Measures for the Administration of the Offering and Underwriting of Securities

证券发行与承销管理办法

The price of an IPO shall be ascertained by an approved inquiry recipient. The procedures and limitations regarding the sale and underwriting of securities are stipulated.

Clp Reference: 3700/06.09.17 Promulgated: 2006-09-17 Effective: 2006-09-19

(Promulgated by the China Securities Regulatory Commission on September 17 2006 and effective as of September 19 2006.)

(中国证券监督管理委员会于二零零六年九月十七日公布,自二零零六年九月十九日起施行。)

Order of the CSRC No.37

証监会令 第37号

PART ONE: GENERAL PROVISIONS

第一章 总则

Article 1: These Measures have been formulated pursuant to the PRC Securities Law and the PRC Company Law in order to regulate the offering and underwriting of securities and protect the lawful rights and interests of investors.

第一条 为了规范証券发行与承销行为,保护投资者的合法权益,根据《中华人民共和国証券法》、《中华人民共和国公司法》,制定本办法。

Article 2: These Measures shall govern the onshore offering of shares and convertible bonds (Securities) by issuers, the onshore underwriting of Securities by securities companies and the subscription by investors for Securities offered onshore.

第二条 发行人在境内发行股票或者可转换公司债券(以下统称証券)、証券公司在境内承销証券,以及投资者认购境内发行的証券,适用本办法。

When issuers, securities companies and investors participate in Securities offerings, they shall additionally comply with other provisions of the China Securities Regulatory Commission (CSRC) on the offering of Securities and the operational rules of the stock exchange and the securities depository and clearing institution. When underwriting Securities, securities companies shall additionally comply with the relevant provisions on the sponsorship system, risk control system and internal control system of the CSRC.

发行人、証券公司和投资者参与証券发行,还应当遵守中国証券监督管理委员会(以下简称中国証监会)有关証券发行的其他规定,以及証券交易所和証券登记结算机构的业务规则。証券公司承销証券,还应当遵守中国証监会有关保荐制度、风险控制制度和内部控制制度的相关规定。

Article 3: Securities service institutions and their personnel that issue documents in connection with Securities offerings shall strictly perform their statutory duties in accordance with the commonly recognized business and ethical standards of their industry and be liable for the truthfulness, accuracy and completeness of the documents they issue.

第三条 为証券发行出具相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,对其所出具文件的真实性、准确性和完整性承担责任。

Article 4: The CSRC regulates the offering and underwriting of Securities in accordance with the law.

第四条 中国証监会依法对証券发行和承销行为进行监督管理。

PART TWO: INQUIRY AND PRICING

第二章 询价与定价

Article 5: Share offer prices in initial public offerings of shares (IPOs) shall be determined through inquiries made to specific institutional investors (Inquiry Recipients).

第五条 首次公开发行股票,应当通过向特定机构投资者(以下称询价对象)询价的方式确定股票发行价格。

The term "Inquiry Recipients" means securities investment fund management companies, securities companies, trust and investment corporations, finance companies, insurance institutional investors and qualified foreign institutional investors that satisfy the conditions hereof as well as other institutional investors recognized by the CSRC.

询价对象是指符合本办法规定条件的証券投资基金管理公司、証券公司、信托投资公司、财务公司、保险机构投资者、合格境外机构投资者,以及经中国証监会认可的其他机构投资者。

Article 6: Inquiry Recipients and the securities investment products that they manage (Share Placement Targets) shall be registered with, and be subject to the self-regulation of, the Securities Association of China.

第六条 询价对象及其管理的証券投资产品(以下称股票配售对象)应当在中国証券业协会登记备案,接受中国証券业协会的自律管理。

Article 7: An Inquiry Recipient shall satisfy the following conditions:

第七条 询价对象应当符合下列条件:

(1) being established in accordance with the law and not having been subjected to administrative penalties, regulatory measures or criminal punishment during the most recent 12 months for a major violation of laws or regulations;

(一)    依法设立,最近12个月未因重大违法违规行为被相关监管部门给予行政处罚、采取监管措施或者受到刑事处罚;

(2) being eligible to invest in shares according to law;

(二)    依法可以进行股票投资;

(3) having a good credit record, and having the organization and personnel required to independently engage in Securities investment;

(三)    信用记录良好,具有独立从事証券投资所必需的机构和人员;

(4) having a sound internal risk assessment and control system that functions effectively, and risk control indices complying with relevant provisions; and

(四)    具有健全的内部风险评估和控制系统并能够有效执行,风险控制指标符合有关规定;

(5) if it has been removed from the list of Inquiry Recipients by the Securities Association of China in accordance herewith, 12 months having elapsed since the date of such removal.

(五)    按照本办法的规定被中国証券业协会从询价对象名单中去除的,自去除之日起已满12个月。

Article 8: The following institutional investors serving as Inquiry Recipients shall, in addition to satisfying the conditions specified in Article 7, satisfy the conditions set forth below:

第八条 下列机构投资者作为询价对象除应当符合第七条规定的条件外,还应当符合下列条件:

(1) securities companies that have been approved to deal in Securities business for their own account or the securities asset management business;

(一)    証券公司经批准可以经营証券自营或者証券资产管理业务;

(2) trust and investment corporations for whom at least two years have elapsed since their re-registration by the relevant regulatory departments, that have registered capital of not less than Rmb400 million and have had an active securities market investment record during the most recent 12 months; and

(二)    信托投资公司经相关监管部门重新登记已满两年,注册资本不低于4亿元,最近12个月有活跃的証券市场投资记录;

(3) finance companies that have been established for at least two years, have registered capital of not less than Rmb300 million and have had an active securities market investment record during the most recent 12 months.

