China: 关于科创板上市公司重大资产重组制度解读

Last Updated: 29 August 2019
Article by He Xinyu and Dong Chen
Most Read Contributor in China, October 2019

为落实科创板上市公司(以下简称"科创公司")并购重组注册制试点改革要求,建立高效的并购重组制度,规范科创公司并购重组行为,维护市场秩序,保护投资者合法权益。中国证监会与上交所分别于2019年8月23日发布《科创板上市公司重大资产重组特别规定》(以下简称"《重组特别规定》")和《上海证券交易所科创板上市公司重大资产重组审核规则(征求意见稿)》(以下简称"《重组审核规则》")。本文拟就科创公司重大资产重组制度进行解读,以便读者了解关于科创公司进行重大资产重组的特殊规定。

一、关于科创板重大资产重组的基本规则体系

《重组审核规则》系《重组特别规定》的下位规则,对于科创公司重大资产重组的审核标准、程序和信息披露等内容进行了规定,科创公司实施重大资产重组或者发行股份购买资产,应当优先适用《重组特别规定》和《重组审核规则》,《重组特别规定》和《重组审核规则》未作规定的,适用《上市公司重大资产重组管理办法》(以下简称"《重组办法》")以及中国证监会与上交所关于重大资产重组的其他相关业务规则。

《重组特别规定》《重组审核规则》与《重组办法》共同构成了科创板重大资产重组的基本规则体系。

二、关于科创公司重组标准与条件

笔者就《重组特别规定》和《重组审核规则》关于科创公司实施重组的规定与《重组办法》进行了对比,具体如下:



《重组特别规定》《重组审核规则》


《重组办法》

标的资产

《重组审核规则》第七条"科创公司实施重大资产重组或者发行股份购买资产的,标的资产 应当符合科创板定位,所属行业应当与科创公司处于同行业或者上下游,且与科创公司主营业务具有协同效应。 "

第四十三条"所购买资产与现有主营业务没有显著协同效应的,应当充分说明并披露本次交易后的经营发展战略和业务管理模式,以及业务转型升级可能面临的风险和应对措施。"

重组标准

《重组特别规定》第四条"科创公司实施重大资产重组,按照《重组办法》第十二条予以认定,但其中 营业收入指标执行下列标准: 购买、出售的资产在最近一个会计年度所产生的营业收入占科创公司同期经审计的合并财务会计报告营业收入的比例达到50%以上, 且超过5000万元人民币。 "

第十二条"上市公司及其控股或者控制的公司购买、出售资产,达到下列标准之一的,构成重大资产重组:

(一)购买、出售的资产总额占上市公司最近一个会计年度经审计的合并财务会计报告期末资产总额的比例达到50%以上;

(二)购买、出售的资产在最近一个会计年度所产生的营业收入占上市公司同期经审计的合并财务会计报告营业收入的比例达到50%以上;

(三)购买、出售的资产净额占上市公司最近一个会计年度经审计的合并财务会计报告期末净资产额的比例达到50%以上,且超过5000万元人民币。"

发行价格

《重组特别规定》第六条" 科创公司发行股份的价格不得低于市场参考价的80%。 市场参考价为本次发行股份购买资产的董事会决议公告日前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一"

第四十五条" 上市公司发行股份的价格不得低于市场参考价的90%。 市场参考价为本次发行股份购买资产的董事会决议公告日前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一"

细化可转债支付方式

《重组审核规则》第九条"科创公司向特定对象发行可转换为股票的公司债券购买资产的,应当符合《重组办法》《重组特别规定》及中国证监会关于发行可转换为股票的公司债券购买资产的规定 ,并可以与特定对象约定转股期、利率及付息方式、赎回、回售、转股价格、向下或者向上修正等条款,但转股期起始日距离本次发行结束之日不得少于6个月。 "

第五十条"上市公司可以向特定对象发行可转换为股票的公司债券、定向权证用于购买资产或者与其他公司合并。"

