China: 一文读懂"借壳新规"

Last Updated: 9 July 2019
Article by Hongshan Shen
Most Read Contributor in China, July 2019

前言

2019年6月20日,中国证监会发布《关于修改〈上市公司重大资产重组管理办法〉的决定》("《征求意见稿》")公开征求意见的通知,《征求意见稿》主要修改了现行有效《上市公司重大资产重组管理办法》(2016年修订)("《重组管理办法》")中关于重组上市的有关规定,拟取消重组上市中"净利润"认定指标、缩短"累计首次原则"计算期限至36个月、允许符合条件的企业在创业板重组上市、恢复重组上市配套融资等。本文旨在对《征求意见稿》主要修订的内容以及对资本市场的影响做简要解析。

一、《征求意见稿》修订对比

注:《征求意见稿》增加修改内容以红字标出,删除的内容以删除线表示。

二、《征求意见稿》修订要点解析

(一)取消重组上市中"净利润"认定指标

现行有效《重组管理办法》就重组上市设置了"5+2"的认定指标,包括资产总额、资产净额、营业收入、净利润、股份比例等5个量化指标,以及"主营业务发生根本变化"和"证监会认定的其他情形"等2个特殊指标。事实上,在2016年中国证监会就修订《重组管理办法》向社会公开征求意见过程中,有关人士认为"净利润"认定指标对于亏损、微利的上市公司过于严格,建议取消"净利润"认定指标,但监管部门可能考虑到取消"净利润"指标将不能有效抑制亏损、微利上市公司"保壳"、"养壳"现象,加剧僵尸企业"僵而不死",削弱退市制度"刚性",故未采纳该等建议。现行《重组管理办法》施行后,"炒壳"、"囤壳"等行为已得到明显抑制,市场对高风险、短期套利的重组情形也日趋理性,投资者的理性投资也得到较好的赔偿。在这种情况下,继续实施"净利润"认定指标一方面导致亏损的上市公司注入任何盈利资产均可能构成重组上市;另一方面,利润水平较低的上市公司注入规模相对不大、盈利能力较强的资产,也易触及净利润指标。两者均不利于推动以市场化方式"挽救"上市公司、保护投资者利益的目标的实现。

《征求意见稿》取消"净利润"认定指标,一方面弥补了将规模相对不大、盈利能力较强的资产注入上市公司亦构成重组上市的情况,有利于这类公司通过并购重组转型升级做大做强;另一方面,可能也与上交所科创板放松对企业盈利的要求并试行注册制相呼应,且根据现行重组上市案例,重组上市资产体量一般都不会太小,所以即使取消"净利润"认定指标,《征求意见稿》保留的其他财务指标仍会就重组上市情形有效地达到监管目的。

(二)缩短"累计首次原则"计算期限

现行有效《重组管理办法》已经将"累计首次原则"界定为60个月,以抑制单纯炒作"壳"资源的行为,《征求意见稿》进一步缩短"累计首次原则"计算期限至36个月,超过36个月,即使达到"重组上市"相关认定指标,亦无需认定为重组上市,仅为一般的重大资产重组。

《征求意见稿》缩短"累计首次原则"计算期限,对于已经取得了"壳"而迟未注入资产的公司是重大的利好消息,有利于收购人及其关联方在控制上市公司后加快向上市公司注入优质资产,特别是对于参与股票质押纾困获得上市公司控制权的新控股股东、实际控制人,缩短计算期限有利于其尽快整合资产。

笔者注意到,根据香港交易所现行有效的《主板上市规则》第14.06条第(6)(b)项 1规定,香港地区证券交易市场中把上市公司控制权变更后的24个月内进行重大资产收购的行为界定为重组上市,现《征求意见稿》缩短"累计首次原则"计算期限至36个月也与国际上较成熟的资本市场监管政策进一步贴近。

(三)允许符合条件的创业板重组上市

与主板和中小板上市公司相比,创业板上市公司多为高科技成长型公司,市值普遍偏小,因而更容易被"炒"及"借"。2013年11月,证监会发布《关于在借壳上市审核中严格执行首次公开发行股票上市标准的通知》,明确禁止在创业板实施重组上市,遏制在创业板投机"炒壳"的行为,前述要求也被《重组管理办法》吸收并一直沿用至今。实践中,禁止在创业板实施重组上市的规定,导致部分经营困难的创业板上市公司较难恢复生机,甚至面临退市风险。

