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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
xviii
Table of Contents
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
xix
Table of Contents
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) 383
12.7.3. The Deal JIUGUI LIQUOR’S (000799.SZ) DISPOSAL
OF 50.33% EQUITY INTERESTS IN XIANGXI LIXINYUAN 388
12.7.4. The Deal JINJIANG LIMITED’S (600754.SH) ASSET
SWAP WITH JINJIANG HOTELS (02006.HK) 391
12.7.5. The Deal GUANGZHOU REFRIGERATION’S (000893.SZ)
ASSET SWAP WITH DONGLING INDUSTRIAL 391
12.8. Pro Forma Consolidation 394
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