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港交所《上市规则》规定下的反向收购行动

《香港交易所上市规则》(简称《上市规则》)将反向收购行动作为一类专门的“须予公布的交易”对待。

反向收购行动被定义为上市发行人进行的一项或一连串收购,而有关收购案香港交易所的意见构成一项交易或安排(或一连串交易或安排的其中一部分),或者属于一项交易或安排(或一连串交易或安排的其中一部分);而该项或该系列交易或安排构成:

  • 达致把拟收购的资产上市的意图;
  • 规避《上市规则》第八章所载有关新申请人的规定的一种方法。(加上我们强调的内容)

但是,《上市规则》并没有对构成反向收购行动的特定交易进行界定,而是,载列两个通常构成反向收购行动的交易示例:

  • 根据《上市规则》规定,构成非常重大的收购事项(VSA)的一项资产收购或一连串资产收购,而当上市发行人进行有关收购之同时,上市发行人(不包括其附属公司)的控制权(《如香港收购守则》中所界定的,即30%)出现变动,或有关收购将导致上市发行人(不包括其附属公司)的控制权有所改变;或
  • 在上市发行人的控制权转手后的24个月内(原交易并未构成反向收购行动),上市发行人根据一项协议或安排向一名或一组取得控制权的人士(或上述人士的联系人)收购资产,而有关资产收购或一连串资产收购构成非常重大的收购事项。

为了上述测试之目的必须将一连串交易合并计算的时间是24个月。因此,在控制权发生变化之后的24个月之内进行的收购(这些收购各自或共同达到非常重大的收购事项的标准),将构成反向收购行动且被视为新上市者。

本规定在重组情况下造成的难题是在完成重组之后公司的资本净值一般都不高。因此,几乎任何一项合理规模的收购都可能追溯触发反向收购行动规则。上市发行人在完成重组之后面对的第一个障碍是《上市规则》中对上市公司开展充分运营或拥有具有充分价值的资产证明其继续上市的能力的规定,该规定实际上致使现金资产公司不适合继续上市。由于在24个月之内无法进一步增加业务(除非所收购资产或经扩大后的集团能够满足新上市者的上市标准),必须保证业务在24个月之内是可持续的。

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