重组上市条件

《重组审核规则》第十条"科创公司实施重组上市的,标的资产对应的经营实体应当是符合《科创板首次公开发行股票注册管理办法(试行)》(以下简称《注册管理办法》)规定的相应发行条件的股份有限公司或者有限责任公司,并符合下列条件之一: (一)最近两年净利润均为正且累计不低于人民币5000万元; (二)最近一年营业收入不低于人民币3亿元,且最近3年经营活动产生的现金流量净额累计不低于人民币1亿元。 "

上市公司实施前款规定的重大资产重组,应当符合下列规定:

(一)符合本办法第十一条、第四十三条规定的要求;

(二)上市公司购买的资产对应的经营实体应当是股份有限公司或者有限责任公司,且符合《首次公开发行股票并上市管理办法》规定的其他发行条件;

(三)上市公司及其最近3年内的控股股东、实际控制人不存在因涉嫌犯罪正被司法机关立案侦查或涉嫌违法违规正被中国证监会立案调查的情形,但是,涉嫌犯罪或违法违规的行为已经终止满3年,交易方案能够消除该行为可能造成的不良后果,且不影响对相关行为人追究责任的除外;

(四)上市公司及其控股股东、实际控制人最近12个月内未受到证券交易所公开谴责,不存在其他重大失信行为;

(五)本次重大资产重组不存在中国证监会认定的可能损害投资者合法权益,或者违背公开、公平、公正原则的其他情形。

通过上表对比可知,科创板对于重组标的具有严格要求,重组标的必须符合科创板定位,并与科创公司主营业务具有协同效应;考虑到科创公司存在收入规模较小、尚未盈利等特点,调整重大资产重组营业收入的指标,放宽了发行股份的价格下限;对于可作为支付手段的可转债进行了细化;对于重组上市仅提供两套财务指标供选择使用。《重组审核规则》还对于存在表决权差异安排的重组上市要求、标的资产尚未盈利重组上市后的锁定期安排以及红筹企业的财务信息披露进行了具体的规定。

三、关于科创公司重组信息披露要求


一、交易各方披露义务


信息披露主体

披露要求

科创公司、交易对方

科创公司应当诚实守信,依法披露投资者作出价值判断和投资决策所必需的信息,至少包括下列事项:

(一)标的资产与科创公司主营业务的协同效应;

(二)交易方案的合规性、交易实施的必要性、交易安排的合理性、交易价格的公允性、业绩承诺和补偿的可实现性;

(三)标的资产的经营模式、行业特征、财务状况;

(四)本次交易和标的资产的潜在风险。

科创公司、交易对方及有关各方应当为独立财务顾问、证券服务机构及时提供真实、准确、完整的业务运营、财务会计及其他资料,全面配合相关机构开展尽职调查和其他相关工作。

科创公司、交易对方的相关主体

科创公司及交易对方的控股股东、实际控制人、董事、监事、高级管理人员应当诚实守信,保证申请文件和信息披露的真实、准确、完整,依法审慎作出并履行相关承诺,不得利用控制地位或者影响能力要求科创公司实施显失公允的重组交易,不得指使或者协助科创公司、交易对方进行虚假记载、误导性陈述或者重大遗漏等违法违规行为,不得损害科创公司和投资者合法权益。

独立财务顾问

独立财务顾问应当诚实守信、勤勉尽责,保证重大资产重组报告书及其出具的独立财务顾问报告等文件的真实、准确、完整,切实履行尽职调查、报告和披露以及持续督导等职责。

独立财务顾问应当严格遵守相关法律法规、行业自律规范的要求,严格执行内部控制制度,对申请文件进行全面核查验证,对本次交易是否符合法定条件和信息披露要求作出专业判断,审慎出具相关文件。

