| Notice of the China Securities Regulatory Commission on Requesting Public Comments on the Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper) | | 中国证监会关于就《存托凭证发行与交易管理办法（征求意见稿）》公开征求意见的通知 |
| For the purposes of implementing the spirit of the 19th CPC National Congress and the national financial work conference in an in-depth manner, in accordance with the Notice of the General Office of the State Council on Forwarding Several Opinions of the China Securities Regulatory Commission on Conducting the Pilot Program of Innovative Enterprises' Issuance of Stocks or Depository Receipts within the Territory of China (No. 21 [2018], General Office of the State Council), the China Securities Regulatory Commission has drafted the Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper), on which public comment is hereby requested. The public may submit their comments by the following means and methods: | | 为深入贯彻落实党的十九大和全国金融工作会议精神，根据《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》（国办发〔2018〕21号），我会起草了《存托凭证发行与交易管理办法（征求意见稿）》，现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见： |
| 1. Log on the legal information website of Chinese government (http://www.chinalaw.gov.cn), and submit comments through the “Requests for Comments on Legislation” column of the main menu on the home page. | | 1.登陆中国政府法制信息网（网址：http：//www.chinalaw.gov.cn），进入首页主菜单的“立法意见征集”栏目提出意见。 |
| 2. Log on the website of the China Securities Regulatory Commission (http://www.csrc.gov.cn), and comment on the “Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper)” on the right side of the home page. | | 2.登陆中国证监会网站（网址：http：//www.csrc.gov.cn），进入首页右侧点击“《存托凭证发行与交易管理办法（征求意见稿）》”提出意见。 |
| 3. E-mail: flbpublic@csrc.gov.cn. | | 3.电子邮件：flbpublic@csrc.gov.cn。 |
| 4. Mailing address: Legal Department of the China Securities Regulatory Commission, Fukai Building, 19 Jinrong Street, Xicheng District, Beijing, 100033. | | 4.通信地址：北京市西城区金融大街19号富凯大厦中国证监会法律部，邮政编码：100033。 |
| Deadline for submission of comments: June 3, 2018. | | 意见反馈截止时间为2018年6月3日。 |
| China Securities Regulatory Commission | | 中国证监会 |
| May 4, 2018 | | 2018年5月4日 |
| Annex 1: Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper) | | 附件1：《存托凭证发行与交易管理办法（征求意见稿）》 |
| Annex 2: Explanations on Drafting the Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper) | | 附件2：《存托凭证发行与交易管理办法（征求意见稿）》的起草说明 |
| Measures for the Administration of Issuance and Trading of Depository Receipts (Consultation Paper) | | 存托凭证发行与交易管理办法（征求意见稿） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the issuance and trading of depository receipts, protecting the lawful rights and interests of investors, and maintaining the order of the securities market, these Measures are developed in accordance with the Securities Law, the Several Opinions on Conducting the Pilot Program of Innovative Enterprises' Issuance of Stocks or Depository Receipts within the Territory of China (hereinafter referred to as “Several Opinions”) and relevant laws and administrative regulations. | | 第一条 为了规范存托凭证发行和交易行为，保护投资者合法权益，维护证券市场秩序，根据《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》（以下简称《若干意见》）以及相关法律、行政法规，制定本办法。 |
| Article 2 For the purposes of these Measures, “depository receipts” means securities issued by the depositary and issued based on overseas securities within the territory of China, and representing the rights and interests of overseas basic securities. | | 第二条 本办法所称存托凭证是指由存托人签发、以境外证券为基础在中国境内发行、代表境外基础证券权益的证券。 |
