Re: Q&A in connection with it should be lock-up for 12 months or not where the shareholding ratio for the purchaser to a listed company is less than 30% after it purchases the listed company 　

收购人收购上市公司后对上市公司的持股（包括直接和间接持股）比例不足30%的，是否需要锁定12个月？（2015年9月18日）

Does it need to be lock-up for 12 months where the shareholding ratio for the purchaser to a listed company is less than 30% after it purchases the listed company? (September 18, 2015)  

答复：《证券法》第九十八条、《上市公司收购管理办法》第七十四条规定：“在上市公司收购中，收购人持有的被收购上市公司的股票，在收购行为完成后的十二个月内不得转让”。结合实践，对于本条款的适用问题，明确要求如下：

Reply: Article 98 of the Securities Law of the People’s Republic of China, Article 74 of the Measures for the Management of Listed Companies Acquisition provide that “In an acquisition of a listed company, the stocks of the target company as held by a purchaser may not be transferred within 12 months after the acquisition is concluded.”Combining the practice, the application to this article is expressly required as follows:

对于投资者收购上市公司股份成为第一大股东但持股比例低于30%的，也应当遵守《证券法》第九十八条、《上市公司收购管理办法》第七十四条有关股份锁定期的规定。

An investor who becomes the first majority shareholder by acquisition of a listed company but whose shareholding ratio is less than 30% shall also comply with the provisions of Article 98 of the Securities Law of the People’s Republic of China and Article 74 of the Measures for the Management of Listed Companies Acquisition in respect of the lock-up period of shares.

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