| Announcement of the National Equities Exchange and Quotations Co., Ltd. on Issuing the FAQs (IV) on Stock Issuance by Listed Companies —Special Investment Terms | | 全国中小企业股份转让系统有限责任公司关于发布《挂牌公司股票发行常见问题解答（四）--特殊投资条款》的公告 |
| For the purposes of further clarifying the regulatory requirements for special investment terms in the stock issuance by listed companies, directing investment and financing parties to set up special investment terms, and improving the efficiency of issuance and financing, the National Equities Exchange and Quotations Co., Ltd. has developed the FAQs (IV) on Stock Issuance by Listed Companies —Special Investment Terms, which are hereby issued and shall come into force on the date of issuance. | | 为进一步明确挂牌公司股票发行中特殊投资条款的监管要求，引导投融双方规范设置特殊投资条款，提升发行融资效率，全国中小企业股份转让系统有限责任公司制定了《挂牌公司股票发行常见问题解答（四）--特殊投资条款》，现予以发布，自发布之日施行。 |
| | 特此公告。 |
| Annex: FAQs (IV) on Stock Issuance by Listed Companies —Special Investment Terms | | 附件：挂牌公司股票发行常见问题解答（四）--特殊投资条款 |
| National Equities Exchange and Quotations Co., Ltd. | | 全国中小企业股份转让系统有限责任公司 |
| April 19, 2019 | | 2019年4月19日 |
| Annex: | | 附件： |
| FAQs (IV) on Stock Issuance by Listed Companies —Special Investment Terms | | 挂牌公司股票发行常见问题解答（四）--特殊投资条款 |
| I. What regulatory requirements should be met for the special investment terms agreed upon by investors when participating in the stock issue of a listed company? | | 一、投资者参与挂牌公司股票发行时约定的特殊投资条款，应当符合哪些监管要求？ |
| A: The special investment terms agreed upon by investors when participating in the stock issue of the listed company shall not include the following situations: | | 答：投资者参与挂牌公司股票发行时约定的特殊投资条款，不得存在以下情形： |
| (1) The listed company is a party to the agreement attached to special investment terms, except for the listed company as the beneficiary in cases where investors take the subscription or issuance of non-cash assets as equity incentives; | | （一）挂牌公司作为特殊投资条款所属协议的当事人，但投资者以非现金资产认购或发行目的为股权激励等情形中，挂牌公司作为受益人的除外； |
| (2) The price at which, or the investors to whom, the listed company will issue stocks in the future for financing is restricted; | | （二）限制挂牌公司未来股票发行融资的价格或发行对象； |
| (3) The listed company is forced into conducting distribution of rights and interests, or failing to do so; | | （三）强制要求挂牌公司进行权益分派，或者不能进行权益分派； |
(4) When the listed company conducts refinancing in the future, the relevant clauses will automatically apply to the subscribers of stocks issued this time if new investors and the listed company agree upon special investment terms superior to this issue;
．．．．．． | | （四）挂牌公司未来再融资时，如果新投资方与挂牌公司约定了优于本次发行的特殊投资条款，则相关条款自动适用于本次发行认购方；
．．．．．． |
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