据知情人士透露，中国正在收紧对上市公司分拆子公司单独上市的监管审查，这可能会给一个重要的新增交易来源踩下刹车。
China is tightening scrutiny of publicly traded companies spinning off units for separate listings, according to people familiar with the matter, potentially putting the brakes on an important source of new deals.
知情人士称，证券监管机构已表示，正寻求阻止企业将其最赚钱的部分分拆单独上市，因为这可能被视为对母公司股东不公平。监管机构还希望确保任何被分拆的单位所处领域与母公司不同，以减少业务重叠和关联交易。
The securities regulator has indicated it’s seeking to discourage firms from spinning off their most profitable parts for separate listings, which can be seen as unfair to the parent company’s shareholders, the people said. It also wants to ensure that any spun-off units operate in a different area than the parent, to reduce business overlap and related-party transactions, according to the people.
知情人士称，监管机构已开始更仔细地审查内地和香港股市的分拆上市申请。他们可能最早于明年出台更正式的指导方针。因信息属私密，知情人士要求不具名。
Regulators have started scrutinizing applications for spinoffs in the mainland Chinese and Hong Kong stock markets more carefully, the people said. They could introduce more formal guidelines as early as next year, the people said, asking not to be identified because the information is private.
一些公司已调整计划，包括歌尔股份，该公司本月搁置了其微电子事业部在香港分拆上市的计划。烟台东诚药业也放弃了其子公司在香港上市的计划，而浙江双环传动则在9月叫停了其机器人事业部在A股市场上市的计划。
Some companies have already shifted plans, including GoerTek Inc., which this month shelved a spinoff and listing of its microelectronics unit in Hong Kong. Yantai Dongcheng Pharmaceutical Co. also dropped a plan to take a subsidiary public in Hong Kong, while Zhejiang Shuanghuan Driveline Co. halted a plan to debut its robotics division on China’s A-share market in September.
此次收紧监管正值投资者担忧加剧和市场波动之际，特别是在人工智能等中国发挥关键作用的领域。包括韩国在内的其他一些国家也在收紧对分拆上市的审查，SK海力士本周在监管机构反对后，取消了其Solidigm（固态存储）部门潜在100亿美元赴美上市的计划。
The tightening comes amid rising investor concerns and market volatility, particularly in sectors related to artificial intelligence, in which China plays a critical role. Some other countries including South Korea have also been tightening scrutiny on spinoffs, with SK Hynix Inc. this week scrapping plans for a potential $10 billion US listing of its Solidigm unit after regulatory opposition.
知情人士称，讨论仍在进行中，中国监管机构计划的细节可能会发生变化。中国证监会未回应置评请求。
Deliberations are ongoing and details of the Chinese regulator’s plans could change, the people said. The China Securities Regulatory Commission didn’t respond to a request for comment.
还有几笔交易目前仍在推进中。其中包括浙江医药股份有限公司的生物技术子公司诺诚健华生物制药有限公司，以及山东黄金集团股份有限公司的海外子公司山金国际黄金股份有限公司。这两家公司目前仍在等待批准。百度公司的芯片业务单元昆仑芯也在筹划于上海和香港进行首次公开募股（IPO）。
Several other deals are still in the pipeline for now. They include Zhejiang Medicine Co.’s biotech unit NovoCodex Biopharmaceuticals Co. and Shandong Gold Mining Co.’s overseas subsidiary Shanjin International Gold Co. Both are still awaiting approval. Baidu Inc.’s chip unit Kunlunxin has also been planning an IPO in Shanghai as well as Hong Kong.
7月，国有企业华润电力控股有限公司完成了其子公司华润新能源控股有限公司在深圳的分拆上市，这是今年规模最大的A股首发上市案例之一。紧随其后，海信集团将其光模块业务单元源杰科技有限公司在香港交易所分拆上市。
In July, state-owned China Resources Power Holdings Co. completed the separate listing of subsidiary China Resources New Energy Holdings Co. in Shenzhen in one of the year’s largest A-share debuts. Shortly after, Hisense Group spun off its optical module unit, Ligent Technologies Inc., on the Hong Kong exchange.
2022年出台的分拆上市规则要求，母公司需已上市且连续三年盈利，同时对子公司对母公司整体净利润和资产的贡献比例设定了上限。中国证监会几年后又发布了进一步指导意见，旨在加强监管，遏制企业利用不可持续的市场炒作热潮快速套现。
Rules set in 2022 for spinoffs require the parent company to have been listed and profitable for at least three years, as well as capping the subsidiary’s contribution to its parent’s overall net profit and assets. The CSRC issued further guidelines a couple years later aimed at strengthening oversight and dissuading companies from tapping into unsustainable market hype for a quick cash fix.