Chinese capital market takeover and restructuring guide:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Alphen aan den Rijn [u.a.]
Wolters Kluwer
2011
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | L, 485 S. graph. Darst. |
| ISBN: | 9789041132109 9041132104 |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV039514299 | ||
| 003 | DE-604 | ||
| 005 | 20120620 | ||
| 007 | t | ||
| 008 | 110805s2011 ne d||| |||| 00||| eng d | ||
| 010 | |a 2011289261 | ||
| 020 | |a 9789041132109 |c hardback : acidfree paper |9 978-90-411-3210-9 | ||
| 020 | |a 9041132104 |c hardback : acidfree paper |9 90-411-3210-4 | ||
| 035 | |a (DE-599)BVBBV039514299 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a ne |c NL | ||
| 049 | |a DE-M382 | ||
| 100 | 1 | |a Liu, Chengwei |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Chinese capital market takeover and restructuring guide |c Chengwei Liu |
| 264 | 1 | |a Alphen aan den Rijn [u.a.] |b Wolters Kluwer |c 2011 | |
| 300 | |a L, 485 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Consolidation and merger of corporations |x Law and legislation |z China | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024366946&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-024366946 | ||
Datensatz im Suchindex
| _version_ | 1804148319942868992 |
|---|---|
| adam_text | Titel: Chinese capital market takeover and restructuring guide
Autor: Liu, Chengwei
Jahr: 2011
Table of Contents
List of Abbreviations xxiii
List of Charts and Checklist xxvii
List of Deals xxxix
List of Key Regulations xlvii
Introduction 1
Parti
Takeover 7
Chapter 1
Tender Offer 9
1.1. Introduction 9
1.2. The CSRC Approval and Key Regulations 10
1.3. Special Issues in Tender Offer 13
1.3.1. The Choice between General Offer and Partial Offer 13
1.3.2. The 5% Offer Threshold 14
1.3.3. Conditions to the Offer 15
1.3.4. Disqualification of the Offeror 17
1.4. Pricing and Payment 18
1.4.1. Pricing Basis 18
1.4.2. Cash Offer and Performance Bond 19
1.4.3. Consideration Securities and Cash Option 19
1.4.4. Valuation and Custody of the Payment Securities 20
1.5. Offer Period
1.5.1. Minimum and Maximum Offer Period
1.5.2. Commencement of the Offer Period
1.5.3. Expiration and Extension of the Offer Period
1.6. Disclosure of the Offer
1-6.1. Disclosures in the Process
1.6.2. Contents of the Offer Report
1.7. The Procedures Step by Step
1.8. Activities Prior to the Offer s Expiration
1.8.1. Amendment and Cancellation by the Offeror
1.8.2. Tendering and Withdrawal thereof by the Target
ListCo s Shareholders
1.8.3. Contested Offer by Third Party
1.8.4. Investigation and Recommendation by the Target
ListCo s Board
1.9. Restrictions to the Activities
1.9.1. Restrictions on the Offeror
1.9.1.1. No Cancellation during the Offer Period
1.9.1.2. Restrictions on the Trading of the
Target ListCo s Stocks
1.9.2. Restrictions on the Tendering Shareholder
1.9.2.1. No Sale during Temporary Custody
1.9.2.2. Restrictions to the Withdrawal of the Tendering
1.9.3. Restrictions on the Target ListCo s Board
1.9.3.1. No Frustrating Action
1.9.3.2. No Resignation
1.10. Roles of the Financial Advisor
Chapter 2
Tender Offer with Delisting Purpose or Risk
2.1. Introduction
2.2. Public Floating Requirement
2.3. Special Issues for Tender Offer
with Delisting Purpose
2.3.1. Minimum Condition
2.3.2. Cash Option Required in Stock Offer with Delisting Purpose
2.3.3. Disposal of Remaining Shares
2.4. Stock Offer Through Bridge Arrangement: The Precedent
Deal Dongfang Electric (600875.SH) - Dongfang Boiler
(600786.SH)
2.5. Delisting Risk Resulted From A General Offer
2.6. Solutions to Retrieve the Public Floating
21
21
22
22
23
23
24
27
33
33
34
35
35
37
37
37
37
38
38
38
39
39
39
39
41
41
41
43
43
43
