Re: Q&A in connection with matters need to be paid attention to for information disclosure of Shanghai-Hong Kong Stock Exchange Interconnection equity change

 

 

关于沪港通权益变动相关信息披露中有何注意事项？（2015年9月18日）

What matters need to be paid attention to for information disclosure of Shanghai-Hong Kong Stock Exchange Interconnection equity change? (September 18, 2015)  

　　

1. 在沪港通实行名义持有人制度下，上市公司前十大股东的认定和披露是以名义持有人为准还是以实际权益拥有人为准？

Under the circumstance that Shanghai-Hong Kong Stock Exchange Interconnection implements the nominee system, are the determination and disclosure of top ten shareholders of a listed company based on the nominal shareholders or the owners of actual equity?

　　

答复：根据《公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式》的规定，年报中应当披露报告期末股东总数、持股5%以上股份的股东名称等，若持股5%以上股东少于10人，则应列出至少前10名股东的持股情况。目前，A股市场是依照记载于登记结算机构的股东名册确认股东身份的，也即按名义持有人进行确认。在沪港通实施初期，以名义持有人披露前十大股东是确保市场效率的重要制度安排。

Reply: According to the provisions in the Information Disclosure Content and Format Norm of Company Publicly Offering Securities No. 2—Content and Format of Annual Report, the annual report should disclose total shareholders in the end period of the report, as well as the name of shareholders holding more than 5% of shares, etc. If the number of shareholders holding more than 5% of shares is less than 10, the shareholding ratio of the top 10 shareholder shall be listed at least. At present, A share market confirms the identity of shareholders based on the register of shareholders documented in the securities clearing institution, i.e. confirms based on the nominal shareholders. At the initial stage that such system is implemented by Shanghai-Hong Kong Stock Exchange Interconnection, disclosure of the top 10 shareholders based on the nominal shareholders is an important institutional arrangement to ensure market efficiency. 

　　

2. 在披露持股5%以上的股东、控股股东和实际控制人方面，是以实际权益拥有人为准还是以名义股东为准？权益变动的信息披露义务主体是谁？是否需要合并计算相关权益？

Is disclosure of the shareholders, controlling shareholders and actual controllers holding more than 5% shares based on the owners of actual equity or the nominal shareholders?  Who is the subject of the obligation for equity change information disclosure? Is it necessary to calculate relevant equity jointly?  

　　

答复：《证券法》第六十七条规定，“持有公司百分之五以上股份的股东或者实际控制人，其持有股份或者控制公司的情况发生较大变化”时，上市公司需要报告、公告临时报告。《上市公司收购管理办法》规定，投资者在一个上市公司中拥有的权益，包括登记在其名下的股份和虽未登记在其名下但该投资者可以实际支配表决权的股份。投资者及其一致行动人在一个上市公司中拥有的权益应当合并计算。持股5%以上的股东、控股股东或实际控制人应按照上述规定切实履行权益披露义务。

Reply: Article 67 of the Securities Law of the People’s Republic of china provides that in case of “A considerable change in the holdings of shareholders or actual controllers who each hold or control more than 5% of the company’s shares”, the listed company should report and announce interim report. The Measures for the Management of Listed Companies Acquisition provides that equity owned by an investor in a listed company includes the shares registered in the name of such investor and voting shares actually controlled by such investor but not registered in the name of it. Equity owned by an investor and its persons acting in concert in a listed company should be calculated jointly. The shareholders, controlling shareholders or actual controllers holding more than 5% shares shall implement in practice the equity disclosure obligation according to the provisions mentioned above.   

　　

根据《沪港股票交易互联互通机制试点若干规定》第十三条第四款规定：香港投资者通过沪股通买卖股票达到信息披露要求的，应当依法履行报告和信息披露义务。因此，通过沪股通买入内地市场上市公司股票的香港投资者，是信息披露的义务人。

According to the provision of 13.4 of the Provisions on Interconnection Mechanism Pilot Project of Shanghai-Hong Kong Stock Exchange that: Investors of Hong Kong meeting the requirements on information disclosure by purchasing and selling shares through Shanghai stock connection shall perform the report and information disclosure obligation according to law. Therefore, investors of Hong Kong purchasing the shares of a listed company inland market by Shanghai stock connection shall be the obligors of information disclosure.

