Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof
首次公开发行股票并上市管理办法
After a one-year suspension of new share sales, the Measures reopen the PRC's stock market with tightened listing requirements. Meanwhile, the Measures removed restrictions on the amount of IPO proceeds and the one-year lock-up prior to the IPO.
(Promulgated by the China Securities Regulatory Commission on May 17 2006 and effective as of May 18 2006.)
(中国证券监督管理委员会于二零零六年五月十七日发布,自二零零六年五月十八日起施行。)
Order of the CSRC No.32
証监会令第32号
PART ONE: GENERAL PROVISIONS
第一章 总则
Article 1: These Measures have been formulated pursuant to the Securities Law and the Company Law in order to regulate initial public offerings of shares and the listing thereof and to protect the lawful rights and interests of investors and the public interest.
第一条 为了规范首次公开发行股票并上市的行为,保护投资者的合法权益和社会公共利益,根据《証券法》、《公司法》,制定本办法。
Article 2: These Measures shall govern initial public offerings of shares and the listing thereof in the People's Republic of China.
第二条 在中华人民共和国境内首次公开发行股票并上市,适用本办法。
These Measures shall not apply to shares of companies in China that are subscribed for and traded in a foreign currency.
境内公司股票以外币认购和交易的,不适用本办法。
Article 3: Initial public offerings of shares and the listing thereof shall comply with the offering conditions of the Securities Law, the Company Law and these Measures.
第三条 首次公开发行股票并上市,应当符合《証券法》、《公司法》和本办法规定的发行条件。
Article 4: The information disclosed by issuers in accordance with the law must be true, accurate, complete and free of false or misleading statements and material omissions.
第四条 发行人依法披露的信息,必须真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
Article 5: Sponsors and sponsors' representatives shall comply with the principles of due diligence, honesty and good faith in duly performing their obligation of prudential checking and guidance, and shall be liable for the truthfulness, accuracy and completeness of the offering sponsorship letters issued by them.
第五条 保荐人及其保荐代表人应当遵循勤勉尽责、诚实守信的原则,认真履行审慎核查和辅导义务,并对其所出具的发行保荐书的真实性、准确性、完整性负责。
Article 6: The securities service institutions and personnel that issue relevant documents for securities offerings shall strictly perform their statutory duties and responsibilities in accordance with the common business and ethical standards of their industries and be liable for the truthfulness, accuracy and completeness of the documents issued by them.
第六条 为証券发行出具有关文件的証券服务机构和人员,应当按照本行业公认的业务标准和道德规范,严格履行法定职责,并对其所出具文件的真实性、准确性和完整性负责。
Article 7: The approval of the initial public offering of an issuer by the China Securities Regulatory Commission (CSRC) does not mean that it makes a substantive judgement or warranty as to the investment value or the returns to investors of such shares. Investors shall themselves bear the investment risks arising from changes in the issuer's operations or earnings after the shares have been issued in accordance with the law.
第七条 中国証券监督管理委员会(以下简称“中国証监会”)对发行人首次公开发行股票的核准,不表明其对该股票的投资价值或者投资者的收益作出实质性判断或者保証。股票依法发行后,因发行人经营与收益的变化引致的投资风险,由投资者自行负责。
PART TWO: OFFERING CONDITIONS
第二章 发行条件
Section One: Qualifications of Entities
第一节 主体资格
Article 8: The issuer shall be a company limited by shares established in accordance with and existing under the law.
第八条 发行人应当是依法设立且合法存续的股份有限公司。
With the approval of the State Council, a limited liability company, when converting into a company limited by shares in accordance with the law, may adopt the method of establishment by way of a share offering and make a public offering of shares.
经国务院批准,有限责任公司在依法变更为股份有限公司时,可以采取募集设立方式公开发行股票。
Article 9: The issuer shall have been continuously in business for at least three years after its establishment as a company limited by shares, unless otherwise approved by the State Council.
第九条 发行人自股份有限公司成立后,持续经营时间应当在3年以上,但经国务院批准的除外。
In the case of a limited liability company that is converted into a company limited by shares, by a conversion into shares at the original book value of its net assets, its period of continuously being in business may be counted from the date on which the limited liability company was established.
有限责任公司按原账面淨资产值折股整体变更为股份有限公司的,持续经营时间可以从有限责任公司成立之日起计算。
Article 10: The issuer's registered capital shall have been paid in in full, the procedures for the transfer of ownership to the assets contributed as capital by the promoters or shareholders shall have been completed and the issuer's main assets shall not be encumbered by a major dispute over ownership.
第十条 发行人的注册资本已足额缴纳,发起人或者股东用作出资的资产的财产权转移手续已办理完毕,发行人的主要资产不存在重大权属纠纷。
Article 11: The issuer's production and operations shall be in compliance with laws, administrative regulations, the company's articles of association and state industrial policy.
