China: A股科创板研究系列:有关表决权差异制度的小结

Last Updated: 27 May 2019
Article by Bi Xiuli
Most Read Contributor in China, June 2019

美国在上世纪20年代出现了AB股制度,并在1988年允许同股不同权的企业上市。AB股制度,即为双重股权制度,不同于传统公司法项下的"一股一权"原则。该构架下,公司可以发行A、B两种股份,一类股遵循"一股一权"的原则,另一类股则是一股多权,且该类股的持有者多为公司的创始人或管理层。AB股制度实质上是一种通过分离现金流和投票权而对公司实行有效控制的有效手段。2004年以后在美国上市的主要科技公司基本上都采取了AB股制度,如google、Facebook等。中概股的如阿里巴巴、京东、百度等。其中,根据京东2016年的年报,刘强东占股15.8%,却拥有80%的投票表决权。

香港地区上世纪70、80年代也曾采用过同股不同权制度,但是迫于现实原因被禁止,2018年4月,联交所正式发布了主板上市规则第119次修订《新主板上市规则》,增加了同股不同权制度。采取同股不同权制度的中概股主要包括:小米集团(HK.01810)、美团点评(HK.01810)等。

我国《公司法》第131条规定,国务院可以对公司发行本法规定以外的其他种类的股份,另行作出规定。2019年3月1日正式公布的科创板系列制度正式推出了表决权差异安排(即特别表决权)制度。表决权差异安排,是指发行人在一般规定的普通股份之外,发行拥有特别表决权的股份(以下简称特别表决权股份)。每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量,其他股东权利与普通股份相同。

为更好的理解及掌握表决权差异安排制度,本文从主要规定、基本要求、与港交所要求比较、案例、重要条款角度予以论述。

一、主要规定

二、基本要求

三、与港交所主板要求比较主要差异

上交所科创板的特别表决权制度与港交所主板的同股不同权制度除了市值、财务指标标准要求区别较大外,其他内容基本相同。其区别主要体现为:

四、案例

五、重要条款

《中华人民共和国公司法》(2018)

第四十二条 股东会会议由股东按照出资比例行使表决权;但是,公司章程另有规定的除外。


第一百零三条 股东出席股东大会会议,所持每一股份有一表决权。但是,公司持有的本公司股份没有表决权。


股东大会作出决议,必须经出席会议的股东所持表决权过半数通过。但是,股东大会作出修改公司章程、增加或者减少注册资本的决议,以及公司合并、分立、解散或者变更公司形式的决议,必须经出席会议的股东所持表决权的三分之二以上通过。


第一百三十一条 国务院可以对公司发行本法规定以外的其他种类的股份,另行作出规定。

《科创板首次公开发行股票注册管理办法(试行)》

第四十一条存在特别表决权股份的境内科技创新企业申请首次公开发行股票并在科创板上市的,发行人应当在招股说明书等公开发行文件中,披露并特别提示差异化表决安排的主要内容、相关风险和对公司治理的影响,以及依法落实保护投资者合法权益的各项措施。

保荐人和发行人律师应当就公司章程规定的特别表决权股份的持有人资格、特别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排、持有人所持特别表决权股份能够参与表决的股东大会事项范围、特别表决权股份锁定安排及转让限制等事项是否符合有关规定发表专业意见。

《上海证券交易所科创板股票上市规则》

2.1.4发行人具有表决权差异安排的,市值及财务指标应当至少符合下列标准中的一项:

(一)预计市值不低于人民币100亿元;

(二)预计市值不低于人民币50亿元,且最近一年营业收入不低于人民币5亿元。

发行人特别表决权股份的持有人资格、公司章程关于表决权差异安排的具体规定,应当符合本规则第四章第五节的规定。

本规则所称表决权差异安排,是指发行人依照《公司法》第一百三十一条的规定,在一般规定的普通股份之外,发行拥有特别表决权的股份(以下简称特别表决权股份)。每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量,其他股东权利与普通股份相同。

4.5.3持有特别表决权股份的股东应当为对上市公司发展或者业务增长等作出重大贡献,并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。

持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份10%以上。

《上海证券交易所科创板股票发行上市审核规则》

第二十四条存在表决权差异安排的发行人申请股票或者存托凭证首次公开发行并在科创板上市的,其表决权安排等应当符合《上海证券交易所科创板股票上市规则》等规则的规定;发行人应当至少符合下列上市标准中的一项,发行人的招股说明书和保荐人的上市保荐书应当明确说明所选择的具体上市标准:

(一)预计市值不低于人民币100亿元;

(二)预计市值不低于人民币50亿元,且最近一年营业收入不低于人民币5亿元。

第八十三条(六)表决权差异安排:指发行人按照《中华人民共和国公司法》第一百三十一条的规定,在一般规定的普通股份之外,发行拥有特别表决权的股份。每一特别表决权的股份拥有的表决权数量大于每一普通股份拥有的表决权数量,其他股东权利与普通股份相同。

