Interim Measures of Shanghai Stock Exchange for the Administration of Warrants | | 上海证券交易所权证管理暂行办法 |
| (July 18, 2005 No.17 [2005] of the Shanghai Stock Exchange) | | （2005年7月18日 上证国字〔2005〕17号） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 These Measures are formulated according to the Securities Law and other laws and administrative regulations and the relevant operational rules of this Exchange for the purpose of regulating the business operations of warrants, maintaining the normal market order and protecting the lawful rights and interests of investors. | | 第一条 为规范权证的业务运作，维护正常的市场秩序，保护投资者的合法权益，根据《证券法》等法律、行政法规以及本所相关业务规则，制定本办法。 |
| Article 2 The term “warrants” as mentioned in these Measures refers to those securities that are issued by an issuer of target securities or any other third party (hereinafter referred to as the issuer), who stipulates that the holders have the right to purchase target securities from or sell them to himself at a stipulated price or get the settlement price difference under the method of cash settlement for the prescribed period or on a specific maturity day. | | 第二条 本办法所称权证，是指标的证券发行人或其以外的第三人（以下简称发行人）发行的，约定持有人在规定期间内或特定到期日，有权按约定价格向发行人购买或出售标的证券，或以现金结算方式收取结算差价的有价证券。 |
| Article 3 These Measures shall be applicable to the issuance, listing, trading and exercise of warrants in this Exchange. Where there is no corresponding provision in these Measures, other relevant provisions of this Exchange shall be applicable. | | 第三条 权证在本所发行、上市、交易、行权，适用本办法，本办法未作规定的，适用本所其他有关规定。 |
| Article 4 Unless it is otherwise prescribed by the China Securities Regulatory Commission, this Exchange has the right to supervise over the issuance, listing, trading and exercise of warrants and the information disclosure. | | 第四条 本所对权证的发行、上市、交易、行权及信息披露进行监管，中国证监会另有规定的除外。 |
| Article 5 As to those warrants that are to be issued, listed, traded or excised in this Exchange, their registration, trusteeship and settlement shall be handled by the securities depository & clearing institutions designated by this Exchange. | | 第五条 在本所发行、上市、交易、行权的权证，其登记、托管和结算由本所指定的证券登记结算机构办理。 |
| Chapter II Issuance and Listing of Warrants | | 第二章 权证的发行上市 |
| Article 6 In case an issuer applies for issuing warrants and listing them in this Exchange, he shall, prior to the issuance, submit application materials to this Exchange, who shall, within 20 working days upon receipt thereof, issue its examination and approval opinions and report them to the China Securities Regulatory Commission for archival purposes. | | 第六条 发行人申请发行权证并在本所上市的，应在发行前向本所报送申请材料。本所自受理之日起20个工作日内出具审核意见，并报中国证监会备案。 |
| The contents and specimens of application materials as described in the preceding paragraph shall be separately formulated by this Exchange. | | 前款申请材料的内容与格式，由本所另行制定。 |
| Article 7 After an application for warrant issuance is examined and approved by this Exchange, the issuer shall, two or five working days prior to the issuance, publish the instructions on warrant issuance on one or more designated newspapers or websites. | | 第七条 权证发行申请经本所核准后，发行人应在发行前2至5个工作日内将权证发行说明书刊登于至少一种指定报纸和指定网站。 |
| The contents and specimen of the instructions on warrant issuance shall be separately formulated by this Exchange. | | 权证发行说明书的内容与格式由本所另行规定。 |
| Article 8 An issuer shall, within two working days after the warrant issuance, report the warrant issuance conclusion to this Exchange and submit application materials for listing. | | 第八条 发行人应在权证发行结束后2个工作日内，将权证发行结果报送本所，并提交权证上市申请材料。 |
| After an application for warrant listing is examined and approved by this Exchange, the issuer shall, two working days prior to the warrant listing, publish a listing announcement on one or more designated newspapers or websites. | | 权证上市申请经本所核准后，发行人应在其权证上市2个工作日之前，在至少一种指定报纸和指定网站上披露上市公告书。 |
| Article 9 As to the warrants that are applied for being listed in this Exchange, if their target securities are stocks, the aforesaid target stocks shall comply with the following conditions on the day when the application for listing is filed: | | 第九条 申请在本所上市的权证，其标的证券为股票的，标的股票在申请上市之日应符合以下条件： |
| (1)The market value of tradable shares is not lower than three billion yuan for the recent 20 trading days; | | （一）最近20个交易日流通股份市值不低于30亿元； |
| (2)The accumulative turnover rate of stock exchange is 25% or more for the recent 60 trading days; | | （二）最近60个交易日股票交易累计换手率在25%以上； |
| (3)The stock capital of tradable shares is not lower than 300 million shares; and | | （三）流通股股本不低于3亿股； |
