| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 3 [2020]) | | （〔2020〕3号） |
| The Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No. 3―Private Placement Memorandum and Issuance Report (2020 Revision) are hereby issued, and shall come into force on the date of issuance. | | 现公布《非上市公众公司信息披露内容与格式准则第3号--定向发行说明书和发行情况报告书（2020年修订）》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| January 13, 2020 | | 2020年1月13日 |
| Annex: | | 附件： |
| Standards for the Contents and Formats of Information Disclosure by Unlisted Public Companies No. 3―Private Placement Memorandum and Issuance Report (2020 Revision) | | 非上市公众公司信息披露内容与格式准则第3号-定向发行说明书和发行情况报告书（2020年修订） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 These Standards are developed in accordance with the Securities Law and the Measures for the Supervision and Administration of Unlisted Public Companies (Order No. 161, CSRC, hereinafter referred to as the “Measures for Public Companies”), for the purpose of regulating the information disclosure regarding the issuance of stocks to specific investors (hereinafter referred to as “private placement”) by unlisted public companies. | | 第一条 为了规范非上市公众公司向特定对象发行股票（以下简称定向发行）的信息披露行为，根据《证券法》《非上市公众公司监督管理办法》（证监会令第161号）（以下简称《公众公司办法》）的规定，制定本准则。 |
| Article 2 An unlisted public company (hereinafter referred to as “applicant”) conducting a private placement shall, in accordance with these Standards, develop a private placement memorandum as the requisite legal documents for private placement and make disclosure in accordance with these Standards. | | 第二条 非上市公众公司（以下简称申请人）进行定向发行，应按照本准则编制定向发行说明书，作为定向发行的必备法律文件，并按本准则的规定进行披露。 |
| Article 3 After the completion of private placement, an applicant shall develop and disclose an issuance report under the requirements of these Standards. | | 第三条 申请人定向发行结束后，应按照本准则的要求编制并披露发行情况报告书。 |
| Article 4 Without prejudice to the integrity of information disclosure and under the premise of guaranteeing reading convenience, an applicant may disclose the information that has been disclosed in a periodic report, ad hoc announcement or any other information disclosure document by providing index thereof if no fact changes. | | 第四条 在不影响信息披露的完整并保证阅读方便的前提下，对于曾在定期报告、临时公告或者其他信息披露文件中披露过的信息，如事实未发生变化，申请人可以采用索引的方法进行披露。 |
| Article 5 The provisions of these Standards are the minimum requirements for information disclosure. No matter whether there are clear provisions in these Standards, an applicant shall disclose the information with significant impact on investors' value judgments and investment decisions. | | 第五条 本准则的规定是对信息披露的最低要求。不论本准则是否有明确规定，凡对投资者作出价值判断和投资决策有重大影响的信息，申请人均应当予以披露。 |
| Where some specific requirements in these Standards are inapplicable to the current private placement, an applicant may make adjustments according to the actual circumstances, provided that it shall make a specific explanation thereon when submitting an application document. | | 本准则某些具体要求对本次定向发行确实不适用的，申请人可以根据实际情况调整，但应在提交申请文件时作出专项说明。 |
| Article 6 An applicant shall disclose the private placement memorandum and its documents for future reference, the issuance report and other documents to be disclosed as required by the China Securities Regulatory Commission (“CSRC”) on the information disclosure platform complying with the provisions of the Securities Law for investors' inspection. | | 第六条 申请人应在符合《证券法》规定的信息披露平台披露定向发行说明书及其备查文件、发行情况报告书和中国证监会要求披露的其他文件，供投资者查阅。 |
| Chapter II Private Placement Memorandum | | 第二章 定向发行说明书 |
| Article 7 The title page of a private placement memorandum shall contain the following statements: | | 第七条 定向发行说明书扉页应载有如下声明： |
| “This Company, controlling shareholder, actual controller, and all directors, supervisors and senior executives undertake that the Private Placement Memorandum contains no false records, misleading statements or material omissions, and shall assume joint and several legal liabilities for its authenticity, accuracy and integrity. | | “本公司及控股股东、实际控制人、全体董事、监事、高级管理人员承诺定向发行说明书不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 |