| The Securities Law, the Several Opinions, these Measures, and other relevant provisions of the CSRC shall apply to the issuance, trading and relevant acts of depository receipts. The overseas basic securities issuer of depository receipts shall participate in the issuance of depository receipts, perform the obligations of the issuer and the listed company in accordance with the law, and assume corresponding legal liabilities. | | 存托凭证的发行、交易和相关行为，适用《证券法》《若干意见》、本办法以及中国证监会的其他相关规定。存托凭证的境外基础证券发行人应当参与存托凭证发行，依法履行发行人、上市公司的义务，承担相应的法律责任。 |
| Article 3 Where the company law of the overseas registration place and other relevant provisions apply to the matters such as the equity structure, corporate governance and standard operation of the overseas basic securities issuer, it shall be guaranteed that the protection of rights and interests of domestic investors is generally not less than that required by domestic laws, administrative regulations and the CSRC, and the rights and interests actually enjoyed by domestic depository receipt holders are equivalent to the rights of overseas basic securities holders, and there shall be no cross-border discrimination. | | 第三条 境外基础证券发行人的股权结构、公司治理、规范运作等事项适用境外注册地公司法等相关规定的，应当保障对境内投资者权益的保护总体上不低于境内法律、行政法规以及中国证监会的要求，并保障境内存托凭证持有人实际享有的权益与境外基础证券持有人的权益相当，不得存在跨境歧视。 |
| Article 4 The CSRC shall conduct continuous supervision and administration of overseas basic securities issuers that issue depository receipts in accordance with the provisions on the supervision of listed companies, unless it is otherwise prescribed by any law, administrative regulation or the CSRC. | | 第四条 中国证监会依照上市公司监管的相关规定，对发行存托凭证的境外基础证券发行人进行持续监督管理。法律、行政法规以及中国证监会另有规定的除外。 |
| The stock exchange shall conduct self-disciplinary supervision of the information disclosure of listing of depository receipts, trading activities, overseas basic securities issuers and relevant parties with information disclosure obligations in accordance with bylaws, agreements and business rules. | | 证券交易所依据章程、协议及业务规则，对存托凭证上市、交易活动、境外基础证券发行人及相关信息披露义务人的信息披露行为进行自律监管。 |
| Chapter II Issuance of Depository Receipts | | 第二章 存托凭证的发行 |
| Article 5 Where depository receipts taking stocks as basic securities are publicly offered, an overseas basic securities issuer shall meet the following conditions: | | 第五条 公开发行以股票为基础证券的存托凭证的，境外基础证券发行人应当符合下列条件： |
| (1) Basic conditions on the public offering of stocks as mentioned in items (1) throughout (3), Article 13 of the Securities Law. | | （一）《证券法》第十三条第（一）项至第（三）项关于股票公开发行的基本条件； |
| (2) It is a company which is formed in accordance with the law and has conducted sustainable business operation for three years or more, and the company's major assets do not have significant ownership disputes. | | （二）为依法设立且持续经营三年以上的公司，公司的主要资产不存在重大权属纠纷； |
| (3) The actual controller has not changed within the last three years, and there is no major ownership dispute over the shares of the overseas basic securities issuer held by the controlling shareholders and the shareholders controlled by the controlling shareholders and actual controllers. | | （三）最近三年内实际控制人未发生变更，且控股股东和受控股股东、实际控制人支配的股东持有的境外基础证券发行人股份不存在重大权属纠纷； |
| (4) The overseas basic securities issuer and its controlling shareholders and actual controllers did not have any major violation of law that damaged the lawful rights and interests of investors and social and public interest in the last three years. | | （四）境外基础证券发行人及其控股股东、实际控制人最近三年内不存在损害投资者合法权益和社会公共利益的重大违法行为； |
| (5) Other conditions prescribed by the CSRC. | | （五）中国证监会规定的其他条件。 |
| Article 6 Where depository receipts which take stocks as basic securities are publicly offered, the overseas basic securities issuer shall submit issuance application documents to the CSRC according to the format and content prescribed by the CSRC. | | 第六条 公开发行以股票为基础证券的存托凭证的，境外基础证券发行人应当按照中国证监会规定的格式和内容，向中国证监会报送发行申请文件。 |
