Author Archive Harvey Yan

《创业板上市公司规范运作》中关于“承诺及承诺履行”专节规定

第四节 承诺及承诺履行
7.4.1 上市公司及其股东、实际控制人、董事、监事、高级管理人员、收购人、重大资产重组有关各方、公司购买资产对应经营实体的股份或者股权持有人等(以下简称承诺人)应当严格履行其作出的各项承诺,采取有效措施确保承诺的履行,不得擅自变更或者解除承诺。
7.4.2 承诺人作出的承诺应当符合法律法规、《创业板上市规则》、本指引、本所其他规定的要求,承诺人应当及时将作出的承诺事项告知上市公司,公司应当及时将承诺人承诺事项从相关信息披露文件中单独摘出,逐项在本所网站上予以公开。
7.4.3 承诺人作出的承诺应当具体、明确、无歧义、可执行,不得承诺根据当时情况判断明显不可能实现的事项。承诺人应当在承诺中作出履行承诺声明,明确违反承诺的责任,并切实履行承诺。 承诺事项需要主管部门审批的,承诺人应当明确披露需要取 得的审批,并明确如无法取得审批的补救措施。 承诺人应当关注自身经营、财务状况及承诺履行能力,在发 生自身经营或者财务状况恶化、担保人或者担保物发生变化等导 致或者可能导致其无法履行承诺的情形时,应当及时告知上市公 司并披露,说明有关影响承诺履行的具体情况,同时提供新的履 约担保。 当承诺履行条件即将达到或者已经达到时,承诺人应当及时 通知公司,并履行承诺和信息披露义务。

7.4.4 承诺人作出的承诺事项应当包括下列内容: (一)承诺的具体事项; (二)履约方式、履约时限、履约能力分析、履约风险及防 范对策; (三)履约担保安排,包括担保方、担保方资质、担保方式、 担保协议(函)主要条款、担保责任等(如有); (四)履约承诺声明和违反承诺的责任; (五)本所要求的其他内容。 上市公司的实际控制人、股东、关联方、收购人和上市公司 在首次公开发行股票、再融资、并购重组以及公司治理专项活动 等过程中作出的解决同业竞争、资产注入、股权激励、解决产权瑕疵等各项承诺事项应当有明确的履约时限,不得使用“尽快” “时机成熟时”等模糊性词语;承诺履行涉及行业政策限制的, 应当在政策允许的基础上明确履约时限。 

7.4.5 上市公司董事会应当充分评估承诺的可执行性,确保 承诺人作出的承诺事项符合本指引要求。 公司应当在定期报告中披露报告期内发生或者正在履行中的 所有承诺事项及具体履行情况。 

7.4.6 上市公司股东、交易有关各方对公司或相关资产年度 经营业绩作出承诺的,董事会应当关注业绩承诺的实现情况。公 司或相关资产年度经营业绩未达到承诺的,公司董事会应当对公 司或相关资产的实际盈利数与承诺数据的差异情况进行单独审 议,详细说明差异情况及上市公司已采取或者拟采取的措施,督 促相关承诺方履行承诺。 公司应当在年度报告中披露上述事项,并要求会计师事务所、 保荐机构或独立财务顾问(如适用)对此出具专项审核意见,与 年度报告同时在符合条件媒体披露。 公司追溯调整相关资产承诺期实际盈利数的,应当及时披露 相关情况并明确说明调整后是否实现业绩承诺。相关资产年度业 绩未达到承诺的,董事会应当对相关情况进行审议,会计师事务 所、保荐机构或独立财务顾问(如适用)应当进行出具专项审核 意见。

7.4.7 上市公司控股股东、实际控制人通过处置其股权等方 式丧失控制权的,如原控股股东、实际控制人承诺的相关事项未 履行完毕,相关承诺义务应当继续予以履行或者由收购人予以承 接,相关事项应当在收购报告书中明确披露。 

