| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 19 [2018]) | | （〔2018〕19号） |
| The Measures for the Implementation of Continuous Supervision after Listing of Innovative Enterprises by Offering Stocks or Depository Receipts in China (for Trial Implementation) are hereby issued and shall come into force on the date of issuance. | | 现公布《创新企业境内发行股票或存托凭证上市后持续监管实施办法（试行）》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 证监会 |
| June 14, 2018 | | 2018年6月14日 |
| Measures for the Implementation of Continuous Supervision after Listing of Innovative Enterprises by Offering Stocks or Depository Receipts in China (for Trial Implementation) | | 创新企业境内发行股票或存托凭证上市后持续监管实施办法（试行） |
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| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the acts of all relevant parties after listing of innovative enterprises implementing the pilot program by public offering of stocks or depositary receipts in the domestic securities markets, supporting and directing innovative enterprises implementing the pilot program to develop in a better manner, and protecting the lawful rights and interests of innovative enterprises implementing the pilot program and investors, these Measures are developed according to the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Company Law of the People's Republic of China (hereinafter referred to as the “Company Law”), the Several Opinions on Conducting the Pilot Program of Innovative Enterprises' Offering of Stocks or Depository Receipts within the Territory of China (hereinafter referred to as the “Several Opinions”), and other relevant laws and regulations, as well as the Measures for the Administration of Offering and Trading of Depositary Receipts (hereinafter referred to as the “Depositary Measures”). | | 第一条 为规范试点创新企业在境内证券市场公开发行股票或者存托凭证上市后相关各方的行为，支持引导试点创新企业更好地发展，保护试点创新企业和投资者的合法权益，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、《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》）以及相关法律法规、《存托凭证发行与交易管理办法（试行）》（以下简称《存托办法》），制定本办法。 |
| Article 2 For the purposes of these Measures, “innovative enterprises implementing the pilot program” means enterprises approved by the China Securities Regulatory Commission (“CSRC”) to publicly offer stocks or depository receipts and list according to the provisions of the Several Opinions, including innovative enterprises implementing the pilot program that are registered domestically (hereinafter referred to as “domestic enterprises”) and innovative enterprises implement the pilot program that are registered overseas and mainly carry out business operation activities domestically (hereinafter referred to as “red chip enterprises”). | | 第二条 本办法所称试点创新企业，是指按照《若干意见》规定，经中国证券监督管理委员会（以下简称中国证监会）核准公开发行股票或者存托凭证并上市的企业，包括境内注册的试点创新企业（以下简称境内企业）和注册地在境外、主要经营活动在境内的试点创新企业（以下简称红筹企业）。 |
| Red chip enterprises include red chip enterprises that have been listed overseas (hereinafter referred to as “overseas listed red chip enterprises”) and red chip enterprises that have not been listed overseas (hereinafter referred to as “overseas unlisted red chip enterprises”). | | 红筹企业包括已在境外上市的红筹企业（以下简称境外已上市红筹企业）和尚未在境外上市的红筹企业（以下简称境外未上市红筹企业）。 |
| Article 3 Domestic enterprises and their shareholders, actual controllers, directors, supervisors, senior executives (hereinafter referred to as directors, supervisors and senior executives), acquirers, insiders and all other relevant parties shall comply with the Securities Law, the Company Law, and other laws and administrative regulations, and the relevant provisions of the Several Opinions, and the general provisions of the CSRC on continuous supervision of domestic listed companies and all relevant parties. Where the CSRC has other provisions on the continuous supervision of domestic enterprises and all relevant parties according to the law, such provisions shall apply. | | 第三条 境内企业及其股东、实际控制人，董事、监事、高级管理人员（以下简称董监高），收购人，内幕信息知情人等相关各方应当遵守《证券法》、《公司法》等法律、行政法规和《若干意见》的相关规定，以及中国证监会关于境内上市公司及相关各方持续监管的一般规定。中国证监会依法对境内企业及相关各方持续监管另有规定的，从其规定。 |
