Concerted action is a key regulatory act in the legislation of acquisition of listed companies in various countries or regions, and it is also an indispensable part of the legal system of acquisition of listed companies, which is directly related to the openness, justice and fairness of acquisition information disclosure of listed companies.
Legal basis:
Article 83 of the Measures for the Administration of the Acquisition of Listed Companies The term "concerted parties" as mentioned in these Measures refers to the act or fact that investors and other investors, through agreements or other arrangements, expand the number of voting rights of listed companies under their control.
Investors who act in concert are mutual concerted actors in the acquisition of listed companies and changes in related equity. If there is no evidence to the contrary, investors are acting in concert under the following circumstances:
(1) There is an equity control relationship between investors; (2) Investors are controlled by the same entity; (3) The directors, supervisors or senior managers of the investor are the main members and concurrently serve as directors, supervisors or senior managers of other investors; (4) An investor's participation in another investor can have a significant impact on the major decisions of the shareholding company. (5) Other legal persons, organizations and natural persons other than banks provide financing arrangements for investors to obtain relevant shares. (6) There are other economic interests such as partnership, cooperation and joint venture among investors. (7) Natural persons holding more than 30% shares of investors hold shares of the same listed company with investors. (8) Directors, supervisors and senior managers who work for investors. Holding shares of the same listed company as investors (9) Natural persons who hold more than 30% of the shares of investors and directors, supervisors and senior managers who work for investors, their parents, spouses, children and their spouses, their spouses' parents, brothers and sisters and their spouses, their spouses' brothers and sisters and their spouses' relatives, Directors and supervisors who hold shares of the same listed company as investors (10), senior managers and their relatives who hold shares of the company as mentioned in the preceding paragraph, or enterprises directly or indirectly controlled by themselves or their relatives as mentioned in the preceding paragraph (11) Directors, supervisors, senior managers and employees of the listed company who hold shares of the company by legal persons or other organizations that they control or entrust (12) Investors have other related relationships.