第十一条 发行人的生产经营符合法律、行政法规和公司章程的规定,符合国家产业政策。
Article 12: No major change shall have occurred in the issuer's core business or directors or senior management personnel during the most recent three years, and no change shall have occurred in its de facto controller.
第十二条 发行人最近3年内主营业务和董事、高级管理人员没有发生重大变化,实际控制人没有发生变更。
Article 13: The equity interests in the issuer shall be clear and there shall not be any major dispute over ownership of the shares of the issuer held by the controlling shareholder and by the shareholders controlled by the controlling shareholder or de facto controller.
第十三条 发行人的股权清晰,控股股东和受控股股东、实际控制人支配的股东持有的发行人股份不存在重大权属纠纷。
Section Two: Independence
第二节 独立性
Article 14: The issuer shall have an integral business system and an independent capacity to operate in the market.
第十四条 发行人应当具有完整的业务体系和直接面向市场独立经营的能力。
Article 15: Integrity of the issuer's assets. A production enterprise shall have the production system, auxiliary production system and ancillary facilities related to its production and operations, own or lawfully have the right to use the land, factory buildings, machinery, equipment, trademarks, patents and non-patented technologies related to its production and operations and have independent systems for the procurement of raw materials and sale of its products; a non-production enterprise shall have the business system and assets related to its operations.
第十五条 发行人的资产完整。生产型企业应当具备与生产经营有关的生产系统、辅助生产系统和配套设施,合法拥有与生产经营有关的土地、厂房、机器设备以及商标、专利、非专利技朮的所有权或者使用权,具有独立的原料采购和产品销售系统;非生产型企业应当具备与经营有关的业务体系及相关资产。
Article 16: Independence of the issuer's personnel. The issuer's senior management personnel, such as its general manager, deputy general manager(s), chief financial officer and board secretary, may not serve in a capacity other than as a director or supervisor with the controlling shareholder, de facto controller or other enterprises controlled by the controlling shareholder or de facto controller or draw a salary from the controlling shareholder, de facto controller or other enterprises controlled by the controlling shareholder or de facto controller. The issuer's financial personnel may not serve concurrently with the controlling shareholder, de facto controller or other enterprises controlled by the controlling shareholder or de facto controller.
第十六条 发行人的人员独立。发行人的总经理、副总经理、财务负责人和董事会秘书等高级管理人员不得在控股股东、实际控制人及其控制的其他企业中担任除董事、监事以外的其他职务,不得在控股股东、实际控制人及其控制的其他企业领薪;发行人的财务人员不得在控股股东、实际控制人及其控制的其他企业中兼职。
Article 17: Independence of the issuer's financial affairs. The issuer shall have independent finance and accounting systems, be capable of making financial decisions independently, have legally compliant financial and accounting rules and regulations and rules and regulations for the financial management of branches and subsidiaries. The issuer may not use the same bank accounts as its controlling shareholder, de facto controller or other enterprises controlled by the controlling shareholder or de facto controller.
第十七条 发行人的财务独立。发行人应当建立独立的财务核算体系,能够独立作出财务决策,具有规范的财务会计制度和对分公司、子公司的财务管理制度;发行人不得与控股股东、实际控制人及其控制的其他企业共用银行账户。
Article 18: Independence of the issuer's organization. The issuer shall have a sound internal operation and management organization that independently exercises operating and management functions and powers, and there may not be a mixing of its organization with that of the controlling shareholder, de facto controller or other enterprises controlled by the controlling shareholder or de facto controller.
第十八条 发行人的机构独立。发行人应当建立健全内部经营管理机构,独立行使经营管理职权,与控股股东、实际控制人及其控制的其他企业间不得有机构混同的情形。
Article 19: Independence of the issuer's business. The issuer's business shall be independent from that of its controlling shareholder, de facto controller and other enterprises controlled by the controlling shareholder or de facto controller, and there may not be intra-industry competition between the issuer and its controlling shareholder, de facto controller and other enterprises controlled by the controlling shareholder or de facto controller or affiliated transactions between them conducted on a less than arm's length basis.
第十九条 发行人的业务独立。发行人的业务应当独立于控股股东、实际控制人及其控制的其他企业,与控股股东、实际控制人及其控制的其他企业间不得有同业竞争或者显失公平的关联交易。
Article 20: The issuer's independence shall not be impaired by other serious defects.
第二十条 发行人在独立性方面不得有其他严重缺陷。
Section Three: Legally Compliant Operation
第三节 规范运行
Article 21: The issuer shall have established sound shareholders' general meeting, board of directors, supervisory board, independent director and board secretary systems that enable the relevant organizations and persons to perform their duties and responsibilities in accordance with the law.
第二十一条 发行人已经依法建立健全股东大会、董事会、监事会、独立董事、董事会秘书制度,相关机构和人员能够依法履行职责。
Article 22: The issuer's directors, supervisors and senior management personnel shall have an understanding of the laws and regulations relating to the issue and listing of shares and be familiar with the statutory obligations and responsibilities of listed companies and their directors, supervisors and senior management personnel.