(三)    财务公司成立两年以上,注册资本不低于3亿元,最近12个月有活跃的証券市场投资记录。

Article 9: The lead underwriter shall provide an investment value research report to the Inquiry Recipients during the inquiry period. None of the issuer, lead underwriter or Inquiry Recipients may publicly disclose the contents of the investment value research report in any manner.

第九条 主承销商应当在询价时向询价对象提供投资价值研究报告。发行人、主承销商和询价对象不得以任何形式公开披露投资价值研究报告的内容。

Article 10: The investment value research report shall be independently prepared and signed by the underwriters' research personnel, and the underwriters may not provide an investment value research report prepared by an institution outside the underwriting syndicate. An underwriter that issues investment value research reports shall establish a sound quality control system for investment value research reports, and the personnel who prepare the investment value research reports shall comply with the securities company's internal control systems.

第十条 投资价值研究报告应当由承销商的研究人员独立撰写并署名,承销商不得提供承销团以外的机构撰写的投资价值研究报告。出具投资价值研究报告的承销商应当建立完善的投资价值研究报告质量控制制度,撰写投资价值研究报告的人员应当遵守証券公司内部控制制度。

Article 11: The following requirements shall be complied with in the preparation of investment value research reports:

第十一条 撰写投资价值研究报告应当遵守下列要求:

(1) independence, prudence and objectivity;

(一)    独立、审慎、客观;

(2) true, accurate, complete and authoritative cited information, and the source thereof must be stated;

(二)    引用的资料真实、准确、完整、权威并须注明来源;

(3) consistency and continuity in the assessments of the issuer's industry; and

(三)    对发行人所在行业的评估具有一致性和连贯性;

(4) no false or misleading statements, or material omissions.

(四)    无虚假记载、误导性陈述或者重大遗漏。

Article 12: An investment value research report shall provide a comprehensive analysis of the factors that affect the investment value of the issuer, and, at minimum, include the following information:

第十二条 投资价值研究报告应当对影响发行人投资价值的因素进行全面分析,至少包括下列内容:

(1) the issuer's industry, industry policies, a comparison of the issuer and its main competitors and the issuer's position in the industry;

(一)    发行人的行业分类、行业政策,发行人与主要竞争者的比较及其在行业中的地位;

(2) an analysis of the issuer's business performance and growth prospects;

(二)    发行人经营状况和发展前景分析;

(3) an analysis of the issuer's profitability and financial position;

(三)    发行人盈利能力和财务状况分析;

(4) an analysis of the project into which the offer proceeds will be invested;

(四)    发行人募集资金投资项目分析;

(5) a comparison of the investment value of the issuer and comparable listed companies in the same industry; and

(五)    发行人与同行业可比上市公司的投资价值比较;

(6) macroeconomic trends, stock market trends and other factors that have a material impact on the investment value of the issuer.

(六)    宏观经济走势、股票市场走势以及其他对发行人投资价值有重要影响的因素。

An investment value research report shall provide a forecast of the reasonable investment value of the issuer's stock based on the foregoing analyses and by applying the valuation method commonly accepted in the industry.

投资价值研究报告应当在上述分析的基础上,运用行业公认的估值方法对发行人股票的合理投资价值进行预测。

Article 13: The issuer and its lead underwriter shall promote the offering and make pricing inquiries to Inquiry Recipients, and promote the offering to the public via the internet, after publication of the preliminary offer document for the IPO and the offer announcement.

第十三条 发行人及其主承销商应当在刊登首次公开发行股票招股意向书和发行公告后向询价对象进行推介和询价,并通过互联网向公众投资者进行推介。

Inquiry is divided into two phases, preliminary inquiry and bookbuilding. The Issuer and its lead underwriter shall determine the offer price range through the preliminary inquiry and, within the offer price range, the offer price through bookbuilding.

询价分为初步询价和累计投标询价。发行人及其主承销商应当通过初步询价确定发行价格区间,在发行价格区间内通过累计投标询价确定发行价格。

Article 14: If an IPO is to be listed on a small and medium enterprise board, the issuer and its lead underwriter may determine the offer price based on the results of the preliminary inquiry, without carrying out the bookbuilding procedure.

第十四条 首次发行的股票在中小企业板上市的,发行人及其主承销商可以根据初步询价结果确定发行价格,不再进行累计投标询价。

Article 15: An Inquiry Recipient may, in its own discretion, decide whether to participate in a preliminary inquiry. If an Inquiry Recipient applies to participate in the preliminary inquiry, the lead underwriter may not refuse it without a valid reason. An Inquiry Recipient that did not participate in the preliminary inquiry or that participated in the preliminary inquiry but failed to provide a valid quote may not participate in bookbuilding or offline private placement.

第十五条 询价对象可以自主决定是否参与初步询价,询价对象申请参与初步询价的,主承销商无正当理由不得拒绝。未参与初步询价或者参与初步询价但未有效报价的询价对象,不得参与累计投标询价和网下配售。

Article 16: After the conclusion of the preliminary inquiry, if less than 400 million shares are to be publicly offered and less than 20 Inquiry Recipients have provided a valid quote, or if more than 400 million shares are to be publicly offered and less than 50 Inquiry Recipients have provided a valid quote, the issuer and its lead underwriter may not determine the offer price and shall suspend the offering.

