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Measures for the Administration of the Offering and Underwriting of Securities(2013) [Revised]
证券发行与承销管理办法(2013) [已被修订]
【法宝引证码】

Order of the China Securities Regulatory Commission 

中国证券监督管理委员会令

(No. 95) (第95号)

The Measures for the Administration of the Offering and Underwriting of Securities, as deliberated and adopted at the 11th chairman's executive meeting of the China Securities Regulatory Commission on October 8, 2013, are hereby issued, and shall come into force on December 13, 2013. 《证券发行与承销管理办法》已经2013年10月8日中国证券监督管理委员会第11次主席办公会议审议通过,现予公布,自2013年12月13日起施行。
Chairman of the China Securities Regulatory Commission: Xiao Gang 中国证券监督管理委员会主席:肖钢
December 13, 2013 2013年12月13日
Measures for the Administration of the Offering and Underwriting of Securities 证券发行与承销管理办法
Chapter I General Provisions 

第一章 总 则

Article 1 To regulate the offering and underwriting of securities and protect the lawful rights and interests of investors, these Measures are developed in accordance with the Securities Law and the Company Law.   第一条 为规范证券发行与承销行为,保护投资者合法权益,根据《证券法》和《公司法》,制定本办法。
Article 2 These Measures shall apply to the offering of stocks or convertible bonds (hereinafter collectively referred to as “securities”) within China by issuers, the underwriting of securities within China by securities companies, and the subscription for securities offered within China by investors.   第二条 发行人在境内发行股票或者可转换公司债券(以下统称证券)、证券公司在境内承销证券以及投资者认购境内发行的证券,适用本办法。
Where the initial public offering (“IPO”) of the stock of a company includes the public offering of shares held by any shareholder of the company (hereinafter referred to as the “transfer of pre-IPO shares”), the relevant provisions of the China Securities Regulatory Commission (“CSRC”) shall be complied with. 首次公开发行股票时公司股东公开发售其所持股份(以下简称老股转让)的,还应当符合中国证券监督管理委员会(以下简称中国证监会)的相关规定。
Article 3 The CSRC shall supervise and administer the offering and underwriting of securities according to the law. Stock exchanges, securities depository and clearing institutions, and the Securities Association of China (“SAC”) shall develop the relevant business rules to regulate the offering and underwriting of securities. Securities companies underwriting securities shall, according to these Measures and the relevant provisions issued by the CSRC on risk control and internal control, develop strict risk management rules and internal control rules, strengthen the management of the pricing and placing processes, and fulfill the underwriter's responsibilities.   第三条 中国证监会依法对证券发行与承销行为进行监督管理。证券交易所、证券登记结算机构和中国证券业协会应当制定相关业务规则(以下简称相关规则),规范证券发行与承销行为。证券公司承销证券,应当依据本办法以及中国证监会有关风险控制和内部控制等相关规定,制定严格的风险管理制度和内部控制制度,加强定价和配售过程管理,落实承销责任。
Securities service institutions and personnel issuing the relevant documents for the offering of securities shall, according to the service standards and professional ethics generally recognized in the industry, strictly fulfill their statutory duties and be responsible for the veracity, accuracy, and integrity of the documents issued. 为证券发行出具相关文件的证券服务机构和人员,应当按照本行业公认的业务标准和道德规范,严格履行法定职责,对其所出具文件的真实性、准确性和完整性承担责任。
Chapter II Pricing and Placement 

