China Securities Regulatory Commission, Guidelines for Contents and Formats for Information Disclosures by Companies That Offer Securities to the Public (No.15): Reports on Change in Interests

Promulgated: August 4 2006
Effective: September 1 2006
Interpreting authority: China Securities Regulatory Commission

Main contents: Where the shares of a listed company in which a party with a disclosure obligation has an interest reach or exceed 20% of the outstanding shares of the company but have not reached 30% thereof, as a result of the party's increase of such shares in the company, or, even if such shares have not reached 20%, the party becomes the largest shareholder or de facto controller of the listed company as a result, the party shall compile a detailed report on change in interests. Apart from the circumstances that require the compilation of a takeover report, a report on takeover by offer and a detailed report on change in interests, if an increase or reduction in the shares of a listed company in which a party with a disclosure obligation has an interest reaches the statutory ratio, the party shall compile a simplified report on change in interests (Article 10).
Related legislation: Measures for the Administration of the Takeover of Listed Companies (Revised in 2014) and PRC Securities Law (Amended), Oct 27 2005, CLP 2006 No.1 p.31