| Notice by the Supreme People's Court of Several Opinions on Providing Judicial Guarantees for the Reform of ChiNext and the Pilot Adoption of a Registration-based IPO System | | 最高人民法院印发《关于为创业板改革并试点注册制提供司法保障的若干意见》的通知 |
| (No. 28 [2020] of the Supreme People's Court) | | （法发〔2020〕28号） |
| The higher people's courts of all provinces, autonomous regions and municipalities directly under the Central Government; the Military Court of the People's Liberation Army; and the Production and Construction Corps Branch of the Higher People's Court of Xinjing Uygur Autonomous Region: | | 各省、自治区、直辖市高级人民法院，解放军军事法院，新疆维吾尔自治区高级人民法院生产建设兵团分院： |
| The Several Opinions of the Supreme People's Court on Providing Judicial Guarantees for the Reform of ChiNext and the Pilot Adoption of a Registration-based IPO System are hereby issued to you for your conscientious implementation. | | 现将《最高人民法院关于为创业板改革并试点注册制提供司法保障的若干意见》印发给你们，请认真贯彻执行。 |
| Supreme People's Court | | 最高人民法院 |
| August 8, 2020 | | 2020年8月8日 |
| Several Opinions of the Supreme People's Court on Providing Judicial Guarantees for the Reform of ChiNext and the Pilot Adoption of a Registration-based IPO System | | 最高人民法院关于为创业板改革并试点注册制提供司法保障的若干意见 |
| The reform of ChiNext and the pilot adoption of a registration-based IPO system is a significant arrangement of the central government to comprehensively deepen the reform of the capital market, and improve the basic systems and the functions of the capital market. It is also a major move to promote the innovation-driven development strategy, support the city of Shenzhen in building itself into a pilot zone for socialism with Chinese characteristics, and boost the development of the Guangdong-Hong Kong-Macao Greater Bay Area. For the purposes of maximizing the role of the people's courts in adjudication, ensuring the smoothness of launching the reform of ChiNext and piloting the registration-based IPO system, protecting the lawful rights and interests of investors, the Opinions are hereby offered for the issues involving the correct trial of disputes related to ChiNext. | | 推进创业板改革并试点注册制，是中央全面深化资本市场改革、完善资本市场基础制度、提升资本市场功能的重要安排，也是落实创新驱动发展战略、支持深圳建设中国特色社会主义先行示范区、助推粤港澳大湾区建设的重大举措。为充分发挥人民法院审判职能作用，保障创业板改革并试点注册制顺利推进，保护投资者合法权益，现就人民法院正确审理与创业板相关案件等问题，提出如下意见。 |
| I. Raising the awareness of providing judicial guarantees for the reform of ChiNext and the pilot adoption of a registration-based IPO system | | 一、切实提高认识，增强为创业板改革并试点注册制提供司法保障的自觉性 |
| 1. The significance of promoting the reform of ChiNext and the pilot adoption of a registration-based IPO system shall be fully recognized. Since the 18th CPC National Congress, the CPC Central Committee has been attaching great importance to the development and reform of the capital market. Since 2019, the CPC Central Committee and the State Council have successively issued the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area and the Opinions on Supporting Shenzhen in Building a Pioneering Demonstration Zone for Socialism with Chinese Characteristics, which expressly provide that the systems for the listing, refinancing and restructuring of companies on ChiNext shall be improved, and favorable conditions shall be created for promoting the reform of the registration-based IPO system. The Securities Law that came into force on March 1, 2020 clearly states that the registration system shall be adopted for the public offering of securities, and the reform on the registration-based IPO system shall be implemented step by step. Promoting the reform of ChiNext and the pilot adoption of a registration-based IPO system constitutes an important part of the “dual zone-driven” strategy of the central government, and it is also a critical step to further implement the reform of the capital market. The people's courts at various levels shall continue to follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guidance, earnestly implement various decisions and arrangements of the central government on the “dual zone-driven” strategy and the reform of the capital market, properly deal with all cases involving ChiNext by taking the opportunity of implementing the Securities Law, and create a judicial environment favorable for accelerating the establishment of a system of multi-tiered capital market with a complete set of financing functions, solid basic institutions, effective market supervision, and proper protection of the lawful rights and interests of investors. | | 1.充分认识推进创业板改革并试点注册制的重要意义。党的十八大以来，党中央高度重视资本市场发展改革工作。2019年以来，中共中央、国务院先后印发的《粤港澳大湾区发展规划纲要》和《关于支持深圳建设中国特色社会主义先行示范区的意见》，明确提出要完善创业板发行上市、再融资和并购重组制度，创造条件推动注册制改革。2020年3月1日正式施行的证券法明确规定，公开发行证券采取注册制，并确定分步实施股票公开发行注册制改革。推进创业板改革并试点注册制，是中央推进“双区驱动”战略的重要一环，也是全面深化资本市场改革落地的关键一步。各级人民法院要坚持以习近平新时代中国特色社会主义思想为指导，认真贯彻中央关于“双区驱动”战略和全面深化资本市场改革的各项决策部署，以贯彻证券法为契机，依法妥善审理与创业板有关的各类案件，为加快形成融资功能完备、基础制度扎实、市场监管有效、投资者合法权益得到有效保护的多层次资本市场体系营造良好的司法环境。 |