| Red chip enterprises and their shareholders, or holders of depositary receipts, actual controllers, directors, supervisors and senior executives, acquirers, insiders and all relevant parties shall comply with the Securities Law and other laws and administrative regulations, the relevant provisions of the Several Opinions and the Depositary Measures, as well as the general provisions of the CSRC on continuous supervision of domestic listed companies and all relevant parties. Where the CSRC has other provisions on the continuous supervision of red chip enterprises and all relevant parties according to the law, such provisions shall apply. | | 红筹企业及其股东或者存托凭证持有人、实际控制人，董监高，收购人，内幕信息知情人等相关各方应当遵守《证券法》等法律、行政法规、《若干意见》和《存托办法》的相关规定，以及中国证监会关于境内上市公司及相关各方持续监管的一般规定。中国证监会依法对红筹企业及相关各方持续监管另有规定的，从其规定。 |
| The stock exchanges shall conduct self-regulatory supervision of the innovative enterprises implementing the pilot program and all relevant parties in accordance with their bylaws, agreements and business rules developed in accordance with the law. | | 证券交易所依据其章程、协议和依法制定的业务规则，对试点创新企业及相关各方实行自律监管。 |
| Article 4 Where after a red chip enterprise is listed by publicly offering stocks or depositary receipts in China, all relevant parties' application of the general provision of the CSRC on continuous supervision of domestic listed companies and all relevant parties may lead to their difficulty in complying with the relevant provisions of the place where the enterprise is located, the application of relevant domestic provisions may be suspended or exempted according to the law, the red chip enterprise and all relevant parties may adjust the application of relevant provisions according to the provisions, but shall fully explain the specific circumstances and the basis of relevant overseas rules, and hire a law firm to issue legal opinions on the aforesaid matters. Where the CSRC deems that the application shall not be adjusted according to the law, red chip enterprises and all relevant parties shall implement the relevant domestic provisions. | | 第四条 红筹企业在境内公开发行股票或者存托凭证上市后，相关各方适用中国证监会关于境内上市公司及相关各方持续监管的一般规定，可能导致其难以符合公司注册地有关规定，依法可以暂缓适用或者免于适用境内相关规定的，红筹企业及相关各方可以按规定调整适用有关规定，但应当充分说明具体情况及境外有关规则依据，并聘请律师事务所就上述事项出具法律意见。中国证监会认为依法不应调整适用的，红筹企业及相关各方应当执行境内有关规定。 |
| Chapter II Corporate Governance | | 第二章 公司治理 |
| Article 5 Innovative enterprises implementing the pilot program shall maintain a sound and effective corporate governance structure, urge directors, supervisors and senior executives to perform their duties loyally and diligently, and effectively protect the lawful rights and interests of investors. | | 第五条 试点创新企业应当保持健全有效的公司治理结构，督促董监高忠实、勤勉地履行职责，切实保护投资者合法权益。 |
| Article 6 Where the shareholding structure, corporate governance, operation specifications and other matters of a red chip enterprise apply to the company law of the overseas registration place and other laws and regulations, and such matters change greatly after listing, the red chip enterprise shall disclose them in a timely manner and fully explain that its arrangements for the protection of investors' rights and interests are still generally not lower than the domestic legal requirements. | | 第六条 红筹企业股权结构、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，该等事项在上市后发生较大变化的，红筹企业应当及时披露，并充分说明其关于投资者权益保护的安排总体上仍不低于境内法律要求。 |
| Article 7 A red chip enterprise that convenes a general meeting of shareholders shall use a safe, economic and convenient network or other methods to facilitate the exercise of rights by domestic shareholders or holders of depositary receipts. | | 第七条 红筹企业召开股东大会的，应当采用安全、经济、便捷的网络或者其他方式为境内股东或者存托凭证持有人行使权利提供便利。 |
