| Measures for the Administration of the Initial Public Offerings and Listing of Stocks on ChiNext | | 首次公开发行股票并在创业板上市管理办法 |
(The Measures for the Administration of the Initial Public Offerings and
Listing of Stocks on ChiNext, as deliberated and adopted at the 26th
Chairman's executive meeting of the China Securities Regulatory
Commission on February 11, 2014; amended for the first time according to the Decision on
Amending the Measures for the Administration of the Initial Public
Offerings and Listing of Stocks on ChiNext on December 30, 2015; amenden for the second time according to the Decision on
Amending the Measures for the Administration of the Initial Public
Offerings and Listing of Stocks on ChiNext on June 6, 2018.) | | （2014年2月11日中国证券监督管理委员会第26次主席办公会议审议通过 根据2015年12月30日中国证券监督管理委员会《关于修改〈首次公开发行股票并在创业板上市管理办法〉的决定》修正 根据2018年6月6日中国证券监督管理委员会《关于修改〈首次公开发行股票并在创业板上市管理办法〉的决定》修正） |
| Chapter I General Provisions | | 第一章 总 则 |
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| Article 1 For the purposes of regulating the initial public offerings and listing of Stocks on ChiNext, promoting the development of independent innovation enterprises and other growth startups, protecting the lawful rights and interests of investors, and maintaining the public interest, these Measures are developed in accordance with the Securities Law and the Company Law. | | 第一条 为了规范首次公开发行股票并在创业板上市的行为，促进自主创新企业及其他成长型创业企业的发展，保护投资者的合法权益，维护社会公共利益，根据《证券法》《公司法》，制定本办法。 |
| Article 2 These Measures shall apply to the initial public offerings and listing of Stocks on ChiNext in the territory of the People's Republic of China. | | 第二条 在中华人民共和国境内首次公开发行股票并在创业板上市，适用本办法。 |
| Article 3 To apply for an initial public offering and listing of stock on ChiNext, an issuer shall meet the offering conditions set out in the Securities Law, the Company Law, and these Measures. | | 第三条 发行人申请首次公开发行股票并在创业板上市，应当符合《证券法》《公司法》和本办法规定的发行条件。 |
| Article 4 The information disclosed by an issuer as required by the law must be authentic, accurate, complete, and timely, without any false records, misleading statements, or material omissions. | | 第四条 发行人依法披露的信息，必须真实、准确、完整、及时，不得有虚假记载、误导性陈述或者重大遗漏。 |
| As the primary person responsible for information disclosure, an issuer shall provide the sponsor and securities service providers with authentic, accurate, and complete financial accounting data and other information in a timely manner, and fully cooperate with the sponsor and securities service providers in carrying out due diligence. | | 发行人作为信息披露第一责任人，应当及时向保荐人、证券服务机构提供真实、准确、完整的财务会计资料和其他资料，全面配合保荐人、证券服务机构开展尽职调查。 |
| Article 5 Parties accountable, such as the controlling shareholder, actual controller, directors, supervisors, and senior executives of an issuer, shall be honest and credible, fully perform their public commitments, and cause no damage to the lawful rights and interests of investors during the course of public offerings and listing. | | 第五条 发行人的控股股东、实际控制人、董事、监事、高级管理人员等责任主体应当诚实守信，全面履行公开承诺事项，不得在发行上市中损害投资者的合法权益。 |
| Article 6 Sponsors and their representatives shall strictly perform their statutory duties, comply with business rules and industry standards, prudently check the application documents and information disclosure materials of issuers, supervise issuers in operation in a well-regulated manner, check the professional opinions issued by securities service providers, make professional judgments on whether issuers are going concerns meeting the statutory offering conditions, and ensure that the information disclosure materials of issuers, such as application documents and prospectuses, are authentic, accurate, complete, and timely. | | 第六条 保荐人及其保荐代表人应当严格履行法定职责，遵守业务规则和行业规范，对发行人的申请文件和信息披露资料进行审慎核查，督导发行人规范运行，对证券服务机构出具的专业意见进行核查，对发行人是否具备持续盈利能力、是否符合法定发行条件作出专业判断，并确保发行人的申请文件和招股说明书等信息披露资料真实、准确、完整、及时。 |
