Circular of MOC and CSRC concerning the Relevant Issues on the Administration of Foreign Investment in the Share Trading Reform of Listed Companies

文章摘要 本文围绕商务部与证监会联合发布的关于上市公司股权分置改革中涉及外资管理问题的通知,明确了外资上市公司参与股权分置改革的股权变更程序、改革后企业性质与外资待遇的存续条件、境外投资者战略投资上市公司的许可原则,以及含有H股或B股的外资上市公司在改革后可继续保留外商投资企业批准证书等事项。文章为外资参与中国上市公司股权分置改革提供了操作框架,实务中需重点关注外资持股比例变化对企业待遇的影响,以及向商务主管部门报送文件的时限要求。

The competent commerce departments of all provinces, autonomous regions, municipalities directly under the Central Government and the Xinjiang Production and Construction Corp, the securities regulatory bureaus of China Securities Regulatory Commission (hereinafter referred to as the CSRC) in all regions, Shanghai Stock Exchange, Shenzhen Stock Exchange and China Securities Depository and Clearing Corporation Limited:


 With a view to carrying into effect the requirements of the Guiding Opinions of China Securities Regulatory Commission on the Share Trading Reform of Listed Companies (Zheng Jian Fa [2005] No. 80), promoting the share trading reform in an active and stable manner, pursuant to the relevant laws and regulations on foreign investment as well as the relevant provisions on foreign-funded joint stock companies, we hereby notify the relevant issues concerning the administration of foreign investment in the share trading reform as follows:


 I. The procedures for change of equity as involved in the share trading reform of an A-share listed company that holds the approval certificate of foreign-funded enterprises (hereinafter referred to as a foreign-funded listed company)


 The board of directors of a foreign-funded listed company shall directly file its share trading reform scheme with the Ministry of Commerce for record within 2 workdays after the notice on holding the relevant shareholders' meeting is issued. After a share trading reform scheme is adopted by resolution at the relevant shareholders' meeting, the board of directors of a foreign-funded listed company shall, within 1 workday, report the following documents through the competent commerce department of a province, autonomous region, municipality directly under the Central Government, city specifically designated in the state plan or the Xinjiang Production and Construction Corp (hereinafter referred to as the provincial competent commerce department ):
 (1) An Application;
 (2) Voting result at the relevant shareholders' meeting;
 (3) A statement on the share trading reform;
 (4) The sponsor's opinions;
 (5) The legal opinions;
 (6) If any state share or state corporation share is involved, the approval documents of the administrative department of state-owned asset administration on the disposal of the relevant non-tradable shares shall be submitted;
 (7) If a pledge is set on any share to be disposed of, the letter of agreement produced by the relevant pledgee shall be submitted; and
 (8) Other document as prescribed by any law or regulation.


 The provincial competent commerce department shall, within 2 workdays as of the date of receipt of the application documents, transfer them to the Ministry of Commerce, which will solicit the opinions of the CSRC within 2 workdays as of the date of receipt of the documents. The CSRC shall make a confirmation of no demurral in writing to the Ministry of Commerce within 2 workdays. The Ministry of Commerce shall, within 5 workdays, make a reply on the change of equity of a foreign-funded listed company according to law.


 II. The enterprise nature of and enterprise treatment for a foreign-funded listed company after a share trading reform
 (1) After a share trading reform scheme of a foreign-funded listed company is carried out, within the term wherein the holders of the original foreign corporate shares promise not to sell any share (hereinafter referred to as the time limit for not selling shares), a listed company will continue to hold the approval certificate of foreign-funded enterprises and enjoy the preferential treatment as given to foreign-funded enterprises. As is the general principle, any change in proportion of foreign shares as incurred from the share trading reform will not have any impact on the relevant existing policies of the listed company.
 (2) If, upon the expiration of the time limit for not selling shares, the holders of the original foreign corporate shares sell no shares, the listed company will continue to hold the approval certificate of foreign-funded enterprises and enjoy the preferential treatment as given to foreign-funded enterprises. Or
 (3) If, upon the expiration of the time limit for not selling shares, any shareholder of the original foreign corporate shares sells any share thereof:
 a) Where the proportion of foreign shares of a listed company is no less than 25% after the selling of foreign shares, the listed company will continue to hold the approval certificate of foreign-funded enterprises and enjoy the preferential treatment as given to foreign-funded enterprises.
 b) Where the proportion of foreign shares of a listed company is no less than10% but nor more than 25%, as is incurred from selling of the original foreign shares by any holder, the listed company will continue to hold the approval certificate of foreign-funded enterprises. For the preferential treatment as given to foreign-funded enterprises that the company has enjoyed, the relevant formalities shall be handled in accordance with the relevant provisions of such departments of taxation, Customs and foreign exchange administration. Or
 c) Where the proportion of foreign shares of a listed company is less than 10%, as is incurred from selling of the original foreign shares by any holder, the listed company shall, within 3 workdays, go through the relevant alteration formalities with the relevant departments such as the Ministry of Commerce and the administrative department for industry and commerce and may not hold the approval certificate of foreign-funded enterprises any more.


