| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 30 [2018]) | | （〔2018〕30号） |
| The Regulatory Provisions on the Interconnection Depositary Receipt Business of the Shanghai Stock Exchange and the London Stock Exchange (for Trial Implementation) are hereby issued, and shall come into force on the date of issuance. | | 现公布《关于上海证券交易所与伦敦证券交易所互联互通存托凭证业务的监管规定（试行）》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| October 12, 2018 | | 2018年10月12日 |
| Regulatory Provisions on the Interconnection Depositary Receipt Business of the Shanghai Stock Exchange and the London Stock Exchange (for Trial Implementation) | | 关于上海证券交易所与伦敦证券交易所互联互通存托凭证业务的监管规定（试行） |
| Article 1 For purposes of regulating the offering, trading, cross-border conversion, information disclosure and other acts in the interconnection depositary receipt business between the Shanghai Stock Exchange (“SSE”) and the London Stock Exchange (hereinafter referred to as the “Shanghai-London interconnection depositary receipt business”), protecting investors' lawful rights and interests, and maintaining the order of the securities market, these Provisions are developed in accordance with the Securities Law, the Several Opinions on Conducting the Pilot Program of Innovative Enterprises' Offering of Stocks or Depositary Receipts within the Territory of China (hereinafter referred to as the “Several Opinions”), the Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation) (hereinafter referred to as the “Measures for the Administration of Depositary Receipts”) and other relevant laws, administrative regulations and departmental rules. | | 第一条 为了规范上海证券交易所与伦敦证券交易所互联互通存托凭证业务（以下简称沪伦通存托凭证业务）中的发行、交易、跨境转换和信息披露等行为，保护投资者合法权益，维护证券市场秩序，根据《证券法》《关于开展创新企业境内发行股票或存托凭证试点的若干意见》（以下简称《若干意见》）、《存托凭证发行与交易管理办法（试行）》（以下简称《存托凭证管理办法》）以及其他相关法律、行政法规、部门规章，制定本规定。 |
| Article 2 For the purpose of these Provisions, “Shanghai-London interconnection depositary receipt business” means the public offering of depositary receipts within China by qualified overseas underlying securities issuers listed on the London Stock Exchange and the listing thereof on the SSE and the overseas offering of depositary receipts by qualified domestic companies listed on the SSE and the listing thereof on the London Stock Exchange. | | 第二条 本规定所称沪伦通存托凭证业务，是指符合条件的在伦敦证券交易所上市的境外基础证券发行人在境内公开发行存托凭证并在上海证券交易所上市，以及符合条件的在上海证券交易所上市的境内上市公司在境外发行存托凭证并在伦敦证券交易所上市。 |
| The overseas underlying securities issuer as mentioned in the preceding paragraph shall be a company listed on the London Stock Exchange within the scope approved by the China Securities Regulatory Commission (“CSRC”). | | 前款规定的境外基础证券发行人须为中国证监会认可范围内的伦敦证券交易所上市公司。 |
| Article 3 Where an overseas underlying securities issuer lists through public offering a depositary receipt within China taking a non-new stock as the underlying securities, it shall comply with the relevant provisions of the Measures for the Administration of Depositary Receipts on the public offering of depositary receipts, perform the obligations of issuers and listed companies in accordance with the law, and assume the corresponding legal liability. | | 第三条 以非新增股票为基础证券在境内公开发行上市存托凭证的，境外基础证券发行人应当符合《存托凭证管理办法》关于公开发行存托凭证的相关规定，并依法履行发行人、上市公司的义务，承担相应的法律责任。 |
| A domestic investor that holds and trades in a depositary receipt as prescribed in the preceding paragraph shall satisfy the investor suitability management requirements as prescribed by the SSE. | | 境内投资者持有、交易前款规定的存托凭证，应当符合上海证券交易所规定的投资者适当性管理要求。 |
