| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 11 [2020]) | | （〔2020〕11号） |
| The Decision to Amend the Detailed Implementing Rules for the Non-public Offering of Stocks of Listed Companies is hereby issued, and shall come into force on the date of issuance. | | 现公布《关于修改〈上市公司非公开发行股票实施细则〉的决定》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| February 14, 2020 | | 2020年2月14日 |
| Decision to Amend the Detailed Implementing Rules for the Non-public Offering of Stocks of Listed Companies | | 关于修改《上市公司非公开发行股票实施细则》的决定 |
| I. Article 1 is amended to read: “These Detailed Rules are developed in accordance with the relevant provisions of the Measures for the Administration of the Offering of Securities by Listed Companies and the Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext (hereinafter collectively referred to as the ‘Administrative Measures') for the purposes of regulating the non-public offering of stocks by listed companies.” | | 一、第一条修改为：“为规范上市公司非公开发行股票行为，根据《上市公司证券发行管理办法》《创业板上市公司证券发行管理暂行办法》（以下统称《管理办法》）的有关规定，制定本细则。” |
| II. Article 7 is amended to read: “The ‘base day for pricing' as referred to in the Administrative Measures means the base day for calculating the base issue price. The base day for pricing shall be the first day of the issue period for the non-public offering of stock. A listed company shall issue stock at a price not lower than the base issue price. | | 二、第七条修改为：“《管理办法》所称“定价基准日”是指计算发行底价的基准日。定价基准日为本次非公开发行股票的发行期首日。上市公司应当以不低于发行底价的价格发行股票。 |
| “Where the resolution of the board of directors of a listed company determines all investors in advance under any of the following circumstances, the base day for pricing may be the date of announcement of the resolution of the board of directors, the date of announcement of the resolution of the shareholders' meeting, or the first day of the issue period for the non-public offering of stocks, and the shares subscribed for shall not be transferred within 18 months of the completion of the issue: | | “上市公司董事会决议提前确定全部发行对象，且属于下列情形之一的，定价基准日可以为关于本次非公开发行股票的董事会决议公告日、股东大会决议公告日或者发行期首日，认购的股份自发行结束之日起十八个月内不得转让： |
| “(1) The investor is the controlling shareholder or actual controller of the listed company or an affiliate controlled by the controlling shareholder or actual controller of the listed company. | | “（一）上市公司的控股股东、实际控制人或其控制的关联人； |
| “(2) The investor will obtain the actual control of the listed company by subscribing for the shares offered. | | “（二）通过认购本次发行的股份取得上市公司实际控制权的投资者； |
| “(3) The investor is a domestic or foreign strategic investor to be introduced by the board of directors. | | “（三）董事会拟引入的境内外战略投资者。 |
| “The formula for calculating the average trading price of stock for 20 trading days before the base day for pricing is: average trading price of stock for 20 trading days before the base day for pricing = total stock trading value for 20 trading days before the base day for pricing / total stock trading volume for 20 trading days before the base day for pricing.” | | “定价基准日前二十个交易日股票交易均价的计算公式为：定价基准日前二十个交易日股票交易均价=定价基准日前二十个交易日股票交易总额/定价基准日前二十个交易日股票交易总量。” |
| III. Article 8 is amended to read: “Where investors fall under any circumstance other than those set out in paragraph 2 of Article 7 of these Detailed Rules, a listed company shall, after obtaining the offering confirmation document, determine the issue price and investors by bidding in accordance with the provisions of these Detailed Rules. The shares subscribed for by the investors shall not be transferred within six months of the completion of the issue. | | 三、第八条修改为：“发行对象属于本细则第七条第二款规定以外的情形的，上市公司应当在取得发行核准批文后，按照本细则的规定以竞价方式确定发行价格和发行对象。发行对象认购的股份自发行结束之日起六个月内不得转让。 |
| “Where the resolution of the board of directors determines certain investors, such investors shall not participate in the bidding but shall accept bidding results; and the resolution shall specify whether such investors may continue to participate in subscription, the quantity of shares to be subscribed for and the pricing criteria if no issue price is generated by bidding.” | | “董事会决议确定部分发行对象的，该部分发行对象不得参与竞价，但应当接受竞价结果；并应当明确在没有通过竞价方式产生发行价格的情况下，是否继续参与认购、认购数量及价格确定原则。” |
