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Measures for the Administration of Securities Issuance and Underwriting (2010 Revision) [Expired]
证券发行与承销管理办法(2010修订) [失效]
【法宝引证码】

 
Measures for the Administration of Securities Issuance and Underwriting 

证券发行与承销管理办法


(The Measures for the Administration of Securities Issuance and Underwriting, which were deliberated and adopted at the 189th chairmen's executive meeting of China Securities Regulatory Commission on September 11, 2006. Promulgated by Order No.69 of China Securities Regulatory Commission, amended according to the Decision on Amending the Measures for the Administration of Securities Issuance and Underwriting that was adopted at Securities Regulatory Commission on October 11, 2010)
 
(2006年9月11日中国证券监督管理委员会第189次主席办公会议审议通过,根据2010年10月11日中国证券监督管理委员会以中国证券监督管理委员会令第69号公布的《关于修改〈证券发行与承销管理办法〉的决定》修订)


 
Chapter I General Provisions 

第一章 总则


 
Article 1 For the purpose of regulating securities issuance and underwriting and protecting the legitimate rights and interests of investors, these Measures are formulated in accordance with the Securities Law of the People's Republic of China and the Company Law of the People's Republic of China.   第一条 为了规范证券发行与承销行为,保护投资者的合法权益,根据《中华人民共和国证券法》、《中华人民共和国公司法》,制定本办法。

 
Article 2 These Measures apply to issuers who issue stocks or convertible corporate bonds (hereinafter collectively referred to as securities) within the territory of China, securities companies that underwrite securities within the territory of China, and investors who subscribe securities issued within the territory of China.   第二条 发行人在境内发行股票或者可转换公司债券(以下统称证券)、证券公司在境内承销证券,以及投资者认购境内发行的证券,适用本办法。

In participating in the issuance of securities, issuers, securities companies and investors shall abide by other provisions on securities issuance of China Securities Regulatory Commission (hereinafter referred to as CSRC) and the business rules of stock exchanges and securities registration and clearing institutions. In underwriting securities, securities companies shall also abide by the relevant provisions on sponsorship system, risk control system and inner control system of the CSRC.
 
发行人、证券公司和投资者参与证券发行,还应当遵守中国证券监督管理委员会(以下简称中国证监会)有关证券发行的其他规定,以及证券交易所和证券登记结算机构的业务规则。证券公司承销证券,还应当遵守中国证监会有关保荐制度、风险控制制度和内部控制制度的相关规定。

 
Article 3 The securities service institutions and personnel that produce the relevant documents for securities issuance shall strictly fulfill the legal duties in accordance with generally recognized business standards and ethical norms of the same industry, and shall undertake responsibilities for the authenticity, accuracy and integrity of the documents produced.   第三条 为证券发行出具相关文件的证券服务机构和人员,应当按照本行业公认的业务标准和道德规范,严格履行法定职责,对其所出具文件的真实性、准确性和完整性承担责任。

 
Article 4 The CSRC shall supervise and manage the issuance and underwriting of securities according to law.   第四条 中国证监会依法对证券发行和承销行为进行监督管理。

 
Chapter II Inquiry and Price-Fixing 

第二章 询价与定价


 
Article 5 As for the initial public offering of a stock, the issuing price of the stock shall be determined by making an inquiry to the specified institutional investors (hereinafter referred to as inquiry objects).   第五条 首次公开发行股票,应当通过向特定机构投资者(以下称询价对象)询价的方式确定股票发行价格。

Inquiry objects refer to the securities investment fund management companies, securities companies, trust and investment companies, financial companies, insurance institutional companies, and qualified foreign institutional investors that satisfy the conditions prescribed in these Measures; institutional investors which are recommended by the managing underwriter at its discretion and which have a relatively strong pricing ability and a long-term investment intention; and other institutional investors authorized and approved by the CSRC.
 
询价对象是指符合本办法规定条件的证券投资基金管理公司、证券公司、信托投资公司、财务公司、保险机构投资者、合格境外机构投资者、主承销商自主推荐的具有较高定价能力和长期投资取向的机构投资者,以及经中国证监会认可的其他机构投资者。

To recommend institutional investors at its discretion, a managing underwriter shall make a clear recommendation criterion, set up a transparent recommendation decision-making mechanism, and submit them to the Securities Association of China for registration and archival purposes.
 
