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上市公司重大资产重组管理办法中英文对照

发布时间：2010/1/5 阅读次数：33623 字体大小: 【小】【中】【大】

第二十七条　上市公司重大资产重组存在下列情形之一的，应当提交并购重组委审核：

Article 27　 If one of the following exists for the material assets reorganization of the listed company, it shall be submitted to the Review Committee of Merger, Acquisition and Reorganization for examination and verification:

（一）上市公司出售资产的总额和购买资产的总额占其最近一个会计年度经审计的合并财务会计报告期末资产总额的比例均达到70%以上；

(1) The total amount of the assets sold and purchased by the listed company both reaches or exceeds 70% of the total assets at the year end in the audited consolidated financial statement of the last fiscal year of the listed company;

（二）上市公司出售全部经营性资产，同时购买其他资产；

(2) The listed company sells all the operational assets and purchases other assets at the same time;

（三）中国证监会在审核中认为需要提交并购重组委审核的其他情形。

(3) Other situations that the CSRC regards necessary for submission to the Review Committee of Merger, Acquisition and Reorganization during the period of examination and verification.

重大资产重组不存在前款规定情形，但存在下列情形之一的，上市公司可以向中国证监会申请将本次重组方案提交并购重组委审核：

If none of the aforesaid situations exists for the material assets reorganization, but one of the following situations exists, the listed company can apply to the CSRC for submitting the reorganization scheme to the Review Committee of Merger, Acquisition and Reorganization for examination and verification:

（一）上市公司购买的资产为符合本办法第四十八条规定的完整经营实体且业绩需要模拟计算的；

(1) The assets purchased by the listed company is an integrated business entity which complies with the stipulations of Article 48 of the Measures and whose performance needs to be calculated on a simulated basis;

（二）上市公司对中国证监会有关职能部门提出的反馈意见表示异议的。

(2) The listed company has objection to the feedback of relevant competent departments of the CSRC.

第二十八条　上市公司在收到中国证监会关于召开并购重组委工作会议审核其重大资产重组申请的通知后，应当立即予以公告，并申请办理并购重组委工作会议期间直至其表决结果披露前的停牌事宜。

Article 28　 Upon receipt of the notice from the CSRC on calling a working meeting of the Review Committee of Merger, Acquisition and Reorganization to examine and verify the material assets reorganization, the listed company shall immediately make public announcement, and proceed to apply for the suspension of the stocks trading between the working meeting of the Review Committee of Merger, Acquisition and Reorganization and the disclosure of the decision.

上市公司在收到并购重组委关于其重大资产重组申请的表决结果后，应当在次一工作日公告表决结果并申请复牌。

Upon receipt of the voting result of the Review Committee of Merger, Acquisition and Reorganization on the material assets reorganization, the listed company shall make public announcement of the voting result and apply for the resumption of stocks trading.

公告应当说明，公司在收到中国证监会作出的予以核准或者不予核准的决定后将再行公告。

It shall be stated in the announcement that the company will make another public announcement after receiving the decision from the CSRC whether the reorganization has been approved or not.

第二十九条　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。

Article 29　 The listed company will make public announcement after receiving the decision from the CSRC whether the material assets reorganization has been approved or not on the next workday.

中国证监会予以核准的，上市公司应当在公告核准决定的同时，按照相关信息披露准则的规定补充披露相关文件。

Where the CSRC has approved the reorganization, the listed company shall supplement relevant disclosure documents according to relevant information disclosure guidelines while making public announcement of the approval decision.

第三十条　中国证监会核准上市公司重大资产重组申请的，上市公司应当及时实施重组方案，并于实施完毕之日起3个工作日内编制实施情况报告书，向中国证监会及其派出机构、证券交易所提交书面报告，并予以公告。

Article 30　 Where the CSRC has approved the material assets reorganization, the listed company shall timely execute the reorganization scheme, compile the execution report within three workdays after the completion of the execution, submit the written report to the CSRC, the CSRC’s local agency and the stock exchange, and make public announcement of the report.

