Merger and reorganization of enterprises to new rules will: backdoor listing will become more stringent-backdoor listing, business-IT information

Making provisions for the backdoor listing or will be more stringent, in addition to borrowing conditions other than alternative, may also be incorporated into the shelter purchasing asset revenues accounted for more than standard. However, the industry believes that in the short term is unlikely to be revised up to launch.

On June 7, the Securities and Futures Commission said in a statement, storm technologies (300431. SZ) issue shares to buy assets was not adopted because of the "underlying company profitability with greater uncertainties."

Merger review has become the market consensus. The past two days, about "the new merger rules may be introduced after the Dragon Boat Festival" rapid circulation of news in the world of investment banking and to stimulate discussion.

This message is mainly, "said new merger rules, in General, very strict, in addition to borrowing conditions other than alternative, also include various restrictions on the backdoor in disguise. ”

"The news is true, regulators are currently discussing the amendment of restructuring measures, mainly aimed at avoiding now newer backdoor behavior. "The head of an investment banker close to the regulators in Shanghai on the 21st century business Herald reporter, newly revised rules on backdoor listing more stringent, in addition to borrowing conditions other than alternative, may also be incorporated into the shelter purchasing asset revenues accounted for more than standard. However, probably will not come so soon.

Stricter supervision to avoid borrowing has become an indisputable fact. 21st century business Herald reporter noted, some listed companies suspected of functioning to avoid borrowing or whether it is, either in the Organization answer regulators ' letter of inquiry in the State, the time span very long.

The industry believes that, from the perspective of rule, avoid borrowing should be restricted, is to avoid since the regulatory arbitrage, or buy assets quality, "not perfect." Regulators was intended to amend restructuring rules, are actually disguised backdoor plugging loopholes that conducive to the long-term healthy development of the capital market.

Sword refers to avoid borrowing

Because of shell's audit standards and continuously improve, force is "borrowing standards equal to the IPO", so some backdoor constantly changing pattern "avoid borrowing".

According to listed company major assets restructuring management approach (Xia said restructuring approach), constitute take shell listed needed while meet two a conditions: first, listed company of control right occurred change; second, listed company to acquisition people and associated people purchase of assets total, accounted for listed company control right occurred change of Qian a fiscal year by audit of merged financial accounting report final assets total of proportion reached 100% above.

Therefore a number of listed companies and agencies of all cleverly avoiding borrowing standards, are both "work" and what insiders call "backdoor 2.0", even explicitly not backdoor gem "the fall."

According to the head of the Investment Bank noted that "the revised rules are no longer constitute only two points are required to meet the borrowing, and meet one of them would constitute a backdoor, is known as the ' alternative ' is even more stringent. ”

Regulators in the near future-oriented sponsor representative on the acquisition of special training, also defined the latest trends of mergers and regulatory policy: classification audit, backdoor listing are more rigid, defined backdoor listing and IPO "deemed" approval.

Avoid borrowing against the guise that regulators are studying more stringent measures. According to the head of the investment bank disclosed that current borrowing criteria mainly refer to total assets and control of underlying assets after the main revenue percentage may also be incorporated into the standard backdoor. This more stringent standard, some normal restructuring may also be "killed".

"Since the amendment a great influence on restructuring measures, involving many stakeholders, and also will have a significant impact on Shell Eco, as well as how to prevent the circumvention practices under the new rules, there are problems. Therefore, this amendment now may not be easy. "These investment banking head think.

However, on the policy, there are countermeasures. If restructuring measures to amend the honest, although able to ward off a part of avoiding the backdoor, but whether it will have a new backdoor acts of circumvention?

Shenzhen brokerages who think, head of mergers and acquisitions, should emulate the United States, Hong Kong and other experiences in mature markets, strengthen the powers of regulators on the case found that plus one "has the right to found" clause, increased regulatory flexibility. In addition, if the regulator finds that a listed company constitute a backdoor listing, standards should be public, so that later will not repeat.

Chanson Shen Meng, Executive Director of capital were of the view that such provisions are too restricted by others, does not have the objectivity of the fair, will have a new space for rent.

