| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 2 [2019]) | | （〔2019〕2号） |
| With the approval of the CPC Central Committee and the State Council, 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 is hereby issued and shall come into force on the date of issuance. | | 经党中央、国务院同意，现公布《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》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| January 28, 2019 | | 2019年1月28日 |
| 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 | | 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 |
| For the purposes of further implementing the strategy of innovation-driven development, enhancing the service level of capital market in improving China's capacity for innovating core technologies, promoting the development of new and high-tech industries and strategic emerging industries, supporting the construction of Shanghai International Financial Center and Shanghai Science and Technology Innovation Center, improving the basic system for capital market, and promoting high-quality development, pursuant to the decisions and arrangements of the CPC Central Committee and the State Council, the Decision of the Standing Committee of the National People's Congress on Authorizing the State Council to Adjust the Application of the Relevant Provisions on the Securities Law of the People's Republic of China in the Implementation of the Stock Issuance Registration System Reform, and 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 the Relevant Provisions of the Securities Law of the People's Republic of China during the Implementation of the Reform of the Stock Issuance Registration System, the following opinions are hereby offered on the establishment of the science and technology innovation board and the pilot registration system on the Shanghai Stock Exchange (SSE). | | 为进一步落实创新驱动发展战略，增强资本市场对提高我国关键核心技术创新能力的服务水平，促进高新技术产业和战略性新兴产业发展，支持上海国际金融中心和科技创新中心建设，完善资本市场基础制度，推动高质量发展，根据党中央、国务院决策部署和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》、《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》，现就在上海证券交易所（以下简称“上交所”）设立科创板并试点注册制，提出以下意见。 |
| I. Overall Requirements | | 一、总体要求 |
| 1. Guiding ideology. Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era, the spirit of the 19th CPC National Congress and the spirit of his important instructions on capital market shall be thoroughly carried out. The new development concept shall, in accordance with the decisions and arrangements of the Central Committee and the State Council, be implemented by adhering to the general working principle of making progress while maintaining stability, and supply-side structural reform shall be deepened. Emphasis shall be placed on accelerating the formation of a multi-layer capital market system featuring complete financing function, solid foundation system, effective market regulation, and effective protection of investors' lawful rights and interests. The SSE shall first establish the science and technology innovation board, and then gradually launch the pilot program of the registration system, make coordinated efforts to press ahead with the reform for issuance, listing, information disclosure, trading and delisting and other systems, and allow capital market to provide support to the improvement of technological innovation and the competitiveness of the real economy, thus better serving quality development. | | （一）指导思想。深入贯彻习近平新时代中国特色社会主义思想和党的十九大精神，认真落实习近平总书记关于资本市场的一系列重要指示批示精神，按照党中央、国务院决策部署，坚持稳中求进工作总基调，贯彻新发展理念，深化供给侧结构性改革，着眼于加快形成融资功能完备、基础制度扎实、市场监管有效、投资者合法权益得到有效保护的多层次资本市场体系，从设立上交所科创板入手，稳步试点注册制，统筹推进发行、上市、信息披露、交易、退市等基础制度改革，发挥资本市场对提升科技创新能力和实体经济竞争力的支持功能，更好服务高质量发展。 |
| 2. Basic principles. First, adhering to market orientation and strengthening market constraints. Efforts shall be made to follow market rules and clarify and stabilize market expectations, so as to establish an institutional arrangement for new share issuance that is dominated by market mechanisms. Second, adhering to rule of law and governing the city in accordance with law. The legal system for capital markets shall be improved to tighten oversight in all aspects in accordance with law; the lawful rights and interests of investors shall be protected, and the rights and obligations of all market participants shall be further clarified, so that a market environment may be created where all market participants fulfill their duties in accordance with law and safeguard their lawful rights and interests. Third, strengthening oversight of information disclosure and fulfilling respective responsibilities. A stock issuance and listing system centering on information disclosure shall be established and improved to strengthen the issuer's obligation of good faith and legal responsibilities in information disclosure. The role of intermediaries in checking and controlling risks shall be maximized to guide investors in raising their risk identification capabilities and rational investment awareness. Fourth, adhering to overall coordination and keeping the bottom line. Relevant government agencies and parties shall cooperate in a coordinated way to form a synergy that promotes the stable and sound development of the market, thereby preventing and defusing market risks in a timely manner. | | （二）基本原则。一是坚持市场导向，强化市场约束。尊重市场规律，明确和稳定市场预期，建立以市场机制为主导的新股发行制度安排。二是坚持法治导向，依法治市。健全资本市场法律体系，强化依法全面从严监管，保护投资者合法权益，进一步明确市场参与各方权利义务，逐步形成市场参与各方依法履职尽责及维护自身合法权益的市场环境。三是强化信息披露监管，归位尽责。建立和完善以信息披露为中心的股票发行上市制度，强化发行人对信息披露的诚信义务和法律责任，充分发挥中介机构核查把关作用，引导投资者提高风险识别能力和理性投资意识。四是坚持统筹协调，守住底线。发挥好相关政府部门和有关方面的协同配合作用，形成共促市场稳定健康发展的合力，及时防范和化解市场风险。 |
