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Notice of the Shanghai Stock Exchange on Issuing the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board [Revised]
上海证券交易所关于发布《上海证券交易所科创板股票上市规则》的通知 [已被修订]
【法宝引证码】

Notice of the Shanghai Stock Exchange on Issuing the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board 

上海证券交易所关于发布《上海证券交易所科创板股票上市规则》的通知

(No. 22 [2019] of the Shanghai Stock Exchange) (上证发〔2019〕22号)

All market participants: 各市场参与人:
For the purposes of regulating the listing on the Science and Technology Innovation Board (“sci-tech board”) of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) and continuous supervision matters, supporting and directing the development of science and technology innovation enterprises (“sci-tech enterprises”), maintaining the order of the sci-tech board market, and protecting the lawful rights and interests of investors, in accordance with the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange, the Measures for the Continuous Supervision of Companies Listed on the Science and Technology Innovation Board (for Trial Implementation) and other relevant laws, administrative regulations, departmental rules and regulatory documents, the SSE has developed the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board (see the Annex for details), which have been approved by the China Securities Regulatory Commission (“CSRC”), are hereby issued and shall come into force on the date of issuance. 为了规范上海证券交易所(以下简称本所)科创板上市和持续监管事宜,支持引导科技创新企业发展,维护科创板市场秩序,保护投资者合法权益,根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创板上市公司持续监管办法(试行)》等相关法律、行政法规、部门规章、规范性文件,本所制定了《上海证券交易所科创板股票上市规则》(详见附件),经中国证监会批准,现予以发布,并自发布之日起施行。
 特此通知。
Annex: Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board 附件:上海证券交易所科创板股票上市规则
Shanghai Stock Exchange 上海证券交易所
March 1, 2019 二〇一九年三月一日
Annex: 附件:
Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board 上海证券交易所科创板股票上市规则
Table of Contents 目 录
Chapter I General Provisions 第一章 总 则
Chapter II Stock Listing and Trading 第二章 股票上市与交易
Section 1 Listing of IPO Stocks 第一节 首次公开发行股票的上市
Section 2 Offering and Listing of Stocks of Listed Companies 第二节 上市公司股票发行上市
Section 3 Removal of Trading Restriction of Shares 第三节 股份解除限售
Section 4 Shareholding Reduction 第四节 股份减持
Chapter III Continuous Supervision 第三章 持续督导
Section 1 General Provisions 第一节 一般规定
Section 2 Performance of Continuous Supervision Duties 第二节 持续督导职责的履行
Chapter IV Internal Governance 第四章 内部治理
Section 1 Controlling Shareholder and Actual Controller 第一节 控股股东及实际控制人
Section 2 Directors, Supervisors and Senior Executives 第二节 董事、监事和高级管理人员
Section 3 Standard Operation 第三节 规范运行
Section 4 Social Responsibility 第四节 社会责任
Section 5 Differential Arrangements on Voting Rights 第五节 表决权差异安排
Chapter V General Provisions on Information Disclosure 第五章 信息披露一般规定
Section 1 Basic Principles of Information Disclosure 第一节 信息披露基本原则
Section 2 General Requirements for Information Disclosure 第二节 信息披露一般要求
Section 3 Information Disclosure Supervision Methods 第三节 信息披露监管方式
Section 4 Information Disclosure Management Rules 第四节 信息披露管理制度
Chapter VI Periodical Reports 第六章 定期报告
Section 1 Preparation of Periodical Reports and Disclosure Requirements 第一节 定期报告编制和披露要求
Section 2 Performance Forecast and Performance Reports 第二节 业绩预告和业绩快报
Chapter VII Transactions that Shall be Disclosed 第七章 应当披露的交易
Section 1 Material Transactions 第一节 重大交易
Section 2 Affiliated Transactions 第二节 关联交易
Chapter VIII Industry Information and Operational Risks that Shall be Disclosed 第八章 应当披露的行业信息和经营风险
Section 1 Industry Information 第一节 行业信息
Section 2 Operational Risks 第二节 经营风险
Chapter IX Other Major Matters that Shall be Disclosed 第九章 应当披露的其他重大事项
Section 1 Abnormal Fluctuation and Rumor Clarification 第一节 异常波动和传闻澄清
Section 2 Pledge of Shares 第二节 股份质押
Section 3 Miscellaneous 第三节 其他
Chapter X Equity Incentives 第十章 股权激励
Chapter XI Significant Asset Restructuring 第十一章 重大资产重组
Chapter XII Delisting 第十二章 退市
Section 1 General Provisions 第一节 一般规定
Section 2 Compulsory Delisting due to Serious Violations of Law 第二节 重大违法强制退市
Section 3 Compulsory Delisting of Transaction Type 第三节 交易类强制退市
Section 4 Compulsory Delisting of Financial Type 第四节 财务类强制退市
Section 5 Compulsory Delisting of Rule Type 第五节 规范类强制退市
Section 6 Hearing and Reexamination 第六节 听证与复核
Section 7 Delisting Preparation Period 第七节 退市整理期
Section 8 Active Termination of Listing 第八节 主动终止上市
Chapter XIII Red Chip Enterprises and Coordination of Domestic and Overseas Matters 第十三章 红筹企业和境内外事项的协调
Section 1 Particular Provisions on Red Chip Enterprises 第一节 红筹企业特别规定
Section 2 Coordination of Domestic and Overseas Matters 第二节 境内外事项的协调
Chapter XIV Routine Supervision and Handling of Violations of These Rules 第十四章 日常监管和违反本规则的处理
Section 1 Routine Supervision 第一节 日常监管
Section 2 Handling of Violations of These Rules 第二节 违反本规则的处理
Chapter XV Interpretation 第十五章 释 义
Chapter XVI Supplementary Provisions 第十六章 附 则
Chapter I General Provisions 

第一章 总 则

1.1 For the purposes of regulating the listing on the sci-tech board of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) and continuous supervision matters, supporting and directing the development of sci-tech enterprises in a more effective manner, maintaining the openness, fairness and impartiality of the securities market, and protecting the lawful rights and interests of investors, in accordance with the Company Law of the People's Republic of China (hereinafter referred to as the “Company Law”), the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange, the Measures for the Continuous Supervision of Companies Listed on the Science and Technology Innovation Board (for Trial Implementation), the Measures for the Administration of Stock Exchanges and other relevant laws, administrative regulations, departmental rules and regulatory documents (hereinafter collectively referred to as “laws and regulations”) and the Bylaws of the Shanghai Stock Exchange. 1.1 为了规范上海证券交易所(以下简称本所)科创板上市和持续监管事宜,支持引导科技创新企业更好地发展,维护证券市场公开、公平、公正,保护投资者的合法权益,根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《关于在上海证券交易所设立科创板并试点注册制的实施意见》、《科创板上市公司持续监管办法(试行)》、《证券交易所管理办法》等相关法律、行政法规、部门规章、规范性文件(以下统称法律法规)以及《上海证券交易所章程》,制定本规则。
1.2 These Rules shall apply to the listing of stocks, depositary receipts and their derivatives on the sci-tech board of the SSE, continuous supervision and other matters; if they are not prescribed in these Rules, other relevant provisions of the SSE shall apply. 1.2 股票、存托凭证及其衍生品种在本所科创板的上市和持续监管等事宜,适用本规则;本规则未作规定的,适用本所其他有关规定。
1.3 The initial listing of the issuer's stock on the sci-tech board of the SSE shall be subject to examination by the SSE, and the registration approval decision shall be made by the CSRC. The issuer shall sign a listing agreement with the SSE to specify the rights and obligations of both parties and other relevant matters. 1.3 发行人股票在本所科创板首次上市,应当经本所审核并由中国证监会作出同意注册决定。发行人应当与本所签订上市协议,明确双方的权利、义务和其他有关事项。
1.4 The issuer, listed company and its directors, supervisors, senior executives, core technicians, shareholders or depositary receipt holders, actual controller, acquirer and their relevant personnel, significant asset restructuring counterparties and their relevant personnel, the bankruptcy administrator and its members shall abide by laws and regulations, these Rules and other provisions of the SSE, perform the information disclosure obligation, and promote the company's standard operation. 1.4 发行人、上市公司及其董事、监事、高级管理人员、核心技术人员、股东或存托凭证持有人、实际控制人、收购人及其相关人员、重大资产重组交易对方及其相关人员、破产管理人及其成员,应当遵守法律法规、本规则以及本所其他规定,履行信息披露义务,促进公司规范运作。
1.5 Sponsors, sponsor representatives, securities service providers and their relevant personnel that provide services for issuers, listed companies and relevant parties with information disclosure obligations shall abide by laws and regulations, these Rules and other provisions of the SSE, and be honest and diligent. 1.5 为发行人、上市公司以及相关信息披露义务人提供服务的保荐机构、保荐代表人、证券服务机构及其相关人员,应当遵守法律法规、本规则以及本所其他规定,诚实守信,勤勉尽责。
Sponsors, sponsor representatives and securities service providers that produce and issue documents shall inspect and verify the veracity, accuracy and integrity of the content of the materials on which they are based, and the documents produced and issued shall have no false records, misleading statements or material omissions. 保荐机构、保荐代表人和证券服务机构制作、出具文件应当对所依据资料内容的真实性、准确性、完整性进行核查和验证,所制作、出具的文件不得有虚假记载、误导性陈述或者重大遗漏。
1.6 The SSE shall conduct self-disciplinary supervision of the institutions and relevant personnel prescribed in the aforesaid Articles 1.4 and 1.5 in accordance with laws and regulations, these Rules, other provisions of the SSE, the listing agreement, and the statements and undertakings of relevant entities. 1.6 本所依据法律法规、本规则以及本所其他规定、上市协议、相关主体的声明与承诺,对前述第 1.4 条、第 1.5条规定的机构及相关人员进行自律监管。
Chapter II Stock Listing and Trading 