Has been "met"

According to 21st century economic reported reporter statistics the avoid backdoor case, specific to operation technique Shang has four a: first, listed company control right not change; second, through increased total assets, way guarantee acquisition assets accounted for total assets proportion insufficient 100%; third, acquisition third party assets, also that restructuring trading opponents party and holding right by let party, and supporting financing party not exists associated relationship; IV, first for major assets restructuring, then through holdings, and equity transfer, and shareholders formed consistent action people, will control right change.

This year, the market considers that there are suspected cases to avoid backdoor Nantong metalforming (300280. SZ) 2.473 billion yuan acquiring million Crystal depending on three underlying assets, Tibet tourism (600749. SH) 11 billion yuan purchase of Lucia Lacarra, nine shares (600462. SH) 1.7 billion yuan purchase Jing Shan stake, three changes of science and technology innovation 100% (002112. SZ) 2.8 billion yuan acquired 100% shares of silver Valley in the South, but in the restructuring plan, the company said, "does not constitute a borrowing".

"Regulators long ago to avoid borrowing, and some obvious inquiries were made by listed companies are suspected of avoiding backdoor function, take measures such as not resumed. "The reporter on the 21st century economy, head of mergers and acquisitions said, but in the absence of regulations, with only stalemate.

Listed company suspected of avoiding, for example some backdoor was straightforward inquiry by regulators shuttling back and a longer time span. May 12, Tibet tourism announcement has SSE sent to of two times inquiries letter, requirements its financial consultant explained "whether can increased company total assets, avoid take shell listed", currently company also in Organization related intermediary institutions for implementation and reply; Nantong forging February 2 received shied away by sent to of inquiries letter, was requirements answered "equity transfer Hou whether constitute take shell listed", Nantong forging reply said "not constitute take shell listed"; addition three variable technology also was shied away by requirements on "whether constitute backdoor published professional views".

On June 2 m Board of review meeting, nine shares issued shares to buy Beijing innovative communication technology limited 100% equity restructuring application was whether, on the grounds that "this transaction the controlling shareholder in Sheng Xin yuantong violating public commitments, incompatible with the management of material asset reorganization of listed companies article fourth. "However, in the view of the industry, nine suspects have the shares and avoid backdoor.

传企业并购重组新规将至：借壳上市将更严格 - 借壳上市,企业 - IT资讯

酝酿中的规定对借壳上市或将更加严格，除了借壳条件二选一以外，可能也会把购买资产营业收入占比纳入到借壳标准。不过，业内人士认为短期内不太可能修订完推出。

6月7日，证监会发布公告称，暴风科技（300431.SZ）发行股份购买资产未获通过，原因为“标的公司盈利能力具有较大不确定性”。

并购重组审核趋严已经成为市场共识。近两日，一则关于“新的并购重组规则可能在端午节后推出”的消息在投行界快速流转并引发讨论。

该消息主要称，“新的并购重组规则总体上会非常严格，除了借壳条件二选一以外，还包括对变相借壳的多种限制。”

“上述消息基本属实，监管层目前正在讨论修订重组办法，主要针对眼下花样翻新的规避借壳行为。”上海某接近监管层的一位投行负责人对21世纪经济报道记者透露，新修订的规定对借壳上市更加严格，除了借壳条件二选一以外，可能也会把购买资产营业收入占比纳入到借壳标准。不过，可能不会那么快推出来。

对于规避借壳的监管日趋严格已成为不争的事实。21世纪经济报道记者注意到，目前一些正在运作的有规避借壳嫌疑的上市公司要么被否，要么还在组织人员回答监管层的问询函状态中，时间跨度非常长。

业内人士认为，从规则看，规避借壳行为应该被限制，之所以要规避是因为瞅准监管套利或者购买资产质量“不过硬”。监管层拟修订重组规则，实际上在堵变相借壳的漏洞，这有利于资本市场长期健康发展。