第二十二条 发行人的董事、监事和高级管理人员已经了解与股票发行上市有关的法律法规,知悉上市公司及其董事、监事和高级管理人员的法定义务和责任。
Article 23: The issuer's directors, supervisors and senior management personnel shall have the qualifications for their positions as specified in laws, administrative regulations, and rules and may not be characterized by any of the following circumstances:
第二十三条 发行人的董事、监事和高级管理人员符合法律、行政法规和规章规定的任职资格,且不得有下列情形:
(1) having measures prohibiting them from access to stock markets taken by the CSRC and the period of such prohibition has not yet expired;
(一) 被中国証监会采取証券市场禁入措施尚在禁入期的;
(2) having been subjected to administrative penalties by the CSRC during the most recent 36 months or publicly censured by a stock exchange during the most recent 12 months; or
(二) 最近36个月内受到中国証监会行政处罚,或者最近12个月内受到証券交易所公开谴责;
(3) having had a case opened for investigation against them by the judicial authorities for a suspected criminal offence or by the CSRC for a suspected violation of laws or regulations, and no clear conclusion has yet been reached.
(三) 因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国証监会立案调查,尚未有明确结论意见。
Article 24: The issuer's internal control system shall be sound, have been effectively implemented and can reasonably ensure the reliability of the company's financial reports, the lawfulness of its production and business and the efficiency and results of its operations.
第二十四条 发行人的内部控制制度健全且被有效执行,能够合理保証财务报告的可靠性、生产经营的合法性、营运的效率与效果。
Article 25: An issuer may not be characterized by any of the following circumstances:
第二十五条 发行人不得有下列情形:
(1) during the most recent 36 months it publicly offered or publicly offered in a disguised form securities without the approval of the statutory authority; or, although the relevant violation of the law was committed more than 36 months previously, it is presently still continuing;
(一) 最近36个月内未经法定机关核准,擅自公开或者变相公开发行过証券;或者有关违法行为虽然发生在36个月前,但目前仍处于持续状态;
(2) during the most recent 36 months it committed a violation of industry and commerce, tax, land, environmental protection, customs or other laws or administrative regulations for which it was subjected to administrative penalties, and the circumstances were serious;
(二) 最近36个月内违反工商、税收、土地、环保、海关以及其他法律、行政法规,受到行政处罚,且情节严重;
(3) during the most recent 36 months it submitted an offering application to the CSRC but the offering application documents that it submitted contained false or misleading statements or material omissions; or it did not satisfy offering conditions but used fraudulent means to fraudulently obtain approval for its offering; or it used improper means to interfere with the review work of the CSRC and its public offering review committee; or it forged or altered its or its directors', supervisors' or senior management personnel's signatures or seals;
(三) 最近36个月内曾向中国証监会提出发行申请,但报送的发行申请文件有虚假记载、误导性陈述或重大遗漏;或者不符合发行条件以欺骗手段骗取发行核准;或者以不正当手段干扰中国証监会及其发行审核委员会审核工作;或者伪造、变造发行人或其董事、监事、高级管理人员的签字、盖章;
(4) the application documents submitted for the contemplated offering contain false or misleading statements or material omissions;
(四) 本次报送的发行申请文件有虚假记载、误导性陈述或者重大遗漏;
(5) a case has been opened for investigation against it by the judicial authorities for a suspected criminal offence and no clear conclusion has yet been reached; or
(五) 涉嫌犯罪被司法机关立案侦查,尚未有明确结论意见;
(6) it has committed another act that seriously harms the lawful rights and interests of investors or the public interest.
(六) 严重损害投资者合法权益和社会公共利益的其他情形。
Article 26: The issuer's articles of association shall expressly specify the examination and approval authority and the review procedure for the provision of security for third parties, and it has not provided security for its controlling shareholder, de facto controller or other enterprise controlled by the controlling shareholder or de facto controller in violation of provisions.
第二十六条 发行人的公司章程中已明确对外担保的审批权限和审议程序,不存在为控股股东、实际控制人及其控制的其他企业进行违规担保的情形。
Article 27: The issuer shall have a stringent fund management system and may not be characterized by a situation where its funds have been appropriated by its controlling shareholder, de facto controller or other enterprise controlled by the controlling shareholder or de facto controller by way of a loan, undischarged debt, advanced amount or otherwise.
第二十七条 发行人有严格的资金管理制度,不得有资金被控股股东、实际控制人及其控制的其他企业以借款、代偿债务、代垫款项或者其他方式占用的情形。
Section Four: Financial Affairs and Accounting
第四节 财务与会计
Article 28: The quality of the issuer's assets shall be good, its asset-liability structure reasonable, its profitability relatively strong and its cash flow normal.
第二十八条 发行人资产质量良好,资产负债结构合理,盈利能力较强,现金流量正常。
Article 29: The issuer's internal controls shall be effective in all materials aspects, and a certified public accountant shall have issued an unqualified authentication report in respect of its internal controls.
