编者按：

我(wo)国资(zi)(zi)(zi)(zi)本(ben)市场有庞大的(de)中(zhong)(zhong)(zhong)小(xiao)投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)群体(ti)(ti)，中(zhong)(zhong)(zhong)小(xiao)投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)的(de)理性参(can)与(yu)，是(shi)维(wei)护市场稳定、激发市场活力的(de)重要基础。在参(can)与(yu)市场过程中(zhong)(zhong)(zhong)，了(le)解自己享有哪些权(quan)(quan)利、知(zhi)道(dao)如何行(xing)使这(zhei)些权(quan)(quan)利、清(qing)楚权(quan)(quan)益受(shou)侵害时如何维(wei)权(quan)(quan)，是(shi)增强中(zhong)(zhong)(zhong)小(xiao)投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)自我(wo)保护能力，帮(bang)助投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)更加成熟理性参(can)与(yu)市场的(de)核(he)心(xin)内容。深交(jiao)所投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)教育中(zhong)(zhong)(zhong)心(xin)联合(he)投(tou)(tou)服中(zhong)(zhong)(zhong)心(xin)以(yi)及威诺、盈科、君泽君律师事务所共同推出(chu)“投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)权(quan)(quan)益300问(wen)”系列，围绕“知(zhi)权(quan)(quan)、行(xing)权(quan)(quan)、维(wei)权(quan)(quan)”中(zhong)(zhong)(zhong)的(de)重点问(wen)题(ti)一一进行(xing)解答。本(ben)篇(pian)为该系列第(di)七(qi)篇(pian)，带(dai)您了(le)解投(tou)(tou)资(zi)(zi)(zi)(zi)者(zhe)在上市公司(si)收购中(zhong)(zhong)(zhong)的(de)权(quan)(quan)利运(yun)用。 

上一(yi)篇(pian)，我们谈到(dao)了上市公(gong)司(si)(si)收(shou)(shou)购的概念、分类以及(ji)收(shou)(shou)购中投(tou)资者(zhe)应当关注的事项等(deng)，本篇(pian)将进一(yi)步介绍上市公(gong)司(si)(si)收(shou)(shou)购时信息(xi)披露特殊要求(qiu)以及(ji)强制(zhi)邀(yao)约收(shou)(shou)购等(deng)方面的知识点。一(yi)起来看看！

1、上市(shi)公司收购时对信息披露有何特殊要(yao)求？

收(shou)(shou)购(gou)人对上市(shi)公(gong)(gong)(gong)(gong)司(si)的(de)(de)收(shou)(shou)购(gou)行为可能(neng)引起公(gong)(gong)(gong)(gong)司(si)股(gu)价变(bian)动，目标公(gong)(gong)(gong)(gong)司(si)实际(ji)控制权(quan)也可能(neng)因(yin)收(shou)(shou)购(gou)行为而变(bian)更(geng)。为了(le)保(bao)障上市(shi)公(gong)(gong)(gong)(gong)司(si)股(gu)东的(de)(de)知情权(quan)，使中小股(gu)东更(geng)好(hao)的(de)(de)了(le)解收(shou)(shou)购(gou)方及(ji)收(shou)(shou)购(gou)进展，并依(yi)此(ci)做出是否继续(xu)持有公(gong)(gong)(gong)(gong)司(si)股(gu)票的(de)(de)判断，避(bi)免(mian)中小投资者因(yin)突然收(shou)(shou)购(gou)遭受利益损失，现行规则对收(shou)(shou)购(gou)方的(de)(de)信息披露做出了(le)特(te)殊要求。

根据有(you)关规(gui)定，当收(shou)购(gou)人(ren)拥(yong)有(you)权益的股(gu)份(fen)达到上(shang)市(shi)公司已发行(xing)股(gu)份(fen)的5%时，需要(yao)进行(xing)信息(xi)披露。具体(ti)来说，投(tou)资者及其一(yi)致行(xing)动人(ren)，通过证(zheng)券(quan)交(jiao)易所的证(zheng)券(quan)交(jiao)易、协议转让、行(xing)政划转或者变(bian)更(geng)、执行(xing)法院(yuan)裁定、继(ji)承、赠与等(deng)方式拥(yong)有(you)权益的股(gu)份(fen)达到一(yi)个(ge)上(shang)市(shi)公司已发行(xing)股(gu)份(fen)的5％时，应当在该事实发生之(zhi)日(ri)起(qi)3日(ri)内(nei)编制权益变(bian)动报告书，通知该上(shang)市(shi)公司，并予公告。