| II. Setting up the science and innovation board of the SSS | | 二、设立上交所科创板 |
| 3. Accurately grasping the positioning of the science and innovation board. The establishment of the science and innovation board on the SSS shall reflect the world's leading edge in science and technology, and be geared to major economic theaters and major national needs. Particularly, it shall mainly serve technologically innovative enterprises that are in line with national strategies, make breakthrough in key and core technologies and gain high market recognition. Key support shall be given to new and high-tech industries and strategic emerging industries such as new-generation information technology, high-end equipment, new materials, new energy, energy conservation and environment protection, and biomedicine; deep integration of the Internet, big data and cloud computing, artificial intelligence and manufacturing shall be advanced to lead medium and high-end consumption, thus giving rise to the change in quality, efficiency and power. The industries concerned shall be published by the SSE and be updated in due course. | | （三）准确把握科创板定位。在上交所新设科创板，坚持面向世界科技前沿、面向经济主战场、面向国家重大需求，主要服务于符合国家战略、突破关键核心技术、市场认可度高的科技创新企业。重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业，推动互联网、大数据、云计算、人工智能和制造业深度融合，引领中高端消费，推动质量变革、效率变革、动力变革。具体行业范围由上交所发布并适时更新。 |
| 4. Developing more inclusive conditions of the listing in the science and technology innovation board. More attention shall be given to the ability of enterprises to make innovations in science and technology, allowing those that are in line with the positioning of the science and technology innovation board and have not made profits or have accumulated unrecovered losses to be listed in the board. Factors such as expected market value, revenue, net income, R&D investment and cash flow shall be taken into consideration to set up diversified and inclusive listing conditions. The detailed conditions shall formulated and published by the SSE. | | （四）制定更具包容性的科创板上市条件。更加注重企业科技创新能力，允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板上市。综合考虑预计市值、收入、净利润、研发投入、现金流等因素，设置多元包容的上市条件。具体由上交所制定并公布。 |
| 5. Allowing enterprises with special equity structure and red-chip enterprises to be publicly traded. In accordance with Article 131 of the company law, technologically innovative enterprises shall be allowed to issue classified shares with special voting rights. The number of voting rights of each special voting share shall be greater than that of each common share, and other shareholders shall have the same rights as ordinary shares. Upon transfer, shares with special voting rights shall be restored to the same voting rights as ordinary shares. If a company issues shares with special voting rights, it shall stipulate in its articles of association the qualification of holders of shares with special voting rights, the proportion in the number of voting rights of shares with special voting rights to common shares, the general meeting matters the holder can vote on with shares with special voting rights, and lock-in arrangements and transfer restrictions for shares with special voting rights, among others. | | （五）允许特殊股权结构企业和红筹企业上市。依照公司法第一百三十一条规定，允许科技创新企业发行具有特别表决权的类别股份，每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量，其他股东权利与普通股份相同。特别表决权股份一经转让，应当恢复至与普通股份同等的表决权。公司发行特别表决权股份的，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等事项。 |
If a domestic technologically innovative enterprise that has shares with special voting rights applies for issuing stocks publicly traded in the science and technology innovation board, the aforementioned matters set forth in its articles of association shall conform to the relevant requirements of the SSE, and fully disclose and give special hints about, in the prospectus and other publicly issued documents, the main content of differentiated voting arrangements, relevant risks and influence on corporate governance as well as all measures to protect the lawful rights and interests of investors in accordance with law.
．．．．．． | | 存在特别表决权股份的境内科技创新企业申请发行股票并在科创板上市的，公司章程规定的上述事项应当符合上交所有关要求，同时在招股说明书等公开发行文件中，充分披露并特别提示有关差异化表决安排的主要内容、相关风险及对公司治理的影响，以及依法落实保护投资者合法权益的各项措施。
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