| The person in charge of this company, the person in charge of accounting affairs and the principal of the accounting firm guarantee the authenticity and integrity of the financial and accounting information in the private placement memorandum. | | 本公司负责人和主管会计工作的负责人、会计机构负责人保证定向发行说明书中财务会计资料真实、完整。 |
| Even if the CSRC makes any decision or opinion on this company's private placement, it does not indicate that the CSRC has made a material judgment or provided a guarantee on the value of the stock of this company or returns of investors. All statements that contravene the present statement shall be false statements. | | 中国证监会对本公司股票定向发行所作的任何决定或意见，均不表明其对本公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 |
| In accordance with the Securities Law, this company shall be responsible for the changes in its operation and income on its own, and the investors shall be responsible for the investment risks incurred therefrom on their own.” | | 根据《证券法》的规定，本公司经营与收益的变化，由本公司自行负责，由此变化引致的投资风险，由投资者自行负责。” |
| Article 8 An applicant shall disclose: | | 第八条 申请人应披露以下内容： |
| (1) the purpose of the current private placement; | | （一）本次定向发行的目的； |
| (2) the investors and the privileged subscription arrangements for existing shareholders of the company; the scope of stock investors and how to determine the scope, if the board of directors does not determine specific investors; and the fund sources of stock investors, if the board of directors has determined the stock investors; | | （二）发行对象及公司现有股东优先认购安排。如董事会未确定具体发行对象的，应披露股票发行对象的范围和确定方法；董事会已确定发行对象的，应披露发行对象的资金来源； |
| (3) the issuance price and the pricing principles; and the price range, if the board of directors does not determine the specific issuance price; | | （三）发行价格和定价原则。如董事会未确定具体发行价格的，应披露价格区间； |
| (4) the issuance amount or maximum issuance amount of stock; | | （四）股票发行数量或数量上限； |
| (5) the commitments of the investors to the transaction restriction arrangements for and voluntary lock-up of the stocks they hold through the current private placement; and explanations made if there are no transaction restriction arrangements; | | （五）发行对象关于持有本次定向发行股票的限售安排及自愿锁定的承诺。如无限售安排，应说明； |
| (6) the use of funds raised during the reporting period; | | （六）报告期内募集资金的使用情况； |
| (7) the purpose of the raised funds and the necessity and rationality of the raising of funds. | | （七）本次募集资金用途及募集资金的必要性、合理性。 |
| If the funds raised this time are used to supplement working capital, the purposes shall be specified or the corresponding amount of funds needed shall be measured; if the funds raised are used to repay bank loans, the details and use of the loans to be repaid shall be specified; if the funds raised are used for project construction, the capital needs and capital investment arrangements shall be explained; if the funds raised are used to purchase assets, the relevant contents shall be disclosed according to Articles 10, 11, and 12 of these Standards; and if the funds raised are used for other purposes, the purpose of the funds raised, the measurement process of fund needs, and investment arrangement of the funds raised shall be specified; | | 本次募集资金用于补充流动资金的，应当按照用途进行列举披露或测算相应需求量；用于偿还银行贷款的，应当列明拟偿还贷款的明细情况及贷款的使用情况；用于项目建设的，应当说明资金需求和资金投入安排；用于购买资产的，应按照本准则第十条、第十一条、第十二条的规定披露相关内容；用于其他用途的，应当明确披露募集资金用途、资金需求的测算过程及募集资金的投入安排； |
| (8) the establishment of the special account for the funds raised in this issuance and measures ensuring the rational use of the funds raised; | | （八）本次发行募集资金专项账户的设立情况以及保证募集资金合理使用的措施； |
| (9) the disposal plan for accumulated undistributed profits before the issue; and | | （九）本次发行前滚存未分配利润的处置方案； |
| (10) the information on the procedures for approval, confirmation, or recordation of the competent department for state-owned assets and foreign capital, among others, to be undergone for this private placement; and in addition to the aforesaid content, the applicant shall disclose a summary of the stock subscription contract with suspensive conditions as prescribed in Article 13 herein. | | （十）本次定向发行需要履行的国资、外资等相关主管部门审批、核准或备案等程序的情况；除上述内容外，申请人还应披露本准则第十三条规定的附生效条件的股票认购合同的内容摘要。 |