| Article 7 Securities service providers and personnel that issue documents for stock offerings shall strictly perform their statutory duties, comply with business standards and code of practice of the industry, check and verify the relevant business information on issuers, and ensure that the relevant professional documents issued by them are authentic, accurate, complete, and timely. | | 第七条 为股票发行出具文件的证券服务机构和人员，应当严格履行法定职责，遵守本行业的业务标准和执业规范，对发行人的相关业务资料进行核查验证，确保所出具的相关专业文件真实、准确、完整、及时。 |
| Article 8 The China Securities Regulatory Commission (“CSRC”) shall review the compliance of the application documents of issuers with laws and regulations, confirm the applications of issuers for initial public offerings in accordance with the law, and supervise and administer their stock offerings. | | 第八条 中国证券监督管理委员会（以下简称中国证监会）依法对发行人申请文件的合法合规性进行审核，依法核准发行人的首次公开发行股票申请，并对发行人股票发行进行监督管理。 |
| Stock exchanges shall develop business rules in accordance with the law, create an open, fair, and just market environment, and ensure the normal market operation of ChiNext. | | 证券交易所依法制定业务规则，创造公开、公平、公正的市场环境，保障创业板市场的正常运行。 |
| Article 9 The CSRC shall confirm the application of an issuer for an initial public offering based on the application documents provided by the issuer, without any substantial judgment or guarantee made on the issuer's profitability, investment value, or return on investment of investors. | | 第九条 中国证监会依据发行人提供的申请文件核准发行人首次公开发行股票申请，不对发行人的盈利能力、投资价值或者投资者的收益作出实质性判断或者保证。 |
| Investors shall independently judge the investment value of an issuer, independently make investment decisions, and solely assume the investment risks arising from changes in the operations and profits of the issuer or from stock price fluctuations after the offering of the stock in accordance with the law. | | 投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 |
| Article 10 The ChiNext market shall establish and improve an investor access system commensurate with the risk tolerance of investors, provide investors with sufficient notification of investment risks, pay attention to the demands of investors, and effectively protect the lawful rights and interests of investors, especially minority investors. | | 第十条 创业板市场应当建立健全与投资者风险承受能力相适应的投资者准入制度，向投资者充分提示投资风险，注重投资者需求，切实保护投资者特别是中小投资者的合法权益。 |
| Chapter II Offering Conditions | | 第二章 发行条件 |
| Article 11 An issuer applying for an initial public offering shall meet the following conditions: | | 第十一条 发行人申请首次公开发行股票应当符合下列条件： |
| (1) It is a legally formed joint stock company which has operated for three or more consecutive years. Where a limited liability company in its entirety is modified into a joint stock company by conversion of the book value of its net assets into shares, the consecutive years of operation may be calculated from the date of formation of the limited liability company. | | （一）发行人是依法设立且持续经营三年以上的股份有限公司。有限责任公司按原账面净资产值折股整体变更为股份有限公司的，持续经营时间可以从有限责任公司成立之日起计算； |
| (2) It has made profits for the past two consecutive years, and its cumulative net profit made in the past two years is not less than 10 million yuan; or it has made profits in the past year, and its revenue in the past year is not less than 50 million yuan. The aforesaid net profit shall be the lower of the amounts of net profit before and after non-recurring profit or loss is deducted. | | （二）最近两年连续盈利，最近两年净利润累计不少于一千万元；或者最近一年盈利，最近一年营业收入不少于五千万元。净利润以扣除非经常性损益前后孰低者为计算依据； |
| (3)Its net assets are not less than 20 million yuan, without any uncovered loss, at the end of the most recently completed period. | | （三）最近一期末净资产不少于二千万元，且不存在未弥补亏损； |
| (4) The total amount of capital stock after the public offering is not less than 30 million yuan. | | （四）发行后股本总额不少于三千万元。 |
| Pilot enterprises determined by the CSRC in accordance with the Several Opinions on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depository Receipts within China and other provisions (hereinafter referred to as ‘pilot enterprises') may be exempt from the provision of item (2) and the “without any uncovered loss” condition in item (3) of the preceding paragraph. | | 中国证监会根据《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》等规定认定的试点企业（以下简称试点企业），可不适用前款第（二）项规定和第（三）项“不存在未弥补亏损”的规定。 |
