SFC: Clear merger and reorganization standards for the implementation of sunshine operation

Reporter Wang Lu newspaper Beijing February 23 News reporter Wang Lu reported that China Securities Regulatory Commission today issued 5 mergers and acquisitions of the legal application of the law, including serious financial difficulties of listed companies, offer exemption terms of use, the completion of the two-level market acquisition, the proposed purchase of assets exist in the capital occupation problem,　　The proportion calculation of the same or related assets that the listed company buys and sells continuously within 12 months. It is understood that up to now, the SFC on the Network Business advisory platform on the total released more than 30 mergers and acquisitions issues and solutions and 15 common issues of audit comments on the main points, this time the introduction of 5 legal application.　　The published content involves the interpretation of laws and regulations, the requirements of filing materials, the requirements of intermediary organizations, the requirements of special industries, procedural regulations, the reaffirmation of audit policies and some common practices in practice, etc., which basically realizes the "Sunshine" of audit system and auditing standard. The head of the relevant department of the China Securities Regulatory Commission said that the application of the present announcement would be made clear on the possible inconsistencies in the legal understanding of the market participants ' measures for the management of listed companies ' acquisitions and the administrative measures on the management of major assets of listed companies, and issued in the form of a bulletin of the Embody the seriousness and legal effect of laws and regulations.