| Notice of the Shanghai Stock Exchange on Issuing the Guidelines for the Offering and Underwriting of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange | | 上海证券交易所关于发布《上海证券交易所科创板股票发行与承销业务指引》的通知 |
| (No. 46 [2019] of the Shanghai Stock Exchange) | | （上证发〔2019〕46号） |
| All market participants: | | 各市场参与人： |
| For the purposes of regulating the offering and underwriting of stocks on the science and technology innovation board (“sci-tech board”) and promoting the fulfillment of responsibilities by all participants, in accordance with the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange, the Measures for the Administration of the Offering and Underwriting of Securities, the Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation), the Implementation Measures of the Shanghai Stock Exchange for the Offering and Underwriting of Stocks on the Sci-tech Innovation Board and other relevant provisions, the Shanghai Stock Exchange has developed the Guidelines for the Offering and Underwriting of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange (see the Annex for details), which have been approved by the CSRC, are hereby issued and shall come into force on the date of issuance. | | 为了规范科创板股票发行承销活动，促进各参与主体归位尽责，根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《证券发行与承销管理办法》《科创板首次公开发行股票注册管理办法（试行）》《上海证券交易所科创板股票发行与承销实施办法》等有关规定，上海证券交易所制定了《上海证券交易所科创板股票发行与承销业务指引》（详见附件），经中国证监会批准，现予以发布，并自发布之日起施行。 |
| | 特此通知。 |
| Annex: Guidelines for the Offering and Underwriting of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange | | 附件：上海证券交易所科创板股票发行与承销业务指引 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| April 16, 2019 | | 二〇一九年四月十六日 |
| Annex | | 附件 |
| Guidelines for the Offering and Underwriting of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange | | 上海证券交易所科创板股票发行与承销业务指引 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the offering and underwriting of stocks on the sci-tech board of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) and promoting the fulfillment of responsibilities by all participants, these Guidelines are developed in accordance with the Implementation Opinions on Setting up the Science and Technology Innovation Board and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange, the Measures for the Administration of the Offering and Underwriting of Securities, the Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation), the Implementation Measures of the Shanghai Stock Exchange for the Offering and Underwriting of Stocks on the Science and Technology Innovation Board (hereinafter referred to as the “Implementation Measures”) and other relevant laws, administrative regulations, departmental rules and regulatory documents (hereinafter collectively referred to as “laws and regulations”) and other business rules of the SSE. | | 第一条 为了规范上海证券交易所（以下简称本所）科创板股票发行承销活动，促进各参与主体归位尽责，根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《证券发行与承销管理办法》《科创板首次公开发行股票注册管理办法（试行）》《上海证券交易所科创板股票发行与承销实施办法》（以下简称《实施办法》）等相关法律、行政法规、部门规章、规范性文件（以下统称法律法规）及本所其他业务规则，制定本指引。 |
| Article 2 These Guidelines shall apply to such matters as the strategic investors of offering and underwriting of stocks on the sci-tech board of the SSE, follow-up investment of relevant subsidiaries of the sponsor, brokerage commission for the placement of new shares, over-allotment option, and offering procedures and information disclosure. If they are not provided for in these Guidelines, the provisions of the Detailed Implementation Rules for the Offering of IPO Stocks on the Shanghai Stock Market under the Public Subscription Tranche, the Detailed Implementation Rules for the Offering of IPO Stocks on the Shanghai Stock Market under the Placing Tranche (hereinafter referred to as the “Detailed Implementation Rules for Offering under the Placing Tranche”) and other rules shall apply. | | 第二条 本所科创板股票发行承销的战略投资者、保荐机构相关子公司跟投、新股配售经纪佣金、超额配售选择权以及发行程序与信息披露等事宜，适用本指引。本指引未作规定的，适用本所《上海市场首次公开发行股票网上发行实施细则》《上海市场首次公开发行股票网下发行实施细则》（以下简称《网下发行实施细则》）等规则的规定。 |
| Article 3 Securities companies underwriting securities shall, in accordance with these Guidelines and the relevant provisions of the CSRC on risk control and internal control, among others, develop strict risk management rules and internal control rules, strengthen the administration of the pricing and placement process, carry out underwriting responsibilities, and prevent the conflicts of interest. | | 第三条 证券公司承销证券，应当依据本指引以及中国证监会有关风险控制和内部控制等相关规定，制定严格的风险管理制度和内部控制制度，加强定价和配售过程管理，落实承销责任，防范利益冲突。 |