《上海证券交易所科创板股票上市规则》第四章 内部治理   第五节  表决权差异安排

第五节表决权差异安排

4.5.1上市公司具有表决权差异安排的,应当充分、详细披露相关情况特别是风险、公司治理等信息,以及依法落实保护投资者合法权益规定的各项措施。

4.5.2发行人首次公开发行并上市前设置表决权差异安排的,应当经出席股东大会的股东所持三分之二以上的表决权通过。

发行人在首次公开发行并上市前不具有表决权差异安排的,不得在首次公开发行并上市后以任何方式设置此类安排。

4.5.3持有特别表决权股份的股东应当为对上市公司发展或者业务增长等作出重大贡献,并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。

持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份10%以上。

4.5.4上市公司章程应当规定每份特别表决权股份的表决权数量。

每份特别表决权股份的表决权数量应当相同,且不得超过每份普通股份的表决权数量的10倍。

4.5.5除公司章程规定的表决权差异外,普通股份与特别表决权股份具有的其他股东权利应当完全相同。

4.5.6上市公司股票在本所上市后,除同比例配股、转增股本情形外,不得在境内外发行特别表决权股份,不得提高特别表决权比例。

上市公司因股份回购等原因,可能导致特别表决权比例提高的,应当同时采取将相应数量特别表决权股份转换为普通股份等措施,保证特别表决权比例不高于原有水平。

本规则所称特别表决权比例,是指全部特别表决权股份的表决权数量占上市公司全部已发行股份表决权数量的比例。

4.5.7上市公司应当保证普通表决权比例不低于10%;单独或者合计持有公司10%以上已发行有表决权股份的股东有权提议召开临时股东大会;单独或者合计持有公司3%以上已发行有表决权股份的股东有权提出股东大会议案。

本规则所称普通表决权比例,是指全部普通股份的表决权数量占上市公司全部已发行股份表决权数量的比例。

4.5.8特别表决权股份不得在二级市场进行交易,但可以按照本所有关规定进行转让。

4.5.9出现下列情形之一的,特别表决权股份应当按照1:1的比例转换为普通股份:(一)持有特别表决权股份的股东不再符合本规则第4.5.3条规定的资格和最低持股要求,或者丧失相应履职能力、离任、死亡;(二)实际持有特别表决权股份的股东失去对相关持股主体的实际控制;(三)持有特别表决权股份的股东向他人转让所持有的特别表决权股份,或者将特别表决权股份的表决权委托他人行使;(四)公司的控制权发生变更。发生前款第四项情形的,上市公司已发行的全部特别表决权股份均应当转换为普通股份。发生本条第一款情形的,特别表决权股份自相关情形发生时即转换为普通股份,相关股东应当立即通知上市公司,上市公司应当及时披露具体情形、发生时间、转换为普通股份的特别表决权股份数量、剩余特别表决权股份数量等情况。

4.5.10上市公司股东对下列事项行使表决权时,每一特别表决权股份享有的表决权数量应当与每一普通股份的表决权数量相同:

(一)对公司章程作出修改;

(二)改变特别表决权股份享有的表决权数量;

(三)聘请或者解聘独立董事;

(四)聘请或者解聘为上市公司定期报告出具审计意见的会计师事务所;

(五)公司合并、分立、解散或者变更公司形式。

上市公司章程应当规定,股东大会对前款第二项作出决议,应当经过不低于出席会议的股东所持表决权的三分之二以上通过,但根据第4.5.6条、第4.5.9条的规定,将相应数量特别表决权股份转换为普通股份的除外。

4.5.11上市公司具有表决权差异安排的,应当在定期报告中披露该等安排在报告期内的实施和变化情况,以及该等安排下保护投资者合法权益有关措施的实施情况。

前款规定事项出现重大变化或者调整的,公司和相关信息披露义务人应当及时予以披露。

上市公司应当在股东大会通知中列明持有特别表决权股份的股东、所持特别表决权股份数量及对应的表决权数量、股东大会议案是否涉及第4.5.10条规定事项等情况。

4.5.12上市公司具有表决权差异安排的,监事会应当在年度报告中,就下列事项出具专项意见:

(一)持有特别表决权股份的股东是否持续符合本规则第4.5.3条的要求;

(二)特别表决权股份是否出现本规则第4.5.9条规定的情形并及时转换为普通股份;

(三)上市公司特别表决权比例是否持续符合本规则的规定;

(四)持有特别表决权股份的股东是否存在滥用特别表决权或者其他损害投资者合法权益的情形;

(五)公司及持有特别表决权股份的股东遵守本章其他规定的情况。

4.5.13持有特别表决权股份的股东应当按照所适用的法律法规以及公司章程行使权利,不得滥用特别表决权,不得利用特别表决权损害投资者的合法权益。出现前款情形,损害投资者合法权益的,本所可以要求公司或者持有特别表决权股份的股东予以改正。