| Article 7 Where an application for the public offering of depository receipts is filed, the overseas basic securities issuer shall report it to the CSRC for confirmation in accordance with the Securities Law, the Several Opinions and the relevant provisions of the CSRC. | | 第七条 申请公开发行存托凭证的，境外基础证券发行人应当依照《证券法》《若干意见》以及中国证监会的相关规定，报请中国证监会核准。 |
| The Public Offering Review Committee of the CSRC shall examine the application for the offering of depository receipts in accordance with Article 23 of the Securities Law and the relevant provisions of the CSRC. | | 中国证监会发行审核委员会依照《证券法》第二十三条以及中国证监会的相关规定，审核存托凭证发行申请。 |
| Article 8 Where an application for the public offering and listing of a depository receipt is filed, the overseas basic securities issuer shall retain an agency with sponsorship qualification as the sponsor in accordance with the provisions of Articles 11 and 49 of the Securities Law. The sponsor shall perform the functions of recommendation and sustainable supervision of the issuance and listing of depository receipts in accordance with laws, administrative regulations and the relevant provisions of the CSRC. | | 第八条 申请存托凭证公开发行并上市的，境外基础证券发行人应当依照《证券法》第十一条、第四十九条的规定，聘请具有保荐资格的机构担任保荐人。保荐人应当依照法律、行政法规以及中国证监会的相关规定尽职履行存托凭证发行上市推荐和持续督导职责。 |
| Where depository receipts are publicly offered, they shall be underwritten by a securities company qualified for securities underwriting in accordance with the provisions of Articles 28 throughout 36 of the Securities Law, unless that investors purchase depository receipts based on non-increased basic securities and under other circumstances where underwriting by securities companies is not required as prescribed by the CSRC. | | 公开发行存托凭证的，应当依照《证券法》第二十八条至第三十六条的规定，由具备证券承销资格的证券公司承销，但由投资者购买以非新增基础证券为基础的存托凭证以及中国证监会规定无需由证券公司承销的其他情形除外。 |
| Article 9 After the initial public offering and listing of a depository receipt within China, if a depository receipt based on new securities issued by an overseas basic securities issuer is to be issued, the Securities Law, the Several Opinions and the provisions of the CSRC on the issuance of securities of listed companies shall apply. | | 第九条 存托凭证在境内首次公开发行并上市后，拟发行以境外基础证券发行人新增证券为基础证券的存托凭证的，适用《证券法》《若干意见》以及中国证监会关于上市公司证券发行的规定。 |
| Chapter III Listing and Trading of Depository Receipts | | 第三章 存托凭证的上市和交易 |
| Article 10 The depository receipts that are publicly offered in accordance with the law shall be listed and traded on domestic stock exchanges. If an overseas basic securities issuer applies for the listing of depository receipts, it shall comply with the conditions for listing prescribed in the listing rules of the stock exchange and submit an application for listing in accordance with the provisions of the stock exchange. After the stock exchange examines and approves the application, both parties shall sign a listing agreement. | | 第十条 依法公开发行的存托凭证应当在境内证券交易所上市交易。境外基础证券发行人申请存托凭证上市的，应当符合证券交易所上市规则规定的上市条件，并按照证券交易所的规定提出上市申请，证券交易所审核同意后，双方签订上市协议。 |
| The stock exchange shall develop rules for the listing of depository receipts in accordance with the Securities Law, the Several Opinions and the relevant provisions of the CSRC. | | 证券交易所应当依据《证券法》《若干意见》以及中国证监会的相关规定制定存托凭证上市规则。 |
| Article 11 The transactions of depository receipts shall comply with laws, administrative regulations, the relevant provisions of the CSRC, and the relevant provisions of business rules of the stock exchange on securities trading. | | 第十一条 存托凭证的交易应当遵守法律、行政法规、中国证监会的相关规定以及证券交易所业务规则关于证券交易的相关规定。 |