| (4)Other conditions as prescribed by this Exchange. | | （四）本所规定的其他条件。 |
| In case the target securities belong to any other kind of securities, the qualifications shall be separately formulated by this Exchange. | | 标的证券为其他证券的，其资格条件由本所另行规定。 |
| Article 10 The warrants that are applied for being listed in this Exchange shall comply with the following conditions: | | 第十条 申请在本所上市的权证，应符合以下条件： |
| (1)The type, exercise price, holding period, exercise date, exercise settlement method and exercise ratio of warrants and other factors shall be stipulated; | | （一）约定权证类别、行权价格、存续期间、行权日期、行权结算方式、行权比例等要素； |
| (2)The warrants that are applied for listing may not be less than 50 million shares; | | （二）申请上市的权证不低于5000万份； |
| (3)The number of investors holding 1000 or more shares of warrants may not be less than 100; | | （三）持有1000份以上权证的投资者不得少于100人； |
| (4)The holding period shall be 6 up to 24 months computed from the listing day; | | （四）自上市之日起存续时间为6个月以上24个月以下； |
| (5)The issuer has provided the performance bond consistent with Article 11 of these Measures; and | | （五）发行人提供了符合本办法第十一条规定的履约担保； |
| (6)Other conditions as prescribed by this Exchange. | | （六）本所规定的其他条件。 |
| Article 11 As to the warrants that are issued by a third person other than the issuer of the target securities and are listed in this Exchange, the issuer shall provide the performance bond in accordance with the following provisions: | | 第十一条 由标的证券发行人以外的第三人发行并在本所上市的权证，发行人应按照下列规定之一，提供履约担保： |
| (1)offering and maintaining enough target securities or cash through a special account as performance bond; | | （一）通过专用帐户提供并维持足够数量的标的证券或现金，作为履约担保。 |
| quantity of target securities for the performance bond = quantity of warrants to be listed ×exercise ratio × guaranty coefficient; | | 履约担保的标的证券数量＝权证上市数量×行权比例×担保系数； |
| amount of cash for the performance bond = quantity of warrants to be listed × exercise price×exercise ratio×guaranty coefficient. The guaranty coefficient shall be released and timely adjusted by this Exchange. | | 履约担保的现金金额＝权证上市数量×行权价格×行权比例×担保系数。担保系数由本所发布并适时调整。 |
| (2)An institution accredited by this Exchange shall serve as an irrevocable guarantor bearing joint and several liabilities.The issuer shall ensure that no target security or cash for guaranteeing the performance bond as described by Item (1) of the preceding paragraph is under pledge, judicial freeze or has any other right-related flaw. | | （二）提供经本所认可的机构作为履约的不可撤销的连带责任保证人。 |
| The issuer shall timely disclose any right-related flaw occurred to the target securities or cash for the contractual performance guarantee and take measures to make the contractual performance guarantee to be consistent with the provisions. | | 发行人应保证按前款第（一）项规定所提供的用于履约担保的标的证券或者现金不存在质押、司法冻结或其他权利瑕疵。权证存续期间，用于履约担保的标的证券或者现金出现权利瑕疵的，发行人应当及时披露，并采取措施使履约担保重新符合规定。 |
| Article 12 In order to apply for the listing of a warrant, an issuer shall submit the following documents to this Exchange: | | 第十二条 申请权证上市的，发行人应向本所提交下列文件： |
| (1)an application form for listing; | | （一）上市申请书； |
| (2)the instructions on the information about warrant issuance; | | （二）权证发行情况说明； |
| (3)a listing announcement; | | （三）上市公告书； |
| (4)a report on the information about the target securities and warrants held by directors, supervisors and senior managerial personnel and an application for lock-in; and | | （四）董事、监事和高级管理人员持有标的证券和权证的情况报告、禁售申请； |
| (5)other documents as required by this Exchange. | | （五）本所要求的其他文件。 |
| The contents and specimen of listing announcements shall be separately formulated by this Exchange. | | 上市公告书的内容和格式，由本所另行规定。 |
| Article 13 An issuer shall, prior to the listing of the warrant, conclude a listing agreement with this Exchange to clarify the rights, obligations and pertinent matters of both parties. | | 第十三条 发行人应当在权证上市前与本所签订上市协议，明确双方的权利、义务和有关事项。 |
| Article 14 The warrant listing shall be terminated if any of the following circumstances occurs: | | 第十四条 出现下列情形之一的，权证将被终止上市： |
| (1)The holding period of warrants expires; | | （一）权证存续期满； |
| (2)All the warrants have been exercised within the holding period; and | | （二）权证在存续期内已被全部行权； |
| (3)Any other circumstance as recognized by this Exchange. | | （三）本所认定的其他情形。 |
The warrants shall not be traded but may be exercised within five trading days prior to the expiration of the holding period of warrants.
．．．．．． | | 权证存续期满前5个交易日，权证终止交易，但可以行权。 |
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