Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies
Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies
Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies
Order of the China Securities Regulatory Commission No.127
September 8, 2016
The Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies, which was deliberated and adopted at the Tenth Chairman's Executive Meeting of the China Securities Regulatory Commission in 2016 on September 1, 2016, is hereby promulgated and shall take effect as of the date of promulgation.
Liu Shiyu, Chairman of the China Securities Regulatory Commission
Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies
I. Article 13 is revised to read: "Where the purchase of assets by a listed company from the acquirer or the affiliated party thereof within 60 months as of the date when the control is changed causes any of the following fundamental changes to the listed company, such purchase constitutes the material asset reorganization, and shall be reported to the CSRC for approval in accordance with these Measures:
"1. the total assets purchased account for 100% or more of the total amount of the end-of-period assets of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"2. the operating income from the purchased assets in the last accounting year accounts for 100% or more of the operating income of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"3. the net profits from the purchased assets in the last accounting year account for 100% or more of the net profits of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"4. the net assets purchased account for 100% or more of the end-of-period net assets of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"5.
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Order of the China Securities Regulatory Commission No.127
September 8, 2016
The Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies, which was deliberated and adopted at the Tenth Chairman's Executive Meeting of the China Securities Regulatory Commission in 2016 on September 1, 2016, is hereby promulgated and shall take effect as of the date of promulgation.
Liu Shiyu, Chairman of the China Securities Regulatory Commission
Decision on Revising the Administrative Measures for the Material Asset Reorganization of Listed Companies
I. Article 13 is revised to read: "Where the purchase of assets by a listed company from the acquirer or the affiliated party thereof within 60 months as of the date when the control is changed causes any of the following fundamental changes to the listed company, such purchase constitutes the material asset reorganization, and shall be reported to the CSRC for approval in accordance with these Measures:
"1. the total assets purchased account for 100% or more of the total amount of the end-of-period assets of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"2. the operating income from the purchased assets in the last accounting year accounts for 100% or more of the operating income of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"3. the net profits from the purchased assets in the last accounting year account for 100% or more of the net profits of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"4. the net assets purchased account for 100% or more of the end-of-period net assets of the listed company in the consolidated financial and accounting report for the previous accounting year that was audited before the change of the control over the listed company;
"5.
......