第二章 定价与配售

Article 4 The issue price of the stock in an IPO may be determined by book building under the placing tranche or in any other legal and feasible manner such as direct pricing through independent negotiation between the issuer and the lead underwriter. The issuer and the lead underwriter shall disclose the manner of determining the issue price in the preliminary prospectus (or prospectus, here and below) and the issue announcement. The pricing of securities offered by a listed company shall comply with the relevant provisions issued by the CSRC on the offering of securities by listed companies.   第四条 首次公开发行股票,可以通过向网下投资者询价的方式确定股票发行价格,也可以通过发行人与主承销商自主协商直接定价等其他合法可行的方式确定发行价格。发行人和主承销商应当在招股意向书(或招股说明书,下同)和发行公告中披露本次发行股票的定价方式。上市公司发行证券的定价,应当符合中国证监会关于上市公司证券发行的有关规定。
Article 5 Where the pricing manner of book building is adopted in an IPO of stock, the qualified institutional and individual investors under the placing tranche may independently decide whether to submit bids, and the lead underwriter may not refuse such bids without good reasons. Investors under the placing tranche shall submit reasonable bids under the principles of independence, objectiveness, and honesty, and may not negotiate bids or deliberately depress or drive up prices.   第五条 首次公开发行股票采用询价方式定价的,符合条件的网下机构和个人投资者可以自主决定是否报价,主承销商无正当理由不得拒绝。网下投资者应当遵循独立、客观、诚信的原则合理报价,不得协商报价或者故意压低、抬高价格。
The bids from investors under the placing tranche shall contain the price per share and the corresponding number of shares subscribed for. Where a single investor submits two or more bids, the lead underwriter shall, in the issue announcement, limit the difference between the highest bid and the lowest bid. After the issue price (or price range) of the stock in an IPO is determined, only investors that have submitted valid bids may participate in the subscription. 网下投资者报价应当包含每股价格和该价格对应的拟申购股数。单个投资者报价多于一个的,主承销商应当依据相关规则在发行公告中对其最高报价和最低报价的价差做出限定。首次公开发行股票价格(或发行价格区间)确定后,提供有效报价的投资者方可参与申购。
Article 6 Where the manner of book building is adopted in an IPO of stock, after investors under the placing tranche have submitted bids, the issuer and the lead underwriter shall exclude the portion with the highest bids from the total number of shares to be subscribed for, not less than 10% of the total number of shares to be subscribed for by all the investors under the placing tranche, and determine the issue price on the basis of the remaining bids and the number of shares to be subscribed for. The excluded portion may not participate in the subscription under the placing tranche.   第六条 首次公开发行股票采用询价方式的,网下投资者报价后,发行人和主承销商应当剔除拟申购总量中报价最高的部分,剔除部分不得低于所有网下投资者拟申购总量的10%,然后根据剩余报价及拟申购数量协商确定发行价格。剔除部分不得参与网下申购。
The issuer and the lead underwriter shall reasonably determine the number of investors with valid bids after excluding the portion with the highest bids. If the number of publicly offered shares is 400 million or less, the number of investors with valid bids shall not be less than 10 but not be more than 20; if the number of publicly offered shares is more than 400 million, the number of investors with valid bids shall not be less than 20 but not be more than 40; or if the total amount of capital raised from the public offering of shares is huge, the number of investors with valid bids may be appropriately increased, but not more than 60. 发行人和主承销商应当合理确定剔除最高报价部分后的有效报价投资者数量。公开发行股票数量在4亿股(含)以下的,有效报价投资者的数量不少于10家,不多于20家;公开发行股票数量在4亿股以上的,有效报价投资者的数量不少于20家,不多于40家;公开发行股票筹资总额数量巨大的,有效报价投资者数量可适当增加,但不得多于60家。
If the number of investors with valid bids is not sufficient after the portion with the highest bids is excluded, the stock issue shall be suspended. 剔除最高报价部分后有效报价投资者数量不足的,应当中止发行。
Article 7 In an IPO of stock, the issuer and the lead underwriter may independently determine, through consultation, the conditions for investors participating in the book building under the placing tranche, the conditions for valid bids, and the placing criteria and modes, and select placees from among investors under the placing tranche that have submitted valid subscriptions under the predetermined placing criteria.   第七条 首次公开发行股票时,发行人和主承销商可以自主协商确定参与网下询价投资者的条件、有效报价条件、配售原则和配售方式,并按照事先确定的配售原则在有效申购的网下投资者中选择配售股票的对象。
