| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 100) | | （第100号） |
| The Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext, as deliberated and adopted at the 26th chairman's executive meeting of the China Securities Regulatory Commission on February 11, 2014, are hereby issued, and shall come into force on the date of issuance. | | 《创业板上市公司证券发行管理暂行办法》已经2014年2月11日中国证券监督管理委员会第26次主席办公会议审议通过，现予公布，自公布之日起施行。 |
| Xiao Gang, Chairman of the China Securities Regulatory Commission | | 中国证券监督管理委员会主席：肖钢 |
| May 14, 2014 | | 2014年5月14日 |
| Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext | | 创业板上市公司证券发行管理暂行办法 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the offering of securities by companies listed on ChiNext (hereinafter referred to as “listed companies”) and protecting the lawful rights and interests of investors and the public interest, these Measures are developed in accordance with the Securities Law and the Company Law. | | 第一条 为了规范创业板上市公司（以下简称上市公司）证券发行行为，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 Where listed companies apply for offering securities within China, these Measures shall apply. | | 第二条 上市公司申请在境内发行证券，适用本办法。 |
| For the purposes of these Measures, “securities” means the following types of securities: | | 本办法所称证券，指下列证券品种： |
| (1) Stocks. | | （一）股票； |
| (2) Convertible corporate bonds. | | （二）可转换公司债券； |
| (3) Other types of securities as recognized by the China Securities Regulatory Commission (“CSRC”). | | （三）中国证券监督管理委员会（以下简称中国证监会）认可的其他品种。 |
| Article 3 Listed companies may publicly offer securities to unspecific investors and privately place securities to specific investors. | | 第三条 上市公司发行证券，可以向不特定对象公开发行，也可以向特定对象非公开发行。 |
| Article 4 Listed companies offering securities must disclose or provide information in a truthful, accurate, complete, timely, and impartial manner, without any false record, misleading statement, or material omission. | | 第四条 上市公司发行证券，必须真实、准确、完整、及时、公平地披露或者提供信息，不得有虚假记载、误导性陈述或者重大遗漏。 |
| As the primary parties responsible for information disclosure, listed companies shall provide truthful, accurate, and complete financial accounting and other materials to sponsors and securities service providers, and fully cooperate with sponsors and securities service providers in due diligence investigation. | | 上市公司作为信息披露第一责任人，应当及时向保荐人、证券服务机构提供真实、准确、完整的财务会计资料和其他资料，全面配合保荐人、证券服务机构开展尽职调查。 |
| Article 5 Sponsors shall strictly perform their statutory duties, abide by business rules and industry standards, prudentially examine the application documents of listed companies sponsored by them and the professional opinions issued by securities service providers, guide listed companies in operating in compliance with regulations, make professional judgments on whether listed companies are able to continuously make profits and meet the offering conditions, and ensure the veracity, accuracy, completeness, and timeliness of the sponsorship letters issued by them and the application documents of listed companies. | | 第五条 保荐人应当严格履行法定职责，遵守业务规则和行业规范，对保荐的上市公司的申请文件和证券服务机构出具的专业意见进行审慎核查，督导上市公司规范运作，对上市公司是否具备持续盈利能力、是否符合发行条件作出专业判断，并确保所出具的发行保荐书和上市公司的申请文件真实、准确、完整、及时。 |
| Article 6 Securities service providers and their personnel issuing documents for securities offering shall strictly perform their statutory duties, abide by the business standards and codes of practice of their industries, examine and verify the relevant business materials of listed companies, and ensure the veracity, accuracy, completeness, and timeliness of the professional documents issued by them. | | 第六条 为证券发行出具文件的证券服务机构和人员，应当严格履行法定职责，遵照本行业的业务标准和执业规范，对上市公司的相关业务资料进行核查和验证，确保所出具的专业文件真实、准确、完整、及时。 |
| Article 7 Listed companies shall establish their investor protection mechanisms, optimize their mechanisms of return on investment, and maintain investors' right to know, right to participate, and other rights, so as to practically protect the lawful rights and interests of investors, especially minority investors. | | 第七条 上市公司应当建立投资者保护机制，优化投资回报机制，保障投资者的知情权和参与权等权利，切实保护投资者特别是中小投资者的合法权益。 |
