Re: Q&A in connection with “Article 35” 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》第三十五条“交易对方应当与上市公司就相关资产实际盈利数不足利润预测数的情况签订明确可行的补偿协议”应当如何理解？

How to understand Article 35 of the Measures for Management of Material Assets Restructuring of Listed Companies that is “The counter party shall sign a explicit and feasible compensation agreement with the listed company regarding the shortfall of the actual profit compared with the forecasted profit of the related assets”?

　　

答复：交易对方为上市公司控股股东、实际控制人或者其控制的关联人，应当以其获得的股份和现金进行业绩补偿。如构成借壳上市的，应当以拟购买资产的价格进行业绩补偿的计算，且股份补偿不低于本次交易发行股份数量的90%。业绩补偿应先以股份补偿，不足部分以现金补偿。

Reply: Where the counter party is the controlling shareholder, actual controller of a listed company or the affiliated person controlled by the listed company, it shall conduct the performance compensation with the share and cash acquired by it. In case of constituting back door listing, the performance compensation shall be calculated with the price of assets to be purchased, and compensation with shares shall not be less than 90% of the shares issued in this transaction. Performance compensation should be firstly conducted with shares, and if the shares are not enough to fulfill such performance compensation, cash can be available.

　　

在交易对方以股份方式进行业绩补偿的情况下，通常按照下列原则确定应当补偿股份的数量及期限：

If a counter party conducts the performance compensation with the share, it usually determines the number of shares should to be compensated and the term based on the following principles:

　　

（一）补偿股份数量的计算 (I) Calculation of the number of shares to be compensated

 

1.基本公式Fundamental formula

1）以收益现值法、假设开发法等基于未来收益预期的估值方法对拟购买资产进行评估或估值的，每年补偿的股份数量为：

Where the assets to be purchased are evaluated and assessed with the methods (such as present earning value method, hypothetical development method, etc.) based on future returns expectation, the number of shares to be compensated per year is:

 

当期补偿金额=（截至当期期末累积承诺净利润数－截至当期期末累积实现净利润数）÷补偿期限内各年的预测净利润数总和×拟购买资产交易作价－累积已补偿金额

Amount of compensation for current period=(Accumulated commitment net profit amount up to the end of current period－Accumulated realized net profit amount up to the end of current period) ÷Sum of forecasting net profit amount of years within the compensation period × Transaction pricing of assets to be purchased－Accumulated compensated amount

　　

当期应当补偿股份数量=当期补偿金额/本次股份的发行价格

Number of shares should to be compensated for current period= Amount of compensation for current period/Price of shares issued this time

　　

当期股份不足补偿的部分，应现金补偿

The part of the performance compensation that the shares of current period are not enough to fulfill should be compensated in cash.

　　

采用现金流量法对拟购买资产进行评估或估值的，交易对方计算出现金流量对应的税后净利润数，并据此计算补偿股份数量。

Where the assets to be purchased are evaluated or assessed in cash flow method, the counter party shall calculate the amount of net profit after tax corresponding to cash flow, and calculates the number of shares should to be compensated accordingly.

　　

此外，在补偿期限届满时，上市公司应当对拟购买资产进行减值测试，如：期末减值额/拟购买资产交易作价>补偿期限内已补偿股份总数/认购股份总数，则交易对方需另行补偿股份，补偿的股份数量为：

In addition, in the event that the period for compensation expires, a listed company should have an impairment test on assets to be purchased. If the impairment at the end of the period/the transaction pricing of assets to be purchased>the sum of shares compensated in the compensation period/the sum of shares purchased, the counter party should otherwise compensate shares, the number of which shall be:

 

期末减值额/每股发行价格－补偿期限内已补偿股份总数

the impairment at the end of the period/issuing price per share－the sum of shares compensated in the compensation period

 

2）以市场法对拟购买资产进行评估或估值的，每年补偿的股份数量为：期末减值额/每股发行价格－补偿期限内已补偿股份总数

Where the assets to be purchased are evaluated or assessed in market method, the number of shares to be compensated per year should be: the impairment at the end of the period/ issuing price per share－the sum of shares compensated in the compensation period

　　

当期股份不足补偿的部分，应现金补偿。

The part of the performance compensation that the shares of current period are not enough to fulfill should be compensated in cash.

 

2.其他事项 Other matters

按照前述第1）、2）项的公式计算补偿股份数量时，遵照下列原则：

Calculation of the number of shares to be compensated in accordance with aforesaid formulas 1) and 2) shall comply with the following principles:

 

前述净利润数均应当以拟购买资产扣除非经常性损益后的利润数确定。

Aforesaid net profit amount should be determined based on the profit amount of assets to be purchased after deducting the non-recurring profit and loss.

 

前述减值额为拟购买资产交易作价减去期末拟购买资产的评估值并扣除补偿期限内拟购买资产股东增资、减资、接受赠与以及利润分配的影响。会计师应当对减值测试出具专项审核意见，同时说明与本次评估选取重要参数的差异及合理性，上市公司董事会、独立董事及独立财务顾问应当对此发表意见。

Aforesaid impairment equals to the transaction pricing of assets to be purchased minus the assessed value of assets to be purchased at the end of period and deducts the capital increase, decrease, gifts accepted for the shareholders of assets to be purchased as well as affects of profit distribution within the period of compensation. Accountants should issue special verification advice on the impairment test, and meanwhile explains the difference and reasonability on selection of major parameters compared with this evaluation, and board of directors of listed companies, independent directors and independent financial advisor should voice their opinions on such test.

　　

在逐年补偿的情况下，在各年计算的补偿股份数量小于0时，按0取值，即已经补偿的股份不冲回。

In the event of compensation year by year, the number of shares to be compensated less than 0 calculated each year can be taken as 0, that is to say the shares compensated already shall not be refunded.

　　

拟购买资产为非股权资产的，补偿股份数量比照前述原则处理。

Where assets to be purchased are non-equity assets, the number of shares to be compensated can be calculated in the light of principles mentioned above.

　　

拟购买资产为房地产公司或房地产类资产的，上市公司董事会可以在补偿期限届满时，一次确定补偿股份数量，无需逐年计算。

Where assets to be purchased are real estate companies or the assets of real estate, the board of directors of listed companies may determine the number of shares to be compensated in one time upon the expiry of the compensation period, need not to calculate year by year.

 

3.上市公司董事会及独立董事应当关注拟购买资产折现率、预测期收益分布等其他评估参数取值的合理性，防止交易对方利用降低折现率、调整预测期收益分布等方式减轻股份补偿义务，并对此发表意见。独立财务顾问应当进行核查并发表意见。

The board of directors and independent directors of listed companies shall pay close attention to the reasonability of other evaluation parameters such as discount rate of assets to be purchased, distribution of returns in the forecast period, etc. to prevent counter party from diminishing its duty to compensate shares by taking advantage of reducing discount rate, adjusting distribution of returns in the forecast period and other methods, and express their opinions on such reasonability. The independent financial advisor shall review and provide advice.

　　

（二）补偿期限 (II) Compensation period

 

业绩补偿期限一般为重组实施完毕后的三年，对于拟购买资产作价较账面值溢价过高的，视情况延长业绩补偿期限。

Usually the performance compensation period shall be three years from completion of implementation of restructuring. Where the pricing of assets to be purchased is much too higher than book value premium, such period can be extended as appropriate.

 

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