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Administrative Measures for the Issuance of Securities by Listed Companies (2020 Amendment) [Expired]
上市公司证券发行管理办法(2020修正) [失效]
【法宝引证码】

Administrative Measures for the Issuance of Securities by Listed Companies

 

上市公司证券发行管理办法

(Adopted at the 178th executive meeting of the chairmen of China Securities Regulatory Commission on April 26, 2006; revised in accordance with the Decisions on Amending Some Provisions on Cash Dividends by Listed Companies of China Securities Regulatory Commission on October 9, 2008; and revised in accordance with the Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of the Issuance of Securities by Listed Companies on February 14, 2020) (2006年4月26日中国证券监督管理委员会第178次主席办公会审议通过 根据2008年10月9日中国证券监督管理委员会《关于修改上市公司现金分红若干规定的决定》修正根据 2020年2月14日中国证券监督管理委员会《关于修改〈上市公司证券发行管理办法〉的决定》修正)

Chapter I General Provisions 

第一章 总则

Article 1 For the purpose of regulating the issuance of securities by listed companies and protecting the legitimate rights and interests of investors and the social and public interests, these Measures are formulated in accordance with the Securities Law and Company Law .   第一条 为了规范上市公司证券发行行为,保护投资者的合法权益和社会公共利益,根据《证券法》、《公司法》制定本办法。
Article 2 The listed companies which apply for issuing securities within China shall be governed by these Measures.   第二条 上市公司申请在境内发行证券,适用本办法。
The securities as mentioned in these Measures refer to the following types of securities: 本办法所称证券,指下列证券品种:
(1)Stocks; (一)股票;
(2)Convertible corporate bonds; and (二)可转换公司债券;
(3)Other types as recognized by China Securities Regulatory Commission (hereinafter referred to as the CSRC). (三)中国证券监督管理委员会(以下简称中国证监会)认可的其他品种。
Article 3 A listed company may make a public issuance of securities towards unspecified objects or towards specified objects.   第三条 上市公司发行证券,可以向不特定对象公开发行,也可以向特定对象非公开发行。
Article 4 To issue securities, a listed company shall disclose or provide genuine, accurate and complete information in a timely and fair manner, which shall not contain any false record or misleading statement or has any serious omission.   第四条 上市公司发行证券,必须真实、准确、完整、及时、公平地披露或者提供信息,不得有虚假记载、误导性陈述或者重大遗漏。
Article 5 The fact that the CSRC approves the issuance of securities of a listed company does not mean that the CSRC makes any substantial judgment or guarantee about the investment value of the securities or about the proceeds of the investors. The investors who subscribe to the securities shall bear the investment risks arising from the changes in the business operations and proceeds of the listed company.   第五条 中国证监会对上市公司证券发行的核准,不表明其对该证券的投资价值或者投资者的收益作出实质性判断或者保证。因上市公司经营与收益的变化引致的投资风险,由认购证券的投资者自行负责。
Chapter II Conditions for the Public Issuance of Securities 

