China: 代理人亲述:开南系举牌"ST新梅"案

Last Updated: 26 March 2019
Article by Jiang Tao and Yaran Wang
Most Read Contributor in China, March 2019

自古商场如战场,公司控制权争夺战早已不再新鲜,万科、上海新梅、山水水泥、西藏旅游、金科股份、中科云网、新华百货......如同一部部情节跌宕起伏的大戏,上演着风云变幻......城门失火,守门人殊不知起因为何。作为ST新梅案的代理人,我们早在2016年就想与各位同仁分享一下案件的心得和经验,无奈耽搁了许久。案件虽已封卷,但控制权的争斗并未停息,甚至还有愈演愈烈之势。故而,借此机会打开尘封已久的案卷,翻阅、整理、分析、总结......希望为时不晚。

案情回顾

2013年7月至11月期间,被告之一王某推荐和实际控制开南公司、腾京咨询中心、升创设计中心等7个机构账户及8个自然人账户(下称"开南账户组")陆续买入ST新梅的股份。截至2013年10月23日,开南账户组合计持有新梅5.53%。截至2013年11月1日,开南账户组合计持有新梅10.02%。截至2013年11月27日,开南账户组合计持有新梅14.86%。2014年6月6日,兰州鸿祥、兰州瑞邦、上海开南、上海升创、上海腾京、甘肃力行签署《一致行动人协议》,合计持有上海新梅14.23%,成为上海新梅第一大股东。

案件焦点:兰州鸿翔等一致行动人取得"ST新梅"股份的证券交易行为是否有效?

法条速递

《证券法》第八十六条:通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五时,应当在该事实发生之日起三日内,向国务院证券监督管理机构、证券交易所作出书面报告,通知该上市公司,并予公告;在上述期限内,不得再行买卖该上市公司的股票。

投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五后,其所持该上市公司已发行的股份比例每增加或者减少百分之五,应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内,不得再行买卖该上市公司的股票。"

《证券法》第一百九十三条:发行人、上市公司或者其他信息披露义务人未按照规定披露信息,或者所披露的信息有虚假记载、误导性陈述或者重大遗漏的,责令改正,给予警告,并处以三十万元以上六十万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。

兰州鸿翔等一致行动人取得"ST新梅"股份的证券交易行为有效。

1.管理性强制性规定VS效力性强制性规定

一致行动人取得新梅股份的行为不因违反 《证券法》第86条的规定而无效。《证券法》第86条的规定在性质上属于管理性强制性规定,而非效力性强制性规定,违反该规定的证券交易行为不应认定为无效。原因简述如下:

(1)第86条并未明确规定此类交易行为无效,且该条的立法目的是通过信息披露解决信息不对称的问题,使得投资者作出有利判断,防止操纵市场和内部交易行为,其目的是为了管理需要而针对股份买卖合同行为的某一方面,而非禁止股份买卖这一类合同行为。违反第86条并不会必然发生操纵市场和内幕交易行为,因此不会对公共利益造成直接和现实的严重损害,由于证券市场本身所具有的复杂性,违反该规范并不必然会导致公共利益被严重侵害。

(2)类比《上市公司信息披露管理办法》第30条的规定,持股超过5%以上股份的股东或实际控制人,其持股比例或控制公司的情况发生较大变化时具有信息披露义务。其所列的21项"重大事件"几乎都涉及管理的需要,因此,可以认为《证券法》第86条所规定的亦仅仅为管理性强制性规定。

(3)从体系解释的角度,《证券法》第193条并未将违背第86条信息披露义务的结果认定为"非法持有的证券"。即便是对于更为严重的证券交易违法行为,法律规定仅仅是责令持有人"依法处理非法持有的证券",这就意味着持有人对证券的持有是在此类证券交易行为有效基础上的"非法持有"。举重以明轻,违反第86条的法律后果更不应当为无效。

2.一致行动人的交易行为不构成恶意串通

《民法通则》与《合同法》规定的恶意串通是指交易双方主体之间恶意串通,损害合同交易之外第三人利益的行为。本案中,证券交易关系是广义的买卖合同关系,一致行动人作为买方,和作为合同另一方主体的卖方之间彼此并不相识,不可能也不存在恶意串通行为。并且本案中兴盛实业并未提供证据证明损害到了任何第三人的利益,也无法认定一致行动本身具有损害第三人利益的恶意。

3.交易结果恒定原则

证券市场具有匿名交易、连续交易、涉及众多投资主体等特征,证券交易具有无因性、流动性、集中性等特性,奉行绝对的外观主义。因此,为了维护证券市场的有序和稳定,《证券法》第120条明确"按照依法制定的交易规则进行的交易,不得改变其交易结果"。

据此,只要证券交易行为本身符合业务性、技术性的交易规则,交易结果即不可改变。本案中,一致行动人以符合交易规则的方式取得新梅股份,如果认定该交易行为无效,则会涉及到所获股票的返还,从而改变证券交易的结果,不利于维护证券市场交易秩序的安全和效率。

案情回顾

2013年7月至11月期间,被告之一王某推荐和实际控制开南公司、腾京咨询中心、升创设计中心等7个机构账户及8个自然人账户(下称"开南账户组")陆续买入ST新梅的股份。截至2013年10月23日,开南账户组合计持有新梅5.53%。截至2013年11月1日,开南账户组合计持有新梅10.02%。截至2013年11月27日,开南账户组合计持有新梅14.86%。2014年6月6日,兰州鸿祥、兰州瑞邦、上海开南、上海升创、上海腾京、甘肃力行签署《一致行动人协议》,合计持有上海新梅14.23%,成为上海新梅第一大股东。

案件焦点:兰州鸿翔等一致行动人持有的"ST新梅"股份的股东权利是否应当被限制?

