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Notice of the Shanghai Stock Exchange on Issuing the Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (Revised in November 2018) [Effective]
上海证券交易所关于发布《上海证券交易所退市公司重新上市实施办法(2018年11月修订)》的通知 [现行有效]
【法宝引证码】

Notice of the Shanghai Stock Exchange on Issuing the Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (Revised in November 2018) 

上海证券交易所关于发布《上海证券交易所退市公司重新上市实施办法(2018年11月修订)》的通知

(No. 99 [2018] of the Shanghai Stock Exchange) (上证发〔2018〕99号)

All market participants: 各市场参与人:
For purposes of further improving the rules for the delisting of listed companies, in accordance with the Decision of the China Securities Regulatory Commission to Amend the Several Opinions on Reforming, Improving and Strictly Implementing the Rules for the Delisting of Listed Companies and the Stock Listing Rules of the Shanghai Stock Exchange (Revised in November 2018), the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has developed the Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies. On such a basis, the SSE has revised the Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (2015 Revision). The revised Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (Revised in November 2018) (see the Annex for details), which have been deliberated and adopted by the board of governors of the SSE and reported to the China Securities Regulatory Commission (CSRC) for approval, are hereby issued and shall come into force on the date of issuance. 为进一步完善上市公司退市制度,上海证券交易所(以下简称本所)根据中国证监会《关于修改<关于改革完善并严格实施上市公司退市制度的若干意见>的决定》及《上海证券交易所股票上市规则(2018年11月修订)》,制定了《上海证券交易所上市公司重大违法强制退市实施办法》。据此,本所对《上海证券交易所退市公司重新上市实施办法(2015年修订)》进行了修订。修订后的《上海证券交易所退市公司重新上市实施办法(2018年11月修订)》(详见附件)已经本所理事会审议通过并报经中国证监会批准,现予以发布,自发布之日起施行。
Annex: Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (Revised in November 2018) 
特此通知。
Shanghai Stock Exchange 附件:上海证券交易所退市公司重新上市实施办法(2018年11月修订)
November 16, 2018 上海证券交易所
Annex: 二〇一八年十一月十六日
Implementation Measures of the Shanghai Stock Exchange for the Relisting of Delisted Companies (Came into force in December 2012, revised for the first time in December 2013, revised for the second time in January 2015, and revised for the third time in November 2018) 附件:
 上海证券交易所退市公司重新上市实施办法
 (2012年12月实施 2013年12月第一次修订 2015年1月第二次修订 2018年11月第三次修订)
Chapter I General Provisions 

第一章 总则

 
Article 1 For purposes of regulating the relisting of delisted companies (hereinafter referred to as “delisted companies or companies”) of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”), further improving the delisting mechanism, and protecting the lawful rights and interests of investors, these Measures are developed in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Stock Listing Rules of the Shanghai Stock Exchange (hereinafter referred to as the “Listing Rules”) and other relevant laws, regulations and business rules.   第一条 为规范上海证券交易所(以下简称本所)终止上市公司(以下简称退市公司或者公司)的重新上市行为,进一步完善退市机制,保护投资者的合法权益,根据《中华人民共和国公司法》《中华人民共和国证券法》及《上海证券交易所股票上市规则》(以下简称《上市规则》)等相关法律、法规及业务规则,制定本办法。
Article 2 Where a company listed on the SSE applies for the relisting of its stock after it is delisted, these Measures shall apply.   第二条 本所上市公司的股票被终止上市后,公司向本所申请其股票重新上市的,适用本办法。
If it is otherwise prescribed by the CSRC or the SSE, such provisions shall apply. 中国证监会或者本所另有规定的,从其规定。
Article 3 A company which applies for relisting shall disclose or declare information in a timely and impartial manner, and guarantee that the disclosed or declared information is true, accurate and complete, and contains no false records, misleading statements or material omissions.   第三条 公司申请重新上市,应当及时、公平地披露或者申报信息,并保证所披露或者申报信息的真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
The directors, supervisors and senior executives shall perform their duties in a diligent manner, guarantee that the information is disclosed or declared by the company in a timely, fair, truthful, accurate and complete manner, and declare that they shall assume the corresponding legal liability. 公司董事、监事和高级管理人员应当勤勉尽责,保证公司所披露或者申报信息的及时、公平、真实、准确、完整,并声明承担相应的法律责任。
Article 4 The controlling shareholder, actual controller, directors, supervisors, senior executives and other insiders of a company shall not disclose inside information of the company during the period of planning and decision-making on relisting matters and before the disclosure of relevant information, and shall not conduct insider trading or cooperate with others in manipulating the company's stock transfer price.   第四条 公司控股股东、实际控制人、董事、监事、高级管理人员以及其他内幕信息知情人,在筹划、决策重新上市事宜期间以及相关信息披露前,不得泄露公司内幕信息,不得进行内幕交易或者配合他人操纵公司股票转让价格。
Article 5 The sponsor and its sponsor representatives shall perform duties in a diligent manner, be honest and have good faith, conscientiously perform prudential inspection and counseling obligations, and declare that they shall assume corresponding legal liability for the veracity, accuracy and integrity of the documents issued.   第五条 保荐机构及其保荐代表人应当勤勉尽责、诚实守信,认真履行审慎核查和辅导义务,并声明对其所出具文件的真实性、准确性、完整性承担相应的法律责任。
Article 6 A securities service institution that provides relevant documents or services for the relisting of a company and its employees shall strictly perform their duties and declare to assume responsibility for the veracity, accuracy and integrity of the documents issued.   第六条 为公司重新上市提供有关文件或者服务的证券服务机构和人员,应当严格履行职责,并声明对所出具文件的真实性、准确性和完整性承担责任。
Article 7 The decision of the SSE to approve the relisting of a company's stock does not indicate a substantial judgment or guarantee on the investment value of the stock or the investors' income. Investors shall assume investment risks by themselves.   第七条 本所同意公司股票重新上市的决定,不表明对该股票的投资价值或者投资者的收益作出实质性判断或者保证。投资者应自行承担投资风险。
Chapter II Application Conditions and Acceptance Procedures 

