| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 143) | | （第143号） |
| The Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation), as deliberated and adopted at the 4th Chairman's Executive Meeting of the China Securities Regulatory Commission on June 4, 2018, are hereby issued, and shall come into force on the date of issuance. | | 《存托凭证发行与交易管理办法（试行）》已经2018年6月4日中国证券监督管理委员会2018年第4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: Liu Shiyu | | 中国证券监督管理委员会主席：刘士余 |
| June 6, 2018 | | 2018年6月6日 |
| Measures for the Administration of Offering and Trading of Depositary Receipts (for Trial Implementation) | | 存托凭证发行与交易管理办法（试行） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the offering and trading of depositary receipts, protecting the lawful rights and interests of investors, and maintaining the order of the securities market, these Measures are developed in accordance with the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Securities Investment Fund Law of the People's Republic of China, the Several Opinions on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depository Receipts within China (hereinafter referred to as the “Several Opinions”) and relevant laws and administrative regulations. | | 第一条 为了规范存托凭证发行和交易行为，保护投资者合法权益，维护证券市场秩序，根据《中华人民共和国证券法》（以下简称《证券法》）《中华人民共和国证券投资基金法》《关于开展创新企业境内发行股票或存托凭证试点的若干意见》（以下简称《若干意见》）以及相关法律、行政法规，制定本办法。 |
| Article 2 For the purposes of these Measures, “depositary receipt” means securities issued by the depositary and offered based on overseas securities within China, and representing the rights and interests of overseas underlying securities. | | 第二条 本办法所称存托凭证是指由存托人签发、以境外证券为基础在中国境内发行、代表境外基础证券权益的证券。 |
| The Securities Law, the Several Opinions, these Measures, and other provisions of the CSRC shall apply to the offering and trading of depositary receipts. The overseas underlying securities issuer of a depositary receipt shall participate in the offering of the depositary receipt, perform the obligations of the issuer and the listed company in accordance with the law, and assume corresponding legal liabilities. | | 存托凭证的发行和交易，适用《证券法》《若干意见》、本办法以及中国证监会的其他规定。存托凭证的境外基础证券发行人应当参与存托凭证发行，依法履行发行人、上市公司的义务，承担相应的法律责任。 |
| Article 3 Where the provisions of the company law and other laws and regulations of the overseas registration place apply to the matters such as the equity structure, corporate governance and operation rules of the overseas underlying securities issuer, it shall be guaranteed that the level of protection of rights and interests of investors within China is generally not lower than that prescribed by Chinese laws, administrative regulations and the requirements prescribed by CSRC, and the rights and interests actually enjoyed by depositary receipt holders are equivalent to the rights and interests of overseas underlying securities holders, and there shall be no cross-border discrimination. | | 第三条 境外基础证券发行人的股权结构、公司治理、运行规范等事项适用境外注册地公司法等法律法规规定的，应当保障对中国境内投资者权益的保护总体上不低于中国法律、行政法规以及中国证监会规定的要求，并保障存托凭证持有人实际享有的权益与境外基础证券持有人的权益相当，不得存在跨境歧视。 |
| Article 4 The CSRC shall conduct continuous supervision and administration of overseas underlying securities issuers that offer depositary receipts in accordance with the provisions on the supervision of listed companies, unless it is otherwise prescribed by any law, administrative regulation or the CSRC. | | 第四条 中国证监会依照上市公司监管的相关规定，对发行存托凭证的境外基础证券发行人进行持续监督管理。法律、行政法规或者中国证监会另有规定的除外。 |
| The stock exchange shall conduct self-disciplinary supervision of the listing and trading activities of depositary receipts, and the information disclosure of overseas underlying securities issuers and other parties with information disclosure obligations in accordance with bylaws, agreements and business rules. | | 证券交易所依据章程、协议和业务规则，对存托凭证上市、交易活动、境外基础证券发行人及其他信息披露义务人的信息披露行为等进行自律监管。 |
| Chapter II Offering of Depositary Receipts | | 第二章 存托凭证的发行 |
| Article 5 Where a depositary receipt taking stocks as underlying securities is offered to the public, the overseas underlying securities issuer shall meet the following conditions: | | 第五条 公开发行以股票为基础证券的存托凭证的，境外基础证券发行人应当符合下列条件： |
| (1) Basic conditions on the public offering of stocks as mentioned in items (1) through (3), Article 13 of the Securities Law. | | （一）《证券法》第十三条第（一）项至第（三）项关于股票公开发行的基本条件； |
