Re: Q&A in connection with “Article 45” of the Measures for Management of Material Assets Restructuring of Listed Companies

《上市公司重大资产重组管理办法》第四十五条“本次发行股份购买资产的董事会决议应当说明市场参考价的选择依据”应当如何理解？（2015年9月18日）

 How to understand the provision of Article 45 of the Measures for Management of Material Assets Restructuring of Listed Companies that is “The board resolution on purchasing assets through issuance of shares shall indicate the basis for selecting the market reference price”? (September 18, 2015)

答复：《上市公司重大资产重组管理办法》规定了发行股份购买资产的市场参考价可以是董事会决议公告日前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一。上市公司应当充分说明市场参考价的选择原因。

Reply: The Measures for Management of Material Assets Restructuring of Listed Companies provides that the market reference price of purchasing assets through issuance of shares may be one of the average prices of company stock exchange over 20 business days, 60 business days or 120 business days prior to the date for public announcement of the board resolution. A listed company should fully explain the reasons for selecting such market reference price.

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