第二章 申请条件与受理程序

 
Article 8 After the stock of a company listed on the SSE is delisted, if the circumstance resulting in the delisting of its stock has been eliminated and it meets all the following conditions prescribed in the Listing Rules, it may apply to the SSE for relisting:   第八条 本所上市公司的股票被终止上市后,其终止上市情形已消除,且同时符合《上市规则》规定的下列条件的,可以向本所申请重新上市:
(1) The company's total share capital is not less than 50 million yuan. (一)公司股本总额不少于人民币5000万元;
(2) The number of the company's shares held by the public accounts for 25% or more of the total number of shares of the company; if the total share capital of the company exceeds 400 million yuan, the number of shares held by the public accounts for 10% or more of total shares of the company. (二)社会公众股持有的股份占公司股份总数的比例为25%以上;公司股本总额超过人民币4亿元的,社会公众股持有的股份占公司股份总数的比例为10%以上;
(3) The company and its directors, supervisors and senior executives have not committed any major violation of law in the last three years, and there are no false records in the financial accounting report. (三)公司及董事、监事、高级管理人员最近3年无重大违法行为,财务会计报告无虚假记载;
(4) Its net profits in the last three accounting years are positive and exceed 30 million yuan on an accumulative basis. The net profit before and after the deduction of non-recurring profit and loss (whichever is lower) shall be taken as the calculation basis. (四)最近3个会计年度净利润均为正数且累计超过人民币3000万元,净利润以扣除非经常性损益前后较低者为计算依据;
(5) The net cash flow from operating activities in the last three accounting years exceeds 50 million yuan on an accumulative basis; or the accumulative operating income in the last three accounting years exceeds 300 million yuan. (五)最近3个会计年度经营活动产生的现金流量净额累计超过人民币5000万元;或者最近3个会计年度营业收入累计超过人民币3亿元;
(6) The audited ending net assets in the recent accounting year are positive. (六)最近1个会计年度经审计的期末净资产为正值;
(7) An accounting firm has issued a standard audit report with unqualified opinions on the financial accounting reports of the last three accounting years. (七)最近3个会计年度的财务会计报告均被会计师事务所出具标准无保留意见的审计报告;
(8) In the last three years, there is no major change in the company's main business, or directors and senior executives, and the actual controller has no change. (八)最近3年公司主营业务没有发生重大变化,董事、高级管理人员没有发生重大变化,实际控制人没有发生变更;
(9) Upon inspection, the sponsor issues a clear opinion that the company has sustainable operation ability. (九)保荐机构经核查后发表明确意见,认为公司具备持续经营能力;
(10) Upon inspection, the sponsor issues a clear opinion that the company has a sound corporate governance structure, standard operation, and has no major internal control defect. (十)保荐机构经核查后发表明确意见,认为公司具备健全的公司治理结构、运作规范、无重大内控缺陷;
(11) Other conditions prescribed by the SSE. (十一)本所规定的其他条件。
Article 9 An active delisted company may file a relisting application with the SSE at any time.   第九条 主动退市公司可以随时向本所提出重新上市申请。
Where a forcibly delisted company applies to the SSE for relisting, its application time shall comply with the following provisions: 强制退市公司向本所申请重新上市的,其申请时间应当符合下列规定:
(1) Three months have elapsed from the date when the stock of a company that is forcibly delisted due to market trading indicators is transferred in the National Equities Exchange and Quotations (hereinafter referred to as the “NEEQ”). (一)因市场交易类指标强制退市的公司,自其股票进入全国中小企业股份转让系统(以下简称股份转让系统)转让之日起满3个月;
(2) A company that is forcibly delisted from the market due to fraudulent offering shall not apply to the SSE for relisting after its stock is delisted. (二)因欺诈发行被实施重大违法强制退市的公司,其股票被终止上市后,不得向本所申请重新上市;
(3) Five full accounting years have elapsed since the stock of a company that has been forcibly delisted due to any violation of law other than fraudulent offering is quoted and transferred in the NEEQ. (三)因欺诈发行之外的其他违法行为被实施重大违法强制退市的公司,自其股票进入股份转让系统挂牌转让之日起满5个完整会计年度;