第二章 公开发行证券的条件

Section 1 General Provisions 

第一节 一般规定

Article 6 A listed company shall have a sound and well-operated organizational structure and comply with the following provisions:   第六条 上市公司的组织机构健全、运行良好,符合下列规定:
(1) The company's bylaws are lawful and effective, the systems of the shareholders' meeting, the board of directors, the board of supervisors, and independent directors are sound, and the duties are able to be effectively fulfilled according to the law. (一)公司章程合法有效,股东大会、董事会、监事会和独立董事制度健全,能够依法有效履行职责;
(2) The company has sound internal control rules, which can ensure the operating efficiency, legality and compliance, and reliability of its financial reports, and there is no serious defect in the integrity, rationality or validity of the internal control rules. (二)公司内部控制制度健全,能够有效保证公司运行的效率、合法合规性和财务报告的可靠性;内部控制制度的完整性、合理性、有效性不存在重大缺陷;
(3) Incumbent directors, supervisors and senior executives are qualified for holding their posts and can faithfully and diligently perform their duties. None of them has committed any act in violation of Article 147 or Article 148 of the Company Law, or has been given any administrative punishment by the CSRC within the last 36 months, or has been publicly reprimanded by any stock exchange within the last 12 months. (三)现任董事、监事和高级管理人员具备任职资格,能够忠实和勤勉地履行职务,不存在违反公司法一百四十七条、第一百四十八条规定的行为,且最近三十六个月内未受到过中国证监会的行政处罚、最近十二个月内未受到过证券交易所的公开谴责;
(4) The listed company separates its personnel, assets and financial affairs from those of the controlling shareholder or the actual controller, it is independent in terms of institutions and business operation, and can carry out business operation and management independently. (四)上市公司与控股股东或实际控制人的人员、资产、财务分开,机构、业务独立,能够自主经营管理;
(5) The listed company has not provided any external guarantee in violation of regulations within the last 12 months. (五)最近十二个月内不存在违规对外提供担保的行为。
Article 7 A listed company which meets the following provisions shall be deemed to have a sustainable profit-making ability:   第七条 上市公司的盈利能力具有可持续性,符合下列规定:
(1)It has a favorable balance for the recent 3 consecutive fiscal years as calculated on the basis of the net profits after deducting the non-regular profits and losses or the pre-deduction net profits, whichever is smaller; (一)最近三个会计年度连续盈利。扣除非经常性损益后的净利润与扣除前的净利润相比,以低者作为计算依据;
(2)It has relatively stable sources of businesses and profit and it does not substantially rely on its controlling shareholder or actual controller; (二)业务和盈利来源相对稳定,不存在严重依赖于控股股东、实际控制人的情形;
(3)It can continue its present primary business or investment trend in a sustainable manner. It has a sound business operation mode and investment plan, and has a good market prospect for its main products or services. There is no seriously unfavorable imminent or foreseeable change in the business operation environment and market demands; (三)现有主营业务或投资方向能够可持续发展,经营模式和投资计划稳健,主要产品或服务的市场前景良好,行业经营环境和市场需求不存在现实或可预见的重大不利变化;
(4)The senior management members and the core technicians are stable and there is no seriously unfavorable change in the recent 12 months; (四)高级管理人员和核心技术人员稳定,最近十二个月内未发生重大不利变化;
(5)The important assets, core technologies or other important interests have been lawfully obtained, and can be continuously utilized, and there is no seriously imminent or foreseeable unfavorable change therein; (五)公司重要资产、核心技术或其他重大权益的取得合法,能够持续使用,不存在现实或可预见的重大不利变化;
(6) There is no guaranty, lawsuit, arbitration or any other important matter that is likely to seriously affect the sustainable business operations of the company; and (六)不存在可能严重影响公司持续经营的担保、诉讼、仲裁或其他重大事项;
(7)Where it has ever issued any securities publicly within the recent 24 months, there is no such thing as decrease in the business profits of the current year of the issuance decrease by 50% or more as compared to the previous year. (七)最近二十四个月内曾公开发行证券的,不存在发行当年营业利润比上年下降百分之五十以上的情形。
Article 8 A listed company which satisfies the following provisions shall be deemed that it has a good financial status:   第八条 上市公司的财务状况良好,符合下列规定:
(1)Its basic accounting work is standard and it strictly complies with the uniform accounting system of the state; (一)会计基础工作规范,严格遵循国家统一会计制度的规定;
(2)For the financial statements of the recent three years and the recent 1 period, there is no audit report with reserved opinions or negative opinions as issued by certified accountants or on which it is difficult for certified accountant to express their opinions. If an audit report with no reserved opinions but with emphasized matters is issued by a certified public accountant, the matters involved shall have no seriously unfavorable effect on the issuer of securities or the seriously unfavorable effect has been eliminated prior to the issuance of securities; (二)最近三年及一期财务报表未被注册会计师出具保留意见、否定意见或无法表示意见的审计报告;被注册会计师出具带强调事项段的无保留意见审计报告的,所涉及的事项对发行人无重大不利影响或者在发行前重大不利影响已经消除;