上市公司聘请的独立财务顾问和律师事务所应当对重大资产重组的实施过程、资产过户事宜和相关后续事项的合规性及风险进行核查，发表明确的结论性意见。

The independent financial consultants and law firms retained by the listed company shall verify the execution process of the material assets reorganization, the transfer of the ownership of the assets, and the compliance and risks of related follow-up matters, and shall give explicit conclusive opinions.

独立财务顾问和律师事务所出具的意见应当与实施情况报告书同时报告、公告。

The opinions given by the independent financial consultants and law firms shall be reported and publicly announced together with the execution report.

第三十一条　自收到中国证监会核准文件之日起60日内，本次重大资产重组未实施完毕的，上市公司应当于期满后次一工作日将实施进展情况报告中国证监会及其派出机构，并予以公告；此后每30日应当公告一次，直至实施完毕。超过12个月未实施完毕的，核准文件失效。

Article 31　 Within 60 days after receiving the approval documents from the CSRC, if the execution of the material assets reorganization is not completed, the listed company shall report the execution status to the CSRC and its local agency on the next workday after the expiry date and shall make public announcement; after that public announcement shall be made every 30 days till the completion of the execution. The approval documents shall become invalid if the execution is not completed after 12 months.

第三十二条　上市公司在实施重大资产重组的过程中，发生法律、法规要求披露的重大事项的，应当及时向中国证监会及其派出机构报告。

Article 32　 Where major events occur which are required to be disclosed by the laws and regulations during the execution period of the material assets reorganization, the listed company shall report timely to the CSRC and its local agency.

该事项导致本次重组发生实质性变动的，须重新报经中国证监会核准。

If the events result in the substantive change of the reorganization, the listed company shall re-submit to the CSRC for approval.

第三十三条　根据本办法第十七条规定提供盈利预测报告的，上市公司应当在重大资产重组实施完毕后的有关年度报告中单独披露上市公司及相关资产的实际盈利数与利润预测数的差异情况，并由会计师事务所对此出具专项审核意见。

Article 33　 Where profit forecast report has been provided in accordance with Article 17 of the Measures, the listed company shall in the relevant annual report after the completion of the execution of the material assets reorganization separately disclose the variance between the actual profit and the forecasted profit of the listed company and the related assets, and accounting firms shall provide special examination opinions on it.

资产评估机构采取收益现值法、假设开发法等基于未来收益预期的估值方法对拟购买资产进行评估并作为定价参考依据的，上市公司应当在重大资产重组实施完毕后3年内的年度报告中单独披露相关资产的实际盈利数与评估报告中利润预测数的差异情况，并由会计师事务所对此出具专项审核意见；

Where the evaluation organ adopts such evaluation methods that are based on the forecast of future income as the net present value method and the method of assumption development in the evaluation of the assets to be purchased and in setting the price, the listed company shall in the relevant annual report within three years after the completion of the execution of the material assets reorganization separately disclose the variance between the actual profit and the forecasted profit in the evaluation report of the related assets, and accounting firms shall provide special examination opinions on it;

交易对方应当与上市公司就相关资产实际盈利数不足利润预测数的情况签订明确可行的补偿协议。

the dealing party shall sign a explicit and feasible compensation agreement with the listed company regarding the shortfall of the actual profit compared with the forecasted profit of the related assets.

第三十四条　上市公司重大资产重组发生下列情形的，独立财务顾问应当及时出具核查意见，向中国证监会及其派出机构报告，并予以公告：

Article 34　 Where the following events occur for the material assets reorganization of the listed company, the independent financial consultants shall give verification opinions in a timely manner, report to the CSRC and its local agency and make public announcement:

（一）中国证监会作出核准决定前，上市公司对交易对象、交易标的、交易价格等作出变更，构成对原重组方案重大调整的；

（1）Before the CSRC makes the approval decision, the listed company makes changes to the dealing party, the transaction assets and the transaction price, constituting major adjustment to the original reorganization scheme;