第十六条 初步询价结束后,公开发行股票数量在4亿股以下,提供有效报价的询价对象不足20家的,或者公开发行股票数量在4亿股以上,提供有效报价的询价对象不足50家的,发行人及其主承销商不得确定发行价格,并应当中止发行。

If the issuer and its lead underwriter recommence the offering work after a suspension, they shall report the same to the CSRC in a timely manner.

发行人及其主承销商中止发行后重新启动发行工作的,应当及时向中国証监会报告。

Article 17: Inquiry Recipients shall provide a reasonable quote based on the principles of independence, objectivity and good faith, and may not hold consultations on their quotes or deliberately depress or boost their quotes.

第十七条 询价对象应当遵循独立、客观、诚信的原则合理报价,不得协商报价或者故意压低或抬高价格。

Article 18: The account of the lead underwriter for the securities traded for its own account may not participate in the price inquiry for the share offering, the offline private placement or the online offering.

第十八条 主承销商的証券自营账户不得参与本次发行股票的询价、网下配售和网上发行。

An Inquiry Recipient in a de facto control relationship with the issuer or its lead underwriter may not participate in the price inquiry for the share offering or the offline private placement, but may participate in the online offering.

与发行人或其主承销商具有实际控制关系的询价对象,不得参与本次发行股票的询价、网下配售,可以参与网上发行。

Article 19: The issuer and its lead underwriter shall report the offer price range and the offer price to the CSRC for the record and announce the same once each has been determined.

第十九条 发行人及其主承销商在发行价格区间和发行价格确定后,应当分别报中国証监会备案,并予以公告。

Article 20: In their promotional work, the issuer and its lead underwriter may not mislead investors, interfere in the normal quoting and subscription by the Inquiry Recipients or disclose information on the issuer other than the preliminary offer document and other such public information. The promotional materials may not contain false or misleading statements or material omissions.

第二十条 发行人及其主承销商在推介过程中不得误导投资者,不得干扰询价对象正常报价和申购,不得披露招股意向书等公开信息以外的发行人其他信息;推介资料不得有虚假记载、误导性陈述或者重大遗漏。

Article 21: Within one month after the end of a year, an Inquiry Recipient shall draw a conclusion from the inquiries in which it participated during the year and give an explanation as to whether it continues to satisfy the conditions specified herein and whether it complies with the regulatory requirements hereof in respect of Inquiry Recipients. The concluding report shall be submitted to the Securities Association of China for the record.

第二十一条 询价对象应当在年度结束后一个月内对上年度参与询价的情况进行总结,并就其是否持续符合本办法规定的条件以及是否遵守本办法对询价对象的监管要求进行说明。总结报告应当报中国証券业协会备案。

Article 22: When a listed company offers Securities, it may determine the offer price through inquiry or hold consultations with its lead underwriter to determine the offer price.

第二十二条 上市公司发行証券,可以通过询价的方式确定发行价格,也可以与主承销商协商确定发行价格。

The price determined for a Securities offering by a listed company shall comply with relevant provisions of the CSRC on the offering of Securities by listed companies.

上市公司发行証券的定价,应当符合中国証监会关于上市公司証券发行的有关规定。

PART THREE: SALE OF SECURITIES

第三章 証券发售

Article 23: If at least 400 million shares are to be offered in an IPO, a private placement may be made to strategic investors. The issuer shall execute private placement agreements with the strategic investors in advance and submit the same to the CSRC for the record.

第二十三条 首次公开发行股票数量在4亿股以上的,可以向战略投资者配售股票。发行人应当与战略投资者事先签署配售协议,并报中国証监会备案。

The issuer and its lead underwriter shall disclose in the offer announcement the criteria for the selection of the strategic investors, the total number of shares to be placed with the strategic investors, the percentage of the total number of shares offered for which such placement will account, the lockup period and others.

发行人及其主承销商应当在发行公告中披露战略投资者的选择标准、向战略投资者配售的股票总量、占本次发行股票的比例,以及持有期限制等。

Article 24: Strategic investors may not participate in the preliminary inquiry or bookbuilding procedure for an IPO, and shall undertake to hold the shares obtained in the private placement for no less than 12 months. The lockup period shall commence to count from the date the shares from the public offering are listed.

第二十四条 战略投资者不得参与首次公开发行股票的初步询价和累计投标询价,并应当承诺获得本次配售的股票持有期限不少于12个月,持有期自本次公开发行的股票上市之日起计算。

Article 25: The issuer and its lead underwriter shall place shares with those Inquiry Recipients that participate in the offline private placement. If the total number of publicly offered shares is less than 400 million, the number of shares offered in such private placement may not exceed 20% of the total number of shares offered. If the total number of publicly offered shares is 400 million or more, the number of shares offered in such private placement may not exceed 50% of the remaining offered shares after the private placement to the strategic investors. The Inquiry Recipients shall undertake to hold the shares obtained in the offline private placement for no less than three months. The lockup period shall commence to count from the date the shares from the public offering are listed.