| Article 4 Where an overseas underlying securities issuer plans to list through public offering a depositary receipt within China taking a non-new stock as the underlying securities, it shall file an application with the CSRC. The CSRC shall accept the application documents submitted by the overseas underlying securities issuer through the SSE. The SSE shall, in accordance with its business rules, examine whether the overseas underlying securities issuer meets the conditions for the listing of depositary receipts and other matters. The CSRC shall, in accordance with the law, examine the application of the overseas underlying securities issuer without submitting it to the Public Offering Review Committee for examination. | | 第四条 以非新增股票为基础证券在境内公开发行上市存托凭证的，应当由境外基础证券发行人向中国证监会提出申请。中国证监会通过上海证券交易所受理境外基础证券发行人报送的申请文件。上海证券交易所根据其业务规则对境外基础证券发行人是否符合存托凭证上市条件等事宜进行审核。证监会依法对境外基础证券发行人的申请进行核准，无需提交发行审核委员会审核。 |
| Where shares are allotted after the public offering and listing of a depositary receipt within China taking a non-new stock as the underlying securities, the overseas underlying securities issuer shall meet the conditions prescribed in Article 5 of the Measures for the Administration of Depositary Receipts, and shall report it to the CSRC for confirmation according to the procedures prescribed in the preceding paragraph, except that it is agreed upon in advance in the deposit agreement that the allotment rights and interests shall be handled by such means as selling the allotment rights. | | 以非新增股票为基础证券在境内公开发行上市存托凭证后实施配股的，境外基础证券发行人应当符合《存托凭证管理办法》第五条规定的条件，并按照前款规定的程序报中国证监会核准。存托协议事先约定以卖出配股权等方式处理配股权益的除外。 |
| Article 5 Where a depositary receipt is offered to the public within China taking a non-new stock as the underlying securities, the overseas underlying securities issuer shall submit the following application documents as required: | | 第五条 以非新增股票为基础证券在境内公开发行存托凭证的，境外基础证券发行人应当按规定提交以下申请文件： |
| (1) The prospectus and confirmation opinions signed by the director authorized by the overseas underlying securities issuer. | | （一）招股说明书及境外基础证券发行人授权董事签署的确认意见； |
| (2) The application report of the overseas underlying securities issuer. | | （二）境外基础证券发行人的申请报告； |
| (3) The relevant resolutions of the overseas underlying securities issuer on the current offering. | | （三）境外基础证券发行人关于本次发行的有关决议； |
| (4) Offering sponsorship letter and sponsor work report. | | （四）发行保荐书和保荐工作报告； |
| (5) Financial reports and audit reports in the last three years and the financial report in the most recent period. | | （五）最近三年的财务报告和审计报告，以及最近一期的财务报告； |
| (6) The legal opinion issued by a domestic lawyer and the lawyer's work report. | | （六）境内律师出具的法律意见书和律师工作报告； |
| (7) Company registration documents and the company's bylaws. | | （七）公司注册文件和公司章程； |
| (8) The deposit agreement and custody agreement. | | （八）存托协议和托管协议； |
| (9) Sponsorship agreement. | | （九）保荐协议； |
| (10) Other documents required by the CSRC. | | （十）中国证监会要求的其他文件。 |
| The documents prescribed in the preceding paragraph shall satisfy the relevant requirements of the CSRC and the SSE. The provisions of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public No. 23―Guidelines for the Contents and Formats of the Prospectus of Pilot Red Chip Enterprises for the Public Offering of Depositary Receipts shall apply, mutatis mutandis, to the contents and formats of the prospectus. If the application is indeed inapplicable or needs to be adjusted, the overseas underlying securities issuer shall make an explanation in the application documents. | | 前款规定的文件应当符合中国证监会和上海证券交易所的有关要求。招股说明书内容与格式参照适用《公开发行证券的公司信息披露编报规则第23号——试点红筹企业公开发行存托凭证招股说明书内容与格式指引》的规定。确不适用或者需要调整适用的，境外基础证券发行人应当在申请文件中做出说明。 |
| Article 6 An overseas underlying securities issuer shall prepare financial reports in accordance with the accounting standards for Chinese enterprises or other accounting standards recognized by the Ministry of Finance. | | 第六条 境外基础证券发行人应当按照中国企业会计准则或者经财政部认可的其他会计准则编制财务报告。 |
| The financial report shall be audited by an accounting firm qualified for conducting the domestic securities and futures business or an overseas accounting firm recognized by the CSRC and the Ministry of Finance according to China's auditing standards or other auditing standards recognized by the Ministry of Finance. | | 财务报告应当由具有境内证券期货相关业务资格的会计师事务所或者中国证监会和财政部认可的境外会计师事务所按照中国审计准则或者财政部认可的其他审计准则进行审计。 |
