| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 161) | | （第161号） |
| The Decision on Amending the Measures for the Supervision and Administration of Unlisted Public Companies, as deliberated and adopted at the 5th executive meeting of the China Securities Regulatory Commission on December 18, 2019, are hereby issued, and shall come into force on the date of issuance. | | 《关于修改〈非上市公众公司监督管理办法〉的决定》已经2019年12月18日中国证券监督管理委员会2019年第5次委务会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Yi Huiman | | 中国证券监督管理委员会主席：易会满 |
| December 20, 2019 | | 2019年12月20日 |
| Decision on Amending the Measures for the Supervision and Administration of Unlisted Public Companies | | 关于修改《非上市公众公司监督管理办法》的决定 |
| I. Article 4 is amended to read: “The public transfer of stock of a public company shall be conducted on the National Equities Exchange and Quotations (“NEEQ”), and the publicly transferred stock of a public company shall be subject to centralized registration and deposit with the China Securities Depository and Clearing Company Limited (CSDC).” | | 一、第四条修改为：“公众公司公开转让股票应当在全国中小企业股份转让系统（以下简称全国股转系统）进行，公开转让的公众公司股票应当在中国证券登记结算公司集中登记存管。” |
| II. Subparagraph 2 of Article 5 is amended to read: “A public company shall issue preferred shares, convertible corporate bonds and other securities in accordance with laws, administrative regulations, and the relevant provisions of the China Securities Regulatory Commission (CSRC).” | | 二、第五条第二款修改为：“公众公司发行优先股、可转换公司债券等证券品种，应当遵守法律、行政法规和中国证券监督管理委员会（以下简称中国证监会）的相关规定。” |
| III. Subparagraph 2 of Article 10 is amended to read: “Proposals shall be deliberated at a shareholders' meeting under prescribed procedures, and shareholders' right to know, right to participate, right to inquiry, and right to vote shall be protected. The board of directors shall, within the extent of its functions and the extent as authorized by the shareholders' meeting, make resolutions on the deliberated matters, and shall not make resolutions in place of the shareholders' meeting on matters beyond the extent of its functions and the extent authorized.” | | 三、第十条第二款修改为：“股东大会的提案审议应当符合规定程序，保障股东的知情权、参与权、质询权和表决权；董事会应当在职权范围和股东大会授权范围内对审议事项作出决议，不得代替股东大会对超出董事会职权范围和授权范围的事项进行决议。” |
| IV. In Article 13, a subparagraph is added as subparagraph 2: “Affiliated transactions shall not damage the rights and interests of a public company.” | | 四、第十三条增加一款，作为第二款：“关联交易不得损害公众公司利益。” |
| V. In Article 14, two subparagraphs are added respectively as subparagraphs 2 and 3. Subparagraph 2 reads: “Shareholders, actual controllers, directors, supervisors and senior executives of a public company shall not commit acts of damaging the interests of public companies, such as appropriation of company assets and tunneling.” Subparagraph 3 reads: “Without approval or authorization of the board of directors or shareholders' meeting, no public company shall provide any external guarantee.” | | 五、第十四条增加两款，分别作为第二款、第三款。第二款为：“公众公司股东、实际控制人、董事、监事及高级管理人员不得实施侵占公司资产、利益输送等损害公众公司利益的行为。”第三款为：“未经董事会或股东大会批准或授权，公众公司不得对外提供担保。” |
| VI. One article is added as Article 20: “A scientific and technological innovation company whose stocks are transferred publicly that has shares with special voting rights shall specify the following matters in the company bylaws: (1) qualifications of holders of shares with special voting rights; (2) arrangements for the proportion of the number of voting rights owned by shares with special voting rights to the number of voting rights owned by common shares; (3) scope of matters of the shareholders' meeting on which holders can vote based on shares held by them with special voting rights; (4) lock-up arrangements and transfer restrictions for shares with special voting rights; (5) conversion between shares with special voting rights and common shares; and (6) other matters. The NEEQ shall develop relevant provisions on the setting of different voting rights, existence, adjustments, information disclosure, investor protection, and other matters of companies with shares with special voting rights.” | | 六、增加一条，作为第二十条：“股票公开转让的科技创新公司存在特别表决权股份的，应当在公司章程中规定以下事项：（一）特别表决权股份的持有人资格；（二）特别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排；（三）持有人所持特别表决权股份能够参与表决的股东大会事项范围；（四）特别表决权股份锁定安排及转让限制；（五）特别表决权股份与普通股份的转换情形；（六）其他事项。全国股转系统应对存在特别表决权股份的公司表决权差异的设置、存续、调整、信息披露和投资者保护等事项制定具体规定。” |