第二十五条 发行人及其主承销商应当向参与网下配售的询价对象配售股票。公开发行股票数量少于4亿股的,配售数量不超过本次发行总量的20%;公开发行股票数量在4亿股以上的,配售数量不超过向战略投资者配售后剩余发行数量的50%。询价对象应当承诺获得本次网下配售的股票持有期限不少于3个月,持有期自本次公开发行的股票上市之日起计算。

If shares in the offering are placed with strategic investors, the number of shares not subject to a lockup period after the conclusion of the offering may not be less than 25% of the number of shares offered.

本次发行的股票向战略投资者配售的,发行完成后无持有期限制的股票数量不得低于本次发行股票数量的25%。

Article 26: Share Placement Targets shall be limited to the following types:

第二十六条 股票配售对象限于下列类别:

(1) securities investment funds whose offering has been approved;

(一)    经批准募集的証券投资基金;

(2) the National Social Security Fund;

(二)    全国社会保障基金;

(3) the accounts of securities companies for dealing in Securities for their own account;

(三)    証券公司証券自营账户;

(4) securities companies' pooled asset management schemes whose establishment has been approved;

(四)    经批准设立的証券公司集合资产管理计划;

(5) the accounts of trust and investment corporations for dealing in Securities for their own account;

(五)    信托投资公司証券自营账户;

(6) pooled trust schemes established by trust and investment corporations and for which the reporting procedure has been carried out with the relevant regulatory department;

(六)    信托投资公司设立并已向相关监管部门履行报告程序的集合信托计划;

(7) the accounts of finance companies for dealing in Securities for their own account;

(七)    财务公司証券自营账户;

(8) the approved Securities investment accounts of insurance companies and insurance asset management companies;

(八)    经批准的保险公司或者保险资产管理公司証券投资账户;

(9) Securities investment accounts managed by qualified foreign institutional investors;

(九)    合格境外机构投资者管理的証券投资账户;

(10) enterprise pension funds recorded with the relevant regulatory department; and

(十)    在相关监管部门备案的企业年金基金;

(11) other Securities investment products approved by the CSRC.

(十一)  经中国証监会认可的其他証券投资产品。

Article 27: An Inquiry Recipient shall designate separate fund accounts and Securities accounts for the Share Placement Targets that it manages, which are to be used exclusively for bookbuilding and offline private placements. The designated accounts shall be registered with the CSRC, the Securities Association of China and the securities depository and clearing institution.

第二十七条 询价对象应当为其管理的股票配售对象分别指定资金账户和証券账户,专门用于累计投标询价和网下配售。指定账户应当在中国証监会、中国証券业协会和証券登记结算机构登记备案。

Article 28: When a Share Placement Target participates in a bookbuilding procedure and offline private placement, it shall pay in full the subscription moneys. The aggregate number of shares subscribed for from any single designated Securities account may not exceed the total number of shares placed with the Inquiry Recipients in the offering.

第二十八条 股票配售对象参与累计投标询价和网下配售应当全额缴付申购资金,单一指定証券账户的累计申购数量不得超过本次向询价对象配售的股票总量。

Article 29: If an issuer and its lead underwriter determine the offer price through bookbuilding, in the event that the total number of shares validly subscribed for at or above the offer price exceeds the number offered in the offline private placement, the private placement shall be allocated pro rata for all of the valid subscriptions at or above the offer price.

第二十九条 发行人及其主承销商通过累计投标询价确定发行价格的,当发行价格以上的有效申购总量大于网下配售数量时,应当对发行价格以上的全部有效申购进行同比例配售。

If the price is determined after the preliminary inquiry, in the event that the total number of shares validly subscribed for offline private placement exceeds the number offered in the offline private placement, the private placement shall be allocated pro rata for all of the valid subscriptions.

初步询价后定价发行的,当网下有效申购总量大于网下配售数量时,应当对全部有效申购进行同比例配售。

Article 30: The lead underwriter shall verify the registration of the Inquiry Recipients and the Share Placement Targets. Shares may not be placed with an Inquiry Recipient if:

第三十条 主承销商应当对询价对象和股票配售对象的登记备案情况进行核查。对有下列情形之一的询价对象不得配售股票:

(1) it did not participate in the preliminary inquiry;

(一)    未参与初步询价;

(2) the name or account information of the Inquiry Recipient or Share Placement Target is inconsistent with that registered with the Securities Association of China;

(二)    询价对象或者股票配售对象的名称、账户资料与中国証券业协会登记的不一致;

(3) it failed to provide a quote within the specified period of time or to transfer in full the subscription moneys; or

(三)    未在规定时间内报价或者足额划拨申购资金;

(4) there is evidence indicating that it violated laws or regulations or breached the principle of good faith in the course of the inquiry.

(四)    有証据表明在询价过程中有违法违规或者违反诚信原则的情形。

Article 31: The offline private placement by the issuer and its lead underwriter shall be carried out simultaneously with the online offering.

第三十一条 发行人及其主承销商网下配售股票,应当与网上发行同时进行。

If the offer price has not been determined at the time of the online offering, the investors participating in the online offering shall make their subscription based on the upper limit of the price range. If the final offer price is lower than the upper limit of the price range, the difference shall be refunded to the investors.

网上发行时发行价格尚未确定的,参与网上发行的投资者应当按价格区间上限申购,如最终确定的发行价格低于价格区间上限,差价部分应当退还给投资者。

When participating in online offerings, investors shall comply with the relevant provisions of the stock exchange and the securities depository and clearing institution.

