| 作者 |
 中国公司海外上市系列: CSRC rules to keep spin-offs at home |
 |
青青
[博客]
[个人文集]
游客
|
|
|
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Thursday, August 12, 2004
CSRC rules to keep spin-offs at home
BEI HU
China's securities regulator has issued strict new rules designed to deter mainland-listed companies from spinning off their most valuable divisions for overseas listing, in a bid to protect the interests of domestic stock market investors.
The regulations could thin the flow of small mainland spin-offs bound for Hong Kong's main board, analysts said.
Made public by the China Securities Regulatory Commission (CSRC) yesterday, the rules specify that listed companies may not spin off operations that contribute more than 50 per cent of their consolidated net profits in the most recent financial year for separate listings overseas.
Also barred is the international floatation of subsidiaries accounting for more than 30 per cent of the consolidated net assets of a listed firm.
The CSRC will now require that any mainland-quoted company be profitable for three consecutive years before it can list a subsidiary overseas.
A mainland-quoted company cannot now inject assets financed with funds raised within the last three years into a subsidiary ahead of the latter's overseas listing.
Once a domestic public company spins off a subsidiary on an overseas equity market, the two listed vehicles cannot compete with each other, cannot share managers and must retain separate financial structures. Any overseas listing plan must be cleared by the mainland-listed company's board and shareholders.
Similar rules have long existed in more mature securities markets. Hong Kong's listing rules, for example, do not allow asset spin-offs within three years of a parent's listing.
The introduction of the new regulation was both necessary and timely, given the slew of domestically listed companies seeking to float part or all of themselves abroad recently, said Wang Yiguo, an analyst at Shenzhen-based China Southern Securities.
"There are few regulations in place protecting the interests of public investors in mainland-listed companies," he said.
Investors have been worried that the overseas listing of large spin-offs leaves mainland-listed companies as empty shells and constitutes a new form of corporate misconduct.
Investor displeasure over the dilution effect is exacerbated by the fact that shares quoted in Shanghai and Shenzhen usually trade at a sharp premium to those of comparable mainland companies listed in Hong Kong - the favourite destination of Chinese firms eyeing international capital.
The new rule would most directly affect smaller companies trying to list on Hong Kong's main board, said Philip Wan, managing director of Macquarie (Hong Kong).
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 中国公司海外上市系列: CSRC rules to keep spin-offs at home -- 青青 - (2696 Byte) 2004-10-29 周五, 20:11 (1304 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
