Ministry of Commerce and other six departments: appropriately reduce the shareholding ratio and shareholding lock-up period requirements

On November 1st, it was reported that the shareholding ratio and shareholding lock-up period requirements should be appropriately reduced. The original "Measures" stipulated that the proportion of shares of listed companies obtained by foreign investors in the first strategic investment of listed companies should be more than 10%, and the shares obtained shall not be transferred within three years. In this amendment, combined with the securities market regulatory rules, we will abolish the shareholding ratio requirement for strategic investment through targeted issuance, and reduce the shareholding ratio requirement for strategic investment through agreement transfer and tender offer from 10% to 5%; appropriately relax the shareholding lock-up period requirements, while adhering to the medium and long-term investment attributes of strategic investment, and adjust the shareholding lock-up period for foreign investors from not less than 3 years to not less than 12 months. If other regulations require a longer lock-up period (such as Article 75 of the Securities Law of the People's Republic of China, Article 74 of the Measures for the Administration of the Acquisition of Listed Companies, and Article 59 of the Measures for the Administration of the Issuance and Registration of Securities of Listed Companies), they need to comply with relevant regulations.