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在游戏规则的许可下,任何闪跳腾挪都无可指责。复盘刘氏夫妇的主动要约收购,虽说其本质是钻了当时要约收购制度的缺陷,但其财技的运用还是让人叹服。当时中国上市公司股权被分割为非流通的国有股、法入股和流通的社会公众股,且几类股份的持股成本、市场价格较为悬殊:国有股、法人股的转让价格低.流通股的交易价格高。当时的要约收购游戏规则,是非流通股要约价格不低于被收购公司最
With the permission of the rules of the game, there is no blame for any jump. The active offer for Liu’s couple to buy shares, although its essence is to drill the defect of the tender offer system, but its use of financial technology is still impressive. At that time, the equity of listed companies in China was divided into non-circulating state-owned shares, legal shares and circulating public shares, and the holding costs and market prices of several types of shares were quite different: the transfer price of state-owned shares and legal person shares was low, and the trading price of tradable shares was high . At that time the tender offer rules of the game, non-negotiable shares offer price of not less than the most be-bought company