Re: Q&A in connection with calculating the equity owned by persons acting in concert
How to calculate the equity owned by persons acting in concert? (September 18, 2015)
Reply: Article 12 of the Measures for the Management of Listed Companies Acquisition provides that “Equity owned by an investor in a listed company includes the shares registered in the name of such investor and voting shares actually controlled by such investor but not registered in the name of it. Equity owned by an investor and its persons acting in concert in a listed company should be calculated jointly.” Article 83 thereof further provides that “Persons acting in concert should jointly calculate the shares they hold. Shares which are held by an investor calculated by it shall include the shares registered in the name of it and the shares registered in the name of its persons acting in concert.” Therefore, joint calculation as set forth in the Measures for the Management of Listed Companies Acquisition refers to the total number of shares of a listed company that an investor and its persons acting in concert are able to control.