针对股东权利的限制(如表决权),法院现有的判例存在较大差异。例如,在胡氏兄弟—西藏旅游(600749)一案中,拉萨中院在2015年10月裁定行为保全措施,要求在判决之前禁止收购人行使股东权利。相反,在京基集团—康达尔(000048)纠纷中,深圳福田法院在2016年6月作出的一审判决以及深圳中院在2016年12月作出的终审判决,均未支持限制收购人表决权的主张。在本案中,上海一中院在2016年6月30日作出的判决中亦未支持限制收购人股东权利的请求。

法条速递

《证券法》第213条:收购人未按照本法规定履行上市公司收购的公告、发出收购要约等义务的,责令改正,给予警告,并处以十万元以上三十万元以下的罚款;在改正前,收购人对其收购或者通过协议、其他安排与他人共同收购的股份不得行使表决权。对直接负责的主管人员和其他直接责任人员给予警告,并处以三万元以上三十万元以下的罚款。

《上市公司收购管理办法》第75条:上市公司的收购及相关股份权益变动活动中的信息披露义务人,未按照本办法的规定履行报告、公告以及其他相关义务的,中国证监会责令改正,采取监管谈话、出具警示函、责令暂停或者停止收购等监管措施。在改正前,相关信息披露义务人不得对其持有或者实际支配的股份行使表决权。

《上市公司收购管理办法》第76条:上市公司的收购及相关股份权益变动活动中的信息披露义务人在报告、公告等文件中有虚假记载、误导性陈述或者重大遗漏的,中国证监会责令改正,采取监管谈话、出具警示函、责令暂停或者停止收购等监管措施。在改正前,收购人对其持有或者实际支配的股份不得行使表决权。

《上市公司收购管理办法》第77条:投资者及其一致行动人取得上市公司控制权而未按照本办法的规定聘请财务顾问,规避法定程序和义务,变相进行上市公司的收购,或者外国投资者规避管辖的,中国证监会责令改正,采取出具警示函、责令暂停或者停止收购等监管措施。在改正前,收购人不得对其持有或者实际支配的股份行使表决权。

《上市公司收购管理办法》第78条:收购人未依照本办法的规定履行相关义务或者相应程序擅自实施要约收购的,中国证监会责令改正,采取监管谈话、出具警示函、责令暂停或者停止收购等监管措施;在改正前,收购人不得对其持有或者支配的股份行使表决权。

最高人民法院关于适用 《中华人民共和国公司法》若干问题的规定(三)第16条:股东未履行或者未全面履行出资义务或者抽逃出资,公司根据公司章程或者股东会决议对其利润分配请求权、新股优先认购权、剩余财产分配请求权等股东权利作出相应的合理限制,该股东请求认定该限制无效的,人民法院不予支持。

兰州鸿翔等一致行动人持有的"ST新梅"股份的股东权利不应被限制。

1.《公司法》上的股东权利限制VS《证券法》上的股东权利限制

根据《公司法》的相关规定,公司股东只有在没有尽到具备完整股东身份须尽之义务或者违反了《公司法》及相关法律规定义务的情形下,才能对股东享有的股东权利之完整性进行适当的限制。该限制可以通过公司章程或者股东会决议及法院判决作出。

而《证券法》上股东权利限制是指针对收购人等信息披露义务人未按照法律规定履行信息披露等义务的,给予不得行使相应股份表决权的限制。该限制仅能通过有权机关(证监会)作出。

本案的争议焦点,即兰州鸿翔等一致行动人持有的"ST新梅"股份的股东权利是否应当被限制?显然属于《证券法》上对股东权利的限制。

2.《证券法》中的权利限制不属于民事案件审理范围

从文义解释角度来看, 《证券法》第二百一十三条中"在改正前......不得行使表决权"直接对应着前文"责令改正",即限制股东权利与其他行政手段并列,违规收购人承担的是行政法律责任。

从体系解释角度来看,有关"限制股东行使表决权"的规定仅见于中国证监会制定的部门规章,例如《收购管理办法》,而这些部门规章是执行性立法,是证监会为执行法律法规或国务院决定、命令而制定的规范文件,调整的是行政机关与民事主体之间的行政法律关系,而非平等民事主体间的民事法律关系。

综上,《证券法》上的股东权利限制系针对违规收购人采取的具体行政行为,不属于人民法院审理民事案件的范围。

3.股东权利限制的"法定原则"

对于上市公司而言,只要合法持有它的股票,就是它的股东。其依法享有的股东权利,如表决权、提案权、投票权、请求召开临时股东大会权等,除经有权机关(证监会)依法律及程序作出的限制外,不应该受到任何人的剥夺或限制。

本案中,一致行动人通过证券市场合法交易获得上海新梅的股份,成为上海新梅的合法股东,其股东身份已经获得有权机关中国证券监督管理委员会上海监管局和上海证券交易所的认可。其证券违法行为均已受到处罚,处罚内容已履行完毕,其表决权等股东权利不应受到限制。

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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