第二十九条 发行人的内部控制在所有重大方面是有效的,并由注册会计师出具了无保留结论的内部控制鉴証报告。
Article 30: The issuer's basic accounting work shall be legally compliant, the preparation of its financial statements shall comply with enterprise accounting standards and related accounting rules and regulations and, in all material aspects, fairly reflect the issuer's financial position, business results and cash flow, and a certified public accountant shall have issued an audit report expressing an unqualified opinion.
第三十条 发行人会计基础工作规范,财务报表的编制符合企业会计准则和相关会计制度的规定,在所有重大方面公允地反映了发行人的财务状况、经营成果和现金流量,并由注册会计师出具了无保留意见的审计报告。
Article 31: The issuer shall prepare its financial statements on the basis of actual transactions or events; when carrying out accounting certification, valuation and reporting, it shall maintain the necessary prudence; and in respect of identical or similar economic matters, it shall adopt consistent accounting policies that it may not change arbitrarily.
第三十一条 发行人编制财务报表应以实际发生的交易或者事项为依据;在进行会计确认、计量和报告时应当保持应有的谨慎;对相同或者相似的经济业务,应选用一致的会计政策,不得随意变更。
Article 32: The issuer shall disclose affiliated relationships completely and appropriately disclose affiliated transactions in accordance with the principle of importance. Pricing in affiliated transactions shall be on an arm's length basis and no attempt shall have been made to manipulate profits through affiliated transactions.
第三十二条 发行人应完整披露关联方关系并按重要性原则恰当披露关联交易。关联交易价格公允,不存在通过关联交易操纵利润的情形。
Article 33: The issuer shall comply with the following conditions:
第三十三条 发行人应当符合下列条件:
(1) its net profit in each of the most recent three financial years shall have been positive and, in the aggregate, exceed Rmb30 million; the basis for calculating net profit shall be the lower of the figures before and after deducting non-recurring gains and losses;
(一) 最近3个会计年度淨利润均为正数且累计超过人民币3000万元,淨利润以扣除非经常性损益前后较低者为计算依据;
(2) its net cash flow generated from business activities during the most recent three financial years shall, in the aggregate, exceed Rmb50 million, or its operating revenue in the most recent three years shall, in the aggregate, exceed Rmb300 million;
(二) 最近3个会计年度经营活动产生的现金流量淨额累计超过人民币5000万元;或者最近3个会计年度营业收入累计超过人民币3亿元;
(3) its total share capital before the offering shall not be less than Rmb30 million;
(三) 发行前股本总额不少于人民币3000万元;
(4) its intangible assets (minus leaseholds, aquaculture rights and mining rights) shall account for less than 20% of its net assets as at the end of the most recent period; and
(四) 最近一期末无形资产(扣除土地使用权、水面养殖权和采矿权等后)占淨资产的比例不高于20%;
(5) it shall have no undistributed deficit as at the end of the most recent period.
(五) 最近一期末不存在未弥补亏损。
Article 34: The issuer shall have paid taxes in accordance with the law and its tax privileges shall comply with relevant laws and regulations. The issuer's business results shall not be heavily reliant on its tax privileges.
第三十四条 发行人依法纳税,各项税收优惠符合相关法律法规的规定。发行人的经营成果对税收优惠不存在严重依赖。
Article 35: The issuer shall not be facing major debt discharge risks nor shall there be any major contingent events that could have an effect on its continued operations, such as guarantees, lawsuits or arbitration proceedings.
第三十五条 发行人不存在重大偿债风险,不存在影响持续经营的担保、诉讼以及仲裁等重大或有事项。
Article 36: The documents submitted by the issuer may not be characterized by any of the following circumstances:
第三十六条 发行人申报文件中不得有下列情形:
(1) deliberately omitted or fabricated transactions, events or other important information;
(一) 故意遗漏或虚构交易、事项或者其他重要信息;
(2) abuse of accounting policies or accounting estimates; or
(二) 滥用会计政策或者会计估计;
(3) manipulation, falsification or alteration of the accounting records or related vouchers on which preparation of the financial statements was based.
