The tender offer conditions of listed companies are 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 objectivity:
People's Republic of China (PRC) Securities Law
Article 65
If an investor holds or shares 30% of the issued voting shares of a listed company with others through agreement or other arrangements through securities trading in a stock exchange and continues to make acquisitions, he shall issue an offer to all shareholders of the listed company in accordance with the law to acquire all or part of the shares of the listed company.
An offer to purchase part of the shares of a listed company shall stipulate that if the number of shares promised by the shareholders of the acquired company exceeds the number of shares scheduled to be purchased, the purchaser shall make the acquisition in proportion.