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Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation) [Effective]
科创板首次公开发行股票注册管理办法(试行) [现行有效]
【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. 153) (第153号)

The Measures for the Administration of the Registration of IPO Stocks 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 on March 1, 2019, are hereby issued, and shall come into force on the date of issuance. 《科创板首次公开发行股票注册管理办法(试行)》已经2019年3月1日中国证券监督管理委员会第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 Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation) 科创板首次公开发行股票注册管理办法(试行)
Chapter I General Provisions 

第一章 总  则

 
Article 1 For the purposes of regulating the activities relating to the IPO of stocks in the pilot program of the registration system on the science and technology innovation board of the Shanghai Stock Exchange, and protecting the lawful rights and interests of investors and public interest, these Measures are developed in accordance with the Securities Law of the People's Republic of China, the Company Law of the People's Republic of China, the Decision of the Standing Committee of the National People's Congress on Authorizing the State Council to Adjust the Application of Relevant Provisions of the Securities Law of the People's Republic of China in the Implementation of the Stock Issuance Registration System Reform, the Decision of the Standing Committee of the National People's Congress on Extending the Period of Authorizing the State Council to Adjust the Application of Relevant Provisions of the Securities Law of the People's Republic of China in the Implementation of the Stock Issuance Registration System Reform, 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 and relevant laws and regulations.   第一条 为规范在上海证券交易所科创板试点注册制首次公开发行股票相关活动,保护投资者合法权益和社会公共利益,根据《中华人民共和国证券法》《中华人民共和国公司法》《全国人民代表大会常务委员会关于授权国务院在实施股票发行注册制改革中调整适用〈中华人民共和国证券法〉有关规定的决定》《全国人民代表大会常务委员会关于延长授权国务院在实施股票发行注册制改革中调整适用〈中华人民共和国证券法〉有关规定期限的决定》《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》及相关法律法规,制定本办法。
Article 2 These Measures shall apply to the IPO of stocks within the territory of the People's Republic of China and listing on the science and technology innovation board (hereinafter referred to as the “sci-tech board”) of the Shanghai Stock Exchange.   第二条 在中华人民共和国境内首次公开发行股票并在上海证券交易所科创板(以下简称科创板)上市,适用本办法。
Article 3 The issuer's application for the IPO and listing of a stock on the sci-tech board shall be in line with the position of the sci-tech board, target at the most advanced science and technology in the world, so as to compete in the main economic battlefield, and satisfy major demand of the state. Priority shall be given to supporting enterprises that are in line with national strategies, have key core technologies, prominent scientific and technological innovation capability, mainly conduct production and business operation relying on core technologies, and have a stable business mode, high market recognition, a good social image, and relatively strong growth.   第三条 发行人申请首次公开发行股票并在科创板上市,应当符合科创板定位,面向世界科技前沿、面向经济主战场、面向国家重大需求。优先支持符合国家战略,拥有关键核心技术,科技创新能力突出,主要依靠核心技术开展生产经营,具有稳定的商业模式,市场认可度高,社会形象良好,具有较强成长性的企业。
Article 4 The IPO and listing of stocks on the sci-tech board shall meet the offering conditions, listing conditions and relevant information disclosure requirements, be subject to the offering and listing examination of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) and reported to the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) for fulfilling offering registration procedures.   第四条 首次公开发行股票并在科创板上市,应当符合发行条件、上市条件以及相关信息披露要求,依法经上海证券交易所(以下简称交易所)发行上市审核并报经中国证券监督管理委员会(以下简称中国证监会)履行发行注册程序。
Article 5 As the primary person responsible for information disclosure, an issuer shall have good faith, fully disclose the information required by investors for making value judgments and investment decisions in accordance with the law, and the information disclosed must be true, accurate and complete, and contain no false records, misleading statements, or material omissions.   第五条 发行人作为信息披露第一责任人,应当诚实守信,依法充分披露投资者作出价值判断和投资决策所必需的信息,所披露信息必须真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
The issuer shall provide the sponsor and securities service provider with true, accurate and complete financial accounting materials and other materials in a timely manner, and fully cooperate with relevant institutions in conducting due diligence and other relevant work. 发行人应当为保荐人、证券服务机构及时提供真实、准确、完整的财务会计资料和其他资料,全面配合相关机构开展尽职调查和其他相关工作。