(三) 操纵、伪造或篡改编制财务报表所依据的会计记录或者相关凭証。
Article 37: The issuer may not be characterized by any of the following circumstances that would affect its continued profitability:
第三十七条 发行人不得有下列影响持续盈利能力的情形:
(1) its business model, or the mix of its products or services has undergone or will undergo a major change that has or will have a material adverse effect on the issuer's continued profitability;
(一) 发行人的经营模式、产品或服务的品种结构已经或者将发生重大变化,并对发行人的持续盈利能力构成重大不利影响;
(2) its position in its industry or the business environment of its industry has undergone or will undergo a major change that has or will have a material adverse effect on the issuer's continued profitability;
(二) 发行人的行业地位或发行人所处行业的经营环境已经或者将发生重大变化,并对发行人的持续盈利能力构成重大不利影响;
(3) its operating revenue or net profit during the most recent financial year was overly reliant on affiliated parties or on customers characterized by a high degree of uncertainty;
(三) 发行人最近1个会计年度的营业收入或淨利润对关联方或者存在重大不确定性的客户存在重大依赖;
(4) its net profit for the most recent financial year was mainly derived from investment returns off its consolidated financial statements;
(四) 发行人最近1个会计年度的淨利润主要来自合并财务报表范围以外的投资收益;
(5) there is a risk of a material adverse change to the acquisition or use of such major assets or technologies as trademarks, patents, proprietary technologies or franchise rights used by it; or
(五) 发行人在用的商标、专利、专有技朮以及特许经营权等重要资产或技朮的取得或者使用存在重大不利变化的风险;
(6) another circumstance that could have a material adverse effect on its continuing profitability.
(六) 其他可能对发行人持续盈利能力构成重大不利影响的情形。
Section Five: Application of Proceeds
第五节 募集资金运用
Article 38: There shall be a clear use for the proceeds, which, in principle, shall be for the issuer's core business.
第三十八条 募集资金应当有明确的使用方向,原则上应当用于主营业务。
Except in the case of financial enterprises, the project to which the proceeds are to be applied may not be a financial type investment whose purpose is to hold tradable financial assets or saleable financial assets, to lend to another, entrusted financial management, etc. and such proceeds may not be used to directly or indirectly invest in a company whose core business is the buying and selling of negotiable securities.
除金融类企业外,募集资金使用项目不得为持有交易性金融资产和可供出售的金融资产、借予他人、委托理财等财务性投资,不得直接或者间接投资于以买卖有价証券为主要业务的公司。
Article 39: The amount of the proceeds and the project they are to be invested in shall be consistent with the issuer's existing production and business scale, financial position, technical level and management capabilities.
第三十九条 募集资金数额和投资项目应当与发行人现有生产经营规模、财务状况、技朮水平和管理能力等相适应。
Article 40: The project in which the proceeds are to be invested shall comply with state industrial policy, investment management, environmental protection, land administration and other laws, regulations and rules.
第四十条 募集资金投资项目应当符合国家产业政策、投资管理、环境保护、土地管理以及其他法律、法规和规章的规定。
Article 41: The board of directors of the issuer shall duly analyze the feasibility of the project in which the proceeds are to be invested, be certain that the investment project has relatively good market prospects and profitability, effectively guard against investment risks and improve the effectiveness with which the proceeds are used.
第四十一条 发行人董事会应当对募集资金投资项目的可行性进行认真分析,确信投资项目具有较好的市场前景和盈利能力,有效防范投资风险,提高募集资金使用效益。
Article 42: The implementation of the project in which the proceeds are to be invested will not give rise to intra-industry competition or adversely affect the independence of the issuer.
第四十二条 募集资金投资项目实施后,不会产生同业竞争或者对发行人的独立性产生不利影响。
Article 43: The issuer shall establish a dedicated deposit system for the proceeds and such proceeds shall be deposited into the dedicated account decided on by the board of directors.
第四十三条 发行人应当建立募集资金专项存储制度,募集资金应当存放于董事会决定的专项账户。
PART THREE: OFFERING PROCEDURE
第三章 发行程序
Article 44: The board of directors of the issuer shall pass resolutions in accordance with the law on the specific plan for the contemplated share offering, the feasibility of the use of the proceeds from the contemplated offering and other matters that need to be clearly specified, and submit the same to the shareholders' general meeting for approval.
第四十四条 发行人董事会应当依法就本次股票发行的具体方案、本次募集资金使用的可行性及其他必须明确的事项作出决议,并提请股东大会批准。
Article 45: The resolutions on the contemplated share offering passed by the shareholders' general meeting of the issuer shall, at minimum, cover the following matters:
第四十五条 发行人股东大会就本次发行股票作出的决议,至少应当包括下列事项:
(1) the type and quantity of shares to be offered;
(一) 本次发行股票的种类和数量;
(2) the targets of the offering;
(二) 发行对象;
(3) the price range or price determination method;
(三) 价格区间或者定价方式;
(4) the purpose of the proceeds;
(四) 募集资金用途;
(5) the plan for the distribution of the accumulated profits existing prior to the offering;
(五) 发行前滚存利润的分配方案;
(6) the term of validity of the resolutions;
(六) 决议的有效期;
(7) the authorization of the board of directors to handle specific matters relating to the contemplated offering; and
(七) 对董事会办理本次发行具体事宜的授权;
(8) other matters that need to be specified.
(八) 其他必须明确的事项。
Article 46: The issuer shall prepare the application documents in accordance with the relevant provisions of the CSRC, which shall be sponsored and submitted to the CSRC by the sponsor.
