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1、上市公司重大资产重组管理办法(2023修订)Measures for the Administration of the Material AssetRestructurings of Listed Companies (2023 Revision)制定机关：中国证券监督管理委员会发文字号：中国证券监督管理委员会令第214号公布日期：2023. 02. 17施行日期：2023.02. 17效力位阶：部门规章法规类别：证券监督管理机构与市场监管上市公司营商环境优化Issuing Authority ：China Securities Regulatory CommissionDocument N
2、umber ： Order No. 214 of the China Securities Regulatory CommissionDate Issued : 02-17-2023Effective Date ： 02-17-2023Level of Authority ： Departmental RulesArea of Law ： Securities Regulatory Institutions and Market Supervision and Management Listed Companies Optimization of Doing Business中国证券监督管理委
3、员会令中国证券监督管理委员会令Order of the China Securities Regulatory Commission(No. 214)(No. 214)(第214号)上市公司重大资产重组管理办 法已经2023年2月17日中国 证券监督管理委员会2023年第2 次委务会议审议通过，现予公 布，自公布之日起施行。上市公司重大资产重组管理办 法已经2023年2月17日中国 证券监督管理委员会2023年第2 次委务会议审议通过，现予公 布，自公布之日起施行。中国证券监督管理委员会主席: 易会满2023年2月17日The Measures for the Administration o
4、f the Material Asset Restructurings of Listed Companies, as deliberated and adopted at the 2nd executive meeting of the China Securities Regulatory Commission on February 17, 2023, are hereby issued, and shall come into force on the date of issuance.Yi Huiman, Chairman of the China Securities Regula
5、tory CommissionFebruary 17, 2023司控制权发生变更的前一个会计 年度经审计的合并财务会计报告 期末资产总额的比例达到百分之 一百以上；（二）购买的资产在最近一个会 计年度所产生的营业收入占上市 公司控制权发生变更的前一个会 计年度经审计的合并财务会计报 告营业收入的比例达到百分之一 百以上；（三）购买的资产净额占上市公 司控制权发生变更的前一个会计 年度经审计的合并财务会计报告 期末净资产额的比例达到百分之 一百以上；（四）为购买资产发行的股份占 上市公司首次向收购人及其关联 人购买资产的董事会决议前一个 交易日的股份的比例达到百分之 一百以上；（五）上市公司向收
6、购人及其关 联人购买资产虽未达到第（一） 至第（四）项标准，但可能导致 上市公司主营业务发生根本变 化；（六）中国证监会认定的可能导 致上市公司发生根本变化的其他 情形。100% or more of the ending total assets of the listed company on its audited consolidated financial accounting report for the accounting year immediately preceding the change of control of the listed company.(2) The
7、 operating revenue generated from the purchased assets in the last accounting year accounts for 100% or more of the operating revenue of the listed company on its audited consolidated financial accounting report for the accounting year immediately preceding the change of control of the listed compan
8、y.(3) The net assets purchased account for 100% or more of the ending net assets of the listed company on its audited consolidated financial accounting report for the accounting year immediately preceding the change of control of the listed company.(4) The shares offered for the purchase of assets a
9、ccount for 100% or more of the shares of the trading day immediately before the resolution of the board of directors on the listed companys first purchase of assets from the acquirer and the affiliates thereof is made.(5) Although the purchase of assets by the listed company from the acquirer and th
10、e affiliates thereof does not satisfy the criteria prescribed in subparagraphs (1) through ，the purchase may result in fundamental changes to the main business of the listed company.(6) Any other circumstance determined by the CSRC, which may result in fundamental changes to the listed company.10A l
11、isted company undertaking a material asset restructuring prescribed in the preceding paragraph shall comply with the following provisions:(1) It shall comply with the requirements prescribed in Articles 11 and 43 of these Measures.(2) The business entity from which the assets are purchased by the li
12、sted company shall be a joint-stock company or a limited liability company and shall meet other offering conditions set forth in the Measures for the Administration of the Registration of the Initial Public Offerings of Stocks, the positioning of the relevant board, and the specific conditions presc
