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.

Purchases of assets through issuing shares by listed companies shall comply with provisions of the Measures.

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

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.

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.

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).

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

The income gained by a listed company from the deduction of state owned shares it holds shall be dealt with under the provisions of the State Council.

Where the listed company intends to conduct material assets reorganization stipulated in items (1) and (2) of Clause 1 of Article 27 and to issue shares for the acquisition of assets, the profit forecast report of the listed company shall also be provided.

Recently, the China Securities Regulatory Commission (CSRC) announced that it has stepped up its supervision on the use of high yields and transfer of large capped shares, the lifting of restricted shares and the long term absence of cash dividends by some listed companies.

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.

It was clarified that the direct investments made by the foreign investors from their allocated profits included the equity investments made by the foreign investors from their allocated profits, such as capital increase, new construction, and share acquisition, but excluded the new shares, turning point increase shares, and acquisition of shares from the listed companies except the eligible strategic investments.

Until the reforms that began in 2005, two thirds of shares were non tradable and held by state owned enterprises (SOEs) or legal persons, which are typically state controlled entities. Indeed, private firms still comprise a minority of China s listed companies, though today fewer than 30 of shares cannot be traded.

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.

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.

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.

The PICC (1339.HK) has submitted an application to the CSRC on September 29 last year, planning to issue up to 4.599 billion A shares and willing to be listed on the Shanghai stock exchange.

According to the estimates of China Merchants Securities, deducted from the shares, CSFC will hold another 38 million shares of Pudong Development Bank in the second quarter and raise its shares to almost 600 million shares, which account for 2.77 of the bank shares.

The prospectus showed that before the A share issuance this time, the total equity of PICC was 42.424 billion shares. Assuming that the A shares were issued for 4.599 billion shares and did not exercise the option of excess allotment, after the A share issuance, the total equity of the Group would not exceed 47.023 billion shares, of which the A shares would not exceed 38.296 billion shares, and the H shares would not exceed 8.726 billion shares.

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.

Among them, CSFC will hold an additional 29.2931 million shares of Huaxia Bank. By the end of June, CSFC will increase its shares of Huaxia Bank to 387 million shares, raising its shares of Huaxia Bank from 3.35 to 3.62 .

OIOS shares that view.

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

Juan Enriquez shares mindboggling science

Janine Benyus shares nature's designs

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Ross Lovegrove shares organic designs

The two companies merged in March 2005, and Varco shareholders received National Oilwell shares in exchange for Varco shares.

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David Hoffman shares his Sputnik mania

Shares files using the HTTP protocol

Create, modify, and delete samba shares

Amy Smith shares simple, lifesaving design

Relative shares of the successor States

Therefore, the actual shares are higher.

Haiti shares the Millennium Development Goals.

The international community shares the blame.

El Salvador shares that point of view.

France fully shares and supports that position.

Meanwhile, it will strengthen the training of listed companies, strengthen the consciousness of improving governance and standardizing operation of listed companies, and constantly improve the quality of listed companies.

Alisa Miller shares the news about the news

Alan Kay shares a powerful idea about ideas

Zambia shares their sorrow and sense of loss.

All aliases are listed here.

Meetings listed for information only