| Article 8 The CSRC's confirmation of a listed company's offering of securities does not constitute any substantive judgment or assurance as to the investment value of the securities or the return on investment of investors. Investors shall independently make judgments on the investment value of a listed company and investment decisions, and solely assume the investment risks associated with changes in the operation and income of a listed company. | | 第八条 中国证监会对上市公司证券发行的核准，不表明其对该证券的投资价值或者投资者的收益作出实质性判断或者保证。投资者应当自主判断上市公司的投资价值并作出投资决策，自行承担因上市公司经营与收益的变化引致的投资风险。 |
| Chapter II Conditions for Securities Offering | | 第二章 发行证券的条件 |
| Section 1 General Rules | | 第一节 一般规定 |
| Article 9 To offer securities, a listed company shall meet the conditions set forth in the Securities Law, and comply with the following provisions: | | 第九条 上市公司发行证券，应当符合《证券法》规定的条件，并且符合以下规定： |
| (1) It has made profits for the last two years, with the net profits calculated as per the lower of the amounts before and after the deduction of non-recurring profit or loss. | | （一）最近二年盈利，净利润以扣除非经常性损益前后孰低者为计算依据； |
(2) Its basic accounting work | | （二）会计基础工作规范，经营成果真实。内部控制制度健全且被有效执行，能够合理保证公司财务报告的可靠性、生产经营的合法性，以及营运的效率与效果； |
| (3) It has distributed cash dividends in accordance with its bylaws in the last two years. | | （三）最近二年按照上市公司章程的规定实施现金分红； |
| (4) No audit report with an adverse opinion or disclaimer of opinion has been issued by certified public accountants on its financial statements for the last three years and the most recently completed period; and if an audit report with a qualified opinion or an unqualified opinion including an emphasis of matter paragraph has been issued by certified public accountants, the matter shall have no significant adverse impact on the listed company or the impact has been eliminated before offering. | | （四）最近三年及一期财务报表未被注册会计师出具否定意见或者无法表示意见的审计报告；被注册会计师出具保留意见或者带强调事项段的无保留意见审计报告的，所涉及的事项对上市公司无重大不利影响或者在发行前重大不利影响已经消除； |
| (5) Its debt-to-asset ratio at the end of the most recently completed period is more than 45%, unless it is a non-public offering of stock. | | （五）最近一期末资产负债率高于百分之四十五，但上市公司非公开发行股票的除外； |
| (6) It has separated its personnel, assets, and financial affairs from those of its controlling shareholder or actual controller, and with independence in terms of institutional structure and business, it is able to autonomously operate and manage its business. In the last 12 months, it has not provided any external guarantee or its capital has not been used by its controlling shareholder or actual controller or any other enterprise controlled by its controlling shareholder or actual controller in a form such as loan, repayment of debts, or advances in violation of regulations. | | （六）上市公司与控股股东或者实际控制人的人员、资产、财务分开，机构、业务独立，能够自主经营管理。上市公司最近十二个月内不存在违规对外提供担保或者资金被上市公司控股股东、实际控制人及其控制的其他企业以借款、代偿债务、代垫款项或者其他方式占用的情形。 |
| Article 10 Under any of the following circumstances, a listed company may not offer securities: | | 第十条 上市公司存在下列情形之一的，不得发行证券： |
| (1) There is any false record, misleading statement, or material omission in the application documents for the current offering. | | （一）本次发行申请文件有虚假记载、误导性陈述或者重大遗漏； |
| (2) It has failed to fulfill any public commitment made to investors, in the last 12 months. | | （二）最近十二个月内未履行向投资者作出的公开承诺； |
| (3) In the last 36 months, it has received any administrative punishment for violation of any law or administrative regulation or rule with serious circumstances, has received any criminal punishment, or has received any administrative punishment from the CSRC for violation of any law or administrative regulation or rule on securities; in the last 12 months, it has received a public censure from a stock exchange; or is currently under official investigation by the judicial authority for being suspected of any crime or by the CSRC for being suspected of any violation of laws and regulations. | | （三）最近三十六个月内因违反法律、行政法规、规章受到行政处罚且情节严重，或者受到刑事处罚，或者因违反证券法律、行政法规、规章受到中国证监会的行政处罚；最近十二个月内受到证券交易所的公开谴责；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； |