第四十六条 发行人应当按照中国証监会的有关规定制作申请文件,由保荐人保荐并向中国証监会申报。
Issuers in certain industries shall submit the relevant opinions of the administrative department.
特定行业的发行人应当提供管理部门的相关意见。
Article 47: The CSRC shall render its decision on whether or not to accept the application within five workings days of receipt of the application documents.
第四十七条 中国証监会收到申请文件后,在5个工作日内作出是否受理的决定。
Article 48: After the CSRC accepts the application documents, they shall be subjected to a preliminary examination by the relevant functional departments and reviewed by the public offering review committee.
第四十八条 中国証监会受理申请文件后,由相关职能部门对发行人的申请文件进行初审,并由发行审核委员会审核。
Article 49: During the preliminary examination process, the CSRC will seek the opinions of the provincial level people's government of the place where the issuer is registered, on whether it consents to the issuer offering shares, and the opinions of the National Development and Reform Commission, on whether the project in which the proceeds are to be invested by the issuer complies with state industrial policy, and investment management provisions.
第四十九条 中国証监会在初审过程中,将征求发行人注册地省级人民政府是否同意发行人发行股票的意见,并就发行人的募集资金投资项目是否符合国家产业政策和投资管理的规定征求国家发展和改革委员会的意见。
Article 50: The CSRC shall render its decision on whether or not to approve the issuer's offering application based on the statutory conditions and issue the relevant document.
第五十条 中国証监会依照法定条件对发行人的发行申请作出予以核准或者不予核准的决定,并出具相关文件。
The issuer shall make the share offering within six months of the date on which the CSRC approved the offering. If the issuer fails to make the offering within such time, the approval document shall become null and void and it may only make the offering after approval anew by the CSRC.
自中国証监会核准发行之日起,发行人应在6个月内发行股票;超过6个月未发行的,核准文件失效,须重新经中国証监会核准后方可发行。
Article 51: If a major event occurs on the part of the issuer between the approval of the offering application and completion of the share offering, the issuer shall delay or suspend the offering, report the same to the CSRC in a timely manner and simultaneously perform its information disclosure obligation. If such event affects the conditions of the offering, the approval procedure shall be carried out anew.
第五十一条 发行申请核准后、股票发行结束前,发行人发生重大事项的,应当暂缓或者暂停发行,并及时报告中国証监会,同时履行信息披露义务。影响发行条件的,应当重新履行核准程序。
Article 52: If the share offering application is not approved, the issuer may submit another share offering application six months after the date of the decision by the CSRC to withhold its approval.
第五十二条 股票发行申请未获核准的,自中国証监会作出不予核准决定之日起6个月后,发行人可再次提出股票发行申请。
PART FOUR: INFORMATION DISCLOSURE
第四章 信息披露
Article 53: The issuer shall prepare and publish the prospectus in accordance with relevant provisions of the CSRC.
第五十三条 发行人应当按照中国証监会的有关规定编制和披露招股说明书。
Article 54: The guidelines on the contents and format of a prospectus are the minimum information disclosure requirements. Regardless of whether the guidelines expressly address the same, all information that would have a material effect on the investment decisions of investors shall be disclosed.
第五十四条 招股说明书内容与格式准则是信息披露的最低要求。不论准则是否有明确规定,凡是对投资者作出投资决策有重大影响的信息,均应当予以披露。
Article 55: The issuer and all of its directors, supervisors and senior management personnel shall sign and seal the prospectus and guarantee that it is true, accurate and complete. The sponsor and sponsor's representatives shall conduct a check of the truthfulness, accuracy and completeness of the prospectus and sign and stamp their comments on the check.
第五十五条 发行人及其全体董事、监事和高级管理人员应当在招股说明书上签字、盖章,保証招股说明书的内容真实、准确、完整。保荐人及其保荐代表人应当对招股说明书的真实性、准确性、完整性进行核查,并在核查意见上签字、盖章。
Article 56: The financial statements cited in the prospectus shall be valid for a period of six months from the end of the most recent period. Under special circumstances, the issuer may apply for an appropriate extension, but such extension shall not exceed one month. The cut-off date of the financial statements shall be year end, half-year end or quarter end.
第五十六条 招股说明书中引用的财务报表在其最近一期截止日后6个月内有效。特别情况下发行人可申请适当延长,但至多不超过1个月。财务报表应当以年度末、半年度末或者季度末为截止日。
Article 57: The prospectus shall be valid for six months counting from the date of its last signature before the CSRC approved the offering application.
第五十七条 招股说明书的有效期为6个月,自中国証监会核准发行申请前招股说明书最后一次签署之日起计算。
Article 58: The issuer shall publish its prospectus (submission version) in advance on the CSRC's website (www.csrc.gov.cn) during the period between the acceptance of its application documents and the review by the public offering review committee. The issuer may post its prospectus (submission version) on its corporate website, provided that the disclosed information is completely identical and that such posting is not done earlier than the publication on the CSRC's website.
