| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 154) | | （第154号） |
| The Measures for the Continuous Supervision of Companies Listed on the Science and Technology Innovation Board (for Trial Implementation), as deliberated and adopted at the 1st chairman's executive meeting of the China Securities Regulatory Commission (“CSRC”) on March 1, 2019, are hereby issued, and shall come into force on the date of issuance. | | 《科创板上市公司持续监管办法（试行）》已经2019年3月1日中国证券监督管理委员会2019年第1次主席办公会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Yi Huiman | | 中国证券监督管理委员会主席：易会满 |
| March 1, 2019 | | 2019年3月1日 |
| Measures for the Continuous Supervision of Companies Listed on the Science and Technology Innovation Board (for Trial Implementation) | | 科创板上市公司持续监管办法（试行） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the acts of all relevant parties after the listing of stocks and depositary receipts of science and technology innovation enterprises on the science and technology innovation board (“sci-tech board”) of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”), supporting and directing the better development of science and technology innovation enterprises and protecting the lawful rights and interests of investors, these Measures are developed in accordance with the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Company Law of the People's Republic of China, the Notice of the General Office of the State Council on Forwarding Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depositary Receipts within China, the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange (hereinafter referred to as the “Implementation Opinions”) and relevant laws and regulations. | | 第一条 为了规范科创企业股票、存托凭证在上海证券交易所（以下简称交易所）科创板上市后相关各方的行为，支持引导科技创新企业更好地发展，保护投资者合法权益，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国公司法》、《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》、《关于在上海证券交易所设立科创板并试点注册制的实施意见》（以下简称《实施意见》）以及相关法律法规，制定本办法。 |
| Article 2 The China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) shall, in accordance with the Securities Law and other laws and regulations, the Implementation Opinions, these Measures and other relevant provisions of the CSRC, conduct the supervision and administration of companies listed on the sci-tech board (hereinafter referred to as “sci-tech companies”) and relevant entities. In the case of any discrepancy between the provisions of these Measures and other relevant provisions of the CSRC, these Measures shall apply. | | 第二条 中国证券监督管理委员会（以下简称中国证监会）根据《证券法》等法律法规、《实施意见》、本办法和中国证监会其他相关规定，对科创板上市公司（以下简称科创公司）及相关主体进行监督管理。中国证监会其他相关规定与本办法规定不一致的，适用本办法。 |
| Article 3 Stock exchanges shall, in accordance with the Implementation Opinions, the Measures for the Administration of Stock Exchanges, these Measures and other relevant provisions, establish a system of rules for the continuous supervision of the sci-tech board centering on listing rules, and develop specific implementation rules in line with the characteristics of sci-tech companies in such aspects as continuous information disclosure, shareholding reduction, mergers, acquisitions and restructuring, equity incentives and delisting. Sci-tech companies shall comply with the rules of the exchange on continuous supervision. | | 第三条 交易所根据《实施意见》、《证券交易所管理办法》、本办法等有关规定，建立以上市规则为中心的科创板持续监管规则体系，在持续信息披露、股份减持、并购重组、股权激励、退市等方面制定符合科创公司特点的具体实施规则。科创公司应当遵守交易所持续监管实施规则。 |
| Exchanges shall perform first-line regulatory functions, strengthen the linkage of information disclosure and supervision of transactions on the secondary market, increase on-site inspections, strengthen regulatory talk, effectively prevent and combat insider trading and market manipulation acts, and urge sci-tech companies to improve the quality of information disclosure. | | 交易所应当履行一线监管职责，加强信息披露与二级市场交易监管联动，加大现场检查力度，强化监管问询，切实防范和打击内幕交易与操纵市场行为，督促科创公司提高信息披露质量。 |
| Chapter II Corporate Governance | | 第二章 公司治理 |
| Article 4 Sci-tech companies shall maintain a sound, effective and transparent governance system and supervision mechanism to ensure the standard operation of the shareholders' meeting, the board of directors and the board of supervisors, and urge directors, supervisors and senior executives to fulfill their obligations in a faithful and diligent manner, safeguard the lawful rights of all shareholders, proactively fulfill social responsibilities, and protect the basic rights and interests of parties of interest. | | 第四条 科创公司应当保持健全、有效、透明的治理体系和监督机制，保证股东大会、董事会、监事会规范运作，督促董事、监事和高级管理人员履行忠实、勤勉义务，保障全体股东合法权利，积极履行社会责任，保护利益相关者的基本权益。 |
| Article 5 The controlling shareholder and actual controller of a sci-tech company shall have good faith, exercise their rights in accordance with the law, strictly fulfill their commitments, maintain the independence of the company, and safeguard the common interests of the company and all shareholders. | | 第五条 科创公司控股股东、实际控制人应当诚实守信，依法行使权利，严格履行承诺，维持公司独立性，维护公司和全体股东的共同利益。 |
| Article 6 A sci-tech company shall actively give return to shareholders, and formulate and implement shareholder return policies such as cash dividends and share repurchase according to its conditions and development stage. The exchange may develop rules for return to shareholders. | | 第六条 科创公司应当积极回报股东，根据自身条件和发展阶段，制定并执行现金分红、股份回购等股东回报政策。交易所可以制定股东回报相关规则。 |
| Article 7 Where a sci-tech company issues shares with special voting rights, it shall stipulate in the company's bylaws such matters as the qualification of holders of shares with special voting rights, arrangements on the proportion of the number of voting rights of shares with special voting rights to the number of voting rights of common shares, the scope of matters of the shareholders' meeting on which holders can vote based on shares held by them with special voting rights, lock-up arrangements and transfer restrictions for shares with special voting rights, and the transfer of shares with special voting rights and common shares. The provisions of the company's bylaws on the aforesaid matters shall comply with the relevant provisions of the exchange. | | 第七条 存在特别表决权股份的科创公司，应当在公司章程中规定特别表决权股份的持有人资格、特别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排、持有人所持特别表决权股份能够参与表决的股东大会事项范围、特别表决权股份锁定安排及转让限制、特别表决权股份与普通股份的转换情形等事项。公司章程有关上述事项的规定，应当符合交易所的有关规定。 |
| The sci-tech company shall continuously disclose the arrangements on special voting rights in the periodical report; and in the case of any significant change in the arrangements on special voting rights, it shall be disclosed in a timely manner. | | 科创公司应当在定期报告中持续披露特别表决权安排的情况；特别表决权安排发生重大变化的，应当及时披露。 |
| The exchange shall formulate relevant provisions on the conditions for the listing of sci-tech companies issuing shares with special voting rights, the setting of different voting rights, existence, adjustments, information disclosure and investor protection matters. | | 交易所应对存在特别表决权股份科创公司的上市条件、表决权差异的设置、存续、调整、信息披露和投资者保护事项制定有关规定。 |
| Chapter III Information Disclosure | | 第三章 信息披露 |
Article 8 Sci-tech companies and relevant parties with information disclosure obligations shall, in a timely and fair manner, disclose all matters that may have a significant impact on the securities trading price or investment decisions, and guarantee that the disclosed information is true, accurate and complete, and contains no false records, misleading statements or material omissions.
．．．．．． | | 第八条 科创公司和相关信息披露义务人应当及时、公平地披露所有可能对证券交易价格或者投资决策有较大影响的事项，保证所披露信息的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。
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