The controlling shareholder or actual controller of the issuer shall fully cooperate with relevant institutions in conducting due diligence and other relevant work, and shall not require or assist the issuer's concealment of the information that shall be disclosed. 发行人的控股股东、实际控制人应当全面配合相关机构开展尽职调查和其他相关工作,不得要求或者协助发行人隐瞒应当披露的信息。
Article 6 The sponsor shall have good faith and perform duties in a diligent manner, and in accordance with the requirements of legally developed business rules and industry self-regulatory rules, fully understand the issuer's business operation and risks, conduct comprehensive inspection and verification of registration application documents and information disclosure materials, independently make professional judgments on whether the issuer meets the offering conditions and listing conditions, make recommendation decisions in a prudential manner, and be responsible for the authenticity, accuracy and integrity of the prospectus and relevant documents issued by it.   第六条 保荐人应当诚实守信,勤勉尽责,按照依法制定的业务规则和行业自律规范的要求,充分了解发行人经营情况和风险,对注册申请文件和信息披露资料进行全面核查验证,对发行人是否符合发行条件、上市条件独立作出专业判断,审慎作出推荐决定,并对招股说明书及其所出具的相关文件的真实性、准确性、完整性负责。
Article 7 A securities service provider shall, in strict accordance with the business rules and industry self-regulatory rules developed in accordance with the law, perform its duties in a prudential manner, make professional judgments and assertions, and verify the authenticity, accuracy and integrity of the content of the prospectus relating to its professional duties and the documents issued by it.   第七条 证券服务机构应当严格按照依法制定的业务规则和行业自律规范,审慎履行职责,作出专业判断与认定,并对招股说明书中与其专业职责有关的内容及其所出具的文件的真实性、准确性、完整性负责。
The securities service provider and its relevant practitioners shall perform special duty of care for business matters relating to the profession, perform ordinary duty of care for other business matters, and assume corresponding legal liability. 证券服务机构及其相关执业人员应当对与本专业相关的业务事项履行特别注意义务,对其他业务事项履行普通注意义务,并承担相应法律责任。
Article 8 Agreeing the registration of the issuer's IPO stock does not indicate a substantial judgment or guarantee on the investment value of the stock or the investors' income, or the guarantee of the CSRC and the SSE on the authenticity, accuracy and integrity of registration application documents.   第八条 同意发行人首次公开发行股票注册,不表明中国证监会和交易所对该股票的投资价值或者投资者的收益作出实质性判断或者保证,也不表明中国证监会和交易所对注册申请文件的真实性、准确性、完整性作出保证。
Article 9 After a stock is offered in accordance with the law, any investment risk incurred from any change of the issuer's business operation or proceeds shall be borne by investors themselves.   第九条 股票依法发行后,因发行人经营与收益的变化引致的投资风险,由投资者自行负责。
Chapter II Offering Conditions 

第二章 发行条件

 
Article 10 The issuer is a legally formed joint stock company which has conducted business operation for three or more consecutive years, has a sound and well-functioning organizational structure, and relevant institutions and personnel can perform their duties in accordance with the law.   第十条 发行人是依法设立且持续经营3年以上的股份有限公司,具备健全且运行良好的组织机构,相关机构和人员能够依法履行职责。
Where a limited liability company in its entirety is modified into a joint stock company by conversion of the book value of its net assets into shares, the consecutive years of operation may be calculated from the date of formation of the limited liability company. 有限责任公司按原账面净资产值折股整体变更为股份有限公司的,持续经营时间可以从有限责任公司成立之日起计算。
Article 11 The basic accounting work of an issuer shall be standardized, and its financial statements shall be prepared and disclosed in accordance with the accounting standards for business enterprises and the relevant information disclosure rules, and fairly reflect the financial status, operating results and cash flow of the issuer in all important aspects, for which an auditing report with an unqualified opinion shall be issued by a certified public accountant.   第十一条 发行人会计基础工作规范,财务报表的编制和披露符合企业会计准则和相关信息披露规则的规定,在所有重大方面公允地反映了发行人的财务状况、经营成果和现金流量,并由注册会计师出具标准无保留意见的审计报告。
The internal control rules of the issuer shall be sound and effectively implemented, rationally guarantee the operation efficiency, compliance with laws and regulations, and reliability of financial reports of the company, for which an internal control authentication report with an unqualified conclusion shall be issued by a certified public accountant. 发行人内部控制制度健全且被有效执行,能够合理保证公司运行效率、合法合规和财务报告的可靠性,并由注册会计师出具无保留结论的内部控制鉴证报告。