第五十八条 申请文件受理后、发行审核委员会审核前,发行人应当将招股说明书(申报稿)在中国証监会网站(www.csrc.gov.cn)预先披露。发行人可以将招股说明书(申报稿)刊登于其企业网站,但披露内容应当完全一致,且不得早于在中国証监会网站的披露时间。
Article 59: The issuer and all of its directors, supervisors and senior management personnel shall guarantee that the prospectus (submission version) published in advance is true, accurate and complete.
第五十九条 发行人及其全体董事、监事和高级管理人员应当保証预先披露的招股说明书(申报稿)的内容真实、准确、完整。
Article 60: The prospectus (submission version) published in advance is not an official document for the issuer's share offering, may not contain pricing information and the issuer may not make its share offering on the basis thereof.
第六十条 预先披露的招股说明书(申报稿)不是发行人发行股票的正式文件,不能含有价格信息,发行人不得据此发行股票。
The issuer shall state in a prominent location in its prospectus (submission version) published in advance, "The company's offering application has yet to be approved by the China Securities Regulatory Commission. This prospectus (submission version) does not have the legal validity on which a share offering may be based, and is provided solely for the purpose of advance disclosure. Investors should base their investment decisions on the full text of the officially published prospectus."
发行人应当在预先披露的招股说明书(申报稿)的显要位置声明:“本公司的发行申请尚未得到中国証监会核准。本招股说明书(申报稿)不具有据以发行股票的法律效力,仅供预先披露之用。投资者应当以正式公告的招股说明书全文作为作出投资决定的依据。”
Article 61: Prior to the offering, the issuer shall publish an abstract of the prospectus approved by the CSRC in at least one newspaper designated by the CSRC, publish the entire prospectus on the website designated by the CSRC and make it available for review by the public at the issuer's domicile, the stock exchange where the listing is to be made and the domiciles of the sponsor, lead underwriter and other underwriters.
第六十一条 发行人应当在发行前将招股说明书摘要刊登于至少一种中国証监会指定的报刊,同时将招股说明书全文刊登于中国証监会指定的网站,并将招股说明书全文置备于发行人住所、拟上市証券交易所、保荐人、主承销商和其他承销机构的住所,以备公众查阅。
Article 62: The offering sponsorship letter issued by the sponsor and the relevant documents issued by the securities service institutions, as reference documents for the prospectus, shall be disclosed on the website(s) designated by the CSRC and made available for review by the public at the issuer's domicile, the stock exchange where the listing is to be made and the domiciles of the sponsor, lead underwriter and other underwriters.
第六十二条 保荐人出具的发行保荐书、証券服务机构出具的有关文件应当作为招股说明书的备查文件,在中国証监会指定的网站上披露,并置备于发行人住所、拟上市証券交易所、保荐人、主承销商和其他承销机构的住所,以备公众查阅。
Article 63: The issuer may publish an abstract of its prospectus, the entire prospectus and the relevant reference documents in other newspapers or on other websites, provided that the disclosed information is completely identical and such publication is not done earlier than the publication in the newspapers or websites designated by the CSRC.
第六十三条 发行人可以将招股说明书摘要、招股说明书全文、有关备查文件刊登于其他报刊和网站,但披露内容应当完全一致,且不得早于在中国証监会指定报刊和网站的披露时间。
PART FIVE: REGULATION AND PENALTIES
第五章 监管和处罚
Article 64: If the offering application documents submitted to the CSRC by an issuer contain false or misleading statements or material omissions, the issuer does not satisfy the offering conditions but uses fraudulent means to fraudulently obtain approval for its offering, the issuer uses improper means to interfere with the review work of the CSRC and its public offering review committee, or the issuer's or its directors', supervisors' and/or its senior management personnel's signatures or seals are forged or altered, the CSRC shall, in addition to imposing penalties in accordance with the relevant provisions of the Securities Law, take the regulatory measures of terminating the review and not accepting the issuer's share offering applications for a period of 36 months.
第六十四条 发行人向中国証监会报送的发行申请文件有虚假记载、误导性陈述或者重大遗漏的,发行人不符合发行条件以欺骗手段骗取发行核准的,发行人以不正当手段干扰中国証监会及其发行审核委员会审核工作的,发行人或其董事、监事、高级管理人员的签字、盖章系伪造或者变造的,除依照《証券法》的有关规定处罚外,中国証监会将采取终止审核并在36个月内不受理发行人的股票发行申请的监管措施。
Article 65: If a sponsor issues an offering sponsorship letter containing false or misleading statements or material omissions, uses improper means to interfere with the review work of the CSRC and its public offering review committee, the sponsor's or its relevant signatory's signature or seal is forged or altered or the sponsor fails to perform other statutory duties and responsibilities, the matter shall be handled in accordance with the relevant provisions of the Securities Law and sponsorship rules and regulations.