主承销商自主推荐机构投资者的,应当制订明确的推荐标准,建立透明的推荐决策机制,并报中国证券业协会登记备案。

 
Article 6 An inquiry object and the securities investment products under its management (hereinafter referred to as object of shares rationing) shall be registered at Securities Association of China for record and be subject to the self-discipline management of Securities Association of China   第六条 询价对象及其管理的证券投资产品(以下称股票配售对象)应当在中国证券业协会登记备案,接受中国证券业协会的自律管理。

 
Article 7 An inquiry object shall satisfy the following conditions:   第七条 询价对象应当符合下列条件:

 
(1) It is established according to law, and has not been imposed with any administrative penalty, supervising measure or criminal penalty by the relevant supervising departments because of any significant violation of laws or regulations during the latest 12 months; (一)依法设立,最近12个月未因重大违法违规行为被相关监管部门给予行政处罚、采取监管措施或者受到刑事处罚;

 
(2) It may conduct stocks investment according to law; (二)依法可以进行股票投资;

 
(3) It has good credit record, and has the institutions and personnel necessary for independently engaging in securities investment; (三)信用记录良好,具有独立从事证券投资所必需的机构和人员;

 
(4) It has sound systems of inner risk evaluation and control which can be effectively implemented, and its risk control indexes are in line with the relevant provision; and (四)具有健全的内部风险评估和控制系统并能够有效执行,风险控制指标符合有关规定;

 
(5) Where it has been removed form the list of inquiry objects by Securities Association of China in accordance with the provisions of these Measures, 12 months have lapsed since the date of removal. (五)按照本办法的规定被中国证券业协会从询价对象名单中去除的,自去除之日起已满12个月。

 
Article 8 The following institutional investors, as inquiry objects, shall also satisfy the following conditions in addition to those prescribed in Article 7:   第八条 下列机构投资者作为询价对象除应当符合第七条规定的条件外,还应当符合下列条件:

 
(1) As for a securities company, it may conduct securities self-run business and securities assets management business upon approval; (一)证券公司经批准可以经营证券自营或者证券资产管理业务;

 
(2) As for a trust and investment company, it shall have been reregistered at the relevant supervising department for two or more years, its registered capital shall not be lower than 400 million yuan, and there is an active record of securities market investments in the latest 12 months; (二)信托投资公司经相关监管部门重新登记已满两年,注册资本不低于4亿元,最近12个月有活跃的证券市场投资记录;

 
(3) As for a financial company, 2 years shall have lapsed since its establishment, its registered capital shall not be lower than 300 million yuan, and there is an active record of securities market investments in the latest 12 months. (三)财务公司成立两年以上,注册资本不低于3亿元,最近12个月有活跃的证券市场投资记录。

 
Article 9 A managing underwriter shall provide an investment value study report to the inquiry objects when making inquiries. No issuer, managing underwriter or inquiry object may publicize or disclose the content of an investment value study report in any form, unless it is otherwise provided by the CSRC.   第九条 主承销商应当在询价时向询价对象提供投资价值研究报告。发行人、主承销商和询价对象不得以任何形式公开披露投资价值研究报告的内容,但中国证监会另有规定的除外。

 
Article 10 An investment value study report shall be independently written and signed by the research personnel of a underwriter, which shall not provide an investment value study report written by an institution other than one of the underwriting syndicate. An underwriter that produces investment value study report shall establish perfect quality control system of investment value study report; the personnel who write the report shall abide by the inner control system of securities companies.   第十条 投资价值研究报告应当由承销商的研究人员独立撰写并署名,承销商不得提供承销团以外的机构撰写的投资价值研究报告。出具投资价值研究报告的承销商应当建立完善的投资价值研究报告质量控制制度,撰写投资价值研究报告的人员应当遵守证券公司内部控制制度。

 
Article 11 In writing an investment value study report, the following requirements shall be observed:   第十一条 撰写投资价值研究报告应当遵守下列要求:

 
(1) Independence, prudence and objectiveness; (一)独立、审慎、客观;

 
(2) The materials quoted shall be authentic, accurate, integrate and authoritative, and the sources shall be indicated; (二)引用的资料真实、准确、完整、权威并须注明来源;

 
(3) The evaluation on the industry of the issuer shall be consistent and coherent; and (三)对发行人所在行业的评估具有一致性和连贯性;