投(tou)资(zi)者(zhe)及(ji)(ji)其(qi)(qi)(qi)一(yi)致行(xing)动(dong)人(ren)所持股(gu)(gu)(gu)份(fen)(fen)达到(dao)(dao)一(yi)个上市(shi)公(gong)司(si)(si)已(yi)发行(xing)股(gu)(gu)(gu)份(fen)(fen)的(de)(de)(de)5%后，其(qi)(qi)(qi)拥(yong)有(you)权益(yi)(yi)的(de)(de)(de)股(gu)(gu)(gu)份(fen)(fen)占该上市(shi)公(gong)司(si)(si)已(yi)发行(xing)股(gu)(gu)(gu)份(fen)(fen)的(de)(de)(de)比例每增(zeng)加或者(zhe)减(jian)少达到(dao)(dao)或者(zhe)超过(guo)5%的(de)(de)(de)，应(ying)当(dang)履行(xing)报告、公(gong)告义务(wu)。具体来说，投(tou)资(zi)者(zhe)及(ji)(ji)其(qi)(qi)(qi)一(yi)致行(xing)动(dong)人(ren)所拥(yong)有(you)权益(yi)(yi)，达到(dao)(dao)或者(zhe)超过(guo)该公(gong)司(si)(si)已(yi)发行(xing)股(gu)(gu)(gu)份(fen)(fen)的(de)(de)(de)5%，但(dan)未(wei)达到(dao)(dao)20%的(de)(de)(de)，应(ying)当(dang)编制(zhi)简式权益(yi)(yi)变动(dong)报告书(shu)(shu)(shu)，投(tou)资(zi)者(zhe)及(ji)(ji)其(qi)(qi)(qi)一(yi)致行(xing)动(dong)人(ren)为上市(shi)公(gong)司(si)(si)第一(yi)大股(gu)(gu)(gu)东或者(zhe)实际控制(zhi)人(ren)的(de)(de)(de)，应(ying)当(dang)编制(zhi)详(xiang)式权益(yi)(yi)变动(dong)报告书(shu)(shu)(shu)；达到(dao)(dao)或者(zhe)超过(guo)一(yi)个上市(shi)公(gong)司(si)(si)已(yi)发行(xing)股(gu)(gu)(gu)份(fen)(fen)的(de)(de)(de)20%但(dan)未(wei)超过(guo)30%的(de)(de)(de)，应(ying)当(dang)编制(zhi)详(xiang)式权益(yi)(yi)变动(dong)报告书(shu)(shu)(shu)。

2、在什么情况下强制采用要(yao)约(yue)收购？

拥(yong)有(you)(you)一个上(shang)市公司权益的(de)比例未超过30%的(de)，收(shou)(shou)购人(ren)可以(yi)自愿选(xuan)择是否以(yi)要(yao)约方式(shi)收(shou)(shou)购上(shang)市公司股(gu)(gu)(gu)(gu)(gu)份，以(yi)要(yao)约方式(shi)收(shou)(shou)购一个上(shang)市公司股(gu)(gu)(gu)(gu)(gu)份的(de)，其(qi)预定收(shou)(shou)购的(de)股(gu)(gu)(gu)(gu)(gu)份比例均不得低于该上(shang)市公司已发行(xing)股(gu)(gu)(gu)(gu)(gu)份的(de)5%。但当持股(gu)(gu)(gu)(gu)(gu)比例达到30%以(yi)上(shang)时，收(shou)(shou)购人(ren)将对(dui)上(shang)市公司具有(you)(you)较强的(de)控制力，为保障交易的(de)公平性，让其(qi)他股(gu)(gu)(gu)(gu)(gu)东(dong)（尤其(qi)是中小(xiao)股(gu)(gu)(gu)(gu)(gu)东(dong)）拥(yong)有(you)(you)向(xiang)收(shou)(shou)购人(ren)出售(shou)其(qi)持有(you)(you)股(gu)(gu)(gu)(gu)(gu)份的(de)平等机会(hui)，相(xiang)关法律法规(gui)规(gui)定了强制性要(yao)约收(shou)(shou)购制度。