（二）中国证监会作出核准决定后，上市公司在实施重组过程中发生重大事项，导致原重组方案发生实质性变动的；

（2）After the CSRC makes the approval decision, major events occur during the execution of the reorganization by the listed company, resulting in substantive change in the original reorganization scheme;

第三十五条　独立财务顾问应当按照中国证监会的相关规定，对实施重大资产重组的上市公司履行持续督导职责。持续督导的期限自中国证监会核准本次重大资产重组之日起，应当不少于一个会计年度。

Article 35　 The independent financial consultants shall perform continuous supervision and guiding duty on the listed company’s execution of the material assets reorganization according to relevant provisions of the CSRC. The time period of the continuous supervision starts with the day of the CSRC’s approval of the material assets reorganization and shall last not less than a fiscal year.

第三十六条　独立财务顾问应当结合上市公司重大资产重组当年和实施完毕后的第一个会计年度的年报，自年报披露之日起15日内，对重大资产重组实施的下列事项出具持续督导意见，向派出机构报告，并予以公告：

Article 36　 The independent financial consultants shall, within 15 days after the disclosure of the annual report, give continuous supervision opinions with respect to the following matters of the material assets reorganization based on the annual reports of the year of the material assets reorganization of the listed company and of the first fiscal year after the completion of the execution of the material assets reorganization, report to the CSRC’s local agency and make public announcement:

（一）交易资产的交付或者过户情况；

(1) Status of the delivery of the transaction assets or the transfer of ownership;

（二）交易各方当事人承诺的履行情况；

(2) Performance status of the commitment of all the interested parties in the transaction;

（三）盈利预测的实现情况；

(3) Realization of the profit forecast;

（四）管理层讨论与分析部分提及的各项业务的发展现状；

(4) Development status of the business mentioned in the section of Discussion and Analysis by the Management

（五）公司治理结构与运行情况；

(5) Corporate governance and its status;

（六）与已公布的重组方案存在差异的其他事项。

(6) Other matters that differ from the announced reorganization scheme.

第四章　重大资产重组的信息管理

Chapter 4 Information Management of Material Assets Reorganization

第三十七条　上市公司筹划、实施重大资产重组，相关信息披露义务人应当公平地向所有投资者披露可能对上市公司股票交易价格产生较大影响的相关信息（以下简称股价敏感信息），不得有选择性地向特定对象提前泄露。

Article 37　 When the listed company plans and executes material assets reorganization, relevant personnel with the obligation of information disclosure shall fairly disclose to all the investors relevant information (hereinafter referred to as “stocks pricing sensitive information) that may have relatively big impact on the trading price of the listed company’s stocks, and shall not disclose selectively to specific targets ahead of schedule.

第三十八条　上市公司的股东、实际控制人以及参与重大资产重组筹划、论证、决策等环节的其他相关机构和人员，应当及时、准确地向上市公司通报有关信息，并配合上市公司及时、准确、完整地进行披露。

Article 38　 Shareholders and actual controllers of the listed company and other related organs and personnel that participate in the planning, feasibility study and decision making of the material assets reorganization shall timely and accurately communicate relevant information to the listed company, and work with the listed company to have timely, accurate and complete disclosure.

上市公司获悉股价敏感信息的，应当及时向证券交易所申请停牌并披露。

Where the listed company receives stocks pricing sensitive information, it shall apply to the stock exchange for suspension of trading and make disclosure in a timely manner.