(3)The assets are of good quality. The non-performing assets cannot result in any seriously unfavorable effect on the financial status of the company; (三)资产质量良好。不良资产不足以对公司财务状况造成重大不利影响;
(4)Its business outcomes are genuine and the cash flows are normal. It has strictly complied with the relevant accounting standards of the state in the recognition of its business incomes, costs and expenses. It has made full and reasonable provisions for asset impairment in recent three years and has never manipulated its business performances; and (四)经营成果真实,现金流量正常。营业收入和成本费用的确认严格遵循国家有关企业会计准则的规定,最近三年资产减值准备计提充分合理,不存在操纵经营业绩的情形;
(5) The profits which it has accumulatively distributed in cash in the recent 3 years shall not be less than 30% of the average annual distributable profits realized in the recent 3 years. (五)最近三年以现金方式累计分配的利润不少于最近三年实现的年均可分配利润的百分之三十。
Article 9 A listed company has no false record in its financial and accounting documents within the recent 36 months and has not committed any of the following serious illegal acts:   第九条 上市公司最近三十六个月内财务会计文件无虚假记载,且不存在下列重大违法行为:
(1)Due to violating any securities law, administrative regulation or rules, it has been subject to any administrative punishment of the CSRC or has been given any criminal punishment; (一)违反证券法律、行政法规或规章,受到中国证监会的行政处罚,或者受到刑事处罚;
(2)Due to violating any law, administrative regulation or rules on the industry and commerce, tax, land, environmental protection or customs, it has been subject to any administrative punishment very serious circumstance, or has been subject to any criminal punishment; or (二)违反工商、税收、土地、环保、海关法律、行政法规或规章,受到行政处罚且情节严重,或者受到刑事处罚;
(3)Other acts in violation of other laws or administrative regulations of the state, of which the circumstances are serious. (三)违反国家其他法律、行政法规且情节严重的行为。
Article 10 The amount and utilization of the funds raised by a listed company shall satisfy the following provisions:   第十条 上市公司募集资金的数额和使用应当符合下列规定:
(1)The amount of funds raised shall not exceed the required amount of the project; (一)募集资金数额不超过项目需要量;
(2)The purposes of use of the fund raised are in line with the industrial policies of the state as well as the laws and administrative regulations on environmental protection and land management; (二)募集资金用途符合国家产业政策和有关环境保护、土地管理等法律和行政法规的规定;
(3)Except for a financial enterprise, the fund raised at the present time shall not be used as financial investments such as holding transactional financial assets or financial assets available for sale, or lending it to others or use it as entrusted financing, nor may it be used to invest directly or indirectly in any company which mainly engages in the buying and selling securities; (三)除金融类企业外,本次募集资金使用项目不得为持有交易性金融资产和可供出售的金融资产、借予他人、委托理财等财务性投资,不得直接或间接投资于以买卖有价证券为主要业务的公司;
(4)The investment project will not result in competition with the controlling shareholder or the actual controller, nor will it affect the company's independence in production and business operations; and (四)投资项目实施后,不会与控股股东或实际控制人产生同业竞争或影响公司生产经营的独立性;
(5)It shall formulate rules on the special deposit of the raised funds and shall deposit the raised funds in the special account as decided by its board of directors. (五)建立募集资金专项存储制度,募集资金必须存放于公司董事会决定的专项账户。
Article 11 Where any listed company is under any of the following circumstances, it shall not issue any securities publicly:   第十一条 上市公司存在下列情形之一的,不得公开发行证券:
(1)The application documents for the present issuance have any false record, misleading statement or serious omission; (一)本次发行申请文件有虚假记载、误导性陈述或重大遗漏;
(2)The listed company illegally changes the purposes of use of the funds raised in the previous public issuance of securities and fails to make a correction; (二)擅自改变前次公开发行证券募集资金的用途而未作纠正;
(3)The listed company has ever been publicly condemned by the stock exchange within the recent 12 months; (三)上市公司最近十二个月内受到过证券交易所的公开谴责;
(4)The listed company and its controlling shareholder or actual controller fail to the perform their public commitments to the investors within the recent 12 months; (四)上市公司及其控股股东或实际控制人最近十二个月内存在未履行向投资者作出的公开承诺的行为;
(5)The listed company or any of its incumbent directors, senior management members is being investigated by the judicial organ due to any suspected crime or is being investigated by The CSRC due to any suspected violation; or (五)上市公司或其现任董事、高级管理人员因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会立案调查;
(6)Other circumstances under which the legitimate rights and interests of the investors or the social and public interests are severely impaired. (六)严重损害投资者的合法权益和社会公共利益的其他情形。
Section 2 Issuance of Securities 