| Sponsors, underwriters, investors and other relevant entities shall be honest, strictly abide by the provisions of the SSE's business rules and relevant industry standards, and shall not conduct tunneling or seek illicit benefits. | | 保荐机构、承销商、投资者及其他相关主体应当诚实守信，严格遵守本所业务规则和相关行业规范的规定，不得进行利益输送或者谋取不当利益。 |
| Article 4 The issuer and the lead underwriter shall, in accordance with relevant provisions, prepare and disclose the documents on the disclosure of offering and underwriting information in a timely and fair manner, guarantee that the disclosed information is true, accurate and complete, and has no false records, misleading statements or material omissions. | | 第四条 发行人和主承销商应当按照规定编制并及时、公平披露发行承销信息披露文件，保证所披露信息的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 |
| The securities service provider and personnel shall strictly perform their statutory duties in accordance with recognized business standards and ethical standards of the industry, and shall assume responsibility for the veracity, accuracy and integrity of the documents issued by them. | | 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。 |
| Article 5 The SSE shall, in accordance with the provisions of relevant laws and regulations, business rules and these Guidelines, conduct self-regulatory supervision of activities on the offering and underwriting of stocks listed on the sci-tech board and the issuers, securities companies, securities service providers, investors and other participants. | | 第五条 本所根据相关法律法规、业务规则以及本指引的规定，对科创板股票发行承销活动及发行人、证券公司、证券服务机构、投资者等参与主体实施自律监管。 |
| Chapter II Strategic Investors | | 第二章 战略投资者 |
| Article 6 Where the number of IPO shares exceeds 400 million, there shall be no more than 30 strategic investors; if there are not less than 100 million shares and not more than 400 million shares, there shall be no more than 20 strategic investors; if there are less than 100 million shares, there shall be no more than 10 strategic investors. | | 第六条 首次公开发行股票数量4亿股以上的，战略投资者应不超过30名；1亿股以上且不足4亿股的，战略投资者应不超过20名；不足1亿股的，战略投资者应不超过10名。 |
| Where a securities investment fund set forth in paragraph 2 of Article 17 of the Implementation Measures participates in strategic placement, it shall participate in offering as a strategic investor in the name of the fund manager. The same fund manager can only participate in this strategic placement with one securities investment fund managed by it. | | 《实施办法》第十七条第二款规定的证券投资基金参与战略配售的，应当以基金管理人的名义作为1名战略投资者参与发行。同一基金管理人仅能以其管理的1只证券投资基金参与本次战略配售。 |
| The issuer and the lead underwriter shall rationally determine the number and proportion of investors participating in strategic placement based on the number of IPO shares, the arrangements on the sale restriction of shares, and actual needs, and ensure necessary liquidity after the stock is listed. | | 发行人和主承销商应当根据首次公开发行股票数量、股份限售安排以及实际需要，合理确定参与战略配售的投资者家数和比例，保障股票上市后必要的流动性。 |
| Article 7 Investors who participate in the issuer's strategic placement shall have good market reputation and influence, have strong financial strength, recognize the issuer's long-term investment value, and subscribe for the issuer's stock of the amount to be subscribed for based on the undertaking according to the final issue price. | | 第七条 参与发行人战略配售的投资者，应当具备良好的市场声誉和影响力，具有较强资金实力，认可发行人长期投资价值，并按照最终确定的发行价格认购其承诺认购数量的发行人股票。 |
| The senior executives and core employees of the sponsor's relevant subsidiaries and the issuer who participate in the special asset management plan established for this strategic placement shall participate in the issuer's strategic placement in accordance with the Implementation Measures, these Guidelines and other relevant provisions of the SSE. | | 保荐机构相关子公司和发行人的高级管理人员、核心员工参与本次战略配售设立的专项资产管理计划，按照《实施办法》、本指引及本所其他有关规定参与发行人战略配售。 |
| Article 8 Investors participating in the issuer's strategic placement mainly include: | | 第八条 参与发行人战略配售的投资者主要包括： |
| (1) large enterprises or their subordinate enterprises that have strategic partnerships or long-term cooperation visions with the issuer's business operations; | | （一）与发行人经营业务具有战略合作关系或长期合作愿景的大型企业或其下属企业； |
| (2) large insurance companies or their subordinate enterprises, state-level large investment funds or their subordinate enterprises with long-term investment willingness; | | （二）具有长期投资意愿的大型保险公司或其下属企业、国家级大型投资基金或其下属企业； |
