Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has explicitly prohibited the inclusion of share repurchase rights in capital increase agreements, aiming to enhance the integrity and transparency of state-owned asset transactions [1][2][3]. Group 1: Legislative Purposes of Prohibiting Repurchase Clauses - Preventing disguised debt arrangements and returning to the essence of equity investment, as repurchase clauses can decouple investment returns from the operational performance of the target enterprise, undermining the principle of shared risks and benefits [1]. - Curbing risks of interest transfer and price manipulation, as the pricing mechanism for share repurchase often implies a transfer of benefits to investors, with repurchase prices typically set above the company's financing costs [2]. - Ensuring procedural justice in public transactions, as pre-agreed repurchase clauses may indicate collusion between parties, undermining the integrity of open market transactions [3]. - Maintaining the strategic layout of state-owned capital, as repurchase clauses could encourage short-sighted behavior from investors, disrupting the long-term strategic objectives of state-owned enterprises [4]. - Strengthening penetrating supervision of state-owned assets, as repurchase clauses may exist in hidden forms, complicating regulatory oversight and potentially leading to asset loss and debt risks [5]. Group 2: Reasons for Prohibiting "Repurchase Rights" - Pre-agreed repurchase rights could serve as a "legal" basis for future violations, potentially leading to the loss of value for state-owned shareholders if they are forced to repurchase shares at a lower valuation [6]. - The rationale for allowing state-owned shareholders to retain repurchase rights is to maintain control, but distinguishing between legitimate control and improper benefit arrangements is challenging, leading to increased regulatory costs [6]. - The new regulations reflect a shift in state-owned asset supervision from "post-event remedy" to "pre-event prevention," indicating a commitment to maintaining transaction authenticity throughout the asset transaction process [6].

国务院 国 有 资 产监督管 理 委 员会（简称 国资委 ） 是国务院 的 直属特设机构 。 国资委位于北京西城区宣武门西大街，离地铁2号线长椿街不远。 根据国资委官网，截至目前其共有 22个内设机构 ，分别是： 办公厅（党委办公厅）、 综合研究局、 政策法规局、 规划发展局、 财务监管与运行评价局、 产权管理局、 企业改革局、 考核分配局、 企业领导人员管理二局、 党建工作局（党委组织部、党委统战部）、 宣传工作局（党委宣传部）、 社会责任局、 国际合作局、 人事局、 资本运营与收益管理局、 科技创新局、 综合监督局、 监督追责局、 企业领导人员管理一局（董事会工作局）、 END 免责声明： 机关服务管理局（离退休干部管理局）、 机关党委、 党委巡视工作办公室、国资委巡视组 。 此外，国资委还有 6个直属机构 ，分别是： 干教中心 、 研究中心 、 信息中心 、 国企绩效评价中心 、 新闻中心 和 中国大连高级经理学院。 本文纯属个人观点，仅供学习交流。 相关文章 • 31个省份现任主要领导简介 • 国务院各部委现任领导简介 • 一文了解国务院机构设置 • 一文了解国家财政部机构设置 • 一文了解国家发展和 ...