(4) Twelve months have elapsed from the date when the stock of a forcibly delisted company other than forcibly delisted companies prescribed in the aforesaid items (1), (2) and (3) is transferred in the NEEQ. (四)除上述第一项、第二项、第三项强制退市公司之外的其他强制退市公司,自其股票进入股份转让系统转让之日起满12个月。
Article 10 Where a forcibly delisted company falls under any of the following circumstances, the SSE shall not accept its application for the relisting of its stock within 36 months from the date when its stock is transferred in the NEEQ:   第十条 强制退市公司出现下列情形的,自其股票进入股份转让系统转让之日起的36个月内,本所不受理其股票重新上市的申请:
(1) Where the listed company's stock may be forcibly delisted but its board of directors has deliberated and approved and announced the significant asset restructuring matters, the company's board of directors fails to convene the shareholders' meeting as required in a timely manner to determine whether the company's stock will be traded during the delisting arrangement period after delisting. (一)上市公司股票可能被强制退市但其董事会已审议通过并公告筹划重大资产重组事项的,公司董事会未按规定及时召开股东大会,决定公司股票在终止上市后是否进入退市整理期交易;
(2) Failing to perform the information disclosure or any other relevant obligations prescribed by the SSE during the delisting arrangement period. (二)在退市整理期间未按本所规定履行信息披露及其他相关义务;
(3) Failing to arrange the transfer of shares in the NEEQ prescribed by the SSE. (三)未按本所规定安排股份转入股份转让系统进行转让;
(4) Other circumstances where it fails to cooperate in the delisting-related work. (四)其他不配合退市相关工作的情形。
Article 11 Where a company which is forcibly delisted due to any violation of law other than fraudulent offering fails to meet the following conditions at the same time, the SSE shall not accept its relisting application if it fails to meet all the following conditions:   第十一条 因欺诈发行之外的其他违法行为被实施重大违法强制退市的公司,未同时符合下列条件的,本所不受理其重新上市申请:
(1) The company has fully corrected the major violation of law and satisfies the following requirements. (一)已全面纠正重大违法行为并符合下列要求:
(a) The company has disclosed a supplementary or correction announcement on the matters involved in the major violation of law in information disclosure. 1.公司已就重大信息披露违法行为所涉事项披露补充或更正公告;
(b) The company has been held liable for any major violation of law. 2.对重大违法行为的责任追究已处理完毕;
(c) The company has supplemented the relevant decision-making procedures on matters involved in any major violation of law. 3.公司已就重大违法行为所涉事项补充履行相关决策程序;
(d) The controlling shareholder, actual controller or the relevant liable party of the company has made compensation to the company for the loss caused by any major violation of law. 4.公司控股股东、实际控制人等相关责任主体对公司因重大违法行为发生的损失已作出补偿;
(e) The risk factors relating to the company that may be triggered by the major violation of law have been eliminated. 5.重大违法行为可能引发的与公司相关的风险因素已消除。
(2) The following persons liable for the major violation of law have been replaced: (二)已撤换下列与重大违法行为有关的责任人员:
(a) Relevant person determined as guilty by the judgment of the people's court. 1.被人民法院判决有罪的有关人员;
(b) Relevant person who is given the administrative penalty by the relevant administrative organ. 2.被相关行政机关行政处罚的有关人员;
(c) Relevant person who has been legally transferred to the public security organ for case investigation by the relevant administrative organ. 3.被相关行政机关依法移送公安机关立案调查的有关人员;
(d) Other liable persons determined by the CSRC and the SSE as relating to the major violation of law. 4.中国证监会、本所认定的与重大违法行为有关的其他责任人员。
(3) Appropriate arrangements have been made on the assumption of relevant civil compensation and the following requirements are satisfied: (三)已对相关民事赔偿承担做出妥善安排并符合下列要求:
(a) Where the people's court has rendered a judgment on the relevant compensation matter, the judgment has been executed. 1.相关赔偿事项已由人民法院作出判决的,该判决已执行完毕;
(b) Where the people's court has not rendered a judgment on the relevant compensation matter but a settlement has been reached, the settlement agreement has been executed. 2.相关赔偿事项未由人民法院作出判决,但已达成和解的,该和解协议已执行完毕;
(c) Where the people's court has not rendered a judgment on the relevant compensation matter and no settlement is reached, the company and relevant liable parties have already accrued the compensation fund according to the estimated maximum amount of the claim and transferred adequate funds to the special account, and the controlling shareholder and actual controller of the company have promised that if the compensation fund is insufficient for compensation, it will be replenished. 3.相关赔偿事项未由人民法院作出判决,且也未达成和解的,公司及相关责任主体已按预计最高索赔金额计提赔偿基金,并将足额资金划入专项账户,且公司的控股股东和实际控制人已承诺:若赔偿基金不足赔付,其将予以补足。
(4) There is no suspension of listing or delisting prescribed by the Listing Rules. (四)不存在《上市规则》规定的暂停上市或者终止上市情形。
(5) The relisting sponsors and lawyers retained by the company have inspected and verified the circumstances mentioned in the aforesaid four conditions, and issued special inspection opinions to explicitly determine that the company has fully complied with the aforesaid four conditions. (五)公司聘请的重新上市保荐机构、律师已对前述4项条件所述情况进行核查验证,并出具专项核查意见,明确认定公司已完全符合前述4项条件。
Article 12 Where a delisted company plans to apply for relisting, it shall convene the meeting of the board of directors and shareholders' meeting to make a resolution on the application for relisting. The resolution of the shareholders' meeting shall be adopted by two-thirds or more of voting rights held by the shareholders present at the meeting.   第十二条 退市公司拟申请重新上市的,应当召开董事会和股东大会,就申请重新上市事宜作出决议。股东大会决议须经出席会议的股东所持表决权的三分之二以上通过。
Article 13 A company shall provide financial accounting reports in the last three years compiled in accordance with the Accounting Standards for Business Enterprises and audited by an accounting firm qualified for conducting the securities and futures business.   第十三条 公司应当提供按照企业会计准则编制并经具有执行证券、期货业务资格的会计师事务所审计的最近3年财务会计报告。
The audit report of the aforesaid financial accounting reports shall be valid for six months after the deadline of the latest audit. If six months have elapsed, the company shall supplement the audited financial accounting reports in the latest period. 前述财务会计报告的审计报告自最近一期审计截止日后6个月内有效。超过6个月的,公司应当补充提供最近一期经审计的财务会计报告。
Article 14 Where a delisted company applies for relisting, it shall be sponsored by the sponsor and submit relisting application documents and a relisting application to the SSE in accordance with the requirements of Annex 1 and Annex 2 to these Measures.   第十四条 退市公司申请重新上市,应当由保荐机构保荐,并按照本办法附件1和附件2的要求向本所申报重新上市申请文件及重新上市申请书。
The SSE may request the company to supplement relevant materials within the prescribed period according to the examination information. 本所可以根据审核情况,要求公司在规定的期限内补充提供有关材料。
Article 15 The sponsor shall conduct due diligence of the delisted company's relisting application and produce due diligence working papers according to the requirements of Annex 3 to these Measures.   第十五条 保荐机构应当对退市公司申请重新上市情况进行尽职调查,并按照本办法附件3的要求制作尽职调查工作底稿。
Article 16 The sponsor shall issue a relisting sponsor letter and sponsor work report on the basis of due diligence. The relisting sponsor letter shall at least offer opinions on the following matters:   第十六条 保荐机构应当在尽职调查基础上出具重新上市保荐书和保荐工作报告。重新上市保荐书应当至少对以下事项出具意见:
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