What is the process for a corporate equity acquisition?

I. Preliminary negotiation between the buyer and seller to establish the intention of equity transfer, and execution of a confidentiality agreement (NDA + Confidentiality Agreement); This step may involve signing a preliminary equity transfer letter of intent; however, the final transfer price shall be determined based on the results of due diligence. II. Conducting due diligence on the target company; (A) Basic information about the target company (Know the target company) 1. Introduction to the target company, including its historical development and current status. 2. Business license, tax registration certificate, capital verification report, articles of association, and all government approvals pertaining to the target company and its subsidiaries. 3. Overview of the target company’s core business operations and its future development objectives. (B) Corporate governance structure and human resources management (CG and HR management) 1. Organizational chart of the target company. 2. Composition and procedural rules of the target company’s shareholders’ meeting, board of directors, and board of supervisors, as well as minutes and resolutions from past shareholders’ meetings and board meetings. 3. Personnel composition of the target company, along with biographical information on its directors, supervisors, and senior management. 4. Status of labor contracts signed between the target company and its employees, as well as details regarding wages and employee benefits. 5. Internal management regulations and systems of the target company. (C) Assets (rights), liabilities (assets and liabilities list) 1. Inventory of the target company’s assets and supporting title documentation. 2. List of significant receivables and payables of the target company. 3. Details of any guarantees provided by the target company using its own assets. 4. Relevant legal documents—including contracts—pertaining to the above rights and liabilities. (D) Tax compliance (tax investigations) 1. Current applicable taxes and tax rates for the target company, as well as any tax incentives or preferential policies it enjoys.

What are the requirements for a state-owned entity conducting a tender offer to acquire shares of a listed company?

2. Summary of the Tender Offer Report (Revised Edition) (if applicable); 3. Legal opinion issued by the acquirer’s specially retained counsel regarding the Tender Offer Report. The acquirer shall submit the Tender Offer Report and the following documents to the Shenzhen Stock Exchange’s Company Management Department three to five trading days prior to announcing the Tender Offer Report: 1. Performance guarantee documents issued by China Securities Depository and Clearing Corporation Shenzhen Branch; 2. Approval documents issued by competent authorities for the proposed tender offer (if applicable); 3. Insider information personnel files submitted by the acquirer in accordance with the Shenzhen Stock Exchange’s Guidelines for Standardized Operations of Main Board Listed Companies, SME Board Listed Companies, and GEM Listed Companies; 4. Identity documents of the acquirer, if an individual; if a legal person or other organization, then its business license and tax registration certificate (for entities registered in China), or registration documents (for entities registered outside China); 5. List and identity documents of the acquirer’s directors, supervisors, and senior management, as well as their immediate family members; 6. Resolutions adopted by the acquirer concerning the tender offer; 7. Documentation regarding the source of funds and related agreements—such as loan agreements, asset swap agreements, or other transaction agreements—if the tender offer consideration is paid in cash; 8. One of the following documents: (1) a bank deposit certificate evidencing that the performance bond has been deposited and frozen in a designated commercial bank, or proof that the full securities to be used for payment have been entrusted to the securities depository and clearing institution for safekeeping; (2) a bank guarantee covering the total consideration required for the tender offer; or (3) a written commitment from the financial advisor assuming joint and several liability; 9. Agreements and contracts relating to transactions conducted between the acquirer and the listed company (or its affiliates) within the 24 months preceding the date of the report; Agreements or contracts already signed but not yet performed between the acquirer and the listed company (or its affiliates), or other cooperative intentions currently under negotiation; 10. A list of the acquirer and its affiliates, their senior management (or principal officers), and the immediate family members of such persons, together with disclosures and supporting evidence regarding their holdings of, or trading in, the shares of the target company or the acquirer (if the acquirer is a listed company), covering the six-month period preceding the announcement date of the summary of the Tender Offer Report; 11. Disclosures and supporting evidence regarding holdings of, or trading in, the shares of the target company or the acquirer (if the acquirer is a listed company) by professionals and staff of the acquirer’s retained professional institutions, covering the six-month period preceding the announcement date of the summary of the Tender Offer Report; 12. Any contracts, agreements, or other arrangements related to the current tender offer; 13. A statement confirming that the acquirer does not fall under the circumstances stipulated in Article 6 of the Measures for the Administration of Acquisitions of Listed Companies (“Acquisition Measures”), and that it satisfies the conditions set forth in Article 50 of the Acquisition Measures; 14. Financial information of the acquirer disclosed pursuant to Article 39 of these Guidelines, including—but not limited to—the acquirer’s financial reports for the past three years and its audited financial report for the most recent fiscal year; the most recent audited financial report must include the auditor’s opinion, financial statements, and notes; 15. Financial advisor report;

PPG Industries Executive Files Form 4 for Stock Acquisition

1 day ago

Alisha Bellezza, Senior Vice President of Industrial Coatings at PPG Industries Inc., filed a Form 4 disclosing the acquisition of 16.6143 phantom stock units on October 15, 2026.

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PPG Industries CFO Jamie A. Beggs Increases Holdings to 55.1406 Units via Grant

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PPG Industries Executive Files Form 4 for Stock Acquisition

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PPG Industries Senior VP & CFO Files Form 4 Stock Transaction Report

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PPG Industries Senior VP & CFO Jamie A. Beggs Files Form 4 on October 15

PPG Industries Executive Files Form 4 for Stock Acquisition

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