43
44
46
52
Chapter 3
Negotiated Transfer and Indirect Takeover 53
3.1. Introduction 53
3.2. The CSRC Approval and Key Regulations 54
3.3. Correlation with the Offer 55
3.3.1. Triggering of the Acquiror s Mandatory Offer Obligation 55
3.3.2. Choice between General Offer and Partial Offer in
Negotiated Transfer and Indirect Takeover 56
3.3.3. Revision to a Transfer of 30% or Less Plus
a Partial Offer 60
3.4. Deal Structures of Indirect Takeover 63
3.4.1. Indirect Takeover Approaches 63
3.4.2. Acquisition of Equity Interests in the ListCo s
Shareholder 64
3.4.3. Merger of Acquiror s Subsidiary with the ListCo s
Shareholder 64
3.4.4. Corporate Separation of the ListCo s Shareholder 68
3.4.5. Indirect Takeover through Contractual Arrangements 68
3.5. Disclosure of The Deal 71
3.5.1. Acquiror s Disclosure Obligation in Negotiated
Transfer/Indirect Takeover 71
3.5.2. Exceptions to the General Application of the
Takeover Report 72
3.5.3. Contents of the Takeover Report 73
3.5.4. Simplified Disclosure Obligation of the Seller 74
3.6. Possible Sgm Approval Requirement 75
3.7. The Procedures Step by Step 76
3.8. Protection of Public Interests 80
3.8.1. Stringent Implementation of the Disclosure in
Indirect Takeover 80
3.8.2. Clearance Duty of Former Controlling Person 81
3.8.3. Activities Restricted during the Transition Period 81
3.8.4. Post-closing Transfer Restrictions 82
Chapter 4
Exemption of Offer and the 2% Creeper 83
4.1. Introduction 83
4.2. Situations Eligible for Exemption 84
4.3. Application Procedures 87
4.4. Exemption In Controlling Shareholder s Creeper 90
4.4.1. Regulatory Framework and Definition of the Creeper 90
4.4.2. The Creeper Increasing Procedures Step by Step 92
4.4.3. The Creeper Procedures in Practice 95
4.4.4. Trading Restrictions during the Creeper Period 97
4.4.4.1. Increasing-Forbidden Periods 97
4.4.4.2. Lock-Up Undertaking 97
4.4.4.3. Implications of Short-Swing Trading 97
4.5. The Options if no Exemption Granted 98
4.6. The Options if no Exemption Application Submitted 104
Chapter 5
Change of Interests 107
5.1. Introduction 107
5.2. Disclosure of the Deal 108
5.2.1. Points Triggering the Disclosure Obligation 108
5.2.2. Short Form or Detailed Change Report 110
5.2.3. The Disclosure in Special Contexts 111
5.2.4. Contents of the Change Report 113
5.3. Trading Restrictions during the Disclosure Period 114
5.4. Procedures of the Change Deal 115
5.4.1. Procedural Variations Depending on the
Change Approach 115
5.4.2. Application Documents 117
Part II
Takeover in Particular 121
Chapter 6
Transfer by State-Owned Shareholder (SS) 123
6.1. Introduction 123
6.2. The SASAC Approval and Key Regulations 124
6.3. Trading of SS Shares on Secondary Market 126
6.3.1. Record Filing with Provincial or National SASAC
or Approval by National SASAC 126
6.3.2. Price Limitation for Block Trading 127
6.4. Negotiated Transfer of SS Shares 128
6.4.1. Approval by National SASAC 128
6.4.2. Pricing Basis: Mean VWAP of Last Thirty Trading Days 128
6.4.3. The Procedures of Negotiated Transfer of SS Shares
Step by Step 129
6.5. Indirect Transfer of SS Shares 135
6.5.1. Deal Structure 135
6.5.2. Dual Approval System 135
6.5.3. Pricing Basis: Valuation Result in Light of the
Stock Price 132
6.5.4. The Procedures of Indirect Transfer
of SS Shares Step by Step 138
6.6. Special Rules in the Transfer of Financial SS Shares 143
6.6.1. Overview 143
6.6.2. Stricter Limitation of Negotiated Transfer 143
6.6.3. Narrower Application of the Post-Trading Record Filing
Procedure 144
6.6.4. Higher Pricing Basis 145
Chapter 7
Strategic Investment by Foreign Investor 147
7.1. Introduction 147
7.2. The Mofcom Approval and Key Regulations 148
7.3. Entry Standards 150
7.4. Strategic Investment Through Subscrition in Private Placement 150