4.5.14上市公司或者持有特别表决权股份的股东应当按照本所及中国结算的有关规定,办理特别表决权股份登记和转换成普通股份登记事宜。

《上海证券交易所科创板股票交易特别规定》

第十五条本所可以通过适当方式,对上市时尚未盈利以及具有表决权差异安排的发行人的股票或者存托凭证作出相应标识。

《上海证券交易所科创板股票交易风险揭示书必备条款》

八、科创板制度允许上市公司设置表决权差异安排。上市公司可能根据此项安排,存在控制权相对集中,以及因每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决上海证券交易所科创板股票交易风险揭示书必备条款。

九、出现《上海证券交易所科创板股票上市规则》以及上市公司章程规定的情形时,特别表决权股份将按1:1的比例转换为普通股份。股份转换自相关情形发生时即生效,并可能与相关股份转换登记时点存在差异。投资者需及时关注上市公司相关公告,以了解特别表决权股份变动事宜。

第十五条第二款:存在特别表决权股份的上市公司,应当在公司章程中规定特别表决权股份的持有人资格、特别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排、持有人所持特别表决权股份能够参与表决的股东大会事项范围、特别表决权股份锁定安排及转让限制、特别表决权股份与普通股份的转换情形等事项。公司章程有关上述事项的规定,应当符合交易所的有关规定。

《公开发行证券的公司信息披露内容与格式准则第42号——首次公开发行股票并在科创板上市申请文件》

首次公开发行股票并在科创板上市申请文件目录

7-2-4特别表决权股份等差异化表决安排涉及的协议(如有)

《公开发行证券的公司信息披露内容与格式准则第41号——科创板公司招股说明书》

第三十三条发行人应结合科创企业特点,披露由于重大技术、产品、政策、经营模式变化等可能导致的风险:(八)特别表决权股份或类似公司治理特殊安排的风险;

第七节公司治理与独立性

第五十七条发行人存在特别表决权股份或类似安排的,应披露相关安排的基本情况,包括设置特别表决权安排的股东大会决议、特别表决权安排运行期限、持有人资格、特别表决权股份拥有的表决权数量与普通股份拥有表决权数量的比例安排、持有人所持特别表决权股份能够参与表决的股东大会事项范围、特别表决权股份锁定安排及转让限制等,还应披露差异化表决安排可能导致的相关风险和对公司治理的影响,以及相关投资者保护措施。

第九十二条发行人存在特别表决权股份、协议控制架构或类似特殊安排,尚未盈利或存在累计未弥补亏损的,应披露依法落实保护投资者合法权益规定的各项措施,包括但不限于下列内容:

(一)发行人存在特别表决权股份等特殊架构的,其持有特别表决权的股东应按照所适用的法律以及公司章程行使权利,不得滥用特别表决权,不得损害投资者的合法权益。损害投资者合法权益的,发行人及持有特别表决权的股东应改正,并依法承担对投资者的损害赔偿责任;

(二)尚未盈利企业的控股股东、实际控制人和董事、监事、高级管理人员及核心技术人员关于减持股票所做的特殊安排或承诺。

《上海证券交易所科创板上市保荐书内容与格式指引》

第十二条第三款 发行人具有表决权差异安排的,保荐人应当说明发行人有关表决权差异安排的主要内容、相关风险及对公司治理的影响,以及依法落实保护投资者合法权益的各项措施,相关安排是否符合《上海证券交易所科创板股票上市规则》的相关规定。

《中国证券登记结算有限责任公司科创板股票登记结算业务细则(试行)》

第十二条发行人具有表决权差异安排的,本公司根据发行人的申请,按照规定程序对特别表决权股份进行登记并加以标识。

第十三条本公司根据发行人的申请,按照规定程序对每份特别表决权股份拥有的表决权数量与每份普通股份拥有的表决权数量的比例进行登记和相应调整。

第十四条出现特别表决权股份须转换为普通股份情形的,发行人应当及时向本公司提出申请,由本公司按照规定程序予以办理。法律法规、业务规则另有规定的,从其规定。

第十六条对于通过证券交易所集中交易的科创板股票,本公司根据交易的交收结果办理集中交易过户登记。因协议转让、继承、离婚、法人资格丧失、向基金会捐赠、司法扣划等情形涉及的科创板股票非交易过户登记业务,按照本公司相关业务规则的规定办理;其中涉及特别表决权股份的,本公司在受理后先办理特别表决权股份转换为普通股份业务,再办理非交易过户登记业务,并将转换结果通知发行人和证券交易所。

第十八条本公司根据相关业务规则规定,向发行人提供持有人名册服务。持有人名册包含普通股份股东、特别表决权股份股东及持有明细等信息。

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