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Notice by the Shanghai Stock Exchange of Issuing the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board [Expired]
上海证券交易所关于发布《上海证券交易所科创板股票发行上市审核问答》的通知 [失效]
【法宝引证码】

Notice by the Shanghai Stock Exchange of Issuing the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board 

上海证券交易所关于发布《上海证券交易所科创板股票发行上市审核问答》的通知

(No. 29 [2019] of the Shanghai Stock Exchange) (上证发〔2019〕29号)

All market participants: 各市场参与人:
In order to better meet the demand for listing of science and technology innovation enterprises, the Measures for the Administration of Registration of Initial Public Offering of Stocks on the Science and Technology Innovation Board (for Trial Implementation), the Rules of the Shanghai Stock Exchange for Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board, the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board, and other rules have set differentiated issuance conditions and listing conditions based on the characteristics of science and technology innovation enterprises, attracting the attention of all market participants. 为了更好满足科创企业发行上市的需求,《科创板首次公开发行股票注册管理办法(试行)》《上海证券交易所科创板股票发行上市审核规则》《上海证券交易所科创板股票上市规则》等规则针对科创企业的特点,设置了差异化的发行条件、上市条件,市场各方对此较为关注。
For the purposes of clarifying market expectations and improving the transparency of examination of the issuance and listing of stocks on the science and technology innovation board, the Shanghai Stock Exchange (hereinafter referred to as the "Exchange") developed the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the "Q&A," see the Annex) respecting matters related to the issuance conditions and listing conditions with respect to science and technology innovation enterprises, according to the principle of "first satisfaction of urgent needs," which, as approved by the China Securities Regulatory Commission, is hereby issued and shall come into force as of the date of issuance. 为明确市场预期,提高科创板股票发行上市审核透明度,上海证券交易所(以下简称本所)按照“急用先行”原则,就科创企业发行条件和上市条件相关事项制定了《上海证券交易所科创板股票发行上市审核问答》(以下简称《发行上市审核问答》,详见附件),经中国证监会批准,现予以发布,并自发布之日起实施。
The Exchange shall, based on examination practice, promptly summarize experience and make supplements and improvements on the "Q&A." 本所将根据审核实践,及时总结经验,对《发行上市审核问答》进行补充完善。
 特此通知。
Annex: Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board 附件:上海证券交易所科创板股票发行上市审核问答
Shanghai Stock Exchange 上海证券交易所
March 3, 2009 二〇一九年三月三日
Annex: 附件:
Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board 上海证券交易所科创板股票发行上市审核问答
Table of Contents 目录
I. The Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the "Listing Rules") contain more than one set of listing standards, how do issuers choose for application? How should sponsors conduct review? Is another choice allowed upon application? 1.《上海证券交易所科创板股票上市规则》(以下简称《上市规则》)设置了多套上市标准,发行人如何选择适用?保荐机构应当如何把关?申报后能否变更?
II. For certain enterprises applying for listing on the innovation board that are unprofitable or have uncovered accumulated losses in the latest period, what special requirements are there for information disclosure? 2.针对部分申请科创板上市的企业尚未盈利或最近一期存在累计未弥补亏损的情形,在信息披露方面有什么特别要求?
III. How should "any other material illegal conduct involving national security, public security, ecological safety, work safety, public health safety, or any other field" in the issuance conditions be understood? 3.对发行条件中“其他涉及国家安全、公共安全、生态安全、生产安全、公众健康安全等领域的重大违法行为”,应当如何理解?
IV. How should the "material adverse effect" in the issuance condition that an issuer "does not so compete with the controlling shareholder, the actual controller or another enterprise controlled by it as to have a material adverse effect on the issuer" be understood? 4.对发行条件“发行人与控股股东、实际控制人及其控制的其他企业间不存在对发行人构成重大不利影响的同业竞争”中的“重大不利影响”,应当如何理解?
V. The issuance conditions require that the ownership of the shares in the issuer held by the controlling shareholder and a shareholder controlled by the controlling shareholder or actual controller be clear. For an enterprise applying for listing on the innovation board whose controlling shareholder or actual controller is based in an international tax haven and whose ownership structure is complicated, how is the review and information disclosure effectively conducted? 5.发行条件规定,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权属清晰。对于控股股东、实际控制人位于国际避税区且持股层次复杂的申请在科创板上市企业,如何做好核查及信息披露工作?
VI. How should "no material adverse change in directors, senior management or core technicians" of an issuer over recent two years in the issuance conditions be understood? 6.对发行条件中发行人最近2年内“董事、高级管理人员及核心技术人员均没有发生重大不利变化”,应当如何理解?