Article 8 Investors participating in the bidding and subscription for IPO stocks under the placing tranche shall be those legally permitted to invest in stocks. In particular, institutional investors shall be legally formed and have a good credit record, while individual investors shall have five years or more of investment experience.   第八条 参与首次公开发行股票网下报价和申购的投资者应为依法可以进行股票投资的主体。其中,机构投资者应当依法设立并具有良好的信用记录,个人投资者应具备至少5年投资经验。
The issuer and the lead underwriter may set forth specific requirements on the qualification, research capability, and risk tolerance, among others, of investors under the placing tranche, but shall disclose such requirements in advance in the issue announcement. 发行人和主承销商可以对网下投资者的资质、研究能力和风险承受能力等方面提出具体条件,并在发行公告中预先披露。
Article 9 If the total number of shares is 400 million or less after an IPO, the initial size of the placing tranche shall account for not less than 60% of shares in the public offering; or if the total number of shares exceeds 400 million, the initial size of the placing tranche shall account for not less than 70% of shares in the public offering. In particular, not less than 40% of shares offered under the placing tranche shall be first placed with securities investment funds established by public offering (hereinafter referred to as “publicly offered funds”) and social security funds under the management of investment management institutions for social security funds (hereinafter referred to as “social security funds”). If the amount of valid subscriptions from publicly offered funds and social security funds is less than 40%, the issuer and the lead underwriter may place shares with other qualified investors under the placing tranche.   第九条 首次公开发行股票后总股本4亿股(含)以下的,网下初始发行比例不低于本次公开发行股票数量的60%;发行后总股本超过4亿股的,网下初始发行比例不低于本次公开发行股票数量的70%。其中,应安排不低于本次网下发行股票数量的40%优先向通过公开募集方式设立的证券投资基金(以下简称公募基金)和由社保基金投资管理人管理的社会保障基金(以下简称社保基金)配售。公募基金和社保基金有效申购不足40%的,发行人和主承销商可以向其他符合条件的网下投资者配售。
Where shares are placed with strategic investors, the issue sizes of the public subscription tranche and the placing tranche shall be determined after deduction of the portion placed with strategic investors. 安排向战略投资者配售股票的,应当扣除向战略投资者配售部分后确定网下网上发行比例。
Investors under the placing tranche may independently agree with the issuer and the lead underwriter on the holding period of shares placed with them under the placing tranche, but shall disclose it to the public. 网下投资者可与发行人和主承销商自主约定网下配售股票的持有期限并公开披露。
Article 10 If the number of IPO shares subscribed for by investors under the placing tranche is less than the initial size of the placing tranche, the issuer and the lead underwriter may not claw back the portion offered under the placing tranche to the public subscription tranche, but shall suspend the offering.   第十条 首次公开发行股票网下投资者申购数量低于网下初始发行量的,发行人和主承销商不得将网下发行部分向网上回拨,应当中止发行。
If the valid subscriptions made by investors under the public subscription tranche are more than 50 times but not more than 100 times the initial size of the public subscription tranche, 20% of the shares in the public offering shall be clawed back from the placing tranche to the public subscription tranche; or if the valid subscriptions made by investors under the public subscription tranche are more than 100 times the initial size of the public subscription tranche, 40% of the shares in the public offering shall be clawed back. 网上投资者有效申购倍数超过50倍、低于100倍(含)的,应当从网下向网上回拨,回拨比例为本次公开发行股票数量的20%;网上投资者有效申购倍数超过100倍的,回拨比例为本次公开发行股票数量的40%。
If the number of shares subscribed for by investors under the public subscription tranche are less than the initial size of the public subscription tranche, shares may be clawed back to investors under the placing tranche. 网上投资者申购数量不足网上初始发行量的,可回拨给网下投资者。