| IV. Article 9 is amended to read: “For the purposes of the Administrative Measures, ‘there shall be not more than 35 investors' means that there shall be not more than 35 legal persons, natural persons or other lawful investment organizations that have subscribed for and obtained shares offered in a non-public manner. | | 四、第九条修改为：“《管理办法》所称“发行对象不超过三十五名”，是指认购并获得本次非公开发行股票的法人、自然人或者其他合法投资组织不超过三十五名。 |
| “A securities investment fund management company, securities company, qualified foreign institutional investor or RMB qualified foreign institutional investor which subscribes for shares with two or more products it manages shall be deemed as one investor. | | “证券投资基金管理公司、证券公司、合格境外机构投资者、人民币合格境外机构投资者以其管理的二只以上产品认购的，视为一个发行对象。 |
| “As an investor, a trust company may only subscribe for shares with its own funds.” | | “信托公司作为发行对象，只能以自有资金认购。” |
| V. Article 10 is deleted. | | 五、删除第十条。 |
| VI. Article 12 is renumbered as Article 11 and amended to read: “Where the resolution of the board of directors of a listed company determines specific investors, the listed company shall sign a conditional share subscription contract with each of the corresponding investors on the day when, or one day before, the meeting of the board of directors is convened. | | 六、第十二条改为第十一条，修改为：“董事会决议确定具体发行对象的，上市公司应当在召开董事会的当日或者前一日与相应发行对象签订附条件生效的股份认购合同。 |
| “The ‘subscription contract' as mentioned in the preceding paragraph shall state the quantity or range of quantity, the subscription price or pricing criteria, and the lock-up period of the shares to be subscribed for by the investor, and include a provision that the contract should take effect upon approval of the offering by the board of directors and the shareholders' meeting of the listed company and confirmation by the CSRC.” | | “前款所述认购合同应载明该发行对象拟认购股份的数量或数量区间、认购价格或定价原则、限售期，同时约定本次发行一经上市公司董事会、股东大会批准并经中国证监会核准，该合同即应生效。” |
| VII. Article 13 is renumbered as Article 12 and amended to read: “Where the board of directors of a listed company makes a resolution on the non-public offering of stock, it shall comply with the following provisions: | | 七、第十三条改为第十二条，修改为：“上市公司董事会作出非公开发行股票决议，应当符合下列规定： |
| “(1) The base day for pricing for the issue shall be determined according to these Detailed Rules, and be submitted to the shareholders' meeting for approval. | | “（一）应当按照本细则的规定确定本次发行的定价基准日，并提请股东大会批准。 |
| “(2) If the resolution of the board of directors determines the specific investors, it shall determine the names of specific investors and the subscription price or the pricing criteria, subscription quantity or range of subscription quantity, and lock-up period for them; and the conditional share subscription contract signed by each investor with the company shall be subject to approval of the board of directors. | | “（二）董事会决议确定具体发行对象的，董事会决议应当确定具体的发行对象名称及其认购价格或定价原则、认购数量或者数量区间、限售期；发行对象与公司签订的附条件生效的股份认购合同应当经董事会批准。 |
| “(3) If the resolution of the board of directors does not determine the specific investors, it shall determine the scope and qualifications of investors, the pricing criteria, and lock-up period. | | “（三）董事会决议未确定具体发行对象的，董事会决议应当明确发行对象的范围和资格，定价原则、限售期。 |
“(4) If the quantity of shares to be offered in a non-public manner is uncertain, the resolution of the board of directors shall state the range of quantity (including the upper limit and the lower limit). The resolution of the board of directors shall also state whether the quantity of shares offered and base issue price will be adjusted correspondingly if the stock of the listed company undergoes ex-right or ex-dividend during the period from the date of the resolution of the board of directors to the issue date.
．．．．．． | | “（四）本次非公开发行股票的数量不确定的，董事会决议应当明确数量区间（含上限和下限）。董事会决议还应当明确，上市公司的股票在董事会决议日至发行日期间除权、除息的，发行数量和发行底价是否相应调整。
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