| Article 7 The sponsor and its sponsor representatives shall perform the sponsorship functions according to the following requirements, unless it is otherwise prescribed by the CSRC: | | 第七条 保荐人及其保荐代表人应当按照下列要求履行保荐职责，中国证监会另有规定的除外： |
| (1) Fulfilling sponsorship functions in accordance with the Measures for the Administration of the Sponsorship Business of the Offering and Listing of Securities, and focusing on the examination and disclosure of such matters as the risk factors and the regulatory compliance of information disclosure of the overseas underlying securities issuer, the differences in domestic and overseas legal rules, the protection of depositary receipt holders, cross-border conversion arrangements involved in the offering and listing, and arrangements on the deposit of underlying stocks. | | （一）按照《证券发行上市保荐业务管理办法》履行保荐职责，重点就境外基础证券发行人风险因素和信息披露合规情况、境内外法律制度差异、存托凭证持有人保护、发行上市涉及的跨境转换安排、基础股票存放安排等事项进行核查和披露； |
| (2) Conducting due diligence in accordance with the provisions of the Work Rules for Sponsor Due Diligence and by reference to the relevant provisions of the Provisions on the Implementation of Due Diligence for Sponsoring Innovative Enterprises' Offering of Stocks or Depositary Receipts within China on overseas listed red chip enterprises. | | （二）按照《保荐人尽职调查工作准则》的规定，并参照《保荐创新企业境内发行股票或存托凭证尽职调查工作实施规定》中关于已在境外上市红筹企业的相关规定，开展尽职调查工作。 |
| The overseas underlying securities issuer and the sponsor shall apply to the local CSRC office at the place where the securities affairs institution formed by the overseas underlying securities issuer within China is located to handle the recordation and acceptance tutorship matters. | | 境外基础证券发行人和保荐人应当到境外基础证券发行人在境内设立的证券事务机构所在地的中国证监会派出机构申请办理辅导备案和辅导验收事宜。 |
| Article 8 The quantity of shares of a depositary receipt within the duration shall not exceed the upper limit approved by the CSRC. If the depositary receipt increases or decreases due to the overseas underlying securities issuer's bonus issue, split or merger of shares, adjustment of the conversion ratio, or any other reason, the upper limit of the quantity shall be adjusted accordingly. | | 第八条 存托凭证存续期内的份额数量不得超过中国证监会核准的数量上限。因境外基础证券发行人送股、股份分拆或者合并、转换比例调整等原因导致存托凭证增加或者减少的，数量上限相应调整。 |
| Article 9 The depositary shall meet the relevant conditions prescribed in the Measures for the Administration of Depositary Receipts, and assume the corresponding functions in accordance with the law. A commercial bank which serves as the depositary shall obtain the qualification for conducting the depositary business in accordance with the Provisions on Matters concerning Commercial Banks Serving as the Depositary in the Pilot Program of Depositary Receipts. | | 第九条 存托人应当符合《存托凭证管理办法》规定的有关条件，并依法承担相应的职责。商业银行担任存托人的，应当按照《关于商业银行担任存托凭证试点存托人有关事项规定》取得存托业务资格。 |
Article 10 After the CSRC approves an overseas underlying securities issuer's public offering of a depositary receipt within China taking a non-new stock as the underlying securities, a qualified domestic securities company may, in accordance with the provisions of the SSE, purchase with its own funds or as entrusted by an unspecific investor satisfying suitability management requirements or obtain in other legal forms underlying stocks and deliver them to the depositary. The depositary shall issue corresponding depositary receipts to the aforesaid domestic securities company or investors in accordance with the relevant provisions and as agreed upon in the deposit agreement.
．．．．．． | | 第十条 中国证监会核准境外基础证券发行人以非新增股票为基础证券在境内公开发行存托凭证后，符合条件的境内证券公司可以按照上海证券交易所的规定以自有资金或者接受符合适当性管理要求的不特定投资者委托买入或者以其他合法方式获得基础股票并交付存托人。存托人根据相关规定和存托协议约定向上述境内证券公司或者投资者签发相应的存托凭证。
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