Article 12 The issuer's business is complete and it is able to conduct business operation in an independent and continuous manner in the market:   第十二条 发行人业务完整,具有直接面向市场独立持续经营的能力:
(1) The issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. (一)资产完整,业务及人员、财务、机构独立,与控股股东、实际控制人及其控制的其他企业间不存在对发行人构成重大不利影响的同业竞争,不存在严重影响独立性或者显失公平的关联交易。
(2) The issuer's main business, control right, management team and core technicians are stable. In the past two years, the main business and directors, senior executives and core technicians do not have any significant adverse change; the ownership of the issuer's shares held by the controlling shareholder and shareholders controlled by the controlling shareholder and the actual controller is clear, the actual controller has no change in the past two years, and there is no significant dispute over ownership that may result in the possible change of the control right. (二)发行人主营业务、控制权、管理团队和核心技术人员稳定,最近2年内主营业务和董事、高级管理人员及核心技术人员均没有发生重大不利变化;控股股东和受控股股东、实际控制人支配的股东所持发行人的股份权属清晰,最近2年实际控制人没有发生变更,不存在导致控制权可能变更的重大权属纠纷。
(3) The issuer does not have major disputes over the ownership of major assets, core technologies and trademarks, among others, major debt repayment risks, major guarantee, litigation, arbitration, or other contingencies, and the business environment has or will have major changes, or any other matter which has material adverse effects on its sustainable business operation. (三)发行人不存在主要资产、核心技术、商标等的重大权属纠纷,重大偿债风险,重大担保、诉讼、仲裁等或有事项,经营环境已经或者将要发生重大变化等对持续经营有重大不利影响的事项。
Article 13 The issuer's production and business operation comply with the provisions of laws and administrative regulations, and are in line with the industry policies of the state.   第十三条 发行人生产经营符合法律、行政法规的规定,符合国家产业政策。
In the past three years, the issuer and its controlling shareholder and actual controller have no criminal offence of corruption, bribery, encroachment of property, misappropriation of property or disrupting the order of the socialist market economy, have no fraudulent offering, major violation of law in information disclosure or any other major violation of law involving national security, public security, ecological safety, work safety, public health and safety or any other field. 最近3年内,发行人及其控股股东、实际控制人不存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪,不存在欺诈发行、重大信息披露违法或者其他涉及国家安全、公共安全、生态安全、生产安全、公众健康安全等领域的重大违法行为。
No director, supervisor or senior executive has received any administrative punishment by the CSRC in the past three years, or is under official investigation by the judicial authority for any suspected crime or by the CSRC for any suspected violation of laws and regulations, and there is no specific conclusive opinion. 董事、监事和高级管理人员不存在最近3年内受到中国证监会行政处罚,或者因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国证监会立案调查,尚未有明确结论意见等情形。
Chapter III Registration Procedures 

第三章 注册程序

 
Article 14 The board of directors of an issuer shall make a resolution on the specific plan for the current offering of the stock in accordance with the law, the feasibility of the use of funds raised this time, and other matters that must be specified, and submit it to the shareholders' meeting for approval.   第十四条 发行人董事会应当依法就本次股票发行的具体方案、本次募集资金使用的可行性及其他必须明确的事项作出决议,并提请股东大会批准。
Article 15 The shareholders' meeting of an issuer shall make a resolution on the current offering of a stock, which shall, at a minimum, include the following matters:   第十五条 发行人股东大会就本次发行股票作出的决议,至少应当包括下列事项:
(1) Type and quantity of the stock offered to the public this time. (一)本次公开发行股票的种类和数量;
(2) Investors to which the stock is offered. (二)发行对象;
(3) Manner of offering. (三)定价方式;
(4) Uses of funds to be raised. (四)募集资金用途;
(5) Plan on the distribution of accumulated profits before the offering. (五)发行前滚存利润的分配方案;
(6) Period of validity of the resolution. (六)决议的有效期;
(7) Authorization to the board of directors on the handling of specific matters concerning the current offering. (七)对董事会办理本次发行具体事宜的授权;
(8) Other matters that must be specified. (八)其他必须明确的事项。
Article 16 When an issuer applies for the IPO and listing of a stock on the sci-tech board, it shall produce registration application documents in accordance with the relevant provisions of the CSRC, which shall be sponsored by the sponsor and declared to the SSE.   第十六条 发行人申请首次公开发行股票并在科创板上市,应当按照中国证监会有关规定制作注册申请文件,由保荐人保荐并向交易所申报。
