M&A of listed companies gaining steam (3)

Merger, acquisition and reorganization of listed companies play an important role in the "structural adjustment and pattern transformation" of the national economy. In order to enhance the capability of merger, acquisition and reorganization to serve substantial economy and promote constant healthy development of the merger, acquisition and reorganization market, CSRC, sticking to the market-oriented principle and simplifying the administrative permission procedures of merger, acquisition and reorganization, actively advances the standardization, processed management and publicity of the examination and verification work and continues enhancing supervision transparence and examination efficiency.

CSRC cancelled the administrative permission for 4 exemption issues from obligation of tender offer including "free increase of shareholding by shareholder holding over 50 percent share, free increase of shareholding less than 2 percent each year by shareholder holding over 30 percent share, obtaining of new shareholding by the largest shareholder which a listed company issues to him (or her), and inheritance" in February of 2012; in August, CSRC applied to the State Council for cancelling the administrative permission for repurchasing shareholding by listed companies. Currently, about 2/3 transactions of merger, acquisition and reorganization can be carried out independently after information disclosure by listed companies without examination and approval.

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