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LectureFour:RulesAboutaListedCompanyandSecurities

上市公司及法相关规则

Ⅴ.AcquisitionofListedCompanies上市公司的收购

1.meansforacquisition:收购的方法

Aninvestormaypurchasealistedcompanybymeansoftenderofferor

agreementaswellasbyanyotherlegalmeans.投资者可以采取要约收购、协议收购

及其他合法方式收购上市公司。(Art.85)

2.equitydisclosure持股权益披露

Whereaninvestor,throughsecuritiestradingatastocke,comesto

holderholdswithanyother5%ofthesharesasissuedbyalistedcompany

bymeansofagreementoranyotherarrangement,theinvestorshall,withinthree

daysasofthedatewhensuchshareholdingbecomesafact,submitawritten

reporttoCSRCandthestocke,notifytherelevantlistedcompanyand

announcethefacttothegeneralpublic.Withintheaforesaidprescribedperiod,

theinvestormaynotpurchaseorsellanymoresharesofthelistedcompany.当

投资者通过所的，持有或者通过协议、其他安排与他人共同持有一个上市

公司的。

Incaseaninvestorholdsorholdswithanyother5%oftheshares

asissuedbyalistedcompanybymeansofagreementoranyotherarrangement,he

shallmakereportandannouncementofeach5%increaseordecreaseinthe

proportionoftheissuedsharesofthesaidcompanyheholdsthroughsecurities

tradingatastocke.Withinthereportingperiodaswellastwodays

aftertherelevantreportandannouncementaremade,theinvestormaynotpurchase

orsellanymoresharesofthelistedcompany.投资者持有或者通过协议、其他安排

内，不得再行该上市公司的。

3.investorsarecompelledtopurchasealistedcompanybymeansoftender

offer强制要约收购

Whereaninvestorholdsorholdswithanyother30%ofthestocksas

issuedbyalistedcompanybymeansofagreementoranyotherarrangementthrough

securitiestradingatastocke