第二章 股票上市与交易

Section 1 Listing of IPO Stocks 

第一节 首次公开发行股票的上市

2.1.1 The issuer that applies for listing on the sci-tech board of the SSE shall meet the following conditions: 2.1.1 发行人申请在本所科创板上市,应当符合下列条件:
(1) It meets the offering conditions prescribed by the CSRC. (一)符合中国证监会规定的发行条件;
(2) Its total capital stocks after offering are not less than 30 million yuan. (二)发行后股本总额不低于人民币 3000万元;
(3) The publicly offered shares reach 25% or more of the total number of shares of the company; if the total capital stocks of the company exceed 400 million yuan, the proportion of publicly offered shares shall be 10% or more. (三)公开发行的股份达到公司股份总数的 25%以上;公司股本总额超过人民币 4亿元的,公开发行股份的比例为10%以上;
(4) The market value and financial indicators meet the standards prescribed in these Rules. (四)市值及财务指标符合本规则规定的标准;
(5) Other listing conditions prescribed by the SSE. (五)本所规定的其他上市条件。
The SSE may, according to market conditions, adjust listing conditions and specific standards with the approval of the CSRC. 本所可以根据市场情况,经中国证监会批准,对上市条件和具体标准进行调整。
2.1.2 Where an issuer applies for listing on the sci-tech board of the SSE, its market value and financial indicators shall at least meet one of the following standards: 2.1.2 发行人申请在本所科创板上市,市值及财务指标应当至少符合下列标准中的一项:
(1) The estimated market value is not less than one billion yuan, its net profits in the last two years are positive and the accumulative net profits are not less than 50 million yuan, or the estimated market value is not less than one billion yuan, its net profits in the most recent year is positive and its operating income is not less than 100 million yuan. (一)预计市值不低于人民币 10 亿元,最近两年净利润均为正且累计净利润不低于人民币 5000 万元,或者预计市值不低于人民币 10 亿元,最近一年净利润为正且营业收入不低于人民币1亿元;
(2) Its estimated market value is not less than 1.5 billion yuan, its operating income in the most recent year is not less than 200 million yuan, and the proportion of its accumulative research and development investment in the last three years to the accumulative operating income in the last three years is not less than 15%. (二)预计市值不低于人民币 15 亿元,最近一年营业收入不低于人民币2亿元,且最近三年累计研发投入占最近三年累计营业收入的比例不低于15%;
(3) Its estimated market value is not less than two billion yuan, its operating income in the most recent year is not less than 300 million yuan, and its accumulative net cash flow from operating activities in the last three years is not less than 100 million yuan. (三)预计市值不低于人民币 20 亿元,最近一年营业收入不低于人民币3亿元,且最近三年经营活动产生的现金流量净额累计不低于人民币 1亿元;
(4) Its estimated market value is not less than three billion yuan, and its operating income in the most recent year is not less than 300 million yuan. (四)预计市值不低于人民币 30 亿元,且最近一年营业收入不低于人民币 3亿元;
(5) Its estimated market value is not less than four billion yuan, and its major businesses or products shall be subject to approval by the relevant departments of the state, its market space is large and it has made progressive achievements. For enterprises in the pharmaceutical industry, at least one core product shall be approved to be subject to phase II clinical trials, and other enterprises in line with the position of the sci-tech board shall have evident technical advantages and meet corresponding conditions. (五)预计市值不低于人民币 40 亿元,主要业务或产品需经国家有关部门批准,市场空间大,目前已取得阶段性成果。医药行业企业需至少有一项核心产品获准开展二期临床试验,其他符合科创板定位的企业需具备明显的技术优势并满足相应条件。
The net profits as mentioned in this Article shall be the number before or after the deduction of non-recurring profits and losses, whichever is lower. The net profits, operating income and net cash flow from operating activities all mean the audited value. 本条所称净利润以扣除非经常性损益前后的孰低者为准,所称净利润、营业收入、经营活动产生的现金流量净额均指经审计的数值。
2.1.3 A red chip enterprise that complies with the relevant provisions of the Notice of the General Office of the State Council on Forwarding Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depositary Receipts within China (No. 21 [2018], General Office of the State Council) may apply for the offering of a stock or depositary receipt and the listing thereof on the sci-tech board. 2.1.3 符合《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》(国办发﹝2018﹞21号)相关规定的红筹企业,可以申请发行股票或存托凭证并在科创板上市。
Where a red chip enterprise unlisted abroad that has rapid growth of operating income, internationally leading technologies developed upon independent research, and comparative advantages in the competition of the same industry applies for the listing on the sci-tech board, its market value and financial indicators shall at least meet one of the following standards: 营业收入快速增长,拥有自主研发、国际领先技术,同行业竞争中处于相对优势地位的尚未在境外上市红筹企业,申请在科创板上市的,市值及财务指标应当至少符合下列标准之一:
(1) Its estimated market value is not less than 10 billion yuan. (一)预计市值不低于人民币 100亿元;
(2) Its estimated market value is not less than five billion yuan, and its operating income in the most recent year is not less than 500 million yuan. (二)预计市值不低于人民币 50 亿元,且最近一年营业收入不低于人民币 5亿元。
2.1.4 Where the issuer has differential arrangements on voting rights, its market value and financial indicators shall at least meet one of the following standards: 2.1.4 发行人具有表决权差异安排的,市值及财务指标应当至少符合下列标准中的一项:
(1) Its estimated market value is not less than 10 billion yuan. (一)预计市值不低于人民币 100亿元;
(2) Its estimated market value is not less than five billion yuan, and its operating income in the most recent year is not less than 500 million yuan. (二)预计市值不低于人民币 50 亿元,且最近一年营业收入不低于人民币 5亿元。
The issuer's qualification as the holder of shares with special voting rights and the specific provisions of the company's bylaws on differential arrangements on voting rights shall comply with the provisions of Section 5, Chapter IV of these Rules. 发行人特别表决权股份的持有人资格、公司章程关于表决权差异安排的具体规定,应当符合本规则第四章第五节的规定。
For the purposes of these Rules, “differential arrangements on voting rights” means that the issuer offers shares with special voting rights (hereinafter referred to as “shares with special voting rights”) in addition to ordinary shares generally provided for in accordance with the provision of Article 131 of the Company Law. The number of voting rights owned by each share with special voting rights is larger than the number of voting rights owned by each ordinary share, the rights of other shareholders are the same as those of ordinary shares. 本规则所称表决权差异安排,是指发行人依照《公司法》一百三十一条的规定,在一般规定的普通股份之外,发行拥有特别表决权的股份(以下简称特别表决权股份)。每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量,其他股东权利与普通股份相同。
2.1.5 Where the issuer applies to the SSE for the listing of its IPO stock after the registration of the stock is approved by the CSRC and the public offering of the stock is completed, it shall submit the following documents: 2.1.5 发行人首次公开发行股票经中国证监会同意注册并完成股份公开发行后,向本所提出股票上市申请的,应当提交下列文件:
(1) A written application for listing. (一) 上市申请书;
(2) The decision of the CSRC to approve the registration. (二) 中国证监会同意注册的决定;
(3) The certification documents proving that all shares of the issuer have been registered by China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as “CSDC”), Shanghai Branch after the completion of IPO. (三) 首次公开发行结束后发行人全部股票已经中国证券登记结算有限责任公司(以下简称中国结算)上海分公司登记的证明文件;
(4) The capital verification report issued by an accounting firm qualified for conducting securities and futures-related businesses after the completion of IPO. (四) 首次公开发行结束后,具有执行证券、期货相关业务资格的会计师事务所出具的验资报告;
(5) Certificates, declarations and undertakings issued by the issuer, controlling shareholder, actual controller, directors, supervisors and senior executives in accordance with the requirements of these Rules. (五) 发行人、控股股东、实际控制人、董事、监事和高级管理人员根据本规则要求出具的证明、声明及承诺;
(6) An explanation on financial materials added as required and relevant major matters (if applicable) after the IPO and before listing. (六) 首次公开发行后至上市前,按规定新增的财务资料和有关重大事项的说明(如适用);
(7) Other documents required by the SSE. (七) 本所要求的其他文件。
2.1.6 The issuer and its directors, supervisors and senior executives shall guarantee that the listing application documents are true, accurate and complete, and have no false records, misleading statements or material omissions. 2.1.6 发行人及其董事、监事、高级管理人员应当保证上市申请文件真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏。
2.1.7 The SSE shall decide whether to approve the listing within five trading days after receiving the issuer's listing application documents. 2.1.7 本所收到发行人上市申请文件后5个交易日内,作出是否同意上市的决定。
Where the issuer has any major matter, which has a significant impact on whether it meets the listing conditions and information disclosure requirements, the SSE may request the Listing Committee for Stocks on the Science and Technology Innovation Board to conduct deliberation, and the deliberation time shall not be included in the term prescribed in the preceding paragraph. 发行人发生重大事项,对是否符合上市条件和信息披露要求产生重大影响的,本所可提请科创板股票上市委员会进行审议,审议时间不计入前款规定时限。
2.1.8 The issuer shall disclose the following documents on the designated media and the website of the SSE within five trading days before the listing of the stock: 2.1.8 发行人应当于股票上市前5个交易日内,在指定媒体及本所网站上披露下列文件:
(1) A listing announcement. (一)上市公告书;
(2) The company's bylaws. (二)公司章程;
(3) Other documents required by the SSE. (三)本所要求的其他文件。
Section 2 Offering and Listing of Stocks of Listed Companies 

第二节 上市公司股票发行上市

2.2.1 Where a listed company offers a stock to the public in accordance with the law, it may disclose the prospectus, the rights issues prospectus and other relevant documents within the prescribed time limit, and apply to the SSE for handling the matters on the public offering of shares and rights issues. 2.2.1 上市公司依法公开发行股票的,可以在规定时间内披露招股说明书、配股说明书等相关文件,并向本所申请办理股票公开发行、配股事宜。
2.2.2 After a listed company completes the public offering of a stock or rights issues and completes registration, it shall disclose the listing announcement and other relevant documents before the listing of the stock, and apply to the SSE for handling the matters on the listing of new shares. 2.2.2 上市公司股票公开发行或配股结束并完成登记后,应当在股票上市前披露上市公告等相关文件,并向本所申请办理新增股份上市事宜。
2.2.3 After a listed company completes the private placement of a stock and completes registration, it shall disclose the listing result announcement and other relevant documents before the listing of the stock, and apply to the SSE for handling the matters on the listing of new shares. 2.2.3 上市公司非公开发行股票结束并完成登记后,应当在股票上市前披露发行结果公告等相关文件,并向本所申请办理新增股份上市事宜。
Section 3 Removal of Trading Restriction of Shares 

第三节 股份解除限售

2.3.1 Where the following shares meet the conditions for removing trading restriction, the shareholder may apply for removing the trading restriction through the listed company: 2.3.1 下列股份符合解除限售条件的,股东可以通过上市公司申请解除限售:
(1) The shares offered by the issuer before IPO (hereinafter referred to as “pre-IPO shares”). (一)发行人首次公开发行前已发行的股份(以下简称首发前股份);
(2) Privately placed shares of the listed company. (二)上市公司非公开发行的股份;
(3) Shares placed by the issuer or listed company to securities investment funds, strategic investors and other legal persons or natural persons. (三)发行人、上市公司向证券投资基金、战略投资者及其他法人或者自然人配售的股份;
(4) The restricted shares held by directors, supervisors, senior executives and core technicians, among others. (四)董事、监事、高级管理人员以及核心技术人员等所持限售股份;
(5) Other restricted shares. (五)其他限售股份。
2.3.2 When a listed company applies for removing the trading restriction of shares, it shall disclose an indicative announcement five trading days before the removal of trading restriction. 2.3.2 上市公司申请股份解除限售,应当在限售解除前5个交易日披露提示性公告。
A listed company shall disclose shareholders' performance of sale restriction undertakings, and the sponsor and securities service provider shall give their opinions and disclose relevant information. 上市公司应当披露股东履行限售承诺的情况,保荐机构、证券服务机构应当发表意见并披露。
Section 4 Shareholding Reduction 