第三十九条　上市公司及其董事、监事、高级管理人员，重大资产重组的交易对方及其关联方，交易对方及其关联方的董事、监事、高级管理人员或者主要负责人，交易各方聘请的证券服务机构及其从业人员，参与重大资产重组筹划、论证、决策、审批等环节的相关机构和人员，以及因直系亲属关系、提供服务和业务往来等知悉或者可能知悉股价敏感信息的其他相关机构和人员，在重大资产重组的股价敏感信息依法披露前负有保密义务，禁止利用该信息进行内幕交易。

Article 39　 The listed company and its directors, supervisors and senior managers, the dealing party of the material assets reorganization and its affiliates, the dealing party and the directors, supervisors, senior managers or key personnel in charge of its affiliates, securities service organs and their employees retained by the transaction parties, relevant organs and personnel that participate in the planning, feasibility study, decision making and approval, and other relevant organs and personnel that are aware or may be aware of the stocks pricing sensitive information due to direct family relationship, their provision of service and other business relationship, all have obligation to keep the stocks pricing sensitive information of the material assets reorganization confidential before it is disclosed according to the law, and are forbidden to conduct inside deals using the information.

第四十条　上市公司筹划重大资产重组事项，应当详细记载筹划过程中每一具体环节的进展情况，包括商议相关方案、形成相关意向、签署相关协议或者意向书的具体时间、地点、参与机构和人员、商议和决议内容等，制作书面的交易进程备忘录并予以妥当保存。

Article 40　 When the listed company is planning the material assets reorganization, it shall record in detail the progress of every specific step of the planning process, including the specific time, place, participating institutions and personnel, the content of the discussion and the decision in discussing relevant schemes, formulating relevant intentions and signing relevant agreements or letters of intent, make written memorandum of the transaction progress and properly keep it.

参与每一具体环节的所有人员应当即时在备忘录上签名确认。

All the personnel participating in every specific step shall sign in the memorandum immediately for confirmation.

上市公司预计筹划中的重大资产重组事项难以保密或者已经泄露的，应当及时向证券交易所申请停牌，直至真实、准确、完整地披露相关信息。

Where the listed company expects that the material assets reorganization in plan is hard to keep secret or has already been leaked, it shall apply to the stock exchange for suspension in a timely manner, till relevant information is disclosed in a true, accurate and complete manner.

停牌期间，上市公司应当至少每周发布一次事件进展情况公告。

During the suspension period, the listed company shall make public announcement of the status of the event at least once in a week.

上市公司股票交易价格因重大资产重组的市场传闻发生异常波动时，上市公司应当及时向证券交易所申请停牌，核实有无影响上市公司股票交易价格的重组事项并予以澄清，不得以相关事项存在不确定性为由不履行信息披露义务。

When the stocks trading price of the listed company experience abnormal fluctuations due to the market rumor of the material assets reorganization, the listed company shall timely apply to the stock exchange for suspension, verify whether there are reorganization matters that affect the stocks trading price of the listed company and make clarification; it shall not refuse to perform the information disclosure obligation citing the reason of the uncertainty of the relevant matters.

第五章　发行股份购买资产的特别规定

Chapter 5 Special Provisions on the Purchase of Assets through Issuing Shares

第四十一条　上市公司发行股份购买资产，应当符合下列规定：

Article 41　 The listed company shall meet the following requirements when purchasing assets through issuing shares:

（一）有利于提高上市公司资产质量、改善公司财务状况和增强持续盈利能力；有利于上市公司减少关联交易和避免同业竞争，增强独立性；

（1）Improving the assets quality of the listed company, improving the company’s financial position and enhancing the capability of sustainable profit making; helping to reduce the listed company’s affiliated transaction and to avoid horizontal competition, and boosting independence;

（二）上市公司最近一年及一期财务会计报告被注册会计师出具无保留意见审计报告；

（2）The financial reports of the last fiscal year and the last fiscal term have both received unqualified audit report from the certified accountants;

被出具保留意见、否定意见或者无法表示意见的审计报告的，须经注册会计师专项核查确认，该保留意见、否定意见或者无法表示意见所涉及事项的重大影响已经消除或者将通过本次交易予以消除；

where a qualified audit report, a disclaimer or a audit report with adverse opinion is received, special verification by the certified accountants shall be needed to confirm that the major impact of the events related to the qualified opinion, the adverse opinion or the disclaimer have been eliminated and will be eliminated through the transaction;

（三）上市公司发行股份所购买的资产，应当为权属清晰的经营性资产，并能在约定期限内办理完毕权属转移手续；

（3）The assets purchased by the listed company through issuing shares shall be operational assets whose ownership is clear, and the transfer of ownership can be completed within the agreed time period.