| (2) It is a company which is formed in accordance with the law and has conducted sustainable business operation for three years or more, and there is no significant ownership dispute over the company's major assets. | | （二）为依法设立且持续经营三年以上的公司，公司的主要资产不存在重大权属纠纷； |
| (3) The actual controller has not changed in the last three years, and there is no major ownership dispute over the shares of the overseas underlying securities issuer held by the controlling shareholder and the shareholders controlled by the controlling shareholder or actual controller. | | （三）最近三年内实际控制人未发生变更，且控股股东和受控股股东、实际控制人支配的股东持有的境外基础证券发行人股份不存在重大权属纠纷； |
| (4) The overseas underlying securities issuer and its controlling shareholder or actual controller do not have any major violation of law that damaged the lawful rights and interests of investors and social and public interest in the last three years. | | （四）境外基础证券发行人及其控股股东、实际控制人最近三年内不存在损害投资者合法权益和社会公共利益的重大违法行为； |
| (5) The basic accounting work rules and internal control rules are sound. | | （五）会计基础工作规范、内部控制制度健全； |
| (6) Directors, supervisors and senior executives shall have a good reputation, meet the office requirements prescribed by the laws of the place of registration of the company, and have no record of major violation of law or dishonest act in the recent period. | | （六）董事、监事和高级管理人员应当信誉良好，符合公司注册地法律规定的任职要求，近期无重大违法失信记录； |
| (7) Other conditions prescribed by the CSRC. | | （七）中国证监会规定的其他条件。 |
| Article 6 Where a depositary receipt taking stocks as underlying securities is offered to the public, the overseas underlying securities issuer shall submit offering application documents to the CSRC according to the format and content prescribed by the CSRC. | | 第六条 公开发行以股票为基础证券的存托凭证的，境外基础证券发行人应当按照中国证监会规定的格式和内容，向中国证监会报送发行申请文件。 |
| Article 7 Where an application for the public offering of a depositary receipt is filed, the overseas underlying securities issuer shall report it to the CSRC for confirmation in accordance with the Securities Law, the Several Opinions and the provisions of the CSRC. | | 第七条 申请公开发行存托凭证的，境外基础证券发行人应当依照《证券法》《若干意见》以及中国证监会规定，报请中国证监会核准。 |
| The Public Offering Review Committee of the CSRC shall examine the application for the offering of the depositary receipt in accordance with Article 23 of the Securities Law and the provisions of the CSRC. | | 中国证监会发行审核委员会依照《证券法》第二十三条以及中国证监会规定，审核存托凭证发行申请。 |
| Where the depositary receipt is only publicly offered to qualified investors satisfying the suitability management requirements, the confirmation procedure may be simplified, and specific procedures shall be prescribed by the CSRC separately. | | 仅面向符合适当性管理要求的合格投资者公开发行存托凭证的，可以简化核准程序，具体程序由中国证监会另行规定。 |
| Article 8 Where an application for the public offering and listing of a depositary receipt is filed, the overseas underlying securities issuer shall retain an institution qualified for sponsorship to serve as the sponsor in accordance with the provisions of Articles 11 and 49 of the Securities Law. The sponsor shall perform the functions of recommendation and sustainable supervision of the offering and listing of the depositary receipt in accordance with laws, administrative regulations and the provisions of the CSRC. | | 第八条 申请存托凭证公开发行并上市的，境外基础证券发行人应当依照《证券法》第十一条、第四十九条的规定，聘请具有保荐资格的机构担任保荐人。保荐人应当依照法律、行政法规以及中国证监会规定尽职履行存托凭证发行上市推荐和持续督导职责。 |
| Where the depositary receipt is offered to the public, it shall be underwritten by a securities company in accordance with the provisions of Articles 28 through 36 of the Securities Law, unless that investors purchase depositary receipts taking non-increased securities as underlying securities and under other circumstances where underwriting by securities companies is not required as prescribed by the CSRC. | | 公开发行存托凭证的，应当依照《证券法》第二十八条至第三十六条的规定，由证券公司承销，但投资者购买以非新增证券为基础证券的存托凭证以及中国证监会规定无需由证券公司承销的其他情形除外。 |
| Article 9 After the initial public offering and listing of a depositary receipt within China, if a depositary receipt taking new securities issued by an overseas underlying securities issuer as underlying securities is to be offered, the Securities Law, the Several Opinions and the provisions of the CSRC on the offering of securities of listed companies shall apply. | | 第九条 存托凭证在中国境内首次公开发行并上市后，拟发行以境外基础证券发行人新增证券为基础证券的存托凭证的，适用《证券法》《若干意见》以及中国证监会关于上市公司证券发行的规定。 |