第四节 股份减持

2.4.1 These Rules shall apply to the restricted sale and reduction of holding of shares of listed companies; if it is not provided for in these Rules, the Detailed Implementation Rules of the Shanghai Stock Exchange for Shareholding Reduction by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies (hereinafter referred to as the “Detailed Rules for Shareholding Reduction”), the Detailed Implementation Rules of the Shanghai Stock Exchange for Shareholding Reduction by Venture Capital Fund Shareholders of Listed Companies and other relevant provisions of the SSE. 2.4.1 上市公司股份的限售与减持,适用本规则;本规则未规定的,适用《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》(以下简称《减持细则》)、《上海证券交易所上市公司创业投资基金股东减持股份实施细则》及本所其他有关规定。
Shareholders of a listed company may transfer pre-IPO shares through private transfer and placement, the transfer methods, procedures, price, proportion, subsequent transfer and other matters, and the shareholding reduction involved in the private placement of shares of the listed company shall be prescribed by the SSE separately and reported to the CSRC for approval and implementation. 上市公司股东可以通过非公开转让、配售方式转让首发前股份,转让的方式、程序、价格、比例以及后续转让等事项,以及上市公司非公开发行股份涉及的减持由本所另行规定,报中国证监会批准后实施。
2.4.2 The pre-IPO shares held by a company's shareholders may be under the custody of the sponsor that provides the company with IPO and listing sponsorship services before the company's listing, and the sponsor shall conduct the supervision and administration of the trading instructions of shareholders for reducing pre-IPO shares in accordance with the provisions of business rules of the SSE. 2.4.2 公司股东持有的首发前股份,可以在公司上市前托管在为公司提供首次公开发行上市保荐服务的保荐机构,并由保荐机构按照本所业务规则的规定,对股东减持首发前股份的交易委托进行监督管理。
2.4.3 Where a company is not profitable at the time of listing, the controlling shareholder or actual controller shall not reduce pre-IPO shares within the three full fiscal years from the date of listing of the company's stock before the company makes profit. In the fourth fiscal year and the fifth fiscal year from the date when the company's stock is listed, the pre-IPO shares reduced each year shall not exceed 2% of the total number of shares of the company, and shall comply with the relevant provisions of the Detailed Rules for Shareholding Reduction on shareholding reduction. 2.4.3 公司上市时未盈利的,在公司实现盈利前,控股股东、实际控制人自公司股票上市之日起3个完整会计年度内,不得减持首发前股份;自公司股票上市之日起第4个会计年度和第5个会计年度内,每年减持的首发前股份不得超过公司股份总数的2%,并应当符合《减持细则》关于减持股份的相关规定。
Where the company is not profitable at the time of listing, the directors, supervisors, senior executives and core technicians shall not reduce pre-IPO shares within three full fiscal years from the date when the company's stock is listed before the company makes profits, if he or she resigns within the aforesaid period, he or she shall continue to comply with the provisions of this paragraph. 公司上市时未盈利的,在公司实现盈利前,董事、监事、高级管理人员及核心技术人员自公司股票上市之日起3个完整会计年度内,不得减持首发前股份;在前述期间内离职的,应当继续遵守本款规定。
After the company makes profits, the shareholders prescribed in the preceding two paragraphs may reduce their holding of pre-IPO shares from the date immediately after the disclosure of the annual report of the current year, but it shall comply with other provisions of this Section. 公司实现盈利后,前两款规定的股东可以自当年年度报告披露后次日起减持首发前股份,但应当遵守本节其他规定。
2.4.4 Where the controlling shareholder or actual controller of a listed company reduces the holding of the company's pre-IPO shares, it shall comply with the following provisions: 2.4.4 上市公司控股股东、实际控制人减持本公司首发前股份的,应当遵守下列规定:
(1) Within 36 months from the date when the company's stock is listed, it shall not transfer or entrust any other person to manage the pre-IPO shares that are directly and indirectly held by the company, and shall not propose the listed company's repurchase of such shares. (一)自公司股票上市之日起36个月内,不得转让或者委托他人管理其直接和间接持有的首发前股份,也不得提议由上市公司回购该部分股份;
(2) Other provisions of laws and regulations, these Rules and business rules of the SSE on the transfer of shares of the controlling shareholder or actual controller. (二)法律法规、本规则以及本所业务规则对控股股东、实际控制人股份转让的其他规定。
When the issuer applies to the SSE for the IPO and listing of its stock, the controlling shareholder or actual controller shall undertake to comply with the provisions of the preceding paragraph. 发行人向本所申请其股票首次公开发行并上市时,控股股东、实际控制人应当承诺遵守前款规定。
Where both parties to the transfer have control relations or are controlled by the same actual controller, it may be exempted from complying with the provision of paragraph 1 of this Article 12 months after the date when the issuer's stock is listed. 转让双方存在控制关系或者受同一实际控制人控制的,自发行人股票上市之日起 12 个月后,可豁免遵守本条第一款规定。
2.4.5 Where the core technician of a listed company reduces the holding of pre-IPO shares of the company, he or she shall comply with the following provisions: 2.4.5 上市公司核心技术人员减持本公司首发前股份的,应当遵守下列规定:
(1) He or she shall not transfer the company's pre-IPO shares within 12 months from the date of listing of the company's stock and within six months after resigning from the company. (一)自公司股票上市之日起12个月内和离职后6个月内不得转让本公司首发前股份;
(2) Within four years from the expiration of the restricted stock trade period of pre-IPO shares held, the pre-IPO shares transferred each year shall not exceed 25% of the total number of IPO shares of the company held at the time of listing, and the shareholding reduction ratio may be used cumulatively. (二)自所持首发前股份限售期满之日起4年内,每年转让的首发前股份不得超过上市时所持公司首发前股份总数的25%,减持比例可以累积使用;
(3) Other provisions of laws and regulations, these Rules and business rules of the SSE on the transfer of shares of core technicians. (三)法律法规、本规则以及本所业务规则对核心技术人员股份转让的其他规定。
2.4.6 Where the controlling shareholder or actual controller of a listed company reduces the holding of IPO shares after the expiration of the restricted stock trade period, it shall specify and disclose the company's arrangements on the control right and guarantee the continuous stable operation of the listed company. 2.4.6 上市公司控股股东、实际控制人在限售期满后减持首发前股份的,应当明确并披露公司的控制权安排,保证上市公司持续稳定经营。
2.4.7 Where a listed company has any major violation of law prescribed in Section 2 of Chapter XII of these Rules and triggers the delisting standards, the controlling shareholder, actual controller, directors, supervisors and senior executives shall not reduce the holding of the company's shares from the date when the relevant administrative penalty decision is made or the judicial judgment is rendered to the date when the listing of the company's stock is terminated. 2.4.7 上市公司存在本规则第十二章第二节规定的重大违法情形,触及退市标准的,自相关行政处罚决定或者司法裁判作出之日起至公司股票终止上市前,控股股东、实际控制人、董事、监事、高级管理人员不得减持公司股份。
2.4.8 Where the controlling shareholder or actual controller of a listed company reduces shareholding and discloses the shareholding reduction plan in accordance with the Detailed Rules for Shareholding Reduction, it shall also disclose in the shareholding reduction plan whether the listed company has any major negative matter, major risks, the matters that shall be explained in the opinion of the controlling shareholder or actual controller, as well as other content that shall be disclosed as required by the SSE. 2.4.8 上市公司控股股东、实际控制人减持股份,依照《减持细则》披露减持计划的,还应当在减持计划中披露上市公司是否存在重大负面事项、重大风险、控股股东或者实际控制人认为应当说明的事项,以及本所要求披露的其他内容。
2.4.9 The shares held by shareholders of a listed company shall be calculated on a consolidated basis with the shares held by the persons acting in concert with them. The provisions of the Measures for the Administration of the Acquisition of Listed Companies shall apply to the determination of the persons acting in concert. 2.4.9 上市公司股东所持股份应当与其一致行动人所持股份合并计算。一致行动人的认定适用《上市公司收购管理办法》的规定。
The provisions of this Section on the controlling shareholder shall apply, mutatis mutandis, to the largest shareholder of a listed company. 上市公司第一大股东应当参照适用本节关于控股股东的规定。
Where the special asset management plan set up by the issuer's senior executives and core technicians reduces the holding of shares obtained through strategic placement in the secondary market in such forms as centralized bidding and block trading, the corresponding information disclosure obligation shall be performed in accordance with the provisions of these Rules on the reduction of holding of pre-IPO shares by shareholders of the listed company. 发行人的高级管理人员与核心员工设立的专项资产管理计划,通过集中竞价、大宗交易等方式在二级市场减持参与战略配售获配股份的,应当按照本规则关于上市公司股东减持首发前股份的规定履行相应信息披露义务。
Chapter III Continuous Supervision 

第三章 持续督导

Section 1 General Provisions 

第一节 一般规定

3.1.1 The sponsor that provides sponsorship services for the issuer's IPO of a stock shall conduct continuous supervision of the issuer. 3.1.1 为发行人首次公开发行股票提供保荐服务的保荐机构,应当对发行人进行持续督导。
The matters on the continuous supervision of the offering of shares and significant asset restructuring by the listed company shall be governed by the relevant provisions of the CSRC and the SSE. 上市公司发行股份和重大资产重组的持续督导事宜,按照中国证监会和本所有关规定执行。
3.1.2 In the case of IPO and listing of a stock on the sci-tech board, the continuous supervision period shall be the remaining time of the year when the stock is listed and the following three full fiscal years. If the sponsor has uncompleted sponsorship work when the continuous supervision period expires, the sponsor shall continue to complete the sponsorship work. 3.1.2 首次公开发行股票并在科创板上市的,持续督导期间为股票上市当年剩余时间以及其后 3 个完整会计年度。持续督导期届满,如有尚未完结的保荐工作,保荐机构应当继续完成。
The sponsor shall sign a continuous supervision agreement with the issuer, the listed company or relevant parties on rights and obligations during the continuous supervision period. 保荐机构应当与发行人、上市公司或相关方就持续督导期间的权利义务签订持续督导协议。
3.1.3 In principle, a listed company shall not change the sponsor that performs continuous supervision duties. 3.1.3 上市公司原则上不得变更履行持续督导职责的保荐机构。
Where a listed company retains another sponsor due to the offering of shares once again, the sponsor retained shall perform continuous supervision duties during the remaining period. 上市公司因再次发行股票另行聘请保荐机构的,另行聘请的保荐机构应当履行剩余期限的持续督导职责。
Where the sponsor is disqualified, the listed company shall retain another sponsor within one month to perform continuous supervision duties during the remaining period. The other sponsor retained shall conduct continuous supervision for not less than one full fiscal year. 保荐机构被撤销保荐资格的,上市公司应当在1个月内另行聘请保荐机构,履行剩余期限的持续督导职责。另行聘请的保荐机构持续督导的时间不得少于 1 个完整的会计年度。
Where the original sponsor fails to perform duties in a diligent manner during the period of performing continuous supervision duties, its responsibility shall not be waived or terminated due to the replacement of the sponsor. 原保荐机构在履行持续督导职责期间未勤勉尽责的,其责任不因保荐机构的更换而免除或者终止。
3.1.4 The sponsor shall establish, improve and effectively implement the rules for the management of the continuous supervision business. 3.1.4 保荐机构应当建立健全并有效执行持续督导业务管理制度。
The sponsor and sponsor representatives shall produce and maintain continuous supervision working papers. The working papers shall reflect the major work conducted by the sponsor and sponsor representatives in fulfilling continuous supervision duties in a true, accurate and complete manner, and be taken as the basis for issuing relevant opinions or reports. 保荐机构、保荐代表人应当制作并保存持续督导工作底稿。工作底稿应当真实、准确、完整地反映保荐机构、保荐代表人履行持续督导职责所开展的主要工作,并作为出具相关意见或者报告的基础。
3.1.5 The sponsor shall designate the sponsor representative who provides sponsorship services for the IPO of the issuer to be responsible for the continuous supervision work and disclose it in the listing announcement. If the aforesaid sponsor representative fails to perform his or her duties, the sponsor shall designate another person with equivalent ability to perform duties as the sponsor representative and disclose the relevant information. 3.1.5 保荐机构应当指定为发行人首次公开发行提供保荐服务的保荐代表人负责持续督导工作,并在上市公告书中予以披露。前述保荐代表人不能履职的,保荐机构应当另行指定履职能力相当的保荐代表人并披露。
The sponsor shall establish and improve the work rules for sponsor representatives, specify the work requirements and duties of sponsor representatives, and establish effective assessment, incentive and restraint mechanisms. 保荐机构应当建立健全保荐代表人工作制度,明确保荐代表人的工作要求和职责,建立有效的考核、激励和约束机制。
Where the sponsor representative fails to perform his or her duties in accordance with these Rules, the sponsor shall urge the sponsor representative to perform his or her duties. 保荐代表人未按照本规则履行职责的,保荐机构应当督促保荐代表人履行职责。
3.1.6 During the continuous supervision period, the sponsor shall perform the following continuous supervision duties: 3.1.6 保荐机构在持续督导期间,应当履行下列持续督导职责:
(1) Promoting the listed company's establishment and implementation of such rules as information disclosure, standard operation, fulfillment of undertakings, and dividend return. (一)促上市公司建立和执行信息披露、规范运作、承诺履行、分红回报等制度;
(2) Identifying and urging the listed company to disclose risks or negative events that have material adverse effects on the company's sustainable operation capability, core competitiveness or the stability of its control right, and give its opinions. (二)别并督促上市公司披露对公司持续经营能力、核心竞争力或者控制权稳定有重大不利影响的风险或者负面事项,并发表意见;
(3) Paying attention to abnormal fluctuations in the stock trading of the listed company, and urging the listed company to perform inspection, information disclosure and other obligations in accordance with the provisions of these Rules. (三)注上市公司股票交易异常波动情况,督促上市公司按照本规则规定履行核查、信息披露等义务;
(4) Conducting the special inspection of matters of the listed company that may seriously affect the lawful rights and interests of the company or investors, and issuing on-site inspection reports. (四)上市公司存在的可能严重影响公司或者投资者合法权益的事项开展专项核查,并出具现场核查报告;
(5) Issuing and disclosing continuous supervision and tracking reports on a periodical basis. (五)期出具并披露持续督导跟踪报告;
(6) Other duties prescribed by the CSRC and the SSE or agreed upon in the sponsorship agreement. (六)国证监会、本所规定或者保荐协议约定的其他职责。
The sponsor and sponsor representatives shall make an implementation plan for fulfilling all continuous supervision duties according to the specific circumstances of the listed company. 保荐机构、保荐代表人应当针对上市公司的具体情况,制定履行各项持续督导职责的实施方案。
3.1.7 A listed company shall actively cooperate with the sponsor in performing continuous supervision duties according to the following requirements: 3.1.7 上市公司应当按照下列要求,积极配合保荐机构履行持续督导职责:
(1) Providing relevant information necessary for the performance of continuous supervision duties in a timely manner according to the requirements of the sponsor and sponsor representatives. (一)根据保荐机构和保荐代表人的要求,及时提供履行持续督导职责必需的相关信息;
(2) If any major matter that shall be disclosed occurs or any major risk occurs, it shall inform the sponsor and sponsor representatives in a timely manner. (二)发生应当披露的重大事项或者出现重大风险的,及时告知保荐机构和保荐代表人;
(3) Performing the information disclosure obligation or taking corresponding rectification measures in a timely manner according to the supervision opinions of the sponsor and sponsor representatives. (三)根据保荐机构和保荐代表人的督导意见,及时履行信息披露义务或者采取相应整改措施;
(4) Assisting the sponsor and sponsor representatives in disclosing continuous supervision opinions. (四)协助保荐机构和保荐代表人披露持续督导意见;
(5) Providing other necessary conditions and conveniences for the sponsor and sponsor representatives to perform continuous supervision duties. (五)为保荐机构和保荐代表人履行持续督导职责提供其他必要的条件和便利。
Where the listed company fails to cooperate with the sponsor or sponsor representative in continuous supervision, the sponsor and sponsor representative shall urge the company to take corrective action and report it to the SSE in a timely manner. 上市公司不配合保荐机构、保荐代表人持续督导工作的,保荐机构、保荐代表人应当督促公司改正,并及时报告本所。
Section 2 Performance of Continuous Supervision Duties 

