论强制收购要约义务触发点之合理界定（on the reasonable definition of the trigger point of compulsory offer）

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1、论强制收购要约义务触发点之合理界定（Onthereasonabledefinitionofthetriggerpointofcompulsoryoffer）OnthereasonabledefinitionofthetriggerpointofcompulsoryofferAuthor:FanAmandatorytenderofferwhichstipulateswhenapersontobuyastakeinthecompanytomakeitsholdingsofvotingsharesofthecompanyhasreach

2、edacertainproportionofthetotalnumberofvotingshares,thelawenforcementissuedatenderoffertoallshareholders.Theoccurrenceofthetenderofferobligationtakesthepurchaser'sshareoftheTargetCorpandtherighttovoteattheshareholders'meetingasaspecificcondition.Conditionsfortheoccurre

3、nceofamandatorytenderofferobligation,namelythescopeofmandatoryoffersystem,calledtriggeramandatorytenderofferobligation(orcriticalline,thetriggeringlevel(Note:jeffeyp.greenbaum,tenderoffersintheEuropeancommunity:theplayingfieldshrinks"22vanderbiltJournalofTransnational

4、Law932(1989))).The"ProvisionalRegulationsonstockissuanceandtransactionmanagement"(hereinafterreferredtoasthe"Regulations")forty-eighth,"SecuritiesLaw"articleeighty-first,themandatorytenderofferobligationtodefinethetriggerpoint(setthetrigger(Note:jeffeyp.greenbaum,tend

5、eroffersintheeuropeancommunity:theplayingfieldshrinks"22vanderbiltJournaloftransnationalLaw(9321989))).However,theeighty-firstarticleofthesecuritieslawhaschangedconsiderablycomparedwiththeregulationsandthedraftSecuritiesLaw(revisedversionofNovember3,1995).Whetherthede

6、finitionisreasonableremainstobefurtherexplored.Thispaperexpoundsthenecessityofmandatorytenderofferobligationtriggerpointreasonabledefinitionandproblemsshouldbepaidattentionto,andtheninthecountries(regions)legislationonthebasisofChina's"SecuritiesLaw"articleeighty-firs

7、tassessment,andputsforwardsomesuggestions.First,thenecessityofreasonabledefinitionandtheproblemsthatshouldbepaidattentionto(1)thenecessityofreasonabledefinition.Thedefinitionofthetriggerpointofthetenderofferobligationhasbeenadifficultprobleminthelegislationprocessofth

8、esecuritieslawofchina.Aftertheenactmentoftheforty-eightharticlesoftheregulationsandtheeighty-firstarticlesofthesecuritieslaw