On 7 September, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) published the Issues Regarding the Exchange of State-owned Property Rights by Central Enterprises Notice.
Definition
In the Notice, the exchange of state-owned property rights refers to the transfer of property rights to companies held by central enterprises and their wholly owned subsidiaries and companies wholly owned by these central enterprises (collectively known as state-owned work units), or the transfer of property rights to companies held by state-owned work units with the property rights or assets held by entities actually controlled by central enterprises during asset restructuring, with cash payments accounting for less than 25% of the total amount of an asset exchange.
An actually controlled entity refers to an entity in which a central enterprise does not directly or indirectly own 100%, but it can exercise actual control over this entity as the largest shareholder and through the articles of association, the board of directors or other arrangements, and other shareholders do not constitute any party acting in concert.
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