VII. The financial indicators specified in the Listing Rules include "the proportion of research and development expenditure accumulated over the last three years to the revenue accumulated for the same period shall not be less than 15%." How is the research and development expenditure determined? What requirements are there for research and development-related internal control? What requirements are there for information disclosure? How should intermediaries conduct review? 7. 《上市规则》规定的财务指标包括“最近三年累计研发投入占最近三年累计营业收入的比例不低于15%”,其中“研发投入”如何认定?研发相关内控有哪些要求?信息披露有哪些要求?中介机构应当如何进行核查?
VIII. The listing standards set forth in the Listing Rules include capitalization. What requirements are there for the capitalization indicator in the examination and regulation of issuance and listing? 8.《上市规则》规定的上市标准中包含市值,针对市值指标,发行上市审核及监管中有哪些要求?
IX. The Examination Rules require that an issuer conform to the position of the innovation board. How should the requirement be understood? 9.《上市审核规则》规定发行人应当符合科创板定位。对此应如何把握?
X. The Examination Rules require that the issuer carry out production and operation in primary reliance on the core technology. How should the requirement be understood? What requirements are there for information disclosure? How should intermediaries conduct review? 10.《上市审核规则》规定,发行人应当主要依靠核心技术开展生产经营,对此应当如何理解?信息披露有哪些要求?中介机构应当如何进行核查?
XI. For issuers that implement an employee stock ownership plan before applying for an initial public offering, what requirements are there for information disclosure? How should intermediaries conduct review? 11.发行人在首发申报前实施员工持股计划的,信息披露有哪些要求?中介机构应当如何进行核查?
XII. If an issuer has an option incentive plan developed before its application for an initial public offering and intends to implement it after the listing, what requirements are there for information disclosure? How should intermediaries conduct review? 12.发行人存在首发申报前制定的期权激励计划,并准备在上市后实施的,信息披露有哪些要求?中介机构应当如何进行核查?
XIII. If an issuer has uncovered accumulated losses when it is changed in an overall manner from a limited liability company into a joint stock limited company, what requirements are there for information disclosure? How should intermediaries conduct review? 13.发行人在有限责任公司整体变更为股份有限公司时存在累计未弥补亏损的,信息披露有哪些要求?中介机构应当如何进行核查?
XIV. If an issuer capitalizes research and development expenditure, what requirements are there for information disclosure? How should intermediaries conduct review? 14.发行人存在研发支出资本化情况的,信息披露有哪些要求?中介机构应当如何进行核查?
XV. If an issuer receives research project-related government grants, what requirements are there for presentation of nonrecurring gains or losses and other information disclosure and intermediaries' review? 15.发行人存在科研项目相关政府补助的,在非经常性损益列报等信息披露方面及中介机构核查方面有哪些要求?
XVI. The Examination Rules require that in an application document for issuance and listing and a reply to the examination inquiry by the issuance and listing examination body of the Exchange, the information to be disclosed is state secrets or trade secrets, and its disclosure may result in a violation of the state's laws and regulations on confidentiality or serious damage to the interests of the company, the issuer and its sponsor may apply to the Exchange for exemption from disclosure. How should it be processed in the examination? 16.《上市审核规则》规定,发行上市申请文件和对本所发行上市审核机构审核问询的回复中,拟披露的信息属于国家秘密、商业秘密,披露后可能导致其违反国家有关保密的法律法规或者严重损害公司利益的,发行人及其保荐机构可以向本所申请豁免披露。对此在审核中应当如何处理?
I. The Rules of the Shanghai Stock Exchange for the Listing of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the "Listing Rules") contain more than one set of listing standards, which should issuers choose for application? How should sponsors conduct review? Is another choice allowed upon application?   1.《上海证券交易所科创板股票上市规则》(以下简称《上市规则》)设置了多套上市标准,发行人如何选择适用?保荐机构应当如何把关?申报后能否变更?
