China Unveils Preferred Share Pilot Program for 中国证券监督管理委员会 Listed Companies and Non-Listed Public Companies
On November 30, 2013 the State Council issued Guiding Opinions on Launching Pilot Program for Preferred Shares (the “Opinions”), which set forth 16 guidelines concerning the rights and obligations of preferred shareholders, the issuance and trading of preferred shares, and 中国证券监督管理委员会 associated rules and policies.
Although there is not yet a definitive list of potential issuers of preferred shares, it is widely expected that 中国证券监督管理委员会 commercial banks, insurance companies, and infrastructure companies may be the first to be selected to participate in the pilot program. The China 中国证券监督管理委员会 Securities Regulatory Commission (“CSRC”) is preparing detailed rules to implement the Opinions.
Preferred shares refer to a type of shares to be issued pursuant to the PRC Company Law, whose holders will have priority over common shareholders on the distribution of dividends and liquidation proceeds, but limited rights to participate in the management of the issuer. The Opinions provide additional guidelines regarding preferred shares’ privileges in respect of the distribution of dividends and liquidation proceeds, conversion and repurchase of preferred shares, voting rights, and how to treat preferred shares when 中国证券监督管理委员会 determining whether a threshold of shareholding has been reached in certain situations.
Both listed companies (including overseas-listed companies registered in China) and non-listed 中国证券监督管理委员会 public companies will be able to issue preferred shares under the pilot program. Private companies will not be eligible to participate.
During the pilot period, issuers may not issue preferred shares with different seniority in respect of the receipt of dividends and liquidation proceeds, but 中国证券监督管理委员会 may issue preferred shares with different rights in respect of other 中国证券监督管理委员会 terms.
The aggregate number of outstanding preferred shares may not exceed 50% of the total number of outstanding common shares of an issuer, 中国证券监督管理委员会 and the capital raised through issuance of preferred shares may not exceed 50% of the net assets of the issuer immediately prior to such issuance.
Preferred shares can be used as consideration in a M&A transactions and restructuring deals. A tender offer for a listed company must be extended to all shareholders, including the holders of preferred shares, but different terms may be offered to the common shareholders and preferred shareholders.
- Market Access for Foreign Investment
When a mandatory maximum foreign investment percentage exists, the percentage shareholding of a foreign investor is computed by aggregating the number of both preferred shares and common shares held.
The launch of the pilot program is a positive step, providing both listed companies and non-listed public companies an 中国证券监督管理委员会 additional avenue of financing, while diversifying investment channels for investors.
The State Administration of Taxation (SAT) organized more than 100 Party members and cadre.
[2011-11-14] [2011-06-13] [2011-05-12] [2011-04-14] [2011-03-09] 中国证券监督管理委员会
|Chairman of the Board of UniTax Certified 中国证券监督管理委员会 中国证券监督管理委员会 Tax Agent Co., Ltd|
Chinese certified tax agent Chairman of the Board of Beijing Zhongshuitong Certified Tax Agent Co.
Chinese certified tax agent Chairman of the Board of Sichuan Zhongshui Union Tax Accountant Inc Fo.
Mr. Liang Dongjian (20-year experience in national taxation service) 中国证券监督管理委员会 Chinese certified tax agent S.
China certified tax agent accountant Communist 中国证券监督管理委员会 Party member Director of CCTAA Director of Tianjin .
Chinese certified tax 中国证券监督管理委员会 agent Director of Chain Certified Tax Agents Association Member of Finance.中国证券监督管理委员会
China Certified Public Accountant, Chinese certified tax agent .Senior Accountant. Chairman of the .
Mr. Xue Pingyou, Chinese Certified Tax Agent, is the member of the China Certified Tax Agents Associ.
Ms. Yang Hong, Chinese Certified Tax Agent, is the executive director and rotating vice president of.中国证券监督管理委员会
Mr. Deng Xinmin, Chinese registered tax agent, is a famous fiscal expert. He has worked in national .
Miss Wang Yun, China Certified Tax Agent, is the standing director of Chinese Certified Tax Agents 中国证券监督管理委员会 A.
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CAPCO: A 中国证券监督管理委员会 Brief Introduction
China Association for Public Companies (CAPCO) is a national self-regulatory organization and a non-profit organization incorporated by publicly listed companies and relevant entities in accordance with the Securities Law of the People’s Republic of China, the Regulation on the Registration and Administration of Organizations and other applicable laws and regulations. The aim is to facilitate standardized regulation of the capital markets and preserve the lawful rights and interests of the members. CAPCO operates under the oversight of China Securities Regulatory Commission (CSRC).
CAPCO performs its functions under the 中国证券监督管理委员会 guidelines of “Service, Self-regulation, Compliance and Enhancement”. CAPCO provides a platform of high-level services for its members. It is committed to improving the quality of listed companies and promoting sound corporate governance and culture.
CAPCO’s governance structure is composed of the Assembly of Members’ Representatives, the Board of Directors and the Supervisory Board, all of which function based on membership representation. CAPCO is committed to building itself 中国证券监督管理委员会 into an organization that voices the development requests of its members, protects the members’ interests, and provides quality services. CAPCO is also dedicated 中国证券监督管理委员会 to communicating regulatory and self-regulatory requirements to its members in order to make the capital markets more sophisticated.
CAPCO, with 228 中国证券监督管理委员会 founding members, was established on February 15th, 2012. Mr. Chen Qingtai and Mr. Li Xiaoxue were elected as the Chairman and the Executive Vice Chairman respectively at the First Assembly.
As of March 2017, 1,865 public companies have registered with CAPCO as Ordinary Members. Mr. Wang Jianzhou, former Chairman and CEO of China Mobile, is the incumbent Chairman of CAPCO. Ms. Song Liping is the current Executive Vice Chairman.
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