 
(4) There shall be no false record, misleading statement or major omission. (四)无虚假记载、误导性陈述或者重大遗漏。

 
Article 12 An investment value study report shall make comprehensive analysis on the elements that affect the investment value of an issuer, and shall at least include the following contents:   第十二条 投资价值研究报告应当对影响发行人投资价值的因素进行全面分析,至少包括下列内容:

 
(1) The classification of the issuer's industry, industrial policies, comparison between the issuer and the major competitors, and the issuer's status in the said industry; (一)发行人的行业分类、行业政策,发行人与主要竞争者的比较及其在行业中的地位;

 
(2) Analysis on the issuer's state of operation and development prospect; (二)发行人经营状况和发展前景分析;

 
(3) Analysis on the issuer's capacity of making profits and financial conditions; (三)发行人盈利能力和财务状况分析;

 
(4) Analysis on the issuer's projects invested by raised funds; (四)发行人募集资金投资项目分析;

 
(5) Comparison between the investment value of the issuer and that of the comparable listed companies in the same industry; and (五)发行人与同行业可比上市公司的投资价值比较;

 
(6) Macro economic trend, stock market trend and other elements that have important impact on the investment value of the issuer. (六)宏观经济走势、股票市场走势以及其他对发行人投资价值有重要影响的因素。

An investment value study report shall, on the basis of the above-mentioned analysis, anticipate the rational investment value of an issuer's stock by using the estimating methods as recognized in the industry.
 
投资价值研究报告应当在上述分析的基础上,运用行业公认的估值方法对发行人股票的合理投资价值进行预测。

 
Article 13 An issuer and its managing underwriter shall make recommendations and inquiries to the inquiry objects after publishing the prospectus of an initial public offering stock and the announcement on issuance, and shall make recommendations to the public investors via internet.   第十三条 发行人及其主承销商应当在刊登首次公开发行股票招股意向书和发行公告后向询价对象进行推介和询价,并通过互联网向公众投资者进行推介。

Inquiry may be divided into initial inquiry and accumulated bidding inquiry. An issuer and its managing underwriter shall determine the issuing price span through initial inquiry, and determine the issuing price within the price span through accumulated bidding inquiry.
 
询价分为初步询价和累计投标询价。发行人及其主承销商应当通过初步询价确定发行价格区间,在发行价格区间内通过累计投标询价确定发行价格。

 
Article 14 Where an initially offered stock is listed on the SME board or the second board, the issuer and its managing underwriter may determine the issue price according to the outcome of initial inquiry instead of further conducting accumulated bidding inquiry.   第十四条 首次发行的股票在中小企业板、创业板上市的,发行人及其主承销商可以根据初步询价结果确定发行价格,不再进行累计投标询价。

 
Article 15 An inquiry object may determine by itself whether to participate in initial inquiry; where an inquiry object applies for participating in initial inquiry, the managing underwriter may not refuse without legitimate reasons. An inquiry object that did not participate in the initial inquiry, or participated in the initial inquiry but did not make effective quotation, shall not participate in the accumulated bidding inquiry and offline placement.   第十五条 询价对象可以自主决定是否参与初步询价,询价对象申请参与初步询价的,主承销商无正当理由不得拒绝。未参与初步询价或者参与初步询价但未有效报价的询价对象,不得参与累计投标询价和网下配售。

 
Article 16 An inquiry object shall make reasonable quotation in accordance with the principles of independence, objectiveness and sincerity, may not negotiate on the quotation or lower or raise prices on purpose.   第十六条 询价对象应当遵循独立、客观、诚信的原则合理报价,不得协商报价或者故意压低或抬高价格。

 
Article 17 The securities self-run account of a managing underwriter may not participate in the inquiry, offline placement and online issuance of the shares issued this time.   第十七条 主承销商的证券自营账户不得参与本次发行股票的询价、网下配售和网上发行。

An inquiry object that has actual control relationship with the issuer or its managing underwriter may not participate in the inquiry and offline placement of the shares issued this time, but may participate in the online issuance.
 