After receiving the registration application documents, the SSE shall make a decision on whether to accept the application within five working days. 交易所收到注册申请文件后,5个工作日内作出是否受理的决定。
Article 17 From the date when registration application documents are accepted, the issuer and its controlling shareholder, actual controller, directors, supervisors, senior executives, and the sponsor and securities service provider relating to the public offering and listing of the stock and relevant liable persons shall assume corresponding legal liability.   第十七条 自注册申请文件受理之日起,发行人及其控股股东、实际控制人、董事、监事、高级管理人员,以及与本次股票公开发行并上市相关的保荐人、证券服务机构及相关责任人员,即承担相应法律责任。
Article 18 After registration application documents are accepted, they shall not be modified without the consent of the CSRC or the SSE.   第十八条 注册申请文件受理后,未经中国证监会或者交易所同意,不得改动。
Where any major matter occurs, the issuer, sponsor and securities service provider shall report to the SSE in a timely manner and update the registration application documents and information disclosure materials as required. 发生重大事项的,发行人、保荐人、证券服务机构应当及时向交易所报告,并按要求更新注册申请文件和信息披露资料。
Article 19 The SSE shall set up an independent examination department to be responsible for examining the issuers' public offering and listing applications. It shall establish the scientific and technological innovation advisory committee to provide professional consulting and policy suggestions for the construction of the sci-tech board and offering and listing examination; and shall establish the sci-tech board stock listing committee to be responsible for offering deliberation opinions on the examination report issued by the examination department and the issuer's application documents.   第十九条 交易所设立独立的审核部门,负责审核发行人公开发行并上市申请;设立科技创新咨询委员会,负责为科创板建设和发行上市审核提供专业咨询和政策建议;设立科创板股票上市委员会,负责对审核部门出具的审核报告和发行人的申请文件提出审议意见。
The SSE shall conduct examination mainly by raising examination inquiries to the issuer and the issuer's answering of questions, and determine whether the issuer meets the offering conditions, listing conditions and information disclosure requirements based on the position of the sci-tech board. 交易所主要通过向发行人提出审核问询、发行人回答问题方式开展审核工作,基于科创板定位,判断发行人是否符合发行条件、上市条件和信息披露要求。
Article 20 The SSE shall, according to the prescribed conditions and procedures, offer an examination opinion on whether to approve or disapprove the issuer's public offering and listing of the stock. If the SSE approves the issuer's public offering and listing of a stock, it shall submit the examination opinion, the issuer's registration application documents and relevant examination materials to the CSRC for fulfilling offering registration procedures. If the SSE disapproves the issuer's public offering and listing of a stock, it shall make the examination decision to terminate the offering and listing.   第二十条 交易所按照规定的条件和程序,作出同意或者不同意发行人股票公开发行并上市的审核意见。同意发行人股票公开发行并上市的,将审核意见、发行人注册申请文件及相关审核资料报送中国证监会履行发行注册程序。不同意发行人股票公开发行并上市的,作出终止发行上市审核决定。
Article 21 The SSE shall form an examination opinion within three months from the date when registration application documents are accepted. The time when the issuer supplements and amends registration application documents as required, and the SSE conducts on-site inspection of the issuer according to relevant provisions, or requires the sponsor and securities service provider to conduct the special inspection of relevant matters shall not be included.   第二十一条 交易所应当自受理注册申请文件之日起3个月内形成审核意见。发行人根据要求补充、修改注册申请文件,以及交易所按照规定对发行人实施现场检查,或者要求保荐人、证券服务机构对有关事项进行专项核查的时间不计算在内。
Article 22 The SSE shall improve the transparency of the examination work, accept social supervision, and disclose the following matters:   第二十二条 交易所应当提高审核工作透明度,接受社会监督,公开下列事项:
(1) Offering and listing examination standards and procedures and other business rules for offering and listing examination, and the relevant regulatory questions and answers. (一)发行上市审核标准和程序等发行上市审核业务规则,以及相关监管问答;
(2) The list of enterprises under examination, the basic information of the enterprises and the examination work process. (二)在审企业名单、企业基本情况及审核工作进度;
(3) Offering and listing examination inquiries and replies, unless any state secret or trade secret of the issuer is involved. (三)发行上市审核问询及回复情况,但涉及国家秘密或者发行人商业秘密的除外;