（四）中国证监会规定的其他条件。

（4）Other requirements of the CSRC.

特定对象以现金或者资产认购上市公司非公开发行的股份后，上市公司用同一次非公开发行所募集的资金向该特定对象购买资产的，视同上市公司发行股份购买资产。

Where after specified parties purchase the non-publicly issued shares of the listed company with cash or assets, the listed company purchases assets from the specified parties using the money raised from the same non-public issuance, the listed company is deemed to purchase assets through issuing shares.

第四十二条　上市公司发行股份的价格不得低于本次发行股份购买资产的董事会决议公告日前20个交易日公司股票交易均价。

Article 42　 The price of the shares issued by the listed company shall not be lower than the average trading price of the company’s stocks over the 20 trading days prior to the day of the public announcement of the decision of the board of the directors on purchasing assets through issuing shares.

前款所称交易均价的计算公式为：董事会决议公告日前20个交易日公司股票交易均价＝决议公告日前20个交易日公司股票交易总额/决议公告日前20个交易日公司股票交易总量。

The calculation formula of the aforesaid average trading price is: the average trading price of the company’s stocks over the 20 trading days prior to the day of the public announcement = total trading amount of the company’s stocks over the 20 trading days prior to the day of the public announcement / total trading volume of the company’s stocks over the 20 trading days prior to the day of the public announcement.

第四十三条　特定对象以资产认购而取得的上市公司股份，自股份发行结束之日起12个月内不得转让；属于下列情形之一的，36个月内不得转让：

Article 43　 Shares of the listed company purchased by specified parties with assets cannot be transferred within 12 months from the day of the completion of the issuance; if one of the following situations applies, they cannot be transferred within 36 months:

（一）特定对象为上市公司控股股东、实际控制人或者其控制的关联人；

（1）The specified parties are the controlling shareholders, the actual controllers of the listed company or the affiliates controlled by the listed company;

（二）特定对象通过认购本次发行的股份取得上市公司的实际控制权；

（2）The specified parties have obtained the actual controlling right of the listed company through the purchase of the shares issued this time;

（三）特定对象取得本次发行的股份时，对其用于认购股份的资产持续拥有权益的时间不足12个月。

（3）By the time the specified parties obtain the shares issued this time, they have continuously owned the rights of the assets they use to purchase the shares for less than 12 months.

第四十四条　上市公司申请发行股份购买资产，应当提交并购重组委审核。

Article 44　 The listed company’s application for issuing shares to purchase assets shall be submitted to the Review Committee of Merger, Acquisition and Reorganization for examination and verification.

第四十五条　上市公司发行股份购买资产导致特定对象持有或者控制的股份达到法定比例的，应当按照《上市公司收购管理办法》（证监会令第35号）的规定履行相关义务。

Article 45　 If the listed company’s purchase of assets through issuing shares causes the specified parties to hold or control shares that reach the legal percentage, relevant obligations should be performed according to the Measures on Administration of the Acquisition of Listed Companies (Order of the CSRC No.35).

特定对象因认购上市公司发行股份导致其持有或者控制的股份比例超过30%或者在30%以上继续增加，且上市公司股东大会同意其免于发出要约的，可以在上市公司向中国证监会报送发行股份申请的同时，提出豁免要约义务的申请。

If the specified parties hold or control over 30% of the shares of the listed company or the percentage continues to increase after 30% due to their purchase of the shares issued by the listed company, and the general meeting of the shareholders of the listed company agree to exempt the specified parties from sending the offer, the application for the exempt of the offer obligation can be made together with the listed company’s application submitted to the CSRC for the issuance of shares.

第四十六条　中国证监会核准上市公司发行股份购买资产的申请后，上市公司应当及时实施。

Article 46　After the CSRC’s approval of the listed company’s application for the purchase of assets through issuing shares, the listed company shall start execution in a timely manner.