7.4.8 因相关法律法规、政策变化、自然灾害等自身无法控 制的客观原因导致承诺无法履行或者无法按期履行的,承诺人应 当及时披露相关信息。 除因相关法律法规、政策变化、自然灾害等自身无法控制的 客观原因外,承诺确已无法履行或者履行承诺不利于维护上市公 司权益的,承诺人应当充分披露原因,并向公司或者其他投资者 提出用新承诺替代原有承诺或者提出豁免履行承诺义务。 上述变更方案应当提交股东大会审议,承诺人及关联人应当 回避表决。如原承诺以特别决议方式审议通过的,本次变更仍应 当以特别决议方式审议。独立董事、监事会应当就承诺人提出的 变更方案是否合法合规、是否有利于保护公司或者其他投资者的 利益发表意见。变更方案未经股东大会审议通过且承诺履行期限 到期的,视同超期未履行承诺。 

7.4.9 承诺人对其所持有的上市公司股份的持有期限等追 加承诺的,不得影响其已经作出承诺的履行。承诺人作出追加承 诺后两个交易日内,应当通知上市公司董事会并及时公告。 

7.4.10 承诺人作出股份限售等承诺的,其所持股份因司法强制执行、继承、遗赠、依法分割财产等原因发生非交易过户的, 受让方应当遵守原股东作出的相关承诺。 

7.4.11 上市公司董事会应当充分关注承诺履行情况,督促 承诺人严格遵守承诺。承诺人违反承诺的,董事会应当主动、及 时采取措施督促承诺人承担违约责任,并及时披露相关承诺人违 反承诺的情况、公司采取的补救措施、进展情况、违约金计算方 法及董事会收回相关违约金的情况(如有)等内容。

与上市公司业绩承诺/业绩补偿有关的规则依据

《上市公司重大资产重组管理办法(2020修正)

第三十五条采取收益现值法、假设开发法等基于未来收益预期的方法对拟购买资产进行评估或者估值并作为定价参考依据的,上市公司应当在重大资产重组实施完毕后3年内的年度报告中单独披露相关资产的实际盈利数与利润预测数的差异情况,并由会计师事务所对此出具专项审核意见;交易对方应当与上市公司就相关资产实际盈利数不足利润预测数的情况签订明确可行的补偿协议。

预计本次重大资产重组将摊薄上市公司当年每股收益的,上市公司应当提出填补每股收益的具体措施,并将相关议案提交董事会和股东大会进行表决。负责落实该等具体措施的相关责任主体应当公开承诺,保证切实履行其义务和责任。

上市公司向控股股东、实际控制人或者其控制的关联人之外的特定对象购买资产且未导致控制权发生变更的,不适用本条前二款规定,上市公司与交易对方可以根据市场化原则,自主协商是否采取业绩补偿和每股收益填补措施及相关具体安排。

第五十九条重大资产重组实施完毕后,凡因不属于上市公司管理层事前无法获知且事后无法控制的原因,上市公司所购买资产实现的利润未达到资产评估报告或者估值报告预测金额的80%,或者实际运营情况与重大资产重组报告书中管理层讨论与分析部分存在较大差距的,上市公司的董事长、总经理以及对此承担相应责任的会计师事务所、财务顾问、资产评估机构、估值机构及其从业人员应当在上市公司披露年度报告的同时,在同一媒体上作出解释,并向投资者公开道歉;实现利润未达到预测金额50%的,中国证监会可以对上市公司、相关机构及其责任人员采取监管谈话、出具警示函、责令定期报告等监管措施。

交易对方超期未履行或者违反业绩补偿协议、承诺的,由中国证监会责令改正,并可以采取监管谈话、出具警示函、责令公开说明、认定为不适当人选等监管措施,将相关情况记入诚信档案。

《上海证券交易所股票上市规则(2022年1月修订)》

12.4.2 上市公司和独立财务顾问应当根据重大资产重组业绩承诺的期限、所涉及股份的锁定期限、配套募集资金使用计划等合理确定持续督导期限。持续督导期届满,上市公司及相关信息披露义务人存在尚未完结的督导事项的,独立财务顾问应当依法依规继续履行督导义务,直至相关事项全部完成。

持续督导期内,独立财务顾问应当督促公司有效控制并整合标的资产,督促重大资产重组有关各方切实履行相关承诺和保障措施。发现交易标的财务会计报告存在虚假记载、重大风险等事项,可能损害公司利益情况的,独立财务顾问应当督促有关各方提供解决方案;情节严重的,应当及时向本所报告。

