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.
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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中股权变更的审批程序是怎样的?
外资上市公司进行股权分置改革时,股权变更审批程序分为多个阶段。首先,公司董事会应在发布召开相关股东会议通知后2个工作日内,直接向商务部备案股权分置改革方案。其次,方案经相关股东会议决议通过后,董事会须在1个工作日内通过省级商务主管部门报送申请材料,包括申请书、股东会议投票结果、股权分置改革说明、保荐人意见、法律意见书等文件。如涉及国有股份,还需提交国有资产管理部门的审批文件;如涉及已质押股份,须提交质权人出具的同意函。省级商务主管部门收到材料后2个工作日内转报商务部,商务部在收到文件后2个工作日内征求证监会意见,证监会须在2个工作日内书面回复无异议确认,商务部最终在5个工作日内依法批复股权变更。整个审批流程时间紧凑、环节衔接紧密,企业须严格把握各环节时限要求,确保材料齐备、程序合规,避免因材料缺失或超时导致审批延误。实务中常见争议焦点包括备案与审批的边界混淆、质押股份处置未取得质权人同意导致的程序瑕疵,以及国有股份处置未经国资部门审批引发的合规风险。
股权分置改革后外资上市公司企业性质如何认定?
股权分置改革后外资上市公司企业性质的认定,核心依据是外资股比例的变化。在原外资法人股股东承诺不减持股份的限售期内,上市公司继续持有外资企业批准证书并享受外资企业优惠待遇,且因股权分置改革导致的外资股比例变化原则上不影响公司现有政策。限售期满后分三种情形处理:第一,若外资股比例不低于25%,公司继续保留外资企业身份并享受优惠待遇;第二,若外资股比例在10%至25%之间,公司仍可保留外资企业批准证书,但已享受的税收、海关、外汇管理等优惠政策须按相关部门规定办理相应手续;第三,若外资股比例低于10%,公司须在3个工作日内向商务部、工商管理部门等办理变更手续,不再持有外资企业批准证书。此外,含H股或B股的外资A股上市公司在股权分置改革后可继续持有外资企业批准证书。企业须密切关注外资股比例变化,及时办理相关手续,避免因身份转换引发税务、外汇等方面的合规风险。实务中常见争议焦点集中在外资股比例计算的时点认定、限售期届满后企业性质转换的衔接安排,以及优惠政策追溯调整问题。
境外投资者如何对完成股权分置改革的上市公司进行战略投资?
境外投资者可依据股权分置改革指导意见及外资并购相关规定,对已完成股权分置改革的上市公司进行战略投资。战略投资的核心要求是:境外战略投资者经商务部等相关部门审批后,可购买上市公司A股股份,并承诺持有一定比例的股份。关于持股比例的认定,一般参照国际货币基金组织对外国直接投资的定义,如有明确规定则从其规定。战略投资的审批程序及证券账户管理,由商务部和证监会另行制定管理办法。实务中,境外投资者进行战略投资须关注以下要点:一是须取得商务等部门审批,未经审批不得擅自购股;二是须承诺持有一定比例且期限的股份,体现战略投资的长期性特征;三是证券账户开立与管理须遵循证监会和商务部的专项规定;四是投资完成后如涉及外资股比例变化,须按前述企业性质认定规则办理相关手续。战略投资制度为境外资本参与中国资本市场提供了规范化路径,但投资者须严格遵循审批程序与持股承诺要求,防范因程序违规或承诺不履行而面临的法律风险与监管处罚。常见争议焦点包括战略投资与一般二级市场买入的界定标准、持股比例承诺的履行与豁免条件,以及审批时限不确定对交易安排的影响。
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




