环球律师事务所-国有资产监管专题报告（第二辑）-2022.8.pdf

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25、?乎?乎?/?东?乎?5?4?4?乎?了?些?乎?乎?了?些?乎?【?乎?乎?乎?了?了?了?5?了?了?，?乎?了?IPO?乎?【?了?个?些?乎?；?乎?乎?乎?乎?乎?乎?东?东?(1)?乎?乎?，?90%?(1)?乎?乎?乎?32?亏?【?些?32?4?乎?4?二?乎?丰?东?东?乎?了?个?5?GLOBAL LAW OFFICE|34?(2)乎?乎?上?乎?4?5 (2)?乎?4?乎?乎?(3)?乎?上?上?亦?”业亦?”业?15?(1)?4?乎?(2)?乎?乎?】?32?亦?”业?乎?个?乎?业?5?乎?亏?了?5?GLOBAL LAW OFFICE|35?业?亏?5?乎?5?32

26、?16?12?上?仍?乎?乎?乎?予?5?书?乎?乎?下?予?上?32?上?仍?乎?乎?乎?予?5?书?乎?乎?5(1)?2?乎?今?乎?1?31?乎?乎?个?乎?乎?乎?(2)?29?上?仍?(?乎?2018?12?29?42019?5?27?2022?6?22?】?乎?032?4?”业?5 1 032?予?8?“?5?今?上?5 1 0?乎?今?5 1个?乎?32?上?仍?个?业?个?乎?些?乎?5?GLOBAL LAW OFFICE|36?17?业?乎?乎?亏亏?5?下?予?上?业?乎?乎?亏?亏?5?乎?乎?东?予?5?书?乎?乎?下?予?上?业?乎?乎?亏?亏?5?了?了?乎?了?“

27、?”?乎?个?个?5?了?乎?“?了?”?乎?予?乎?了?5?了?乎?乎?，?90%?从5?乎?32?乎?个?)?2020?3?】?乎?0?1?5?GLOBAL LAW OFFICE|37?5?了?予?了?予?5?享?与?业?乎?1?乎?乎?亏?乎?乎?亏?了?亏?乎?了?亏?乎?2?今?，?今?，?乎?乎?下?乎?乎?下?乎?乎?5?了?了?乎?乎?“?”?“?”?令?个?个?5?乎?了?些?乎?下?乎?；?乎?乎?乎?乎?乎?乎?东?东?“?了?”?乎?乎?乎?与?，?“?了?”?乎?乎?乎?乎?业?乎?亏5?“?了?”?乎?业?乎?亏5?“?了?”?东?乎?丰?东?东?今?乎?乎?乎?亏

28、?东?5?GLOBAL LAW OFFICE|38?5?“?了?”?乎?乎?，?90%?从5?业?乎?1?乎?与?，?，?乎?乎?乎?乎?乎?乎?上?上?乎?乎?2?“?了?”?乎?乎?乎?乎?业?乎?亏5?“?了?”?乎?业?乎?亏5?“?了?了?”?业?乎?“乎?”?业?5?“?了?”?东?乎?丰?东?东?今?乎?乎?乎?亏?东?5?GLOBAL LAW OFFICE|39?与?乎?乎?乎?乎?予?予?5?了?了?乎?了?乎?乎?乎?乎?乎5?乎?些?乎?；?乎?乎?乎?乎?乎?乎?东?东?“?了?”?乎?亏?乎?乎?京?乎?京?“?了?”?乎?乎?乎?乎?“?了?”?乎?业?乎?亏5?“

29、?了?”?东?乎?丰?东?东?今?乎?乎?乎?GLOBAL LAW OFFICE|40?乎?乎?5?业?乎?亏5?“?了?”?5?享?与?业?乎?1?乎?乎?乎?乎?亏?亏?亏?乎?亏?乎?2?今?，?今?，?乎?乎?乎?乎?下?下?乎?乎?5?亏?东?5?乎(1)?乎?12?上?【?乎?乎?乎?4?乎?乎?乎?乎?32?5?“?了?”?东?乎?丰?东?东?今?GLOBAL LAW OFFICE|41?(2)乎?乎?上?乎?4?5?4?4?乎?乎?业?乎?亏5?乎?乎?乎?亏?东?5?了?了?18?乎?乎?代?个?乎?5?乎?了?乎?；?乎?乎?乎?乎?东?东?乎?乎?仍?乎?乎?产?12?乎

30、?上?上?乎?4?乎?乎?32?5?“?了?”?东?乎?丰?东?东?今?今?乎?5?GLOBAL LAW OFFICE|42?上?乎?，?5?4?4?乎?乎?业?乎?亏5?乎?乎?乎?亏?东?5?乎?乎?；?“?了?”?乎?乎?乎?业?乎?0?了?1?乎?乎?乎?业?乎?亏5?0?了?1?乎?业?乎?亏?乎?0?了?1?业?乎?乎?5?“?了?”?东?乎?丰?东?东?今?乎?乎?乎?亏?东?5?GLOBAL LAW OFFICE|43?亏?业?乎?乎?5?，?代?乎?上?乎?个?5?乎?乎?亏?乎?乎?且?业?乎?个?乎?个?乎?乎?乎?乎?/?5?4?4?乎?京了?上?乎?京了?上?仍?32

31、?上?乎?京?乎?上上?5?个?上?8?乎?京?“210?”?32?】?】?人上?乎?京?上?上?乎?京了?上?”业?业?乎?乎?“?乎?京?乎?京”?上?乎?些?乎?上?乎?些?乎?乎?乎?5?210?乎?京?亏?乎?乎?乎?亦?乎【?乎?乎?乎京5?乎?京?人?人?人?乎京?人亏?4?京?4?乎?乎京5?乎?京?上?上?乎?京了?乎?京?了?上?了?上?了?上?】?】?GLOBAL LAW OFFICE|44 1.8?【?乎?京?“?【?乎?京?”业?了?5”业?乎?上?上?丰?乎?乎?上?了?5”?【?2022?5?31?2.8?乎?京?“?京了?于?今?京?4?了?4?/?IPO?【?

32、了?4?了?4?”业?了?5?京?人?什?今?什?乎?京?【?）?5”?2022?2?26?3.8?乎?京?“?京?亏?乎?4?4?”业?【?了?5?乎?乎?京?京?4?”业?乎”业?了?5”?2021?8?6?4.8义?乎?京?“?京?乎?京?上?乎”业?亦?【4?4?义?2018?12?27?GLOBAL LAW 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?

33、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?

34、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

35、?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 LAW OFFICE|51?5?【?”业?【?”业?他?他 vs?他?”业?乎

36、36?23?32?5?”业?【?5?与?【?“”业?”?8?8?【?08?8?1?“”业?”?亏?“”业?”?亏?【?”业?上?东?5个?“”业?”?【?亏?5?“”业?”?乎?“?”业?”?“?他?”?5?亏?亏?亏?【?亏?】?他?予?【?亏?5?他5?8?与?“?他?”?“?”业?”?亏?“”业?”?【?5?乎?与?他?”业?”业?5?【?”业?他?【?”业?他?【?他?”业?5?”业?他?36?上?GLOBAL LAW OFFICE|52?6?【?【?”业?他?”业?他?1.?他?他?【?享?【?亏?【?【?亏?5?【?乎 36?15?亏?【?】?亏?【?丰?5?今亏?5?5 2.?他

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41、?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

42、?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?【

43、?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?【?

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