(4) The time when the meeting of the listing committee is convened, the list of members participating in the meeting, the list of the issuers under deliberation, the deliberation results and on-site inquiries. (四)上市委员会会议的时间、参会委员名单、审议的发行人名单、审议结果及现场问询问题;
(5) Self-regulatory measures or disciplinary actions taken against the entities relating to the public offering and listing of stocks. (五)对股票公开发行并上市相关主体采取的自律监管措施或者纪律处分;
(6) Other matters prescribed by the SSE. (六)交易所规定的其他事项。
Article 23 The CSRC shall perform offering registration procedures after receiving the examination opinion submitted by the SSE, the issuer's registration application documents and relevant examination materials. With respect to the offering registration, attention shall be paid to whether the content subject to the SSE's offering and listing examination has any omissions, whether examination procedures comply with the relevant provisions, and whether the issuer complies with the relevant provisions in major aspects of the offering conditions and information disclosure requirements. If the CSRC is of the opinion that any matter shall be further explained or implemented, it may require the SSE to make further inquiries.   第二十三条 中国证监会收到交易所报送的审核意见、发行人注册申请文件及相关审核资料后,履行发行注册程序。发行注册主要关注交易所发行上市审核内容有无遗漏,审核程序是否符合规定,以及发行人在发行条件和信息披露要求的重大方面是否符合相关规定。中国证监会认为存在需要进一步说明或者落实事项的,可以要求交易所进一步问询。
Where the CSRC is of the opinion that the SSE fails to pay attention to major matters affecting the offering conditions or the basis for the SSE's examination opinion is evidently insufficient, it may require the SSE to conduct supplementary examination. If the SSE agrees to the issuer's public offering and listing of the stock after supplementary examination, it shall submit the examination opinion and relevant materials to the CSRC once again, and the registration period prescribed in Article 24 of these Measures shall be recalculated. 中国证监会认为交易所对影响发行条件的重大事项未予关注或者交易所的审核意见依据明显不充分的,可以退回交易所补充审核。交易所补充审核后,同意发行人股票公开发行并上市的,重新向中国证监会报送审核意见及相关资料,本办法第二十四条规定的注册期限重新计算。
Article 24 The CSRC shall, within 20 working days, decide whether to approve or disapprove the registration on the issuer's registration application. If the issuer supplements or amends the registration application documents as required, the time when the CSRC requires the SSE to conduct further inquiry, and the CSRC requires the sponsor and the securities service provider, among others, to inspect the relevant matters shall not be included.   第二十四条 中国证监会在20个工作日内对发行人的注册申请作出同意注册或者不予注册的决定。发行人根据要求补充、修改注册申请文件,中国证监会要求交易所进一步问询,以及中国证监会要求保荐人、证券服务机构等对有关事项进行核查的时间不计算在内。
Article 25 The decision of the CSRC to approve the registration shall be effective within one year from the date when the decision is made. The issuer shall offer a stock within the validity period of the registration decision, and the offering time shall be selected by the issuer itself.   第二十五条 中国证监会同意注册的决定自作出之日起1年内有效,发行人应当在注册决定有效期内发行股票,发行时点由发行人自主选择。
Article 26 After the CSRC makes the registration decision and before the listing and trading of the issuer's stock, the issuer shall update the content of information disclosure documents in a timely manner, and if any financial statements expire, the issuer shall supplement financial accounting reports and other documents. The sponsor and securities service provider shall continuously fulfill due diligence duties; if any major matter occurs, the issuer and the sponsor shall report to the SSE in a timely manner.   第二十六条 中国证监会作出注册决定后、发行人股票上市交易前,发行人应当及时更新信息披露文件内容,财务报表过期的,发行人应当补充财务会计报告等文件;保荐人及证券服务机构应当持续履行尽职调查职责;发生重大事项的,发行人、保荐人应当及时向交易所报告。
The SSE shall handle the aforesaid matters in a timely manner and if it finds that the issuer has any major matter, which affects the offering conditions and listing conditions, it shall offer specific opinions and report to the CSRC in a timely manner. 交易所应当对上述事项及时处理,发现发行人存在重大事项影响发行条件、上市条件的,应当出具明确意见并及时向中国证监会报告。
Article 27 Where the CSRC finds any major matter that may affect the current offering after making a registration decision and before the listing and trading of the issuer's stock, the CSRC may require the issuer to postpone or suspend the offering and listing. It may cancel the registration if the relevant major matter leads to the issuer's failure to meet the offering conditions.   第二十七条 中国证监会作出注册决定后、发行人股票上市交易前,发现可能影响本次发行的重大事项的,中国证监会可以要求发行人暂缓或者暂停发行、上市;相关重大事项导致发行人不符合发行条件的,可以撤销注册。
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