| Chapter III Listing and Trading of Depositary Receipts | | 第三章 存托凭证的上市和交易 |
| Article 10 The depositary receipt that is offered to the public in accordance with the law shall be listed and traded on a stock exchange within China. If an overseas underlying securities issuer applies for the listing of a depositary receipt, it shall meet the listing conditions prescribed in the business rules of the stock exchange and file a listing application in accordance with the provisions of the stock exchange. After the stock exchange examines and approves the application, both parties shall sign a listing agreement. | | 第十条 依法公开发行的存托凭证应当在中国境内证券交易所上市交易。境外基础证券发行人申请存托凭证上市的，应当符合证券交易所业务规则规定的上市条件，并按照证券交易所的规定提出上市申请，证券交易所审核同意后，双方签订上市协议。 |
| The stock exchange shall develop relevant business rules for the listing of depositary receipts in accordance with the Securities Law, the Several Opinions and the provisions of the CSRC. | | 证券交易所应当依据《证券法》《若干意见》以及中国证监会规定制定存托凭证上市的相关业务规则。 |
| Article 11 A depositary receipt shall be traded in compliance with laws, administrative regulations, the provisions of the CSRC, and the provisions of business rules of the stock exchange. | | 第十一条 存托凭证的交易应当遵守法律、行政法规、中国证监会规定以及证券交易所业务规则的规定。 |
| The depositary receipt may be traded by the market-maker trading method in accordance with relevant provisions. | | 存托凭证的交易可以按照有关规定采取做市商交易方式。 |
| The stock exchange shall, in accordance with the provision of Article 115 of the Securities Law, conduct real-time monitoring of the trading in the depositary receipt, and may, as required, restrict the trading of securities accounts with major abnormal transactions. | | 证券交易所应当按照《证券法》第一百一十五条规定，对存托凭证交易实行实时监控，并可以根据需要，对出现重大异常交易情况的证券账户限制交易。 |
| Article 12 Any shareholder, actual controller, director, supervisor or senior executive of an overseas underlying securities issuer or any other investor of a depositary receipt that reduces the holding of the depositary receipt within China shall comply with laws, administrative regulations, the provisions of the CSRC and the provisions of business rules of the stock exchange. | | 第十二条 境外基础证券发行人的股东、实际控制人、董事、监事、高级管理人员和存托凭证的其他投资者在中国境内减持其持有的存托凭证的，应当遵守法律、行政法规、中国证监会规定以及证券交易所业务规则的规定。 |
| Article 13 The takeover of an overseas underlying securities issuer and the related changes in equity shares shall comply with laws, administrative regulations, and the provisions of the CSRC. | | 第十三条 境外基础证券发行人的收购及相关股份权益变动活动应当遵守法律、行政法规以及中国证监会规定。 |
| Article 14 An overseas underlying securities issuer which conducts a major asset restructuring or offers a depositary receipt to purchase assets shall comply with laws, administrative regulations and the provisions of the CSRC. The overseas underlying securities issuer shall not conduct restructuring and listing within China through the offering of a depositary receipt. | | 第十四条 境外基础证券发行人实施重大资产重组、发行存托凭证购买资产的，应当符合法律、行政法规以及中国证监会规定。境外基础证券发行人不得通过发行存托凭证在中国境内重组上市。 |
| Article 15 Depositary receipts shall be registered, deposited and settled at China Securities Depository and Clearing Co., Ltd. in a centralized manner. | | 第十五条 存托凭证应当在中国证券登记结算有限责任公司集中登记、存管和结算。 |
| China Securities Depository and Clearing Co., Ltd. shall develop business rules for the registration and clearing of depositary receipts in accordance with the Securities Law, the Several Opinions and the provisions of the CSRC. | | 中国证券登记结算有限责任公司应当依据《证券法》《若干意见》以及中国证监会规定制定存托凭证登记结算业务规则。 |
| Chapter IV Disclosure of Information on Depositary Receipts | | 第四章 存托凭证的信息披露 |
| Article 16 An overseas underlying securities issuer and its controlling shareholder, actual controller and other parties with information disclosure obligations shall perform information disclosure obligations in a timely and fair manner in accordance with the Securities Law, the Several Opinions, the provisions of the CSRC, and business rules of the stock exchange, and the disclosed information shall be true, accurate and complete, and contain no false records, misleading statements or material omissions. | | 第十六条 境外基础证券发行人及其控股股东、实际控制人等信息披露义务人应当依照《证券法》《若干意见》、中国证监会规定以及证券交易所业务规则，及时、公平地履行信息披露义务，所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。 |
