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
外资上市公司股改时股权变更如何报批?
外资上市公司在股权分置改革中涉及股权变更的,须遵循特定的备案与审批流程。首先,公司董事会应在发布召开相关股东会议通知后的两个工作日内,将股改方案直接报送商务部备案。待股东会议表决通过后,董事会应在一个工作日内,将包括申请书、股东会议表决结果、股改说明书、保荐机构意见、法律意见书等在内的一系列文件,经由省级商务主管部门转报商务部。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;若拟处置股份存在质押,则需取得质权人出具的同意函。省级商务主管部门应在收到申请文件后两个工作日内转报商务部,商务部在收到后两个工作日内征求证监会意见,证监会应在两个工作日内书面确认无异议,商务部最终在五个工作日内依法作出股权变更批复。这一流程体现了严格的时限管理,企业应确保材料齐备、报送及时,以免影响股改进程。
股改后外资持股比例变化对企业待遇有何影响?
股改完成后,外资上市公司的企业性质及待遇取决于原外资股东在禁售期满后的实际减持情况。在禁售期内,无论股权比例如何变化,公司均可继续持有外商投资企业批准证书,并享受外资企业优惠政策。禁售期满后,若原外资股东未出售股份,公司继续维持外资企业身份并享受优惠待遇。若发生减持,则根据减持后的外资持股比例分三种情形处理:其一,外资比例仍不低于25%的,继续持有批准证书并享受全部外资优惠;其二,外资比例降至10%以上但低于25%的,公司仍可保留批准证书,但已享受的税收、海关、外汇等优惠待遇需按照相关主管部门规定办理相应手续,可能面临待遇调整;其三,外资比例降至10%以下的,公司应在三个工作日内到商务部、工商部门等办理变更登记,不再持有外商投资企业批准证书,从而彻底丧失外资企业身份。这一梯度式安排既维护了外资政策的稳定性,也体现了对资本流动的动态监管。企业应密切关注持股比例变化,及时评估政策影响并办理相应手续,避免因未及时变更而引发合规风险。
境外投资者如何对上市公司进行战略投资?
根据本通知及关于上市公司股权分置改革的指导意见和外资并购的相关规定,境外投资者被允许对已完成股权分置改革的上市公司进行战略投资。此类投资的核心目的在于支持上市公司实施发展战略,境外战略投资者可以在获得商务部等相关部门批准后,购买上市公司的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,原则上参照国际货币基金组织关于外国直接投资的界定;若其他法律法规有明确规定的,从其规定。这一制度安排为境外资本参与中国上市公司治理和长期发展提供了合法渠道。在具体操作层面,境外投资者购买上市公司股份的审批程序以及股份账户管理事宜,将由商务部和证监会另行制定专门的管理办法。因此,境外投资者在实施战略投资前,应当持续关注后续配套规则的出台,并严格按照届时有效的程序要求履行审批和登记义务。同时,企业引进境外战略投资者时,应重点考察投资方的资质、资金来源及长期持股意愿,确保符合国家产业政策和外资准入要求。实践中,战略投资不同于一般的财务投资,通常伴随着董事会席位、业务协同等安排,相关协议需符合上市公司治理规范和信息披露要求。
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




