| Notice of the General Office of the State Council on Forwarding the Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program of Innovative Enterprises Domestically Issuing Stocks or Depository Receipts | | 国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知 |
| (No. 21 [2018] of the General Office of the State Council) | | （国办发〔2018〕21号） |
| The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all institutions directly under the State Council: | | 各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
| The Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program of Innovative Enterprises Domestically Issuing Stocks or Depository Receipts, as approved by the State Council, are hereby forwarded to you for your conscientious implementation. | | 证监会《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》已经国务院同意，现转发给你们，请认真贯彻执行。 |
| General Office of the State Council | | 国务院办公厅 |
| March 22, 2018 | | 2018年3月22日 |
| Several Opinions on Launching the Pilot Program of Innovative Enterprises Domestically Issuing Stocks or Depository Receipts | | 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 |
| (China Securities Regulatory Commission) | | (证监会) |
| For the purposes of further intensifying the support of capital markets for implementing the innovation-driven development strategy and, by the market-oriented and law-based principles, drawn on international experience, launching the pilot program of innovative enterprises domestically issuing stocks or depositary receipts, the following opinions are hereby offered. | | 为进一步加大资本市场对实施创新驱动发展战略的支持力度，按照市场化、法治化原则，借鉴国际经验，开展创新企业境内发行股票或存托凭证试点，现提出以下意见。 |
| I. Guiding ideology | | 一、指导思想 |
| The spirit of the 19th CPC National Congress shall be comprehensively implemented, Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era shall be regarded as the guidance, the decisions and arrangements of the CPC Central Committee and the State Council shall be conscientiously executed, the general work keynote of striving for progress in a steady manner shall be adhered to, the new development concept shall be firmly developed and put into practice, the requirements for quality development shall be followed, the overall advancement of overall layout for "economic, political, cultural, social, and ecological progress" and the coordinated advancement of the Four-Pronged Comprehensive Strategy shall be effected, the reform of capital markets shall be deepened, the opening up of the same shall be furthered, and innovative enterprises shall be supported in issuing securities and being listed on domestic capital markets, so as to contribute to the development and upgrading of China' new and high-tech industries and strategic emerging industries and promote the changes in the quality, efficiency, and momentum of economic development. | | 全面贯彻落实党的十九大精神，以习近平新时代中国特色社会主义思想为指导，认真落实党中央、国务院决策部署，坚持稳中求进工作总基调，牢固树立和贯彻新发展理念，按照高质量发展要求，统筹推进“五位一体”总体布局和协调推进“四个全面”战略布局，深化资本市场改革、扩大开放，支持创新企业在境内资本市场发行证券上市，助力我国高新技术产业和战略性新兴产业发展提升，推动经济发展质量变革、效率变革、动力变革。 |
| II. Principles | | 二、试点原则 |
| 1. Serving national strategies. With serving innovation-driven development as the guidance, the organic combination of innovation and development shall be adhered to, reform and opening up shall be equally brought into focus, contributions shall be made to entrepreneurship and innovation among all the people, and economic restructuring and industry transformation and upgrading shall be promoted. | | （一）服务国家战略。以服务创新驱动发展为引领，坚持创新与发展有机结合，改革与开放并行并重，助力大众创业万众创新，推动经济结构调整和产业转型升级。 |
| 2. Adhering to legal compliance. Under the framework of laws and regulations, the connection and coordination with relevant policies shall be effectively conducted, and regimes shall be innovated in a sound and appropriate manner, so as to ensure the legal compliance, efficiency, and feasibility of the pilot program. | | （二）坚持依法合规。在法律法规框架下，做好与相关政策的衔接配合，稳妥适度开展制度创新，确保试点依法依规、高效可行。 |
| 3. Effecting steady and orderly advancement. Overall plans shall be made, progress shall be made step by step, and it shall be explored to resolve the problem in the domestic listing of innovative enterprises through the pilot program, so as to accumulate experience and create conditions for further deepening reform and perfecting regimes. | | （三）稳步有序推进。统筹谋划，循序渐进，探索通过试点解决创新企业境内上市问题，为进一步深化改革、完善制度积累经验、创造条件。 |
| 4. Effectively preventing and controlling risk. The lawful rights and interests of small and medium-sized investors shall be sufficiently protected, the relationship between the pilot program and risk prevention and control shall be effectively dealt with, and risk prevention and control shall be put in a more important position. Regulation shall be tightened, the stability of financial markets shall be maintained, and the bottom line of non-occurrence of systemic risk shall be resolutely held. | | （四）切实防控风险。充分保护中小投资者合法权益，处理好试点与风险防控的关系，把防控风险放到更加重要的位置。强化监管，维护金融市场稳定，坚决守住不发生系统性风险的底线。 |
| III. Enterprises under the pilot program | | 三、试点企业 |