投资者参与网上发行应当遵守証券交易所和証券登记结算机构的相关规定。

Article 32: If an IPO reaches a certain scale, the issuer and its lead underwriter shall establish a clawback mechanism between the offline private placement and the online offering to adjust the percentages of the offline private placement and the online offering based on the subscriptions.

第三十二条 首次公开发行股票达到一定规模的,发行人及其主承销商应当在网下配售和网上发行之间建立回拨机制,根据申购情况调整网下配售和网上发行的比例。

Article 33: If a listed company is to offer Securities and a profit distribution plan or a plan for conversion of the common reserve to share capital has not yet been submitted to the shareholders' general meeting for a vote or, although adopted by the shareholders general meeting, has not yet been implemented, the offering shall be made after the implementation of the plan. Until the relevant plan has been implemented, the lead underwriter may not underwrite the Securities offered by the listed company.

第三十三条 上市公司发行証券,存在利润分配方案、公积金转增股本方案尚未提交股东大会表决或者虽经股东大会表决通过但未实施的,应当在方案实施后发行。相关方案实施前,主承销商不得承销上市公司发行的証券。

Article 34: If a listed company is to offer shares to its existing shareholders (Rights Offering), it shall allocate the same pro rata to those shareholders registered on the date of record.

第三十四条 上市公司向原股东配售股票(以下简称配股),应当向股权登记日登记在册的股东配售,且配售比例应当相同。

Article 35: If a listed company offers shares to the public in general (Subsequent Offering) or offers convertible bonds, the lead underwriter may classify the institutional investors that will participate in the offline private placement and allocate different percentages of the private placement to the different classes of institutional investors. The private placement shall be allocated in the same ratio to those institutional investors in the same class. The lead underwriter shall specify in the offer announcement the criteria for classifying the institutional investors.

第三十五条 上市公司向不特定对象公开募集股份(以下简称增发)或者发行可转换公司债券,主承销商可以对参与网下配售的机构投资者进行分类,对不同类别的机构投资者设定不同的配售比例,对同一类别的机构投资者应当按相同的比例进行配售。主承销商应当在发行公告中明确机构投资者的分类标准。

If the lead underwriter does not classify the institutional investors, it shall establish a clawback mechanism between the offline private placement and the online offering. The percentage allocated to both after the clawback shall be identical.

主承销商未对机构投资者进行分类的,应当在网下配售和网上发行之间建立回拨机制,回拨后两者的获配比例应当一致。

Article 36: When a listed company makes a Subsequent Offering or offers convertible bonds, it may preferentially offer all or part of them to its existing shareholders. The percentage of such preferentially offered shares shall be disclosed in the offer announcement.

第三十六条 上市公司增发股票或者发行可转换公司债券,可以全部或者部分向原股东优先配售,优先配售比例应当在发行公告中披露。

Article 37: If a listed company makes a non-public offering of Securities, the selection of the offer targets and their number shall comply with relevant provisions of the CSRC on the offering of Securities by listed companies.

第三十七条 上市公司非公开发行証券的,发行对象及其数量的选择应当符合中国証监会关于上市公司証券发行的相关规定。

PART FOUR: SECURITIES UNDERWRITING

第四章 証券承销

Article 38: Before underwriting Securities, a securities company shall submit its offer and underwriting plan to the CSRC.

第三十八条 証券公司实施証券承销前,应当向中国証监会报送发行与承销方案。

Article 39: When underwriting Securities, a securities company shall do so under a firm commitment underwriting or best efforts underwriting arrangement in accordance with Article 28 of the PRC Securities Law. Best efforts underwriting shall be used if a listed company does not elect to sell its shares offered in a non-public offering itself or when a listed company makes a Rights Offering.

第三十九条 証券公司承销証券,应当依照《中华人民共和国証券法》第二十八条的规定采用包销或者代销方式。上市公司非公开发行股票未采用自行销售方式或者上市公司配股的,应当采用代销方式。

Article 40: If best efforts underwriting is to be used for a share offering, the handling measures in the event of the failure of the offering shall be disclosed in the offer announcement. After the failure of the share offering, the lead underwriter shall assist the issuer in making the refunds to the share subscribers at the offer price plus interest at the bank deposit rate of the same period.

第四十条 股票发行采用代销方式的,应当在发行公告中披露发行失败后的处理措施。股票发行失败后,主承销商应当协助发行人按照发行价并加算银行同期存款利息返还股票认购人。

Article 41: If, pursuant to laws and administrative regulations, a Securities offering requires underwriting by an underwriting syndicate, the underwriters comprising the syndicate shall execute a syndication agreement, and the lead underwriter shall be responsible for organizing the underwriting work.

第四十一条 証券发行依照法律、行政法规的规定应当由承销团承销的,组成承销团的承销商应当签订承销团协议,由主承销商负责组织承销工作。

If two or more securities companies are to act as co-lead underwriters for a Securities offering, all of the securities companies acting as lead underwriters shall jointly bear the responsibilities of lead underwriters and perform the relevant obligations. If an underwriting syndicate comprises three or more underwriters, it may have a deputy lead underwriter to assist the lead underwriter in organizing the underwriting activities.

証券发行由两家以上証券公司联合主承销的,所有担任主承销商的証券公司应当共同承担主承销责任,履行相关义务。承销团由三家以上承销商组成的,可以设副主承销商,协助主承销商组织承销活动。

Article 42: The members of an underwriting syndicate shall carry out the underwriting activities in accordance with the syndication agreement and the underwriting agreement, and may not carry out a fraudulent underwriting.