| Article 12 The registered capital of an issuer shall have been paid up, and the formalities for the transfer of property rights in the assets contributed by promoters or shareholders as investment shall have been completed. There shall be no major dispute over any right in the main assets of the issuer. | | 第十二条 发行人的注册资本已足额缴纳，发起人或者股东用作出资的资产的财产权转移手续已办理完毕。发行人的主要资产不存在重大权属纠纷。 |
| Article 13 An issuer shall engage in one main business, and its production or operation shall conform to laws, administrative regulations, and company bylaws, as well as industry policies and environmental protection policies of the state. | | 第十三条 发行人应当主要经营一种业务，其生产经营活动符合法律、行政法规和公司章程的规定，符合国家产业政策及环境保护政策。 |
| Article 14 In the past two years, there shall be neither any major change in the main business, directors, and senior executives of an issuer nor any modification of the actual controller of the issuer. | | 第十四条 发行人最近两年内主营业务和董事、高级管理人员均没有发生重大变化，实际控制人没有发生变更。 |
| Article 15 The equity structure of an issuer shall be clear, and there shall be no major dispute over any right in the shares of the issuer held by its controlling shareholder and shareholders dominated by its controlling shareholder or actual controller. | | 第十五条 发行人的股权清晰，控股股东和受控股股东、实际控制人支配的股东所持发行人的股份不存在重大权属纠纷。 |
| Article 16 An issuer shall have a sound corporate governance structure, and establish and improve the rules for the shareholders' meeting, the board of directors, the board of supervisors, independent directors, the secretary for the board of directors, and the audit committee, and the relevant bodies and personnel shall be capable of performing their duties in accordance with the law. | | 第十六条 发行人具有完善的公司治理结构，依法建立健全股东大会、董事会、监事会以及独立董事、董事会秘书、审计委员会制度，相关机构和人员能够依法履行职责。 |
| An issuer shall establish and improve the rules for the voting and counting of votes of shareholders, establish diversified dispute resolution mechanisms between the issuer and its shareholders, and effectively ensure that investors exercise their shareholder's rights in accordance with the law, such as the right to return on investment, the right to information, the right to participate, the right of oversight, and the right of claim. | | 发行人应当建立健全股东投票计票制度，建立发行人与股东之间的多元化纠纷解决机制，切实保障投资者依法行使收益权、知情权、参与权、监督权、求偿权等股东权利。 |
| Article 17 The basic accounting work of an issuer shall be standardized, and its financial statements shall be prepared and disclosed in accordance with the accounting standards for business enterprises and the relevant information disclosure rules, and fairly reflect the financial status, business achievements, and cash flow of the issuer in all important aspects, for which an auditing report with an unqualified opinion shall be issued by a certified public accountant. | | |
| Article 18 The internal control rules of an issuer shall be sound and effectively implemented, rationally guaranteeing the operation efficiency, compliance with laws and regulations, and reliability of financial reports of the company, for which an internal control assurance report with an unqualified conclusion shall be issued by a certified public accountant. | | 第十八条 发行人内部控制制度健全且被有效执行，能够合理保证公司运行效率、合法合规和财务报告的可靠性，并由注册会计师出具无保留结论的内部控制鉴证报告。 |
| Article 19 The directors, supervisors, and senior executives of an issuer shall be loyal and diligent, and have the corresponding qualifications as specified by laws and administrative regulations and rules, and may not fall under any of the following circumstances: | | 第十九条 发行人的董事、监事和高级管理人员应当忠实、勤勉，具备法律、行政法规和规章规定的资格，且不存在下列情形： |
(1) He or she is banned by the CSRC from entering the securities market, and the ban is still valid.
．．．．．． | | （一）被中国证监会采取证券市场禁入措施尚在禁入期的；
．．．．．． |
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