 III. The strategic investment made by overseas investors in listed companies


 According to the Guiding Opinions of China Securities Regulatory Commission on the Share Trading Reform of Listed Companies and the relevant provisions on merger and acquisition by foreign capital, an overseas investor is allowed to make strategic investment in a listed company. Where a listed that has gone through a share trading reform needs to attract any strategic investment from abroad for the implementation of its development strategy, upon the approval of the relevant departments such as the Ministry of Commerce, an overseas strategic investor may make purchase of shares of A-share of a listed company and promise to hold a certain proportion (as is a general principle, the International Monetary Fund's definition on foreign direct investment shall be referred to; in the case of any clear provision thereon, it shall prevail). As to the procedures for examination and approval of the purchase of shares of a listed company by an overseas investor as well as the management of share accounts, the measures for the administration thereof shall be separately formulated by the Ministry of Commerce and the CSRC.


 IV. An A-share listed company with H-share or B-share that holds the approval certificate of foreign-funded enterprises may continue to hold the approval certificate of foreign-funded enterprises after the share trading reform.


 V. After the share trading reform, a foreign-funded listed company shall report any change of H-share proportion to the Ministry of Commerce as required. The China Securities Depository and Clearing Corporation Limited shall provide the relevant services of data inquiry according to the requirements of the Ministry of Commerce.


 VI. Any change of equities of a foreign-funded listed company that hasn't gone through the share trading reform for the time being shall be handled in light of the relevant provisions in force.


 VII. The power to interpret the present Circular shall reside in the Ministry of Commerce and the CSRC.


 VIII. The present Circular shall go into effect as of the date of promulgation.

杨春宝一级律师简介

杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

外资上市公司股权分置改革后外资待遇如何延续?

根据该通知,外资上市公司在股权分置改革方案实施后,若原外资股股东处于不售股承诺期内,公司可继续持有外商投资企业批准证书并享受外资企业优惠待遇,股改导致的外资持股比例变化原则上不影响既有政策。承诺期满后,若原外资股股东未出售股份,公司仍可继续持有批准证书并享受优惠。若股东出售股份,则需根据出售后的外资持股比例分情形处理:比例不低于25%的,继续持有批准证书并享受全部外资优惠;比例在10%至25%之间(含10%不含25%)的,可保留批准证书,但已享受的税收、海关、外汇等优惠需按相关部门规定办理相应手续;比例低于10%的,公司应在3个工作日内向商务部门及工商部门办理变更登记,不再持有外商投资企业批准证书。实务中,企业应密切关注锁定期届满后的减持节奏,提前测算外资比例变化,避免因未及时办理变更导致合规风险。同时,各地商务主管部门与工商部门的具体操作可能略有差异,建议在减持前与主管部门沟通确认。争议焦点常集中于优惠待遇的溯及力问题,即已享受的税收减免是否需要追缴,实践中以税务机关解释为准。

外资上市公司股改方案报送有哪些流程和时限?

外资上市公司董事会在发出召开相关股东会议通知后的2个工作日内,应直接将股权分置改革方案报送商务部备案。股东会议通过改革方案后,董事会须在1个工作日内,通过省级商务主管部门向商务部报送一系列文件,包括申请书、股东会议表决结果、改革说明书、保荐机构意见、法律意见书;若涉及国有股或国有法人股,还需提交国有资产管理部门对相关非流通股处置的批准文件;若处置股份设有质押,则应提交质押权人出具的同意函;以及其他法律法规要求的文件。省级商务主管部门应在收到申请文件之日起2个工作日内转报商务部,商务部收到后2个工作日内征求证监会意见,证监会应在2个工作日内书面确认无异议,商务部随后在5个工作日内依法作出股权变更批复。整个流程自省级商务部门收到文件至商务部批复,最长约11个工作日。实务中,企业须严格把控备案与报送时限,特别是股东会议通知与董事会备案之间的衔接,一旦迟延可能影响改革进程。常见争议在于国有股处置批准文件与质押权人同意函的完整性,若材料缺失,省级商务部门可能不予转报,导致时限中断。建议企业在筹备阶段即与国资部门、质押权人充分沟通,备齐文件后再启动报送程序。

境外投资者战略投资股改后上市公司有何规则?

根据通知精神,为实施上市公司发展战略,已完成股权分置改革的上市公司需要引进境外战略投资者时,经商务部等有关部门批准,境外投资者可以购买上市公司A股股份,并承诺持有一定比例,该比例原则上参照国际货币基金组织对直接投资的界定标准;若另有明确规定则从其规定。境外投资者购买上市公司股份的审批程序及股份账户管理,将由商务部和证监会另行制定管理办法。这一规定为外资通过战略投资方式参与中国资本市场打开了通道,但必须经过行政审批,并非自由购入。实务中,境外战略投资者应关注后续出台的专门管理办法,并遵守外商投资产业目录、反垄断审查、证券监管等合规要求。常见争议点包括持股比例的计算基准(是总股本还是流通股本)、锁定期安排以及战略投资者资格认定。企业引进战略投资时,应事先就投资方案与商务部门进行预沟通,明确审批路径。同时,为保障数据准确性,中国证券登记结算有限责任公司须按商务部要求提供相关数据查询服务,便于监管股份变动。投资者还需注意,在持股承诺期内不得随意转让,违反承诺可能面临监管处罚。

以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn

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