Re: Q&A in connection with Article 43 (“Business Assets”) of the Measures for Management of Material Assets Restructuring of Listed Companies

一、 《上市公司重大资产重组管理办法》第四十三条第一款第（四）项规定，“充分说明并披露上市公司发行股份所购买的资产为权属清晰的经营性资产，并能在约定期限内办理完毕权属转移手续”。当上市公司发行股份拟购买的资产为少数股权时，应如何理解是否属于“经营性资产”？（2016年4月29日）

I. Article 43.1(4) of the Measures for Management of Material Assets Restructuring of Listed Companies provides that “fully explain and disclose that the assets purchased by a listed company through issuing shares shall be operational assets whose ownership is clear, and the ownership transfer formalities can be completed within the agreed period”. When the assets to be purchased by the listed company through issuing shares are minority interest, how to determine whether such assets belong to “operational assets” or not?

答复：上市公司发行股份拟购买的资产为企业股权时，原则上在交易完成后应取得标的企业的控股权，如确有必要购买少数股权，应当同时符合以下条件：

Reply: when the assets to be purchased by a listed company through issuing shares are enterprise equity, upon completion of transaction, the company should obtain the controlling interest of target enterprise in principle, if it is really necessary to purchase minority interest, the following conditions shall be met at the same time:

（一）少数股权与上市公司现有主营业务具有显著的协同效应，或者与本次拟购买的主要标的资产属于同行业或紧密相关的上下游行业，通过本次交易一并注入有助于增强上市公司独立性、提升上市公司整体质量。

Minority interest has significant synergistic effect with current main business of listed companies, or belongs to the same industry or closely related upstream and downstream industries with the main underlying assets to be purchased this time, through this transaction, which all together helps to enhance the independence of listed companies, improve the whole quality of listed companies.

（二）少数股权最近一个会计年度对应的营业收入、资产总额、资产净额三项指标，均不得超过上市公司同期合并报表对应指标的20%。

The corresponding three indicators such as operation revenue, gross value of assets, net assets in the latest fiscal year to the minority interest shall not exceed 20% of indicators of consolidated statements in corresponding period of listed companies.

此外，少数股权对应的经营机构为金融企业的，还应当符合金融监管机构及其他有权机构的相关规定。

In addition, where the operating agency to the minority interest is financial enterprise, it shall also comply with the relevant regulations of the financial supervision organizations and other competent authorities.

上市公司重大资产重组涉及购买股权的，也应当符合前述条件。

The material assets restructuring of listed companies involving equity purchase should also meet the above-mentioned conditions.

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