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| Circular of the State Council Concerning Further Strengthening the Administration of Share Issuance and Listing Overseas | | 国务院关于进一步加强在境外发行股票和上市管理的通知 |
GuoFa [1997] No.21 | |
（一九九七年六月二十日 国发[1997]21号） |
June 20, 1997 | |
各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
The State Council and the competent department for securities under the State Council have expressly instituted policies concerning share issuance and listing overseas by a series of regulations and official documents since 1992. However, for a period of time of late, there are some institutions and enterprises which have, in violation of provisions, transferred domestic assets in various forms overseas for listing shares without approval, resulting in harmful effects. Issuing and listing shares overseas is a policy-intensive work which must be carried out step by step in an organized way and in accordance with the relevant state provisions. In view of the current problems in share listing overseas and for the purpose of further strengthening the administration to ensure order in share issuance and listing overseas, the relevant questions are hereby notified as follows: | |
１９９２年以来，国务院和国务院证券主管部门在一系列法规和文件中，对在境外发行股票和上市的有关政策作了明确规定。但最近一个时期，一些机构和企业违反规定，未经批准，擅自将境内资产以各种形式转移到境外上市，造成了不良影响。在境外发行股票和上市是一项政策性很强的工作，必须依照国家有关规定有组织、有步骤地进行。针对目前境外上市中存在的问题，为进一步加强管理，保证境外发行股票和上市工作有序进行，现将有关规定通知如下： |
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| 1.Any overseas listed company registered in a foreign country and held by a Chinese shareholder(s) (including in the case where a Chinese shareholder is the largest one, the same below) (hereinafter referred to as "an overseas Chinese-holding listed company") shall subject itself to the supervision and regulation of the local securities supervisory and regulatory organ when engaging in activities such as capital-dividing for listing shares and increase in issuance of shares. However, the share-holding unit(s) inside the country of the Chinese shareholder(s) should report the case to the China Security Supervisory and Regulatory Commission for the record afterwards and shall strengthen the supervision and administration over the share ownership. | | 一、在境外注册、中资控股（包括中资为最大股东，下同）的境外上市公司（以下称境外中资控股上市公司），进行分拆上市、增发股份等活动，受当地证券监管机构监管，但其中资控股股东的境内股权持有单位应当事后将有关情况报中国证监会备案，并加强对股权的监督管理。 |
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2.Local laws are applicable where a Chinese invested non-listed company or a Chinese-holding listed company which has entered into registration overseas applies overseas for issuing and listing shares with its overseas assets or its domestic assets which are formed from its overseas assets invested in China and have been in its actual possession for over three years. However, the share-holding unit(s) inside the country should obtain consent in advance from the provincial people's government or the competent department under the State Council based on its subordination thereto. For domestic assets in its possession for not more than three years, the company shall not apply for share issuance and listing overseas. In the case of special requirements, a report thereon shall be submitted to the China Securities Supervisory and Regulatory Commission for verification and then subject to the examination and approval of the State Council Securities Commission. After the listing has been completed, the share-holding unit(s) inside the country should report the relevant details to the China Securities Supervisory and Regulatory Commission for the record.
．．．．．． | | 二、在境外注册的中资非上市公司和中资控股的上市公司，以其拥有的境外资产和由其境外资产在境内投资形成并实际拥有三年以上的境内资产，在境外申请发行股票和上市，依照当地法律进行，但其境内股权持有单位应当按照隶属关系事先征得省级人民政府或者国务院有关主管部门同意；其不满三年的境内资产，不得在境外申请发行股票和上市，如有特殊需要的，报中国证监会审核后，由国务院证券委审批。上市活动结束后，境内股权持有单位应当将有关情况报中国证监会备案。
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