Author:李夏楠 | 2020.06.15
2020年4月27日,证监会发布创业板改革并试点注册制的主要制度规则并向社会公开征求意见,2020年6月12日,证监会发布并实施《创业板首次公开发行股票注册管理办法(试行)》《创业板上市公司持续监管办法(试行)》(“《上市公司监管办法》”)等覆盖创业板上市公司重大资产重组、再融资业务的相关规章办法,从发行条件、交易安排、持续监管等方面多层次修订规则,为创业板改革开启制度保障。
同日,深圳证券交易所发布《深圳证券交易所创业板上市公司重大资产重组审核规则》(“《创业板资产重组规则》”)《深圳证券交易所创业板股票上市规则》等一系列注册制配套监管规则。
其中,《上市公司监管办法》对创业板上市公司实施重大资产重组的标的资产所属行业及业务定位、重大资产重组标准、发行股份的定价机制、审核流程及期限作出原则性规定。
《创业板资产重组规则》共九章,分为总则、重组标准与条件、重组信息披露要求、重组审核内容与方式、重组审核程序、审核相关事项、持续督导、自律管理和附则。
(一)与征求意见稿相比的修改关注
《创业板资产重组规则》与征求意见稿相比在重组条件、信息披露及审核程序等涉及重组方案及重组实施等方面无实质修改,相关修改内容如下:
1、明确净利润内涵,合并报表下不包括少数股东损益
《创业板资产重组规则》第十条规定本章所称净利润以扣除非经常性损益前后的孰低者为准,所称净利润、营业收入、经营活动产生的现金流量净额均指经审计的数值;如标的资产涉及编制合并财务报表的,净利润为合并利润表列报的归属于母公司所有者的净利润,不包括少数股东损益。
2、其他修改
《创业板资产重组规则》第十五条删去征求意见稿第二款“上市公司应当综合考虑执业能力、诚信记录、市场形象、从业人员规模和资历等情况,审慎选择独立财务顾问和证券服务机构。”《创业板资产重组规则》第四十一条针对重组上市审核期限的规定,按是否发行股份为标准分别明确,即“上市公司申请重组上市,不涉及股份发行的,本所自受理申请文件之日起3个月内作出同意重组上市的决定或者作出终止审核的决定;涉及股份发行的,本所自受理申请文件之日起,在规定的时限内出具同意重组上市的审核意见或者作出终止审核的决定,本所审核和中国证监会注册的时间总计不超过3个月。按规定应当扣除的时间不计算在本条规定的时限内。”
(二)创业板重大资产重组制度要点
1、标的资产定位
考虑到为创业板存量企业转型升级和产业并购留下制度空间,注册制下创业板企业重组标的资产应当满足符合创业板定位或与上市公司属于同行业、上下游的择一条件,而与上市公司主营业务是否具有协同效应则属于信息披露要求,区别于科创板重组标的资产应当同时满足科创板定位并与公司形成协同效应。
同时,《创业板重组审核规则》对“协同效应”作出明确具体的说明,即“上市公司因本次交易而产生的超出单项资产收益的超额利益,包括下列一项或者多项情形:增加定价权;降低成本;获取主营业务所需的关键技术、研发人员;加速产品迭代;产品或者服务能够进入新的市场;获得税收优惠;其他有利于主营业务发展的积极影响。”
2、购买资产发行价格
3、重大资产重组标准
4、“小额快速”重组
5、审核方式及内容
6、审核程序及时间
创业板重大资产重组配套制度是注册制改革的重要部分,在A股现行制度的基础上,注册制下的创业板重组业务根据其板块特点进一步明确了资产重组的标准和条件,并以注册制信息披露为核心将审核程序公开、透明化,增强了交易各方对重组业务的制度预期。
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