Answer ("A"): In order to enhance the inclusiveness of the science and technology innovation board ("innovation board"), the Listing Rules contain more than one set of listing standards with a focus on capitalization, taking into account financial indicators such as net profit, revenue, research and development expenditure, and cash flow from operating activities. Specifically, Article 2.1.2 set forth general listing standards, Article 2.1.3 listing standards applicable to red-chip enterprises, and Article 2.1.4 listing standards applicable to issuers having an arrangement for differential voting rights. 答:为增强科创板的包容性,《上市规则》以市值为中心,结合净利润、营业收入、研发投入和经营活动产生的现金流量等财务指标,设置了多套上市标准。其中,第2.1.2 条规定了通用上市标准,第2.1.3条规定了红筹企业适用的上市标准,第2.1.4条规定了具有表决权差异安排的发行人适用的上市标准。
1. An issuer shall choose a specific listing standard (一)发行人应当选择一项具体上市标准
According to the relevant provisions of the Rules of the Shanghai Stock Exchange for Examination of the Issuance and Listing of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the Examination Rules), an issuer that applies for the initial public offering of stocks and being listed on the innovation board shall explicitly state the specific list standard chosen, to wit, one of the five standards set forth in Article 2.1.2 of the Listing Rules, in the relevant application documents. A red-chip enterprise shall choose one of the standards set forth in Article 2.1.3. An issuer having an arrangement for differential voting rights shall choose one of the standards set forth in Article 2.1.4. 根据《上海证券交易所科创板股票发行上市审核规则》(以下简称《上市审核规则》)相关规定,发行人申请股票首次公开发行并在科创板上市的,应当在相关申请文件中明确说明所选择的一项具体上市标准,即《上市规则》第2.1.2 条中规定的五项标准之一。红筹企业应选择第2.1.3 条规定的标准之一。具有表决权差异安排的发行人应选择第2.1.4条规定的标准之一。
An issuer shall prudentially choose an appropriate listing standard having regard to factors such as its financial condition, characteristics of corporate governance, development stage, and continual regulatory requirements after listing. 发行人应当结合自身财务状况、公司治理特点、发展阶段以及上市后的持续监管要求等因素,审慎选择适当的上市标准。
A sponsor shall provide professional guidance for the issuer to choose an appropriate listing standard, prudentially make recommendations, explain the grounds for the application one by one with respect to the listing standard chosen by the issuer in the sponsor letter for listing, and expound on the estimated capitalization indicator in view of the issuer's external equity financing in the reporting period, the valuation of comparable companies in domestic and overseas markets, and other circumstances. 保荐机构应当为发行人选择适当的上市标准提供专业指导,审慎推荐,并在上市保荐书中就发行人选择的上市标准逐项说明适用理由,其中对预计市值指标,应当结合发行人报告期外部股权融资情况、可比公司在境内外市场的估值情况等进行说明。
2. Choosing another listing standard by which the issuer applies for listing (二)发行人申请上市标准变更的处理
If before the Innovation Board Stock Listing Commission convenes a deliberation meeting, the issuer ceases to meet the listing standard chosen at the time of application due to the updating of financial reports or otherwise and needs to choose another standard, it shall promptly submit an application to the Exchange, explain the grounds and update relevant documents. If any of the listing standards ceases to be met, the listing application may be withdrawn. 科创板股票上市委员会召开审议会议前,发行人因更新财务报告等情形导致不再符合申报时选定的上市标准,需要变更为其他标准的,应当及时向本所提出申请,说明原因并更新相关文件;不再符合任何一项上市标准的,可以撤回发行上市申请。
The sponsor shall review whether the grounds for the issuer to choose another listing standard are sufficient, explain the grounds for application one by one with respect to the new listing standard chosen by the issuer, and give another explicit opinion on whether the issuer meets the listing conditions. 保荐机构应当核查发行人变更上市标准的理由是否充分,就发行人新选择的上市标准逐项说明适用理由,并就发行人是否符合上市条件重新发表明确意见。
II. For certain enterprises applying for listing on the innovation board that are unprofitable or have uncovered accumulated losses in the latest period, what special requirements are there for information disclosure? 2.针对部分申请科创板上市的企业尚未盈利或最近一期存在累计未弥补亏损的情形,在信息披露方面有什么特别要求?
