China: 新规解读——科创公司重大资产重组之"特别规定"

Last Updated: 2 September 2019
Article by Zhenhui LI
Most Read Contributor in China, October 2019

前言:科创板自2019年7月22日开市至今刚"满月",科创版上市公司("科创公司")达到28家,科创板市场总体运行平稳,投资者参与热情高涨,而符合科创版特性的重大资产重组配套制度亟需制定和出台,以满足科创公司资本运作的需求。

2019年8月23日,中国证券监督管理委员会("证监会")发布《科创板上市公司重大资产重组特别规定》("《特别规定》"),上海证券交易所("上交所")同时发布《上海证券上交所科创板上市公司重大资产重组审核规则(征求意见稿)》("《审核规则》",与《特别规定》合称"两项规则")。《特别规定》主要对科创公司重大资产重组认定标准、发行定价机制、创新试点红筹企业并购重组等重点问题作出规定;《审核规则》主要对科创公司重大资产重组的审核标准、程序和信息披露要求作出规定。两项规则与《上市公司重大资产重组管理办法》("《重组办法》")、《科创板上市公司持续监管办法(试行)》("《持续监管办法》")及《上海证券交易所科创板股票上市规则》("《上市规则》")等,共同构成了科创板重大资产重组的基本规则体系。

一、科创公司重大资产重组制度核心理念

(一)信息披露为中心

"信息披露为中心"是贯穿科创版注册制改革的核心理念之一,这一理念同时也渗透至科创公司重大资产重组规则之中。《审核规则》明确了重组参与方的信息披露义务和要求,具体体现在如下三个层面:

1

明确规定科创公司、交易对方及有关各方应当及时、公平地披露或者提供信息,保证所披露或者提供信息的真实、准确、完整且易于投资人理解。

2

(1)对科创公司等重组参与方各自的信息披露义务进行规定;

(2)明确相关信息披露主体应当重点从重组合规性、标的资产科创定位及协同效应、交易必要性、定价合理性、业绩承诺可行性等方面充分披露信息并揭示风险。

3

上交所将从投资者需求出发,从信息披露充分、一致、可理解的角度展开问询,督促科创公司、重组交易对方、财务顾问、证券服务机构等重组参与方,为科创板重大资产重组的信息披露提供保障。

(二)注重制度的包容性

"制度的包容性"是在科创版试点注册制的重要设计思路,提高科创版制度包容性,把更多的权限交给市场,有利于让更多优质企业能够进入资本市场。考虑到科创公司可能存在收入规模较小、尚未盈利等特点,为提高实体标准与条件的包容性,《审核规则》明确科创公司重大资产重组、发行股份购买资产适用《特别规定》的相关规定,包容性典型体现在调整重大资产重组的收入指标、放宽发行股份购买资产的价格下限等。

此外,为促进科创公司专注主业,要求重组标的资产应当符合科创板定位,并与科创公司主营业务具有协同效应。

二、科创公司重大资产重组规则的亮点

(一)调减股份发行价格下限

结合科创公司运作的实际情况,监管层设定了更具有弹性的股份发行定价机制,与主板、中小板和创业板上市公司发行股份的价格相区别,具体规则对比如下:

主板、中小板及创业板上市公司发行股份价格的规定

科创公司发行股份价格的规定

《重组办法》第四十五条第一款:"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。"

《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。"

笔者认为,上述设定主要是考虑到科创企业可能存在收入规模较小、尚未盈利等特点,并结合现阶段科创公司股票价格情况,为提高实体标准与条件的包容性,放宽发行股份购买资产的价格下限,有利于被重组方取得更为合适有利的估值。

此外,从香港资本市场的实践来看,过去四年港交所有超过400起代价发行(类似境内发行股份购买资产),发行价格在市场参考价80%以上的,占比超过九成 [1]。科创公司发行股份价格的定价机制也与国际成熟资本市场的相应定价机制更加接近,也是资本市场国际化进程推进的体现。

(二)重大资产重组的认定标准增加最低营收收入数额

鉴于科创板重点面向尚未进入成熟期但具有成长潜力,且满足有关规范性及科技型、创新型特征的中小企业。因此,在重大资产重组的认定标准营业收入指标中,另设置了"超过5000万元"的标准:

《重组办法》第十二条

《特别规定》第四条

(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,且超过万元人民币。

(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,且超过5,000万元人民币;

(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5,000万元人民币。

(三)允许重组上市但设两套财务"硬门槛"

