Chinese capital market takeover and restructuring guide / Chengwei Liu.
2010
KNQ1148 .L58 2011 (Map It)
Available at Cellar
Formats
| Format | |
|---|---|
| BibTeX | |
| MARCXML | |
| TextMARC | |
| MARC | |
| DublinCore | |
| EndNote | |
| NLM | |
| RefWorks | |
| RIS |
Items
Details
Author
Title
Chinese capital market takeover and restructuring guide / Chengwei Liu.
Published
Alphen aan den Rijn, The Netherlands : Kluwer Law International, [2010]
Distributed
Frederick, MD : Sold and distributed in North, Central and South America by Aspen Publishers
Copyright
©2010
Call Number
KNQ1148 .L58 2011
Former Call Number
Ch.P 615 L745 2010
ISBN
9789041132109 (hardback : acid-free paper)
9041132104 (hardback : acid-free paper)
9041132104 (hardback : acid-free paper)
Description
l, 485 pages : illustrations ; 25 cm
System Control No.
(OCoLC)707726532
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Table of Contents
List of Abbreviations
xxiii
List of Charts and Checklist
xxvii
List of Deals
xxxix
List of Key Regulations
xlvii
Introduction
1
pt. I
Takeover
7
ch. 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
21
1.5.1.
Minimum and Maximum Offer Period
21
1.5.2.
Commencement of the Offer Period
22
1.5.3.
Expiration and Extension of the Offer Period
22
1.6.
Disclosure of the Offer
23
1.6.1.
Disclosures in the Process
23
1.6.2.
Contents of the Offer Report
24
1.7.
The Procedures Step by Step
27
1.8.
Activities Prior to the Offer's Expiration
33
1.8.1.
Amendment and Cancellation by the Offeror
33
1.8.2.
Tendering and Withdrawal thereof by the Target ListCo's Shareholders
34
1.8.3.
Contested Offer by Third Party
35
1.8.4.
Investigation and Recommendation by the Target ListCo's Board
35
1.9.
Restrictions to the Activities
37
1.9.1.
Restrictions on the Offeror
37
1.9.1.1.
No Cancellation during the Offer Period
37
1.9.1.2.
Restrictions on the Trading of the Target ListCo's Stocks
37
1.9.2.
Restrictions on the Tendering Shareholder
38
1.9.2.1.
No Sale during Temporary Custody
38
1.9.2.2.
Restrictions to the Withdrawal of the Tendering
38
1.9.3.
Restrictions on the Target ListCo's Board
39
1.9.3.1.
No Frustrating Action
39
1.9.3.2.
No Resignation
39
1.10.
Roles of the Financial Advisor
39
ch. 2
Tender Offer with Delisting Purpose or Risk
41
2.1.
Introduction
41
2.2.
Public Floating Requirement
41
2.3.
Special Issues for Tender Offer with Delisting Purpose
43
2.3.1.
Minimum Condition
43
2.3.2.
Cash Option Required in Stock Offer with Delisting Purpose
43
2.3.3.
Disposal of Remaining Shares
43
2.4.
Stock Offer Through ̀Bridge' Arrangement: The Precedent Deal Dongfang Electric (600875.SH) - Dongfang Boiler (600786.SH)
44
2.5.
Delisting Risk Resulted From A General Offer
46
2.6.
Solutions to Retrieve the Public Floating
52
ch. 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
ch. 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
ch. 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
pt. II
Takeover in Particular
121
ch. 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
137
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
ch. 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
181
7.7.
Exit of Foreign Investor
184
ch. 8
Takeover Involving Share Exchange
185
8.1.
Introduction
185
8.2.
Special Rules for Share Exchange
186
8.2.1.
Special Requirements for Payment with Onshore Shares
186
8.2.2.
Stringent Application of Cross-Border Payment with Offshore Shares
187
8.3.
Onshroe Share Exchange by Domestic Acquiror
189
8.3.1.
Onshore Subscription: Domestic Acquiror's Injection of Onshore Subsidiaries in Exchange for the ListCo's New Shares
189
8.3.2.
Onshore Negotiated Transfer: The Deal CHAMC -Northeast Pharmaceutical (000597.SZ) - Ìndirect Shareholding' in Exchange for ̀Direct Shareholding' by an Equity Transfer with the Parent of the ListCo's Shareholder
189
8.3.3.
Onshore Negotiated Transfer: Domestic Acquiror's New Shares to the ListCo's Shareholder in Exchange for the ListCo's Outstanding Shares
194
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
194
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
194
8.4.
Cross-Border Share Exchange by Domestic Acquiror
196
8.4.1.
Overview
196
8.4.2.
The Deal Mr Liang et al. - Sany (600031.SH) - Subscription for the ListCo's New Shares with Domestic Acquiror's Offshore Subsidiary
196
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
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
ch. 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
pt. III
Restructuring
251
ch. 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
ch. 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
ch. 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 of 53.33% 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
ch. 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 (002144.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 Chengzhi Shareholding's (000990) Private Placement to Tsinghua Holdings and the Latter's Partner to Acquire 100% Equities in Yongsheng Huatsing and SHIDZ Yongsheng Huatsing
421
ch. 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.SH post the merger) Absorption of Zhong 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 (600001.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 (601518.SH) through IPOs
466
Index
471