Measures for the Administration of Major Asset Restructuring of Listed Companies Article 2 These Measures shall apply to the asset transactions of listed companies and the companies controlled or controlled by them (hereinafter referred to as major asset restructuring) when they purchase or sell assets outside their daily business activities or conduct asset transactions in other ways to reach a prescribed proportion, resulting in major changes in the main business, assets and income of listed companies.
Article 11 A listed company and its holding company purchase or sell assets that meet one of the following criteria, which constitutes a major asset reorganization:
(1) The total assets purchased and sold account for more than 50% of the total assets of the listed company at the end of the audited consolidated financial accounting reporting period in the latest fiscal year;
(2) The operating income generated from the purchase or sale of assets in the latest fiscal year accounts for more than 50% of the operating income of the listed company in the audited consolidated financial accounting report for the same period;
(3) The net assets purchased or sold account for more than 50% of the net assets of the listed company at the end of the audited consolidated financial accounting report in the latest fiscal year, and exceed 50 million yuan.
If the purchase or sale of assets does not meet the standards specified in the preceding paragraph, but the China Securities Regulatory Commission finds that there are major problems that may damage the legitimate rights and interests of listed companies or investors, it may, according to the principle of prudential supervision, order listed companies to make supplementary disclosure of relevant information, suspend trading, and submit application documents in accordance with the provisions of these Measures.