豁免要约收购规则明晰化 Exemption from rules exhausted takeover offer

　　⊙记者 赵一蕙 ○编辑 孙放

Reporter ZhaoYiHui ○ ⊙ SunFang editor

　　7日，证监会就豁免要约收购相关条款作出解释，明确了对“实际控制人发生变化”的认定和理解：上市公司国有股权跨省转让，或国务院国资委和地方国资间转让也属实际控制人发生变化。据记者了解，尽管监管层在认定上一直如此操作，但有投行人士指出，上述解释给未来国企上市公司的兼并收购程序亮出信号，使符合要约豁免的情形更为明晰。

7，Securities regulatory commission will release a takeover offer terms related to explain，Made clear to“The actual control over the change”Of the determination and understanding：The listed company state-owned equity transfer across the province，The state council or the state-owned assets supervision and administration commission place between the actual transfer is inspected to control people change。According to the reporter understands，Although regulatory law has been in such operation，But there are investment Banks personage points out，The above explanation for the future of the listed company of state-owned enterprise merger and acquisition program reveals signal，Make an offer in the case of the exemption with more clear。

　　《上市公司收购管理办法》第62条的规定，列举了符合提出要约豁免申请的几类情况，其一即为“收购人与出让人能够证明本次转让未导致上市公司的实际控制人发生变化”。但在执行中，对于该条款如何理解，证监会对外一直未公布明确说法。而根据其最新发布的解释，有一点已明确，上市公司国有股在不同省、自治区、直辖市的国有企业之间，国务院国资委和地方国有企业之间进行转让时，视为实际控制人发生变化。

《The takeover of listed companies management approach》Article 62 the provisions，Lists the proposed an exemption application with some kinds of situation，One is to“The purchasers and the people to be able to prove the transfer to the listed companies without actual control over the change”。But in the implementation of the，For the terms how to understand，Securities regulatory commission has not announced that foreign clear。And according to its latest explanation，A little already clear，State-owned shares listed companies in different provinces、Autonomous region、Municipalities directly under the central government between state-owned enterprises，Under the administration and local state-owned enterprises at the time of transfer between，As the actual control over the change。

　　“以往在这一标准的执行认定上，一直是这么操作。”昨日一位投行人士向记者表示。对于为何证监会此番要作说明，有保荐人解释，可能在现实操作中不少公司对上述条款提出不同理解，亦有疑问产生。由此，证监会在经过实践后，选择在时机成熟时发布上述解释。给予市场明确的信号，尤其是未发生、筹划中的相关交易，将因为规则解释的明确而影响到其后期决策或交易路径。

“In the past the execution of the standard on that，Has been so operation。”Yesterday a investment Banks people told reporters。Why the transgressions for CSRC will be to explain，Have sponsors to explain，In real operation may be many company for the above terms put a different understanding，Also have doubt generated。this，Securities regulatory commission after practice，Choose when the time is ripe release the above explanation。Gives the market clear signal，Especially not happen、The planning relevant trade，Because of the rules will explain clearly and affect the decision or late trading path。

　　事实上，上市公司控制权在中央和地方之间变更不在少数。如2010年6月，中建总公司通过无偿划转取得了新疆国资委所持新疆建工76.3%分股权，同时向新疆建工增资，从而持有新疆建工85%股权。因新疆建工拥有西部建设(002302,股吧)50.79%股权，使得中建总公司触发了对西部建设的要约收购义务，不过此后获得证监会豁免。而凌钢股份(600231,股吧)今年亦披露了相关重组信息，其实际控制人朝阳市国资委与央企中国港中旅集团合作，后者以现金出资对凌钢集团等标的企业进行增资，对凌钢集团持股超过51%，而凌钢集团对凌钢股份持股比例超过53%，由此将导致上市公司实际控制人变更。

In fact，The listed company in central and local control is not changed between a minority。As June 2010，The state-owned corporation through the free transfer made the xinjiang state-owned assets supervision in xinjiang construction 76.3% points equity，At the same time to xinjiang capital construction，Thus hold xinjiang construction 85% equity stake。For xinjiang construction with the western construction(002302,Shares it)50.79% equity，The state-owned company that trigger for the construction of the western takeover offer obligations，But since then get CSRC exemption。And LingGang shares(600231,Shares it)This year also revealed related restructuring information，The actual controller and scholars from renmin sasac chaoyang China CTSHK group cooperation，The latter capital contribution in cash to LingGang group, mark in new enterprise，LingGang group of owning more than 51%，And LingGang group LingGang shares to share ratio of more than 53%，This will lead to the listed company to control the actual people change。

　　有分析人士指出，由于近年来国企兼并重组案例时有发生，有时更涉及上市公司。在这种情况下，地方国资与央企之间在上市公司或上市公司股东层面，进行股权无偿划转或划转结合增资的情形较为普遍，由此满足豁免要约收购的情形。因为《上市公司收购管理办法》明确，经政府或国有资产管理部门批准，进行国有资产无偿划转的，亦可豁免要约收购义务。而上述证监会解释只针对 “转让”而非“划转”，也留下政策空间。不过，这一规则的明确也给国企间的兼并收购“提了个醒”，防止“滥用”豁免要约，若符合规则要求，收购方亦需履行全面要约收购义务，以遵循平等的市场规则，同时也是尊重上市公司中小股东权利。

Analytic personage points out，Because the recent years state-owned enterprises m&a cases occur frequently，Sometimes more involved in listed companies。In this case，Place between scholars from renmin inspected and in the listed company or the shareholders of a listed company level，For equity transfer or transfer combined with free endowment situation widespread，Thus meet the exemption of a takeover offer situation。because《The takeover of listed companies management approach》clear，The government or the state-owned assets administration department for approval，For free to delimit the state-owned assets，Also a takeover offer exemption from duty。The CSRC only to explain “transfer”Rather than“transfer”，Also left policy space。but，The rules of the clear to the state-owned enterprises and between the merger and acquisition“Put forward a wake”，prevent“abuse”Immunity offer，If conform to the rules requirements，Acquirers is also necessary for you to perform comprehensive takeover offer obligations，To follow the rules of market equality，At the same time is also respect the listed company right small and medium shareholders。

　　作为对照，在民营、外资收购上市公司过程中，要约收购通常成为一大必须迈过的“门槛”，甚至会因为市况而发生转折。如帝亚吉欧集团收购水井坊(600779,股吧)一度面临股价跌破要约价的危险，而熔盛重工要约收购全柴集团更因为全柴动力(600218,股吧)市价相对要约价折价过多，给付压力大而“僵持”。

As a comparison，In private、A foreign takeover in the process of the listed company，Often a takeover offer a great must move beyond“threshold”，Even for a disaster and the turning point。Such as emperor achish the ShuiJingFang group acquired(600779,Shares it)Share prices were faced the danger of an offer price below，And rongsheng heavy industry takeover offer QuanChai group because QuanChai more power(600218,Shares it)The offer price discount relative to market too much，Payment under pressure“stalemate”。