两项规则明确允许科创公司实施重组上市,但根据重组上市标的资产对应的经营实体是否存在表决权差异安排设置了"净利润""营业收入+现金流"两套财务"硬门槛"。具体情况如下:

表决权是否存在差异安排

针对标的资产的特别要求

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)》("《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5,000万元;

(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。

前款所称净利润以扣除非经常性损益前后的孰低者为准,所称净利润、经营活动产生的现金流量净额均指经审计的数值

除符合《注册管理办法》规定的相应发行条件外,其表决权安排等应当符合《上市规则》等规则的规定,并符合下列条件之一:

(一)最近一年营业收入不低人民币于5亿元,且最近两年净利润均为正且累计不低于人民币5,000万元;

(二)最近一年营业收入不低人民币于5亿元,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

相比科创板IPO的条件,科创板重组上市仅选用了净利润和营业收入等财务指标,并未选用科创板IPO中的市值指标。而且根据上述规则,即使标的资产尚未盈利,同样可以通过重组上市。

此外值得注意的是,交易后其控股股东、实际控制人,在科创公司重组上市后首次实现盈利前,自所取得股份不得转让期限届满后24个月内,每12个月转让的该股份不得超过公司股份总数的2%。

(四)明确创新试点红筹企业并购重组的相关特别规定

《特别规定》明确了在科创版上市的创新试点红筹企业实施重大资产重组或者发行股份购买资产,或者科创公司拟购买资产涉及创新试点红筹企业的特别要求;延续了《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》《关于在上海证券交易所设立科创板并试点注册制的实施意见》及《注册管理办法》中的相关规定,并对创新试点红筹企业实施或参与重大资产重组做了进一步的规定。

< 规则名称
具体内容

《特别规定》

第七条:"实施重大资产重组或者发行股份购买资产的科创公司为创新试点红筹企业,或者科创公司拟购买资产涉及创新试点红筹企业的,在计算重大资产重组认定标准等监管指标时,应当采用根据中国企业会计准则编制或调整的财务数据。科创公司中的创新试点红筹企业实施重大资产重组,可以按照境外注册地法律法规和公司章程履行内部决策程序,并及时披露重组报告书、独立财务顾问报告、法律意见书以及重组涉及的审计报告、资产评估报告或者估值报告。"

《审核规则》

第十三条:"科创公司实施重大资产重组或者发行股份购买资产,标的资产涉及红筹企业的,应当按照《公开发行证券的公司信息披露编报规则第24号—科创板创新试点红筹企业财务报告信息特别规定》《科创板创新试点红筹企业财务报告信息披露指引》的规定,在重大资产重组报告书中披露标的资产的财务会计信息"

笔者认为,对于实施重大资产重组或者发行股份购买资产的科创公司为创新试点红筹企业,或者科创公司拟购买资产涉及创新试点红筹企业,证监会和上交所既提出了要求,也给予了一定的便利。即一方面在计算重大资产重组认定标准等监管指标时,要求按照中国企业会计准则编制或调整财务数据;另一方面,从程序上,也允许科创公司按照境外注册地法律法规和公司章程履行内部决策程序,并及时披露相关报告。

(五)支付方式的多元化

在延续了主板、中小板及创业板规则的同时,科创公司发行股份购买资产的支付方式更具多元性和灵活性。具体规则对比如下:

科创公司发行股份购买资产的支付方式

主板、中小板及创业板上市公司发行股份买资产的支付方式

《特别规定》第九条:"科创公司发行优先股、非公开发行可转债、定向权证、存托凭证购买资产或与其他公司合并的,参照适用《重组办法》、本规定等有关规定。"

《重组办法》第四十七条:"上市公司申请发行股份购买资产,应当提交并购重组委审核。"

第五十条:"换股吸收合并涉及上市公司的,上市公司的股份定价及发行按照本章规定执行。

上市公司发行优先股用于购买资产或者与其他公司合并,中国证监会另有规定的,从其规定。

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。"

笔者认为,发行股份、发行优先股、非公开发行可转债、定向权证购买资产,系主板、中小板及创业板上市公司实施发行股份购买资产常用的支付方式。按照《特别规定》,科创公司可以参照适用《重组办法》有关规定。允许科创公司将存托凭证作为重大资产重组的支付方式,系延续了《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》《关于在上海证券交易所设立科创板并试点注册制的实施意见》及《注册管理办法》中关于允许符合条件的红筹企业申请发行存托凭证并在科创板上市的规定,为创新试点红筹企业实施重大资产重组提供了较为灵活的支付方式。