| The transactions of depository receipts may adopt the market-maker trading method in accordance with relevant provisions. | | 存托凭证的交易可以按照有关规定采取做市商交易方式。 |
| The stock exchange shall, in accordance with the provision of Article 115 of the Securities Law, conduct real-time monitoring of the transactions of depository receipts, and may, as required, restrict the trading of securities accounts with major abnormal transactions. | | 证券交易所应当按照《证券法》第一百一十五条规定，对存托凭证交易实行实时监控，并可以根据需要，对出现重大异常交易情况的证券账户限制交易。 |
| Article 12 Where shareholders, actual controllers, directors, supervisors, senior executives, and other investors of depository receipts of overseas basic securities issuers reduce their holding of depository receipts within China, they shall abide by laws, administrative regulations, the relevant provisions of the CSRC and the provisions of business rules of stock exchanges on the reduction of shareholding of listed companies. | | 第十二条 境外基础证券发行人的股东、实际控制人、董事、监事、高级管理人员和存托凭证的其他投资者在境内减持其持有的存托凭证的，应当遵守法律、行政法规、中国证监会的相关规定以及证券交易所业务规则有关上市公司股份减持的规定。 |
| Article 13 The acquisition of overseas basic securities issuers and the related changes in their equity rights and interests shall comply with laws, administrative regulations, and the relevant provisions of the CSRC. | | 第十三条 境外基础证券发行人的收购及相关股份权益变动活动应当遵守法律、行政法规以及中国证监会的相关规定。 |
| Article 14 Where an overseas basic securities issuer conducts a major asset restructuring and issues depository receipts to purchase assets, it shall comply with laws, administrative regulations and the relevant provisions of the CSRC. An overseas basic securities issuer shall not conduct restructuring and listing within China through the issuance of depository receipts. | | 第十四条 境外基础证券发行人实施重大资产重组、发行存托凭证购买资产的，应当符合法律、行政法规以及中国证监会的相关规定。境外基础证券发行人不得通过发行存托凭证在境内重组上市。 |
| Article 15 Depository receipts shall be registered, deposited and settled at China Securities Depository and Clearing Co., Ltd. in a centralized manner. | | 第十五条 存托凭证应在中国证券登记结算有限责任公司集中登记、存管和结算。 |
| China Securities Depository and Clearing Co., Ltd. shall develop business rules for the registration and settlement of depository receipts in accordance with the Securities Law, the Several Opinions and the relevant provisions of the CSRC. | | 中国证券登记结算有限责任公司应当依据《证券法》《若干意见》以及中国证监会的相关规定制定存托凭证登记结算业务规则。 |
| Chapter IV Disclosure of Information on Depository Receipts | | 第四章 存托凭证的信息披露 |
| Article 16 Overseas basic securities issuers and their controlling shareholders and actual controllers and other relevant parties with information disclosure obligations shall perform information disclosure obligations in a timely and fair manner in accordance with the Securities Law, the Several Opinions, the relevant provisions of the CSRC, and business rules of stock exchanges, guarantee the truthfulness, accuracy and completeness of the disclosed information, and shall not have any false records, misleading statements or material omissions. | | 第十六条 境外基础证券发行人及其控股股东、实际控制人等相关信息披露义务人应当依照《证券法》《若干意见》、中国证监会的相关规定以及证券交易所业务规则，及时、公平地履行信息披露义务，保证所披露信息的真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 |
| The directors, supervisors and senior executives of an overseas basic securities issuer shall perform their functions in a faithful and diligent manner, and guarantee the truthfulness, accuracy and completeness of information disclosed by the overseas basic securities issuer. | | 境外基础证券发行人的董事、监事、高级管理人员应当忠实、勤勉地履行职责，保证境外基础证券发行人披露信息的真实、准确、完整。 |
| The stock exchange shall oversee the disclosure of information by overseas basic securities issuers and relevant parties with information disclosure obligations, and urge them to disclose information in a timely and accurate manner in accordance with the law. | | 证券交易所对境外基础证券发行人及相关信息披露义务人披露信息进行监督，督促其依法及时、准确地披露信息。 |
