M&A of listed companies gaining steam (2)

Increasingly open and transparent examination and verification

It is known that 5 administrative permissions are required for merger, acquisition and reorganization of listed companies, including exemption from obligation of tender offer, filing of reports on the acquisition of listed companies, approval for material assets reorganization of listed Companies, approval for purchases of assets through issuing shares by listed companies, and approval for merger and split of listed companies.

Among them, the examination and verification of the above 5 administrative permissions can be divided into two categories according to the principle whether it is required to be submitted to the RCMAR (Review Committee of Merger, Acquisition and Reorganization) of CSRC for examination and verification. For the first category, it is not required to be submitted for examination and verification, such as filing of reports on the acquisition, and there are 5 examination and verification procedures. For the second, it is required to be submitted for examination and verification, such as approval for purchases of assets through issuing shares, and there are 8 examination and verification procedures, including acceptance, initial examination and verification, feedback session, execution of the feedback opinion, examination and verification session, meeting of RCMAR, execution of the opinion of RCMAR for examination and verification, and filing after examination and verification. The detailed content about the above procedures will be publicized according to Work Procedures for Examination and Verification of Administrative Permission for Merger, Acquisition and Reorganization of Listed Companies.

Meanwhile, each administrative permission application under examination for merger, acquisition and reorganization will be publicized in Basic Information and Examination Progress Chart for Administrative Permission Application for Merger, Acquisition and Reorganization of Listed Companies item by item in the order of reception time.

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