第二节 持续督导职责的履行

3.2.1 The sponsor and sponsor representatives shall assist and urge a listed company to establish corresponding internal rules, decision-making procedures and internal control mechanism so as to comply with the requirements of laws, regulations and these Rules, and guarantee that the listed company and its controlling shareholder, actual controller, directors, supervisors, senior executives and core technicians are aware of their obligations under these Rules. 3.2.1 保荐机构、保荐代表人应当协助和督促上市公司建立相应的内部制度、决策程序及内控机制,以符合法律法规和本规则的要求,并确保上市公司及其控股股东、实际控制人、董事、监事和高级管理人员、核心技术人员知晓其在本规则下的各项义务。
3.2.2 The sponsor and sponsor representatives shall continuously urge the listed company to fully disclose the information necessary for investors to make value judgments and investment decisions, and ensure that the information is disclosed in a truthful, accurate, complete, timely and fair manner. 3.2.2 保荐机构、保荐代表人应当持续督促上市公司充分披露投资者作出价值判断和投资决策所必需的信息,并确保信息披露真实、准确、完整、及时、公平。
The sponsor and sponsor representatives shall provide necessary guidance and assistance to the listed company in preparing information disclosure announcements and documents to ensure that the disclosed information is concise and understandable, and the language is plain and understandable. 保荐机构、保荐代表人应当对上市公司制作信息披露公告文件提供必要的指导和协助,确保其信息披露内容简明易懂,语言浅白平实,具有可理解性。
The sponsor and sponsor representatives shall urge the controlling shareholder or actual controller of the listed company to perform the information disclosure obligation, and inform and urge it or him not to request or assist the listed company's concealment of important information. 保荐机构、保荐代表人应当督促上市公司控股股东、实际控制人履行信息披露义务,告知并督促其不得要求或者协助上市公司隐瞒重要信息。
3.2.3 Where a listed company or its controlling shareholder or actual controller makes an undertaking, the sponsor and sponsor representatives shall urge it to fully disclose information such as the specific content of the undertaking, the manner and time of contract performance, the analysis of the contract performance ability, the risk of contract performance and countermeasures, and relief measures when it fails to fulfill the contract. 3.2.3 上市公司或其控股股东、实际控制人作出承诺的,保荐机构、保荐代表人应当督促其对承诺事项的具体内容、履约方式及时间、履约能力分析、履约风险及对策、不能履约时的救济措施等方面进行充分信息披露。
The sponsor and sponsor representatives shall, in light of matters to be disclosed based on the undertaking prescribed in the preceding paragraph, continuously track the progress of the relevant entity's performance of the undertaking, and urge the relevant entities to fulfill their undertakings in a timely and sufficient manner. 保荐机构、保荐代表人应当针对前款规定的承诺披露事项,持续跟进相关主体履行承诺的进展情况,督促相关主体及时、充分履行承诺。
Where a listed company or its controlling shareholder or actual controller discloses, performs or changes its undertaking, which fails to comply with laws and regulations, these Rules or other provisions of the SSE, the sponsor and sponsor representatives shall offer supervisory opinions in a timely manner and urge the relevant entities to make supplements and corrections. 上市公司或其控股股东、实际控制人披露、履行或者变更承诺事项,不符合法律法规、本规则以及本所其他规定的,保荐机构和保荐代表人应当及时提出督导意见,并督促相关主体进行补正。
3.2.4 The sponsor and sponsor representatives shall urge the listed company to actively give return to investors, establish, improve and effectively implement the cash dividend and share repurchase rules in line with the company's development stage. 3.2.4 保荐机构、保荐代表人应当督促上市公司积极回报投资者,建立健全并有效执行符合公司发展阶段的现金分红和股份回购制度。
3.2.5 The sponsor and sponsor representatives shall continuously pay attention to the operation of a listed company and have full understanding of the listed company and its businesses. They shall pay attention to the routine operation and stock trading of the listed company in such forms as daily communication, periodical return visits, consulting materials, and attending shareholders' meetings, and effectively identify and urge the listed company to disclose major risks or major negative events. 3.2.5 保荐机构、保荐代表人应当持续关注上市公司运作,对上市公司及其业务有充分了解;通过日常沟通、定期回访、调阅资料、列席股东大会等方式,关注上市公司日常经营和股票交易情况,有效识别并督促上市公司披露重大风险或者重大负面事项。
The sponsor and sponsor representatives shall verify whether the listed company discloses major risks in a true, accurate and complete manner. If there is any false records, misleading statements or material omissions in the disclosed content, the sponsor and sponsor representatives shall give their opinions and make an explanation. 保荐机构、保荐代表人应当核实上市公司重大风险披露是否真实、准确、完整。披露内容存在虚假记载、误导性陈述或者重大遗漏的,保荐机构、保荐代表人应当发表意见予以说明。
3.2.6 Where a listed company or the relevant party with information disclosure obligations has any matter prescribed in Articles 3.2.7, 3.2.8 or 3.2.9 of this Chapter, the sponsor and sponsor representatives shall urge the company to strictly perform the information disclosure obligation, and when the company discloses the announcement, give opinions on whether the information is disclosed in a truthful, accurate and complete manner and other content prescribed in this Chapter and disclose the relevant information. 3.2.6 上市公司及相关信息披露义务人出现本章第3.2.7 条、第 3.2.8 条和第 3.2.9 条规定事项的,保荐机构、保荐代表人应当督促公司严格履行信息披露义务,并于公司披露公告时,就信息披露是否真实、准确、完整及本章规定的其他内容发表意见并披露。
Where the sponsor or sponsor representative fails to perform the duties as mentioned in the preceding paragraph on time, it shall disclose the matters to be verified and the time when opinions are expected to be published, and fully warn of the risks. 保荐机构、保荐代表人无法按时履行前款所述职责的,应当披露尚待核实的事项及预计发表意见的时间,并充分提示风险。
3.2.7 Where a listed company falls under any of the following circumstances in routine operation, the sponsor and sponsor representatives shall give their opinions on the impact of relevant matters on the company's business operation and whether there are other undisclosed major risks and disclose the relevant information: 3.2.7 上市公司日常经营出现下列情形的,保荐机构、保荐代表人应当就相关事项对公司经营的影响以及是否存在其他未披露重大风险发表意见并披露:
(1) The main business stagnates or any major risk event that may lead to the stagnation of the main business occurs. (一)主要业务停滞或出现可能导致主要业务停滞的重大风险事件;
(2) The assets are seized, detained or frozen. (二)资产被查封、扣押或冻结;
(3) It fails to pay off the debts due. (三)未能清偿到期债务;
(4) The actual controller, the chairman of the board of directors, the general manager, the chief financial officer or the core technician is suspected of committing any crime and is taken against any compulsory measure by the judicial authority. (四)实际控制人、董事长、总经理、财务负责人或核心技术人员涉嫌犯罪被司法机关采取强制措施;
(5) Major matters involving affiliated transactions or the provision of guarantee to any other person, among others. (五)涉及关联交易、为他人提供担保等重大事项;
(6) Other circumstances under which opinions shall be given in the opinion of the SSE or the sponsor. (六)本所或者保荐机构认为应当发表意见的其他情形。
3.2.8 Where a listed company falls under any of the following circumstances in businesses and technologies, the sponsor and sponsor representatives shall give their opinions on the impact of relevant matters on the company's core competitiveness and routine operation, and whether there are other undisclosed major risks and disclose the relevant information: 3.2.8 上市公司业务和技术出现下列情形的,保荐机构、保荐代表人应当就相关事项对公司核心竞争力和日常经营的影响,以及是否存在其他未披露重大风险发表意见并披露:
(1) Significant adverse changes in the supply of major raw materials or sale of products. (一)主要原材料供应或者产品销售出现重大不利变化;
(2) The resignation of core technicians. (二)核心技术人员离职;
(3) Loss of core intellectual property rights, franchise rights or core technology licensing, failure to renew or major disputes. (三)核心知识产权、特许经营权或者核心技术许可丧失、不能续期或者出现重大纠纷;
(4) Failure of research and development of major products. (四)主要产品研发失败;
(5) Loss of competitive advantages in core competitiveness or competitors with evident advantages arise in the market. (五)核心竞争力丧失竞争优势或者市场出现具有明显优势的竞争者;
(6) Other circumstances where opinions shall be given in the opinion of the SSE or the sponsor. (六)本所或者保荐机构认为应当发表意见的其他情形。
3.2.9 Where the controlling shareholder, actual controller or the person acting in concert falls under any of the following circumstances, the sponsor and sponsor representatives shall give opinions on the impact of relevant matters on the stability of the listed company's control right and routine operation, whether there is any infringement upon the interests of the listed company, and other undisclosed major risks and disclose the relevant information: 3.2.9 控股股东、实际控制人及其一致行动人出现下列情形的,保荐机构、保荐代表人应当就相关事项对上市公司控制权稳定和日常经营的影响、是否存在侵害上市公司利益的情形以及其他未披露重大风险发表意见并披露:
(1) The shares of the listed company held are frozen by the judicial authority. (一)所持上市公司股份被司法冻结;
(2) The proportion of pledged shares of the listed company exceeds 80% of the shares held or the position is forcibly closed. (二)质押上市公司股份比例超过所持股份80%或者被强制平仓的;
(3) Other circumstances under which opinions shall be given in the opinion of the SSE or the sponsor. (三)本所或者保荐机构认为应当发表意见的其他情形。
3.2.10 In the case of any serious abnormal fluctuation in the stock trading of a listed company, the sponsor and sponsor representatives shall urge the listed company to perform the information disclosure obligation in accordance with these Rules in a timely manner. 3.2.10 上市公司股票交易出现严重异常波动的,保荐机构、保荐代表人应当督促上市公司及时按照本规则履行信息披露义务。
3.2.11 The sponsor and sponsor representatives shall urge the controlling shareholder, actual controller, directors, supervisors, senior executives and core technicians to perform their shareholding reduction undertakings, and pay attention to whether the aforesaid entities' reduction of holding of the company's shares complies with relevant provisions, the impact on the listed company and other circumstances. 3.2.11 保荐机构、保荐代表人应当督促控股股东、实际控制人、董事、监事、高级管理人员及核心技术人员履行其作出的股份减持承诺,关注前述主体减持公司股份是否合规、对上市公司的影响等情况。
3.2.12 The sponsor and sponsor representatives shall pay attention to the use of raised funds by the listed company, and urge it to use raised funds in a rational manner and continuously disclose the use of raised funds. 3.2.12 保荐机构、保荐代表人应当关注上市公司使用募集资金的情况,督促其合理使用募集资金并持续披露使用情况。
3.2.13 Where a listed company falls under any of the following circumstances, the sponsor and sponsor representatives shall conduct special on-site inspection within 15 days from the date when they know or should have known the circumstances: 3.2.13 上市公司出现下列情形之一的,保荐机构、保荐代表人应当自知道或者应当知道之日起 15 日内进行专项现场核查:
(1) It is suspected of committing any major financial fraud. (一)存在重大财务造假嫌疑;
(2) The controlling shareholder, actual controller, director, supervisor or senior executive is suspected of infringing upon the interests of the listed company. (二)控股股东、实际控制人、董事、监事或者高级管理人员涉嫌侵占上市公司利益;
(3) It may provide guarantee for any major regulatory violation. (三)可能存在重大违规担保;
(4) It has any major abnormal circumstance in fund transfer or cash flow. (四)资金往来或者现金流存在重大异常;
(5) Other matters that shall be subject to on-site inspection in the opinion of the SSE or the sponsor. (五)本所或者保荐机构认为应当进行现场核查的其他事项。
3.2.14 Where the sponsor conducts on-site inspection, it shall issue an on-site inspection report on the inspection information, the issues to be concerned by the listed company and investors, the on-site inspection conclusion and other matters, and shall disclose the report within 15 trading days after the completion of on-site inspection. 3.2.14 保荐机构进行现场核查的,应当就核查情况、提请上市公司及投资者关注的问题、本次现场核查结论等事项出具现场核查报告,并在现场核查结束后 15 个交易日内披露。
3.2.15 The sponsor shall disclose the continuous supervision and tracking report covering the following content within 15 trading days from the date of disclosure of the listed company's annual report and semi-annual report: 3.2.15 保荐机构应当在上市公司年度报告、半年度报告披露之日起 15 个交易日内,披露包括下列内容的持续督导跟踪报告:
(1) Problems discovered by the sponsor and sponsor representatives and the rectification information. (一)保荐机构和保荐代表人发现的问题及整改情况;
(2) Major risk matters. (二)重大风险事项;
(3) Major regulatory violations. (三)重大违规事项;
(4) Reason for the change of major financial indicators and the rationality. (四)主要财务指标的变动原因及合理性;
(5) Changes in core competitiveness. (五)核心竞争力的变化情况;
(6) Changes in research and development expenditures and progress of research and development. (六)研发支出变化及研发进展;
(7) Whether the new business progress is consistent with the information disclosed in previous periods (if any). (七)新增业务进展是否与前期信息披露一致(如有);
(8) The use of raised funds and whether it complies with relevant provisions. (八)募集资金的使用情况及是否合规;
(9) The shareholding, pledge, freezing and shareholding reduction of the controlling shareholder, the actual controller, directors, supervisors and senior executives. (九)控股股东、实际控制人、董事、监事和高级管理人员的持股、质押、冻结及减持情况;
(10) Other matters on which opinions shall be given in the opinion of the SSE or the sponsor. (十)本所或者保荐机构认为应当发表意见的其他事项。
Where the listed company fails to make profits, its performance turns from profit to loss, its operating income drops by 50% or more in comparison with that over the same period of the previous year, or other major financial indicators are abnormal, the sponsor shall, in a conspicuous position of the continuous supervision and tracking report, give conclusive opinions on whether the listed company has major risks. 上市公司未实现盈利、业绩由盈转亏、营业收入与上年同期相比下降 50%以上或者其他主要财务指标异常的,保荐机构应当在持续督导跟踪报告显著位置就上市公司是否存在重大风险发表结论性意见。
3.2.16 After the completion of continuous supervision, the sponsor shall submit a sponsor summary report to the CSRC and the SSE and disclose the relevant information in accordance with the relevant provisions of the CSRC and the SSE within 10 trading days from the date of disclosure of the listed company's annual report. 3.2.16 持续督导工作结束后,保荐机构应当在上市公司年度报告披露之日起的 10 个交易日内依据中国证监会和本所相关规定,向中国证监会和本所报送保荐总结报告书并披露。
Chapter IV Internal Governance 