In addition to the suspension of offering under Article 6 or paragraph 1 of this article of these Measures, the issuer and the lead underwriter may agree on other specific circumstances under which offering shall be suspended, but shall disclose them in advance. After an offering is suspended, the offering may be resumed during the validity of the approval document upon recordation with the CSRC. 除本办法第六条和本条第一款规定的中止发行情形外,发行人和主承销商还可以约定中止发行的其他具体情形并事先披露。中止发行后,在核准文件有效期内,经向中国证监会备案,可重新启动发行。
Article 11 Only investors holding a certain number of tradable shares may participate in the public subscription tranche of IPO shares. When shares are allotted under the public subscription tranche, the market value of the tradable shares held by investors and the amount of subscription capital of investors shall be considered. Where subscription and allotment are otherwise conducted under the public subscription tranche, the relevant provisions issued by the CSRC shall be complied with.   第十一条 首次公开发行股票,持有一定数量非限售股份的投资者才能参与网上申购。网上配售应当综合考虑投资者持有非限售股份的市值和申购资金量。采用其他方式进行网上申购和配售的,应当符合中国证监会的有关规定。
Article 12 IPO shares shall be offered simultaneously under the public subscription tranche and the placing tranche, and investors subscribing for shares under the public subscription tranche and the placing tranche shall pay subscription capital in full amount. Investors shall independently choose to subscribe for shares under the public subscription tranche or the placing tranche, and may not subscribe for shares under both tranches.   第十二条 首次公开发行股票的网下发行应和网上发行同时进行,参与申购的网下和网上投资者应当全额缴付申购资金。投资者应自行选择参与网下或网上发行,不得同时参与。
Where any shareholder of the issuer intends to transfer pre-IPO shares, the issuer and the lead underwriter shall, before the commencement of subscription under the public subscription tranche and the placing tranche, determine through consultation the issue price, issue size, and the number of pre-IPO shares to be transferred. If there is no plan on the transfer of pre-IPO shares, the issuer and the lead underwriter may determine the issue price or price range by book building under the placing tranche. If only an issue price range is announced and the issue price is not determined at the time of subscription by investors under the public subscription tranche, the lead underwriter shall arrange for investors to subscribe for shares at the upper limit of the price range, and the difference shall be refunded to investors in a timely manner provided that the final issue price is lower than the upper limit. 发行人股东拟进行老股转让的,发行人和主承销商应于网下网上申购前协商确定发行价格、发行数量和老股转让数量。无老股转让计划的,发行人和主承销商可通过网下询价确定发行价格或发行价格区间。网上投资者申购时仅公告发行价格区间、未确定发行价格的,主承销商应当安排投资者按价格区间上限申购,如最终确定的发行价格低于价格区间上限,差价部分应当及时退还投资者。
Article 13 Where more than 400 million shares are offered in an IPO, shares may be placed with strategic investors. The issuer shall enter into placement agreements with strategic investors in advance.   第十三条 首次公开发行股票数量在4亿股以上的,可以向战略投资者配售股票。发行人应当与战略投资者事先签署配售协议。
The issuer and the lead underwriter shall disclose, in the issue announcement, the criteria for selecting strategic investors, the total amount of shares placed with strategic investors, the proportion of such shares in the offering, and the holding period, among others. 发行人和主承销商应当在发行公告中披露战略投资者的选择标准、向战略投资者配售的股票总量、占本次发行股票的比例以及持有期限等。
Strategic investors may not participate in the book building process under the placing tranche, and shall undertake that the holding period of shares placed with them in the offering will not be less than 12 months, starting from the date of listing of the shares in the public offering. 战略投资者不参与网下询价,且应当承诺获得本次配售的股票持有期限不少于12个月,持有期自本次公开发行的股票上市之日起计算。
Article 14 Where more than 400 million shares are offered in an IPO, the issuer and the lead underwriter may adopt an over-allotment option in the issue scheme, the exercise of which shall comply with the relevant provisions issued by the CSRC, stock exchanges, securities depository and clearing institutions, and the SAC.
......
   第十四条 首次公开发行股票数量在4亿股以上的,发行人和主承销商可以在发行方案中采用超额配售选择权。超额配售选择权的实施应当遵守中国证监会、证券交易所、证券登记结算机构和中国证券业协会的规定。
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