第六十五条 保荐人出具有虚假记载、误导性陈述或者重大遗漏的发行保荐书,保荐人以不正当手段干扰中国証监会及其发行审核委员会审核工作的,保荐人或其相关签字人员的签字、盖章系伪造或变造的,或者不履行其他法定职责的,依照《証券法》和保荐制度的有关规定处理。
Article 66: If a securities service institution fails to act with due diligence, resulting in the documents prepared and issued by it containing false or misleading statements or material omissions, the CSRC shall, in addition to imposing penalties in accordance with the Securities Law and relevant laws, administrative regulations, and rules, take the regulatory measures of not accepting the specialist documents for securities offerings issued by it for a period of 12 months and not accepting the specialist documents for securities offerings issued by the relevant signatory for a period of 36 months.
第六十六条 証券服务机构未勤勉尽责,所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的,除依照《証券法》及其他相关法律、行政法规和规章的规定处罚外,中国証监会将采取12个月内不接受相关机构出具的証券发行专项文件,36个月内不接受相关签字人员出具的証券发行专项文件的监管措施。
Article 67: If an issuer, sponsor or securities service institution prepares or issues documents that fail to comply with requirements, modifies without authorization a document that has been submitted or refuses to respond to relevant questions posed by the CSRC in the course of its review, the CSRC shall, depending on the circumstances, take such regulatory measures against the relevant institution and the responsible persons as giving them a regulatory lecture, ordering them to rectify the matter, etc., record the same in the good faith file and publish the same. If the circumstances are particularly serious, it shall issue a warning.
第六十七条 发行人、保荐人或証券服务机构制作或者出具的文件不符合要求,擅自改动已提交的文件,或者拒绝答复中国証监会审核中提出的相关问题的,中国証监会将视情节轻重,对相关机构和责任人员采取监管谈话、责令改正等监管措施,记入诚信档案并公布;情节特别严重的,给予警告。
Article 68: If an issuer discloses an earnings forecast and the actual profit figure fails to reach 80% of the earnings forecast, its legal representative and the certified public accountant who signed the earnings forecast audit report shall explain the same and apologize to the shareholders' general meeting and in newspapers designated by the CSRC, unless such failure was due to force majeure. The CSRC may give the legal representative a warning.
第六十八条 发行人披露盈利预测的,利润实现数如未达到盈利预测的80%,除因不可抗力外,其法定代表人、盈利预测审核报告签字注册会计师应当在股东大会及中国証监会指定报刊上公开作出解释并道歉;中国証监会可以对法定代表人处以警告。
If the actual profit figure fails to reach 50% of the earnings forecast, the CSRC will not accept further applications for the public offering of securities by such company for a period of 36 months, unless such failure was due to force majeure.
利润实现数未达到盈利预测的50%的,除因不可抗力外,中国証监会在36个月内不受理该公司的公开发行証券申请。
PART SIX: SUPPLEMENTARY PROVISIONS
附 则
Article 69: The measures for the administration of initial public offerings of shares in the People's Republic of China without the subsequent listing of such shares will be formulated separately by the CSRC.
第六十九条 在中华人民共和国境内,首次公开发行股票且不上市的管理办法,由中国証监会另行规定。
Article 70: These Measures shall be effective as of May 18 2006. The Circular on Several Provisions Concerning Share Offerings (Zhen Jian [1996] No.12), the Circular on Duly Carrying Out the Work Associated With Share Offerings in 1997 (Zheng Jian [1997] No.13), the Supplementary Circular on Several Issues Concerning Share Offerings (Zheng Jian [1998] No.8), the Circular on Investigations of the Restructuring of Enterprises That Intend to Offer and List Shares (Zheng Jian Fa Zi [1998] No.259), the Circular on Investigations of the Restructuring and Operation of Companies That Intend to Offer Shares to the Public (Zheng Jian Fa [1999] No.4), the Circular on Such Issues as the Engagement of Audit Firms, Etc. by Companies That Intend to Offer Shares (Zheng Jian Fa Xing Zi [2000] No.131) and the Circular on Further Regulating the Work Associated With the Initial Offering and Listing of Shares (Zheng Jian Fa Xing Zi [2003] No.116) shall be repealed simultaneously.
clp reference:3710/06.05.17prc reference:証监会令第32号promulgated:2006-05-17effective:2006-05-18第七十条 本办法自2006年5月18日起施行。《关于股票发行工作若干规定的通知》(証监[1996]12号)、《关于做好1997年股票发行工作的通知》(証监[1997]13号)、《关于股票发行工作若干问题的补充通知》(証监[1998]8号)、《关于对拟发行上市企业改制情况进行调查的通知》(証监发字[1998]259号)、《关于对拟公开发行股票公司改制运行情况进行调查的通知》(証监发[1999]4号)、《关于拟发行股票公司聘请审计机构等问题的通知》(証监发行字[2000]131号)和《关于进一步规范股票首次发行上市有关工作的通知》(証监发行字[2003]116号)同时废止。
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now