| VII. Article 20 is renumbered as Article 21 and amended to read: “A company and other information disclosure obligors shall, in accordance with laws and administrative regulations, and the provisions of the CSRC, fulfill the obligations of information disclosure, and ensure that the information disclosed is true, accurate, and complete, and contains no false record, misleading statement, or major omission. A company and other information disclosure obligors shall disclose information to all investors in a timely and impartial manner. The directors, supervisors, and senior executives of a company shall faithfully and diligently perform their functions, and ensure the authenticity, accuracy, and completeness of the information disclosed by the company.” | | 七、第二十条修改为第二十一条，修改为“公司及其他信息披露义务人应当按照法律、行政法规和中国证监会的规定履行信息披露义务，所披露的信息应当真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。公司及其他信息披露义务人应当及时、公平地向所有投资者披露信息。公司的董事、监事、高级管理人员应当忠实、勤勉地履行职责，保证公司披露信息的真实、准确、完整。” |
| VIII. Article 21 is renumbered as Article 22 and amended to read: “The information disclosure documents shall mainly include a public transfer prospectus, a private transfer statement, a private placement memorandum, an issue result report, a public issue statement, periodic reports, and ad hoc reports, among others. The specific content and format, development rules, and disclosure requirements shall be separately developed by the CSRC.” | | 八、第二十一条修改为第二十二条，修改为：“信息披露文件主要包括公开转让说明书、定向转让说明书、定向发行说明书、发行情况报告书、公开发行说明书、定期报告和临时报告等。具体的内容与格式、编制规则及披露要求，由中国证监会另行制定。” |
| IX. Article 22 is renumbered as Article 23, and subparagraph 1 is amended to read: “A public company whose stocks are transferred publicly and privately placed shall submit annual reports and interim reports, and make an announcement. The financial accounting reports in annual reports shall be audited by an accounting firm complying with the provisions of the Securities Law.” Subparagraph 2 is amended to read: “A public company whose cumulative number of shareholders exceeds 200 as a result of transfer of stocks to specific investors shall submit annual reports and make an announcement. The financial accounting reports in its annual reports shall be audited by an accounting firm.” | | 九、第二十二条修改为第二十三条，第一款修改为：“股票公开转让与定向发行的公众公司应当报送年度报告、中期报告，并予公告。年度报告中的财务会计报告应当经符合《证券法》规定的会计师事务所审计。” 第二款修改为“股票向特定对象转让导致股东累计超过200 人的公众公司，应当报送年度报告，并予公告。年度报告中的财务会计报告应当经会计师事务所审计。” |
| X. Article 25 is renumbered as Article 26 and amended to read: “Where a major event that may cause relatively significant impact on the stock price occurs and is unknown by investors, the public company shall immediately submit an ad hoc report on the major event to the CSRC and the NEEQ, make an announcement, and explain the cause of the event, current status, and possible consequences.” | | 十、第二十五条修改为第二十六条，修改为：“发生可能对股票价格产生较大影响的重大事件，投资者尚未得知时，公众公司应当立即将有关该重大事件的情况向中国证监会和全国股转系统报送临时报告，并予以公告，说明事件的起因、目前的状态和可能产生的后果。” |
| XI. One article is added as Article 27: “The CSRC shall implement differentiated information disclosure management for public companies, and the specific provisions shall be developed separately by the CSRC.” | | 十一、增加一条，作为第二十七条：“中国证监会对公众公司实行差异化信息披露管理，具体规定由中国证监会另行制定。” |
| XII. Article 26 is renumbered as Article 28 and amended to read: “Where a public company implements merger, acquisition, and restructuring, the relevant information disclosure obligors shall strictly fulfill the announcement obligations in accordance with the law. The relevant entities and personnel participating in merger, acquisition, and restructuring shall timely and accurately notify public companies of the relevant information, cooperate with public companies to conduct authentic, accurate and complete disclosure, assume the obligation of keeping confidential the information on merger, acquisition, and restructuring before such information is disclosed in accordance with the law, and be prohibited from using such information to conduct insider trading.” | | 十二、第二十六条修改为第二十八条，修改为：“公众公司实施并购重组的，相关信息披露义务人应当依法严格履行公告义务。参与并购重组的相关单位和人员，应当及时、准确地向公众公司通报有关信息，配合公众公司真实、准确、完整地进行披露，在并购重组的信息依法披露前负有保密义务，禁止利用该信息进行内幕交易。” |