| A red chip enterprise shall, according to the relevant arrangements set out in its bylaws, depositary agreements and other publicly disclosed documents, perform the procedures and related obligations of convening, holding and voting general meeting of shareholders. | | 红筹企业应当按照公司章程、存托协议和其他公开披露的文件中载明的有关安排，履行股东大会的召集、召开和表决等程序和相关义务。 |
| Article 8 Besides the differences in voting rights that have been specified in the bylaws when applying for offering stocks or depository receipts in China and other special arrangements, a red chip enterprise shall, after listing, ensure that domestic and overseas investors have equal rights over the same types of shares that it have rights and interests, and shall not deprive of or restrict the rights of domestic shareholders or holders of depository receipts by modifying the bylaws or any other method. | | 第八条 除首次申请境内公开发行股票或者存托凭证时公司章程已明确的投票权差异等特殊安排外，红筹企业上市后应当确保境内外投资者对其拥有权益的同种类股份享有同等权利，不得以修改公司章程等任何方式剥夺、限制境内股东或者存托凭证持有人权利。 |
| After a red chip enterprise is listed in China, the arrangements for the survival of and adjustment to the difference in voting rights shall comply with the relevant provisions of the stock exchange. | | 红筹企业境内上市后，投票权差异的存续、调整等安排应当符合证券交易所的有关规定。 |
| Article 9 Where a red chip enterprise conducts internal decision-making on related matters after listing in China, the authority and procedures set out in the Company Law of the overseas registration place that has been disclosed, and other laws and regulations, as well as the bylaws shall apply, unless as otherwise prescribed by the laws and administrative regulations, and the CSRC. | | 第九条 红筹企业境内上市后就相关事项进行内部决策的，按照其已披露的境外注册地公司法等法律法规和公司章程规定的权限、程序执行，法律、行政法规以及中国证监会另有规定的除外。 |
| Article 10 Where the provisions of the CSRC require the board of directors and independent directors of a domestic listed company to issue opinions on the relevant matters or perform specific duties, the board of directors and independent directors of an innovative enterprise implementing the pilot program shall comply with the aforesaid provisions. | | 第十条 中国证监会的规定要求境内上市公司董事会、独立董事就相关事项发表意见或者履行特定职责的，试点创新企业的董事会、独立董事应当遵照执行。 |
| Where the Company Law of the overseas registration place and other laws and regulations or the standards generally accepted in practice have different provisions or arrangements for the duties of the board of directors and independent directors of a red chip enterprise, and make the board of directors and independent directors unable to issue opinions or perform duties according to the provisions of the preceding paragraph, the red chip enterprise shall explain the situation and reasons in detail, and hire a law firm to issue legal opinions on the aforesaid matters. | | 境外注册地公司法等法律法规或者实践中普遍认同的标准对红筹企业董事会、独立董事职责有不同规定或者安排，导致董事会、独立董事无法按照前款规定发表意见或者履行职责的，红筹企业应当详细说明情况和原因，并聘请律师事务所就上述事项出具法律意见。 |
| An overseas listed red chip enterprise and its directors, supervisors and senior executives, and all other relevant parties that issue written confirmation opinions and make statement or commitment according to the relevant domestic provisions may, under the premise of not changing the substantial contents, make appropriate adjustment to the confirmation opinions, statement or commitment in consideration of the requirements of the relevant rules of the overseas listing place or the standards generally recognized in practice. | | 境外已上市红筹企业及其董监高等相关各方按照境内有关规定签署书面确认意见、作出声明或者承诺的，在不改变实质内容的前提下，可以结合境外上市地有关规则要求或者实践中普遍认同的标准，对确认意见、声明或者承诺的表述作出适当调整。 |
| Chapter III Information Disclosure | | 第三章 信息披露 |
| Article 11 Innovative enterprises implementing the pilot program and their controlling shareholders, actual controllers and other parties with information disclosure obligations shall, according to the Securities Law, and the relevant provisions of the CSRC and the stock exchanges on information disclosure, disclose information in an authentic, accurate, complete, timely and fair manner, without any false record, misleading statement or major omission. | | 第十一条 试点创新企业及其控股股东、实际控制人等信息披露义务人应当按照《证券法》、中国证监会和证券交易所关于信息披露的有关规定，真实、准确、完整、及时、公平地披露信息，不得有虚假记载、误导性陈述或重大遗漏。 |