| Article 9 In the event of subscription for the shares under the current private placement with assets, the applicant shall disclose the relevant contents in accordance with Articles 10, 11 and 12 of these Standards, and disclose a summary of the asset transfer contract with suspensive conditions as prescribed in Article 13 of these Standards. | | 第九条 有以资产认购本次定向发行股份的，申请人还应按照本准则第十条、第十一条、第十二条的规定披露相关内容，同时披露本准则第十三条规定的附生效条件的资产转让合同的内容摘要。 |
| Article 10 In the event of subscription for the shares under the current private placement with non-equity assets, the applicant shall disclose the following basic information on the relevant assets: | | 第十条 以资产认购本次定向发行股份，其资产为非股权资产的，申请人应披露相关资产的下列基本情况： |
| (1) The name and category of the assets and the basic information on the owner and business manager thereof. | | （一）资产名称、类别以及所有者和经营管理者的基本情况； |
| (2) Whether the ownership of the assets is clear, and whether there is any restriction of rights, title dispute or any other circumstance impeding the transfer of ownership. | | （二）资产权属是否清晰、是否存在权利受限、权属争议或者妨碍权属转移的其他情况； |
| If the relevant assets involves the licensing of another person to use the relevant assets, or an applicant uses the assets of another person as a licensee, the main content of the license contract shall be briefly disclosed; if the asset transaction involves transfer of creditor's rights and debts, the basic information on the relevant creditor's rights and debts, the creditor's consent to the transfer, and relevant solutions shall be disclosed; if the business engaged in requires obtaining of a licensing qualification or qualification, the current licensing qualification or qualification status shall also be disclosed; and if it involves the approval of the competent authority, whether valid approval has been obtained shall be explained. | | 相关资产涉及许可他人使用，或者申请人作为被许可方使用他人资产的，应当简要披露许可合同的主要内容；资产交易涉及债权债务转移的，应当披露相关债权债务的基本情况、债权人同意转移的证明及与此相关的解决方案；所从事业务需要取得许可资格或资质的，还应当披露当前许可资格或资质的状况；涉及需有关主管部门批准的，应说明是否已获得有效批准； |
| (3) For independent operation and accounting of assets, the summaries of the financial information audited by an accounting firm that complies with the Securities Law in the most recent year and term (if any) and the audit opinions shall be disclosed; and if non-standard audit opinions are issued, the matters involved and their impact shall be disclosed. | | （三）资产独立运营和核算的，披露最近1年及1期（如有）经符合《证券法》规定的会计师事务所审计的财务信息摘要及审计意见；被出具非标准审计意见的，应当披露涉及事项及其影响； |
| (4) The trading price and pricing basis of assets. The audited book value of the relevant assets shall be disclosed; and the asset appraisal method and results shall be disclosed, if the trading price is based on the asset appraisal results. | | （四）资产的交易价格及定价依据。披露相关资产经审计的账面值；交易价格以资产评估结果作为依据的，应披露资产评估方法和资产评估结果。 |
| Article 11 In the case of subscription for the shares under current private placement with assets, the applicant shall disclose the following basic information on the relevant equities: | | 第十一条 以资产认购本次定向发行股份，其资产为股权的，申请人应披露相关股权的下列基本情况： |
| (1) The name, enterprise nature, registration place, main office address, legal representative, and registered capital of the company in which the equities are invested; equity and controlling relationship, including the company's major shareholders and their percentage of shares, the change in the controlling shareholder or actual controller within the most recent 2 years, main contents in the agreement on shareholders' capital contributions and the bylaws that may affect the current transaction, and the arrangements of the former senior executives. | | （一）股权所投资的公司的名称、企业性质、注册地、主要办公地点、法定代表人、注册资本；股权及控制关系，包括公司的主要股东及其持股比例、最近2年控股股东或实际控制人的变化情况、股东出资协议及公司章程中可能对本次交易产生影响的主要内容、原高管人员的安排； |
(2) Whether the ownership of the equity is clear, and whether there is any restriction of rights, title dispute or any other circumstance impeding the transfer of ownership.
．．．．．． | | （二）股权权属是否清晰、是否存在权利受限、权属争议或者妨碍权属转移的其他情况；
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