| XIII. Article 29 is renumbered as Article 31 and subparagraph 1 is amended to read: “The information disclosed by a company and other information disclosure obligors in accordance with the law shall be announced on an information disclosure platform in compliance with the provisions of the Securities Law. A company and other information disclosure obligors may issue information that must be disclosed in accordance with these Measures on the company's website or other public media, but the information disclosed shall be identical and shall not be disclosed earlier than the time of disclosure on the aforesaid information disclosure platform.” Subparagraph 2 is amended to read: “A public company whose cumulative number of shareholders exceeds 200 as a result of transfer of its stocks to specific investors may include other manners of information disclosure in its bylaws; and where the relevant information is disclosed on an information disclosure platform prescribed in the Securities Law, the requirements of the subparagraph 1 of this article shall be satisfied.” | | 十三、第二十九条修改为第三十一条，第一款修改为：“公司及其他信息披露义务人依法披露的信息，应当在符合《证券法》规定的信息披露平台公布。公司及其他信息披露义务人可在公司网站或者其他公众媒体上刊登依本办法必须披露的信息，但披露的内容应当完全一致，且不得早于在上述信息披露平台披露的时间。” 第二款修改为“股票向特定对象转让导致股东累计超过200人的公众公司可以在公司章程中约定其他信息披露方式；在《证券法》规定的信息披露平台披露相关信息的，应当符合本条第一款的要求。” |
| XIV. Article 32 is renumbered as Article 34, and subparagraph 3 is amended to read: “Stock shall be transferred to specific investors by agreement in a non-public manner. Where a company applies for quotation for public transfer of its stock, Articles 35 and 36 of these Measures shall apply.” | | 十四、第三十二条修改为第三十四条，第三款修改为：“股票向特定对象转让应当以非公开方式协议转让。申请股票挂牌公开转让的，按照本办法第三十五条、第三十六条的规定办理。” |
| XV. Article 33 is renumbered as Article 35, and subparagraph 1 is amended to read: “Where a company applies for quotation for public transfer of its stock, the board of directors shall, in accordance with the law, make a resolution regarding the specific plan for quotation for public transfer of its stock, and submit it to the shareholders' meeting for approval, and a resolution of the shareholders' meeting must be adopted by 2/3 or more of the voting rights held by all shareholders present at the meeting.” Subparagraph 2 is amended to read: “The resolutions of the board of directors and shareholders' meeting shall also include the following: (1) amending the bylaws of the company in accordance with relevant provisions of the CSRC; (2) establishing and improving the corporate governance mechanism according to the laws, administrative regulations, and company bylaws; and (3) fulfilling the information disclosure obligations and disclosing the public transfer prospectus, annual reports, interim reports and other information disclosure content in accordance with relevant provisions.” A new subparagraph is added as subparagraph 3: “When applying for quotation for public transfer of stocks, a company may apply for issuance of stocks in accordance with the provisions of Chapter V of these Measures.” | | 十五、第三十三条修改为第三十五条，第一款修改为“公司申请其股票挂牌公开转让的，董事会应当依法就股票挂牌公开转让的具体方案作出决议，并提请股东大会批准，股东大会决议必须经出席会议的股东所持表决权的2/3 以上通过。”第二款修改为“董事会和股东大会决议中还应当包括以下内容：（一）按照中国证监会的相关规定修改公司章程；（二）按照法律、行政法规和公司章程的规定建立健全公司治理机制；（三）履行信息披露义务，按照相关规定披露公开转让说明书、年度报告、中期报告及其他信息披露内容。”增加一款作为第三款：“公司申请其股票挂牌公开转让时，可以按照本办法第五章规定申请发行股票。” |
| XVI. Article 34 is renumbered as Article 36 and subparagraph 1 is amended to read: “A company whose number of shareholders exceeds 200 that applies for quotation for public transfer of its stocks shall, according to the relevant provisions of the CSRC, develop application documents for the public transfer, including but not limited to: a public transfer prospectus, a legal opinion issued by a law firm, an audit report issued by an accounting firm in compliance with the provisions of the Securities Law, a recommendation document issued by a securities company, and a self-regulatory opinion issued by the NEEQ. The company shall apply to the CSRC for confirmation upon strength of the application documents.” | | 十六、第三十四条修改为第三十六条，第一款修改为：“股东人数超过200 人的公司申请其股票挂牌公开转让，应当按照中国证监会有关规定制作公开转让的申请文件，申请文件应当包括但不限于：公开转让说明书、律师事务所出具的法律意见书、符合《证券法》规定的会计师事务所出具的审计报告、证券公司出具的推荐文件、全国股转系统的自律监管意见。公司持申请文件向中国证监会申请核准。” |
| XVII. Article 36 is renumbered as Article 37 and amended to read: “A company whose number of shareholders does not exceed 200 that applies for quotation for public transfer of its stocks shall be exempted from confirmation by the CSRC and shall be subject to examination by the NEEQ.” | | 十七、第三十六条修改为第三十七条，修改为：“股东人数未超过200 人的公司申请其股票挂牌公开转让，中国证监会豁免核准，由全国股转系统进行审查。” |
