⊙记者 郭成林 ○编辑 邱江

Reporter GuoChengLin ○ ⊙ QiuJiang editor

　　股东人数“超标”历来是企业登陆A股的一道主要障碍。对上市公司运作并购重组而言，为拟购资产突击设立持股公司、归并其股东至“10名以内”的操作手法，将随着证监会对“发行股份购买资产”的政策细节的确定，不再现于资本市场。

shareholders“Exceeds bid”Enterprise in the A shares have always been A main obstacle。Merger and reorganization of listed companies in operation，For purchase assets to assault a holding company set up、Merge to their shareholders“Within 10”Operation gimmick，As to CSRC“The issuance of shares for the acquisition of assets”The determination of the policy details，Not reappear in capital market。

　　证监会近日发布系列常见问题解答，其中首次明确上市公司实施并购重组中，向特定对象发行股份购买资产的发行对象数量为不超过200名。

Securities regulatory commission released recently series FAQ，First clear of the listed company merger and reorganization of implementation，To particular objects to issue shares to buy assets issue an object for no more than 200 number。

　　这虽仅是一个政策细节上的确定，但对资本市场并购运作而言影响甚大。此前，据《证券法》，向特定对象发行证券累计超过200人的，为公开发行。低于200人的，按《上市公司证券发行管理办法》规定，非公开发行对象不超过10名；而《上市公司重大资产重组管理办法》未对发行股份购买资产的对象予以明确规定。

Although this is just a policy on the details of sure，But in the capital markets for great acquisition operation effect。after，According to《Securities law》，To particular accumulatively of more than 200 people，For a public。Less than 200 people，According to《The listed company of securities issuance management approach》provisions，Non-public object no more than 10；and《Material assets reorganization of listed companies management approach》Not for the issuance of shares for the acquisition of assets be explicitly stipulated object。

　　此次，证监会表示，非公开发行股票募集资金与发行股份购买资产存在差异：一是发行对象的确定方式不同。在作出非公开发行股票募集资金行政许可决定时，发行对象通常是不确定的，需通过询价确定；发行股份购买资产的交易目的主要是购买发行对象持有的标的资产，在首次公告发行方案时，发行对象就是明确确定的。

the，CSRC said，The non-public issuance of stocks to raise funds and issuance of shares for the acquisition of assets in different ways：One is the determination of the issue an object in a different way。In making the non-public issuance of stocks administrative licensing decision to raise funds，Issue an object is usually not sure，Through inquiry to determine；The issuance of shares for the acquisition of assets transaction aim is to buy issue an object held the underlying assets，In the first announcement issued solutions，Issue an object is firmly established。

　　二是，发行股份购买资产通常是向有限责任公司或股份有限公司的股东购买其所持有的标的公司股权。根据《公司法》的规定，有限责任公司的股东要求是50名以下，非上市的股份有限公司股东一般是200名以下。如果要求发行对象不超过10名，发行股份购买资产往往就不能一次性买入标的公司的全部股权或控股权，会对上市公司并购重组效率产生影响。

2 it is，To issue shares to buy assets is usually limited liability company or joint stock limited company, the shareholders are buying their holdings of the target company equity。According to《Company law》Provisions of the，A limited liability company, the shareholders demand is 50 below，Private limited company is 200 the following general shareholders。If required to issue the object is not more than 10，Issuance of shares for the acquisition of assets often cannot one-time buy all of the target company equity or controlling stake，To be listed merger and acquisition restructuring efficiency effect。

　　“实践中已经出现了许多上市公司换股吸收合并非上市公司发股对象超过10名但不超过200名的案例。因此，上市公司实施并购重组中向特定对象

“In practice there have been many listed companies change merger by absorption private company of more than 10 hair object but not more than 200 cases。so，Implementation of the listed company merger and reorganization to particular objects

　　发行股份购买资产的发行对象数量限制原则上不超过200名。”证监会表示。

The issuance of shares for the acquisition of assets issue an object limit in principle not more than 200。”CSRC said。

