收购兼并
港交所如何看待“控制权发生变化”？
上市决策75-2
上市决策75-2涉及市政府两个附属机构之间的直接控制权的变化。有关收购前后的集团架构摘要如下：
- 甲公司为一间主板上市公司，拟购入卖方于目标公司的权益（有关收购）。甲公司与目标公司从事同一行业。
- 由于甲公司将透过发行新股予卖方偿付部分的代价，有关收购将导致甲公司的股权架构出现变动
– 控股公司于甲公司的持股将被摊薄至甲公司已扩大已发行股本的20%左右。
– 卖方将持有甲公司超过50%的已扩大已发行股本。根据《收购守则》，卖方获豁免不用履行因有关收购而须向甲公司发出全面要约的责任。
– 有关收购是甲公司的一项关连交易，因为由甲公司上市起，联交所已将卖方及其联系人视为甲公司的关连人士。按有关百分比率计算，有关收购亦构成非常重大的收购事项。
– 甲公司寻求联交所确认有关收购非《上市规则》所载列的反收购行动。甲公司称，虽然有关收购会导致卖方取得甲公司的控股权益，但控股权不会出现改变，理由如下：
- 机构X与机构Y均为市政府的附属机构，由市政府监督。通过这些机构，包括透过行使投票权，市政府一直控制着控股公司、甲公司、卖方及目标公司等各家公司。
- 市政府在收购前后均对甲公司有最终控制权，亦将继续拥有最终控制权。
有关收购不算甲公司一项反收购行动，由于在有关收购后市政府仍为甲公司的控股股东，甲公司的最终控制权不会因有关收购而发生改变。
联交所亦考虑了《收购守则》有关“控制权”的评估。在这宗个案中，证监会收购执行人员已豁免卖方不用履行《收购守则》所述的发出全面要约的责任。这与发行人控制权已变更并已按《收购守则》给予清洗豁免（在独立股东批准的情况下）的情况不同。
议决暗指可通过采取反向收购行动进行机构重组，只要该机构对组织的最终控制权未发生改变，且该机构起到主动控制的作用，附属机构应当可以自由改变其下层控制结构。
更多有关香港反向收购行动的资料，请参阅更详细的指引或我们在“有关反向收购行动最重要的10项要点内容”中给出的指引总结。
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