Learn Chinese - New rules on major asset restructuring released

?  ?

BIZCHINA / Center

New rules on major asset restructuring released

By Shangguan Zhoudong (Chinadaily.com.cn)
Updated: 2007-09-18 14:11

The China Securities Regulatory Commission (CSRC), the nation's
securities regulator, yesterday issued new draft rules governing major
asset restructuring by listed companies, the Shanghai Securities News
reported today.

Special coverage:

Markets Watch
Related readings:
? committee to oversee M&A of listed companies
?Securities: No new brokerages in sight
?Securities regulator underscores investor education
?China to resume approval of sino-foreign securities firms

The rules define major restructuring as restructuring that involves the
sale or purchase of assets accounting for over 50 percent of a listed
firm's total assets or core revenue generation.

Such restructuring now requires the approval of over two-thirds of a
listed companies' shareholders. Previously, 50 percent was the
requirement.

The CSRC said it will also set up a special panel responsible for listed
companies' restructuring applications.

The special panel will involve 25 commissioners, of which five will be
from the CSRC, and the other 20 will be from other institutions.

The CSRC yesterday also issued measures governing information disclosure
and non-public offering of stocks.

?

(For more biz stories, please visit Industry Updates)

Learn Chinese