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| Measures for the Administration of Securities Offering and Underwriting | | 证券发行与承销管理办法 |
(The Measures for the Administration of Securities Offering and Underwriting, as deliberated and adopted at the 189th chairman's executive meeting of the China Securities Regulatory Commission on September 11, 2006; Amended for the first time according to the Decision of the China Securities Regulatory Commission on Amending the Measures for the Administration of Securities Offering and Underwriting on October 11, 2010 and promulgated by Order No.69 of the China Securities Regulatory Commission; Amended for the second time according to the Decision on Amending the Measures for the Administration of Securities Offering and Underwriting on May 18, 2012 and promulgated by Order No. 78 of the China Securities Regulatory Commission) | |
（2006年9月11日中国证券监督管理委员会第189次主席办公会议审议通过，根据2010年10月11日中国证券监督管理委员会以中国证券监督管理委员会令第69号公布的《关于修改〈证券发行与承销管理办法〉的决定》第一次修订，根据2012年5月18日中国证券监督管理委员会令第78号公布的《关于修改〈证券发行与承销管理办法〉的决定》第二次修订） |
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| Chapter I General Provisions | | 第一章 总 则 |
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| Article 1 In order to regulate securities offering and underwriting and protect the legitimate rights and interests of investors, these Measures are formulated in accordance with the Securities Law of the People's Republic of China and the Company Law of the People's Republic of China. | | 第一条 为了规范证券发行与承销行为，保护投资者的合法权益，根据《中华人民共和国证券法》、《中华人民共和国公司法》，制定本办法。 |
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| Article 2 These Measures apply to issuers who issue stocks or convertible bond (hereinafter collectively referred to as securities) within the territory of China, securities companies that underwrite securities within the territory of China, and investors who subscribe securities offering within the territory of China. | | 第二条 发行人在境内发行股票或者可转换公司债券（以下统称证券）、证券公司在境内承销证券，以及投资者认购境内发行的证券，适用本办法。 |
In the issuance of securities, issuers, securities companies and investors shall also comply with other securities issuance provisions of the China Securities Regulatory Commission (“CSRC”), the business rules of stock exchanges and securities depository and clearing institutions, and the self-disciplinary rules of the Securities Association of China. In underwriting securities, securities companies shall also comply with the relevant CSRC provisions regarding sponsorship, risk control and internal controls. | |
发行人、证券公司和投资者参与证券发行，还应当遵守中国证券监督管理委员会（以下简称中国证监会）有关证券发行的其他规定，以及证券交易所、证券登记结算机构的业务规则和中国证券业协会的自律规则。证券公司承销证券，还应当遵守中国证监会有关保荐制度、风险控制制度和内部控制制度的相关规定。 |
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| Article 3 The securities service institutions and personnel that produce the relevant documents for securities offering shall strictly fulfill the legal duties in accordance with generally recognized business standards and ethical norms of the same industry, and shall undertake responsibilities for the authenticity, accuracy and integrity of the documents produced. | | 第三条 为证券发行出具相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，对其所出具文件的真实性、准确性和完整性承担责任。 |
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| Article 4 The CSRC shall supervise and manage the securities offering and underwriting according to law. | | 第四条 中国证监会依法对证券发行和承销行为进行监督管理。 |
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| Chapter II Inquiry and Price-Fixing | | 第二章 询价与定价 |
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| Article 5 In an initial public offering of shares, the issue price of shares may be determined in the manner of price inquiry to inquiry participants or any other legal and feasible manner such as direct determination of price through negotiation between the issuer and the managing underwriter, but the issuer shall specify the manner of pricing for the current share issue in the share issuance announcement. The securities issued by a listed company shall be priced in accordance with the relevant CSRC provisions regarding the issuance of securities by listed companies. | | 第五条 首次公开发行股票，可以通过向询价对象询价的方式确定股票发行价格，也可以通过发行人与主承销商自主协商直接定价等其他合法可行的方式确定发行价格，发行人应在发行公告中说明本次发行股票的定价方式。上市公司发行证券的定价，应当符合中国证监会关于上市公司证券发行的有关规定。 |
Inquiry participants are securities investment fund management companies, securities companies, trust and investment companies, finance companies, insurance institution investors, qualified foreign institutional investors, and institutional and individual investors independently recommended by the managing underwriter, which meet the conditions prescribed in these Measures, and other investors recognized by the CSRC. | |
询价对象是指符合本办法规定条件的证券投资基金管理公司、证券公司、信托投资公司、财务公司、保险机构投资者、合格境外机构投资者、主承销商自主推荐的机构和个人投资者，以及经中国证监会认可的其他投资者。 |