第四章 内部治理

Section 1 Controlling Shareholder and Actual Controller 

第一节 控股股东及实际控制人

4.1.1 The controlling shareholder or actual controller of a listed company shall have good faith, exercise rights in a standardized manner, strictly fulfill the undertaking, and protect the common interests of the listed company and all shareholders. 4.1.1 上市公司控股股东、实际控制人应当诚实守信,规范行使权利,严格履行承诺,维护上市公司和全体股东的共同利益。
The controlling shareholder or actual controller shall perform the information disclosure obligation and guarantee that the information is disclosed in a truthful, accurate, complete, timely and fair manner, and contains no false records, misleading statements or material omissions. 控股股东、实际控制人应当履行信息披露义务,并保证披露信息的真实、准确、完整、及时、公平,不得有虚假记载、误导性陈述或者重大遗漏。
4.1.2 The controlling shareholder or actual controller of a listed company shall officially sign and submit to the SSE the Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller before the initial listing of the company's stock or within one month after the completion of the change of control right. Any major change of the matter in the statement shall be updated and submitted within five trading days. 4.1.2 上市公司控股股东、实际控制人应当在公司股票首次上市前或者控制权变更完成后1个月内,正式签署并向本所提交《控股股东、实际控制人声明及承诺书》。声明事项发生重大变化的,应当在5个交易日内更新并提交。
The Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller shall be signed as witnessed by a lawyer. 签署《控股股东、实际控制人声明及承诺书》时,应当由律师见证。
4.1.3 The controlling shareholder or actual controller of a listed company shall maintain the independence of the listed company and exercise its rights according to the decision-making procedures of the listed company. 4.1.3 上市公司控股股东、实际控制人应当维护上市公司独立性,按照上市公司的决策程序行使权利。
The controlling shareholder or actual controller and its affiliates shall not violate any law, regulation or the company's bylaws, directly or indirectly interfere with the company's decision-making and business activities, or damage the lawful rights and interests of the company and other shareholders. 控股股东、实际控制人及其关联方不得违反法律法规和公司章程,直接或间接干预公司决策和经营活动,损害公司及其他股东合法权益。
4.1.4 The controlling shareholder or actual controller of a listed company shall not damage the interests of the listed company, infringe upon property rights of the listed company, or seek business opportunities of the listed company through affiliated transactions, capital occupation, guarantee, profit distribution, asset restructuring, and external investment. 4.1.4 上市公司控股股东、实际控制人不得通过关联交易、资金占用、担保、利润分配、资产重组、对外投资等方式损害上市公司利益,侵害上市公司财产权利,谋取上市公司商业机会。
4.1.5 The controlling shareholder or actual controller of a listed company shall actively cooperate with the listed company in fulfilling its information disclosure obligation and shall not require or assist the listed company's concealment of important information. 4.1.5 上市公司控股股东、实际控制人应当积极配合上市公司履行信息披露义务,不得要求或者协助上市公司隐瞒重要信息。
Where the controlling shareholder or actual controller of a listed company receives the inquiry from a company, it shall obtain the relevant information in a timely manner and give a reply, and guarantee that the content of the reply is true, accurate and complete. 上市公司控股股东、实际控制人收到公司问询的,应当及时了解情况并回复,保证回复内容真实、准确和完整。
4.1.6 A listed company shall determine the ownership of control right in an objective and prudential manner according to the equity structure, the appointment and dismissal of directors and senior executives, and other internal governance information. Control is constituted under any of the following circumstances: 4.1.6 上市公司应当根据股权结构、董事和高级管理人员的提名任免以及其他内部治理情况,客观、审慎地认定控制权归属。具有下列情形之一的,构成控制:
(1) The company holds 50% or more shares of the listed company, unless there is any contrary evidence. (一)持有上市公司 50%以上的股份,但是有相反证据的除外;
(2) The company actually controls 30% or more voting rights of shares of the listed company. (二)实际支配上市公司股份表决权超过30%;
(3) It is able to decide on the appointment and dismissal of a half or more of members of the board of directors by actually controlling the voting rights of shares of the listed company. (三)通过实际支配上市公司股份表决权能够决定董事会半数以上成员的任免;
(4) The voting rights of shares of the listed company that may be actually dominated by them are sufficient to have a significant impact on the resolutions of the company's shareholders' meeting. (四)依其可实际支配的上市公司股份表决权足以对公司股东大会的决议产生重大影响;
(5) It is able to actually control or decide on major business decisions, important personnel appointment and dismissal and other matters of the listed company. (五)可以实际支配或者决定上市公司的重大经营决策、重要人事任命等事项;
(6) Other circumstances determined by the CSRC and the SSE. (六)中国证监会和本所认定的其他情形。
Where a concerted action agreement is signed to jointly control a listed company, the joint control arrangement and the removal mechanism shall be specified in the agreement. 签署一致行动协议共同控制上市公司的,应当在协议中明确共同控制安排及解除机制。
4.1.7 Where the controlling shareholder or actual controller of a listed company transfers the control right, it shall guarantee fairness and reasonableness and shall not damage the lawful rights and interests of the listed company and other shareholders. 4.1.7 上市公司控股股东、实际控制人转让控制权的,应当保证公平合理,不得损害上市公司和其他股东的合法权益。
Where the controlling shareholder or actual controller falls under any of the following circumstances before the transfer of control right, it shall be resolved: 控股股东、实际控制人转让控制权前存在下列情形的,应当予以解决:
(1) Occupying funds of the listed company in violation of any provision. (一)违规占用上市公司资金;
(2) Failing to pay off debts of the listed company or remove the guarantee provided by the listed company to it. (二)未清偿对上市公司债务或者未解除上市公司为其提供的担保;
(3) Failing to fulfill the undertaking to the listed company or other shareholders. (三)对上市公司或者其他股东的承诺未履行完毕;
(4) Other matters that have material adverse effects on the interests of the listed company or minority shareholders. (四)对上市公司或者中小股东利益存在重大不利影响的其他事项。
4.1.8 A contractual fund, trust plan or asset management plan that holds 5% or more shares of a listed company shall disclose the subject of voting rights of controlling shares in the equity change document, and whether the entity has affiliation with the controlling shareholder or actual controller of the listed company. 4.1.8 持有上市公司5%以上股份的契约型基金、信托计划或资产管理计划,应当在权益变动文件中披露支配股份表决权的主体,以及该主体与上市公司控股股东、实际控制人是否存在关联关系。
Where a contractual fund, trust plan or asset management plan becomes the controlling shareholder, the largest shareholder or actual controller of a listed company, in addition that the obligations prescribed in the preceding paragraph shall be performed, relevant information shall be disclosed to final investors in the equity change document. 契约型基金、信托计划或资产管理计划成为上市公司控股股东、第一大股东或者实际控制人的,除应当履行前款规定义务外,还应当在权益变动文件中穿透披露至最终投资者。
4.1.9 The controlling shareholder or actual controller of a listed company shall strictly perform their undertakings and disclose the performance of their undertakings. If the undertaking cannot be fulfilled on time or the fulfillment of the undertaking is adverse to the protection of the company's rights and interests, the party making the undertaking shall immediately inform the listed company, propose effective solutions and disclose them. 4.1.9 上市公司控股股东、实际控制人应当严格履行承诺,并披露承诺履行情况。承诺事项无法按期履行或者履行承诺将不利于维护公司权益的,承诺方应当立即告知上市公司,提出有效的解决措施,并予以披露。
Where the controlling shareholder or actual controller intends to change the undertaking, it shall perform corresponding decision-making procedures in accordance with the relevant provisions of the CSRC and the SSE. 控股股东、实际控制人拟变更承诺的,应当按照中国证监会和本所有关规定履行相应决策程序。
Section 2 Directors, Supervisors and Senior Executives 

