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600220股吧_上交所发布指引规范“PE+上市公司”信披(2015-04-27)


600220股吧——361黄金网cm

  ”PE + listed company” mode mainly refers to the cooperation of private funds subscribing for shares of listed companies or setting up merger and acquisition funds with listed companies.In accordance with the principle of importance, the “business guidelines” mainly aims at the problems of asymmetric market information, which may provide grey areas for relevant entities to carry out concept speculation and manipulate stock prices, and standardizes the information disclosure behavior of relevant parties around the key concerns of investors.
  Reporter Wang Lu, Zhao Yihui, editor sun Fang

  On the 24th, the Shanghai Stock Exchange issued the business guidelines for information disclosure of cooperative investment matters between listed companies and private equity funds (Exposure Draft) (hereinafter referred to as the “business guidelines”) to standardize and guide.The main purpose of the “business guidelines” is to strengthen information disclosure, focusing on the specific mode, interest chain and impact on listed companies of cooperative investment between listed companies and PE.
  The so-called “PE + listed company” mode mainly refers to the cooperation of private funds subscribing for shares of listed companies or setting up merger and acquisition funds with listed companies.The Shanghai Stock Exchange believes that as a means of market innovation, this investment mode is conducive to stimulating market vitality, promoting the effective integration of market resources by market entities, and promoting the combination of financial capital and industrial capital.

600220股吧——600926

  There are three chapters and nineteen articles in the business guidelines.According to the regulations, the information disclosure requirements under the investment mode of “PE + listed companies” mainly include the disclosure of the specific mode, main content, related relationship and interest arrangement of cooperative investment matters, the full disclosure of relevant risks, and the timely disclosure of major progress of relevant matters according to the principle of phased disclosure.

  比如,上市公司应真实、准确、完整地披露与PE的合作投资协议主要条款,充分披露相关主体之间的关系等利益关系,以及合作中可能面临的风险,及时披露进展情况,而不是选择性地披露,以免误导投资者。
  另一方面,考虑到该模式属于商业行为,过于强调细节信息披露可能影响其正常运行,上海证券交易所相关人士表示,在监管工作中,将充分尊重市场和规模之间信息披露的充分性和重要性会很好的平衡。

600220股吧——055168

  据此,根据重要性原则,《业务指引》主要关注市场信息不对称问题,这可能为相关主体进行概念性投机和操纵股价提供灰色地带,并围绕企业关注的重点,规范相关方的信息披露行为投资者。
  在与私募基金建立了分阶段信息披露关系的同时,应规定私募基金在上市公司完成信息披露的义务商事登记或未能募集,策划重大事项,并取得阶段性重大进展,从而最大限度地解决投资者的信息对称问题,为投资决策提供指导和参考。

  一般来说,《业务指引》明确了合作投资事项的信息披露要求,明确了相关方的关联关系或利益安排,加强了信息披露义务的阶段性履行,落实了持续监管的要求。

600220股吧——386是什么意思

  上海证券交易所相关负责人表示,在合作投资事项相关公告披露前后,如果上市公司股票出现异常波动或涉嫌内幕交易,上市公司应当按照监管要求提交内幕信息知情人名单。交易所在交易核查中发现涉嫌违法违规行为的,将提请中国证监会依法查处。
  《经营指引》出台的背景之一,就是PE参与上市公司资本运作的热情。据统计,截至2014年底,上海证券交易所共有129家PE公司持有67家上市公司股份,另有7家PE公司计划参与非公开发行,购买6家上市公司股份;与上市公司共设立或合并投资基金约3287亿元,拟设立或合并上市公司约44家。

  针对“PE+上市公司”投资模式存在的问题,监管部门继续予以关注。中国证监会此前表示,将坚持市场化原则,在依法合规的基础上,由市场自主决策,有针对性地采取措施,防范内幕交易等违法行为。

  在日常监管工作中,上海证券交易所加强了事后监管。如大虎股份、中原协和、益民集团等详细披露了其在上交所监管下合作的私募基金与相关机构的关系及协议内容。

600220股吧

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