第二节 发行股票

Article 12 The allotment of shares to the original shareholders (hereinafter referred to as allotment of shares) shall not only meet the provisions of Section 1 of this Chapter, but also satisfy the following provisions:   第十二条 向原股东配售股份(以下简称配股),除符合本章第一节规定外,还应当符合下列规定:
(1)The amount of the shares to be allotted shall not exceed 30% of the total capital stock prior to the present allotment of shares; (一)拟配售股份数量不超过本次配售股份前股本总额的百分之三十;
(2)The controlling shareholder shall make a public commitment to subscribe to the number of shares to be allotted to it; and (二)控股股东应当在股东大会召开前公开承诺认配股份的数量;
(3)The stocks shall be issued by way of proxy sale under the Securities Law . (三)采用证券法规定的代销方式发行。
If the controlling shareholder fails to perform its commitment to subscribe to the shares allotted to it, or if the number of shares subscribed to by the original shareholders does not reach 70% of the number of shares to be allotted at the expiration of the term of proxy sale, the issuer shall refund the issuing price plus interests as calculated at the bank deposit rate for the same period to the shareholders who have subscribed to the shares allotted to them. 控股股东不履行认配股份的承诺,或者代销期限届满,原股东认购股票的数量未达到拟配售数量百分之七十的,发行人应当按照发行价并加算银行同期存款利息返还已经认购的股东。
Article 13 To publicly raise shares against unspecified objects (i.e. to make additional issuance), a listed company shall not only meet the provisions of Section 1 of this Chapter, but also satisfy the following provisions:   第十三条 向不特定对象公开募集股份(简称“增发”),除符合本章第一节规定外,还应当符合下列规定:
(1)The average of the weighted average net asset yield rates for the recent 3 years is not lower than 6% as calculated on the basis of the net profits after deducting the non-regular profits and losses or the pre-deduction net profits, whichever is smaller; (一)最近三个会计年度加权平均净资产收益率平均不低于百分之六。扣除非经常性损益后的净利润与扣除前的净利润相比,以低者作为加权平均净资产收益率的计算依据;
(2) At the end of the recent period, there is no financial investment in the listed company as holding any relatively large sum of transactional financial assets or financial asset available for sale, lending it to others or making any entrusted financing, with the exception of financial enterprises; (二)除金融类企业外,最近一期末不存在持有金额较大的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形;
(3)The issuance price shall not be lower than the average price of the company's stock prices during the 20 transaction days prior to the announcement of the prospectus or the average price of the transaction day prior to the issuance. (三)发行价格应不低于公告招股意向书前二十个交易日公司股票均价或前一个交易日的均价。
Section 3 Issuance of Convertible Corporate Bonds 

第三节 发行可转换公司债券

Article 14 To publicly issue convertible corporate bonds, a company shall not only meet the provisions of Section 1 of this Chapter, but also satisfy the following provisions:   第十四条 公开发行可转换公司债券的公司,除应当符合本章第一节规定外,还应当符合下列规定:
(1) The average of the weighted average net asset yield rates for the recent 3 years is not lower than 6% as calculated on the basis of the net profits after deducting the non-regular profits and losses or the pre-deduction net profits, whichever is smaller; (一)最近三个会计年度加权平均净资产收益率平均不低于百分之六。扣除非经常性损益后的净利润与扣除前的净利润相比,以低者作为加权平均净资产收益率的计算依据;
(2)After the present issuance, the balance of the accumulative corporate bonds shall not exceed 40% of the amount of net assets at the end of the recent period; and (二)本次发行后累计公司债券余额不超过最近一期末净资产额的百分之四十;
(3)The annual average amount of distributable profits realized in recent 3 years is not less than the annual amount of interests of the corporate bonds. (三)最近三个会计年度实现的年均可分配利润不少于公司债券一年的利息。
The term "convertible corporate bonds" as mentioned in the preceding paragraph refers to the corporate bonds which are issued by an issuing company pursuant to law and which may be converted to shares during a certain period and under stipulated conditions. 前款所称可转换公司债券,是指发行公司依法发行、在一定期间内依据约定的条件可以转换成股份的公司债券。
Article 15 The minimum time period of convertible corporate bonds shall be 1 year, and the maximum shall be 6 years.   第十五条 可转换公司债券的期限最短为一年,最长为六年。
Article 16 The par value of each convertible corporate bond shall be 100 yuan.   第十六条 可转换公司债券每张面值一百元。
The interest rate of a convertible corporate bond shall be determined by the issuing company and the leading underwriter through negotiations, but it shall satisfy the relevant provisions of the state. 可转换公司债券的利率由发行公司与主承销商协商确定,但必须符合国家的有关规定。
Article 17 To publicly issue convertible corporate bonds, a company shall entrust a qualified credit rating agency to make credit ratings and follow-up ratings.   第十七条 公开发行可转换公司债券,应当委托具有资格的资信评级机构进行信用评级和跟踪评级。
A credit rating institution shall at least announce one follow-up rating report every year. 资信评级机构每年至少公告一次跟踪评级报告。
Article 18 A listed company shall, within 5 working days after the expiration of the term of convertible corporate bonds, pay off the principal and interest of the balance of the bonds.   第十八条 上市公司应当在可转换公司债券期满后五个工作日内办理完毕偿还债券余额本息的事项。
Article 19 To publicly issue convertible corporate bonds, a company shall stipulate the measures for the protection of the rights of the bond holders, the rights and procedures of the bondholders' meetings, as well as the conditions for the effectiveness of the resolutions made at the meetings of bondholders.   第十九条 公开发行可转换公司债券,应当约定保护债券持有人权利的办法,以及债券持有人会议的权利、程序和决议生效条件。
A bondholders' meeting shall be held for any of the following events: 存在下列事项之一的,应当召开债券持有人会议:
(1)The issuer is to change the stipulations in the prospectus; (一)拟变更募集说明书的约定;
(2) The issuer is unable to pay the principals and the interests on schedule; (二)发行人不能按期支付本息;

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