　　记者采访保荐机构及上市公司后获悉，在此前实务中，由于上市公司筹划借壳上市、资产注入、同业并购等重组事项，绝大部分以发行股份购买资产的方式进行，故一般以“定增对象不超过10名”的规则比照执行。由此，当重组对象的股东数超过10名的，一般归集到10名后再定增收购；实在无法归集到10名内的案例，以换股合并方式进行。

Reporters for the sponsor and the listed company learned，In previous practice，Because of the listed company planning to lend hull on the market、Asset injection、Trade the merge of restructuring matters，Most of the issuance of shares to buy assets way，So general with“For no more than 10 increase object”Rules mutatis mutandis execution。this，When restructuring of the object more than 10 shareholders，General collection to 10 players set until after the takeover；Can't really up to 10 in the name of the case，To change merger means。

　　典型案例如南岭民爆(002096,股吧)。今年4月20日南岭民爆公告，拟将换股吸收合并湖南神斧民爆集团有限公司方案调整为向神斧民爆股东定向发行股份购买其所持有的神斧民爆股权。

Typical cases such as the nanling industrial(002096,Shares it)。The April 20 nanling civil public announcement，Plans to change merger by absorption hunan axe industrial group Co., LTD, adjusted for the scheme to axe industrial orientation to issue shares to buy its shareholders held by axe industrial equity。

　　回查资料，南岭民爆曾于2011年10月20日披露换股吸收合并神斧民爆预案，拟以每股31.46元的价格向神斧民爆发行4097.04万股至5245.88万股作为收购对价吸收合并后者。

Back to check information，The nanling industrial in 2011 had on October 20, disclosure change merger by absorption axe industrial plan，Plan to 31.46 yuan a share price to axe 40.9704 million shares issued industrial to 52.4588 million strands of purchase price as of merger by absorption of the latter。

　　据换股吸收合并预案，神斧民爆共有15名股东；但据公司新重组预案，股东数已经减少到10名。为何要力求将换股合并调整为定增重组？核心原因之一是，证监会要求上市公司换股合并运作中需为异议股东设置现金选择权。据南岭民爆公告，曾在换股吸收合并中设置现金选择权，为31.46元/股，而此后公司股价一直低于该价格，折价曾达30%以上。

According to change merger by absorption plan，There were 15 axe industrial shareholders；But according to the company's new reorganization plan，Shareholders have reduced to number 10。Why should strive to will change for the reorganization merger adjustment for？One reason is the core，Securities regulatory commission requirements listed company change in operations for objection to merge shareholders set cash options。According to the nanling civil public announcement，Once in the change merger by absorption of setting cash options，Of RMB 31.46 per share，And since then the company has been below the share price price，Discount had more than 30%。

　　类似案例还有宁波建工(601789,股吧)。2012年3月8日宁波建工公告，发行股份及支付现金购买宁波市政工程建设集团99.96%股权。据公告，重组资产市政集团实际股东人数多达400余人，曾突击成立持股公司进行归并——2010年7月11日，市政集团向宁波同创投定向增发4200万股；至2012年2月，公司开始归并股东，435名股东持有的市政集团8868.952万股转让给同创投资等10家公司。

Similar case and ningbo construction(601789,Shares it)。On March 8, 2012 ningbo construction announcement，The issuance of shares and pay cash for ningbo municipal engineering construction group 99.96% equity stake。According to the announcement，Restructuring assets municipal group actual shareholders as many as 400 more than person，Has established a holding company for merging the assault-11 July 2010，To ningbo municipal group with venture directional by 42 million shares；To February 2012，The company began to merge shareholders，435 the shareholders of city group 88.68952 million shares transferred to create investment and 10 companies。

　　再如洪城股份(600566,股吧)。2011年底终止重组事项前，公司曾明确公告：重组标的公司的自然人股东人数众多，超出非公开发行股票的发行对象不超过十名的限制，需要对标的公司股权结构进行适当调整，设立四家专门的持股公司来持有标的公司股权。

Be like again HongCheng shares(600566,Shares it)。By the end of 2011 before the termination of restructuring matters，The company had made it clear announcement：The target company restructuring of the large number of a natural person shareholder，Beyond the non-public issuance of stocks issue an object of not more than ten restrictions，Need to mark equity structure adjustment，Set up four special holding company to hold a target company shares。