Legal analysis: 1, and the shareholding ratio reaches 30%. Investors hold or jointly hold shares of a listed company through securities trading in a stock exchange, or through agreements or other arrangements, reaching 30% (including direct holding and indirect holding). 2. Continue to increase its shareholding. Under the former condition, when investors continue to increase their holdings of shares, it will trigger the obligation to make an offer to all shareholders of the listed company and acquire all or part of the shares of the listed company according to law. Only when the above two conditions are met at the same time can a tender offer be made.
Legal basis: Full text of Measures for the Administration of Acquisition of Listed Companies.
Article 23 Where an investor voluntarily chooses to purchase shares of a listed company by tender offer, he may make an offer to all shareholders of the acquired company (hereinafter referred to as a comprehensive offer) or make an offer to all shareholders of the acquired company (hereinafter referred to as a partial offer).
Article 24 If the purchaser continues to increase his shareholding in a listed company by holding 30% of the issued shares through securities trading in the stock exchange, he shall make an offer for purchase in whole or in part.