China Securities Regulatory Commission, Guidance on Initial Public Offering of Shares Measures

Promulgated: 16 October 2001
Effective: as of date of promulgation
Interpreting authority: China Securities Regulatory Commission

Main contents: The Procedures provide that a company that intends to make an initial public offering shall employ a guiding institution to guide the company on how to operate as a listed company (Article 2). The guiding period shall be at least one year (Article 4). The guiding institution shall be a securities institution with lead distributor qualifications or an institution recognized by the relevant authority (Article 6). The guiding institution and the company shall enter into a guidance agreement to specify the scope, objectives, principles and contents of the guidance (Article 16). The Procedures also contain detailed provisions regarding the contents of guidance and implementation plans (Part Four), guidance procedures (Part Five) and supervision of guidance (Part Six). If, after completion of the guidance period, there is a change in the company's controlling shareholder, main business or senior management, the company shall undergo the guidance again (Article 60). The Procedures have a number of attachments, including "Required Contents of Guidance Filing Reports", "Required Contents of Guidance Summary Reports" and "Required Contents of Guidance Supervision Reports".
Repealed legislation: China Securities Regulatory Commission, Guiding on Share Issue and Listing Tentative Procedures, 16/3/2000 and Company Announcement of Matters Relating to Proposed Public Issue and Listing of Shares Circular, 2000