| Preparation Rules for Information Disclosure by Companies Offering Securities to the Public No. 23―Guidelines for the Contents and Formats of the Prospectus of Pilot Red Chip Enterprises for Public Offering of Depository Receipts | | 公开发行证券的公司信息披露编报规则第23号——试点红筹企业公开发行存托凭证招股说明书内容与格式指引 |
| (Issued by the Announcement No. 14 [2018] of the China Securities Regulatory Commission on June 6, 2018; and amended in accordance with the Decision of the China Securities Regulatory Commission to Amend Certain Securities and Futures Regulatory Documents on March 20, 2020) | | （2018年6月6日中国证券监督管理委员会公告[2018]14号发布 根据2020年3月20日中国证券监督管理委员会《关于修改部分证券期货规范性文件的决定》修正） |
| Article 1 For the purposes of regulating the information disclosure acts of pilot red chip enterprises offering depository receipts domestically (hereinafter referred to as “overseas underlying securities issuers”) and relevant entities, and protecting investors' lawful rights and interests, these Guidelines are developed according to the Securities Law of the People's Republic of China (hereinafter referred to as the Securities Law), the Several Opinions on Conducting the Pilot Program of Innovative Enterprises' Offering of Stocks or Depository Receipts within the Territory of China (hereinafter referred to as the Several Opinions), the Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation) and other provisions of the China Securities Regulatory Commission (“CSRC”). | | 第一条 为规范在境内发行存托凭证的试点红筹企业（以下简称境外基础证券发行人）及相关主体的信息披露行为，保护投资者的合法权益，根据《中华人民共和国证券法》（以下简称《证券法》）、《关于开展创新企业境内发行股票或存托凭证试点的若干意见》（以下简称《若干意见》）、《存托凭证发行与交易管理办法（试行）》以及中国证监会的其他规定，制定本指引。 |
| Article 2 When developing a prospectus for public offering of depository receipts, an overseas underlying securities issuer shall comply with the general provisions of the CSRC concerning the standards for the contents and formats of the prospectus and the requirements of these Guidelines. | | 第二条 境外基础证券发行人为公开发行存托凭证编制招股说明书时，应遵循中国证监会有关招股说明书内容与格式准则的一般规定以及本指引的要求。 |
| Article 3 The cover of the text of a prospectus shall contain the words “Prospectus of XXX Company for Public Offering of Depositary Receipts,” and specify the names and domiciles of the overseas underlying securities issuer, depositary, custodian, sponsor and lead underwriter. | | 第三条 招股说明书全文文本封面应标有“×××公司公开发行存托凭证招股说明书”字样，并载明境外基础证券发行人、存托人、托管人、保荐人、主承销商的名称和住所。 |
| Article 4 The title page of a prospectus shall contain the following statement: | | 第四条 招股说明书扉页应载有如下声明： |
| “This depositary receipt is securities offered by the depositary, issued in the territory of China on the basis of the company's overseas securities, and representing the rights and interests of the overseas underlying securities. | | “本存托凭证系由存托人签发、以本公司境外证券为基础在中国境内发行、代表境外基础证券权益的证券。” |
| “The offering, listing, trading and other related acts of depositary receipts shall be governed by the Securities Law, the Several Opinions, the Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation) and other relevant provisions of the CSRC. As an overseas underlying securities issuer participating in the offering of depository receipts, the company shall perform the obligations of the issuer and the listed company according to the law, and accept the supervision of the company by the CSRC in accordance with the relevant laws, regulations and rules on the supervision of pilot red chip enterprises. | | “存托凭证的发行、上市、交易等相关行为，适用《证券法》《若干意见》《存托凭证发行与交易管理办法（试行）》以及中国证监会的其他相关规定。本公司作为境外基础证券发行人参与存托凭证发行，依法履行发行人、上市公司的义务，接受中国证监会依照试点红筹企业监管的相关法律法规、规定，对本公司进行的监管。” |
| “The depositary and custodian shall comply with the relevant provisions of the CSRC and the business rules of the stock exchanges and the securities depository and clearing institutions, offer depositary receipts in accordance with the depositary agreement and the custody agreement, and perform various duties and obligations.” | | “存托人、托管人遵守中国证监会相关规定及证券交易所、证券登记结算机构业务规则，按照存托协议、托管协议的约定，签发存托凭证，履行各项职责和义务。” |
| Article 5 An overseas underlying securities issuer shall disclose the names, addresses, and contact methods of the depositary and custodian, and the names of relevant handlers in the “Profile of the Offering.” | | 第五条 境外基础证券发行人应在“本次发行概况”一节披露存托人、托管人的名称、住所、联系方式及有关经办人员的姓名。 |