| The directors, supervisors and senior executives of the overseas underlying securities issuer shall perform their functions in a faithful and diligent manner, and guarantee that the information disclosed by the overseas underlying securities issuer is true, accurate and complete. | | 境外基础证券发行人的董事、监事、高级管理人员应当忠实、勤勉地履行职责，保证境外基础证券发行人所披露的信息真实、准确、完整。 |
| The stock exchange shall oversee the disclosure of information by the overseas underlying securities issuer and other parties with information disclosure obligations, and urge them to disclose information in a timely and accurate manner in accordance with the law. | | 证券交易所对境外基础证券发行人及其他信息披露义务人披露信息进行监督，督促其依法及时、准确地披露信息。 |
| Article 17 An overseas underlying securities issuer shall prepare and disclose the prospectus, listing announcement, and disclose the deposit agreement, custody agreement and other documents in accordance with the provisions of the CSRC and the stock exchange. | | 第十七条 境外基础证券发行人应当按照中国证监会、证券交易所的规定编制并披露招股说明书、上市公告书，披露存托协议、托管协议等文件。 |
| The overseas underlying securities issuer shall fully disclose in the prospectus the main differences between the legal rules of the company at the place of overseas registration and major provisions of its company's bylaws or bylaw documents and the Company Law of the People's Republic of China and other legal rules, and the impact of such differences on the offering and listing of the depositary receipt within China and investor protection. | | 境外基础证券发行人应当在招股说明书中，充分披露境外注册地公司法律制度及其公司章程或者章程性文件的主要规定与《中华人民共和国公司法》等法律制度的主要差异，以及该差异对存托凭证在中国境内发行、上市和对投资者保护的影响。 |
| Where the overseas underlying securities issuer has differences in shareholders' voting rights, enterprise agreement control structure, or similar particular arrangements, it shall disclose the relevant circumstances, especially the information on risks and corporate governance in a sufficient and detailed manner in conspicuous positions of the prospectus and other public offering documents, and explain in special chapters various measures to protect the lawful rights and interests of investors in accordance with the law. | | 境外基础证券发行人具有股东投票权差异、企业协议控制架构或者类似特殊安排的，应当在招股说明书等公开发行文件显要位置充分、详细披露相关情况特别是风险、公司治理等信息，并以专章说明依法落实保护投资者合法权益规定的各项措施。 |
| Directors and senior executives of the overseas underlying securities issuer shall sign written confirmation opinions on the prospectus. | | 境外基础证券发行人的董事、高级管理人员应当对招股说明书签署书面确认意见。 |
| Article 18 The overseas underlying securities issuer shall, in accordance with the Securities Law, the Several Opinions, the provisions of the CSRC, and business rules of the stock exchange, disclose periodical reports on schedule and disclose interim reports on major events that may have a large impact on the trading price of underlying securities, depositary receipts and their derivatives in a timely manner. | | 第十八条 境外基础证券发行人应当按照《证券法》《若干意见》、中国证监会规定以及证券交易所业务规则，按时披露定期报告，并及时就可能对基础证券、存托凭证及其衍生品种交易价格产生较大影响的重大事件披露临时报告。 |
| Article 19 The overseas underlying securities issuer shall prepare and disclose periodical reports in accordance with the content and format requirements prescribed by the CSRC. | | 第十九条 境外基础证券发行人应当按照中国证监会规定的内容和格式要求，编制并披露定期报告。 |
| Where the overseas underlying securities issuer has differences in shareholders' voting rights, enterprise agreement control structure, or similar particular arrangements, it shall disclose in the periodical reports the relevant circumstances and their major impacts and risks on investors within China. | | 境外基础证券发行人具有股东投票权差异、企业协议控制架构或者类似特殊安排的，应当在定期报告中披露相关情形及其对中国境内投资者带来的重大影响和风险。 |
| Directors and senior executives of the overseas underlying securities issuer shall sign written confirmation opinions on the periodical reports. | | 境外基础证券发行人的董事、高级管理人员应当对定期报告签署书面确认意见。 |
Article 20 Where any major event prescribed in Article 67 of the Securities Law and Article 30 of the Measures for the Administration of Information Disclosure by Listed Companies occurs, when the investor has not yet been notified, the overseas underlying securities issuer shall immediately disclose the event and state the cause of the event, its current status and possible legal consequences.
．．．．．． | | 第二十条 发生《证券法》第六十七条以及《上市公司信息披露管理办法》第三十条规定的重大事件，投资者尚未得知时，境外基础证券发行人应当立即披露，说明事件的起因、目前的状态和可能产生的法律后果。
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