| An enterprise under the pilot program shall be an innovative enterprise, which is in line with national strategies, possesses core technology, enjoys high market recognition, operates in a new and high-tech industry or strategic emerging industry, such as the Internet, big data, cloud computing, artificial intelligence, software and integrated circuits, high-end equipment manufacturing, and biomedicine, and has expanded to a considerable size. Specifically, for a large-sized red-chip enterprise listed overseas, its market capitalization shall not be less than 200 billion yuan; and for an innovative enterprise (either red-chip or domestically registered) that has not yet been listed overseas, the operating income for the most recent year shall not be less than 3 billion yuan, and it shall be valued at not less than 20 billion yuan, or the operating income grows rapidly, and it has internationally leading technology, which it has independently researched and developed, and is in a comparatively advantageous position in the competition in the industry. The specific standards for enterprises under the pilot program shall be formulated by the China Securities Regulatory Commission ("CSRC"). For the purpose of these Opinions, "red-chip enterprise" means an enterprise registered overseas but mainly operating domestically. | | 试点企业应当是符合国家战略、掌握核心技术、市场认可度高，属于互联网、大数据、云计算、人工智能、软件和集成电路、高端装备制造、生物医药等高新技术产业和战略性新兴产业，且达到相当规模的创新企业。其中，已在境外上市的大型红筹企业，市值不低于2000亿元人民币；尚未在境外上市的创新企业（包括红筹企业和境内注册企业），最近一年营业收入不低于30亿元人民币且估值不低于200亿元人民币，或者营业收入快速增长，拥有自主研发、国际领先技术，同行业竞争中处于相对优势地位。试点企业具体标准由证监会制定。本意见所称红筹企业，是指注册地在境外、主要经营活动在境内的企业。 |
| The CSRC shall establish the Scientific and Technological Innovation Industrialization Advisory Committee (hereinafter referred to as the "Advisory Committee"), so as to capitalize on the role of relevant industry authorities, experts, and scholars and strictly elect enterprises for the pilot program. The Advisory Committee shall be composed of relevant authoritative industry experts, well-known entrepreneurs, and senior investment experts and, in accordance with the standards for enterprises under the pilot program, in comprehensive consideration of business models, development strategies, investment in research and development, new product output, innovative capabilities, technical barriers, team competitiveness, industry status, social impact, industry development trends, enterprise growth, estimated market capitalization, and other factors, make preliminary judgments on whether applicant enterprises are included in the scope of the pilot program. The CSRC shall take the preliminary judgments as an important basis to review and decide whether the applicant enterprises are included in the pilot program and accept and review the applications for initial public offering and listing of enterprises under the pilot program in strict accordance with laws and regulations. | | 证监会成立科技创新产业化咨询委员会（以下简称咨询委员会），充分发挥相关行业主管部门及专家学者作用，严格甄选试点企业。咨询委员会由相关行业权威专家、知名企业家、资深投资专家等组成，按照试点企业标准，综合考虑商业模式、发展战略、研发投入、新产品产出、创新能力、技术壁垒、团队竞争力、行业地位、社会影响、行业发展趋势、企业成长性、预估市值等因素，对申请企业是否纳入试点范围作出初步判断。证监会以此为重要依据，审核决定申请企业是否列入试点，并严格按照法律法规受理审核试点企业发行上市申请。 |
| IV. Modes of the pilot program | | 四、试点方式 |
| An enterprise under the pilot program may, according to relevant provisions and its actual circumstances, apply for listing by issuing stocks or depositary receipts at its option. Red-chip enterprises under the pilot program shall be allowed to be listed by issuing depositary receipts in domestic capital markets according to procedures; red-chip enterprises under the pilot program meeting the conditions for listing by issuing stocks may apply for listing by domestically issuing stocks; and domestically registered enterprises under the pilot program may apply for listing by domestically issuing stocks. For the purpose of these Opinions, "depositary receipt" means securities issued by the depositary, underlain by overseas securities to be offered in China, and representing the interests in overseas underlying securities. | | 试点企业可根据相关规定和自身实际，选择申请发行股票或存托凭证上市。允许试点红筹企业按程序在境内资本市场发行存托凭证上市；具备股票发行上市条件的试点红筹企业可申请在境内发行股票上市；境内注册的试点企业可申请在境内发行股票上市。本意见所称存托凭证，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 stocks or depositary receipts issued domestically by enterprises under the pilot program shall be listed and traded on domestic stock exchanges and registered, deposited, and cleared at China Securities Depository and Clearing Co., Ltd. in a concentrated manner. The funds raised by enterprises under the pilot program may be remitted abroad in the form of RMB or foreign exchange purchased, or retained for domestic use. The use of funds raised by enterprises under the pilot program and the distribution of dividends and bonus on depositary receipts, among others, shall comply with relevant provisions on foreign investment and foreign exchange administration issued by China.
．．．．．． | | 试点企业在境内发行的股票或存托凭证均应在境内证券交易所上市交易，并在中国证券登记结算有限责任公司集中登记存管、结算。试点企业募集的资金可以人民币形式或购汇汇出境外，也可留存境内使用。试点企业募集资金的使用、存托凭证分红派息等应符合我国外资、外汇管理等相关规定。
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