| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 17 [2020]) | | （〔2020〕17号） |
| Special Provisions on Shareholding Reduction by Venture Capital Fund Shareholders of Listed Companies | | 上市公司创业投资基金股东减持股份的特别规定 |
| The Special Provisions on Shareholding Reduction by Venture Capital Fund Shareholders of Listed Companies (2020 Revision) shall come into force on March 31, 2020. | | 现公布《上市公司创业投资基金股东减持股份的特别规定》（2020年修订），自2020年3月31日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| March 6, 2020 | | 2020年3月6日 |
| Special Provisions on Shareholding Reduction by Venture Capital Fund Shareholders of Listed Companies (2020 Revision) | | 上市公司创业投资基金股东减持股份的特别规定（2020年修订） |
| Article 1 For the purposes of implementing the requirements of the Several Opinions of the State Council on Promoting the Sustained and Sound Development of Venture Capital, providing policy support for venture capital funds committed to long-term investment and value investment to reduce pre-IPO shares of listed companies held by them, and more effectively maximizing the role of venture capital in supporting the business startup and innovation by small and medium-sized enterprises and scientific and technological innovative enterprises, these Provisions are developed in accordance with the Company Law, the Securities Law, and other laws and regulations and the rules of the China Securities Regulatory Commission (“CSRC”). | | 第一条 为了贯彻落实《国务院关于促进创业投资持续健康发展的若干意见》要求，对专注于长期投资和价值投资的创业投资基金减持其持有的上市公司首次公开发行前的股份给予政策支持，更好地发挥创业投资对于支持中小企业、科创企业创业创新的作用，依据《公司法》《证券法》等法律法规和中国证券监督管理委员会的规定，制定本规定。 |
| Article 2 Where, after a qualified enterprise in which a venture capital fund recorded with the Asset Management Association of China (“AMAC”) made investment becomes listed, if the venture capital fund reduces, by auction on a stock exchange, the pre-IPO shares held in the issuer, the following percentage limits shall be applicable: | | 第二条 在中国证券投资基金业协会（以下简称基金业协会）备案的创业投资基金，其所投资符合条件的企业上市后，通过证券交易所集中竞价交易减持其持有的发行人首次公开发行前发行的股份，适用下列比例限制： |
| (1) If the investment term is less than 36 months as of the date of the issuer's IPO, the total number of shares sold within three months shall not exceed 1% of the company's total shares. | | （一）截至发行人首次公开发行上市日，投资期限不满36个月的，在3个月内减持股份的总数不得超过公司股份总数的1%； |
| (2) If the investment term is 36 months or more but less than 48 months as of the date of IPO, the total number of shares sold within two months shall not exceed 1% of the company's total shares. | | （二）截至发行人首次公开发行上市日，投资期限在36个月以上但不满48个月的，在2个月内减持股份的总数不得超过公司股份总数的1%； |
| (3) If the investment term is 48 months or more but less than 60 months as of the date of IPO, the total number of shares sold within 1 month shall not exceed 1% of the company's total shares. | | （三）截至发行人首次公开发行上市日，投资期限在48个月以上但不满60个月的，在1个月内减持股份的总数不得超过公司股份总数的1%； |
| (4) If the investment term is 60 months or more as of the date of IPO, the total number of shares sold shall no longer be subject to the percentage limits. | | （四）截至发行人首次公开发行上市日，投资期限在60个月以上的，减持股份总数不再受比例限制。 |
The investment term shall be calculated from the day when the investment made by the venture capital fund in the IPO enterprise reaches three million yuan cumulatively or when its cumulative investment accounts for 50% of the total investment in the IPO enterprise.
．．．．．． | | 投资期限自创业投资基金投资该首次公开发行企业金额累计达到300万元之日或者投资金额累计达到投资该首次公开发行企业总投资额50%之日开始计算。
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