A: 1. Requirements for issuers' information disclosure 答:(一) 发行人信息披露要求
(1) Analysis of cause 1.原因分析
An issuer that is unprofitable or has uncovered accumulated losses in the latest period shall analyze and disclose the cause of the circumstances in view of industry characteristics, for example, the products are still in the research and development phase but not actually on sale; the products are in the promotion phase but have not gained extensive popularity with customers; there is still such a gap between the products and those of other companies in the same industry in terms of technological sophistication or quality that there is no competitive advantage; the output and sales of the products are so low that the unit cost or the period cost ratio is high, and there is no scale effect; the products tend to so mature as to achieve profitability during the reporting period, but due to the relatively huge losses in the previous period, there remains uncovered accumulated losses in the latest period; and other reasons. The issuer shall also state whether its profitability or uncovered accumulated losses in the latest period ensues from an occasional or frequent factor. 尚未盈利或最近一期存在累计未弥补亏损的发行人,应结合行业特点分析并披露该等情形的成因,如:产品仍处研发阶段,未形成实际销售;产品尚处于推广阶段,未取得客户广泛认同;产品与同行业公司相比技术含量或品质仍有差距,未产生竞争优势;产品产销量较小,单位成本较高或期间费用率较高,尚未体现规模效应;产品已趋于成熟并在报告期内实现盈利,但由于前期亏损较多,导致最近一期仍存在累计未弥补亏损;其他原因。发行人还应说明尚未盈利或最近一期存在累计未弥补亏损是偶发性因素,还是经常性因素导致。
(2) Analysis of effect 2.影响分析
An issuer shall sufficiently disclose the effect of its profitability or uncovered accumulated losses in the latest period in the company's cash flow, business development, talent attraction, team stability, research and development expenditure, strategic investment, sustainability of production and operation, and other aspects. 发行人应充分披露尚未盈利或最近一期存在累计未弥补亏损对公司现金流、业务拓展、人才吸引、团队稳定性、研发投入、战略性投入、生产经营可持续性等方面的影响。
(3) Analysis of trend 3.趋势分析
An unprofitable issuer shall disclose forward information on whether it may be profitable in the future, forecasting the development trend and development and research phase of its products, services or business and the level which its primary operational factors need to reach when its books are balanced, in addition to the basis of the relevant hypothesis. An issuer with uncovered accumulated losses shall analyze and disclose the trend of changes after listing. The disclosure of forward information shall be accompanied by a statement that the data serving as the basis of the hypothesis and related forecast are materially uncertain and an alert that investors should prudentially use such information when making investment decisions. 尚未盈利的发行人应当披露未来是否可实现盈利的前瞻性信息,对其产品、服务或者业务的发展趋势、研发阶段以及达到盈亏平衡状态时主要经营要素需要达到的水平进行预测,并披露相关假设基础;存在累计未弥补亏损的发行人应当分析并披露在上市后的变动趋势。披露前瞻性信息时应当声明其假设的数据基础及相关预测具有重大不确定性,提醒投资者进行投资决策时应谨慎使用。
(4) Risk factors 4.风险因素
An issuer that is unprofitable or has uncovered accumulated losses in the latest period shall sufficiently disclose relevant risk factors, including without limitation the risk of impossibility of profitability or profit distribution for a certain period, the risk of impossibility that revenue grows as scheduled, the risk of research and development failure, the risk of impossibility that the product or services are capable of gaining popularity with customers, and the risk of restriction or negative effect in financial condition, business development, talent introduction, team stability, research and development expenditure, or any other aspects. If the unprofitableness persists or the uncovered accumulated losses continue to expand, the possibility of fulfillment of the delisting conditions shall be analyzed, and the relevant risk shall be sufficiently disclosed. 尚未盈利或最近一期存在累计未弥补亏损的发行人,应充分披露相关风险因素,包括但不限于:未来一定期间无法盈利或无法进行利润分配的风险,收入无法按计划增长的风险,研发失败的风险,产品或服务无法得到客户认同的风险,资金状况、业务拓展、人才引进、团队稳定、研发投入等方面受到限制或影响的风险等。未盈利状态持续存在或累计未弥补亏损继续扩大的,应分析触发退市条件的可能性,并充分披露相关风险。
(5) Investor protection measures and undertaking 5.投资者保护措施及承诺
An issuer that is unprofitable or has uncovered accumulated losses in the latest period shall disclose all the measures for implementing the rules of protecting the lawful rights and interests of investors in accordance with the law, whether the uncovered accumulated losses before the issue are jointly borne by new and existing shareholders, and the decision-making procedure already instituted. An unprofitable enterprise shall also disclose any special arrangement or undertaking made by its controlling shareholder, actual controller, directors, supervisors, senior management, and core technicians as required respecting decrease in shareholding. 尚未盈利或最近一期存在累计未弥补亏损的发行人,应当披露依法落实保护投资者合法权益规定的各项措施;还应披露本次发行前累计未弥补亏损是否由新老股东共同承担以及已履行的决策程序。尚未盈利企业还应披露其控股股东、实际控制人和董事、监事、高级管理人员、核心技术人员按照相关规定作出的关于减持股份的特殊安排或承诺。
2. Requirements for intermediaries' review (二)中介机构核查要求
The sponsor and the reporting accountant shall sufficiently review the aforesaid circumstances and give an explicit conclusive opinion on whether the unprofitableness or the uncovered accumulated losses in the latest period of the issuer affects its capability of going concern. 保荐机构及申报会计师应充分核查上述情况,对发行人尚未盈利或最近一期存在累计未弥补亏损是否影响发行人持续经营能力明确发表结论性意见。
III. How should "any other material illegal conduct involving national security, public security, ecological safety, work safety, public health safety, or any other field" in the issuance conditions be understood?   3.对发行条件中“其他涉及国家安全、公共安全、生态安全、生产安全、公众健康安全等领域的重大违法行为”,应当如何理解?