剑指规避借壳

由于借壳的审核标准不断提高，正在施行的是“借壳标准等同于IPO”，因此一些借壳方不断翻新花样“规避借壳”。

根据《上市公司重大资产重组管理办法》（下称《重组办法》），构成借壳上市需同时满足两个条件：第一，上市公司的控制权发生变更；第二，上市公司向收购人及其关联人购买的资产总额，占上市公司控制权发生变更的前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达到100%以上。

因此不少上市公司及中介机构千方百计巧妙规避借壳标准，均是在上述两点“下功夫”，并被业内人士称为“借壳2.0”，就连明令不能借壳的创业板也“沦陷”了。

据上述投行负责人指出，“新修订的规则不再是两点均需满足才构成借壳，而满足其中一个就构成借壳，就是所谓的‘二选一’，更加严格。”

监管层在近期面向保荐代表人的并购专题培训上，也明确了并购重组监管政策的最新动向：分类审核，借壳上市趋严，明确规定借壳上市与IPO“等同”审核。

针对花样翻新的规避借壳，监管层正在研讨更加严格的对策。据上述投行负责人透露，目前的借壳标准主要参考总资产和控股权，以后标的资产主营收入占比可能也会被纳入到借壳标准。这一个标准比较严格，一些正常的重组可能也会被“扼杀”。

“由于修订重组办法影响很大，涉及很多利益相关方，另外对壳生态也将产生重大影响，以及如何预防新规下的可规避手法，都存在难题。因此，这个修订目前可能不会轻易出来。”上述投行负责人认为。

不过，上有政策，下有对策。倘若重组办法修订成实，虽然能够挡住一部分规避借壳者，但是否会产生新的规避借壳行为？

深圳某券商一位并购部负责人认为，应该效仿美国、香港等成熟市场的经验，加强监管层对个案认定的权力，附加一个比如“有权认定”条款，增加监管弹性。另外，如果监管层认定某上市公司构成借壳上市，应将标准公开，这样后来者就不会重蹈覆辙了。

香颂资本执行董事沈萌则认为，这类条款太过于受人制约，不具备公正公平的客观性，会产生新的寻租空间。

已遭“软钉子”

据21世纪经济报道记者统计各规避借壳案例，具体到操作手法上有四个：第一，上市公司控制权未变更；第二，通过增加总资产等方式保证收购资产占总资产比例不足100%；第三，收购第三方资产，也即重组交易对手方与控股权受让方、配套融资方不存在关联关系；第四，先进行重大资产重组，而后通过减持、股权转让、股东结成一致行动人等将控制权变更。

今年以来，市场普遍认为有规避借壳嫌疑的案例就有南通锻压（300280.SZ）24.73亿元收购亿家晶视等三家标的资产、西藏旅游（600749.SH）110亿元收购拉卡拉、九有股份（600462.SH）17亿元收购景山创新100%股权、三变科技（002112.SZ）28亿元收购南方银谷100%股权等，但在重组预案中，上述公司均称“不构成借壳”。

“监管层其实早就对规避借壳反感，对一些有明显规避借壳嫌疑的上市公司也发了问询函，采取不让复牌等措施。”上述并购部负责人对21世纪经济报道记者表示，但是由于没有相关规定，只能僵持着。

比如一些有规避借壳嫌疑的上市公司就遭到监管层的直白问询，一来一往时间跨度较长。5月12日，西藏旅游公告了上交所发来的二次问询函，要求其财务顾问解释“是否可以增加公司总资产，规避借壳上市”，目前公司还在组织相关中介机构进行落实和回复；南通锻压2月2日收到深交所发来的问询函，被要求回答“股权转让后是否构成借壳上市”，南通锻压回复称“不构成借壳上市”；另外三变科技也被深交所要求对“是否构成借壳发表专业意见”。

而在6月2日的并购重组委审核会议上，九有股份发行股份购买北京景山创新通信技术有限公司100%股权的重组申请被否，理由是“本次交易中控股股东盛鑫元通违反公开承诺，不符合《上市公司重大资产重组管理办法》第四条规定。”不过，在业内人士看来，九有股份也有规避借壳的嫌疑。