在(zai)公(gong)开(kai)要(yao)约(yue)(yue)(yue)时(shi)，为了平(ping)(ping)等对(dui)待股(gu)东(dong)(dong)，收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)者向(xiang)所(suo)有(you)股(gu)东(dong)(dong)发(fa)出(chu)的(de)(de)(de)收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)要(yao)约(yue)(yue)(yue)中(zhong)的(de)(de)(de)每(mei)一项条件，都平(ping)(ping)等适用于同类股(gu)权的(de)(de)(de)每(mei)一个(ge)(ge)股(gu)东(dong)(dong)。收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)方在(zai)发(fa)出(chu)收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)要(yao)约(yue)(yue)(yue)时(shi)，应(ying)当编制要(yao)约(yue)(yue)(yue)收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)报告书，载明收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)人(ren)情况、收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)目的(de)(de)(de)、收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)数(shu)量(liang)、收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)价格(ge)、收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)条件、对(dui)上市公(gong)司(si)的(de)(de)(de)影响等并予以公(gong)告。收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)人(ren)对(dui)同一种类股(gu)票的(de)(de)(de)要(yao)约(yue)(yue)(yue)价格(ge)，不得低于要(yao)约(yue)(yue)(yue)收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)提示性公(gong)告日前6个(ge)(ge)月内收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)人(ren)取得该种股(gu)票所(suo)支付的(de)(de)(de)最高价格(ge)。如果只是部分收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)，当目标(biao)公(gong)司(si)的(de)(de)(de)股(gu)东(dong)(dong)承诺出(chu)售的(de)(de)(de)股(gu)票数(shu)量(liang)超(chao)过收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)方拟收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)的(de)(de)(de)数(shu)量(liang)时(shi)，收(shou)(shou)(shou)(shou)(shou)购(gou)(gou)(gou)方应(ying)按(an)同一比例从每(mei)位(wei)承诺股(gu)东(dong)(dong)手里购(gou)(gou)(gou)买。

3、股东(dong)可以撤回(hui)预受(shou)要约吗(ma)？

可以。预受(shou)(shou)是指被(bei)收(shou)购公(gong)司(si)(si)股东(dong)初步同意(yi)接受(shou)(shou)要(yao)约(yue)(yue)，同意(yi)接受(shou)(shou)收(shou)购要(yao)约(yue)(yue)的(de)(de)股东(dong)即预受(shou)(shou)股东(dong)，应当委托证券(quan)公(gong)司(si)(si)办理(li)预受(shou)(shou)要(yao)约(yue)(yue)的(de)(de)相关手续(xu)。在要(yao)约(yue)(yue)收(shou)购期限届满3个交(jiao)易(yi)日前，预受(shou)(shou)股东(dong)可以委托证券(quan)公(gong)司(si)(si)办理(li)撤回(hui)预受(shou)(shou)要(yao)约(yue)(yue)的(de)(de)手续(xu)。

小贴士(shi)：

上市(shi)公司收(shou)购(gou)内(nei)容较为复杂(za)，建议(yi)投(tou)资者在收(shou)购(gou)人(ren)(ren)首次披(pi)露(lu)持(chi)股情(qing)况后(hou)加以重视，仔细研究(jiu)并跟进(jin)收(shou)购(gou)人(ren)(ren)情(qing)况、收(shou)购(gou)计划(hua)和进(jin)展、收(shou)购(gou)对上市(shi)公司的(de)影(ying)响等内(nei)容，从而做出(chu)合(he)理(li)的(de)投(tou)资决(jue)策。