| Article 6 A new section of “Depository and Custody Arrangements” shall be added after the “Profile of the Offering” of the prospectus. An overseas underlying securities issuer shall disclose the depositary and custody arrangements for the depositary receipts and the main rights and obligations of the relevant subjects in this part, including but not limited to the following: | | 第六条 招股说明书“本次发行概况”一节后新增一节“存托托管安排”。境外基础证券发行人应在该部分披露存托凭证的存托托管安排和相关主体的主要权利与义务，包括但不限于下列内容： |
| (1) the category and quantity of the underlying stock represented by each depositary receipt; | | （一）每份存托凭证所代表的基础股票的类别及数量； |
| (2) the rights and obligations of the holder of the depositary receipts; | | （二）存托凭证持有人的权利及义务； |
| (3) the methods and procedures for the holder of the depositary receipts to exercise the voting rights and obtain the distribution of profits; | | （三）存托凭证持有人行使表决权、获得利润分配的方式和程序； |
| (4) the notification, announcement and other information transmission procedures relevant to the exercising of the rights of holders of depositary receipts; | | （四）与存托凭证持有人行使权利相关的通知、公告等信息传递程序； |
| (5) the rights and obligations of the depositary, and the specific agreement of the depositary agreement on exempting or restricting the liability of the depositary; | | （五）存托人的权利及义务，存托协议关于免除或限制存托人责任的具体约定； |
| (6) the expenses to be directly or indirectly paid by the holder of the depositary receipts (including the object of payment, the amount or calculation method, the content of the services, and the method of collecting fees, among others); | | （六）存托凭证持有人需直接或间接支付的费用（包括支付对象、金额或计算方法、服务内容、费用收取方式等）； |
| (7) the arrangements for and restrictions of the conversion between depositary receipts and underlying stocks; | | （七）存托凭证与基础股票之间的转换安排及限制； |
| (8) the custody arrangements for the depositary receipts, and the main duties of the custodian; | | （八）存托凭证的托管安排，托管人的主要职责； |
| (9) the amendment to and termination of the depositary agreement; and | | （九）存托协议的修改及终止； |
| (10) the disputes over the depository receipts under the depositary agreement shall be governed by the law of China and the agreement governed by the people's court with jurisdiction in the territory of China. | | （十）存托协议关于因存托凭证发生的纠纷适用中国法律，由中国境内有管辖权的人民法院管辖的约定。 |
| Where the depository receipts and underlying securities represented by the depositary receipts have face value, the overseas underlying securities issuer shall disclose the information on the face value. | | 存托凭证、存托凭证所代表的基础证券具有面值的，境外基础证券发行人应披露面值信息。 |
| Article 7 A new section of “Protection of Rights and Interests of Holders of Depository Receipts” shall be added after the section of “Depository and Custody Arrangements” of the prospectus. An overseas underlying securities issuer shall disclose the specific measures for protecting the lawful rights and interests of the holder of depositary receipts in this part, including but not limited to the following: | | 第七条 招股说明书“存托托管安排”一节后新增一节“存托凭证持有人权益保护”。境外基础证券发行人应在该部分披露保护存托凭证持有人合法权益的具体措施，包括但不限于下列内容： |
| (1) the measures that the overseas underlying securities issuer ensures that the assets income, participation in major decision-making, distribution of remaining asses and other rights and interests actually enjoyed by the holders of the depositary receipts are equivalent to the rights and interests of the holders of overseas underlying securities; | | （一）境外基础证券发行人确保存托凭证持有人实际享有的资产收益、参与重大决策、剩余财产分配等权益与境外基础证券持有人权益相当的措施； |
| (2) the arrangements for the overseas underlying securities issuer and depository to provide convenience for the exercising of rights by the holder of the depositary receipts by safe, economic and convenient network or other means according to the depository agreement; | | （二）境外基础证券发行人、存托人按照存托协议的约定，采用安全、经济、便捷的网络或者其他方式为存托凭证持有人行使权利提供便利的安排； |
| (3) the guarantee measures on ensuring that the holder of the depository receipts may obtain compensation equivalent to that for an overseas investor when the lawful rights and interests are damaged; | | （三）关于确保存托凭证持有人在合法权益受到损害时，能够获得与境外投资者相当赔偿的保障性措施； |
