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| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 20 [2018]) | | （〔2018〕20号） |
| For the purposes of regulating the drafting and formulation of agreements on depositary receipts and protecting the lawful rights and interests of investors, the China Securities Regulatory Commission has developed the Guidelines for the Content and Format of Deposit Agreements on Depositary Receipts (for Trial Implementation), which are hereby issued, and shall come into force on the date of issuance. | | 为规范存托凭证有关协议的起草制定，保护投资者合法权益，我会制定了《存托凭证存托协议内容与格式指引（试行）》，现予以发布，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| June 14, 2018 | | 2018年6月14日 |
| Guidelines for the Content and Format of Deposit Agreements on Depository Receipts (for Trial Implementation) | | 存托凭证存托协议内容与格式指引（试行） |
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| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the establishment of deposit agreements on depositary receipts, specifying the rights and obligations of all parties to deposit agreements and protecting the lawful rights and interests of investors, these Guidelines are developed in accordance with the Contract Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Several Opinions on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depositary Receipts within China, the Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation) (hereinafter referred to as the “Measures”) and relevant provisions. | | 第一条 为规范存托凭证存托协议的订立，明确存托协议各方当事人的权利和义务，保护投资者合法权益，根据《中华人民共和国合同法》《中华人民共和国证券法》《关于开展创新企业境内发行股票或存托凭证试点的若干意见》《存托凭证发行与交易管理办法（试行）》（以下简称《办法》）及有关规定，制定本指引。 |
| Article 2 Where an overseas underlying securities issuer (hereinafter referred to as the “issuer”) offers a depositary receipt within China, the issuer and the depositary shall enter into a deposit agreement in accordance with the requirements of these Guidelines. | | 第二条 境外基础证券发行人（以下简称发行人）在境内发行存托凭证的，发行人和存托人应当按照本指引的要求订立存托协议。 |
| Article 3 A deposit agreement shall be entered into under the principles of equality, free will, honesty and good faith, and fully protecting the lawful rights and interests of investors. | | 第三条 存托协议的订立应当遵循平等自愿、诚实信用、充分保护投资者合法权益的原则。 |
| Article 4 The content of a deposit agreement shall comply with the provisions of these Guidelines, and shall not contain any false records, misleading statements or material omissions. | | 第四条 存托协议内容须遵照本指引规定，不得有虚假记载、误导性陈述和重大遗漏。 |
| Article 5 Under the premise of not violating any law, regulation, the provisions of the China Securities Regulatory Commission (“CSRC”) and other competent regulatory authorities, and the requirements of these Guidelines, the issuer and the depositary may agree on the matters in addition to those prescribed in these Guidelines in light of the actual needs, provided that the agreed content is not in conflict with the basic principles and requirements of these Guidelines. | | 第五条 在不违反法律法规、中国证券监督管理委员会（以下简称中国证监会）和其他有权监管机关规定、本指引要求的前提下，发行人和存托人可根据实际需要对本指引规定内容之外的事项进行约定，但约定的内容不得与本指引的基本原则和要求相冲突。 |
| Where certain specific requirements of these Guidelines are inapplicable to the issuer or the depositary, the issuer and the depositary may, with the approval of the CSRC, make reasonable adjustments and changes to the corresponding content under the premise of fully protecting the lawful rights and interests of investors, and shall make a special explanation. | | 本指引某些具体要求对发行人或存托人不适用的，经中国证监会同意后，发行人和存托人在充分保护投资者合法权益的前提下，可对相应内容做出合理调整和变动，并进行专项说明。 |
| Article 6 For any matter that has a significant impact on the rights and obligations of the issuer, the depositary or the depositary receipt holder, the issuer and the depositary shall specify it in the deposit agreement, whether or not they are prescribed in these Guidelines. | | 第六条 凡对发行人、存托人、存托凭证持有人权利、义务有重大影响的事项，无论本指引是否做出规定，发行人和存托人均应在存托协议中订明。 |
| Chapter II Major Content of the Deposit Agreement | | 第二章 存托协议主要内容 |
| Section 1 Cover, Preface, Table of Contents and Definitions | | 第一节 封面、前言、目录、释义 |
| Article 7 The cover of the full text of the deposit agreement shall contain the words “the deposit agreement on depositary receipt of XXX Company,” and indicate the issuer, the depositary and the time of signing. | | 第七条 存托协议全文文本封面应标有“XXX公司存托凭证存托协议”字样，并载明发行人、存托人和协议签署时间。 |
| Article 8 The table of contents of the deposit agreement shall indicate the titles of all chapters and sections (if any) and corresponding page numbers, and the content shall be arranged in accordance with the general Chinese practice. | | 第八条 存托协议目录应标明各章、节（如有）的标题及相应的页码，内容编排应符合通行的中文惯例。 |
