The China Securities Regulatory Commission amended the Measures for the Administration of Material Asset Restructuring of Listed Companies (Restructuring Measures) and the Measures for the Administration of the Acquisition of Listed Companies (Acquisition Measures) in April.
Senior Partner
Zhong Yin Law Firm
According to the measures, administrative approvals for acquisitions/restructurings of A-share listed companies not involving backdoor listings or the offering of shares to purchase assets will be abolished. The measures also stipulate that “lawfully established investment institutions, such as buyout funds, equity investment funds, venture capital funds, industry investment funds, etc., are encouraged to participate in the acquisitions and restructurings of listed companies”.
This has greatly reduced the burden of acquisition/restructuring approvals and is conducive to further promoting restructurings of listed companies by way of buyout funds. According to statistics compiled by ChinaVenture, as of December 2014, more than 80 listed companies were involved in the establishment of buyout funds, totalling in excess of RMB 70 billion (USD$11.3 billion).
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Sun Jian is a senior partner and Wang Junlu is a lawyer at Zhong Yin Law Firm
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Fax: 86 10 5869 9666
E-mail: sunjian@zhongyinlawyer.com
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