After extensively soliciting public opinions, and approved by the China Securities Regulatory Commission, on June 22, the Shanghai Stock Exchange issued the newly revised “Science Innovation Board Listed Companies’ Major Asset Reorganization Review Rules” and “Science Innovation Board Listing Committee Management Measures.” At the same time, in order to further clarify the review standards and procedures for mergers and acquisitions and reorganization of listed companies on the Sci-tech Innovation Board, and to improve the transparency of the restructuring review work, in accordance with relevant regulations, the Shanghai Stock Exchange formulated and issued “Guidelines for the Application of the Rules for Issuance and Listing Auditing on the Sci-Tech Innovation Board No. 2-Major Assets of Listed Companies Reorganization Audit Standards and Related Matters”.
The main contents of the proposed amendments to the “Examination Rules” include: First, increase the review procedures of the merger and acquisition and reorganization committee for applications for the issuance of shares by science and technology companies to purchase assets, and adjust the reorganization and listing from the existing science and innovation board listing committee to review by the merger and acquisition and reorganization committee, and modify them simultaneously All relevant provisions involved. The second is to adjust the review time and improve the relevant calculation rules. Consistent with the Securities Law, the review time limit for restructuring transaction applications is clearly defined as the total time for the exchange review and registration with the China Securities Regulatory Commission to not exceed 3 months from the date of acceptance; according to the review practice of the restructuring review agency and the M&A and Restructuring Commission As needed for deliberation, the exchange review time for the issuance of shares to purchase assets will be adjusted to 2 months. The third is to adjust part of the content and text to be consistent with the revision of other related systems such as the Securities Law.
The main contents of the “Administrative Measures for the Listing Committee” to be revised include: First, the establishment of a merger and reorganization committee is clearly established and the duties of the merger and reorganization committee are stipulated. The second is to stipulate that the M&A and Restructuring Committee’s performance of duties, meeting organization, review work supervision, etc. shall be implemented in accordance with the relevant regulations of the Science and Technology Innovation Board Listing Committee. The third is to link up with the “Measures for the Transfer of Listing Companies Listed on the National Small and Medium-sized Enterprise Share Transfer System to the Shanghai Stock Exchange Science and Technology Innovation Board (Trial)”, and clarify that the transfer of listing involves relevant content deliberation by the Listing Committee.
At the same time, the “Guidelines No. 2” is mainly a further explanation of the relevant rules for the merger and reorganization of listed companies on the Science and Technology Innovation Board that are different from those of the Main Board. It mainly includes the judgment principles of science and innovation attributes for the purchase of underlying assets by listed companies on the Science and Technology Innovation Board, and the classification and review arrangements for mergers and acquisitions and reorganizations of listed companies on the Science and Technology Innovation Board.
It is reported that after the release of the above-mentioned rules, the Shanghai Stock Exchange will organize the implementation of the rules to ensure the smooth implementation of the new system, and continue to optimize and improve in practice.Return to Sohu to see more
Editor:
Disclaimer: The opinions of this article only represent the author himself. Sohu is an information publishing platform. Sohu only provides information storage space services.
.