| Article 17 An overseas basic securities issuer shall prepare and disclose the prospectus, listing announcement, and disclose the deposit agreement, custody agreement and other documents in accordance with the relevant provisions of the CSRC and the stock exchange. | | 第十七条 境外基础证券发行人应当按照中国证监会、证券交易所的相关规定编制并披露招股说明书、上市公告书、披露存托协议、托管协议等文件。 |
| The overseas basic securities issuer shall fully disclose in the prospectus the main differences between the major provisions of its company's bylaws or bylaw documents and the domestic Company Law and other legal rules, and the impact of such differences on issuance, listing and investor protection within China. | | 境外基础证券发行人应当在招股说明书中，充分披露其公司章程或章程性文件的主要规定与境内《公司法》等法律制度的主要差异，以及该差异对在境内发行、上市和投资者保护的影响。 |
| Where the overseas basic securities issuer is subject to specific issuance conditions, has specific business risks, has differences in voting rights, agreement control structure, or similar particular arrangements, it shall disclose the relevant circumstances, especially the information on risks and corporate governance in a sufficient and detailed manner in conspicuous positions of the prospectus, listing announcement and other public offering documents, and explain in special chapters various measures to protect the lawful rights and interests of investors in accordance with the law. | | 境外基础证券发行人适用特定发行条件、具有特定经营风险、具有投票权差异、协议控制架构或者类似特殊安排的，应当在招股说明书、上市公告书等公开发行文件显要位置充分、详细披露相关情况特别是风险、公司治理等信息，并以专章说明依法落实保护投资者合法权益规定的各项措施。 |
| Directors and senior executives of the overseas basic securities issuer shall sign written confirmation opinions on the prospectus and listing announcement, and ensure that the disclosed information is true, accurate and complete. | | 境外基础证券发行人的董事、高级管理人员应当对招股说明书、上市公告书签署书面确认意见，保证所披露的信息真实、准确、完整。 |
| Article 18 The overseas basic securities issuer shall, in accordance with the Securities Law, the Several Opinions, the provisions of the CSRC on the disclosure of information by listed companies, and the business rules of stock exchanges, disclose periodical reports on time and disclose interim reports on major events that may have a large impact on the trading price of basic securities, depository receipts and their derivative products in a timely manner. | | 第十八条 境外基础证券发行人应当按照《证券法》《若干意见》、中国证监会有关上市公司信息披露的规定以及证券交易所业务规则，按时披露定期报告并及时就可能对基础证券、存托凭证及其衍生品种交易价格产生较大影响的重大事件披露临时报告。 |
| The format, compilation rules, and requirements for the disclosure of periodical reports and interim reports shall be prescribed by the CSRC and the stock exchange separately. | | 定期报告和临时报告的格式、编制规则和披露要求，由中国证监会以及证券交易所另行规定。 |
| Article 19 The overseas basic securities issuer shall prepare and disclose periodical reports in accordance with the contents and format requirements prescribed by the CSRC and the stock exchange. | | 第十九条 境外基础证券发行人应当按照中国证监会以及证券交易所规定的内容和格式要求，编制并披露定期报告。 |
| Where the overseas basic securities issuer has differences in voting rights, agreement control structure, or any other circumstance, it shall disclose the relevant circumstances and their major impacts and risks on domestic investors in the periodical reports. | | 境外基础证券发行人具有投票权差异、协议控制架构等情形的，应当在定期报告中披露相关情形及其对境内投资者带来的重大影响和风险事项。 |
| Directors and senior executives of the overseas basic securities issuer shall sign written confirmation opinions on the periodical reports. | | 境外基础证券发行人董事、高级管理人员应当对定期报告签署书面确认意见。 |