与发行人或其主承销商具有实际控制关系的询价对象,不得参与本次发行股票的询价、网下配售,可以参与网上发行。

 
Article 18 An issuer and its managing underwriter shall, after determining the issuing price span and the issuing price, respectively report them to the CSRC for record and make public announcements accordingly.   第十八条 发行人及其主承销商在发行价格区间和发行价格确定后,应当分别报中国证监会备案,并予以公告。

 
Article 19 An issuer and its managing underwriter may not mislead investors in the process of recommendation, or disturb the normal quotation or subscription of any inquiry object, or disclose the information of the issuer other than such public information as prospectus; there shall not be any false record, misleading statement or major omission in the recommendation materials.   第十九条 发行人及其主承销商在推介过程中不得误导投资者,不得干扰询价对象正常报价和申购,不得披露招股意向书等公开信息以外的发行人其他信息;推介资料不得有虚假记载、误导性陈述或者重大遗漏。

 
Article 20 An inquiry object shall summarize the inquiry situation of the previous year within one month upon the end of that year, and make explanations on whether it is in line with the conditions prescribed in these Measures on a persistent basis and whether it complies with the requirements on inquiry objects as prescribed in these Measures. The summary report shall be reported to Securities Association of China for record.   第二十条 询价对象应当在年度结束后一个月内对上年度参与询价的情况进行总结,并就其是否持续符合本办法规定的条件以及是否遵守本办法对询价对象的监管要求进行说明。总结报告应当报中国证券业协会备案。

 
Article 21 In issuing securities, a listed company may determine the issuing price by means of inquiry, or by negotiating with its managing underwriter.   第二十一条 上市公司发行证券,可以通过询价的方式确定发行价格,也可以与主承销商协商确定发行价格。

The price-fixing of securities issued by a listed company shall be in line with the relevant provisions of the CSRC on securities issuance by listed companies.
 
上市公司发行证券的定价,应当符合中国证监会关于上市公司证券发行的有关规定。

 
Chapter III Securities Offering 

第三章 证券发售


 
Article 22 Where the number of the initially offered shares is more than 400 million, shares may be rationed to strategic investors. The issuer shall conclude a ration agreement with strategic investors in advance and shall report to the CSRC for record.   第二十二条 首次公开发行股票数量在4亿股以上的,可以向战略投资者配售股票。发行人应当与战略投资者事先签署配售协议,并报中国证监会备案。

An issuer and its managing underwriter shall disclose the standards for selecting strategic investors, the total amount of shares rationed to strategic investors, the proportion in the shares issued this time, and restrictions on holding period, etc.
 
发行人及其主承销商应当在发行公告中披露战略投资者的选择标准、向战略投资者配售的股票总量、占本次发行股票的比例,以及持有期限制等。

 
Article 23 A strategic investor may not participate in the initial inquiry and accumulated bidding inquiry of a stock of initially public offering, and shall make a promise that the holding period of the shares rationed to it this time shall not be less than 12 months. The holding period shall be calculated as of the date when the stock publicly offered this time is listed.   第二十三条 战略投资者不得参与首次公开发行股票的初步询价和累计投标询价,并应当承诺获得本次配售的股票持有期限不少于12个月,持有期自本次公开发行的股票上市之日起计算。

 
Article 24 An issuer and its managing underwriter shall ration shares to the inquiry objects that participate in the offline ration. Where less than 400 million shares are offered publicly, the quantity for rationing shall not exceed 20% of the total amount of this issuance; where 400 million or more shares are offered publicly, the quantity for rationing shall not exceed 50% of the total amount of this issuance after deducting the amount rationed to strategic investors. An inquiry object shall make a promise that the holding period of the shares obtained this time through offline placement shall not be less than 3 months. The holding period shall be calculated as of the date when the stock publicly offered this time is listed.   第二十四条 发行人及其主承销商应当向参与网下配售的询价对象配售股票。公开发行股票数量少于4亿股的,配售数量不超过本次发行总量的20%;公开发行股票数量在4亿股以上的,配售数量不超过向战略投资者配售后剩余发行数量的50%。询价对象应当承诺获得本次网下配售的股票持有期限不少于3个月,持有期自本次公开发行的股票上市之日起计算。

Where the shares issued this time are rationed to strategic investors, upon the completion of the issuance, the quantity of the shares without any restriction on holding period shall not be less than 25% of the total amount of this issuance.
......
 
本次发行的股票向战略投资者配售的,发行完成后无持有期限制的股票数量不得低于本次发行股票数量的25%。
......

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