第四十二条 承销团成员应当按照承销团协议及承销协议的规定进行承销活动,不得进行虚假承销。

Article 43: The underwriting agreement and syndication agreement may be executed after the determination of the offer price.

第四十三条 承销协议和承销团协议可以在发行价格确定后签订。

Article 44: The lead underwriter shall establish a dedicated department or organization to coordinate the joint completion of tasks such as information disclosure, promotion, bookkeeping, pricing, private placement and settlement of moneys, etc., by the company's investment banking, research, sales and other such departments

第四十四条 主承销商应当设立专门的部门或者机构,协调公司投资银行、研究、销售等部门共同完成信息披露、推介、簿记、定价、配售和资金清算等工作。

Article 45: In the course of the underwriting process, a securities company may not offer overdrafts, rebates or other means determined as improper by the CSRC to induce others to subscribe for shares.

第四十五条 証券公司在承销过程中,不得以提供透支、回扣或者中国証监会认定的其他不正当手段诱使他人申购股票。

Article 46: The arrangements for the suspension and resumption of the listing of relevant Securities during the Securities offer period of a listed company shall comply with the relevant rules of the stock exchange.

第四十六条 上市公司发行証券期间相关証券的停复牌安排,应当遵守証券交易所的相关规则。

The lead underwriter shall, in accordance with relevant provisions, pay interest on the frozen subscription moneys in a timely manner.

主承销商应当按有关规定及时划付申购资金冻结利息。

Article 47: Once payment of the subscription moneys by the investors has concluded, the lead underwriter shall engage an accounting firm qualified to engage in securities-related business (Accounting Firm) to verify the subscription proceeds and issue a proceeds verification report. In the case of an IPO, it shall additionally engage a law firm to certify that the inquiry and private placement to the strategic investors and Inquiry Recipients complied with laws, administrative regulations, these Measures and other provisions and issue a legal opinion thereon.

第四十七条 投资者申购缴款结束后,主承销商应当聘请具有証券相关业务资格的会计师事务所(以下简称会计师事务所)对申购资金进行验証,并出具验资报告;首次公开发行股票的,还应当聘请律师事务所对向战略投资者、询价对象的询价和配售行为是否符合法律、行政法规及本办法的规定等进行见証,并出具专项法律意见书。

Article 48: If the number of shares to be offered in an IPO is 400 million or more, the issuer and its lead underwriter may, in the offer plan, adopt an over-allotment option. The exercise of the over-allotment option shall comply with the provisions of the CSRC, the stock exchange and the securities depository and clearing institution.

第四十八条 首次公开发行股票数量在4亿股以上的,发行人及其主承销商可以在发行方案中采用超额配售选择权。超额配售选择权的实施应当遵守中国証监会、証券交易所和証券登记结算机构的规定。

Article 49: When Securities are offered to the public, the lead underwriter shall submit an underwriting concluding report, which draws a conclusion from the basic details on the offer period and the performance of the new shares after the listing, to the CSRC for the record within 10 days after the Securities are listed, together with the following documents:

第四十九条 公开发行証券的,主承销商应当在証券上市后十日内向中国証监会报备承销总结报告,总结说明发行期间的基本情况及新股上市后的表现,并提供下列文件:

(1) the published version of the prospectus;

(一)    募集说明书单行本;

(2) the underwriting agreement and syndication agreement;

(二)    承销协议及承销团协议;

(3) the certifying opinion of the lawyer (for IPOs only);

(三)    律师见証意见(限于首次公开发行);

(4) the proceeds verification report of the Accounting Firm; and

(四)    会计师事务所验资报告;

(5) other documents required by the CSRC.

(五)    中国証监会要求的其他文件。

Article 50: When a listed company makes a non-public offering of shares, the issuer and its lead underwriter shall submit the following documents to the CSRC after completion of the offering:

第五十条 上市公司非公开发行股票的,发行人及其主承销商应当在发行完成后向中国証监会报送下列文件:

(1) a report on the offering;

(一)    发行情况报告书;

(2) the report of the lead underwriter on the compliance of the offer process and the subscription targets;

(二)    主承销商关于本次发行过程和认购对象合规性的报告;

(3) the certifying opinion of the issuer's lawyer on the compliance of the offer process and the subscription targets;

(三)    发行人律师关于本次发行过程和认购对象合规性的见証意见;

(4) the proceeds verification report of the Accounting Firm; and

(四)    会计师事务所验资报告;

(5) other documents required by the CSRC.

(五)    中国証监会要求的其他文件。

PART FIVE: INFORMATION DISCLOSURE

第五章 信息披露

Article 51: In the course of the offering, the issuer and the lead underwriter shall prepare the information disclosure documents and perform their information disclosure obligations in accordance with the procedures, with the contents and in the format specified by the CSRC.

第五十一条 发行人和主承销商在发行过程中,应当按照中国証监会规定的程序、内容和格式,编制信息披露文件,履行信息披露义务。

Article 52: The information disclosed by the issuer and lead underwriter in the course of the offering shall be true, accurate and complete, and may not contain false or misleading statements or material omissions.

第五十二条 发行人和主承销商在发行过程中披露的信息,应当真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。

Article 53: The issuer and its lead underwriter shall publish the information disclosed in the course of the offering in at least one newspaper and the internet website(s) designated by the CSRC, and make it available in a location designated by the CSRC for public consultation.

