China: A股上市公司分拆子公司于科创板上市法律可行性研究

Last Updated: 1 April 2019
Article by Hongshan SHEN
Most Read Contributor in China, March 2019

关于A股上市公司分拆子公司境内上市目前仍受到较为严格的监管,但同时市场的关注程度一直有增无减。2018年11月5日,国家主席习近平在首届中国国际进口博览会开幕式上宣布,将在上海证券交易所设立科创板并试点注册制,支持上海国际金融中心和科技创新中心建设。在此背景下,关于A股上市公司能否分拆子公司在科创板上市作为一个"新话题"再度成为市场讨论和关注的焦点,德恒上海办公室科创板法律工作组对此进行了初步研究,盼对读者有所裨益。

一、A股上市公司分拆子公司上市情况

1.分拆上市含义

广义的分拆包括已上市公司或者未上市公司将部分业务从母公司独立出来单独上市;狭义的分拆指的是已上市公司将其部分业务或者某个子公司独立出来,另行在境内外证券市场公开发行股票并上市(本文或简称"分拆子公司上市")。

2.A股上市公司分拆子公司上市的模式

目前,A股上市公司分拆子公司上市主要有以下三种情况:

(1)分拆子公司境内A股上市

目前A股上市公司分拆子公司在境内A股IPO的成功案例很少,大部分系通过股权转让或增资等方式间接实现分拆上市,如康恩贝(600572)分拆佐力药业(300181)创业板上市,轻纺城(600790)分拆会稽山(601579)主板上市,外高桥(600648)分拆畅联股份(603648)主板上市等。

(2)分拆子公司新三板挂牌

A股上市公司分拆子公司在新三板挂牌目前基本没有法律或者监管障碍,成功的案例也很多,如中科曙光(603019)分拆曙光节能(872808)新三板挂牌,海通证券(600837)分拆海通期货(872595)新三板挂牌,徐工机械(000425)分拆徐工信息(872437)新三板挂牌等。

(3)分拆子公司到境外发行并上市

目前A股上市公司分拆子公司到境外包括到香港发行上市的相关法律法规相对成熟,不论是H股模式还是红筹模式成功的案例也很多,如中国铁建(601186)分拆子公司铁建装备(01786)H股上市、同仁堂(600085)分拆同仁堂科技(1666.HK)H股上市、天业股份(600807)分拆天业节水(0840.HK)H股上市、海王生物(000078)分拆海王英特龙(8329.HK)H股上市、同方股份(600100)分拆同方泰德(1206.HK)H股上市、江河集团(601886)分拆子公司梁志天设计集团(02262.HK)H股上市、同仁堂(600085)分拆同仁堂国药(8138.HK)香港红筹上市、同方股份(600100)分拆科诺威德(1206.HK)香港红筹上市等;兖州煤业(600188)子公司兖州澳洲澳大利亚、香港双上市,昆仑万维(300418)子公司OperaLimited美国纳斯达克上市等。

3.A股上市公司分拆子公司境内上市的监管现状

从上述三类分拆上市的情形中可以看出,上市公司分拆子公司到境内上市成功的案例较少。其实,早在2010年4月,中国证监会曾允许境内上市公司分拆子公司到创业板上市,但需满足相关条件,比如上市公司公开募集资金未投向发行人业务;上市公司最近三年盈利,业务经营正常;上市公司与发行人不存在同业竞争且出具未来不竞争承诺,上市公司及发行人的股东或实际控制人与发行人之间不存在严重关联交易;发行人净利润占上市公司净利润不超过50%;发行人净资产占上市公司净资产不超过30%;上市公司及下属企业董、监、高及亲属持有发行人发行前股份不超过10%等。但是仅隔一年多,自2011年12月起,中国证监会对于分拆子公司境内上市的态度逐渐转为从严监管,分拆子公司创业板上市自此没有新的进展。

虽然我国现行法律法规对分拆子公司在A股发行上市没有明确的禁止性规定,但从发行和上市审核的实践角度,监管层对A股上市公司分拆子公司境内上市采取了"不鼓励"的态度,原因包括但不限于以下几个方面:

(1)上市资源的稀缺性

经过20多年的发展,中国资本市场已经发展成为仅次于美国的全球第二大资本市场(据彭博数据)。截至2018年12月,沪、深两市共有上市公司逾3500家。尽管如此,由于我国经济体量大、经济尚处于高投入阶段等原因,目前我国仍然是资本短缺国家,上市融资仍然是稀缺资源。一家公司已经上市,已利用了资本市场的融资资源,如果再允许其分拆子公司在A股上市,也即二次上市,与我国资本市场现在发展阶段、功能定位和监管理念不完全契合,可能会导致社会整体资源分配不均。

(2)相关配套法律法规及监管规则尚需完善

国外发达资本市场包括香港资本市场发展相对成熟,相关监管及交易规则较为完备,因此分拆子公司并在境外上市总体风险可控。相比而言,境内上市公司相关配套监管规则尚不完善,例如:①分拆子公司境内上市目前尚没有专门性的法律或行政法规,在分拆上市和后续监管过程中可能面临"无法可依"的窘境;②分拆子公司上市存在的主要风险之一是可能影响母公司的盈利能力,如何保障现有股东的合法权益及防止利益输送等可能侵害小股东利益行为的发生等问题,目前尚没有专门的制度设计予以防范或保障,等等。

(3)监管难度的增加

分拆子公司上市后,会出现两家上市公司,在母子公司的组织架构下,两个上市公司之间可能产生同业竞争、关联交易及独立性等多方面问题,同时也容易出现利益输送、操作市场等违法违规的行为,侵害小股东利益,扰乱金融市场,从而增加市场监管难度。