7.4.1. Overview 150
7.4.2. The Procedures Step by Step 152
7.4.3. The Deal Holchin B.V. - Huaxin Cement (600801.SH;
900933.SH) - The First Strategic Investment Deal
through Subscription 161
7.4.4. The Deal Reco Shine - Super Shine (000608.SZ) -
Subscription below 30% 163
7.4.5. The Deal Art Garden - Southern Building
Material (000906.SZ) - Subscriber Acting in
Concert with Existent Controlling Shareholder 163
7.4.6. Pricing Risk due to Market Change in light
of the Time-Consuming Approval Process 166
7.5. Strategic Investment Through Negotiated Transfer 169
7.5.1. Overview 169
7.5.2. The Procedures Step by Step 169
7.5.3. The Deal TianjinPort Dev (03382.HK) - Tianjin
Port (600717.SH) - Strategic Investment through
Negotiated Transfer Involving Cross-Border
Share Exchange 173
7.5.4. The Deal Asia Bottles — Zhuhai Zhongfu (000659.SZ) -
Strategic Investment through Negotiated Transfer
below 30% 175
7.6. Strategic Investment Through Other Available Ways 176
7.6.1. Strategic Investment through Tender Offer 176
7.6.2. Investment through Indirect Takeover 176
7.6.3. The Deal SEB — Supor (002032.SZ) — Strategic
Investment Combining Negotiated Transfer,
Subscription and Partial Offer 177
7.6.4. The Deal Goldman Sachs - Shineway (000895.SZ) ~
Strategic Investment Combining Negotiated Transfer,
Indirect Takeover and General Offer
7.7. Exit of Foreign Investor
Chapter 8
Takeover Involving Share Exchange
8.1. Introduction
8.2. Special Rules for Share Exchange
8.2.1. Special Requirements for Payment with Onshore
Shares
8.2.2. Stringent Application of Cross-Border Payment with
Offshore Shares
8.3. Onshroe Share Exchange by Domestic Acquiror
8.3.1. Onshore Subscription: Domestic Acquiror s
Injection of Onshore Subsidiaries in Exchange
for the ListCo s New Shares
8.3.2. Onshore Negotiated Transfer: The Deal CHAMC-
Northeast Pharmaceutical (000597.SZ) - Indirect
Shareholding in Exchange for Direct Shareholding
by an Equity Transfer with the Parent of the ListCo s
Shareholder
8.3.3. Onshore Negotiated Transfer: Domestic Acquiror s
New Shares to the ListCo s Shareholder in Exchange for
the ListCo s Outstanding Shares
8.3.4. Onshore Indirect Takeover: The Deal AVIC General
Aircraft - Guihang Automotive Components (600523.SH) -
Domestic Acquiror s New Shares to the Parent of the
ListCo s Shareholder in Exchange for the Equity Interests
in the ListCo s Shareholder
8.3.5. Onshore Indirect Takeover: Domestic Acquiror s
Incorporation of Joint Venture with the ListCo s
Shareholder, Which Injects the ListCo s Outstanding
Shares as Capital Contribution
8.4. Cross-Border Share Exchange by Domestic Acquiror
8.4.1. Overview
8.4.2. The Deal Mr Liang et al. - Sany (60003l.SH) -
Subscription for the ListCo s New Shares
with Domestic Acquiror s Offshore Subsidiary
8.4.3. The Deal Ping An (601318.SH; 02318.HK) - Shenzhen
Development Bank (00001.SZ) - Domestic Acquiror s
New Issue of H Shares in Exchange for the Foreign
Seller s A Shares in the Onshore ListCo
181
184
185
185
186
186
187
189
189
189
194
194
194
196
196
196
199
8.5. Onshore Share Exchange by Foreign Acquiror 201
8.5.1. Overview 201
8.5.2. The Procedures of Foreign Acquiror s Onshore
Share Exchange Involving Injection of FIEs 203
8.5.3. The Deal Pear Success Surest Finance -
China Fiberglass (600176.SH) - Foreign Acquirors
Injection of FIE in Exchange for the ListCo s New Shares 206
8.5.4. The Deal Shimao Property (0813.HK) - Shanghai Shimao
(600823.SH) - Foreign Acquiror s Injection of FIEs in
Exchange for the ListCo s New Shares 208
8.6. Cross-Border Share Exchange by Foreign Acquiror 214
8.6.1. Overview 214
8.6.2. Deal Structures of Foreign Acquiror s Payment
with Offshore Listed Shares 214