向特定对象购买的相关资产过户至上市公司后，上市公司聘请的独立财务顾问和律师事务所应当对资产过户事宜和相关后续事项的合规性及风险进行核查，并发表明确意见。

After the related assets purchased from the specified parties have been transferred to the listed company, the independent financial consultants and law firms retained by the listed company shall verify the transfer of the ownership of the assets and the compliance and risks of related follow-up matters, and shall give explicit opinions.

上市公司应当在相关资产过户完成后3个工作日内就过户情况作出公告，并向中国证监会及其派出机构提交书面报告，公告和报告中应当包括独立财务顾问和律师事务所的结论性意见。

The listed company shall make public announcement on the transfer of the ownership of the related assets within three workdays after its completion, and submit a written report to the CSRC and its local agency. The public announcement and the report shall include the conclusive opinions of the independent financial consultants and the law firms.

上市公司完成前款规定的公告、报告后，可以到证券交易所、证券登记结算公司为认购股份的特定对象申请办理证券登记手续。

After the listed company finishes the aforesaid public announcement and report, it can complete the securities registration formalities at the stock exchange and the securities registration and clearing company for the specified parties that have purchased the shares.

第六章　重大资产重组后申请发行新股或者公司债券

Chapter 6 Application for Issuing New Shares or Company Bonds after the Material Assets Reorganization

第四十七条　经并购重组委审核后获得核准的重大资产重组实施完毕后，上市公司申请公开发行新股或者公司债券，同时符合下列条件的，本次重大资产重组前的业绩在审核时可以模拟计算：

Article 47　 After the completion of the execution of the material assets reorganization that have be examined and approved by the Review Committed of Merger, Acquisition and Reorganization, if the listed company applies for public issuance of new shares or company bonds and meets the following requirements, the performance before the material assets reorganization can be assessed based on a simulated basis during examination and verification:

（一）进入上市公司的资产是完整经营实体；

（1）The assets that enter the listed company are an integrated business entity;

（二）本次重大资产重组实施完毕后，重组方的承诺事项已经如期履行，上市公司经营稳定、运行良好；

（2）After the completion of execution of the material assets reorganization, commitments of the reorganizing party have been performed duly, and the listed company is running steadily and performing well;

（三）本次重大资产重组实施完毕后，上市公司和相关资产实现的利润达到盈利预测水平。

（3）After the completion of execution of the material assets reorganization, profit realized by the listed company and the related assets reaches the forecasted profit level.

上市公司在本次重大资产重组前不符合中国证监会规定的公开发行证券条件，或者本次重组导致上市公司实际控制人发生变化的，上市公司申请公开发行新股或者公司债券，距本次重组交易完成的时间应当不少于一个完整会计年度。

Where the listed company does not meet the requirements for public issuance of securities before the material assets reorganization, or the material assets reorganization results in the change of the actual controller of the listed company, the listed company can only apply for public issuance of new shares or company bonds at least one complete fiscal year from the completion of the material assets reorganization.

第四十八条　本办法所称完整经营实体，应当符合下列条件：

Article 48　 The integrated business unit mentioned in the Measures should meet the following conditions:

（一）经营业务和经营资产独立、完整，且在最近两年未发生重大变化；

（1）Its business and operational assets are independent and integrated and there have not been major changes in the past two years;

（二）在进入上市公司前已在同一实际控制人之下持续经营两年以上；

（2）It has been running successively for at least two years under the same controller before it enters the listed company;

（三）在进入上市公司之前实行独立核算，或者虽未独立核算，但与其经营业务相关的收入、费用在会计核算上能够清晰划分；

（3）Before entering the listed company, it has independent accounting, or though it does not have independent accounting, all the income and expenses related to its business can be clearly separated in accounting;

（四）上市公司与该经营实体的主要高级管理人员签订聘用合同或者采取其他方式，就该经营实体在交易完成后的持续经营和管理作出恰当安排。

（4）The listed company makes appropriate arrangements with respect to the sustainable operation and management of the business entity after the completion of the transaction by signing employment contract with the business entity’s key executives or taking other measures.

