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宣亚“蛇吞象”购映客:规避借壳何以花样百出

2017-09-06 08:41:59   新华网

要对此进行规制,或可参考香港联交所的做法。联交所对是否构成反收购行动(对应于A股的借壳上市)规定了“明确测试标准”,这相当于定量标准;同时,联交所还规定了一项“原则为本的测试标准”,即“具有把拟收购的资产上市的意图,同时亦构成规避有关新申请人规定的一种方法”。上市公司收购方案即使通过了“明确测试标准”,联交所还会按照“原则为本的测试标准”来进行测试判断,如果不能通过“原则为本的测试标准”,同样可能认定为反收购行动。

如此来看,A股市场对重组上市的认定,应该坚持实质重于形式的原则——不仅要设计定量红线的认定标准,还应该进一步对重组上市进行明确定义,在此基础之上明确“原则性的认定标准”。如此一来,证监会就可依此,适当发挥自由裁量权,将一些规避构成重组上市的重大重组认定为重组上市。

事实上,制订重组上市的原则性认定标准,上市公司控制权是否变更、是否直接现金收购,都不应是考察重点,重点应在上市公司并购重组规模是否够大,交易对手是否直接或间接获得上市公司股票,是否有规避构成重组上市意图。本案中,尽管上市公司是以现金收购,但交易对手却间接获得上市公司股票,且体量巨大,规避构成重组上市意图也比较明显,若按上述标准或不难认定构成重组上市。(熊锦秋 财经评论人)

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