| Article 20 Where any major event prescribed in Article 67 of the Securities Law and Article 30 of the Measures for the Administration of Information Disclosure by Listed Companies may have a large impact on the trading price of basic securities, depository receipts and their derivative products of an overseas basic securities issuer, when the investor has not yet been notified, the overseas basic securities issuer shall immediately disclose the cause of the incident, its current status and possible legal consequences. | | 第二十条 发生《证券法》第六十七条以及《上市公司信息披露管理办法》第三十条规定的重大事件，可能对境外基础证券发行人基础证券、存托凭证及其衍生品种交易价格产生较大影响，投资者尚未得知时，境外基础证券发行人应当立即披露，说明事件的起因、目前的状态和可能产生的法律后果。 |
| Investors that hold or indirectly hold shares issued by an overseas basic securities issuer through holding domestic and overseas depository receipts which exceed 5% of the total amount fall under shareholders holding 5% or more shares of the company prescribed in item (8), paragraph 2 of Article 67 of the Securities Law and item (8), paragraph 2, Article 30 of the Measures for the Administration of Information Disclosure by Listed Companies. | | 持有或者通过持有境内外存托凭证而间接持有境外基础证券发行人发行的股份合计达到百分之五以上的投资者，属于《证券法》第六十七条第二款第（八）项以及《上市公司信息披露管理办法》第三十条第二款第（八）项规定的持有公司5%以上股份的股东。 |
| The 5% or more shares of the company held by any of the shareholders prescribed in item (14), paragraph 2 of Article 30 of the Measures for the Administration of Information Disclosure by Listed Companies shall include that the total number of shares issued by the overseas basic securities issuer held or indirectly held through holding domestic and overseas depository receipts reaches 5%. | | 《上市公司信息披露管理办法》第三十条第二款第（十四） 项规定的任一股东所持公司5%以上股份包括持有或者通过持有境内外存托凭证而间接持有境外基础证券发行人发行的股份合计达到百分之五。 |
| The main assets prescribed in item (15), paragraph 2 of Article 30 of the Measures for the Administration of Information Disclosure by Listed Companies include the major assets of the domestic entity operator of the overseas basic securities issuer. | | 《上市公司信息披露管理办法》第三十条第二款第（十五） 项规定的主要资产包括境外基础证券发行人境内实体运营企业的主要资产。 |
| Article 21 Where the matters disclosed by the overseas basic securities issuer in the periodical report have any major change during the reporting period and may have a significant impact on the trading price of the depository receipt or investors' decision, the overseas basic securities issuer and relevant parties with information disclosure obligations shall disclose in a timely manner and fully inform the risk. | | 第二十一条 境外基础证券发行人在定期报告中披露的事项，在报告期内发生重大变化，可能对存托凭证交易价格或者投资者决策产生较大影响的，境外基础证券发行人及相关信息披露义务人应当及时进行披露，并充分提示风险。 |
| Article 22 Under any of the following circumstances, the overseas basic securities issuer shall disclose in a timely manner: | | 第二十二条 发生以下情形之一的，境外基础证券发行人应当及时进行披露： |
| (1) Change of the depositary or the custodian. | | （一）存托人、托管人发生变化； |
| (2) The basic securities deposited have been pledged, misappropriated, judicially frozen or have any other change in ownership. | | （二）存托的基础证券发生被质押、挪用、司法冻结或者发生其他权属变化； |
| (3) Any major amendment is made to the deposit agreement. | | （三）对存托协议作出重大修改； |
| (4) Any major amendment is made to the custody agreement. | | （四）对托管协议作出重大修改； |
| (5) Change of the conversion ratio of depository receipts and basic stocks. | | （五）存托凭证与基础股票的转换比例发生变动； |
| (6) Any other circumstance prescribed by the CSRC. | | （六）中国证监会规定的其他情形。 |
Article 23 The parties with information obligations, such as overseas basic securities issuers and their controlling shareholders and actual controllers shall ensure that the information disclosed by them in overseas markets is disclosed in the domestic market at the same time.
．．．．．． | | 第二十三条 境外基础证券发行人及其控股股东、实际控制人等相关信息披露义务人应当保证其在境外市场披露的信息同步在境内市场披露。
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