第二节 董事、监事和高级管理人员

4.2.1 The directors, supervisors and senior executives of a listed company shall perform their duty of loyalty and diligence, strictly fulfill their undertakings, and protect the interests of the listed company and all shareholders. 4.2.1 上市公司董事、监事和高级管理人员应当履行忠实、勤勉义务,严格遵守承诺,维护上市公司和全体股东利益。
4.2.2 The directors, supervisors and senior executives of a listed company shall, before the IPO of the company's stock, and new directors, supervisors and senior executives shall, within one month after holding the position, sign and submit the Statements and Letter of Undertakings of Directors (Supervisors and Senior Executives) to the SSE. In the case of any significant change in the statements (except the holding of shares of the company), directors, supervisors and senior executives shall update and submit the statements within five trading days. 4.2.2 上市公司董事、监事和高级管理人员应当在公司股票首次上市前,新任董事、监事和高级管理人员应当在任职后1个月内,签署并向本所提交《董事(监事、高级管理人员)声明及承诺书》。声明事项发生重大变化的(持有本公司股票的情况除外),董事、监事和高级管理人员应当在 5个交易日内更新并提交。
The Statements and Letter of Undertakings of Directors (Supervisors and Senior Executives) shall be signed as witnessed by a lawyer. 签署《董事(监事、高级管理人员)声明及承诺书》时,应当由律师见证。
4.2.3 A director of a listed company shall fulfill the following duty of loyalty to protect the interests of the listed company: 4.2.3 上市公司董事应当履行以下忠实义务,维护上市公司利益:
(1) Protecting the interests of the listed company and all shareholders, and shall not damage the interests of the listed company for the interest of the actual controller, shareholders, employees, himself or herself or any other third party. (一) 维护上市公司及全体股东利益,不得为实际控制人、股东、员工、本人或者其他第三方的利益损害上市公司利益;
(2) Without the consent of the shareholders' meeting, the director shall not seek business opportunities belonging to the listed company for himself or herself and his or her close relative, and shall not engage in the same type of business of the listed company or entrust any other person to do so. (二) 未经股东大会同意,不得为本人及其近亲属谋取属于上市公司的商业机会,不得自营、委托他人经营上市公司同类业务;
(3) Keeping confidential trade secrets, shall not divulge material information that has not been disclosed, shall not use inside information to obtain illegal benefits, and shall fulfill the competition prohibition obligation agreed with the company after resignation. (三) 保守商业秘密,不得泄露尚未披露的重大信息,不得利用内幕信息获取不法利益,离职后履行与公司约定的竞业禁止义务;
(4) Other loyalty obligations prescribed by laws and regulations, these Rules, other provisions of the SSE and the company's bylaws. (四) 法律法规、本规则以及本所其他规定、公司章程规定的其他忠实义务。
4.2.4 The director of a listed company shall perform the following diligence duties and shall not be slack in the performance of duties: 4.2.4 上市公司董事应当履行以下勤勉义务,不得怠于履行职责:
(1) The director shall guarantee sufficient time and energy to participate in the affairs of the listed company, and prudentially judge the risks and benefits that may arise from the deliberation matter. In principle, the director shall attend the meeting of the board of directors in person. If the director authorizes any other director to attend the meeting on behalf thereof, he or she shall prudentially select the trustee, and the authorized matters and decision-making intention shall be specific and clear, and the director shall not entrust any other person without restriction. (一) 保证有足够的时间和精力参与上市公司事务,审慎判断审议事项可能产生的风险和收益;原则上应当亲自出席董事会会议,因故授权其他董事代为出席的,应当审慎选择受托人,授权事项和决策意向应当具体明确,不得全权委托;
(2) Paying attention to such matters as the company's operating status, reporting relevant issues and risks to the board of directors in a timely manner, and shall not claim the exemption of liability on the ground that he or she is unfamiliar with the company's business or has no information on relevant matters. (二) 关注公司经营状况等事项,及时向董事会报告相关问题和风险,不得以对公司业务不熟悉或者对相关事项不了解为由主张免除责任;
(3) Actively promoting the company's standard operation, urging the company to perform its information disclosure obligation, correcting and reporting the company's regulatory violation in a timely manner, and supporting the company's fulfillment of social responsibility. (三) 积极推动公司规范运行,督促公司履行信息披露义务,及时纠正和报告公司的违规行为,支持公司履行社会责任;
(4) Other diligence duties prescribed by laws and regulations, these Rules, other provisions of the SSE and the company's bylaws. (四) 法律法规、本规则以及本所其他规定、公司章程规定的其他勤勉义务。
4.2.5 Supervisors and senior executives of a listed company shall perform the duties of loyalty and diligence by reference to the provisions of Articles 4.2.3 and 4.2.4. 4.2.5 上市公司监事和高级管理人员应当参照第4.2.3条和第4.2.4条的规定,履行忠实和勤勉义务。
4.2.6 Independent directors shall focus on matters closely relating to the interests of minority shareholders, such as the listed company's affiliated transactions, external guarantee, use of raised funds, mergers, acquisitions and restructuring, major investment and financing activities, remuneration of senior executives and profit distribution. 4.2.6 独立董事应当重点关注上市公司关联交易、对外担保、募集资金使用、并购重组、重大投融资活动、高管薪酬和利润分配等与中小股东利益密切相关的事项。
Independent directors may propose the convening of the meeting of the board of directors and shareholders' meeting, and retain an accounting firm, a law firm or any other securities service provider to audit, inspect or give opinions on relevant matters. 独立董事可以提议召开董事会、股东大会,以及聘请会计师事务所、律师事务所等证券服务机构对相关事项进行审计、核查或者发表意见。
4.2.7 Where the shares of a listed company held by a director, supervisor, senior executive or core technician of the company change, he or she shall report to the company within two trading days and the company shall make an announcement on the website of the SSE. 4.2.7 上市公司董事、监事、高级管理人员和核心技术人员所持公司股份发生变动的,应当在2个交易日内向公司报告并由公司在本所网站公告。
4.2.8 A listed company shall set the secretary of the board of directors to be responsible for the company's information disclosure affairs. 4.2.8 上市公司应当设立董事会秘书,负责公司的信息披露事务。
The secretary of the board of directors of a listed company shall be a senior executive and have corresponding office conditions and qualifications to perform his or her duties in a honest and diligent manner. 上市公司董事会秘书为高级管理人员,应当具备相应任职条件和资格,忠实、勤勉履行职责。
During the vacancy of the secretary of the board of directors, the listed company shall, in a timely manner, designate a director or senior executive to perform duties of the secretary of the board of directors on behalf thereof. If the position is vacant for over three months, the legal representative of the company shall perform the duties of the secretary of the board of directors on behalf thereof. 董事会秘书空缺期间,上市公司应当及时指定一名董事或者高级管理人员代行董事会秘书职责。空缺超过3个月的,公司法定代表人应当代行董事会秘书职责。
4.2.9 A listed company shall provide conveniences for the secretary of the board of directors to perform his or her duties. Directors, supervisors, other senior executives and relevant staff members shall cooperate in the work of the secretary of the board of directors. 4.2.9 上市公司应当为董事会秘书履行职责提供便利条件,董事、监事、其他高级管理人员和相关工作人员应当配合董事会秘书的工作。
The secretary of the board of directors has the right to know the company's operation and financial situation, attend relevant meetings, consult relevant documents, and request relevant departments and personnel to provide materials and information. 董事会秘书有权了解公司的经营和财务情况,参加有关会议,查阅相关文件,要求有关部门和人员提供资料和信息。
The listed company shall have sufficient grounds to dismiss the secretary of the board of directors and shall not dismiss the secretary without any reason. 上市公司解聘董事会秘书应当有充分的理由,不得无故解聘。
4.2.10 A listed company shall set the securities affairs representative to assist the secretary of the board of directors in performing his or her duties. When the secretary of the board of directors is unable to perform his or her duties or as authorized by the secretary of the board of directors, the securities affairs representative shall perform his or her duties on behalf of the secretary. During this period, the responsibility of the secretary of the board of directors for the disclosure of company information shall not be exempted. 4.2.10 上市公司应当设立证券事务代表,协助董事会秘书履行职责。董事会秘书不能履行职责或董事会秘书授权时,证券事务代表应当代为履行职责。在此期间,并不当然免除董事会秘书对公司信息披露所负有的责任。
4.2.11 After the board of directors of a listed company appoints the secretary of the board of directors and a securities affairs representative, it shall make an announcement in a timely manner and submit the following materials to the SSE: 4.2.11 上市公司董事会聘任董事会秘书和证券事务代表后,应当及时公告并向本所提交下述资料:
(1) The letter of appointment of the secretary of the board of directors and the securities affairs representative or relevant resolutions of the board of directors. (一)董事会秘书、证券事务代表聘任书或者相关董事会决议;
(2) The communication methods of the secretary of the board of directors and the securities affairs representative, including office telephone, residential telephone, mobile telephone, fax, mailing address and special e-mail address, among others. (二)董事会秘书、证券事务代表的通讯方式,包括办公电话、住宅电话、移动电话、传真、通信地址及专用电子邮箱地址等。
The SSE shall accept the handling of information disclosure and equity management affairs by the secretary of the board of directors, the person who performs the duties of the secretary of the board of directors on behalf thereof, or the securities affairs representative in the name of the listed company. 本所接受董事会秘书、代行董事会秘书职责的人员或者证券事务代表以上市公司名义办理的信息披露与股权管理事务。
Section 3 Standard Operation 

第三节 规范运行

4.3.1 A listed company shall actively give return to shareholders, and formulate and implement cash dividends, share repurchase and other shareholder return policies according to its conditions and development stage. 4.3.1 上市公司应当积极回报股东,根据自身条件和发展阶段,制定并执行现金分红、股份回购等股东回报政策。
Where a listed company evidently meets conditions but fails to offer cash dividends, the SSE may require the board of directors, controlling shareholder or actual controller to explain reasons to investors in such forms as investor briefings and announcements. 上市公司明显具备条件但未进行现金分红的,本所可以要求董事会、控股股东及实际控制人通过投资者说明会、公告等形式向投资者说明原因。
4.3.2 A listed company shall establish internal control rules to ensure that internal control is complete and effective, ensure the reliability of financial reports, guarantee the company's standard operation, protect the company's assets, and enhance the operation efficiency. 4.3.2 上市公司应当建立内部控制制度,保证内部控制完整有效,保证财务报告的可靠性,保障公司规范运行,保护公司资产,提升经营效率。
4.3.3 A listed company shall establish a reasonable and effective performance evaluation system and incentive and restraint mechanism. 4.3.3 上市公司应当建立合理有效的绩效评价体系以及激励约束机制。
The incentive and restraint mechanism of the listed company shall serve the company's strategic objectives and sustainable development, be linked to the company's performance and individual performance, maintain the stability of senior executives and core employees, and shall not damage the interests of the company and shareholders. 上市公司激励约束机制应当服务于公司战略目标和持续发展,与公司绩效、个人业绩相联系,保持高级管理人员和核心员工的稳定,不得损害公司及股东利益。
4.3.4 A listed company shall establish and improve rules for the shareholders' meeting, the board of directors, the board of supervisors and the management, and form a decision-making mechanism with clear powers and responsibilities and effective checks and balances. 4.3.4 上市公司应当建立健全股东大会、董事会、监事会和经理层制度,形成权责分明、有效制衡的决策机制。
4.3.5 A listed company shall prescribe in the company's bylaws the procedures for the convening of and voting on the shareholders' meeting, develop rules of procedures for the shareholders' meeting, and include it in the company's bylaws or as an annex to the bylaws. 4.3.5 上市公司应当在公司章程中规定股东大会的召集、召开和表决等程序,制定股东大会议事规则,并列入公司章程或者作为章程附件。
The listed company shall guarantee shareholders' right to participate and vote in such forms as online voting, cumulative voting, and collection of votes. 上市公司应当采用网络投票、累积投票、征集投票等方式,保障股东参与权和表决权。
4.3.6 A listed company shall convene shareholders' meetings in accordance with laws, regulations and the company's bylaws to ensure that shareholders exercise their rights in accordance with the law. If the shareholders' meeting cannot be convened within the prescribed time limit, the reasons and follow-up plan shall be disclosed before the expiration of the time limit. 4.3.6 上市公司应当依据法律法规和公司章程召开股东大会,保证股东依法行使权利。规定期限内不能召开股东大会的,应当在期限届满前披露原因及后续方案。
Where shareholders propose the convening of the shareholders' meeting in a written form, the board of directors of the company shall give a written feedback on whether to agree to convene the shareholders' meeting within the prescribed time limit, and shall not delay the convening without any reason. If shareholders convene the shareholders' meeting in accordance with the law, the board of directors of the company and the secretary of the board of directors shall cooperate and fulfill the information disclosure obligation in a timely manner. 股东书面提议召开股东大会的,公司董事会应当在规定期限内书面反馈是否同意召开股东大会,不得无故拖延。股东依法自行召集股东大会的,公司董事会和董事会秘书应当予以配合,并及时履行信息披露义务。
The listed company shall, in accordance with laws and regulations and the company's bylaws, issue a notice of the shareholders' meeting, and disclose in a timely manner other materials required for shareholders to make decisions. 上市公司应当依据法律法规、公司章程,发出股东大会通知,及时披露股东决策所需的其他资料。
4.3.7 When a listed company convenes a shareholders' meeting, it shall retain a law firm to issue legal opinions on the convening of the shareholders' meeting, convening procedures, qualifications of attendees, convener qualifications, voting procedures, voting results and other matters, and disclose them with the resolution of the shareholders' meeting. 4.3.7 上市公司召开股东大会,应当聘请律师事务所对股东大会的召集、召开程序、出席会议人员的资格、召集人资格、表决程序及表决结果等事项出具法律意见书,并与股东大会决议一并披露。
4.3.8 A listed company shall, in a timely manner, disclose the announcement on the resolution of the shareholders' meeting according to the format and content requirements prescribed by the SSE after the end of the shareholders' meeting. 4.3.8 上市公司应当在股东大会结束后,按照本所规定的格式和内容要求,及时披露股东大会决议公告。
4.3.9 The board of directors shall guarantee the operation of the listed company in accordance with laws and regulations, treat all shareholders fairly, and safeguard the lawful rights and interests of other parties of interest. 4.3.9 董事会应当确保上市公司依法合规运作,公平对待所有股东,并维护其他利益相关者的合法权益。
The number and composition of the board of directors shall comply with the requirements of laws and regulations, and members of the board of directors shall have the knowledge, skills and quality necessary to perform their duties. 董事会的人数及人员构成应当符合法律法规的要求,董事会成员应当具备履行职责所必需的知识、技能和素质。
4.3.10 A listed company shall develop rules of procedures for the board of directors and include them in the company's bylaws or take them as an annex to the bylaws, report to the shareholders' meeting for approval, and ensure that the board of directors performs its duties in an effective manner. 4.3.10 上市公司应当制定董事会议事规则,并列入公司章程或者作为章程附件,报股东大会批准,确保董事会有效履行职责。
Where the resolution of the board of directors involve matters that shall be disclosed, the listed company shall state the deliberation of the board of directors in the announcement on relevant matters; if the director votes against the resolution or abstains from voting, the director shall disclose the reason. 董事会决议涉及应当披露事项的,上市公司应当在相关事项公告中说明董事会审议情况;董事反对或弃权的,应当披露反对或弃权理由。
4.3.11 The board of directors of a listed company shall establish an audit committee, and the internal audit department shall be responsible to the audit committee and report work to the audit committee. 4.3.11 上市公司董事会应当设立审计委员会,内部审计部门对审计委员会负责,向审计委员会报告工作。
Independent directors in the audit committee shall account for a half or more and serve as the convener and the convener shall be an accounting professional. 审计委员会中独立董事应当占半数以上并担任召集人,且召集人应当为会计专业人士。
4.3.12 The board of supervisors shall inspect the financial status of the listed company, supervise the standard operation of the listed company and the performance of duties by directors and senior executives. 4.3.12 监事会应当检查上市公司财务状况,监督上市公司规范运作和董事、高级管理人员履行职责情况。
The personnel and structure of the board of supervisors shall ensure the performance of duties in an independent and effective manner. Supervisors shall have the ability to perform their duties. The directors and senior executives of the listed company shall not concurrently serve as supervisors. 监事会的人员和结构应当确保能够独立有效地履行职责。监事应当具备履职能力。上市公司董事、高级管理人员不得兼任监事。
4.3.13 Where the board of supervisors of a listed company finds that any director or senior executive violates any law or regulation, these Rules, the relevant provisions of the SSE or the company's bylaws, it shall notify the board of directors or report to the shareholders' meeting, and make a disclosure in a timely manner. 4.3.13 上市公司监事会发现董事、高级管理人员违反法律法规、本规则和本所有关规定、公司章程的,应当向董事会通报或者向股东大会报告,并及时披露。
4.3.14 A listed company shall develop rules of procedures for the board of supervisors and include them in the company's bylaws or take them as an annex to the bylaws, report it to the shareholders' meeting for approval and ensure that the board of supervisors performs its duties in an effective manner. 4.3.14 上市公司应当制定监事会议事规则,并列入公司章程或者作为章程附件,报股东大会批准,确保监事会有效履行职责。
The listed company shall disclose the announcement on the resolution of the board of supervisors; if the supervisor votes against the resolution or abstains from voting, it shall disclose the reason. 上市公司应当披露监事会决议公告;监事反对或弃权的,应当披露反对或弃权理由。
4.3.15 A listed company shall retain an accounting firm qualified for conducting securities and futures-related businesses to provide auditing, capital verification and other relevant services for accounting statements. 4.3.15 上市公司应当聘请具有执行证券、期货相关业务资格的会计师事务所,为其提供会计报表审计、验资及其他相关服务。
The company's recruitment or dismissal of an accounting firm shall be decided by the shareholders' meeting. The board of directors shall not entrust an accounting firm before a decision is made at the shareholders' meeting. 公司聘请或者解聘会计师事务所应当由股东大会决定,董事会不得在股东大会决定前委任会计师事务所。
When the dismissal of the accounting firm is voted at the company's shareholders' meeting, the accounting firm may state its opinions. 公司股东大会就解聘会计师事务所进行表决时,会计师事务所可以陈述意见。
4.3.16 Where the shareholders' meeting or the meeting of the board of directors or the board of supervisors cannot be convened normally, or there is any dispute over the validity of the resolution, the listed company shall, in a timely manner, disclose relevant matters, the claims of the parties to the dispute, the status quo of the company, and other information, which are conducive to investors' understanding of the actual situation of the company. 4.3.16 股东大会、董事会或者监事会不能正常召开,或者决议效力存在争议的,上市公司应当及时披露相关事项、争议各方的主张、公司现状等有助于投资者了解公司实际情况的信息。
Under any circumstance prescribed in the preceding paragraph, the board of directors of a listed company shall maintain the normal production and operation order of the company, protect the interests of the company and all shareholders, and treat all shareholders fairly. 出现前款规定情形的,上市公司董事会应当维护公司正常生产经营秩序,保护公司及全体股东利益,公平对待所有股东。
Section 4 Social Responsibility 