13、ribed by the stock exchange.(3) Neither the listed company nor its controlling shareholder or actual controller in the last three years is under official investigation by the judicial authority for being suspected of a crime or is under official investigation by the CSRC for being suspected of any v
14、iolation of law or regulation, unless the suspected crime or violation of law or regulation has been terminated for three years or more, the transaction plan can eliminate the adverse consequences of the conduct, and it does not affect the accountability of the relevant actor.(4) Neither the listed
15、company nor its controlling shareholder or actual controller has been subject to a public censure by the stock exchange in the last 12 months or has any other serious dishonest conduct.(5) The material asset restructuring does not fall上市公司实施前款规定的重大资 产重组，应当符合下列规定：上市公司实施前款规定的重大资 产重组，应当符合下列规定：（一）符合本办法第
16、十一条、第 四十三条规定的要求；（二）上市公司购买的资产对应 的经营实体应当是股份有限公司 或者有限责任公司，且符合首 次公开发行股票注册管理办法 规定的其他发行条件、相关板块 定位，以及证券交易所规定的具 体条件；（三）上市公司及其最近三年内 的控股股东、实际控制人不存在 因涉嫌犯罪正被司法机关立案侦 查或涉嫌违法违规正被中国证监 会立案调查的情形。但是，涉嫌 犯罪或违法违规的行为已经终止 满三年，交易方案能够消除该行 为可能造成的不良后果，且不影 响对相关行为人追究责任的除 外；（四）上市公司及其控股股东、 实际控制人最近十二个月内未受 到证券交易所公开谴责，不存在 其他重大失信行为；（五
17、）本次重大资产重组不存在iiunder any other circumstance determined by the CSRC that may damage investors* lawful rights and interests or is against the principles of openness, fairness, and impartiality.Where a material asset restructuring as prescribed in paragraph 1 implemented by a listed company involves the
18、 offering of shares, the Securities Law and relevant provisions of the CSRC shall apply, but a report shall be filed with the CSRC for registration.For the purposes of paragraph 1 of this Article, “control shall be determined in accordance with the provision of Article 84 of the Measures for the Adm
19、inistration of the Takeover of Listed Companies. If a listed company has a decentralized shareholding structure, and its directors and officers may make major financial and business decisions of the company, it shall be determined that they have the right to control the listed company.Where the asse
20、ts purchased by the listed company from the acquirer or the affiliate thereof as of the date of change of control fall within the scope of finance, venture capital investment, or any other specific industry, it shall be otherwise prescribed by the CSRC.Article 14 The criteria as mentioned in Article
21、s 12 and 13 of these Measures shall be calculated in compliance with the following provisions:(1) If the purchased assets are equities, the中国证监会认定的可能损害投资 者合法权益，或者违背公开、公 平、公正原则的其他情形。中国证监会认定的可能损害投资 者合法权益，或者违背公开、公 平、公正原则的其他情形。上市公司实施第一款规定的重大 资产重组，涉及发行股份的，适 用证券法和中国证监会的相 关规定，应当报经中国证监会注 nil及t 第一款所称控制权，按照上市
22、 公司收购管理办法第八十四条 的规定进行认定。上市公司股权 分散，董事、高级管理人员可以 支配公司重大的财务和经营决策 的，视为具有上市公司控制权。上市公司自控制权发生变更之日 起，向收购人及其关联人购买的 资产属于金融、创业投资等特定 行业的，由中国证监会另行规 定。第十四条计算本办法第十 二条、第十三条规定的标准时， 应当遵守下列规定：（一）购买的资产为股权的，其12total assets shall be the total assets of the investee multiplied by the proportion of shares gained from the inv
23、estment, or the value of the transaction, whichever is higher, the operating revenue shall be the operating revenue of the investee multiplied by the proportion of shares gained from the investment, and the net assets shall be the net assets of the investee multiplied by the proportion of shares gai
24、ned from the investment, or the value of the transaction, whichever is higher. If the sold assets are equities, the total assets, operating revenue, and net assets shall be the total assets, operating revenue, and net assets of the investee multiplied by the proportion of shares gained from the inve
25、stment, respectively.If the listed company obtains the control of the investee by the purchase of equities, the total assets purchased shall be the total assets of the investee, or the value of the transaction, whichever is higher, the operating revenue shall be the operating revenue of the investee
