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    环球律师事务所-国有资产监管专题报告(第二辑)-2022.8-155页.pdf

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    环球律师事务所-国有资产监管专题报告(第二辑)-2022.8-155页.pdf

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OFFICE|45?了?京?了?5”?“?京?京?乎?亦?乎?了?了?了?5”5.8?乎?京?乎?0?乎?4?”业?了?4?5”?“?乎?了?【4?4”业?4?5”?“?乎?了?乎”业?了?4?了?5”?2017?3?24?6.8?乎?京?“?乎?京?乎?乎”业?了?了?了?乎?了?了?上?乎?了?【?【?【?2017?2?16?GLOBAL LAW OFFICE|46?了?5”7.8?京?乎了?“?京了?上?”业?4?了?”业?亦?了?丰?乎?乎?京了?5”?2016?8?23?8.8?。?乎?京?“?乎?京?10?乎?亏?4?【?【?”业?了?5”?。?2015?9?30?9.8?互?乎?京?“?京?乎?以?【?了?了?5?乎?了?予?5”?【?2012?5?12?乎?乎?些?东?了?些?乎?4?乎?4?东?乎?乎?乎?业?乎?亏?乎?乎?乎?京?业?上?乎?亏?乎?5?丰?乎?上?;?5?GLOBAL LAW OFFICE|47?乎?乎?乎?乎?乎?今?些?乎?些?乎?5?GLOBAL LAW OFFICE|48?【?【?4?4?【?乎?【?乎?乎?IPO?亏?享?A?【?5?【?5?【?仍?些?乎?上?些?【?上?1?【?乎?上?【?乎?上?乎?上?8?【?乎?2018?36?“?乎?乎36?”?2018?5?】?2018?7?1?5?乎 36?2?【?“?【?4?享?”5?【?乎?【?乎?【?5?【?【?【?乎?【?【?乎?【?乎?【?5?GLOBAL LAW OFFICE|49?乎 36?【?2?【?【?5?5?乎 36?【?亏?3?【?【?4?4?【?【?【?【?亏?两0SS1?0CS1?亏?【?【?他?乎 36?【?上?【?乎 36?上?个?以?【?乎?5?乎 36?【?“亏?”?上?5?GLOBAL LAW OFFICE|50?乎 36?上?5?乎 36?12?乎?乎?人?4?【?【?【?【?“?”?乎36?乎?5?【?“?”?且?乎36?8?“?乎?乎?5”?书?30?10%?30?200?5%?200?3%5?5%?5000?乎?乎?举?乎36?7?5?乎36?13?丰?仍?【?4?享4?今?5?4?4?【?【?”业?”业?【?”业?【?”业?【?”业?予?亏?”业?些?乎 36?上?5?亏?乎?”业?他?】?【?”业?他?”业?GLOBAL 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36?29?上?【?”业?7?【?”业?予?【?”业?予?他?”业5?”业?丰?以?乎 36?30?5?”业?1?乎 36?7?上?“?【?他?”?”业?亏?乎?4他?2?”业?今?乎?5?GLOBAL LAW OFFICE|55?乎?与?”业?他?亏?”业?上?东?予?5?乎 36?上?【?”业?8?【?”业?【?”业?4?4?【?【?“?”vs8?8?“?”?【?SS?乎?乎?个 SS?【?9?【?【?【?SS?SOE?【?SOE?乎?予?8?乎?乎?2016?32?“?乎?乎32?”?5?个 SS?【?些?8?乎 36?5?8?“?”?乎 36?“?”?GLOBAL LAW OFFICE|56?8?1?“?【?亏?乎?4”业4?【?5%”?56?2?“?乎?【?亏?乎?【?【?上?4?个?乎?”?57?乎 36?“?乎?上?19?”?41?5?买?乎?与?乎 36?上?“?”?享?乎?SS?CS?乎?SS?CS?乎 36?“?”?些?乎 36?上?4?乎?4?丰?以?乎 36?5?乎 36?“?”?SS?乎?个?【?SS?【?,?些?8?上?5?乎?乎?SS?乎?乎 36?“?”?【?SS?个?SS?乎?SS?些?乎 32?上?乎?4?4?5?乎 36?“?”?SS?乎?a?今?令?乎 36?6?4?45?SS?【?今?b?丰?以?乎 36?44?5 19?乎 36?上?“?“SS”?人4?4?4?乎?乎?50%?且?50%?乎?乎?5”?GLOBAL LAW OFFICE|57?”业?乎?乎?乎 36?SS?乎?41?个?乎?乎?乎?他?5?乎 36?“?”?SS?乎?乎 36?47?个 SS?乎?【?乎 36?“?”?SS?乎?5?”业?他?个?SS?丰?以?乎?乎 36?44?5?乎 32?乎 36?上?/?乎?10?【?SS?乎 32?”业?5?乎32?31?亦?”业?GLOBAL LAW OFFICE|58?11?予?予?SS?乎?乎32?45?46?乎?亦?”业?12?乎?予?乎?予?4?4?【?【?予?5?乎 36?37?13?予?予?乎?乎?2005?8?】?8?乎?2005239?2009?2?】?予?8?乎?200925?予?今?GLOBAL LAW OFFICE|59?4?