China News Service, February 28. According to the website information of the CSRC, the responsible person in charge of the relevant departments of the SFC pointed out that in recent days, the CSRC has carefully studied to raise supporting funds to facilitate listed companies, combat epidemics, resume production, and allow listed companies to perform internal decisions. After the procedure, make appropriate adjustments to the supporting financing part.
Data Map: China Securities Regulatory Commission. Photo by Zhang Hao, China News Agency
A reporter asked: Recently, the CSRC issued new rules for refinancing and made major adjustments to related rules. I would like to ask, how will the supporting financing part of a listed company's M & A and restructuring project be connected, and what arrangements will the CSRC have?
According to the relevant person in charge of the Securities Regulatory Commission, since the new rules for refinancing were issued, how the supporting financing part of the existing M & A and restructuring projects can be linked to the new rules for refinancing has been of concern to all parties in the market, and the SFC attaches great importance to it. After careful research, in order to facilitate the listed company to raise supporting funds, fight the epidemic, resume production, and allow listed companies to perform internal decision-making procedures, make appropriate adjustments to the supporting financing part.
For M & A and restructuring projects for which administrative license approvals have been obtained and supporting financing has not yet been implemented. First, after re-performing the procedures of the board of directors and shareholders' meeting, the listed company can adjust the price of the shares issued, the number of objects to be issued, the lock-up period of the shares, and the size of the shares issued. Second, due to the approval of the CSRC, the total amount of ancillary financing has been clarified, and listed companies are not allowed to increase the total amount of ancillary financing. The third is to suspend the calculation of the validity period of the administrative license approval for M & A and reorganization, and it is not necessary to change the administrative license approval after changing the supporting financing plan.
For merger and reorganization projects that have issued reorganization plans and have not yet obtained approval. The first is to adjust the total amount of funds raised in the supporting financing plan, the price of the shares to be issued, the number of objects to be issued, the lock-up period of the shares, and the size of the shares to be issued. After the board of directors is reconvened, it is submitted to the shareholders' meeting for consideration. The pricing base date is re-determined. Secondly, if it is proposed to change the method of determining the pricing benchmark date in the supporting financing plan to choose one of the announcement date of the board of directors, the announcement of the resolution of the shareholders meeting, or the first day of the issue period, the issuer must meet the prescribed conditions and be determined before the board of directors. The review procedures of the board of directors and shareholders' general meeting have been re-implemented, and the pricing base date for the purchase of assets for the issue of shares must be re-determined. Third, for the planned additional financing, the procedures of the board of directors and the shareholders' general meeting need to be re-performed, and the pricing base date for the purchase of assets for the issue of shares needs to be re-determined.
For supporting financing involving directed convertible bonds, refer to the above standards for implementation.
The person in charge said that in the next step, the CSRC will continue to do a good job in the communication and service of M & A and restructuring projects. On the one hand, the epidemic situation prevention and control will be improved. On the other hand, the review process will be accelerated and the review efficiency will be improved. To support the healthy development of listed companies.