26、, and the net assets shall be the net assets of the investee, or the value of the transaction, whichever is higher. If the sale of equities leads to the listed companys loss of control of the investee, the total assets, operating revenue, and net assets shall be the total assets, operating revenue,
27、and net assets of the investee, respectively.(2) If the purchased assets are non-equity assets, the total assets purchased shall be the book value of the assets or the value of the transaction, whichever is higher, and the net assets purchased shall be the difference between the book values of relev
28、ant assets and liabilities or the value of the transaction, whichever is higher. If the assets sold are nonequity assets, the total assets sold shall be the资产总额以被投资企业的资产总 额与该项投资所占股权比例的乘 积和成交金额二者中的较高者为 准，营业收入以被投资企业的营 业收入与该项投资所占股权比例 的乘积为准，资产净额以被投资 企业的净资产额与该项投资所占 股权比例的乘积和成交金额二者 中的较高者为准；出售的资产为 股权的，其资产总额
29、、营业收入 以及资产净额分别以被投资企业 的资产总额、营业收入以及净资 产额与该项投资所占股权比例的 乘积为准。资产总额以被投资企业的资产总 额与该项投资所占股权比例的乘 积和成交金额二者中的较高者为 准，营业收入以被投资企业的营 业收入与该项投资所占股权比例 的乘积为准，资产净额以被投资 企业的净资产额与该项投资所占 股权比例的乘积和成交金额二者 中的较高者为准；出售的资产为 股权的，其资产总额、营业收入 以及资产净额分别以被投资企业 的资产总额、营业收入以及净资 产额与该项投资所占股权比例的 乘积为准。购买股权导致上市公司取得被投 资企业控股权的，其资产总额以 被投资企业的资产总额和成交金
30、 额二者中的较高者为准，营业收 入以被投资企业的营业收入为 准，资产净额以被投资企业的净资产额和成交金额二者中的较高 者为准；出售股权导致上市公司 丧失被投资企业控股权的，其资 产总额、营业收入以及资产净额 分别以被投资企业的资产总额、 营业收入以及净资产额为准；（二）购买的资产为非股权资产 的，其资产总额以该资产的账面 值和成交金额二者中的较高者为 准，资产净额以相关资产与负债 的账面值差额和成交金额二者中 的较高者为准；出售的资产为非 股权资产的，其资产总额、资产 净额分别以该资产的账面值、相13book value of the assets, and the net assets so
31、ld shall be the difference between the book values of relevant assets and liabilities. If the non-equity assets involve no liabilities, the net assets requirement set forth in subparagraph (3)5 paragraph 1 of Article 12 of these Measures shall not apply.(3) If the listed company purchases and sells
32、assets concurrently, the relevant proportions of the assets purchased and sold shall be calculated separately, the higher of which shall be adopted.(4) If the listed company consecutively purchases and sells the same or related assets in 12 months, the corresponding amounts shall be calculated separ
33、ately on a cumulative basis, excluding the asset transactions for which the material asset restructuring report has been prepared and disclosed in accordance with these Measures. If the accumulative period and scope of the material asset restructuring set forth in paragraph 1 of Article 13 of these
34、Measures are otherwise prescribed by the CSRC, such provisions shall prevail.If the assets as the subject matter of the transaction are owned or controlled by the same party, in the same or similar business scope, or under any other circumstance as determined by the CSRC, they may be deemed the same
35、 or related assets.Article 15 For the purpose of Article 2 of these Measures, uasset transactions by other means” include:关资产与负债账面值的差额为 准；该非股权资产不涉及负债 的，不适用本办法第十二条第一 款第（三）项规定的资产净额标 准；（三）上市公司同时购买、出售 资产的，应当分别计算购买、出 售资产的相关比例，并以二者中 比例较高者为准；（四）上市公司在十二个月内连 续对同一或者相关资产进行购 买、出售的，以其累计数分别计 算相应数额。已按照本办法的规 定编制并披露
36、重大资产重组报告 书的资产交易行为，无须纳入累 计计算的范围。中国证监会对本 办法第十三条第一款规定的重大 资产重组的累计期限和范围另有 规定的，从其规定。交易标的资产属于同一交易方所 有或者控制，或者属于相同或者 相近的业务范围，或者中国证监 会认定的其他情形下，可以认定 为同一或者相关资产。第十五条 本办法第二条所 称通过其他方式进行资产交易， 包括：14(1) forming a new enterprise with others, or increasing or decreasing the capital of the existing enterprises;（一）与他人新设企
37、业、对已设 立的企业增资或者减资；(2) being entrusted to operate or lease the assets of other enterprises, or entrusting operating assets to others for operation or lease;（二）受托经营、租赁其他企业 资产或者将经营性资产委托他人 经营、租赁；(3) accepting conditional assets donations or donating assets to others; and（三）接受附义务的资产赠与或 者对外捐赠资产；(4) other c
