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The Measures on Listing Corporation Acquisition Management revised and issued
2014-December-3 Source: Newsgd.com
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On October 24th, 2014, the Security Regulatory Commission issued the revision versions of the Measures on the Reorganization Management of Listing Corporation’s Major Assets (hereinafter referred to as the “Reorganization Measures") and Listing Corporation Acquisition Management (hereinafter referred to as the “Acquisition Measures").

This revision is aim to relax control and strengthen supervision. It mainly includes the following content: a) To cancel the approval on listing corporation’s major purchase, sale or exchange of assets behavior if these behaviors do not constitute a backdoor-listing ; cancel the prior approval on tender offer and the approval on two situation for exemption from tender offer. b) To improve the market-oriented pricing mechanism for the purchase of assets through issuing shares. c) To improve the definition of backdoor-listing, and clarify the backdoor-listing audit requirement is the same as IPO and the listing corporation of Growth Enterprises Market does not allow the backdoor listing. d) To further enrich payment means of acquisition and reorganization. e) To cancel the limit to unrelated third party to buy assets by issuing shares and mandatory requirement on compensation of profit forecast. f) To enrich performance guarantee system of tender offer, reduce the cost of tender offer, and the strengthen the responsibility of financial consultant. g) To clear lane system audit and strengthen the supervision in the process.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: Sunny
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