二、A股上市公司分拆子公司境外上市

相比较而言,A股上市公司分拆子公司到境外上市则较为常见。根据本所律师的相关项目经验,在符合法律规定的前提下,分拆子公司境外上市的审核难度相对较小,上市时间周期相对较短,所涉及的中国境内主要法律法规如下:

序号

法律规定

1

《国务院关于股份有限公司境外募集股份及上市的特别规定》(国务院令第160号,1994年)

2

《关于执行<到境外上市公司章程必备条款>的通知》(证委发[1994]21号,1994年)

3

《关于规范境内上市公司所属企业到境外上市有关问题的通知》(证监发[2004]67号,2014年)

4

《股份有限公司境外公开募集股份及上市(包括增发)审核关注要点》 (2015年)

5

《股份有限公司境外公开募集股份及上市(包括增发)审核工作流程》 (2015年)

根据《关于规范境内上市公司所属企业到境外上市有关问题的通知》,所属企业申请到境外上市,上市公司应当符合下列条件:

(1)上市公司在最近三年连续盈利。

(2)上市公司最近三个会计年度内发行股份及募集资金投向的业务和资产不得作为对所属企业的出资申请境外上市。

(3)上市公司最近一个会计年度合并报表中按权益享有的所属企业的净利润不得超过上市公司合并报表净利润的50%。

(4)上市公司最近一个会计年度合并报表中按权益享有的所属企业净资产不得超过上市公司合并报表净资产的30%。

(5)上市公司与所属企业不存在同业竞争,且资产、财务独立,经理人员不存在交叉任职。

(6)上市公司及所属企业董事、高级管理人员及其关联人员持有所属企业的股份,不得超过所属企业到境外上市前总股本的10%。

(7)上市公司不存在资金、资产被具有实际控制权的个人、法人或其他组织及其关联人占用的情形,或其他损害公司利益的重大关联交易。

(8)上市公司最近三年无重大违法违规行为。

上述条件与2010年4月中国证监会允许境内上市公司分拆子公司到创业板上市的条件要求基本吻合。因此,从法律层面上,分拆子公司到境内上市和到境外上市并没有本质区别,监管层更多的是从市场发展阶段、监管理念、市场定位等政策层面予以考量。

三、A股上市公司分拆子公司科创板上市的可行性

尽管A股上市公司分拆子公司境内上市存在一些政策限制,但是并没有实质性法律障碍。因此,我们认为,科创板作为"完善资本市场基础制度、激发市场活力和保护投资者合法权益的重要安排",未来允许A股上市公司分拆子公司于科创板上市具有一定的可行性。

首先,允许分拆子公司于科创板上市符合国家战略需求。

中国证监会在"问答"中表示,证监会将指导上交所针对创新企业的特点加强科创板相关制度建设。所谓"创新企业",参照2018年3月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》(国办发〔2018〕21号)的规定,应是符合国家战略、掌握核心技术、市场认可度高,属于互联网、大数据、云计算、人工智能、软件和集成电路、高端装备制造、生物医药等高新技术产业和战略性新兴产业,且达到相当规模的企业。

A股上市公司是我国国民经济的支柱,更是科技创新的主力军。很多A股上市公司都属于高新技术企业或者战略新兴产业,换句话说,很多科技创新的资产都在上市公司之中,因此允许上市公司将部分高新技术产业和战略性新兴产业的资产分离出来单独上市,既符合目前我国科技创新资源分布的实际情况,更有利于科创板更好、更快地推出。

其次,允许分拆子公司于科创板上市有利于创新企业的孵化和培育。

科创板旨在补齐资本市场服务于科技创新的短板,将在盈利状况、股权结构等方面做出更为妥善的差异化安排,以增强对创新企业的包容性和适应性。同时,科创板将实行注册制和投资者适当性管理,这都是有利于创新企业成长和发展的重要制度安排。允许分拆子公司于科创板上市,有利于调动上市公司创新投入的积极性,发挥上市公司在资金、人员、研究能力和市场能力等方面的优势,孵化和培育出更多的创新企业,充分发挥上市公司科技孵化器的功能。

再次,允许分拆子公司于科创板上市有利于提升上市公司整体市场估值,回报广大投资者。

分拆上市后,上市公司仍持有子公司一定的股权,其既可以享受股东分红亦能分享科创板带来的市场溢价和红利,提升上市公司整体估值和市场表现,让更多的投资者参与和分享科技创新带来的财富增长。

最后,分拆子公司境外上市已经积累了丰富的经验,完全可供科创板借鉴。

中国证监会在"问答"中表示,证监会和上交所将依据国家有关法律法规和政策,抓紧完善科创板的相关制度规则安排,特别是借鉴国际成功经验,完善上市公司信息披露,把握好试点的力度和节奏。自《关于规范境内上市公司所属企业到境外上市有关问题的通知》实施以来,已有若干个A股上市公司分拆子公司到境外资本市场上市,监管部门已经积累了较多的监管经验,这些均可供分拆子公司到科创板上市借鉴。

综上所述,A股上市公司分拆子公司于境内上市没有实质性法律障碍。从长远来看,允许分拆子公司于科创板上市符合国家战略需求,也符合上市公司和创新企业的实际需求,具有可行性,对此应充满期待。

德恒作为一家深耕于证券法律服务领域的大型律师事务所,长期以来一直为众多企业境、内外IPO包括分拆子公司上市提供优质、专业的法律服务,并致力于研究和推动中国资本市场健康有序的发展。我们未来将持续关注科创板的相关进展,提供专业、及时的法律解读。

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