38、ircumstances recognized by the CSRC under the principle of prudential regulation.（四）中国证监会根据审慎监管 原则认定的其他情形。If the aforesaid transaction of assets substantially constitutes a purchase or sale of assets and reaches the criteria prescribed in Article 12 or 13 of these Measures, the company shall fulfill
39、 the relevant obligations and perform the relevant procedures in accordance with the provisions of these Measures.上述资产交易实质上构成购买、 出售资产，且达到本办法第十二 条、第十三条规定的标准的，应 当按照本办法的规定履行相关义 务和程序。Chapter III Procedures for a Material Asset Restructuring第三章重大资产重组的程序Article 16 When initially negotiating with the other
40、 party to the transaction in a material asset restructuring, a listed company shall take effective and sufficient confidentiality measures, develop strict and effective confidentiality rules,第十六条上市公司与交易 对方就重大资产重组事宜进行初 步磋商时，应当立即采取必要且 充分的保密措施，制定严格有效15的保密制度，限定相关敏感信息 的知悉范围。上市公司及交易对 方聘请证券服务机构的，应当立 即与所聘请的
41、证券服务机构签署 保密协议。上市公司关于重大资产重组的董 事会决议公告前，相关信息已在 媒体上传播或者公司股票交易出 现异常波动的，上市公司应当立 即将有关计划、方案或者相关事 项的现状以及相关进展情况和风 险因素等予以公告，并按照有关 信息披露规则办理其他相关事 宜。第十七条上市公司应当聘 请符合证券法规定的独立财 务顾问、律师事务所以及会计师 事务所等证券服务机构就重大资 产重组出具意见。独立财务顾问和律师事务所应当 审慎核查重大资产重组是否构成 关联交易，并依据核查确认的相 关事实发表明确意见。重大资产 重组涉及关联交易的，独立财务 顾问应当就本次重组对上市公司 非关联股东的影响发表明确
42、意 见。and limit the scope of persons having access to relevant sensitive information. If the listed company and the other party to the transaction retain a securities service institution, they shall enter into confidentiality agreements with the retained securities service institution.Where, before th
43、e listed company announces the resolution of the board of directors on the material asset restructuring, the relevant information has been disseminated on media or abnormal fluctuations occur in the trading of the companys stock, the listed company shall immediately announce the relevant plan, schem
44、e, or the status quo of the relevant matters, the relevant progress, and risk factors, among others, and handle other relevant matters in accordance with the relevant information disclosure rules.Article 17 A listed company shall retain an independent financial advisor, a law firm, an accounting fir
45、m, and other securities service institutions in compliance with the provisions of the Securities Law to issue opinions on its material asset restructuring.The independent financial advisor and the law firm shall prudentially verify whether the material asset restructuring constitutes an affiliated t
46、ransaction and give definite opinions on the relevant facts verified upon inspection. If the material asset restructuring involves any affiliated transaction, the independent financial advisor shall give definite opinions on the impact of the restructuring on the non-affiliated shareholders of the l
47、isted company.16Where the price of the asset transaction is determined based on the asset appraisal result, the listed company shall retain an asset appraisal institution in compliance with the provisions of the Securities Law to issue an asset appraisal report.Where a securities service institution
48、 adopts the professional opinion given by any other securities service institution or personnel in the opinion it issues, it shall conduct due diligence to prudently verify the content of the professional opinion it adopts and be responsible for the conclusion formed based on the aforesaid professio
49、nal opinion. On the basis of maintaining professional skepticism and conducting prudent verification and necessary investigation and review, the opinion may be reasonably trusted if professional skepticism is excluded.Article 18 After concluding an employment contract with a securities service institution, a listed company and the other party to the transaction may