To independently recommend inquiry participants, a managing underwriting shall, according to the provisions of these Measures and the self-disciplinary rules of the Securities Association of China, develop clear recommendation principles and criteria, establish a transparent recommendation decision-making mechanism, and file them with the Securities Association of China. Independently recommended inquiry participants include institutional investors that have relatively strong pricing abilities and long-term investment intentions and individual investors that have relatively abundant investment experience. | |
主承销商自主推荐询价对象，应当按照本办法和中国证券业协会自律规则的规定，制定明确的推荐原则和标准，建立透明的推荐决策机制，并报中国证券业协会登记备案。自主推荐的询价对象包括具有较高定价能力和长期投资取向的机构投资者和投资经验比较丰富的个人投资者。 |
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| Article 6 Inquiry participants and the securities investment products under its management (hereinafter referred to as placees) shall be registered at Securities Association of China for record and be subject to the self-discipline management of Securities Association of China. | | 第六条 询价对象及其管理的证券投资产品（以下称股票配售对象）应当在中国证券业协会登记备案，接受中国证券业协会的自律管理。 |
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| Article 7 As an inquiry participant, an institutional investor shall meet all of the following conditions: | | 第七条 机构投资者作为询价对象应当符合下列条件： |
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| (1)It is legally established and has not received any administrative punishment or regulatory department or any criminal punishment for any gross violation of laws and regulations in the last 12 months; | | （一）依法设立，最近12个月未因重大违法违规行为被相关监管部门给予行政处罚、采取监管措施或者受到刑事处罚； |
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| (2)It is legally qualified to make stock investments; | | （二）依法可以进行股票投资； |
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| (3)It has a good credit history and has the institutions and personnel necessary for independent engagement in securities investment; | | （三）信用记录良好，具有独立从事证券投资所必需的机构和人员； |
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| (4)It has a sound internal risk evaluation and control system which is able to operate effectively, and its risk control indicators are in compliance with the relevant provisions; | | （四）具有健全的内部风险评估和控制系统并能够有效执行，风险控制指标符合有关规定； |
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| (5)It has been 12 months since it was removed from the list of inquiry participants by the Securities Association of China under these Measures. | | （五）按照本办法的规定被中国证券业协会从询价对象名单中去除的，自去除之日起已满12个月。 |
As an inquiry participant, an individual investor shall have five or more years of investment experience, relatively strong analysis abilities, and relatively strong risk tolerance. A managing underwriting shall strictly adhere to the predetermined recommendation principles, criteria and procedures. | |
个人投资者作为询价对象应当具备5年以上投资经验、较强的研究能力和风险承受能力。主承销商应当严格按照既定的推荐原则、标准和程序进行推荐。 |
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| Article 8 The following institutional investors, as an inquiry participant, shall also satisfy the following conditions in addition to those prescribed in Article 7: | | 第八条 下列机构投资者作为询价对象除应当符合第七条规定的条件外，还应当符合下列条件： |
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| (1)As for a securities company, it may conduct securities self-operated business and securities assets management business upon approval; | | （一）证券公司经批准可以经营证券自营或者证券资产管理业务； |
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| (2)As for a trust and investment company, it shall have been reregistered at the relevant supervising department for two or more years, its registered capital shall not be lower than 400 million yuan, and there is an active record of securities market investments in the latest 12 months; | | （二）信托投资公司经相关监管部门重新登记已满两年，注册资本不低于4亿元，最近12个月有活跃的证券市场投资记录； |
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| (3)As for a financial company, 2 years shall have lapsed since its establishment, its registered capital shall not be lower than 300 million yuan, and there is an active record of securities market investments in the latest 12 months. | | （三）财务公司成立两年以上，注册资本不低于3亿元，最近12个月有活跃的证券市场投资记录。 |
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| Article 9 A managing underwriter may provide an investment value study report to inquiry participants after the preliminary prospectus is published. No issuer, managing underwriter or inquiry participant may disclose in any form to the public any content of the investment value study report, except as otherwise prescribed by the CSRC. | | 第九条 主承销商可以在刊登招股意向书后向询价对象提供投资价值研究报告。发行人、主承销商和询价对象不得以任何形式公开披露投资价值研究报告的内容，但中国证监会另有规定的除外。 |