第五十三条 发行人及其主承销商应当将发行过程中披露的信息刊登在至少一种中国証监会指定的报刊,同时将其刊登在中国証监会指定的互联网网站,并置备于中国証监会指定的场所,供公众查阅。

Article 54: With the exception of not containing the offer price and the amount to be raised, the contents and format of the preliminary offer document disclosed by the issuer shall be identical to, and have the same legal effect as, the prospectus.

第五十四条 发行人披露的招股意向书除不含发行价格、筹资金额以外,其内容与格式应当与招股说明书一致,并与招股说明书具有同等法律效力。

Article 55: When publishing the preliminary offer document or the abstract of the prospectus, the issuer and its lead underwriter shall additionally publish the offer announcement, which shall provide a detailed explanation of the offer plan.

第五十五条 发行人及其主承销商应当在刊登招股意向书或者招股说明书摘要的同时刊登发行公告,对发行方案进行详细说明。

Article 56: When the issuer and its lead underwriter announce the offer price and price-earnings ratio, the earnings per share shall be calculated based on the net profit for the year before the offer, as audited by an Accounting Firm, before and after deducting non-recurring profits and losses (whichever is lower) divided by the total share capital after the offer.

第五十六条 发行人及其主承销商公告发行价格和发行市盈率时,每股收益应当按发行前一年经会计师事务所审计的、扣除非经常性损益前后孰低的淨利润除以发行后总股本计算。

If the issuer provides an earnings forecast, it shall additionally make a supplementary disclosure of the price-earnings ratio based on the earnings forecast. The earnings per share shall be calculated based on the forecast net profit for the year in question, as reviewed by an Accounting Firm, before and after deducting non-recurring losses and gains (whichever is lower) divided by the total share capital after the offer.

提供盈利预测的发行人还应当补充披露基于盈利预测的发行市盈率。每股收益按发行当年经会计师事务所审核的、扣除非经常性损益前后孰低的淨利润预测数除以发行后总股本计算。

The issuer may additionally disclose the price to book ratio and other such offer price indicators that reflect the particularities of the issuer's industry.

发行人还可以同时披露市淨率等反映发行人所在行业特点的发行价格指标。

Article 57: If a private placement is made to strategic investors in an IPO, the issuer and its lead underwriter shall disclose in the announcement on the results of the offline private placement the names of the strategic investors, the number of shares they subscribed for and the lockup period that they committed to, and others.

第五十七条 首次公开发行股票向战略投资者配售股票的,发行人及其主承销商应当在网下配售结果公告中披露战略投资者的名称、认购数量及承诺持有期等情况。

Article 58: After a listed company issues new shares in a non-public offering, it shall prepare and disclose a report on the offering in accordance with the requirements of the CSRC.

第五十八条 上市公司非公开发行新股后,应当按中国証监会的要求编制并披露发行情况报告书。

Article 59: Until the Securities in an offering are listed, the issuer and its lead underwriter shall prepare and announce information disclosure documents as required by the stock exchange.

第五十九条 本次发行的証券上市前,发行人及其主承销商应当按証券交易所的要求编制信息披露文件并公告。

PART SIX: REGULATION AND PENALTIES

第六章 监管和处罚

Article 60: If an issuer, securities company, securities service institution or Inquiry Recipient violates these Measures, the CSRC may order it to rectify the matter. It may take such administrative regulatory measures against the person directly in charge and the other persons directly responsible as a regulatory discussion, declaration as persona non grata, and others, and shall record the same in their integrity files and announce the same.

第六十条 发行人、証券公司、証券服务机构及询价对象违反本办法规定的,中国証监会可以责令其整改;对其直接负责的主管人员和其他直接责任人员,可以采取监管谈话、认定为不适当人选等行政监管措施,记入诚信档案并公布。

Article 61: If an issuer, securities company, securities service institution or Inquiry Recipient or its person directly in charge or another person directly responsible violates laws, administrative regulations or these Measures and, in accordance with the law, should be subjected to administrative penalties, it/he/she be shall be penalized in accordance with relevant provisions. If it/he/she is suspected of having committed a criminal offence, its/his/her case shall be transferred to the judicial authorities in accordance with the law, which shall pursue its/his/her criminal liability.

第六十一条 发行人、証券公司、証券服务机构、询价对象及其直接负责的主管人员和其他直接责任人员违反法律、行政法规或者本办法规定,依法应予行政处罚的,依照有关规定进行处罚;涉嫌犯罪的,依法移送司法机关,追究其刑事责任。

Article 62: If a securities company commits any of the acts set forth below, in addition to bearing the legal liability specified in the Securities Law, it may not participate in Securities underwriting for 36 months from the date confirmed by the CSRC:

第六十二条 証券公司有下列行为之一的,除承担《証券法》规定的法律责任外,自中国証监会确认之日起36个月内不得参与証券承销:

(1) it underwrites Securities that have not been approved;

(一)    承销未经核准的証券;

(2) in the course of the underwriting, it engages in advertising or other publicity or promotional activities that are fraudulent or mislead investors or uses improper means to induce others to purchase shares; or

(二)    在承销过程中,进行虚假或误导投资者的广告或者其他宣传推介活动,以不正当手段诱使他人申购股票;

(3) the information that it discloses in the course of the underwriting contains false or misleading statements or material omissions.