第七章　监督管理和法律责任

Chapter 7 Supervision Management and Legal Responsibility

第四十九条　未经核准擅自实施重大资产重组的，责令改正，可以采取监管谈话、出具警示函等监管措施；情节严重的，处以警告、罚款，并可以对有关责任人员采取市场禁入的措施。

Article 49　 Where material assets reorganization is conducted without approval, correction is demanded, and regulatory measures such as regulatory talks or presentation of the letter of warning can be taken; if the circumstances are serious, warning and a fine shall apply, and relevant measures for banning the entry into the securities market against the relevant liable persons can be adopted.

第五十条　上市公司或者其他信息披露义务人未按照本办法规定报送重大资产重组有关报告，或者报送的报告有虚假记载、误导性陈述或者重大遗漏的，责令改正，依照《证券法》第一百九十三条予以处罚；情节严重的，责令停止重组活动，并可以对有关责任人员采取市场禁入的措施。

Article 50　 Where the listed company or other personnel with information disclosure obligation fail to submit relevant reports of the material assets reorganization according to the provisions of the Measures, or there are falsified description, misleading statements or major omissions in the reports submitted, correction is demanded, and a penalty shall be imposed according to Article 193 of the Securities Law; if the circumstances are serious, the reorganization activities shall be ordered to stop and relevant measures for banning the entry into the securities market against the relevant liable persons can be adopted.

第五十一条　上市公司或者其他信息披露义务人未按照规定披露重大资产重组信息，或者所披露的信息存在虚假记载、误导性陈述或者重大遗漏的，责令改正，依照《证券法》第一百九十三条规定予以处罚；情节严重的，责令停止重组活动，并可以对有关责任人员采取市场禁入的措施；涉嫌犯罪的，依法移送司法机关追究刑事责任。

Article 51　 Where the listed company or other personnel with information disclosure obligation fail to disclose information of the material assets reorganization according to relevant provision, or there are falsified description, misleading statements or major omissions in the information disclosed, correction is demanded, and a penalty shall be imposed according to Article 193 of the Securities Law; if the circumstances are serious, the reorganization activities shall be ordered to stop and relevant measures for banning the entry into the securities market against the relevant liable persons can be adopted; where a crime is suspected, the offender shall be handed over to the judicial organs where he shall be pursued for criminal liability according to the law.

第五十二条　上市公司董事、监事和高级管理人员在重大资产重组中，未履行诚实守信、勤勉尽责义务，导致重组方案损害上市公司利益的，责令改正，采取监管谈话、出具警示函等监管措施；情节严重的，处以警告、罚款，并可以采取市场禁入的措施；涉嫌犯罪的，依法移送司法机关追究刑事责任。

Article 52　 Where the directors , supervisors and senior managers of the listed company fail to perform the obligation of being honest, credible, diligent and dutiful during the material assets reorganization, causing the reorganization scheme to damage the interests of the listed company, correction is demanded, and regulatory measures such as regulatory talks or presentation of the letter of warning shall be taken; if the circumstances are serious, warning and a penalty shall apply, and relevant measures for banning the entry into the securities market against the relevant liable persons can be adopted; where a crime is suspected, the offender shall be handed over to the judicial organs where he shall be pursued for criminal liability according to the law.

第五十三条　为重大资产重组出具财务顾问报告、审计报告、法律意见、资产评估报告及其他专业文件的证券服务机构及其从业人员未履行诚实守信、勤勉尽责义务，违反行业规范、业务规则，或者未依法履行报告和公告义务、持续督导义务的，责令改正，采取监管谈话、出具警示函等监管措施；情节严重的，依照《证券法》第二百二十六条予以处罚。

Article 53　 Where securities service organs and their employees that issue report of the financial consultants, the audit report, legal opinions, assets evaluation report and other professional documents for the material assets reorganization fail to perform the obligation of being honest, credible, diligent and dutiful, and violate industrial norms and business rules, or fail to perform the obligations of reporting, public announcement and continuous supervision, correction is demanded, and regulatory measures such as regulatory talks or presentation of the letter of warning shall be taken; if the circumstances are serious, a penalty shall be imposed according to Article 223 of the Securities Law.