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| Article 10 An investment value study report shall be independently written and signed by the research personnel of an underwriter, which shall not provide an investment value study report written by an institution other than one of the underwriting syndicate. An underwriter that produces investment value study report shall establish prefect quality control system of investment value study report; the personnel who write the report shall abide by the inner control system of securities companies. | | 第十条 投资价值研究报告应当由承销商的研究人员独立撰写并署名，承销商不得提供承销团以外的机构撰写的投资价值研究报告。出具投资价值研究报告的承销商应当建立完善的投资价值研究报告质量控制制度，撰写投资价值研究报告的人员应当遵守证券公司内部控制制度。 |
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| Article 11 In writing an investment value study report, the following requirements shall be observed: | | 第十一条 撰写投资价值研究报告应当遵守下列要求： |
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| (1)Independence, prudence and objectiveness; | | （一）独立、审慎、客观； |
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| (2)The materials quoted shall be authentic, accurate, integrate and authoritative, and the sources shall be indicated; | | （二）引用的资料真实、准确、完整、权威并须注明来源； |
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| (3)The evaluation on the industry of the issuer shall be consistent and coherent; and | | （三）对发行人所在行业的评估具有一致性和连贯性； |
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| (4)There shall be no false record, misleading statement or major omission. | | （四）无虚假记载、误导性陈述或者重大遗漏。 |
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| Article 12 An investment value study report shall make comprehensive analysis on the elements that affect the investment value of an issuer, and shall at least include the following contents: | | 第十二条 投资价值研究报告应当对影响发行人投资价值的因素进行全面分析，至少包括下列内容： |
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| (1)The classification of the issuer's industry, industrial policies, comparison between the issuer and the major competitions, and the issuer's status in the said industry; | | （一）发行人的行业分类、行业政策，发行人与主要竞争者的比较及其在行业中的地位； |
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| (2)Analysis on the issuer's state of operation and development prospect; | | （二）发行人经营状况和发展前景分析； |
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| (3)Analysis on the issuer's capacity of making profits and financial conditions; | | （三）发行人盈利能力和财务状况分析； |
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| (4)Analysis on the issuer's projects invested by raised funds; | | （四）发行人募集资金投资项目分析； |
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| (5)Comparison between the investment value of the issuer and that of the comparable listed companies in the same industry; and | | （五）发行人与同行业可比上市公司的投资价值比较； |
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| (6)Macro economic trend, stock market trend and other elements that have important impact on the investment value of the issuer. | | （六）宏观经济走势、股票市场走势以及其他对发行人投资价值有重要影响的因素。 |
Investment value study report shall, on the basis of the above-mentioned analysis, anticipate the rational investment value of an issuer's stock by using the estimating methods as recognized in the industry. | |
投资价值研究报告应当在上述分析的基础上，运用行业公认的估值方法对发行人股票的合理投资价值进行预测。 |
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| Article 13 After the prior disclosure of the (draft) prospectus, the issuer and the managing underwriter may preliminarily communicate with specific inquiry participants in a non-public form to solicit their price intentions and estimate the issue price range and may also estimate the issue price range in other reasonable manners. | | 第十三条 招股说明书（申报稿）预先披露后，发行人和主承销商可向特定询价对象以非公开方式进行初步沟通，征询价格意向，预估发行价格区间，也可通过其他合理方式预估发行价格区间。 |
Preliminary communications may not be publicly conducted, directly or indirectly, and inquiry participants may not be provided with any issuer information other than the open information such as the information in the (draft) prospectus disclosed in advance. | |
初步沟通不得采用公开或变相公开方式进行，不得向询价对象提供除预先披露的招股说明书（申报稿）等公开信息以外的发行人其他信息。 |
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| Article 14 where price is determined in the manner of price inquiry, the issuer and the managing underwriter may directly determine the issue price according to the preliminary inquiry results or determine an issue price range through preliminary inquiry and then determine the issue price within the range through accumulated bidding inquiry. | | 第十四条 采用询价方式定价的，发行人和主承销商可以根据初步询价结果直接确定发行价格，也可以通过初步询价确定发行价格区间，在发行价格区间内通过累计投标询价确定发行价格。 |
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| Article 15 After the preliminary prospectus of an initial public offering is published, the issuer and its managing underwriter may conduct promotion and price inquiry to inquiry participants and conduct promotion to public investors on the Internet and in other manners. | | 第十五条 首次公开发行股票招股意向书刊登后，发行人及其主承销商可以向询价对象进行推介和询价，并通过互联网等方式向公众投资者进行推介。 |
When the issuer and its managing underwriter conduct promotion to public investors, the issuer information provided to public investors shall be consistent with the information provided to inquiry participants in terms of content and integrity. | |