第四节 社会责任

4.4.1 A listed company shall actively assume social responsibilities, safeguard public interest, and disclose the information on the fulfillment of social responsibilities such as environmental protection, guarantee of product safety, and the protection of lawful rights and interests of employees and other parties of interest. 4.4.1 上市公司应当积极承担社会责任,维护社会公共利益,并披露保护环境、保障产品安全、维护员工与其他利益相关者合法权益等履行社会责任的情况。
The listed company shall disclose the performance of its social responsibilities in its annual report, and prepare and disclose social responsibility reports, sustainable development reports, environmental responsibility reports and other documents as the case may be. If any major matter against social responsibility occurs, the company shall fully assess the potential impact and disclose relevant information in a timely manner, and explain the reasons and solutions. 上市公司应当在年度报告中披露履行社会责任的情况,并视情况编制和披露社会责任报告、可持续发展报告、环境责任报告等文件。出现违背社会责任重大事项时应当充分评估潜在影响并及时披露,说明原因和解决方案。
4.4.2 A listed company shall include ecological and environmental protection requirements in the development strategy and corporate governance process, and perform the following environmental protection responsibilities according to its own production and operation features and actual circumstances: 4.4.2 上市公司应当将生态环保要求融入发展战略和公司治理过程,并根据自身生产经营特点和实际情况,履行下列环境保护责任:
(1) Complying with environmental protection laws and regulations and industry standards. (一)遵守环境保护法律法规与行业标准;
(2) Making and implementing the company's environmental protection plan. (二)制订执行公司环境保护计划;
(3) Efficiently using natural resources such as energy, water resources and raw materials. (三)高效使用能源、水资源、原材料等自然资源;
(4) Disposing of pollutants according to relevant provisions. (四)合规处置污染物;
(5) Building and operating effective pollution prevention and control facilities. (五)建设运行有效的污染防治设施;
(6) Paying taxes and fees relating to environmental protection in full amount. (六)足额缴纳环境保护相关税费;
(7) Ensuring environmental security in the supply chain. (七)保障供应链环境安全;
(8) Other environmental protection responsibilities that shall be performed. (八)其他应当履行的环境保护责任事项。
4.4.3 A listed company shall perform the following production and product safety guarantee responsibilities according to its own production and operation mode: 4.4.3 上市公司应当根据自身生产经营模式,履行下列生产及产品安全保障责任:
(1) Complying with product safety laws and regulations and industry standards. (一)遵守产品安全法律法规与行业标准;
(2) Establishing safe and reliable production environment and work flow. (二)建立安全可靠的生产环境和生产流程;
(3) Establishing a product quality safety guarantee mechanism and making plans for emergence response to product safety incidents. (三)建立产品质量安全保障机制与产品安全事故应急方案;
(4) Other production and product safety responsibilities that shall be fulfilled. (四)其他应当履行的生产与产品安全责任。
4.4.4 A listed company shall perform the following responsibilities to protect employees' rights and interests according to the composition of its employees: 4.4.4 上市公司应当根据员工构成情况,履行下列员工权益保障责任:
(1) Establishing management rules for dismissal, remuneration and welfare, social insurance, and work hours, among others, of employees and the measures for the handling of regulatory violations. (一)建立员工聘用解雇、薪酬福利、社会保险、工作时间等管理制度及违规处理措施;
(2) Establishing a working environment and supporting safety measures to prevent occupational hazards. (二)建立防范职业性危害的工作环境与配套安全措施;
(3) Conducting necessary employee knowledge and vocational skills training. (三)开展必要的员工知识和职业技能培训;
(4) Other responsibilities for protecting employees' rights and interests that shall be performed. (四)其他应当履行的员工权益保护责任。
4.4.5 A listed company shall strictly abide by scientific ethics, respect the scientific spirit, adhere to the value, social responsibilities and codes of conduct that shall be observed, and play the positive effects of science and technology. 4.4.5 上市公司应当严格遵守科学伦理规范,尊重科学精神,恪守应有的价值观念、社会责任和行为规范,发挥科学技术的正面效应。
A listed company shall avoid the research, development and use of science and technology that endangers the natural environment, life and health, public safety, and ethics, and shall not conduct research and development and business activities that infringe upon the basic rights of individuals or damage the public interest. 上市公司应当避免研究、开发和使用危害自然环境、生命健康、公共安全、伦理道德的科学技术,不得从事侵犯个人基本权利或者损害社会公共利益的研发和经营活动。
Where a listed company develops or uses innovative technologies in the new fields of scientific and technological innovation such as life science, intellectual intelligence, information technology, ecological environment, and new materials, it shall follow the principles of prudence and stability and fully assess its potential impact and reliability. 上市公司在生命科学、人工智能、信息技术、生态环境、新材料等科技创新领域开发或者使用创新技术的,应当遵循审慎和稳健原则, 充分评估其潜在影响及可靠性。
Section 5 Differential Arrangements on Voting Rights 