乎?5?乎?乎?乎?2014?7?】8?亏?乎?201495?5?乎 36?“?乎?”?5?仍?他?乎?他?乎?5?8?5?【?个?乎?乎?5?8?亏?4?上?5?8?63?乎?5?“?”?予?5?4?4?【?【?EB?Exchangeable Bonds?【?【?享?EB?乎?乎?5?【?EB?乎 36?48?“?【?4?今?个?【?5”EB?乎?EB?乎?5?SS?EB?EB?EB?EB?EB?【?【?5?【?EB?14?【?【?EB?GLOBAL LAW OFFICE|60?EB?【?5?EB?8?【?上?200841?5?“?他?20?”?EB?10%?90%5?EB?乎36?49?EB?“?他?1?4?20?4?30?个?【?”5?4?4?【?乎?【?乎?乎 36?7?上?【?乎?今?15?【?乎?【?乎?今?今?乎?丰?丰?5?乎36?上?13?16425?34?46?39?52?乎?丰?16?【?乎?【?乎?丰?丰?GLOBAL LAW OFFICE|61?4?4?乎?【?【?仍?上?乎?5?乎?与?乎?5?【?乎?乎 36?上?17?【?乎?【?乎?【?上?【?上?【?亏?【?上?【?5?亏?予?18?【?【?亏?”业?亏?”业?vs?【?SS?【?亏?”业?上?东?5?【?亏?”业?个?些?上?5?GLOBAL LAW OFFICE|62?19”业?今”业?今?vs?1.?亏?”业?亏?”业?”业?亏?”业?今?【?今?上?今?(?1?90%?(/?(?1?80%?1?70%?ST4*ST?95%5 2.?今?今?乎 36?23?他?32?”业?30?且?【?且?乎?5?今?“?30?”?乎 36?且?5亏?30?仍?30?“?”5?“?”?亏?“?/?享”5?8?【?202011?7?【?GLOBAL LAW OFFICE|63 “?=?/?享5”?乎 36?2007?8?【?乎?2007?19?“?乎?乎19?”?乎 36?90%?2007?乎 19?上?“?个?90%”?乎 36?“?”?2007?乎19?他?”业?5?乎36?他?”业?5 3.?今?今?乎 36?亏?”业?5?”业?“”业?”?”业?代?今?1?90%?80%?70%?5?乎 36?“?”?30?5?亏?【?】?【?亏?”业?5?乎 36?亏?他?他?5?他?今?10?5?他?乎?亚?乎?5?”业?仍?36?他?”业?5?亏?GLOBAL LAW OFFICE|64?20”业?”业?vs?上?今?些?5?乎 36?今?30?上?些?上?90%480%?70%?8?上?东?5?【?亏?21?【?”业?今?【?”业?今?”业?”业?他?他 vs?”业?”业?【?乎 36?23?32?他?”业?上?上?30?且?乎?5?”业?三?乎 36?33?”业?GLOBAL LAW OFFICE|65?22?【?”业?【?”业?SS?上?上?【?【?东?【?乎?5?8?“?”?乎 36?“?”?5?乎 36?今?“?乎?上?SS?”?41?5?上?乎 36?些?上?5?SS?乎?乎 36?47?上?“?乎?乎?【?上?5”?乎 36?43?上?【?些?上?23?【?【?1.?,?,?GLOBAL LAW OFFICE|66?【?SS?SOE?些?乎 32?个 SS?个 SS?乎?5?乎 32?【?【?SS?“?,?”?12?乎?,?38?42?43?47?5?亏?他?5?乎?”业?”业?SOE?乎?5?乎 32?32?38?乎?且?乎?且?乎?24?且?且?2.?SS?【?【?【?SS?【?些?乎 36?43?上?“?【?上?【?【?乎?个?5”?乎 36?23?30?且?乎?”业?“?”?【?SS?5?个?SS?SS?乎?业?仓?5?【?SS?2020?5?30?乎?业?2020?4?5?5?GLOBAL LAW OFFICE|67 3.?业?业?乎 36?43?2?“?乎?【?乎?业5”?“?”?乎 36?上?5?上?“?”?下?5?2007?9?】?8?上?【?亏?2007128?“?仍?(?【?】?20?且?20%?”?5?SS?令?业?乎?业5 4.”业?上?”业?上?”业?【?上?25?”业?”业?vs?”业?今?”业?今/?今?上?亏?”业?今?今?上?5?,?20%?5?乎?乎 36?上?5?乎?与?九?乎九?5?乎?乎?与?GLOBAL LAW OFFICE|68?5?【?乎 36?乎?他?“?今?”?36?55?5?乎?与?,?九?产?亏?乎?从?九?5?【?乎?乎?今?26?【?乎?【?乎?今?今/?【?【?乎?仍?上?27?【?乎?上?【?乎?上?1.?”业?”业?”业?他?”业?乎 36?26?4?35?30%?京“?”业?5?”?乎?”业?5?乎?”业?”业?上?丰?5?乎 36?27?4?36?乃?乎?予?上?5?GLOBAL LAW OFFICE|69 2.?【?SS?予?乎 32?5?SS?乎 32?28?“?5?”?京?“?30%?5?今?1?5”3.”业?上?”业?上?”业?他?【?予?乎 32?予?乎 36?55?30%5?”业?5?5?5?乎?乎?他?个?亏?5?5?”业?30%?“?京”?5?“?京”?“?京”

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