8.6.3. The Procedures of Cross-Border Share Exchange
Involving Offshore Issue 215
8.6.4. The Deal TianjinPort Dev (03382.HK) - Tianjin
Port (600717.SH) - Offshore Listed Foreign
Acquiror s New Issue in Exchange for the Onshore
ListCo s Outstanding Shares 223
8.7. Offshore Share Exchange by Foreign Acquiror 223
Chapter 9
QFII Investment 225
9.1. Introduction 225
9.2. Required Approvals and Key Regulations 226
9.3. QFII Qualification by the CSRC 227
9.4. QFII Quota from the Safe 231
9.4.1. Overview 231
9.4.2. Application of the Initial QFII Quota 231
9.4.3. Application of Additional QFII Quota(s) 232
9.4.4. Quota Transfer Prohibited 233
9.5. Custodian Bank as Gatekeeper 233
9.6. Capital Inflow 235
9.6.1. The Opening of Capital Accounts with the Onshore
Custodian Bank 235
9.6.2. Principal Remitted to the Forex Account 236
9.6.3. Settled Renminbi Transferred to the Special RMB
Account 236
9.7. Securities Investment 237
9.7.1. The Opening of Securities Accounts with the
Clearing House 237
9.7.2. Shareholding Cap 238
9.7.3. Trading Rules 240
9.7.4. Disclosure: Short Form Change Report 240
9.7.5. Short-Swing Forfeiture: Nanning Sugar (000911) v.
Martin Currie (QFII) 241
9.7.6. Exercise of the Shareholder Rights 243
9.8. Exit 243
9.8.1. Sale upon Expiration of the Shareholding
Lock-up (If Applicable) 243
9.8.2. Statutory Lock-up of the Principal 244
9.8.3. Repatriation of the Investment Principal upon
Expiration of the Attached Lock-up 244
9.8.4. Repatriation of the Gains during, or after, the Principal s
Lock-up 245
9.8.5. Closure of the Accounts 246
9.9. Special Forex Rules for Open-Ended China Fund 246
9.9.1. Overview 246
9.9.2. Monthly Inward Remittance of Net Subscription
Proceeds of the China Fund 247
9.9.3. Monthly Outward Repatriation of Net Redemption
Amount of the China Fund 248
9.9.4. Separation of the Principal in the Monthly
Repatriation 248
9.10. Taxation 249
Part III
Restructuring 251
Chapter 10
Private Placement (Designated or Price Bidding) 253
10.1. Introduction 253
10.2. Required Approvals and Key Regulations 254
10.3. Special Issues in Private Placement 256
10.3.1. Placement to Designated Subscriber or Through Price
Bidding 256
10.3.2. Issue to Ten Subscribers at Most 257
10.3.3. Prohibition of Public Solicitation 258
10.3.4. Disqualification of the Issuer 258
10.3.5. Incompliant External Security 260
10.4. Issue Plan 263
10.4.1. Overview 263
10.4.2. Eligible Subscriber 263
10.4.3. Pricing Basis: The 20-Day Average Price 264
10.4.4. Shareholding Lock-up 265
10.4.5. Use of Proceeds 266
10.5. Disclosure in Private Placement 266
10.5.1. The Disclosure Roadmap in Private Placement 266
10.5.2. Disclosure by the Issuer 266
10.5.3. Disclosure by the Subscriber 269
10.5.4. Disclosure by the Diluted Shareholder 270
10.6. Private Placement to Designated Subscribers at Fixed Price 271
10.6.1. The Procedures Step by Step 271
10.6.2. The Deal Valin Steel s (000932.SZ) 2007 Issue to Valin
Group ArcelorMittal - Private Placement to SS
and Foreign Strategic Investor by SS-Controlled Issuer 282
10.6.3. The Deal Huaxia Bank s (600015.SH) 2008
Issue to Deutsche Bank et al - Private Placement
to Foreign Strategic Investor by Financial Issuer 282
10.7. Private Placement to Surviving Bidders through Price Bidding 284
10.7.1. The Procedures Step by Step 284
10.7.2. Complication of the Procedures When both Designated
Subscribers and Surviving Bidders Involved 289
10.7.3. The Deal Times New Material s (600458.SH) 2009
Issue through Price Bidding - Private Placement to the
Largest Shareholder (SS) and the Surviving Bidders 290
10.7.4. The Deal Suning Appliance s (002024.SZ) 2009
Issue through Price Bidding - Private Placement
to the Largest Shareholder and the Surviving
Bidders (including QFII) 293