《深圳证券交易所创业板股票上市规则》(2020年12月修订)》
8.6.1 上市公司及相关信息披露义务人应当严格遵守承诺事项。公司应当及时将公司和相关信息披露义务人的承诺事项单独公告。 公司应当在定期报告中专项披露上述承诺事项的履行情况。如出现公司或者 相关信息披露义务人不能履行承诺的情形,公司应当及时披露具体原因和董事会 拟采取的措施。

《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》(2022.01.07)

7.4.6 上市公司股东、交易有关各方对公司或相关资产年度 经营业绩作出承诺的,董事会应当关注业绩承诺的实现情况。公 司或相关资产年度经营业绩未达到承诺的,公司董事会应当对公 司或相关资产的实际盈利数与承诺数据的差异情况进行单独审 议,详细说明差异情况及上市公司已采取或者拟采取的措施,督 促相关承诺方履行承诺。 公司应当在年度报告中披露上述事项,并要求会计师事务所、 保荐机构或独立财务顾问(如适用)对此出具专项审核意见,与 年度报告同时在符合条件媒体披露。

公司追溯调整相关资产承诺期实际盈利数的,应当及时披露 相关情况并明确说明调整后是否实现业绩承诺。相关资产年度业 绩未达到承诺的,董事会应当对相关情况进行审议,会计师事务 所、保荐机构或独立财务顾问(如适用)应当进行出具专项审核 意见。

无聊公司就成立了!果然是马斯克,世界上最有执行力的男人!

内容转自:精英财经社 2022-01-21

近日,大家都被马斯克旗下太空公司SpaceX的载人“龙”飞船顺利升空的消息刷屏时,马斯克的无聊挖洞公司不声不响的又拿下了两个隧道订单!

据外国媒体报道,6月3日,克拉克县专员Tick Segerblom发表推特公布了拟挖隧道的地图,该隧道从拉斯维加斯会议中心(Las Vegas Convention Center)向西延伸至永利度假村(Wynn Resorts)旗下的两栋赌场酒店永利(Wynn)和安可(Encore)。6月9日,永利度假村也正式宣布将和无聊公司合作,并已经提交了项目的土地使用申请。

有人这样形容钢铁侠马斯克的经历:马斯克想要个新的支付方式,所以整了一个PayPal;

马斯克想要开电动车,就创立了特斯拉;马斯克想要空间站便宜点,就自己建立了Space X发射火箭;

马斯克想要交通快点,就“开发”了能把人“发射”出去的Hyperloop。

无聊公司的成立起源于一次堵车,2016年12月17日被堵在街上一动不动的马斯克连发3条推特,宣布要成立一家公司专门解决堵车问题。

吃瓜群众们本以为这只是个小抱怨,没想到两个月后,无聊公司就成立了!果然是马斯克,世界上最有执行力的男人!

Beijing Will Save Housing Projects, But Not Necessarily Developers

内容节选自:WSJ

After a tumultuous 2021, Beijing needs a stable housing market this year—not least because the clock is ticking down to this fall’s 20th Party Congress, where Xi Jinping appears likely to bid for a precedent-breaking third term at the Communist Party’s head.

That doesn’t necessarily mean struggling property developers will have an easier time.

Instead, more industry consolidation appears imminent as healthier developers—mostly state-owned ones—buy up assets from beleaguered, mostly private-sector rivals. Agile Group and Shimao Group said Thursday they are selling stakes in a property project to state-owned partner China Overseas Land & Investment, or Coli, for a combined $580 million. Coli’s stake in the development in Guangzhou—with a total floor area of around 63 million square feet—will rise to nearly three-quarters from 20%. Last week Shimao also said that it had agreed to sell a piece of land in Shanghai to a company owned by the city’s government

Beijing is encouraging such asset sales by easing rules: Debt taken on from acquisitions won’t affect debt ratios developers must hit for regulatory purposes. The government has since late 2020 begun to limit how much developers can borrow through a trinity of debt metrics called the “three red lines.” That policy was effective in curbing leverage but also resulted in many halted projects nationwide, threatening the housing market as a whole and provoking home buyers.

