| Notice by the Shanghai Stock Exchange of Issuing the Essential Clauses of the Shanghai Stock Exchange Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board | | 上海证券交易所关于发布《上海证券交易所科创板股票交易风险揭示书必备条款》的通知 |
| (No. 27 [2019] of the Shanghai Stock Exchange) | | （上证发〔2019〕27号） |
| All market participants: | | 各市场参与人： |
| For the purposes of regulating the activities of securities companies on the Sci-tech Innovation Board of the Shanghai Stock Exchange (SSE) and enabling investors to fully understand the risks associated with the trading of stocks and depositary receipts listed on the Sci-tech Innovation Board (hereinafter collectively referred to as the “Sci-tech Innovation Board stocks”), the SSE has developed the Essential Clauses of the Shanghai Stock Exchange Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board (hereinafter referred to as the “Essential Clauses”, see the Annex for details), which are hereby issued for your compliance and implementation and shall come into force on the date of issuance. | | 为了规范证券公司开展上海证券交易所（以下简称本所）科创板业务，使投资者充分了解科创板股票和存托凭证（以下统称科创板股票）交易的相关风险，本所制定了《上海证券交易所科创板股票交易风险揭示书必备条款》（以下简称《必备条款》，详见附件）。现予以发布，并自发布之日起施行，请遵照执行。 |
| Securities companies shall develop the Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board according to the Essential Clauses, and formulate the relevant working system for the suitability management of the investors in stocks listed on the Sci-tech Innovation Board in strict accordance with the Special Provisions on the Trading of Stocks on the Sci-Tech Innovation Board of the Shanghai Stock Exchange and other relevant provisions, so as to fully disclose to investors the risks of the trading of stocks on the Sci-Tech Innovation Board, remind them to pay attention to investment risks, and effectively conduct suitability management. Moreover, they shall take concrete measures to understand investors' risk perception. | | 证券公司应当根据《必备条款》，制定《科创板股票交易风险揭示书》，并严格按照《上海证券交易所科创板股票交易特别规定》等相关规定，制定科创板股票投资者适当性管理相关工作制度，向投资者充分揭示科创板股票交易风险事项，提醒投资者关注投资风险，切实做好适当性管理工作，并切实采取措施了解投资者对风险的认知程度。 |
| | 特此通知。 |
| Annex: Essential Clauses of the Shanghai Stock Exchange Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board | | 附件：上海证券交易所科创板股票交易风险揭示书必备条款 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| March 1, 2019 | | 二〇一九年三月一日 |
| Annex: | | 附件： |
| Essential Clauses of the Shanghai Stock Exchange Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board | | 上海证券交易所科创板股票交易风险揭示书必备条款 |
| For the purposes of enabling investors to fully understand the risks associated with the trading (including issuance and subscription) of stocks and depositary receipts listed on the Sci-tech Innovation Board (hereinafter collectively referred to as the “Sci-tech Innovation Board stocks”), the securities companies engaging in the brokerage of the Sci-tech Innovation Board stocks shall develop the Risk Disclosure Statement on Trading Stocks on the Sci-tech Innovation Board (hereinafter referred to as the “Risk Disclosure Statement”) and fully disclose risks to investors participating in the trading of the Sci-tech Innovation Board stocks. The Risk Disclosure Statement shall at least include the following: | | 为了使投资者充分了解上海证券交易所（以下简称上交所）科创板股票或存托凭证（以下统称科创板股票）交易（含发行申购）的相关风险，开展科创板股票经纪业务的证券公司应当制定《科创板股票交易风险揭示书》（以下简称《风险揭示书》），向参与科创板股票交易的投资者充分揭示风险。《风险揭示书》应当至少包括下列内容： |
| I. The industries in which enterprises listed on the Sci-tech Innovation Board operate and their businesses tend to be characterized by high R&D Investment, long earnings cycle, fast technology iteration and high risks as well as too much reliance on core projects, key technical personnel and few suppliers, which would lead to considerable uncertainty over their sustainable innovation ability, sustainability of main business development, company revenue and profitability after they are listed. | | 一、科创板企业所处行业和业务往往具有研发投入规模大、盈利周期长、技术迭代快、风险高以及严重依赖核心项目、核心技术人员、少数供应商等特点，企业上市后的持续创新能力、主营业务发展的可持续性、公司收入及盈利水平等仍具有较大不确定性。 |
| II. The enterprises listed on the Sci-tech Innovation Board may fail to make continuous profits in the last three accounting years preceding the IPO, make no profits and suffer accumulated uncovered losses at the time of public offering and listing, or may still fail to make profits, sustain losses, or fail to distribute profits after listing. | | 二、科创板企业可能存在首次公开发行前最近3个会计年度未能连续盈利、公开发行并上市时尚未盈利、有累计未弥补亏损等情形，可能存在上市后仍无法盈利、持续亏损、无法进行利润分配等情形。 |
| III. The issue price, scale and frequencies of new stocks issued on the Sci-tech Innovation Board shall be market oriented, and the book building, pricing, placing and other processes dominated by institutional investors. The manner of book building is adopted in an IPO of stocks on the Sci-tech Innovation Board. This process is mainly targeted at seven types of professional institutional investors including securities companies, which means that individual investors cannot directly participate in the determination of the issue price. At the same time, as enterprises listed on the Sci-tech Innovation Board are typically characterized by new technologies, uncertain prospects, large performance fluctuations and high risks, there are few comparable companies in the market. Moreover, due to greater difficulties in IPO pricing, traditional valuation methods may not be applicable, and there may be the risk of fluctuations in stock price even after the stock listing. | | 三、科创板新股发行价格、规模、节奏等坚持市场化导向，询价、定价、配售等环节由机构投资者主导。科创板新股发行全部采用询价定价方式，询价对象限定在证券公司等七类专业机构投资者，而个人投资者无法直接参与发行定价。同时，因科创板企业普遍具有技术新、前景不确定、业绩波动大、风险高等特征，市场可比公司较少，传统估值方法可能不适用，发行定价难度较大，科创板股票上市后可能存在股价波动的风险。 |
IV. After the preliminary book building is closed, if an issuer of stocks on the Sci-tech Innovation Board estimates that the total market value after issuance cannot meet the listing standards of market value and financial indicators clearly selected in the prospectus, such issuance shall be suspended as required.
．．．．．． | | 四、初步询价结束后，科创板发行人预计发行后总市值不满足其在招股说明书中明确选择的市值与财务指标上市标准的，将按规定中止发行。
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