| 2. The overall arrangement for the reform of ChiNext and the pilot adoption of a registration-based IPO system shall be accurately identified. This reform is a systemic reform project for ChiNext based on the experience garnered from the reform of the STAR market. This reform is centered on “one mission” and “three overall plans”: “one mission” refers to the implementation of a registration-based IPO system with information disclosure as the core, which is designed to increase the market's transparency and authenticity, allows investors to make their own value judgment and truly ensures that they have the right to choose. “Three overall plans” include: the overall plan to promote the reform of ChiNext and the establishment of a system of a multi-tiered capital market, continue the coordination between ChiNext and other markets with ChiNext mainly serving growth-oriented innovative and startup businesses, and support the integration of traditional industries with new technologies, new industries, new business forms and new modes; the overall plan to promote the building of the pilot registration-based system and other basic systems, conduct a basket of reform measures for basic systems of ChiNext such as offering, listing, information disclosure, trading and delisting, and improve the services for innovative and startup businesses; and the overall plan to advance the reforms in both existing and newly listed companies, include existing listed companies in the reform, and keep stable the expectations of existing listed companies and investors. The people's courts at all levels shall, based on the actual conditions of the trial of criminal, civil and administrative cases involving securities, work effectively to create a favorable market environment in which all market players can fulfill and remain dedicated to their duties, and their lawful rights and interests can be properly protected through judicial adjudication. In addition, the people's courts shall provide strong judicial guarantees for investors to make investments at ease and for market entities to take bold steps for innovation and business startup. | | 2.准确把握创业板改革并试点注册制的总体安排。本次改革是在借鉴科创板改革经验基础上对创业板进行的系统性改革工程，改革思路核心是“一条主线”“三个统筹”。“一条主线”，即实施以信息披露为核心的股票发行注册制，提高透明度和真实性，由投资者自主进行价值判断，真正把选择权交给市场。“三个统筹”：一是统筹推进创业板改革与多层次资本市场体系建设，坚持创业板与其他板块错位发展，创业板主要服务成长型创新创业企业，支持传统产业与新技术、新产业、新业态、新模式深度融合。二是统筹推进试点注册制与其他基础制度建设，对创业板发行、上市、信息披露、交易、退市等基础性制度实施一揽子改革措施，增强对创新创业企业的服务能力。三是统筹推进增量改革与存量改革，包容存量，稳定存量上市公司和投资者预期。各级人民法院要立足证券刑事、民事和行政审判实际，找准工作切入点，通过司法审判推动形成市场参与各方依法履职、归位尽责及合法权益得到有效保护的良好市场生态，为投资者放心投资、市场主体大胆创新创业提供有力司法保障。 |
| II. Taking the initiative to ensure smoothness in the reform of ChiNext and the pilot registration-based IPO system | | 二、积极主动作为，依法保障创业板改革并试点注册制顺利推进 |
3. The centralized jurisdiction of civil and commercial disputes over securities of companies listed on ChiNext through a registration-based system shall be piloted. In accordance with the reform arrangements, the Shenzhen Stock Exchange shall perform its duties of reviewing the offering of stocks on ChiNext. In order to unify the criteria of judgment, ensure the success of the reform of ChiNext and the registration-based IPO system, the Intermediate People's Court of Shenzhen City, Guangdong Province shall pilot the exercise of centralized jurisdiction of the first instance in civil and commercial cases involving disputes over the issuance, underwriting contract, listing sponsorship contract, listing contract and fraud liability related to securities of listed companies with initial portfolio offering through the pilot adoption of a registration-based system on ChiNext.
．．．．．． | | 3.对实行注册制创业板上市公司所涉有关证券民商事案件试点集中管辖。按照改革安排，深圳证券交易所履行创业板股票发行审核职责。为统一裁判标准，保障创业板改革并试点注册制顺利推进，对在创业板以试点注册制首次公开发行股票并上市公司所涉证券发行纠纷、证券承销合同纠纷、证券上市保荐合同纠纷、证券上市合同纠纷和证券欺诈责任纠纷等第一审民商事案件，由广东省深圳市中级人民法院试点集中管辖。
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