Article 6 Takeover of the listed companies may be conducted through payment by cash, by lawfully transferable securities, or by other means prescribed by laws, or rules and regulations.

第六条上市公司收购可以采用现金、依法可以转让的证券以及法律、行政法规规定的其他支付方式进行。

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The vehicle of choice for such efforts is the Undertaking for Collective Investment in Transferable Securities (UCITS).

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Although some CVRs are registered tradable securities, the majority are non-transferable because the issuing company does not want to incur the additional cost, disclosure obligations, and legal responsibilities associated with registering them with the SEC.

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