The new policy tweak fudges this a bit without backpedaling entirely: Selling assets to developers with healthier finances helps cash-strapped developers while ensuring that more half-finished projects can be completed. But it won’t necessarily be enough to save those weaker developers. Beijing’s priority is getting projects finished, whoever might own them—and whether or not their original owners survive.

China’s Lending Comes Under Fire as Sri Lankan Debt Crisis Deepens

内容节选自:WSJ

A deepening debt crisis has left Sri Lanka struggling to pay for imports and stoked political controversy over Chinese lending to the South Asian nation as part of Beijing’s global Belt and Road infrastructure program.

The crisis has also opened a window for India, which provided financial relief to Sri Lanka last week shortly before a $500 million bond matured, to push back against Chinese influence in the Indian Ocean region.

Ajith Nivard Cabraal, Sri Lanka’s central bank governor, said on his official Twitter account that the country had repaid the bond, which matured on Tuesday. It was the first major tranche of $4.5 billion total sovereign-debt repayments due in 2022.

But with around two-thirds of government revenue already going toward interest payments, President Gotabaya Rajapaksa warned in a speech to Parliament that the country had insufficient foreign-currency reserves to pay for the imports it needed.

That warning followed his appeal last week to visiting Chinese Foreign Minister Wang Yi for Beijing to restructure its debt, provide concessional trade terms, and lift Covid-related restrictions on Chinese tourists visiting Sri Lanka.

It also came after unusual criticism from within Sri Lanka’s ruling party over China’s lending for a series of major infrastructure projects, which include a $13 billion seafront business hub in the capital, Colombo, and a port and airport in the Rajapaksa family’s home constituency of Hambantota.

Sheldon Silver, New York Power Broker Sent to Prison, Dies at 77

内容节选自WSJ

Former New York Assembly Speaker Sheldon Silver, one of the most powerful figures in state government for two decades before his conviction on corruption charges, has died in federal custody. He was 77 years old.

Mr. Silver died Monday, a person familiar with the matter told the Associated Press. The person couldn’t discuss the matter publicly and spoke to AP on condition of anonymity.

The Manhattan Democrat, who told a judge he prayed he wouldn’t die in prison, had been serving a more than six-year sentence in federal prison.

He was convicted of using his clout in state government to benefit real-estate developers, who rewarded him by referring lucrative business to his law firm.

He was elected Assembly speaker in 1994, a powerful position that put him on equal footing with the governor and state Senate leader when it came to making key decisions about annual budgets or major legislation.

In all, Mr. Silver served as speaker during the tenure of five New York governors, from Mario Cuomo to Andrew Cuomo.

He survived an early tenure coup attempt and became adept at horse-trading to secure education funding, tenants rights legislation and other policies favored by Assembly Democrats. An Orthodox Jew, Mr. Silver was known to observe Sabbath even during the marathon negotiation sessions that preceded annual budget deadlines and the end of legislative sessions.

Over time, he became a symbol of Albany’s much-maligned opaque style of governance and, ultimately, a target of federal prosecutors.

Elon Musk Urges McDonald’s to Accept Dogecoin for Payment

内容节选自WSJ

The tweet comes after cryptocurrency prices—including dogecoin—have fallen sharply in recent days. The selloff prompted McDonald’s to tweet on Monday: “how are you doing people who run crypto twitter accounts.”

Dogecoin, initially started as a joke in 2013, is currently in the top 10 by market value for cryptocurrencies, according to CoinMarketCap. Its value tends to fluctuate based on what Mr. Musk says about the volatile cryptocurrency.

When pressed to explain what dogecoin was during a “Saturday Night Live” performance in May 2021, Mr. Musk, who was hosting the show, eventually said, “Yeah, it’s a hustle,” which sent the cryptocurrency’s price falling. 

The price of dogecoin has lost roughly 80% of its value since Mr. Musk’s SNL appearance.

In addition to accepting dogecoin for payment for some merchandise, Tesla last year bought $1.5 billion in bitcoin. While Mr. Musk initially said Tesla would also accept payments in bitcoin, the company later suspended that initiative after Mr. Musk expressed concerns about high levels of fossil-fuel use for bitcoin mining.

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