Opinions on the Application of Securities and Futures Laws, No.19: Opinions on the Application of Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies

证券期货法律适用意见第19号——《上市公司收购管理办法》第十三条、第十四条的适用意见

CSRC clarifies on the shareholding changes in takeovers of listed companies. / CLP Reference: 3700/25.01.10 ; Issued: 2025-01-10 ; Effective: 2025-01-10

(Issued by the China Securities Regulatory Commission on, and effective as of, January 10, 2025.)

(中国证券监督管理委员会于二零二五年一月十日发布施行。)

CSRC Announcement [2025] No.1

证监会公告 [2025] 第1号

We have formulated and hereby publish the Opinions on the Application of Securities and Futures Laws, No.19: Application of Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies for the purpose of correctly understanding and applying Articles 13 and 14 of the Measures for the Administration of the Takeover of Listed Companies (Order of the CSRC No.166, hereafter, "the Takeover Measures") and request that you act accordingly.

为了正确理解与适用《上市公司收购管理办法》（证监会令第 166 号，以下简称《收购办法》）第十三条、第十四条，我会制定《证券期货法律适用意见第 19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》，现予公布，请遵照执行。

1. For the purposes of the first paragraph of Article 13

一、《收购办法》第十三条第一款“达到一个上市公司已发行股份的 5%时”是指触及一个上市公司已发行股份的5%时，如从 4%升至 5%、从 6%降至 5%。