注册制下完善A股分拆上市对策研究

分拆上市作为证券市场优化资源配置和促进市场化并购重组的重要手段,在境外市场被广泛运用,但A股市场的分拆案例相对较少。2019年12月,证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》(以下简称《若干规定》),为引导和规范上市公司分拆所属子公司在境内上市奠定了政策基础。由于我国分拆上市制度还刚刚起步,仍需在加强监管、完善配套制度、确立有关业务规则等方面开展持续研究。为厘清成熟市场分拆上市的实践,本文重点研究美国和中国香港市场,对其分拆上市的相关规则、有益经验以及最新案例进行梳理和归纳,在此基础上提出相应的政策建议,以期为后续细则制定提供参考。

Research on Countermeasures to Improve A-share Spin-off Listing under the Registration System

As an important means for the securities market to optimize resource allocation and promote market-oriented mergers and acquisitions, spin-off listing is widely used in overseas markets, but there are relatively few cases of spin-off listing in the A-share market. In December 2019, the CSRC issued the "Provisions on the Pilot List of Spin-off Subsidiaries of Listed Companies in China"(hereinafter referred to as "Several Provisions"), which laid a policy foundation for guiding and regulating the list of the spin-off subsidiaries of listed companies in China. As China’s spin-off listing system is still in its infancy, continuous researches are required to strengthen supervision, improve supporting systems, and establish relevant business rules. In order to clarify the practice of spin-off listings in mature markets, this article focuses on the US and Hong Kong markets of China, and sorts out and summarizes the relevant rules, useful experience, and latest cases of spin-offs listing. Based on this, this article proposes corresponding policy recommendations on this basis, with a view to providing reference for the formulation of subsequent rules.