| (4) In the last 12 months, its controlling shareholder or actual controller has received any administrative punishment from the CSRC for violation of any law or administrative regulation or rule on securities or has received any criminal punishment. | | （四）上市公司控股股东或者实际控制人最近十二个月内因违反证券法律、行政法规、规章，受到中国证监会的行政处罚，或者受到刑事处罚； |
| (5) Any of its current directors, supervisors, and senior executives has violated Article 147 or 148 of the Company Law, or has received any administrative punishment from the CSRC in the last 36 months or any public censure from a stock exchange in the last 12 months; or is currently under official investigation by the judicial authority for being suspected of any crime or by the CSRC for being suspected of any violation of laws and regulations. | | （五）现任董事、监事和高级管理人员存在违反《公司法》第一百四十七条、第一百四十八条规定的行为，或者最近三十六个月内受到中国证监会的行政处罚、最近十二个月内受到证券交易所的公开谴责；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； |
| (6) The lawful rights and interests of investors or the public interest is otherwise seriously damaged. | | （六）严重损害投资者的合法权益和社会公共利益的其他情形。 |
| Article 11 The funds raised by a listed company shall be used in accordance with the following provisions: | | 第十一条 上市公司募集资金使用应当符合下列规定： |
| (1) The funds raised in the previous offering have been basically used up, and the progress and effects of use are basically consistent with the information disclosed. | | （一）前次募集资金基本使用完毕，且使用进度和效果与披露情况基本一致； |
| (2) The uses of funds raised in the current offering are consistent with the industry policies, laws, and administrative regulations of the state. | | （二）本次募集资金用途符合国家产业政策和法律、行政法规的规定； |
| (3) Except for enterprises in the financial category, the funds raised in the current offering may not be used for financial investments such as held-for-trading financial assets, available-for-sale financial assets, loans to others, or wealth management products, nor be directly or indirectly invested in any company that mainly engages in trading negotiable securities. | | （三）除金融类企业外，本次募集资金使用不得为持有交易性金融资产和可供出售的金融资产、借予他人、委托理财等财务性投资，不得直接或者间接投资于以买卖有价证券为主要业务的公司； |
| (4) After investment is made with the funds raised in the current offering, it will not cause any horizontal competition with its controlling shareholder or actual controller, nor affect its independency in production or operation. | | （四）本次募集资金投资实施后，不会与控股股东、实际控制人产生同业竞争或者影响公司生产经营的独立性。 |
| Section 2 Public Offering of Stock | | 第二节 公开发行股票 |
| Article 12 To issue shares to its existing shareholders (hereinafter referred to as a “rights issue”), a listed company shall comply with the following provisions in addition to Section 1 of this Chapter: | | 第十二条 向原股东配售股份（以下简称配股），除符合本章第一节规定外，还应当符合下列规定： |
| (1) The number of shares to be issued is not more than 30% of its total shares before the rights issue. | | （一）拟配售股份数量不超过本次配售股份前股本总额的百分之三十； |
| (2)The controlling shareholder shall, before the shareholders' meeting is convened, disclose to the public the number of shares for which it is committed to subscribe. | | （二）控股股东应当在股东大会召开前公开承诺认配股份的数量； |
| (3) The manner of best efforts underwriting as prescribed by the Securities Law shall be adopted. | | （三）采用《证券法》规定的代销方式发行。 |
| If the controlling shareholder fails to fulfill its share subscription commitment, or if, upon expiry of best efforts underwriting, the number of shares subscribed for by the existing shareholders does not reach 70% of the number of shares offered in the rights issue, the listed company shall refund payments to the shareholders that have subscribed for the shares as per the issue price plus interest on bank deposits for the same period. | | 控股股东不履行认配股份的承诺，或者代销期限届满，原股东认购股票的数量未达到拟配售数量百分之七十的，上市公司应当按照发行价并加算银行同期存款利息返还已经认购的股东。 |
| Article 13 To publicly offer shares to unspecific investors (hereinafter referred to as a “seasoned issue”), a listed company shall comply with the following provisions in addition to Section 1 of this Chapter: | | 第十三条 向不特定对象公开募集股份（以下简称增发），除符合本章第一节规定外，还应当符合下列规定： |
