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Measures for the Administration of Initial Public Offering and Listing of Stocks [Expired]
首次公开发行股票并上市管理办法 [失效]
【法宝引证码】

 
Order of China Securities Regulatory Commission 

中国证券监督管理委员会令


(No. 32)
 
(第32号)


The Measures for the Administration of Initial Public Offering and Listing of Stocks, which were adopted at the 180th president's meeting of China Securities Regulatory Commission (hereinafter referred to as the CSRC) on May 17, 2006, are hereby promulgated and shall come into force as of May 18, 2006.
 
《首次公开发行股票并上市管理办法》已经2006年5月17日中国证券监督管理委员会第180次主席办公会议审议通过,现予公布,自2006年5月18日起施行。

President of the CSRC Shang Fulin
 
中国证券监督管理委员会主席 尚福林

May 17, 2006
 
二○○六年五月十七日

Measures for the Administration of Initial Public Offering and Listing of Stocks
 
首次公开发行股票并上市管理办法

 
Chapter I General Provisions 

第一章 总则


 
Article 1 The present Measures are formulated according to the Securities Law and the Company Law for the purpose of regulating the initial public offering (hereinafter referred to as the IPO) and listing of stocks and protecting the legitimate rights and interest of investors as well as the social and public interests.   第一条 为了规范首次公开发行股票并上市的行为,保护投资者的合法权益和社会公共利益,根据《证券法》、《公司法》,制定本办法。

 
Article 2 A stock IPO and listing within the territory of the People's Republic of China shall be governed by the present Measures.   第二条 在中华人民共和国境内首次公开发行股票并上市,适用本办法。

Where any domestic company purchases or trades stocks in any foreign currency, it shall not be governed by the present Measures.
 
境内公司股票以外币认购和交易的,不适用本办法。

 
Article 3 A stock IPO and listing shall meet the requirements for issuance as set forth by the Securities Law, the Company Law as well as the present Measures.   第三条 首次公开发行股票并上市,应当符合《证券法》、《公司法》和本办法规定的发行条件。

 
Article 4 The information as disclosed by an issuer according to law shall be authentic, accurate and integrate, and shall not carry any false record, misleading statement or major omission.   第四条 发行人依法披露的信息,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。

 
Article 5 A recommender as well as the representative of recommendation thereof shall, according to the principles of due diligence and accountability as well as honesty and good faith, earnestly perform its obligation of scrutinized examination and tutorship, and shall be responsible for the authenticity, accuracy and integrity of the Recommendation Letters of Issuance it has produced.   第五条 保荐人及其保荐代表人应当遵循勤勉尽责、诚实守信的原则,认真履行审慎核查和辅导义务,并对其所出具的发行保荐书的真实性、准确性、完整性负责。

 
Article 6 The securities trading service institutions and personnel that produce the relevant documents for securities issuance shall, according to the widely-accepted business standards as well as the moral criterion within the sector, strictly perform their statutory functions and duties and shall be responsible for the authenticity, accuracy and integrity of the documents they have produced.   第六条 为证券发行出具有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,并对其所出具文件的真实性、准确性和完整性负责。

 
Article 7 The CSRC shall carry out verification on the stock IPO as made by an issuer and shall not make any material judgment or guaranty on the value of stock investment or on the proceeds as generated by investors. Where a stock is issued according to law, an investment risk as incurred from any change of the issuer's business or proceeds shall be borne by the relevant investors themselves.   第七条 中国证券监督管理委员会(以下简称“中国证监会”)对发行人首次公开发行股票的核准,不表明其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。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 Requirements for Issuance 

第二章 发行条件


 
Section I Qualification for Issuers 

第一节 主体资格


 
Article 8 An issuer shall be a joint stock limited company that has been legally established and lawfully exists.   第八条 发行人应当是依法设立且合法存续的股份有限公司。

Upon the approval of the State Council, where a limited company is altered into a joint stock limited company according to law, stock issuance may be adopted for the establishment by way of public offering.
 
经国务院批准,有限责任公司在依法变更为股份有限公司时,可以采取募集设立方式公开发行股票。

 
Article 9 Since a joint stock limited company is established, its business operations shall last for 3 years or more, unless it is so approved by the State Council.   第九条 发行人自股份有限公司成立后,持续经营时间应当在3年以上,但经国务院批准的除外。

Where any limited company is altered into a joint stock limited company by converting the entirety of its original net book value of assets, the term for its business operations may be calculated as of the day when the limited company is established.
 