10.7.5. The Deal YangZhiGuang s (600673.SH) 2006
Issue by Two Installments - Private Placement by
Two Installments Respectively to the Controlling
Shareholder (with Non-Cash Payment) and the Surviving
Bidders (including Foreign Strategic Investor) 293
Chapter 11
Public Offering (Initial or Secondary) 297
11.1. Introduction 297
11.2. Required Approvals and Key Regulations 298
11.3. Qualifications of Public Offering 300
11.3.1. Conditions to Public Offering 300
11.3.2. Disqualification of the Issuer 304
11.3.3. Use of proceeds 305
11.4. Pricing 305
11.4.1. Pricing Basis for Secondary Public Offering 305
11.4.2. Price Inquiry in Public Offering: One or Two Stages 306
11.4.3. Institutional Investors Eligible for Price Inquiry 307
11.5. Procedures and Disclosure in Secondary Public Offering 308
11.5.1. Overview of the Procedures of Secondary Public Offering 308
11.5.2. CSRC Approval of the Secondary Public Offering 310
11.5.3. The Process of Shares Offering and Listing in Secondary
Public Offering 312
11.5.4. Rights Issue to Existent Shareholders 316
11.5.5. The Shares Offering and Listing Application to the Stock
Exchange in Secondary Public Offering 319
11.5.6. Disclosure in the Shares Offering and Listing
Process in Secondary Public Offering 320
11.6. Procedures and Disclosure in IPO 322
11.6.1. Overview of the IPO Procedures 322
11.6.2. CSRC Approval of the IPO 323
11.6.3. Shares Offering: Offline Placing and Online Offering 326
11.6.4. Roadmap of the Shares Offering through Price Inquiry 329
11.6.5. Listing Application to the Stock Exchange in an IPO 336
11.6.6. Disclosure in the Shares Offering and Listing
Process in IPO 338
11.7. Suspension or Termination of the Shares offering 341
11.8. Shareholding Lock-Up 342
Chapter 12
Substantial Asset Restructuring (SAR) 343
12.1. Introduction 343
12.2. Required Approvals and Key Regulations 344
12.3. Sar Threshold Triggering the CSRC Approval Requirement 346
12.3.1. The 50%-Threshold in Terms of TAV, Revenue and NAV 346
12.3.2. Calculation of the Threshold in Asset Purchase 347
12.3.3. Calculation of the Threshold in Asset Disposal 347
12.3.4. Calculation of the Threshold in Asset Swap 348
12.3.5. The 70%-Threshold Necessitating a Restructuring
Committee Review 348
12.4. Compliance and Acquirability 349
12.4.1. The General Compliance Standards 349
12.4.2. Conditions to Acquirable Assets 350
12.5. Pricing of the Subject Assets 351
12.5.1. Pricing Based on Auditing, Valuation and
Forecast 351
12.5.2. Disclosure of the Audit, Valuation and Forecast
Reports 353
12.5.3. Data Disparity in Relation to Pricing and Forecast 353
12.6. Disclosure in SAR 354
12.6.1. Disclosure Guidelines 354
12.6.2. Pre-Disclosure Trading Suspension 356
12.6.3. Self-Check of Insider Trading in Last Six Months 360
12.6.4. Disclosure Roadmap for the ListCo in SAR 361
12.6.5. Disclosure of the Preliminary SAR Plan 364
12.6.6. Disclosure of the SAR Report 366
12.6.7. Disclosure by the Counterparty 369
12.7. The Procedures of SAR 370
12.7.1. The Procedures Step by Step 370
12.7.2. The Deal SAIC Motor s (600104.SH) Acquisition
of 1% Equity Interest in Shanghai GM (FIE) 381
12.7.3. The Deal Jiugui Liquor s (000799.SZ) Disposal
of53.33% Equity Interests in Xiangxi Lixinyuan 383
12.7.4. The Deal Jinjiang Limited s (600754.SH) Asset
Swap with Jinjiang Hotels (02006.HK) 388
12.7.5. The Deal Guangzhou Refrigeration s (000893.SZ)
Asset Swap with Dongling Industrial 391
12.8. Pro Forma Consolidation 394
Chapter 13
Asset Purchase through Private Placement 397
13.1. Introduction 397
13.2. Required Approvals and Key Regulations 398
13.3. Special Issues in Asset Purchase Through Private Placement 401
13.3.1. Qualification of the Issuer 401
13.3.2. Pricing Basis 403
13.3.3. Shareholding Lock-up 404