| (3) securities investment funds established in the form of public offering, investing in shares involved in strategic placement in terms of main investment strategies, and operating in a closed manner; | | （三）以公开募集方式设立，主要投资策略包括投资战略配售股票，且以封闭方式运作的证券投资基金； |
| (4) relevant subsidiaries of the sponsor participating in follow-up investment; | | （四）参与跟投的保荐机构相关子公司； |
| (5) the issuer's senior executives and core employees participate in the special asset management plan established for this strategic placement; and | | （五）发行人的高级管理人员与核心员工参与本次战略配售设立的专项资产管理计划； |
| (6) other strategic investors who comply with the provisions of laws, regulations and business rules. | | （六）符合法律法规、业务规则规定的其他战略投资者。 |
| Article 9 Where the issuer and the lead underwriter place shares with strategic investors, they shall not fall under the following circumstances: | | 第九条 发行人和主承销商向战略投资者配售股票的，不得存在以下情形： |
| (1) The issuer and the lead underwriter make an undertaking to strategic investors that the stock price will rise after the listing, or if the stock price does not rise, the issuer will repurchase the stock or give economic compensation of any form. | | （一）发行人和主承销商向战略投资者承诺上市后股价将上涨，或者股价如未上涨将由发行人购回股票或者给予任何形式的经济补偿； |
| (2) The lead underwriter introduces strategic investors under the conditions of making an undertaking on the distribution of underwriting fees, introducing the participation in the strategic placement of other issuers, and returning the brokerage commission for the placement of new shares, among others. | | （二）主承销商以承诺对承销费用分成、介绍参与其他发行人战略配售、返还新股配售经纪佣金等作为条件引入战略投资者； |
| (3) The issuer subscribes for the securities investment fund managed by the issuer's strategic investor after listing. | | （三）发行人上市后认购发行人战略投资者管理的证券投资基金； |
| (4) The issuer makes an undertaking to appoint the person who has an affiliation with the strategic investor to serve as the director, supervisor or senior executive of the issuer during the sale restriction period when the strategic investor is placed with shares, unless the issuer's senior executives and core employees establish the special asset management plan to participate in the strategic placement. | | （四）发行人承诺在战略投资者获配股份的限售期内，委任与该战略投资者存在关联关系的人员担任发行人的董事、监事及高级管理人员，但发行人的高级管理人员与核心员工设立专项资产管理计划参与战略配售的除外； |
| (5) Except the circumstances set forth in subparagraph (3) of Article 8 of these Guidelines, strategic investors use funds not owned by them to subscribe for the issuer's shares, or accept the entrustment of any other investor or entrust any other investor to participate in this strategic placement. | | （五）除本指引第八条第三项规定的情形外，战略投资者使用非自有资金认购发行人股票，或者存在接受其他投资者委托或委托其他投资者参与本次战略配售的情形； |
| (6) Other direct or indirect tunneling acts. | | （六）其他直接或间接进行利益输送的行为。 |
| Article 10 The lead underwriter shall inspect the standards for the selection of strategic investors, the qualifications for placement and whether they fall under any prohibitive circumstance set forth in Article 9 of these Guidelines, require the issuer to issue a letter of undertaking on the inspection matters, and retain a law firm to issue a legal opinion. The lead underwriter shall disclose to the public the inspection documents and legal opinion. | | 第十条 主承销商应当对战略投资者的选取标准、配售资格及是否存在本指引第九条规定的禁止性情形进行核查，要求发行人就核查事项出具承诺函，并聘请律师事务所出具法律意见书。主承销商应当公开披露核查文件及法律意见书。 |
| Article 11 The issuer and the lead underwriter shall disclose in the preliminary prospectus and initial bidding announcement whether to adopt the manner of strategic placement, the upper limit of shares involved in strategic placement, and the standards for the selection of strategic investors, among others, and submit the strategic placement plan to the SSE, including the names of strategic investors, the value or number of shares to be subscribed for based on the undertaking, the arrangements on the sale restriction period and other circumstances. | | 第十一条 发行人和主承销商应当在招股意向书和初步询价公告中披露是否采用战略配售方式、战略配售股票数量上限、战略投资者选取标准等，并向本所报备战略配售方案，包括战略投资者名称、承诺认购金额或者股票数量以及限售期安排等情况。 |
| The issuer and the lead underwriter shall disclose in the offering announcement the name of the strategic investor, the number of shares to be subscribed for based on the undertaking, and the arrangements on the sale restriction period, among others. | | 发行人和主承销商应当在发行公告中披露战略投资者名称、承诺认购的股票数量以及限售期安排等。 |
