| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 164) | | （第164号） |
| The Decision of the China Securities Regulatory Commission on Amending the Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext, 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〈创业板上市公司证券发行管理暂行办法〉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 Yi Huiman | | 主席 易会满 |
| February 14, 2020 | | 2020年2月14日 |
| Decision on Amending the Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext | | 关于修改《创业板上市公司证券发行管理暂行办法》的决定 |
| I. Article 9 is amended to read: “To offer securities, a listed company shall meet the conditions set forth in the Securities Law, and comply with the following provisions: | | 一、第九条修改为：“上市公司发行证券，应当符合《证券法》规定的条件，并且符合以下规定： |
| “(1) It has made profits for the last two years, with the net profits calculated as per the lower of the amounts before and after the deduction of non-recurring profit or loss, except that the listed company offers stocks in a non-public manner. | | “（一）最近二年盈利，净利润以扣除非经常性损益前后孰低者为计算依据；但上市公司非公开发行股票的除外； |
| “(2) Its basic accounting work is standardized, and its operational results are true. Its internal control rules are complete and effectively implemented, and can reasonably guarantee the reliability of its financial reports, the lawfulness of its production and operation, and its operating efficiency and effects. | | “（二）会计基础工作规范，经营成果真实。内部控制制度健全且被有效执行，能够合理保证公司财务报告的可靠性、生产经营的合法性，以及营运的效率与效果； |
| “(3) It has distributed cash dividends in accordance with its bylaws in the last two years. | | “（三）最近二年按照上市公司章程的规定实施现金分红； |
| “(4) No audit report with an adverse opinion or disclaimer of opinion has been issued by certified public accountants on its financial statements for the last three years and the most recently completed period; and if an audit report with a qualified opinion or an unqualified opinion including an emphasis of matter paragraph has been issued by certified public accountants, the matter shall have no significant adverse impact on the listed company or the significant adverse impact has been eliminated before offering. | | “（四）最近三年及一期财务报表未被注册会计师出具否定意见或者无法表示意见的审计报告；被注册会计师出具保留意见或者带强调事项段的无保留意见审计报告的，所涉及的事项对上市公司无重大不利影响或者在发行前重大不利影响已经消除； |
| “(5) It has separated its personnel, assets, and financial affairs from those of its controlling shareholder or actual controller, it is independent in terms of institutional structure and business, and it is able to autonomously operate and manage its business. In the last 12 months, it has not provided any external guarantee in violation of regulations and its capital has not been used by its controlling shareholder or actual controller or any other enterprise controlled by its controlling shareholder or actual controller in a form such as loan, repayment of debts, or advances.” | | “（五）上市公司与控股股东或者实际控制人的人员、资产、财务分开，机构、业务独立，能够自主经营管理。上市公司最近十二个月内不存在违规对外提供担保或者资金被上市公司控股股东、实际控制人及其控制的其他企业以借款、代偿债务、代垫款项或者其他方式占用的情形。” |
| II. Subparagraph (1) of Article 11 is deleted. | | 二、删除第十一条第（一）项。 |
| III. Article 15 is amended to read: “The specific investors to which stock is offered in a non-public manner shall comply with the following provisions: | | 三、第十五条修改为：“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。” |
| IV. Article 16 is amended to read: “To offer stocks in a non-public manner, a listed company shall comply with the following provisions: | | 四、第十六条修改为：“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) 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.” | | “（三）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。” |
| V. Article 17 is deleted. | | 五、删除第十七条。 |
| VI. Article 32 is renumbered as Article 31 and amended to read: “A resolution of the shareholders' meeting on the offering of convertible corporate bonds shall cover at a minimum: | | 六、第三十二条改为第三十一条，修改为：“股东大会就发行可转换公司债券作出的决定，应当至少包括下列事项： |
| “(1) the matters set forth in Article 30 of these Measures; | | “（一）本办法第三十条规定的事项； |
| “(2) the interest rate of bonds; | | “（二）债券利率； |
| “(3) the maturity of bonds; | | “（三）债券期限； |
| “(4) the put provision; | | “（四）回售条款； |
| “(5) the time limit and method for repayment of principal and payment of interest thereon; | | “（五）还本付息的期限和方式； |
| “(6) the conversion period; and | | “（六）转股期； |
| “(7) the determination and revision of the conversion price.” | | “（七）转股价格的确定和修正。” |
| VII. Article 34 is renumbered as Article 33 and amended to read: “The annual shareholders' meeting of a listed company may, in accordance with the company's bylaws, authorize the board of directors to decide on a non-public offering of stock to raise funds totaling not more than 10% of the company's net assets at the end of the prior year, but the authorization shall become invalid on the day when the next annual shareholders' meeting is held. | | 七、第三十四条改为第三十三条，修改为：“上市公司年度股东大会可以根据公司章程的规定，授权董事会决定非公开发行融资总额不超过最近一年末净资产百分之十的股票，该项授权在下一年度股东大会召开日失效。 |
| “To grant the board of directors the authorization as mentioned in the preceding paragraph at the annual shareholders' meeting, a relevant resolution shall be adopted under Article 30 of these Measures as a precondition for the board of directors to exercise the authorization.” | | “上市公司年度股东大会给予董事会前款授权的，应当按照本办法第三十条的规定通过相关决议，作为董事会行使授权的前提条件。” |
| VIII. Article 35 is renumbered as Article 34 and amended to read: “Where a listed company applies for offering securities, the offering shall be sponsored by a sponsor, unless the summary procedure is applicable under Article 36 of these Measures and the company decides to sell them by itself under Article 39 of these Measures. | | 八、第三十五条改为第三十四条，修改为：“上市公司申请发行证券，应当由保荐人保荐，但是根据本办法第三十六条规定适用简易程序且根据本办法第三十九条规定采取自行销售的除外。 |
“The sponsor or the listed company shall prepare and file offering application documents in accordance with the relevant rules of the CSRC.”
．．．．．． | | “保荐人或者上市公司应当按照中国证监会的有关规定编制和报送发行申请文件。”
．．．．．． |
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