| XVIII. One article is added as Article 40: “A company applying for quotation for public transfer of stocks shall hire a securities company to recommend quotation for public transfer of its stocks. The securities company shall continuously supervise the public company recommended for public transfer of stocks, urge the company to be honest and trustworthy, perform its information disclosure obligations in a timely manner, improve corporate governance, and enhance the standard operation level. The public company that publicly transfers stocks shall cooperate with the continuous supervision of the securities company and accept the guidance and supervision of the securities company.” | | 十八、增加一条，作为第四十条：“申请股票挂牌公开转让的公司应当聘请证券公司推荐其股票挂牌公开转让。证券公司应当对所推荐的股票公开转让的公众公司进行持续督导，督促公司诚实守信、及时履行信息披露义务、完善公司治理、提高规范运作水平。股票公开转让的公众公司应当配合证券公司持续督导工作，接受证券公司的指导和督促。” |
| XIX. Article 38 is renumbered as Article 41 and amended to read: “A company limited by shares whose number of shareholders exceeds 200 before these Measures come into force may, if meeting the relevant conditions, apply for quotation for public transfer of its stocks on the NEEQ or for initial public offering and listing on a stock exchange.” | | 十九、第三十八条修改为第四十一条，修改为：“本办法施行前股东人数超过200 人的股份有限公司，符合条件的，可以申请在全国股转系统挂牌公开转让股票、首次公开发行并在证券交易所上市。” |
| XX. Article 39 is renumbered as Article 42 and subparagraph 1 is amended to read: “For the purposes of these Measures, private placement shall include the two circumstances under which the cumulative number of shareholders of a company limited by shares exceeds 200 as a result of a stock issue to specific investors and a public company issues stocks to specific investors.” Subparagraph 3 is amended to read: “When a company that does not publicly transfers stocks determines the investors to whom stock is issued, the total number of investors as prescribed in subparagraphs (2) and (3) hereof shall not exceed 35.” | | 二十、第三十九条修改为第四十二条，第一款修改为：“本办法所称定向发行包括股份有限公司向特定对象发行股票导致股东累计超过200人，以及公众公司向特定对象发行股票两种情形。”第三款修改为“股票未公开转让的公司确定发行对象时，符合本条第二款第（三）项规定的投资者合计不得超过35名。” |
| XXI. Article 40 is renumbered as Article 43 and amended to read: “The company shall sign a subscription agreement containing risk disclosure clauses with the investor and shall not take public road shows, inquiry, or any other method during the process of issue.” | | 二十一、第四十条修改为第四十三条，第二款修改为：“公司应当与发行对象签订包含风险揭示条款的认购协议，发行过程中不得采取公开路演、询价等方式。” |
XXII. Article 41 is renumbered as Article 44 and a new subparagraph is added as subparagraph 2: “A resolution of the shareholders' meeting on the issue of stocks shall include at least the following: (1) the type and quantity (upper limit) of the current issue of stocks; (2) the investors or scope of the issue, and the prior subscription arrangements of existing shareholders; (3) the pricing method or the issue price (range); (4) the sales restriction; (5) the use of raised funds; (6) the validity term of the resolution; (7) the authorization of the board of directors for handling the specific matters of the issue; (8) the distribution plan of the rolling profits before the issue; and (9) other matters that must be specified.” The original second subparagraph is adjusted to subparagraph 3 and amended to read: “Where a company limited by shares applies for issue of stocks to specific investors, it results in cumulative number of its shareholders exceeds 200. A resolution of the board of directors and the shareholders' meeting shall also include the following: (1) amending the bylaws of the company in accordance with relevant provisions of the CSRC; (2) establishing and improving the corporate governance mechanism according to the laws, administrative regulations, and company bylaws; and (3) fulfilling the information disclosure obligations and disclosing a private placement memorandum, an issue result report, an annual report, an interim report, and other information disclosure content in accordance with relevant provisions.”
．．．．．． | | 二十二、第四十一条修改为第四十四条，增加一款作为第二款：“股东大会就股票发行作出的决议，至少应当包括下列事项：（一）本次发行股票的种类和数量（数量上限）；（二）发行对象或范围、现有股东优先认购安排；（三）定价方式或发行价格（区间）；（四）限售情况；（五）募集资金用途；（六）决议的有效期；（七）对董事会办理本次发行具体事宜的授权；（八）发行前滚存利润的分配方案；（九）其他必须明确的事项。” 原第二款调整为第三款，修改为“申请向特定对象发行股票导致股东累计超过200人的股份有限公司，董事会和股东大会决议中还应当包括以下内容：（一）按照中国证监会的相关规定修改公司章程；（二）按照法律、行政法规和公司章程的规定建立健全公司治理机制；（三）履行信息披露义务，按照相关规定披露定向发行说明书、发行情况报告书、年度报告、中期报告及其他信息披露内容。”
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