前款规定的证券服务机构及其从业人员所制作、出具的文件存在虚假记载、误导性陈述或者重大遗漏的，责令改正，依照《证券法》第二百二十三条予以处罚；情节严重的，可以采取市场禁入的措施；涉嫌犯罪的，依法移送司法机关追究刑事责任。

Where there are falsified description, misleading statement or major omissions in the documents produced and issued by the aforesaid securities service organs and their employees, correction is demanded, and a penalty shall be imposed according to Article 223 of the Securities Law; if the circumstances are serious, measures for banning the entry into the securities market can be adopted; where a crime is suspected, the offender shall be handed over to the judicial organs where he shall be pursued for criminal liability according to the law.

第五十四条　重大资产重组实施完毕后，凡不属于上市公司管理层事前无法获知且事后无法控制的原因，上市公司或者购买资产实现的利润未达到盈利预测报告或者资产评估报告预测金额的80%，或者实际运营情况与重大资产重组报告书中管理层讨论与分析部分存在较大差距的，上市公司的董事长、总经理以及对此承担相应责任的会计师事务所、财务顾问、资产评估机构及其从业人员应当在上市公司披露年度报告的同时，在同一报刊上作出解释，并向投资者公开道歉；

Article 54　 After the completion of the execution of the material assets reorganization, if for reasons that the management of the listed company cannot know beforehand and cannot control afterwards, the profit realized by the listed company and the assets purchased fail to reach 80% of the forecasted amount in the profit forecast report of the assets evaluation report, or there is relatively big variance between the actual operation and the section of Discussion and Analysis by the Management of the material assets reorganization report, the chairman and the general manager of the listed company and the accounting firms, financial consultants, assets evaluation organs and their employees that should bear corresponding responsibilities shall, at the same time when the listed company discloses the annual report, provide explanation in the same press and publicly apologize to the investors;

实现利润未达到预测金额50%的，可以对上市公司、相关机构及其责任人员采取监管谈话、出具警示函、责令定期报告等监管措施。

where the profit does not reach 50% of the forecasted amount, such regulatory measures can be adopted as holding regulatory talks with the listed company, relevant institutions and liable persons, presenting the letter of warning and demanding regular reports.

第五十五条　任何知悉重大资产重组信息的人员在相关信息依法公开前，泄露该信息、买卖或者建议他人买卖相关上市公司证券、利用重大资产重组散布虚假信息、操纵证券市场或者进行欺诈活动的，依照《证券法》第二百零二条、第二百零三条、第二百零七条予以处罚；涉嫌犯罪的，依法移送司法机关追究刑事责任。

Article 55　 Where any persons who are aware of the information of the material assets reorganization, if before the relevant information is disclosed according to the law, leak the information, buy or sell or suggest other people to buy or sell securities related to the listed company, make use of the material assets reorganization to spread false information, manipulate the securities market or conduct fraudulent activities, penalty shall be imposed pursuant to Articles 202, 203 and 207 of the Securities Law; where a crime is suspected, the offender shall be handed over to the judicial organs where he shall be pursued for criminal liability according to the law.

第八章　附　　则

Chapter 8 Supplementary Provisions

第五十六条　本办法自2008年5月18日起施行。中国证监会发布的《关于上市公司重大购买、出售、置换资产若干问题的通知》（证监公司字〔2001〕105号）同时废止。

Article 56　 The Measures will come into force as of May 18, 2008. The Notice of the China Securities Regulatory Commission on Several Issues Concerning Major Purchases, Sales and Exchanges of Assets by Listed Companies (No.105 [2001] of the China Securities Regulatory Commission) will be repealed at the same time.

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