第五节 表决权差异安排

4.5.1 Where a listed company has differential arrangements on voting rights, it shall fully disclose in details relevant circumstances, especially risks, corporate governance and other information, and take various measures to protect the lawful rights and interests of investors in accordance with the law. 4.5.1 上市公司具有表决权差异安排的,应当充分、详细披露相关情况特别是风险、公司治理等信息,以及依法落实保护投资者合法权益规定的各项措施。
4.5.2 Where the issuer has differential arrangements on voting rights before the IPO and listing, the arrangements shall be adopted by two thirds or more of voting rights held by the shareholders attending the shareholders' meeting. 4.5.2 发行人首次公开发行并上市前设置表决权差异安排的,应当经出席股东大会的股东所持三分之二以上的表决权通过。
Where the issuer has no differential arrangements on voting rights before the IPO and listing, it shall not set such type of arrangements in any form after the IPO and listing. 发行人在首次公开发行并上市前不具有表决权差异安排的,不得在首次公开发行并上市后以任何方式设置此类安排。
4.5.3 Shareholders holding shares with special voting rights shall be the personnel who make significant contributions to the development or business growth of the listed company, and continuously serve as directors of the company before or after the listing of the company or shareholding entities that are actually controlled by such personnel. 4.5.3 持有特别表决权股份的股东应当为对上市公司发展或者业务增长等作出重大贡献,并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。
The total number of shares enjoying rights and interests in the listed company held by shareholders holding shares with special voting rights shall reach 10% or more of the total number of shares with voting rights offered by the company. 持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份10%以上。
4.5.4 The bylaws of a listed company shall prescribe the number of voting rights for each share with special voting rights. 4.5.4 上市公司章程应当规定每份特别表决权股份的表决权数量。
The number of voting rights of each share with special voting rights shall be the same and shall not exceed 10 times the number of voting rights of each ordinary share. 每份特别表决权股份的表决权数量应当相同,且不得超过每份普通股份的表决权数量的10倍。
4.5.5 Except for differential arrangements on voting rights prescribed in the company's bylaws, other shareholders' rights of ordinary shares and shares with special voting rights shall be entirely the same. 4.5.5 除公司章程规定的表决权差异外,普通股份与特别表决权股份具有的其他股东权利应当完全相同。
4.5.6 After the stock of a listed company is listed on the SSE, shares with special voting rights shall not be offered at home or abroad except same-ratio rights issues and transfer of shares into capital stocks, and the proportion of special voting rights shall not be increased. 4.5.6 上市公司股票在本所上市后,除同比例配股、转增股本情形外,不得在境内外发行特别表决权股份,不得提高特别表决权比例。
Where share repurchase or any other reason may result in the increase of the proportion of special voting rights, the listed company shall, at the same time, take such measures as converting the corresponding number of shares with special voting rights into ordinary shares, and guarantee that the proportion of special voting rights is not higher than the original level. 上市公司因股份回购等原因,可能导致特别表决权比例提高的,应当同时采取将相应数量特别表决权股份转换为普通股份等措施,保证特别表决权比例不高于原有水平。
For the purposes of these Rules, the “proportion of special voting rights” means the proportion of voting rights of all shares with special voting rights to the total number of voting rights of all shares that have been offered by the listed company. 本规则所称特别表决权比例,是指全部特别表决权股份的表决权数量占上市公司全部已发行股份表决权数量的比例。
4.5.7 A listed company shall guarantee that the proportion of ordinary voting rights is not less than 10%. Shareholders who solely or aggregately hold 10% or more offered shares with voting rights shall have the right to propose the convening of an ad hoc shareholders' meeting. Shareholders who solely or aggregately hold 3% or more offered shares with voting rights shall have the right to offer the proposal of the shareholders' meeting. 4.5.7 上市公司应当保证普通表决权比例不低于10%;单独或者合计持有公司 10%以上已发行有表决权股份的股东有权提议召开临时股东大会;单独或者合计持有公司3%以上已发行有表决权股份的股东有权提出股东大会议案。
For the purposes of these Rules, “proportion of ordinary voting rights” means the proportion of voting rights of all ordinary shares to the number of voting rights of all shares that have been offered by the listed company. 本规则所称普通表决权比例,是指全部普通股份的表决权数量占上市公司全部已发行股份表决权数量的比例。
4.5.8 Shares with special voting rights may not be traded in the secondary market, but may be transferred in accordance with relevant provisions of the SSE. 4.5.8 特别表决权股份不得在二级市场进行交易,但可以按照本所有关规定进行转让。
4.5.9 Under any of the following circumstances, shares with special voting rights shall be converted into ordinary shares at a ratio of 1:1. 4.5.9 出现下列情形之一的,特别表决权股份应当按照1:1的比例转换为普通股份:
(1) Shareholders holding shares with special voting rights no longer meet the qualifications and minimum shareholding requirements prescribed in Article 4.5.3 of these Rules, or lose their corresponding ability to perform their duties, resign or die. (一)持有特别表决权股份的股东不再符合本规则第4.5.3 条规定的资格和最低持股要求,或者丧失相应履职能力、离任、死亡;
(2) The shareholders who actually hold shares with special voting rights lose their actual control over the relevant shareholding entities. (二)实际持有特别表决权股份的股东失去对相关持股主体的实际控制;
(3) The shareholder holding shares with special voting rights transfers shares with special voting rights to any other person, or entrusts any other person to exercise voting rights of shares with special voting rights. (三)持有特别表决权股份的股东向他人转让所持有的特别表决权股份,或者将特别表决权股份的表决权委托他人行使;
(4) The company's control right has changed. (四)公司的控制权发生变更。
Under the circumstance prescribed in subparagraph (4) of the preceding paragraph, all shares with special voting rights that have been offered by the listed company shall be converted into ordinary shares. 发生前款第四项情形的,上市公司已发行的全部特别表决权股份均应当转换为普通股份。
Under the circumstance prescribed in paragraph 1 of this Article, the shares with special voting rights shall be converted into ordinary shares when the relevant circumstance occurs. The relevant shareholder shall immediately notify the listed company, and the listed company shall, in a timely manner, disclose the specific circumstances, the time of occurrence, and the number of shares with special voting rights converted into ordinary shares, the number of remaining shares with special voting rights and other circumstances. 发生本条第一款情形的,特别表决权股份自相关情形发生时即转换为普通股份,相关股东应当立即通知上市公司,上市公司应当及时披露具体情形、发生时间、转换为普通股份的特别表决权股份数量、剩余特别表决权股份数量等情况。
4.5.10 When a shareholder of a listed company exercises voting rights on the following matters, the number of voting rights enjoyed by each share with special voting rights shall be the same as the number of voting rights of each ordinary share: 4.5.10 上市公司股东对下列事项行使表决权时,每一特别表决权股份享有的表决权数量应当与每一普通股份的表决权数量相同:
(1) Amendments to the company's bylaws. (一)对公司章程作出修改;
(2) Change of the number of voting rights enjoyed by shares with special voting rights. (二)改变特别表决权股份享有的表决权数量;
(3) Appointment or dismissal of independent directors. (三)聘请或者解聘独立董事;
(4) Recruitment or dismissal of an accounting firm that issues audit opinions on the periodical reports of the listed company. (四)聘请或者解聘为上市公司定期报告出具审计意见的会计师事务所;
(5) The company's business combination, division, dissolution or modification of the corporate form. (五)公司合并、分立、解散或者变更公司形式。
It shall be provided for in the bylaws of a listed company that the resolution of the shareholders' meeting on subparagraph (2) of the preceding paragraph shall be adopted by two thirds or more of voting rights held by the shareholders attending the meeting, unless that the corresponding number of shares with special voting rights are converted into ordinary shares in accordance with the provisions of Articles 4.5.6 and 4.5.9. 上市公司章程应当规定,股东大会对前款第二项作出决议,应当经过不低于出席会议的股东所持表决权的三分之二以上通过,但根据第4.5.6条、第4.5.9条的规定,将相应数量特别表决权股份转换为普通股份的除外。
4.5.11 Where a listed company has differential arrangements on voting rights, it shall disclose in the periodical report the implementation and changes of the arrangements during the reporting period, and the implementation of measures to protect the lawful rights and interests of investors under such arrangements. 4.5.11 上市公司具有表决权差异安排的,应当在定期报告中披露该等安排在报告期内的实施和变化情况,以及该等安排下保护投资者合法权益有关措施的实施情况。
The company and relevant parties with information disclosure obligations shall, in a timely manner, disclose major changes or adjustments of the matters prescribed in the preceding paragraph. 前款规定事项出现重大变化或者调整的,公司和相关信息披露义务人应当及时予以披露。
A listed company shall indicate in the notice of the shareholders' meeting the shareholders holding shares with special voting rights, the number of shares with special voting rights held and the corresponding number of voting rights, whether the proposal of the shareholders' meeting involves matters prescribed in Article 4.5.10, and other circumstances. 上市公司应当在股东大会通知中列明持有特别表决权股份的股东、所持特别表决权股份数量及对应的表决权数量、股东大会议案是否涉及第4.5.10条规定事项等情况。
4.5.12 Where a listed company has differential arrangements on voting rights, the board of supervisors shall, in the annual report, issue special opinions on the following matters: 4.5.12 上市公司具有表决权差异安排的,监事会应当在年度报告中,就下列事项出具专项意见:
(1) Whether the shareholders holding shares with special voting rights continuously satisfy the requirements of Article 4.5.3 of these Rules. (一)持有特别表决权股份的股东是否持续符合本规则第4.5.3条的要求;
(2) Whether the shares with special voting rights fall under the circumstances prescribed in Article 4.5.9 of these Rules and are converted into ordinary shares in a timely manner. (二)特别表决权股份是否出现本规则第4.5.9条规定的情形并及时转换为普通股份;
(3) Whether the proportion of special voting rights of the listed company continuously complies with the provisions of these Rules. (三)上市公司特别表决权比例是否持续符合本规则的规定;
(4) Whether the shareholders holding shares with special voting rights have abused special voting rights or fall under any other circumstance that damages the lawful rights and interests of investors. (四)持有特别表决权股份的股东是否存在滥用特别表决权或者其他损害投资者合法权益的情形;
(5) The compliance with other provisions of this Chapter by the company and shareholders holding shares with special voting rights. (五)公司及持有特别表决权股份的股东遵守本章其他规定的情况。
4.5.13 Shareholders holding shares with special voting rights shall exercise their rights in accordance with applicable laws and regulations and the company's bylaws, shall not abuse special voting rights, and shall not use special voting rights to damage the lawful rights and interests of investors. 4.5.13 持有特别表决权股份的股东应当按照所适用的法律法规以及公司章程行使权利,不得滥用特别表决权,不得利用特别表决权损害投资者的合法权益。
Where any circumstance prescribed in the preceding paragraph occurs, which damages the lawful rights and interests of investors, the SSE may require the company or shareholders holding shares with special voting rights to take corrective action. 出现前款情形,损害投资者合法权益的,本所可以要求公司或者持有特别表决权股份的股东予以改正。
4.5.14 A listed company or shareholders holding shares with special voting rights shall, in accordance with the relevant provisions of the SSE and China Securities Depository and Clearing Co., Ltd. (CSDC), handle the registration of shares with special voting rights and conversion into ordinary shares. 4.5.14 上市公司或者持有特别表决权股份的股东应当按照本所及中国结算的有关规定,办理特别表决权股份登记和转换成普通股份登记事宜。
Chapter V General Provisions on Information Disclosure 

第五章 信息披露一般规定

Section 1 Basic Principles of Information Disclosure 

第一节 信息披露基本原则

5.1.1 A listed company and relevant parties with information disclosure obligations shall disclose all matters that may have a significant impact on the stock trading price of the listed company or investment decisions (hereinafter referred to as “major events or major matters”). 5.1.1 上市公司和相关信息披露义务人应当披露所有可能对上市公司股票交易价格产生较大影响或者对投资决策有较大影响的事项(以下简称重大事件或者重大事项)。
5.1.2 A listed company and relevant parties with information disclosure obligations shall disclose information in a timely and fair manner, and ensure that the information is disclosed in a truthful, accurate and complete manner. 5.1.2 上市公司和相关信息披露义务人应当及时、公平地披露信息,保证所披露信息的真实、准确、完整。
The directors, supervisors and senior executives of a listed company shall ensure that the company discloses information in a timely and fair manner, and the disclosed information is true, accurate and complete, and contains no false records, misleading statements or material omissions. If any director, supervisor or senior executive has any objection to the content of the announcement, he or she shall make corresponding statements and explain the reason in the announcement. 上市公司的董事、监事、高级管理人员应当保证公司及时、公平地披露信息,以及信息披露内容的真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏。董事、监事、高级管理人员对公告内容存在异议的,应当在公告中作出相应声明并说明理由。
5.1.3 A listed company and relevant parties with information disclosure obligations shall disclose information based on objective facts or judgments and opinions with factual basis, truthfully reflect the actual circumstances, and shall not have false records. 5.1.3 上市公司和相关信息披露义务人披露信息,应当以客观事实或者具有事实基础的判断和意见为依据,如实反映实际情况,不得有虚假记载。
5.1.4 A listed company and relevant parties with information disclosure obligations shall disclose information in an objective manner, shall not exaggerate and shall not have misleading statements. 5.1.4 上市公司和相关信息披露义务人披露信息,应当客观,不得夸大其辞,不得有误导性陈述。
Predictive information such as that on future operations and financial conditions shall be disclosed in a rational, prudential and objective manner. 披露未来经营和财务状况等预测性信息的,应当合理、谨慎、客观。
5.1.5 A listed company and relevant parties with information disclosure obligations shall disclose information with complete content, fully disclose the information that has a significant impact on the listed company, disclose possible major risks, shall not selectively disclose some information, and shall not have material omissions. 5.1.5 上市公司和相关信息披露义务人披露信息,应当内容完整,充分披露对上市公司有重大影响的信息,揭示可能产生的重大风险,不得有选择地披露部分信息,不得有重大遗漏。
Information disclosure documents shall be complete in materials and in a format that satisfies the prescribed requirements. 信息披露文件应当材料齐备,格式符合规定要求。
5.1.6 A listed company and relevant parties with information disclosure obligations shall publicly disclose material information to all investors at the same time, ensure that all investors have equal access to information and shall not disclose or divulge information to a single investor or some investors. 5.1.6 上市公司和相关信息披露义务人应当同时向所有投资者公开披露重大信息,确保所有投资者可以平等获取信息,不得向单个或部分投资者透露或泄露。
A listed company and relevant parties with information disclosure obligations shall not provide material information that has not been disclosed by the company when communicating with any institution or individual through performance briefings, analyst meetings, roadshows, and accepting investors' investigation and research. 上市公司和相关信息披露义务人通过业绩说明会、分析师会议、路演、接受投资者调研等形式,与任何机构和个人进行沟通时,不得提供公司尚未披露的重大信息。
Where a listed company submits documents to shareholders, the actual controller and other third parties, involving any material information that has not been disclosed, it shall make a disclosure in accordance with these Rules. 上市公司向股东、实际控制人及其他第三方报送文件,涉及尚未公开的重大信息的,应当依照本规则披露。
5.1.7 Under any of the following circumstances, a listed company and relevant parties with information disclosure obligations shall disclose major matters in a timely manner: 5.1.7 出现下列情形之一的,上市公司和相关信息披露义务人应当及时披露重大事项:
(1) The board of directors or the board of supervisors has formed a resolution on the major matter. (一)董事会或者监事会已就该重大事项形成决议;
(2) The relevant parties have signed a letter of intent or agreement on the major matter. (二)有关各方已就该重大事项签署意向书或者协议;
(3) The director, supervisor or senior executive is aware of the major matter. (三)董事、监事或者高级管理人员已知悉该重大事项;
(4) Any other circumstance where any major matter occurs. (四)其他发生重大事项的情形。
Where any major matter planned by the listed company has significant uncertainty, the immediate disclosure thereof may damage the company's interests or mislead investors, and the relevant insider has made a written undertaking to keep the information confidential, the company is not required to disclose the information for the time being, but it shall, at the latest, disclose the information when the final resolution is made on such major matter, the final agreement is signed, or the transaction can be reached. 上市公司筹划的重大事项存在较大不确定性,立即披露可能会损害公司利益或者误导投资者,且有关内幕信息知情人已书面承诺保密的,公司可以暂不披露,但最迟应当在该重大事项形成最终决议、签署最终协议、交易确定能够达成时对外披露。
Where it is indeed difficult to keep the relevant information confidential, the information has been divulged, or there is any market rumor, resulting in large fluctuation in the company's stock trading price, the company shall immediately disclose the relevant planning and progress. 相关信息确实难以保密、已经泄露或者出现市场传闻,导致公司股票交易价格发生大幅波动的,公司应当立即披露相关筹划和进展情况。
Section 2 General Requirements for Information Disclosure 

第二节 信息披露一般要求

5.2.1 A listed company shall disclose material information that fully reflects the company's business, technology, financial affairs, corporate governance, competitive advantages, industry trends, industry policies and other aspects, and fully disclose the risk factors and investment value of the listed company, so as to facilitate investors' reasonable decision-making.
......
 5.2.1 上市公司应当披露能够充分反映公司业务、技术、财务、公司治理、竞争优势、行业趋势、产业政策等方面的重大信息,充分揭示上市公司的风险因素和投资价值,便于投资者合理决策。
......

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