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 10 Where an issuer's registered capital has been fully paid in and if the formalities for transferring the property right of the assets that the issuer or its shareholders apply as contributions have been concluded, there is no such dispute over titlehood of the issuer's major assets.   第十条 发行人的注册资本已足额缴纳,发起人或者股东用作出资的资产的财产权转移手续已办理完毕,发行人的主要资产不存在重大权属纠纷。

 
Article 11 The business operation of an issuer shall comply with the relevant provisions of the laws, administrative regulations and company constitution, and meet the relevant industrial policies of the state.   第十一条 发行人的生产经营符合法律、行政法规和公司章程的规定,符合国家产业政策。

 
Article 12 In case there is no major change regarding an issuer's main business, directors and senior managers, it shall be deemed that there is no alteration of the actual controller thereof.   第十二条 发行人最近3年内主营业务和董事、高级管理人员没有发生重大变化,实际控制人没有发生变更。

 
Article 13 Where an issuer's equity is well-defined, there shall be no such dispute over the titlehood of the issuer's shares as held by its controlling shareholders, or by the shareholders under the control of its controlling shareholders or the actual controller.   第十三条 发行人的股权清晰,控股股东和受控股股东、实际控制人支配的股东持有的发行人股份不存在重大权属纠纷。

 

第二节 独立性

Section II Independency 

   第十四条 发行人应当具有完整的业务体系和直接面向市场独立经营的能力。
Article 14 An issuer shall have a complete set of operations and be capable of independently conducting market-based business operations. 

   第十五条 发行人的资产完整。生产型企业应当具备与生产经营有关的生产系统、辅助生产系统和配套设施,合法拥有与生产经营有关的土地、厂房、机器设备以及商标、专利、非专利技术的所有权或者使用权,具有独立的原料采购和产品销售系统;非生产型企业应当具备与经营有关的业务体系及相关资产。
Article 15 An issuer shall have integrated assets. A production enterprise shall be equipped with the relevant production system, auxiliary production system as well as supporting facilities corresponding to its business operations, have the right to own or use the land, workshop and machines and facilities relating to its business operations as well as the ownership or use right to its trademarks, patent technologies and know-how, and have an independent purchase system of raw materials and sales system of products. A non-production enterprise shall be equipped with a set of operations as well as the relevant assets relating to its business operations. 

   第十六条 发行人的人员独立。发行人的总经理、副总经理、财务负责人和董事会秘书等高级管理人员不得在控股股东、实际控制人及其控制的其他企业中担任除董事、监事以外的其他职务,不得在控股股东、实际控制人及其控制的其他企业领薪;发行人的财务人员不得在控股股东、实际控制人及其控制的其他企业中兼职。
Article 16 An issuer shall have personnel independence. Such senior managers as the general manager, deputy-manager, financial principal and secretary of the board of directors shall not hold any post other than director or supervisor in, or collect any salary from, its controlling shareholder, actual controller or any other enterprise under its control. The financial staff of an issuer shall not hold any part-time post in its controlling shareholder, actual controller or any other enterprise under its control. 

   第十七条 发行人的财务独立。发行人应当建立独立的财务核算体系,能够独立作出财务决策,具有规范的财务会计制度和对分公司、子公司的财务管理制度;发行人不得与控股股东、实际控制人及其控制的其他企业共用银行账户。
Article 17 An issuer shall enjoy financial independence. An issuer shall establish an independent financial verification system, be capable of making independent decisions and have a standardized financial accounting system as well as financial management on its branches and subsidiary companies. An issuer shall not share any bank account with its controlling shareholder, actual controller or any other enterprise under its control. 

   第十八条 发行人的机构独立。发行人应当建立健全内部经营管理机构,独立行使经营管理职权,与控股股东、实际控制人及其控制的其他企业间不得有机构混同的情形。
Article 18 An issuer shall enjoy organizational independence. An issuer shall establish and improve an internal operating and management system, independently exercise its power of business operation and management, and shall not have any organization mixed up with its controlling shareholder, actual controller or any other enterprise under its control. 

   第十九条 发行人的业务独立。发行人的业务应当独立于控股股东、实际控制人及其控制的其他企业,与控股股东、实际控制人及其控制的其他企业间不得有同业竞争或者显失公平的关联交易。
Article 19 An issuer shall enjoy business independence. An issuer shall carry out its business operations independently from its controlling shareholder, actual controller or any other enterprises under its control, and shall not have any intra-trade competition or obviously unfair associated transactions with its controlling shareholder, actual controller or any other enterprise under its control. 