13.3.4. Disclosure by the Counterparty 405
13.3.5. Payment (Injection of the Non-Cash Consideration
Assets) 405
13.4. Acquisition of Sister Companies to Solve Horizontal Competition 406
13.4.1. The Deal Sichuan Shuangma s (000935.SZ)
Private Placement to Its Parent Lafarge China
to Acquire the Latter s 50% Equities in
Dujiangyan Lafarge (FIE) 406
13.4.2. The Deal Little Swan s (000418.SZ) Private
Placement to Its Parent Midea Appliances (000527.SZ)
to Acquire the Latter s 69.47% Equities in
RoyalStar (FIE) 409
13.4.3. The Deal Hisense Kelon s (000921.SZ; 00921.HK)
Private Placement to Its Parent Qingdao Hisense to
Acquire the Latter s Equity and Non-Equity Assets 409
13.5. Asset Swap with the Parent for a Shift to New Main Business 416
13.5.1. The Deal Ningbo Fuda s (600724.SH) Private
Placement to Its Parent Ningbo City
Construction to Pay the Balance in the
Asset Swap Deal 416
13.6. Asset Purchase from Third Party to Enhance Asset Structure 416
13.6.1. The Deal Hongda Knitting s (002J44.SZ) Private
Placement to the Six Shareholders of Shenzhen
well.D to Acquire 100% Shares of Shenzhen well.D 419
13.6.2. The Deal New HuaGuang s (600184.SH) Private
Placement to Its Second Largest Shareholder
CNGC Sicong and the Latter s Partners to Acquire
46.71% Equities in Tianda Photovoltaic (FIE) 419
13.6.3. The Deal ChengzhiShareholding s (000990) Private
Placement to Tsinghua Holdings and the Latter s
Partner to Acquire 100% Equities in Yongsheng
Huatsing and SHIDZ Yongsheng Huatsing 421
Chapter 14
Merger (by Absorption) and Separation (through IPOs) 423
14.1. Introduction 423
14.2. Required Approvals and Key Regulations 424
14.3. Special Issues in the Merger and Separation Deals 425
14.3.1. Protection of Creditors 425
14.3.2. SGM Approval and Board s Proxy 426
14.3.3. Merger or Separation Involving FIE 427
14.3.4. Merger Control 429
14.4. Cash Option and Buy-Back Claim under Appraisal Right 430
14.4.1. Appraisal Right under the Company Law 430
14.4.2. Cash Option as an Derivative Approach
to the Appraisal Right 431
14.4.3. Cash Option Accompanied by Buy-Back Claim 433
14.4.4. The Implementation of the Cash Option
and Buy-Back Claim 434
14.4.5. The Declaration of the Cash Option and Buy-Back Claim 434
14.4.6. Trading Suspension during the Declaration Period
and Beyond 437
14.4.7. Restrictions on the Declaration 439
14.5. One-Step Public Merger: Absorption through Share Exchange 440
14.5.1. Deal Structure 440
14.5.2. The Procedures Step by Step 442
14.5.3. The Deal Eastern Airlines s (600115.SH; 00670.HK;
CEA.NYSE) Absorption of Shanghai Airlines (600591.SH)
through Share Exchange 446
14.5.4. The Deal Shanghai Pharmaceutical s (600849.SH;
changed to 601607.SHpost the merger) Absorption
ofZhong Xi Pharmaceutical (600842.SH) and SIIC
Pharmaceutical (600607.SH) through Share Exchange 448
14.5.5. The Deal Tangshan Iron Steel s (000709.SZ)
Absorption of Handan Iron Steel (60000l.SH)
and Chengde Vanadium Titanium (600357.SH)
through Share Exchange 451
14.5.6. Transition Stage: Consolidation of the Controlling
Shareholders of different ListCos before the Forthcoming
Merger between Such ListCos 454
14.6. Merger of Non-Listed Targets 457
14.6.1. Overview of the Procedures 457
14.6.2. Deal Structures of the Merger of Non-listed Targets 460
14.7. Two-Step Merger: Merger Sub s Cash Absorption or Cash Offer 463
14.8. Separation: The Precedent Deal Northeast Expressway s
(600003.SH) Separation into Heilongjiang Transportation
(601188.SH) and Jilin Expressway (6015I8.SH) through IPOs 466
Index 471
|
| any_adam_object | 1 |
| author | Liu, Chengwei |
| author_facet | Liu, Chengwei |
| author_role | aut |
| author_sort | Liu, Chengwei |
| author_variant | c l cl |
| building | Verbundindex |
| bvnumber | BV039514299 |