　　

3. 根据沪港通相关规定，单个境外投资者对单个上市公司的持股比例上限是10%。在持股比例上限的计算和认定方面，是以名义股东还是以实际权益拥有人为准？境内和境外的上市股是否需要合并计算？

According to relevant provisions of Shanghai-Hong Kong Stock Exchange Interconnection, the upper limit of shareholding ratio of single foreign investors to single listed company is 10%. Is the calculation and confirmation of the upper limit of shareholding ratio based on the nominal shareholders or the owners of actual equity? Is it necessary for the listed stocks domestic and overseas to be calculated jointly?

　　

答复：根据《上市公司收购管理办法》规定，“投资者及其一致行动人在一个上市公司中拥有的权益应当合并计算”。“本办法所称一致行动，是指投资者通过协议、其他安排，与其他投资者共同扩大其所能够支配的一个上市公司股份表决权数量的行为或者事实。”“在上市公司的收购及相关股份权益变动活动中有一致行动情形的投资者，互为一致行动人”。

Reply: According to the provision of Measures for the Management of Listed Companies Acquisition that “Equity owned by an investor and its persons acting in concert in a listed company should be calculated jointly.” “Concert actions as set forth in such Measures refer to the behaviors or facts that an investor, together with other investors through agreements and other arrangements, expands the voting right quantity of shares issued by a listed company it can control.” “The investors of concerted actions in the activities in relation to acquisition of a listed company and relevant equity change are mutually person acting in concert.”

　　

根据《合格境外机构投资者境内证券投资管理办法》（以下简称QFII办法）规定，境外投资者履行信息披露义务时，应当合并计算其持有的同一上市公司的境内上市股和境外上市股。在境外投资者申请QFII资格时，应当切实履行持股信息披露和禁止短线交易的有关要求。QFII及其一致行动人应当合并计算持有上市公司股份，同一QFII管理的不同产品的持股情况应当合并计算。

According to the provision of the Measures for Management of Domestic Securities Investment of Qualified Foreign Institutional Investors (hereinafter referred to as Measures for QFII) that when the foreign investors perform the information disclosure obligations, they should jointly calculate their domestic listed shares and foreign listed shares held by them in the same listed companies. When the foreign investors apply for the qualification of QFII, they should implement in real the related requirements on information disclosure of shares held and prohibition of short swing trading. QFLL and their persons acting in concert shall jointly calculate the shares held by them in the listed companies, and the shareholding ratio of different products managed by the same QFII shall be calculated jointly.

　　

沪港通下，境外投资者应当按照上述规定切实履行信息披露。

Based on Shanghai-Hong Kong Stock Exchange Interconnection, foreign investors shall implement in real the information disclosure obligation.

　　

4. 资产管理公司或者拥有多家子公司的集团公司，如何履行权益披露义务？是否需要合并计算子公司在同一家上市公司中持有的股份？

How does an assets management company or group company owning many subsidiaries implement equity disclosure obligation? Is it necessary to jointly calculate the shares held by the subsidiaries in the same listed company?

 

答复：《上市公司收购管理办法》规定，投资者在一个上市公司中拥有的权益，包括登记在其名下的股份和虽未登记在其名下但该投资者可以实际支配表决权的股份。投资者及其一致行动人在一个上市公司中拥有的权益应当合并计算。沪港通下，资产管理公司或者集团公司按照上述规定履行权益披露义务。

Reply: The Measures for the Management of Listed Companies Acquisition provides that equity owned by an investor in a listed company includes the shares registered in the name of such investor and voting shares actually controlled by such investor but not registered in the name of it. Equity owned by an investor and its persons acting in concert in a listed company should be calculated jointly. Based on Shanghai-Hong Kong Stock Exchange Interconnection, an assets management company or group company should perform equity disclosure obligation according to the provisions mentioned above. 

 

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