(三)    在承销过程中披露的信息有虚假记载、误导性陈述或者重大遗漏。

Article 63: If a securities company commits any of the acts set forth below, in addition to bearing the legal liability specified in the Securities Law, it may not participate in Securities underwriting for 12 months from the date confirmed by the CSRC:

第六十三条 証券公司有下列行为之一的,除承担《証券法》规定的法律责任外,自中国証监会确认之日起12个月内不得参与証券承销:

(1) it divulges share offering information in advance;

(一)    提前泄漏証券发行信息;

(2) it uses unfair competitive means to solicit underwriting business;

(二)    以不正当竞争手段招揽承销业务;

(3) it fails to disclose information in accordance with provisions in the course of the underwriting;

(三)    在承销过程中不按规定披露信息;

(4) its actual method of proceeding in the course of the underwriting is inconsistent with the offer plan submitted to the CSRC; or

(四)    在承销过程中的实际操作与报送中国証监会的发行方案不一致;

(5) it violates relevant provisions in preparing or issuing the investment value research report.

(五)    违反相关规定撰写或者发布投资价值研究报告。

Article 64: If an issuer or its underwriter(s) violate(s) provisions by offering financial assistance or compensation to investors that participate in the subscription, the CSRC may order it/them to rectify the matter. If the circumstances are serious, the CSRC shall give it/them a warning and impose a fine.

第六十四条 发行人及其承销商违反规定向参与认购的投资者提供财务资助或者补偿的,中国証监会可以责令改正;情节严重的,处以警告、罚款。

Article 65: The Securities Association of China shall remove an Inquiry Recipient from the list of Inquiry Recipients if:

第六十五条 询价对象有下列情形之一的,中国証券业协会应当将其从询价对象名单中去除:

(1) it no longer satisfies the conditions specified herein;

(一)    不再符合本办法规定的条件;

(2) it has been subjected to regulatory discussion three or more times in the most recent 12 months for violations of relevant regulatory requirements; or

(二)    最近12个月内因违反相关监管要求被监管谈话三次以上;

(3) it fails to submit its annual concluding report on time.

(三)    未按时提交年度总结报告。

PART SEVEN: SUPPLEMENTARY PROVISIONS

第七章 附则

Article 66: For the purposes of these Measures, the term "online offering" means a Securities offering made through a stock exchange's technical system.

第六十六条 本办法所称网上发行,是指通过証券交易所技朮系统进行的証券发行。

For the purposes of these Measures, the term "offline private placement" means a Securities offering that is not made through a stock exchange's technical system, but is organized and carried out by the lead underwriter.

本办法所称网下配售,是指不通过証券交易所技朮系统、由主承销商组织实施的証券发行。

Article 67: The offering and underwriting of other securities of listed companies shall, mutatis mutandis, be handled in accordance with these Measures.

第六十七条 上市公司其他証券的发行和承销比照本办法执行。

Article 68: These Measures shall be effective as of September 19 2006. The Measures for Administration of the Share Underwriting of Securities Institutions (Zheng Wei Fa [1996]) No.18), Circular on the Prohibition of Improper Acts in Share Offerings (Zheng Jian Fa Zi [1996] No.21), Circular on Resolutely Halting Overdrafts and Other Such Acts in Share Offerings (Zheng Jian Fa Zi [1996] No.169), Circular on Prohibiting Securities Institutions from Subscribing for Shares That They Underwrite (Zheng Jian Ji Zi [1997] No.4), Circular on Strengthening the Oversight of the Share Underwriting Business of Securities Institutions (Zheng Jian Ji Gou Zi [1999] No.54), Circular on Issues Relevant to Private Placement of Shares to Legal Persons (Zheng Jian Fa Xing Zi [1999] No.121), Circular on Issues Relevant to Share Listing Arrangements (Zheng Jian Fa Xing Zi [2000] No.86), Supplementary Circular on the Oversight of the Share Underwriting Business of Securities Institutions (Zheng Jian Ji Gou Zi [2000] No.199), Circular on the Conduct of Company Promotion Via the Internet by Companies Issuing New Shares (Zheng Jian Fa Xing Zi [2001] No.12) and Circular on Several Issues Concerning the Trial Implementation of an Inquiry System for Initial Public Offerings of Shares (Zheng Jian Fa Xing Zi [2004] No.162) shall be repealed simultaneously.

clp reference:3700/06.09.17prc reference:证监会令 第 37 号promulgated:2006-09-17effective:2006-09-19

第六十八条 本办法自2006年9月19日起施行。《証券经营机构股票承销业务管理办法》(証委发[1996]18号)、《关于禁止股票发行中不当行为的通知》(証监发字[1996]21号)、《关于坚决制止股票发行中透支等行为的通知》(証监发字[1996]169号)、《关于禁止証券经营机构申购自己承销股票的通知》(証监机字[1997]4号)、《关于加强証券经营机构股票承销业务监管工作的通知》(証监机构字[1999]54号)、《关于法人配售股票有关问题的通知》(証监发行字[1999]121号)、《关于股票上市安排有关问题的通知》(証监发行字[2000]86号)、《关于証券经营机构股票承销业务监管工作的补充通知》(証监机构字[2000]199号)、《关于新股发行公司通过互联网进行公司推介的通知》(証监发行字[2001]12号)及《关于首次公开发行股票试行询价制度若干问题的通知》(証监发行字[2004]162号)同时废止。

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