经控股股东和实际控制人申请并经本所同意"的程序性条件。

《上市规则(征求意见稿)》的前述规定,没有明确有关的程序性条件,建议未来进一步完善时,将其设计为无条件自动豁免机制,将"可豁免遵守前款承诺"修订为"豁免遵守前款承诺"。如不将其设定为自动豁免机制,应明确规定有关的程序,如增加"经转让双方申请并经本所同意"的程序。

(二)实际控制人如何遵守关于特定股东减持首发前股份的规定

《上市规则(征求意见稿)》中规定,实际控制人应当遵守关于特定股东减持首发前股份的规定。进一步的问题是,如果实际控制人自身不直接持有上市公司的股份,而是通过其控制的其他主体持有首发前的股份,该等情形下,实际控制人如何遵守关于特定股东减持首发前股份的规定呢?现有的相关规定的指导性并不清晰,有进一步明确的必要。

笔者建议,针对上述情形,可直接规定实际控制人应促使其控制的持股主体遵守关于特定股东减持首发前股份的规定。

综上,《上市规则(征求意见稿)》中关于股份减持的规定更加系统、完善和灵活,但仍有作进一步完善的空间,以使该等规则更具有操作性。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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