Article 1 The Detailed Operating Rules for Release of Transfer Information (hereinafter referred to as the Operating Rules) were promulgated based on the Operating Rules for Transactions of Enterprises’ State-owned Property Rights in order to standardize the information release behaviors for the transactions of enterprises’ state-owned property rights.

Article 2 The Operating Rules are applicable to all information release behaviors for the transfer of enterprises’ state-owned property rights in the property rights market.

Article 3 The information on transfer of enterprises’ state-owned property rights shall be publicly released at the websites of the transaction agencies as well as designated and publicly issued economic or financial newspapers and magazines above provincial level. The information on transfer of state-owned property rights of central SOEs shall be released by related transaction agencies on the jointly-selected national economic or financial newspapers and magazines and their respective websites, and shall also be released on economic or financial newspapers and magazines with wider coverage in the registration place or place where key assets are located of the transfer objects. The transaction agencies can also release the transfer information via a number of supplementary forms such as display screen in the transaction halls, promotional magazines or project promotion fairs, so as to recruit interested transferees in a wider scope.

Article 4 The transferors shall clearly specify time limit for the information release. The time limit for first information release shall be no less than 20 working days, and shall start from the first information release day on the newspapers and magazines above the provincial level.

Article 5 The information on transfer of enterprises’ state-owned property rights released by the transaction agencies on the newspapers and magazines mainly includes the basic information of the transfer objects, and the website address and inquire methods via websites of the transaction agencies shall be clearly indicated. The contents of information on transfer of enterprises’ state-owned property rights released by the transaction agencies on the website shall be those in the Notice on Transfer of Property Rights, and shall include basic information of the transfer objects, transaction conditions, qualifications of transferees, related influences that many have great impacts on transaction of property rights, selection of price competition methods, deposit-related affairs, name of newspapers or magazines firstly published the information and starting and ending time for collection of interested transferees.

Article 6 The information release period shall be calculated by the working days. In case there are statutory holidays, it shall be calculated by the actual working days released by related governmental departments. The date for information release on websites of the transaction agencies shall be no later than the information release date of the newspapers and magazines.

Article 7 Within the information release period, the transferors shall accept the consultation of the interested transferees. The interested transferees can check the materials related to release of property rights transfer information at the transaction agencies via designated brokerages.

Article 8 If no qualified interested transferees are recruited within the notice period and contents of information release notice are not changed, the transferors can extend the information release period in line with the terms and conditions of the Notice on Transfer of Property Rights. Each time, the time limit shall be extended for no less than five working days.

Article 9 The information release notice shall become invalid automatically if no qualified interested transferees are recruited within the notice period and the extension on information release period is not specified in the notice on transfer of property rights.

Article 10      The contents and conditions in the notice on transfer of property rights shall not be changed randomly during the information release period. If contents of the notice need to be changed due to special reasons, the property rights transaction approval institutes shall issue the documents, and the transaction agencies shall issue the notice via original information release channels. The information release period shall be calculated correspondingly.

Article 11      The listing price in the first information release notice on transfer of enterprises’ state-owned property rights shall be no lower than the assets appraisal results of the transfer objects recorded or approved. The transferors shall re-set the new listing price and issue the Notice on Transfer of Property Rights again within the scope of no less than 90% of the appraisal results if no interest transferees are recruited within the notice period. If the newly-set listing price is lower than 90% of the appraisal results, the transferors shall re-obtain the approval of the property rights transfer approval institutes and issue the Notice on Transfer of Property Rights again.

Article 12      If the circumstances that may affect the normal transactions or the parties involved submit the written application on termination of information release and related materials within the information release period, the transaction agencies can make the decision on termination of information release within five working days. 

Article 13      The termination period of the information release notice shall be determined by the transaction agencies based on the practical situations, and shall be no more than 30 days. The transaction agencies shall investigate and verify the application subjects or disputes within the determination period, or ask related departments to investigate and verify the cases, so as to make the decision on recovery or termination of the information release notice. If the recovery of information release is determined, the accumulated information release period on official websites of the transaction agencies shall be no less than 20 working days, and the continued release time limit shall be no less than 10 working days.

Article 14      If the circumstances that may affect the normal transactions appear within the information release period, and it is determined that the circumstances can’t be eliminated after investigation and verification, the transaction agencies can make the decision on whether to terminate the information release or not within five days upon the next day, on which, it receive the written application of the parties involved on termination of information release and related evidences. The transaction agencies may make decision on termination of the information release directly based on practical situations.

Article 15      The pause and termination on information release of transfer of property rights shall be publicly released on websites of the transaction agencies.

Article 16      The Operating Rules will take effects as of the promulgation date.