Re:Relevant Q&A for requirements on disclosure of information that underlying assets of the material assets restructuring demolished the framework controlled by VIE agreements (December 18, 2015)

重大资产重组中，如拟购买的标的资产历史上曾拆除VIE协议控制架构，有哪些信息披露要求？

What are the information disclosure requirements under the situation that the underlying assets to be purchased in the material assets restructuring once demolished the framework controlled by VIE agreements?

答复：上市公司进行重大资产重组，如拟购买的标的资产在预案公告前曾拆除VIE协议控制架构，应当在重组报告书中对以下事项进行专项披露：

Reply: Listed companies should specifically disclose the following items in the restructuring report during the period it conduct the material assets restructuring if the underlying assets to be purchased once demolished the framework controlled by VIE agreements before the plan is announced:

1.VIE协议控制架构搭建和拆除过程，VIE协议执行情况，以及拆除前后的控制关系结构图；

The process for setting up and demolishing the framework controlled by VIE agreements, status of VIE agreement execution, and controlling relationship structure chart before and after demolishing;

2．标的资产是否曾筹划境外资本市场上市。如是，应当披露筹划上市进展、未上市原因等情况；

Whether underlying asset is planned and prepared to list in the foreign capital market. If so, the status such as the progress of planning and preparation of list, unlisted reasons, etc. should be disclosed.

3．VIE协议控制架构的搭建和拆除过程是否符合外资、外汇、税收等有关规定，是否存在行政处罚风险；

Whether the process for setting up and demolishing the framework controlled by VIE agreements meets the relevant regulations on foreign capital, foreign exchange, tax, etc., or has risks of administrative penalty;

4．VIE协议控制架构是否彻底拆除，拆除后标的资产股权权属是否清晰，是否存在诉讼等法律风险；

Whether the framework controlled by VIE agreements is completely demolished, the ownership of equity of underlying asset is explicit after demolishing, or has legal risks as lawsuit and so forth;

5．VIE协议控制架构拆除后，标的资产的生产经营是否符合国家产业政策相关法律法规等规定；

Whether the production and operation of the underlying assets meet the provisions of relevant laws and regulations of national industry policies after the framework controlled by VIE agreements is demolished.

6．如构成借壳上市，还应当重点说明VIE协议控制架构拆除是否导致标的资产近3年主营业务和董事、高级管理人员发生重大变化、实际控制人发生变更，是否符合《首次公开发行股票并上市管理办法》第十二条的规定。

In case of back door listing, whether the demolishing of the framework controlled by VIE agreements results in the significant change of the main business and directors, management of underlying assets and the change of actual controller of underlying assets in recent 3 years, or meets the provisions of Article 12 of the Measures for Management of the Initial Public Offering of Shares and Listing should also be mainly explained.

独立财务顾问应当对以上情况进行核查并发表明确意见。我会将在审核中重点关注。

The independent financial adviser should check and express explicit opinions to the circumstances mentioned above. CSRC will focus on in the approval and examination.

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