| ctrlnum | (DE-599)BVBBV039514299 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01211nam a2200313zc 4500</leader><controlfield tag="001">BV039514299</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20120620 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">110805s2011 ne d||| |||| 00||| eng d</controlfield><datafield tag="010" ind1=" " ind2=" "><subfield code="a">2011289261</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9789041132109</subfield><subfield code="c">hardback : acidfree paper</subfield><subfield code="9">978-90-411-3210-9</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9041132104</subfield><subfield code="c">hardback : acidfree paper</subfield><subfield code="9">90-411-3210-4</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV039514299</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">ne</subfield><subfield code="c">NL</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Liu, Chengwei</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Chinese capital market takeover and restructuring guide</subfield><subfield code="c">Chengwei Liu</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Alphen aan den Rijn [u.a.]</subfield><subfield code="b">Wolters Kluwer</subfield><subfield code="c">2011</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">L, 485 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Recht</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Consolidation and merger of corporations</subfield><subfield code="x">Law and legislation</subfield><subfield code="z">China</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024366946&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-024366946</subfield></datafield></record></collection> |
| id | DE-604.BV039514299 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:05:15Z |
| institution | BVB |
| isbn | 9789041132109 9041132104 |
| language | English |
| lccn | 2011289261 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024366946 |
| open_access_boolean | |
| owner | DE-M382 |
| owner_facet | DE-M382 |
| physical | L, 485 S. graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Wolters Kluwer |
| record_format | marc |
| spelling | Liu, Chengwei Verfasser aut Chinese capital market takeover and restructuring guide Chengwei Liu Alphen aan den Rijn [u.a.] Wolters Kluwer 2011 L, 485 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Recht Consolidation and merger of corporations Law and legislation China HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024366946&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Liu, Chengwei Chinese capital market takeover and restructuring guide Recht Consolidation and merger of corporations Law and legislation China |
| title | Chinese capital market takeover and restructuring guide |
| title_auth | Chinese capital market takeover and restructuring guide |
| title_exact_search | Chinese capital market takeover and restructuring guide |
| title_full | Chinese capital market takeover and restructuring guide Chengwei Liu |
| title_fullStr | Chinese capital market takeover and restructuring guide Chengwei Liu |
| title_full_unstemmed | Chinese capital market takeover and restructuring guide Chengwei Liu |
| title_short | Chinese capital market takeover and restructuring guide |
| title_sort | chinese capital market takeover and restructuring guide |
| topic | Recht Consolidation and merger of corporations Law and legislation China |
| topic_facet | Recht Consolidation and merger of corporations Law and legislation China |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024366946&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT liuchengwei chinesecapitalmarkettakeoverandrestructuringguide |