| Article 12 The information disclosed by a red chip enterprise and its controlling shareholder, actual controller and other parties with information disclosure obligations shall be concurrently disclosed in Chinese in China, and the disclosure contents shall be consistent with the contents disclosed in the overseas market. | | 第十二条 红筹企业及其控股股东、实际控制人等信息披露义务人在境外披露的信息，应当以中文在境内同步披露，披露内容应当与其在境外市场披露的内容一致。 |
| Article 13 Red chip enterprises and their controlling shareholders, actual controllers and other parties with information disclosure obligations shall submit and issue information disclosure announcements and related documents for future reference in accordance with the relevant provisions of the CSRC and the stock exchanges. | | 第十三条 红筹企业及其控股股东、实际控制人等信息披露义务人报送和发布信息披露公告文稿及相关备查文件，按照中国证监会、证券交易所有关规定执行。 |
| Article 14 Red chip enterprises shall prepare and disclose financial report information in accordance with the provisions of the CSRC on the disclosure of financial reports of red chip enterprises. | | 第十四条 红筹企业应当按照中国证监会关于红筹企业财务报告信息披露的规定编制、披露财务报告信息。 |
| A red chip enterprise that has prepared financial reports according to the Accounting Standards for Business Enterprises of China when applying for public offering of stocks or depository receipts in China for the first time shall, after listing in China, continue to prepare annual reports and other financial report information involved according to the Accounting Standards for Business Enterprises of China. | | 红筹企业首次申请境内公开发行股票或者存托凭证时已经按照中国企业会计准则编制财务报告的，境内上市后应当继续按照中国企业会计准则编制年度报告等涉及的财务报告信息。 |
| Article 15 An annual report of an overseas listed red chip enterprise shall include the contents required to be disclosed by the Securities Law, the Measures for the Administration of the Information Disclosure by Listed Companies (hereinafter referred to as the “Disclosure Measures”), the Depositary Measures, the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 - Contents and Formats of Annual Reports (hereinafter referred to as the “Standards No. 2”) and these Measures. | | 第十五条 境外已上市红筹企业的年度报告应当包括《证券法》、《上市公司信息披露管理办法》（以下简称《披露办法》）、《存托办法》、《公开发行证券的公司信息披露内容与格式准则第2号--年度报告的内容与格式》（以下简称《2号准则》）和本办法要求披露的内容。 |
| An interim report of an overseas listed red chip enterprise shall include the content required to be disclosed by the Securities Law, the Disclosure Measures and the Depositary Measures at a minimum. | | 境外已上市红筹企业的中期报告应当至少包括《证券法》、《披露办法》、《存托办法》要求披露的内容。 |
| An overseas listed red chip enterprise shall, within 45 days of the end of the third month and the ninth month of each accounting year, disclose quarterly reports including the contents required to be disclosed by the Disclosure Measures at a minimum. | | 境外已上市红筹企业应当在每个会计年度第3个月、第9个月结束之日起45日内披露季度报告，其中应当至少包括《披露办法》要求披露的内容。 |
An overseas listed red chip enterprise that has disclosed annual reports, interim reports or quarterly reports in the format required by the rules of the overseas listing place may, under the premise of containing the contents required to be disclosed by the first three paragraphs of this article and not affecting the integrity of information disclosure, continue to develop corresponding interim reports in the original overseas format, but shall offer necessary explanation and tips to the main differences in the formats of the domestic and overseas reports, to facilitate the reading and understanding of domestic investors.
．．．．．． | | 境外已上市红筹企业已经按照境外上市地规则要求的格式披露年度报告、中期报告或者季度报告的，在确保具备本条前三款要求披露的内容、不影响信息披露完整性的前提下，可以继续按照境外原有格式编制对应的定期报告，但应当对境内外报告格式的主要差异作出必要说明和提示，以便于境内投资者阅读理解。
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