此外,在遵循《上市公司证券发行管理办法》中有关可转换公司债券发行相关规定的前提下,上交所在《审核规则》进一步强调,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,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。上述规则有利于增加科创公司并购交易谈判弹性,为交易提供更为灵活的利益博弈机制,有利于有效缓解科创公司现金压力及大股东股权稀释风险,丰富并购重组融资渠道。

(六)标的资产需符合科创属性

根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》规定,科创版主要服务于符合国家战略、突破关键核心技术、市场认可度高的科技创新企业。重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业,推动互联网、大数据、云计算、人工智能和制造业深度融合,引领中高端消费,推动质量变革、效率变革、动力变革。

证监会及上交所明确要求科创公司在实施重大资产重组或者发行股份购买资产过程中,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。上述规定有利于让科创版更好地为符合国家战略、突破关键核心技术、市场认可度高的科技创新企业提供资本运作的便利,进一步限制通过并购重组"炒壳""卖壳"。

三、科创公司重大资产重组的审核流程

科创公司并购重组将进一步推进"阳光审核",明确重组审核时限,提高审核的可预期性;向市场全程公开受理、审核问询、审核联席会议等审核进度,审核过程更加透明。

(一)审核流程及时限

根据《审核规则》,上交所自受理发行股份购买资产申请至出具审核意见不超过45天,受理重组上市申请至出具审核意见不超过3个月。衔接《特别规定》5个工作日注册生效的安排,整体形成了"时间更短""预期更明确"的审核制度安排。在审核程序方面,形成了申请与受理、审核部门审核、审核联席会议或上市委员会审议、向证监会报送审核意见等环节,具体如下:

环节

时间

流程/事项

备注

发行股份购买资产但不构成重组上市

重组上市

申请与受理

科创公司股东大会作出重大资产重组决议后3个交易日内

独立财务顾问通过上交所并购重组审核业务系统报送申请文件

-

T日

1.上交所作出是否受理决定;

2.上交所受理文件当日,科创公司披露重大资产重组报告书、独立财务顾问报告、法律意见书、财务报告、审计报告及资产评估报告或者估值报告等文件

上交所收到申请文件后5个交易日内,对文件进行核对,并作出是否受理的决定

审核部门审核

T+10交易日内

独立财务顾问向上交所以电子文档形式报送工作档案和工作底稿

-

T+10交易日内

T+20交易日内

首轮审核问询

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;难以在签署期限回复,可申请延期一次但时间不超过1个月

上交所收到首轮问询回复后

二轮及以上问询(如需)

审核联席会议/上市委员会审议

审核联席会议结束后5个交易日内

上市委员会审议结束后5个交易日内

独立财务顾问汇总补充报送与审核问询回复相关的工作档案和工作底稿

科创公司落实审核联席会议或者上市委员会意见的时间不得超过10个交易日

出具审核意见

T+45日

T+3个月

上交所出具同意发行股份购买资产/重组上市的审核意见或者作出终止审核的决定

科创公司、交易对方、独立财务顾问、证券服务机构回复上交所审核问询的时间,以及本规则规定的中止审核、请示有权机关、落实审核联席会议或者上市委员会意见、实施现场检查等事项,不计算在前款规定时限内

向证监会报送审核意见

证监会收到上交所报送的审核意见等相关文件后5个交易日内

对科创公司注册申请作出同意或者不予注册的决定

科创公司根据要求补充、修改申请文件,以及证监会要求独立财务顾问、证券服务机构等对有关事项进行核查的时间不计算在本款规定的时限内

(二)向市场全程公开受理、审核问询、审核联席会议等审核进度

科创公司重组审核实行电子化审核,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。上述全公开式的审核将有助于震慑重组中的财务造假和利益输送行为,防范"忽悠式""跟风式""三高式"重组,形成更加有效的市场约束。

四、结 语

两项规则既坚持了国家对于科创版属性的战略定位,又坚持了在科创公司重大资产重组过程中试点注册制、以信息披露为核心的原则及理念,同时还与国际成熟资本市场的实践经验相接轨,为科创公司未来实施或参与重大资产重组指明了方向。由于目前科创板市场整体运行平稳,投资者参与热情高,笔者预计在上交所正式发布《审核规则》后,将很快会出现科创公司重大资产重组的案例,笔者将会持续进行密切的关注。

文中备注:

[1]来源:中国证券网,《科创板并购重组注册制来了,细看十大亮点!》,网址:

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