英文： CSRC issues provisional rules raising threshold for additional share offers
The China Securities Regulatory Commission has published a set of regulations raising the threshold for companies seeking to launch additional share offers and is seeking opinions from the securities industry on the possible implementation of the regulations.
Under the rules, companies can only launch additional share offers if their weighted average return on net assets for the previous three accounting years is no less than 10 pct, and if their weighted average return on net assets in previous accounting year is no less than 10 pct.
When calculating its return on net assets, the company must use whichever figures are lower -- the weighted average return on net assets or the weighted average return after exclusion of extraordinary items.
The company may only launch an additional offer if its gearing is above the average level for all listed companies in the same industry.
The company must also show that it has achieved 70 pct completion of previous investment projects funded via previous share issues.
If a company intends to launch an additional offer in which the quantity of offered shares exceeds 20 pct of the company's existing issued shares, the firm must have the approval of more than 50 pct of the holders of its listed shares.
The company must also show that there have been no problems with its management structure over the past year and must show that its accounting policy has been consistent and it does not have large debts.
It must also show that it has not deviated by a large degree from investment plans outlined in previous share offer prospectuses.
If a company company's earnings drop by 50 pct or more after an additional offer, the offer's main underwriter will have its underwriting business curtailed or suspended.
If a company already has approval to launch an additional offer, but does not qualify to launch an offer under the new rules, the firm may switch to launching a rights issue as long as it meets the relevant requirements.
中文：中國證監(jiān)擬提高上市公司增發(fā)新股門檻
中國證監(jiān)會發(fā)布《關于進一步規(guī)范上市公司增發(fā)新股的通知》, 公開征求業(yè)界意見。
中國證監(jiān)列出的其中一項條件是, 申請增發(fā)新股的上市公司, 最近3個財政年度加權平均 凈資產(chǎn)收益率平均不低于10%, 而且最近一年不可低于10%。
加權平均凈資產(chǎn)收益率的計算方法是, 扣除非經(jīng)常性損益后的純利與扣除前的純利比較, 以低者作準。
另外, 增發(fā)新股募集資金量不得超過公司上年度末經(jīng)審計的凈資產(chǎn)值, 資產(chǎn)重組比例超過 70%的上市公司, 重組后首次申請增發(fā)新股可不受此款限制。
上市公司最近一期財務報表中的資產(chǎn)負債率不低于同行業(yè)上市公司的平均水平, 前次募集 資金投資項目的完工進度不低于70%, 增發(fā)新股的股份數(shù)量超過公司股份總數(shù)20%, 其增發(fā) 提案還須獲得出席股東大會的流通股(社會公眾股)股東所持表決權的半數(shù)以上通過, 股份 總數(shù)以董事會增發(fā)提案的決議公告日的股份總數(shù)為計算依據(jù)。
上市公司最近一年內(nèi)公司治理結(jié)構不存在重大缺陷(如資金、資產(chǎn)被具有實際控制權的個 人、法人或其它 組織及其關聯(lián)人占用, 原料采購或產(chǎn)品銷售的關聯(lián)交易額占同類交易額的50%以上等)、 信息披露未違反有關規(guī)定。
上市公司披露的最近一期會計報表不存在會計政策不穩(wěn)健(如資產(chǎn)減值準備計提比例過低 等)、或有負債數(shù)額過大、潛在不良資產(chǎn)比例過高等情況; 最近兩年內(nèi)公司不存在擅自改 變募集資金用途的情況。
The China Securities Regulatory Commission has published a set of regulations raising the threshold for companies seeking to launch additional share offers and is seeking opinions from the securities industry on the possible implementation of the regulations.
Under the rules, companies can only launch additional share offers if their weighted average return on net assets for the previous three accounting years is no less than 10 pct, and if their weighted average return on net assets in previous accounting year is no less than 10 pct.
When calculating its return on net assets, the company must use whichever figures are lower -- the weighted average return on net assets or the weighted average return after exclusion of extraordinary items.
The company may only launch an additional offer if its gearing is above the average level for all listed companies in the same industry.
The company must also show that it has achieved 70 pct completion of previous investment projects funded via previous share issues.
If a company intends to launch an additional offer in which the quantity of offered shares exceeds 20 pct of the company's existing issued shares, the firm must have the approval of more than 50 pct of the holders of its listed shares.
The company must also show that there have been no problems with its management structure over the past year and must show that its accounting policy has been consistent and it does not have large debts.
It must also show that it has not deviated by a large degree from investment plans outlined in previous share offer prospectuses.
If a company company's earnings drop by 50 pct or more after an additional offer, the offer's main underwriter will have its underwriting business curtailed or suspended.
If a company already has approval to launch an additional offer, but does not qualify to launch an offer under the new rules, the firm may switch to launching a rights issue as long as it meets the relevant requirements.
中文：中國證監(jiān)擬提高上市公司增發(fā)新股門檻
中國證監(jiān)會發(fā)布《關于進一步規(guī)范上市公司增發(fā)新股的通知》, 公開征求業(yè)界意見。
中國證監(jiān)列出的其中一項條件是, 申請增發(fā)新股的上市公司, 最近3個財政年度加權平均 凈資產(chǎn)收益率平均不低于10%, 而且最近一年不可低于10%。
加權平均凈資產(chǎn)收益率的計算方法是, 扣除非經(jīng)常性損益后的純利與扣除前的純利比較, 以低者作準。
另外, 增發(fā)新股募集資金量不得超過公司上年度末經(jīng)審計的凈資產(chǎn)值, 資產(chǎn)重組比例超過 70%的上市公司, 重組后首次申請增發(fā)新股可不受此款限制。
上市公司最近一期財務報表中的資產(chǎn)負債率不低于同行業(yè)上市公司的平均水平, 前次募集 資金投資項目的完工進度不低于70%, 增發(fā)新股的股份數(shù)量超過公司股份總數(shù)20%, 其增發(fā) 提案還須獲得出席股東大會的流通股(社會公眾股)股東所持表決權的半數(shù)以上通過, 股份 總數(shù)以董事會增發(fā)提案的決議公告日的股份總數(shù)為計算依據(jù)。
上市公司最近一年內(nèi)公司治理結(jié)構不存在重大缺陷(如資金、資產(chǎn)被具有實際控制權的個 人、法人或其它 組織及其關聯(lián)人占用, 原料采購或產(chǎn)品銷售的關聯(lián)交易額占同類交易額的50%以上等)、 信息披露未違反有關規(guī)定。
上市公司披露的最近一期會計報表不存在會計政策不穩(wěn)健(如資產(chǎn)減值準備計提比例過低 等)、或有負債數(shù)額過大、潛在不良資產(chǎn)比例過高等情況; 最近兩年內(nèi)公司不存在擅自改 變募集資金用途的情況。