| (1) Except for enterprises in the financial category, it did not hold a relatively large amount of financial investments such as held-for-trading financial assets, available-for-sale financial assets, loans to others, and wealth management products at the end of the most recently completed period. | | （一）除金融类企业外，最近一期末不存在持有金额较大的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形； |
| (2) The issue price is not lower than the average price of the company's stock during the 20 trading days or on the trading day before the announcement of the preliminary prospectus. | | （二）发行价格不低于公告招股意向书前二十个交易日或者前一个交易日公司股票均价。 |
| Section 3 Non-Public Offering of Stock | | 第三节 非公开发行股票 |
| Article 14 A listed company undertaking a non-public offering of stock shall comply with the provisions of this Section, in addition to Section 1 of this Chapter. | | 第十四条 上市公司非公开发行股票除符合本章第一节规定外，还应当符合本节的规定。 |
| “Non-public offering of stock” as mentioned in the preceding paragraph means that a listed company issues stock to specific investors in a non-public manner. | | 前款所称非公开发行股票，是指上市公司采用非公开方式，向特定对象发行股票的行为。 |
| Article 15 The specific investors to which stock is offered in a non-public manner shall comply with the following provisions: | | 第十五条 非公开发行股票的特定对象应当符合下列规定： |
| (1) The specific investors shall meet the conditions set forth in the resolution of the shareholders' meeting; and | | （一）特定对象符合股东大会决议规定的条件； |
| (2) The number of investors to which stock is offered shall not exceed five. | | （二）发行对象不超过五名。 |
| If the investors to which stock is offered are overseas strategic investors, the relevant provisions issued by the state shall be complied with. | | 发行对象为境外战略投资者的，应当遵守国家的相关规定。 |
| Article 16 A listed company undertaking a non-public offering of stock shall determine the issue price and the holding period in compliance with the following provisions: | | 第十六条 上市公司非公开发行股票确定发行价格和持股期限，应当符合下列规定： |
| (1) If the issue price is not lower than the average price of the company's stock on the trading day before the first day of the offering period, the shares in the offering may be listed for trading upon the end of offering. | | （一）发行价格不低于发行期首日前一个交易日公司股票均价的，本次发行股份自发行结束之日起可上市交易； |
| (2) If the issue price is lower than the average price of the company's stock during the 20 trading days before the first day of the offering period but is not lower than 90% thereof or if the issue price is lower than the average price of the company's stock on the trading day before the first day of the offering period but is not lower than 90% thereof, the shares in the offering may not be listed for trading within 12 months upon the end of offering. | | （二）发行价格低于发行期首日前二十个交易日公司股票均价但不低于百分之九十，或者发行价格低于发行期首日前一个交易日公司股票均价但不低于百分之九十的，本次发行股份自发行结束之日起十二个月内不得上市交易； |
| (3) Where the controlling shareholder or actual controller of the listed company, any affiliate controlled by the controlling shareholder or actual controller, or any domestic or overseas strategic investor introduced by the board of directors subscribes for shares at a price which is not lower than 90% of the average price of the company's stock during the 20 trading days or on the trading day before the date of announcement of the resolution of the board of directors on the non-public offering of stock, the shares in the offering may not be listed for trading within 36 months upon the end of offering. | | （三）上市公司控股股东、实际控制人或者其控制的关联方以及董事会引入的境内外战略投资者，以不低于董事会作出本次非公开发行股票决议公告日前二十个交易日或者前一个交易日公司股票均价的百分之九十认购的，本次发行股份自发行结束之日起三十六个月内不得上市交易。 |
| If the non-public offering of stock will result in a change of control of the listed company, it shall also comply with other rules of the CSRC. | | 上市公司非公开发行股票将导致上市公司控制权发生变化的，还应当符合中国证监会的其他规定。 |
| Article 17 Where a listed company raises funds by a non-public offering of stock for purposes of acquisition or merger, it is not subject to subparagraph (1) of Article 9 of these Measures. | | 第十七条 上市公司非公开发行股票募集资金用于收购兼并的，免于适用本办法第九条第（一）项的规定。 |
Section 4 Offering of Convertible Corporate Bonds
．．．．．． | | 第四节 发行可转换公司债券
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