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| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
(No. 78) | |
（第78号） |
The Decision on Amending the Measures for the Administration of Securities Offering and Underwriting, as deliberated and adopted at the 17th chairman's executive meeting of the China Securities Regulatory Commission on May 11, 2012, is hereby issued and shall come into force on May 18, 2012. | |
《关于修改〈证券发行与承销管理办法〉的决定》已经2012年5月11日中国证券监督管理委员会第17次主席办公会议审议通过，现予公布，自2012年5月18日起施行。 |
Chairman of the China Securities Regulatory Commission: Guo Shuqing | |
中国证券监督管理委员会主席：郭树清 |
May 18, 2012 | |
二○一二年五月十八日 |
Decision on Amending the Measures for the Administration of Securities Offering and Underwriting | |
关于修改《证券发行与承销管理办法》的决定 |
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| 1. Paragraph 2 of Article 2 is amended to read: “In the issuance of securities, issuers, securities companies and investors shall also comply with other securities issuance provisions of the China Securities Regulatory Commission (“CSRC”), the business rules of stock exchanges and securities depository and clearing institutions, and the self-disciplinary rules of the Securities Association of China. In underwriting securities, securities companies shall also comply with the relevant CSRC provisions regarding sponsorship, risk control and internal controls.” | | 一、第二条第二款修改为：“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、证券登记结算机构的业务规则和中国证券业协会的自律规则。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。” |
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| 2. Article 5 is amended to read: “In an initial public offering of shares, the issue price of shares may be determined in the manner of price inquiry to inquiry participants or any other legal and feasible manner such as direct determination of price through negotiation between the issuer and the managing underwriter, but the issuer shall specify the manner of pricing for the current share issue in the share issuance announcement. The securities issued by a listed company shall be priced in accordance with the relevant CSRC provisions regarding the issuance of securities by listed companies. | | 二、第五条修改为：“首次公开发行股票，可以通过向询价对象询价的方式确定股票发行价格，也可以通过发行人与主承销商自主协商直接定价等其他合法可行的方式确定发行价格，发行人应在发行公告中说明本次发行股票的定价方式。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。 |
“Inquiry participants are securities investment fund management companies, securities companies, trust and investment companies, finance companies, insurance institution investors, qualified foreign institutional investors, and institutional and individual investors independently recommended by the managing underwriter, which meet the conditions prescribed in these Measures, and other investors recognized 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机构和个人投资者，以及经中国证监会认可的其他投资者。 |
“To independently recommend inquiry participants, a managing underwriter shall, according to the provisions of these Measures and the self-disciplinary rules of the Securities Association of China, develop clear recommendation principles and criteria, establish a transparent recommendation decision-making mechanism, and file them with the Securities Association of China. Independently recommended inquiry participants include institutional investors that have relatively strong pricing abilities and long-term investment intentions and individual investors that have relatively abundant investment experience.” | |
“主承销商自主推荐询价对象，应当按照本办法和中国证券业协会自律规则的规定，制定明确的推荐原则和标准，建立透明的推荐决策机制，并报中国证券业协会登记备案。自主推荐的询价对象包括具有较高定价能力和长期投资取向的机构投资者和投资经验比较丰富的个人投资者。” |
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| 3. Article 7 is amended to read: “As an inquiry participant, an institutional investor shall meet all of the following conditions: | | 三、第七条修改为：“机构投资者作为询价对象应当符合下列条件： |
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| (1) It is legally established and has not received any administrative punishment or regulatory measure from a relevant regulatory department or any criminal punishment for any gross violation of laws and regulations in the last 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； |
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| (2) It is legally qualified to make stock investments. | | （二）依法可以进行股票投资； |
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| (3) It has a good credit history and has the institutions and personnel necessary for independent engagement 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； |
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| (4) It has a sound internal risk evaluation and control system which is able to operate effectively, and its risk control indicators are in compliance with the relevant provisions. | | （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； |
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| (5) It has been 12 months since it was removed from the list of inquiry participants by the Securities Association of China under these Measures. | | （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。 |
“As an inquiry participant, an individual investor shall have five or more years of investment experience, relatively strong analysis abilities, and relatively strong risk tolerance. A managing underwriter shall strictly adhere to the predetermined recommendation principles, criteria and procedures.” | |
“个人投资者作为询价对象应当具备5年以上投资经验、较强的研究能力和风险承受能力。主承销商应当严格按照既定的推荐原则、标准和程序进行推荐。” |
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| 4. Article 9 is amended to read: “A managing underwriter may provide an investment value study report to inquiry participants after the preliminary prospectus is published. No issuer, managing underwriter or inquiry participant may disclose in any form to the public any content of the investment value study report, except as otherwise prescribed by the CSRC.” | | 四、第九条修改为：“主承销商可以在刊登招股意向书后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。” |
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| 5. Article 13 is amended to read: “After the prior disclosure of the (draft) prospectus, the issuer and the managing underwriter may preliminarily communicate with specific inquiry participants in a non-public form to solicit their price intentions and estimate the issue price range and may also estimate the issue price range in other reasonable manners. | | 五、第十三条修改为：“招股说明书（申报稿）预先披露后，发行人和主承销商可向特定询价对象以非公开方式进行初步沟通，征询价格意向，预估发行价格区间，也可通过其他合理方式预估发行价格区间。 |
“Preliminary communications may not be publicly conducted, directly or indirectly, and inquiry participants may not be provided with any issuer information other than the open information such as the information in the (draft) prospectus disclosed in advance.” | |
“初步沟通不得采用公开或变相公开方式进行，不得向询价对象提供除预先披露的招股说明书（申报稿）等公开信息以外的发行人其他信息。” |
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| 6. Article 14 is amended to read: “Where price is determined in the manner of price inquiry, the issuer and the managing underwriter may directly determine the issue price according to the preliminary inquiry results or determine an issue price range through preliminary inquiry and then determine the issue price within the range through accumulated bidding inquiry.” | | 六、第十四条修改为：“采用询价方式定价的，发行人和主承销商可以根据初步询价结果直接确定发行价格，也可以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。” |
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| 7. One article is added as Article 15: “After the preliminary prospectus of an initial public offering is published, the issuer and its managing underwriter may conduct promotion and price inquiry to inquiry participants and conduct promotion to public investors on the Internet and in other manners. | | 七、增加一条，作为第十五条：“首次公开发行股票招股意向书刊登后，发行人及其主承销商可以向询价对象进行推介和询价，并通过互联网等方式向公众投资者进行推介。 |
“When the issuer and its managing underwriter conduct promotion to public investors, the issuer information provided to public investors shall be consistent with the information provided to inquiry participants in terms of content and integrity.” | |
“发行人及其主承销商向公众投资者进行推介时，向公众投资者提供的发行人信息的内容及完整性应当与向询价对象提供的信息保持一致。” |
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8. One article is added as Article 16: “During the course of promotion, the issuer and its managing underwriter shall not induce or mislead investors by improper means, such as exaggerated publicity or false advertisement, shall not interfere with the normal quotation and subscriptions from inquiry participants, and shall not disclose any issuer information other than the open information such as the information disclosed in the preliminary prospectus. Promotional information shall not contain any false records, misleading statements or major omissions.
．．．．．． | | 八、增加一条，作为第十六条：“发行人及其主承销商在推介过程中不得夸大宣传，或以虚假广告等不正当手段诱导、误导投资者，不得干扰询价对象正常报价和申购，不得披露除招股意向书等公开信息以外的发行人其他信息；推介资料不得存在虚假记载、误导性陈述或者重大遗漏。
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