发行人及其主承销商向公众投资者进行推介时，向公众投资者提供的发行人信息的内容及完整性应当与向询价对象提供的信息保持一致。 |
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| Article 16 During the course of promotion, the issuer and its managing underwriter shall not induce or mislead investors by improper means, such as exaggerated publicity or false advertisement, shall not interfere with the normal quotation and subscriptions from inquiry participants, and shall not disclose any issuer information other than the open information such as the information disclosed in the preliminary prospectus. Promotional information shall not contain any false records, misleading statements or major omissions. | | 第十六条 发行人及其主承销商在推介过程中不得夸大宣传，或以虚假广告等不正当手段诱导、误导投资者，不得干扰询价对象正常报价和申购，不得披露除招股意向书等公开信息以外的发行人其他信息；推介资料不得存在虚假记载、误导性陈述或者重大遗漏。 |
Underwriters shall retain materials regarding the processes of promotion, price inquiry and pricing and archive the same for future reference, including but not limited to materials for promotional purposes and live recordings of road shows, so as to truthfully and comprehensively reflect the price inquiry and pricing processes. | |
承销商应当保留推介、询价、定价过程中的相关资料并存档备查，包括推介宣传材料、路演现场录音等，如实、全面反映询价、定价过程。 |
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| Article 17 Where the issue price is determined in the manner of price inquiry, an inquiry participant may, at its sole discretion, decide whether to participate in the initial inquiry and, without justifiable reasons, the managing underwriter may not refuse an inquiry participant's application to participate in the initial inquiry. Inquiry participants that have not participated in the initial inquiry or have participated in the initial inquiry but have not submitted a valid quotation may not participate in the accumulated biding inquiry and offline placement. | | 第十七条 采用询价方式确定发行价格的，询价对象可以自主决定是否参与初步询价，询价对象申请参与初步询价的，主承销商无正当理由不得拒绝。未参与初步询价或者参与初步询价但未有效报价的询价对象，不得参与累计投标询价和网下配售。 |
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| Article 18 An inquiry participant shall make reasonable quotation in accordance with the principles of independence, objectiveness and sincerity, may not negotiate on the quotation or lower or raise prices on purpose. | | 第十八条 询价对象应当遵循独立、客观、诚信的原则合理报价，不得协商报价或者故意压低或抬高价格。 |
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| Article 19 The managing underwriter's proprietary securities account may not participate in the price inquiry, offline placement and online issuance in the current share issue. | | 第十九条 主承销商的证券自营账户不得参与本次发行股票的询价、网下配售和网上发行。 |
The proprietary account of an inquiry participant that has an actual control relationship with the issuer or its managing underwriter may not participate in the price inquiry and offline placement but may participate in the online issuance in the current share issue. | |
与发行人或其主承销商具有实际控制关系的询价对象的自营账户，不得参与本次发行股票的询价、网下配售，可以参与网上发行。 |
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| Article 20 An issuer and its managing underwriter shall, after determining the issue price range and the issue price, respectively report them to the CSRC for record and make public announcements accordingly. | | 第二十条 发行人及其主承销商在发行价格区间和发行价格确定后，应当分别报中国证监会备案，并予以公告。 |
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| Article 21 An inquiry participant shall summarize the inquiry situation of the previous year within one month upon the end of that year, and make explanations on whether it is in line with the condition prescribed in these Measures on persistent basis and whether it complies with the requirements on inquiry participant as prescribed in these Measures. The summary report shall be reported to Securities Association of China for record. | | 第二十一条 询价对象应当在年度结束后一个月内对上年度参与询价的情况进行总结，并就其是否持续符合本办法规定的条件以及是否遵守本办法对询价对象的监管要求进行说明。总结报告应当报中国证券业协会备案。 |
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| Article 22 Where an issuer and its managing underwriter determine the issue price by independent negotiations between them or in any other legal and feasible manner other than price inquiry, they shall specify the pricing manner in the issue plan and publish a preliminary prospectus after filing the issue plan with the CSRC. | | 第二十二条 发行人与主承销商自主协商确定发行价格，或采用询价以外其他合法可行方式确定发行价格的，应当在发行方案中详细说明定价方式，并在发行方案报送中国证监会备案后刊登招股意向书。 |
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| Chapter III Securities Offering | | 第三章 证券发售 |
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Article 23 Where the number of the initial public offering of shares is more than 400 million, shares may be rationed to strategic investors. The issuer shall conclude a ration agreement with strategic investors in advance and shall report to the CSRC for record.
．．．．．． | | 第二十三条 首次公开发行股票数量在4亿股以上的，可以向战略投资者配售股票。发行人应当与战略投资者事先签署配售协议，并报中国证监会备案。
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