分拆上市是企业进行优化资源配置的一种重要方式。我国资本市场上分拆上市起步较晚，监管相对严格加之态度不够明确共同导致分拆上市在我国发展较为缓慢。2019年12月中国证监会发布《上市公司分拆所属子公司境内上市试点若干规定》，明确分拆子公司境内上市的具体规则，境内资本市场制度取得进一步完善。同时和境外资本市场比较而言，我国境内资本市场具有更高的估值，越来越多境外上市的中国企业希望得到国内投资者认可，港股公司分拆至A股上市的情况也更加频繁地发生。联交所分拆上市相关规定及我国A股上市审核过程中重点事项都涉及对于关联交易相关问题影响的判断。虽然正常的关联交易可以通过与关联方的业务往来减少信息不对称、降低各种费用和成本、提升效率，但同时也存在着利用关联交易的可操纵性，损害中小投资者以及债权人的利益情况。针对占比较高的关联交易的必要性及公允性的判断对拟分拆上市企业能否成功上市有着重要影响。本文从券商质量控制部门的视角出发，对于在港股上市的AB公司拟分拆其控股子公司XY公司至A股上市的案例进行了具体的分析。在较为早期的项目立项阶段，结合有限的企业尽职调查资料对于该分拆上市案例在上市申请中即将暴露出的关联交易问题进行梳理，运用舞弊三角理论对相关关联交易问题的风险进行判断。以项目质量控制和风险把控为目的，对拟分拆上市公司由于关联交易可能存在利益输送的风险提出具体改进的意见，为拟进行分拆上市的公司和券商在分拆上市相关规范辅导工作及尽职调查工作方面提供相关借鉴，进一步提高企业分拆上市成功率。
Spin-off listing is an important way for companies to optimize resource allocation. China‘s capital market started relatively late in these area. Strict regulation and lack of clear attitudes have resulted in slow development of spin-off listing. China Securities Regulatory Commission issued the "Several provisions on pilot domestic listing of subsidiaries under the spin off of listed companies" on December, 2019, officially clarifying the specific rules for domestic listing of spin-off listing, which further improving the domestic capital market system. Compared to overseas capital markets, the domestic capital market has a higher valuation.Growing number of Chinese companies listed overseas hope to be recognized by domestic investors and lots of Hong Kong-listed companies are spin-off listing on the A-share market.The regulations related to spin-off listing on the Hong Kong Stock Exchange and the key issues in IPO process on the A-share market all involve judging the impact of related party transactions.Although normal related party transactions can reduce information asymmetry, lower costs and improve efficiency through business dealings with related parties, potential manipulation for related party transactions resulting in damage to the interests of small and medium-sized investors and creditors can be overlooked. The necessity and fairness of judging the proportion of related party transaction have an important impact on whether the Pre-IPO company can spin-off listing successfully.From the perspective of the quality control department of securities firm, this article introduces the case of AB company, a Hong Kong-listed company planning to spin off XY company and list it on the A-share market, uses the fraud triangle theory to analyze the related party transaction issues at early stage. Specific improvement suggestions are proposed from the perspectives of quality and risk control. Providing references for companies and securities firms in their relevant listing counseling work and further increasing the success rate of companies‘ spin-off listing.