| Article 9 The preface to the deposit agreement shall cover the following content: | | 第九条 存托协议前言应载有如下内容： |
| (1) The parties to the deposit agreement include the issuer, the depositary and the depositary receipt holder. | | （一）存托协议的当事人包括发行人、存托人和存托凭证持有人； |
| (2) The legal basis for entering into the deposit agreement. | | （二）存托协议制定的法律依据； |
| (3) The purpose and principles of entering into the deposit agreement. | | （三）订立存托协议的目的和原则。 |
| Article 10 The preface to a deposit agreement shall indicate the relevant statements and commitments, including but not limited to: | | 第十条 存托协议前言应列明有关声明与承诺，内容包括但不限于： |
| (1) The conclusion of the deposit agreement shall fully protect the lawful rights and interests of investors. | | （一）存托协议的订立应当充分保护投资者合法权益； |
| (2) The public offering of the depositary receipt shall be subject to confirmation by the CSRC in accordance with law. The CSRC's confirmation of the offering of the depositary receipt does not indicate that it makes a judgment or guarantee on the issuer's operating risks, litigation risks, and investment risks or proceeds of the depositary receipt, among others. The investors' risks of participating in the depositary receipt shall be borne by investors themselves. | | （二）公开发行存托凭证，应当依法经中国证监会核准。中国证监会对存托凭证发行的核准，不表明其对发行人的经营风险、诉讼风险以及存托凭证的投资风险或者收益等作出判断或者保证。投资者参与存托凭证的风险，由投资者自行承担； |
| (3) The depositary receipt shall be offered and operated in accordance with Chinese laws and regulations, the provisions of regulatory authorities, and business rules of the stock exchange and the registration authority (hereinafter collectively referred to as “applicable laws and regulations”). In the case of any discrepancy between the content of the deposit agreement and the compulsory provisions of applicable laws and regulations, the provisions of applicable laws and regulations in force at that time shall prevail. | | （三）存托凭证按照中国法律法规、监管机构的规定和交易所、登记机构的业务规则（以下统称适用法规）发行并运作，若存托协议的内容与适用法规的强制性规定不一致，应当以届时有效的适用法规的规定为准。 |
| Article 11 The issuer and the depositary shall provide definitions to the terms which may result in the obstacles to the understanding of depositary receipt holders or have specific meanings. | | 第十一条 发行人和存托人应对可能造成存托凭证持有人理解障碍及特定含义的术语作出释义。 |
| Section 2 Basic Information on Depositary Receipts | | 第二节 存托凭证基本情况 |
| Article 12 A deposit agreement shall indicate the basic information on the depositary receipt, including but not limited to: | | 第十二条 存托协议应当列明存托凭证的基本情况，包括但不限于： |
| (1) the selection of the depositary; | | （一）存托人的选任； |
| (2) arrangements on the number of the depositary receipt, and the ratio of conversion to underlying securities; | | （二）存托凭证的数量安排、与基础证券的转换比例； |
| (3) basic information on underlying securities and depositary and custody arrangements; and | | （三）基础证券的基本情况及存托和托管安排； |
| (4) specific arrangements on the offering, subscription, issuance, listing, trading, cross-border conversion, delisting, and other procedures of the depositary receipt. | | （四）存托凭证发行、认购、签发、上市、交易、跨境转换、退市等流程的具体安排。 |
| Section 3 Parties and Their Rights and Obligations | | 第三节 当事人及权利义务 |
| Article 13 The deposit agreement shall indicate the basic information on the issuer and the depositary, including but not limited to the name, place of registration, the laws serving as the basis for formation, major business premises and other information. | | 第十三条 存托协议应列明发行人、存托人的基本情况，包括但不限于名称、注册地、成立依据的法律和主要经营场所等信息。 |
| Article 14 In accordance with the Measures and other relevant provisions, the deposit agreement shall indicate the rights of the issuer, including but not limited to: | | 第十四条 根据《办法》及其他有关规定，存托协议应列明发行人的权利，包括但不限于： |
| (1) deciding on the plan for the offering of the depositary receipt, including the financial objective of the company, financing arrangements, and the proportion of conversion between underlying securities and the depositary receipt, among others; | | （一）决定存托凭证的发行计划，包括公司财务目标、融资安排、基础证券与存托凭证的转换比例等； |
| (2) obtaining funds raised from the offering of the depositary receipt (if applicable); and | | （二）取得存托凭证发行募集资金（如适用）； |
| (3) other rights prescribed by laws and regulations and the CSRC and agreed upon in the agreement. | | （三）法律法规及中国证监会规定的和协议约定的其他权利。 |
Article 15 In accordance with the Measures and other relevant provisions, the deposit agreement shall indicate the obligations of the issuer, including but not limited to:
．．．．．． | | 第十五条 根据《办法》及其他有关规定，存托协议应列明发行人的义务，包括但不限于：
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