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借壳上市作为拟上市公司登陆资本市场的重要交易方式,历来受到较多关注。关于借壳上市认定标准,《上市公司重大资产重组管理办法》规定了控制权变更和购买资产总额超过100%比例两项指标,并需执行累计首次原则和预期合并原则;境外市场则采取了不同的认定标准和监管态度。统筹考虑,我国借壳上市认定标准的监管应遵循严格执行与IPO标准等同、适度监管、统一监管原则。在具体认定标准上,需关注或完善作为借壳方的收购人的关联人及一致行动人的认定、累计首次原则及累计时间期限问题,强化对净壳重组及主营业务变更情形下的借壳上市监管,完善金融和创业投资等特定行业的特别规定。
Backdoor listing as an important listing company to be listed on the capital market, an important transaction, has always been more attention. Regarding the criteria for the determination of backdoor listing, the Measures for the Administration of Major Asset Restructuring of Listed Companies stipulate two indicators of the change of control and the proportion of total assets purchased over 100%, and the principle of cumulative first-time and expected merger shall be implemented; the overseas market adopts a different Accreditation standards and regulatory attitude. Overall consideration, China’s backdoor listing of certified standards should follow the strict implementation of the standards and the IPO, the same degree of supervision, the principle of uniform supervision. Specific criteria for the recognition of the need to be concerned about or as a lender of the lender as a lender associated parties and parties acting in concert recognized the first principle of accumulation and the cumulative time deadline to strengthen the case of net shell restructuring and changes in the case of a backdoor listing Regulate and improve special provisions in specific sectors such as finance and venture capital.