| (4) the shares lock-up arrangements for the controlling shareholders, actual controllers, directors and senior executives of the overseas underlying securities issuer that has not made profits before the enterprise makes profits; | | （四）尚未盈利的境外基础证券发行人的控股股东、实际控制人和董事、高级管理人员在企业实现盈利前的股份锁定安排； |
| (5) the specific arrangements for the voting mechanism, information disclosure methods and other respects of the relevant matters when the rights and interests of the holder of the depositary receipts may be diluted due to the additional issue of underlying stocks; | | （五）因增发基础股票导致存托凭证持有人的权益可能被摊薄时，相关事项的表决机制、信息披露方式等方面的具体安排； |
| (6) whether the holder of the depositary receipts may institute a civil lawsuit against an overseas underlying securities issuer and relevant entity according to the law of China or the law of the registration place of the overseas underlying securities issuer, and the enforceability of the relevant civil judgment and ruling; | | （六）存托凭证持有人能否依据境内法律或境外基础证券发行人注册地法律向境外基础证券发行人及相关主体提起民事诉讼程序，以及相关民事判决、裁定的可执行性； |
| (7) the domestic securities affairs institutions and domestic representatives for information disclosure employed by the overseas underlying securities issuer; and | | （七）境外基础证券发行人聘请的信息披露境内证券事务机构和信息披露境内代表； |
| (8) the explanation of the overseas underlying securities issuer on the protection of the rights and interests of domestic investors generally not lowering than the standards of the domestic laws and administrative regulations, as well as the requirements of the CSRC, and the conclusive opinions of the sponsor and lawyer. | | （八）境外基础证券发行人有关对境内投资者权益的保护总体上不低于境内法律、行政法规及中国证监会要求的说明以及保荐人和律师的结论性意见。 |
| Article 8 An overseas underlying securities issuer shall fully disclose the risk factors related to the depositary receipts in the section of “Risk Factors,” including but not limited to the following: | | 第八条 境外基础证券发行人应在“风险因素”一节充分披露与存托凭证有关的风险因素，包括但不限于下列内容： |
| (1) the risks that may arise from the differences between the holder of the depositary receipts and shareholders holding underlying stocks in legal status, rights enjoyed and other respects; | | （一）存托凭证持有人与持有基础股票的股东在法律地位、享有权利等方面存在差异可能引发的风险； |
| (2) the risks that may arise from the special arrangements of the holder of the depositary receipts in dividend distribution, voting rights and other respects; | | （二）存托凭证持有人在分红派息、行使表决权等方面的特殊安排可能引发的风险； |
| (3) the holder of the depositary receipts becomes a party to the depository agreement once it holds the depositary receipts, and is deemed agreeing with and complying with the depositary agreement; | | （三）存托凭证持有人持有存托凭证即成为存托协议当事人，视为同意并遵守存托协议的约定； |
| (4) the risks of causing price fluctuations in the depositary receipt market due to listing of the overseas underlying securities issuer in multiple places, differences in the securities trading rules, and fluctuations in the underlying stock prices and other factors; | | （四）境外基础证券发行人由于多地上市，证券交易规则差异、基础股票价格波动等因素造成存托凭证市场价格波动的风险； |
| (5) the risks that the rights and interests of the holder of the depositary receipts may be diluted due to additional issue of the underlying securities; | | （五）增发基础证券可能导致的存托凭证持有人权益被摊薄的风险； |
| (6) the delisting risks of the depository receipts and the relevant subsequent arrangements; | | （六）存托凭证退市的风险及后续相关安排； |
| (7) the risks that an underlying securities issuer having been listed overseas may have difference with the domestic situation in continuous information disclosure supervision; and | | （七）已在境外上市的基础证券发行人，在持续信息披露监管方面与境内可能存在差异的风险； |
| (8) other risks that may arise from the differences between the domestic and foreign legal systems and supervision environment. | | （八）境内外法律制度、监管环境差异可能引发的其他风险。 |
Article 9 An overseas underlying securities issuer shall fully disclose the risk factors relevant to the differences in voting rights or similar arrangements, agreement control structures, voting agreements or other special arrangements for corporate governance in the section of “Risk Factors.”
．．．．．． | | 第九条 境外基础证券发行人应在“风险因素”一节充分披露与投票权差异或类似安排、协议控制架构、投票协议或其他公司治理特殊安排有关的风险因素。
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