A: If over the past three years, an issuer or its controlling shareholder or actual controller has committed any of the following illegal conduct in national security, public security, ecological safety, work safety, public health safety, or any other field, such conduct shall be treated as material illegal conduct in principle: financial punishment is imposed thereon, and the circumstances are serious; or serious environmental pollution, material casualties, or an execrable social impact ensues. 答:最近3年内,发行人及其控股股东、实际控制人在国家安全、公共安全、生态安全、生产安全、公众健康安全等领域,存在以下违法行为之一的,原则上视为重大违法行为:被处以罚款等处罚且情节严重;导致严重环境污染、重大人员伤亡、社会影响恶劣等。
If there is any of the following circumstances, and the intermediary issues an explicit review conclusion, the conduct need not be determined as material illegal conduct: the illegal conduct is manifestly minor, and the fine is of low value; the relevant rules or punishment decision do not determine the conduct to be of serious circumstances; or the authority proves that the conduct is not material illegal conduct. If the illegal conduct results in serious environmental pollution, material casualties, an execrable social impact, or the like, and financial punishment is imposed, the foregoing rule is not applicable. 有以下情形之一且中介机构出具明确核查结论的,可以不认定为重大违法:违法行为显著轻微、罚款数额较小;相关规定或处罚决定未认定该行为属于情节严重;有权机关证明该行为不属于重大违法。但违法行为导致严重环境污染、重大人员伤亡、社会影响恶劣等并被处以罚款等处罚的,不适用上述情形。
IV. How should the "material adverse effect" in the issuance condition that an issuer "does not so compete with the controlling shareholder, the actual controller or another enterprise controlled by it as to have a material adverse effect on the issuer" be understood?   4.对发行条件发行人“与控股股东、实际控制人及其控制的其他企业间不存在对发行人构成重大不利影响的同业竞争”中的“重大不利影响”,应当如何理解?
A: If an enterprise applying for listing on the innovation board exercises such competition, the sponsor and the lawyer of the issuer shall, when determining whether the competition has a material adverse effect, conduct a review and give an explicit opinion, taking into account the regions where the competitor and the issuer operate, the pitching of their product or services, whether the competition will result in unfair competition, tunneling, or two-way or one way passing of commercial opportunities between the issuer and the competitor, the potential effect on future development, and other aspects. If the revenue or gross profit of the competitor generated by its business accounts for 30% or more of that of the issuer generated by the business of same kind, the competition shall in principle be determined as having a material adverse effect, in the absence of sufficient evidence to the contrary. 答:申请在科创板上市的企业,如存在同业竞争情形,认定同业竞争是否构成重大不利影响时,保荐机构及发行人律师应结合竞争方与发行人的经营地域、产品或服务的定位,同业竞争是否会导致发行人与竞争方之间的非公平竞争、是否会导致发行人与竞争方之间存在利益输送、是否会导致发行人与竞争方之间相互或者单方让渡商业机会情形,对未来发展的潜在影响等方面,核查并出具明确意见。竞争方的同类收入或毛利占发行人该类业务收入或毛利的比例达30%以上的,如无充分相反证据,原则上应认定为构成重大不利影响。
The issuer shall disclose the following in its prospectus: First, the information on the competition between the competitor and the issuer. Second, the review opinion of the sponsor and the lawyer of the issuer and the basis of determination respecting whether the competition has a material adverse effect on the issuer. 发行人应在招股说明书中,披露以下内容:一是竞争方与发行人存在同业竞争的情况,二是保荐机构及发行人律师针对同业竞争是否对发行人构成重大不利影响的核查意见和认定依据。
V. The issuance conditions require that the ownership of the shares in the issuer held by the controlling shareholder and a shareholder controlled by the controlling shareholder or actual controller be clear. For an enterprise applying for listing on the innovation board whose controlling shareholder or actual controller is based in an international tax haven and whose ownership structure is complicated, how is the review and information disclosure effectively conducted?
......
   5.发行条件规定,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权属清晰。对于控股股东、实际控制人位于国际避税区且持股层次复杂的申请在科创板上市企业,如何做好核查及信息披露工作?
......

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