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China Unveils Preferred Share Pilot Program for 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 中国证券监督管理委员会 preferred shareholders, the issuance and trading of preferred shares, and associated rules and 中国证券监督管理委员会 policies.
Although there is not yet a definitive list of potential issuers of preferred shares, it is widely expected that commercial banks, insurance companies, and infrastructure companies may be the first to be selected to participate in the pilot program. The China 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 中国证券监督管理委员会 dividends and liquidation proceeds, conversion and repurchase of preferred shares, voting rights, and how to treat preferred shares when 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 public companies will be able to issue preferred shares 中国证券监督管理委员会 中国证券监督管理委员会 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 may issue 中国证券监督管理委员会 preferred shares with different rights in respect of other terms.
The aggregate number of outstanding preferred shares may not exceed 50% of the total number of outstanding common shares of an issuer, and the capital raised through issuance of preferred shares may not exceed 50% of the net assets of 中国证券监督管理委员会 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 中国证券监督管理委员会 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 中国证券监督管理委员会 中国证券监督管理委员会 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 中国证券监督管理委员会 of the pilot program is a positive step, providing both listed companies and non-listed public companies an additional avenue of financing, while diversifying investment channels for investors.
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CAPCO: A 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 中国证券监督管理委员会 with the Securities Law of the People’s Republic of China, the Regulation 中国证券监督管理委员会 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 中国证券监督管理委员会 the 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 中国证券监督管理委员会 Directors and the Supervisory Board, all of which function based on membership representation. CAPCO is committed to building itself into an organization that voices the development requests of its members, protects the members’ interests, and provides quality services. CAPCO is also dedicated to communicating regulatory and self-regulatory requirements to its members 中国证券监督管理委员会 中国证券监督管理委员会 in order to make the capital markets more sophisticated.
CAPCO, with 228 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 中国证券监督管理委员会 respectively at the First Assembly.
As of March 2017, 1,865 public companies have registered with CAPCO as Ordinary Members. Mr. Wang Jianzhou, former 中国证券监督管理委员会 中国证券监督管理委员会 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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In addition to the statutory audit business, we provide review services according to 中国证券监督管理委员会 the client's specific requirements. Efficiency and timeliness are the cornerstones of our work. We have rich experiences in all kinds of audit services so 中国证券监督管理委员会 that we can provide unique analysis to help you strengthen financial management and internal control.
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Merger and Acquisition Transaction Services professionals are skilled in assessing investment opportunities to provide clients with advisory services and professional support.
We professionally undertake foreign investment in Shanghai and offer a package of services in company establishment. Our experts are knowledgeable in financial, tax and legal matters to help you to open the market in China.
The daily accounting work within a corporation may cost management a lot of supervision time. However, if part of or even all the accounting 中国证券监督管理委员会 中国证券监督管理委员会 中国证券监督管理委员会 functions are outsourced to a professional service firm, management will be able to.
Mr. Hua Haizheng, engaged in CPA profession for more than 10 years, has a broad understanding on many industries, provides high-quality and professional services for 中国证券监督管理委员会 years in the shareholding system reform, corporate restructuring, the establishment of joint ventures 中国证券监督管理委员会 and other aspects of the audit and evaluation to customers.
For years, we have been lecturing Shanghai Corporate Counsel Association(SCCA), Shanghai District & County Association of Enterprise with Foreign Investment, Entrepreneurs Association and other relevant organizations 中国证券监督管理委员会 on accounting and tax knowledge. Mr. Wang Benliang also part-time teaches the undergraduate 中国证券监督管理委员会 students of the accounting department in Donghua University on cognition & perceive of accountant profession. For detail, please refer to the following webpage.
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