| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 163) | | （第163号） |
| The Decision on Amending the Measures for the Administration of the Issuance of Securities by Listed Companies, as deliberated and adopted at the 1st executive meeting of the China Securities Regulatory Commission on January 10, 2020, is hereby issued, and shall come into force on the date of issuance. | | 《关于修改〈上市公司证券发行管理办法〉的决定》已经2020年1月10日中国证券监督管理委员会2020年第1次委务会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Yi Huiman | | 主席 易会满 |
| February 14, 2020 | | 2020年2月14日 |
| Decision on Amending the Measures for the Administration of the Issuance of Securities by Listed Companies | | 关于修改《上市公司证券发行管理办法》的决定 |
| I. Article 6 is amended to read: “A listed company shall have a sound and well-operated organizational structure and comply with the following provisions: | | 一、第六条修改为：“上市公司的组织机构健全、运行良好，符合下列规定： |
| “(1) The company's bylaws are lawful and effective, the systems of the shareholders' meeting, the board of directors, the board of supervisors, and independent directors are sound, and the duties are able to be effectively fulfilled according to the law. | | “（一）公司章程合法有效，股东大会、董事会、监事会和独立董事制度健全，能够依法有效履行职责； |
| “(2) The company has sound internal control rules, which can ensure the operating efficiency, legality and compliance, and reliability of its financial reports, and there is no serious defect in the integrity, rationality or validity of the internal control rules. | | “（二）公司内部控制制度健全，能够有效保证公司运行的效率、合法合规性和财务报告的可靠性；内部控制制度的完整性、合理性、有效性不存在重大缺陷； |
| “(3) Incumbent directors, supervisors and senior executives are qualified for holding their posts and can faithfully and diligently perform their duties. None of them has committed any act in violation of Article 147 or Article 148 of the Company Law, or has been given any administrative punishment by the CSRC within the last 36 months, or has been publicly reprimanded by any stock exchange within the last 12 months. | | “（三）现任董事、监事和高级管理人员具备任职资格，能够忠实和勤勉地履行职务，不存在违反公司法第一百四十七条、第一百四十八条规定的行为，且最近三十六个月内未受到过中国证监会的行政处罚、最近十二个月内未受到过证券交易所的公开谴责； |
| “(4) The listed company separates its personnel, assets and financial affairs from those of the controlling shareholder or the actual controller, it is independent in terms of institutions and business operation, and can carry out business operation and management independently. | | “（四）上市公司与控股股东或实际控制人的人员、资产、财务分开，机构、业务独立，能够自主经营管理； |
| “(5) The listed company has not provided any external guarantee in violation of regulations within the last 12 months.” | | “（五）最近十二个月内不存在违规对外提供担保的行为。” |
| II. Article 37 is amended to read: “The specific investors of stocks offered in a non-public manner shall comply with the following provisions: | | 二、第三十七条修改为：“非公开发行股票的特定对象应当符合下列规定： |
| “(1) Specific investors shall meet the conditions prescribed in the resolution of shareholders' meeting. | | “（一）特定对象符合股东大会决议规定的条件； |
| “(2) The number of investors shall not exceed 35. | | “（二）发行对象不超过三十五名。 |
| “An investor that is an overseas strategic investor shall comply with the relevant provisions of the state.” | | “发行对象为境外战略投资者的，应当遵守国家的相关规定。” |
| III. Article 38 is amended to read: “To offer stocks in a non-public manner, a listed company shall comply with the following provisions: | | 三、第三十八条修改为：“上市公司非公开发行股票，应当符合下列规定： |
| “(1) The issue price shall not be lower than 80% of the average price of the company's stock for the 20 trading days prior to the base day for pricing. | | “（一）发行价格不低于定价基准日前二十个交易日公司股票均价的百分之八十； |
| “(2) The shares issued this time shall not be transferred within six months of completion of the issue. The shares subscribed for by the controlling shareholder, actual controller, and enterprises controlled by them shall not be transferred within 18 months. | | “（二）本次发行的股份自发行结束之日起，六个月内不得转让；控股股东、实际控制人及其控制的企业认购的股份，十八个月内不得转让； |
| “(3) The utilization of the funds raised complies with the provisions of Article 10 of these Measures. | | “（三）募集资金使用符合本办法第十条的规定； |
| “(4) Where the issue will result in any change in the control of the listed company, other provisions of the China Securities Regulatory Commission shall also be complied with.” | | “（四）本次发行将导致上市公司控制权发生变化的，还应当符合中国证监会的其他规定。” |
| IV. Article 47 is amended to read: “A listed company shall issue securities within 12 months from the date of the CSRC's approval of the issue. Where it fails to issue stocks within 12 months, the approval document shall be invalidated and it shall not issue stock until it has obtained approval from the CSRC anew.” | | 四、第四十七条修改为：“自中国证监会核准发行之日起，上市公司应在十二个月内发行证券；超过十二个月未发行的，核准文件失效，须重新经中国证监会核准后方可发行。” |
V. One article is added as Article 75: “For shares of a listed company obtained through non-public offering of stock in accordance with these Measures, the reduction thereof shall not be governed by the relevant provisions of the Several Provisions on the Reduction of Shares Held by Shareholders, Directors, Supervisors, and Senior Executives of Listed Companies.”
．．．．．． | | 五、增加一条，作为第七十五条：“依据本办法通过非公开发行股票取得的上市公司股份，其减持不适用《上市公司股东、董监高减持股份的若干规定》的有关规定。”
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