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收购兼并

反向收购行动

反向收购行动(RTO)大致定义为一个上市发行人对相关资产的收购(或系列收购),以达致把拟收购资产上市的同时,又规避《上市规则》有关新的上市申请人的规定之目的。

过去,反向收购行动常应用于希望更快地得到更有把握的结果,而非更大潜在收益的情况下。由于在反收购行动项下并没有必须进行重要规管审查的规定(且没有刊发招股章程的要求),这意味着完成反向收购行动的时间比完成首次公开招股所需的时间要短得多。此外,与首次公开招股不同,反向收购行动不像首次公开招股般受难以预测的市场变化的影响,上市公司新的拥有人一般将承担更少的股份稀释,因而享有更多的控制权。由于不需要承销人,成本亦会得以节省。由于投资者通过公开市场有清晰界定的退出投资策略,该公司更容易通过收购上市公司筹集资本。

反向收购行动也有一些缺点,包括反向收购行动的完成速度和最终价值有时会被高估。与此同时,反向收购行动有时会在未能给予不相关股东足够考虑的情况下完成。

在全球的许多国家,反向收购行动仍是寻求上市的途径之一,尽管由于出现不少涉及中国公司通过该途径寻求上市的财政丑闻,最近有些国家(尤其是美国和中国)已采取了一些措施,加强对反向收购行动的管控。在美国和加拿大,反向收购行动过去曾备受鼓励,尤其是针对那些没有能力担负起首次公开招股所需的承销人费用的小型公司所进行的反向收购行动。例如,在美国可以通过买卖上市空壳公司的股份—投资目的可能是希望在空壳公司被提出反向收购时获利。然而,当反向收购行动不能得到有效管控时,问题就会出现。在新加坡,就出现过几个颇受关注的反向收购行动,由于对利润保障的担忧,最后以失败告终。这导致新加坡证券交易所对未来的反向收购行动发布额外规定,包括反向收购行动最低发行价以及上市公司及其财务顾问在评估涉及利润保障的收购方面的新要求。

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