China Securities Regulatory Commission, Guidelines on Contents and Formats for Information Disclosure of Securities Offering Companies Guidelines (No.27): Offering Sponsorship Letters and Offering Sponsorship Work Reports

Promulgated: March 27 2009
Effective: April 1 2009

Applicability: Sponsors engaged by companies limited by shares that apply for initial public offering of shares and the listing thereof, and listed companies that apply for subsequent offering or offering of convertible corporate bonds (Issuers) shall issue offering sponsorship letters and offering sponsorship work reports in accordance with the requirements of these Guidelines (Article 2).

Main Contents: Sponsors shall record in full details the main work process of their sponsoring work for the Issuer with due diligence; state in detail the Issuer's main issues as discovered in the course of their sponsoring work with due diligence, and the details of the resolution of the said issues; and fully disclose the principal risks faced by the Issuer in the offering sponsorship work reports (Article 5). Offering sponsorship work reports shall fully state and disclose any issues or risks that have a major impact on the investment decisions of investors, provide a detailed and complete analysis, and state the details of resolution of the main issues (Article 6).