Re: Q&A in connection with measures a listed company take after the material assets restructuring plan is voted down by restructuring committee

重大资产重组方案被重组委否决后，上市公司应当采取哪些处理措施？（2015年9月18日）

 What measures should a listed company take after the material assets restructuring plan is voted down by restructuring committee? (September 18, 2015)

答复：《上市公司重大资产重组管理办法》第三十一条规定：“上市公司收到中国证监会就其重大资产重组申请作出的予以核准或者不予核准的决定后，应当在次一工作日予以公告”，结合实践，上市公司重大资产重组方案被重组委否决后应当采取以下处理措施：

Reply: Article 31 of the Measures for Management of Material Assets Restructuring of Listed Companies provides that “A listed company will make public announcement on the next workday after receiving the decision from the CSRC whether the material assets restructuring has been approved or not.” Combining the practice, the following measures shall be taken after the material assets restructuring of a listed company is rejected by the restructuring committee:

1.上市公司董事会可以在重组委审议结果公告后，就是否修改或终止本次重组方案做出决议并予以公告；

The board of directors of a listed company can decide whether to amend or terminate this restructuring plan and make public announcement after the deliberation result is announced by restructuring committee;

2.上市公司应当在收到中国证监会不予核准的决定后次一工作日予以公告；

A listed company shall make public announcement on the next workday after receiving the decision from the CSRC that the material assets restructuring is not approved;

3.上市公司董事会应当根据股东大会的授权，在收到中国证监会不予核准的决定后10日内，就是否修改或终止本次重组方案做出决议并予以公告，同时撤回相关的豁免申请的材料（如涉及）；

The board of directors of a listed company shall, according to the authorization by general meeting, decide whether to amend or terminate this restructuring plan and make public announcement within 10 days after receiving the decision from the CSRC that the material assets restructuring is not approved, and at the same time, withdraw the application documents exempted (if involved);

4.如上市公司董事会根据股东大会的授权决定终止方案，应当在以上董事会的公告中明确向投资者说明；

If the board of directors of a listed company decides to terminate the restructuring plan according to the authorization by general meeting, such termination shall be expressly stated in the aforesaid announcement of the board of directors to the investors;

5.如上市公司董事会根据股东大会的授权准备落实重组委的意见并重新上报，应当在以上董事会公告中明确说明重新上报的原因、计划等。

If the board of directors of a listed company intends to put the restructuring committee’s opinions into practice and reports the restructuring plan again according to the authorization by general meeting, the reasons for resubmitting such plan, schedule and other matters should be expressly stated in the aforesaid announcement of the board of directors;

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