| The issuer and the lead underwriter shall disclose the name of strategic investors with whom shares are placed, the number of shares, and the arrangements on the sale restriction period in the announcement on the result of primary placement in offering under the placing tranche and the result of winning the lucky draw under the public subscription tranche. | | 发行人和主承销商应当在网下发行初步配售结果及网上中签结果公告中披露最终获配的战略投资者名称、股票数量以及限售期安排等。 |
| Article 12 Where the issuer's senior executives and core employees set up a special asset management plan to participate in the strategic placement of the offering, they shall disclose in the preliminary prospectus and initial bidding announcement the specific name, time of establishment, size of raised funds, the manager and the actual dominant entity of the special asset management plan, and the name, position and proportion of the participants, among others. | | 第十二条 发行人的高级管理人员与核心员工设立专项资产管理计划参与本次发行战略配售的，应当在招股意向书和初步询价公告中披露专项资产管理计划的具体名称、设立时间、募集资金规模、管理人、实际支配主体以及参与人姓名、职务与比例等。 |
| Where the actual dominant entity of the special asset management plan prescribed in the preceding paragraph is the issuer's senior executive, the shares placed under the special asset management plan shall not be included in the shares held by public shareholders. | | 前款规定的专项资产管理计划的实际支配主体为发行人高级管理人员的，该专项资产管理计划所获配的股份不计入社会公众股东持有的股份。 |
| Article 13 Investors participating in this strategic placement shall not participate in the offering of IPO stock under the public subscription and placing tranche, except securities investment funds managed by securities investment fund managers that do not participate in strategic placement. | | 第十三条 参与本次战略配售的投资者不得参与本次公开发行股票网上发行与网下发行，但证券投资基金管理人管理的未参与战略配售的证券投资基金除外。 |
| Article 14 Before the T-3 day (T day is the date of subscription under the public subscription tranche and subscription under the placing tranche), strategic investors shall pay subscription capital in full amount and the corresponding brokerage commission for the placement of new shares. | | 第十四条 T-3日（T日为网上网下申购日）前，战略投资者应当足额缴纳认购资金及相应新股配售经纪佣金。 |
| Chapter III Follow-up Investment of Relevant Subsidiaries of the Sponsor | | 第三章 保荐机构相关子公司跟投 |
| Article 15 The rules for the follow-up investment of relevant subsidiaries of the sponsor shall be implemented on a pilot basis on the sci-tech board. The issuer's sponsor shall participate in the issuer's IPO strategic placement through a legally formed alternative investment subsidiary or an alternative investment subsidiary legally formed by the securities company that actually controls the sponsor, and set a sale restriction period for the placed shares. | | 第十五条 科创板试行保荐机构相关子公司跟投制度。发行人的保荐机构通过依法设立的另类投资子公司或者实际控制该保荐机构的证券公司依法设立的另类投资子公司参与发行人首次公开发行战略配售，并对获配股份设定限售期。 |
| Where the sponsor fulfills the provisions of the preceding paragraph through other forms recognized by the CSRC and the SSE, it shall abide by the provisions and regulatory requirements of these Guidelines on the follow-up investment of relevant subsidiaries of the sponsor. | | 保荐机构通过中国证监会和本所认可的其他方式履行前款规定的，应当遵守本指引关于保荐机构相关子公司跟投的规定和监管要求。 |
| Article 16 In the case of joint sponsorship, the sponsor participating in the joint sponsorship shall implement the follow-up investment of relevant subsidiaries of the sponsor in accordance with the provisions of these Guidelines, and disclose the specific arrangements. | | 第十六条 采用联合保荐方式的，参与联合保荐的保荐机构应当按照本指引规定分别实施保荐机构相关子公司跟投，并披露具体安排。 |
| Article 17 The funds used in the follow-up investment of relevant subsidiaries of the sponsor shall be self-owned funds, unless it is otherwise provided for by the CSRC. | | 第十七条 保荐机构相关子公司跟投使用的资金应当为自有资金，中国证监会另有规定的除外。 |
| Article 18 The relevant subsidiaries of the sponsor participating in the placement shall sign a placement agreement with the issuer in advance, and make an undertaking to subscribe for 2% to 5% of IPO stocks of the issuer according to the stock issue price, and determine by grade the specific ratio according to the size of IPO stocks of the issuer. | | 第十八条 参与配售的保荐机构相关子公司应当事先与发行人签署配售协议，承诺按照股票发行价格认购发行人首次公开发行股票数量2%至5%的股票，具体比例根据发行人首次公开发行股票的规模分档确定： |
| (1) The size of issue is less than one billion yuan, the ratio of follow-up investment is 5%, but the amount of investment does not exceed 40 million yuan. | | （一）发行规模不足10亿元的，跟投比例为5%，但不超过人民币4000万元； |
(2) The size of issue is not less than one billion yuan but not more than two billion yuan, the ratio of follow-up investment is 4%, but the amount of investment does not exceed 60 million yuan.
．．．．．． | | （二）发行规模10亿元以上、不足20亿元的，跟投比例为4%，但不超过人民币6000万元；
．．．．．． |
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