有条件的打开在创业板重组上市的路径是《征求意见稿》的一大亮点,允许符合国家战略的高新技术产业和战略性新兴产业的相关资产在创业板重组上市,即重组上市的资产不得改变创业板的基本属性,仍需要符合创业板的市场定位。有条件的放开创业板重组上市,符合国家未来新经济的发展方向,有利于促进创业板上市公司的转型升级,实现资本市场服务于国家发展高科技和战略性新兴产业的政策方针,不断提升创业板的整体资产质量,更好地保护投资者利益,进一步提高创业板竞争力。

(四)恢复重组上市配套融资

现行有效《重组管理办法》取消了重组上市的配套融资制度,其初衷是避免重组方及其关联人通过配套融资进行利益输送,净化市场环境,但导致了重组上市的重组方虽然实现了上市,但是并不能同步实现融资,逼迫重组方寻找其他融资渠道。这一规定一方面降低了重组上市的吸引力,另一方面无形对"借壳"资产的质地提出了更高的要求。

《征求意见稿》恢复重组上市配套融资,使重组上市能够实现"一次审核,两次发行",有助于上市公司在注入优质资产的过程中同时解决流动性问题,对那些亟需资金支持自主创新能力的高科技企业具有十分重要意义,同时减少并购重组中有关再融资的审核环节,有利于提高重组上市的效率。

三、《征求意见稿》相关修订可能带来的影响

现行有效《重组管理办法》一度被业界冠"史上最严借壳标准"的称号,自2016年9月施行以来,不少公司的重组上市计划都相继宣布终止。其一方面确实明显地改善通过注入优质资产提高重组上市企业的资产质量,但是另一方面由于《重组管理办法》对重组上市条件规定的非常严苛,也使得近年来重组上市项目并不多见。笔者梳理了现行有效《重组管理办法》施行以来重组上市获核准的案例,具体情况如下:

通过上表发现,自现行有效《重组管理办法》实施以来,中国证监会及交易所对重组上市的监管审核较为严格,上交所主要有4例重组上市成功的典型案例,深交所主板及中小板主要有7例重组上市成功的典型案例。

《征求意见稿》明确符合国家战略的高新技术产业和战略性新兴产业的企业可以在创业板重组上市。笔者认为,这一举措将有助于激发创业板上市公司的活力,通过重组上市来促进创业板上市公司的优胜劣汰,同时创业板将出现一些重组上市的案例,有助于推动创业板上市公司实现大股东"新陈代谢"、突破主业瓶颈、提升公司质量。但是笔者亦认为,这并不意味着中国证监会对于重组上市的审核标准降低,相关企业未来在创业板重组上市依然需要严格遵守监管政策。对于信息披露不过关、企业经营出现重大违法违规等符合《深圳证券交易所创业板股票上市规则》规定的退市条件的企业,仍应坚决按照监管规定处以严厉的监管措施。

四、总结

现行有效《重组管理办法》贯彻落实了"依法监管、从严监管、全面监管"理念,旨在扎紧制度与标准的"篱笆",给"炒壳"降温,促进市场估值体系的理性修复。笔者认为,《征求意见稿》有利于重组上市回归市场化,有助于上市公司在并购领域的发展和扩张,通过并购重组做大做强主业,提高上市公司质量,激发市场活力。

Footnotes

注释1:香港交易所《主板上市规则》第14.06条第(6)(b)项"反收购行动——上市发行人的某项资产收购或某连串资产收购,而有关收购按本交易所的意见构成一项交易或安排(或一连串交易或安排的其中一部分);而该等交易或安排具有达致把拟收购人的资产上市的意图,同时亦构成规避《上市规则》第八章所载有关新申请人规定的一种方法。[反收购行动]通常指:......(b)属于以下情况的资产收购:在上市发行人(不包括其附属公司)的控制权(如《收购守则》所界定的)转手后的24个月内(有关控制权变动并未有被视为反收购),上市发行人根据一项协议、安排或谅解文件,向一名(或一组)取得控制权的人士(或上述人士的联系人)收购资产,而有关资产收购或一连串资产收购(以个别或总体情况而言)构成非常重大的收购事项。......"

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.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

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