证券服务机构

会计师事务所、律师事务所、资产评估机构等证券服务机构应当诚实守信、勤勉尽责,保证其出具文件的真实、准确、完整。

证券服务机构应当严格遵守相关法律法规、业务规则、行业自律规范,严格执行内部控制制度,对与其专业职责有关的业务事项进行核查验证,履行特别注意义务,审慎发表专业意见


二、科创公司本次交易的披露要求


(一)申请文件及信息披露内容应当真实、准确、完整,披露要简明易懂,信息一致,披露程度达到投资者作出投资决策所必须的水平

(二)本次交易是否合法合规,是否符合《重组办法》《重组特别规定》及其他规定

(三)标的资产是否符合科创板定位,与科创公司主营业务是否具有协同效应

(四)本次交易的必要性

(五)本次交易资产定价的合理性

(六)本次交易中与业绩承诺相关的信息

纵观上述关于信息披露的要求不难发现,注册制下的重组审核,更加突出以信息披露为中心。一方面,要求重组的各参与方真实、准确、完整地披露信息。另一方面,要求科创公司和相关方从六个维度重点对于重组交易进行披露,充分说明重组交易的商业实质,提示潜在风险。

四、关于科创公司重组审核机制

(一)审核方式
实行电子化审核,申请、受理、问询、回复等事项通过上交所并购重组审核业务系统办理。

(二)机构与职责


机构


职责

重组审核部

对申请文件进行审核,出具审核报告

审核联席会议

对发行股份购买资产申请进行审议,提出审议意见

上市委员会

对重组上市申请进行审议,提出审议意见

上交所

结合审核联席会议或者上市委员会的审议意见,出具同意发行股份购买资产或者重组上市的审核意见,或者作出终止审核的决定;对科创公司不涉及股份发行的重组上市申请,结合上市委员会的审议意见,作出是否同意重组上市的决定

证监会

履行注册程序

(三)审核期限

科创公司申请发行股份购买资产的,上交所自受理申请文件之日起45日内出具同意发行股份购买资产的审核意见或者作出终止审核的决定;申请重组上市的,上交所自受理申请文件之日起3个月内出具同意重组上市的审核意见或者作出终止审核的决定。

科创公司申请发行股份购买资产的,回复审核问询的时间总计不得超过1个月;申请重组上市的,回复审核问询的时间总计不得超过3个月。科创公司难以在前款规定的时限内回复的,可以向上交所申请延期一次,时间不得超过1个月。

(四)"小额快速"程序

对于科创公司在12个月内发行股份购买资产累计金额较小,且不存在《重组审核规则》规定情形的,上交所受理申请文件后直接提交审核联席会议审议,进一步优化重组审核程序,提高审核效率。

五、关于中介机构责任

(一)独立财务顾问持续督导

《重组审核规则》专章对于财务顾问持续督导进行了规定,持续督导期为交易实施完毕当年剩余时间以及其后的一个完整会计年度,在持续督导期内,独立财务顾问应当按照《重组审核规则》《重组办法》《上市公司并购重组财务顾问业务管理办法》等相关规则的规定,履行持续督导义务。

(二)中介机构的义务

独立财务顾问、证券服务机构当诚实守信、勤勉尽责,保证其出具文件的真实、准确、完整。证券服务机构应当严格遵守相关法律法规、业务规则、行业自律规范,严格执行内部控制制度,对与其专业职责有关的业务事项进行核查验证,履行特别注意义务,审慎发表专业意见。

对于未履行上述要求的独立财务顾问、证券服务机构及其相关人员,上交所可以视情节轻重对其单独或者合并采取监管措施或者纪律处分。

六、结 语

科创板上市公司重大资产重组制度的相继出台,进一步落实科创板试点注册制改革的要求,填补了科创板在并购重组领域的制度空白,提高了科创公司并购重组的市场化与法制化,对于参与科创板公司重大资产重组的中介机构而言,也是机遇与挑战并存,一定要在提供专业服务的同时切实履行职责,加强风险防范。

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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.

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