   第二十条 发行人在独立性方面不得有其他严重缺陷。
Article 20 An issuer shall not have any other severe defect in its independency. 

 

第三节 规范运行

Section III Standardized Operation 

   第二十一条 发行人已经依法建立健全股东大会、董事会、监事会、独立董事、董事会秘书制度,相关机构和人员能够依法履行职责。
Article 21 An issuer shall establish and improve such rules as the shareholders' assembly, board of directors, board of supervisors, independent directors, and a secretary system for the board of directors according to law. The relevant organizations and personnel shall be capable of performing their functions and duties according to law. 

   第二十二条 发行人的董事、监事和高级管理人员已经了解与股票发行上市有关的法律法规,知悉上市公司及其董事、监事和高级管理人员的法定义务和责任。
Article 22 The directors, supervisors and senior managers of an issuer shall have good knowledge of the relevant laws and regulations on the stock IPO and listing as well as the statutory obligations and duties of a listed company and the directors, supervisors and senior managers thereof. 

   第二十三条 发行人的董事、监事和高级管理人员符合法律、行政法规和规章规定的任职资格,且不得有下列情形:
Article 23 The directors, supervisors and senior managers of an issuer shall meet the qualification requirements for holding their positions as prescribed by laws, administrative regulations and rules, and shall not be under any of the following circumstances: 

 (一) 被中国证监会采取证券市场禁入措施尚在禁入期的;
(1) Having been banned from entering into the market by the CSRC and the ban is still valid; 

 (二) 最近36个月内受到中国证监会行政处罚,或者最近12个月内受到证券交易所公开谴责;
(2) Having been given an administrative punishment by the CSRC within the latest 36 months or having been given a public reprimand by a stock exchange within the latest 12 months; and 

 (三) 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。
(3) Being subject to an case investigation of the judicial organ for its involvement in a suspected crime or suspected violation of any law or regulation, and yet there being no clear conclusion; 

   第二十四条 发行人的内部控制制度健全且被有效执行,能够合理保证财务报告的可靠性、生产经营的合法性、营运的效率与效果。
Article 24 An issuer shall have an improved and effectively implemented internal control system and shall ensure the reliability of its financial statements, legality of its business operations, and efficiency and efficacy of its business performances. 

   第二十五条 发行人不得有下列情形:
Article 25 An issuer shall not be under any of the following circumstances: 

 (一) 最近36个月内未经法定机关核准,擅自公开或者变相公开发行过证券;或者有关违法行为虽然发生在36个月前,但目前仍处于持续状态;
(1) Having publicly offered, unlawfully or in disguise, any securities without obtaining an approval from the statutory organ in the latest 36 months; or having any law-breaking act that started 36 months ago but lasts up to the present time; 

 (二) 最近36个月内违反工商、税收、土地、环保、海关以及其他法律、行政法规,受到行政处罚,且情节严重;
(2) Having been given an administrative punishment for its violation of any provision on industry and commerce, taxation, land, environmental protection or customs, or any other law or administrative regulation, with serious circumstances; 

 (三) 最近36个月内曾向中国证监会提出发行申请,但报送的发行申请文件有虚假记载、误导性陈述或重大遗漏;或者不符合发行条件以欺骗手段骗取发行核准;或者以不正当手段干扰中国证监会及其发行审核委员会审核工作;或者伪造、变造发行人或其董事、监事、高级管理人员的签字、盖章;
(3) Having filed an application with the CSRC in the latest 36 months but the submitted application materials having any false record, misleading statement or major omission; or failing to meet the requirements for issuance and thus cheating for an approval by any fraudulent means; or disturbing the examination as conducted by the CSRC or the Issuance and Verification Committee thereof or fabricating or altering the seal or signature of an issuer or any director, supervisor or senior manager thereof; 

 (四) 本次报送的发行申请文件有虚假记载、误导性陈述或者重大遗漏;
(4) Its application materials submitted this time for issuance having any false record, misleading statement or major omission; 

 (五) 涉嫌犯罪被司法机关立案侦查,尚未有明确结论意见;
(5) Being subject to a case investigation of the judicial organ for its involvement in a suspected crime without explicit conclusion; or 

 (六) 严重损害投资者合法权益和社会公共利益的其他情形。
(6) Being under any other circumstance where the legitimate rights and interests of investors or social and public interests are seriously injured. 


......
   第二十六条 发行人的公司章程中已明确对外担保的审批权限和审议程序,不存在为控股股东、实际控制人及其控制的其他企业进行违规担保的情形。
......

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