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Notice by the Shanghai Stock Exchange of Matters Concerning Red Chip Enterprises' Applications for Issuance and Listing on the STAR Market [Effective]
上海证券交易所关于红筹企业申报科创板发行上市有关事项的通知 [现行有效]
【法宝引证码】

Notice by the Shanghai Stock Exchange of Matters Concerning Red Chip Enterprises' Applications for Issuance and Listing on the STAR Market 

上海证券交易所关于红筹企业申报科创板发行上市有关事项的通知

(No. 44 [2020] of the Shanghai Stock Exchange) (上证发〔2020〕44号)

All market participants: 各市场参与人:
For the purposes of further implementing the provisions of the Implementation Opinions on Setting up the STAR Market and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange under which red chip enterprises may apply for the issuance of stocks or depositary receipts and listing on the STAR Market, specifying the matters on red chip enterprises' applications for issuance and listing on the STAR Market, information disclosure requirements and continuous regulation provisions, with the approval of the China Securities Regulatory Commission, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) hereby announces the relevant matters as follows in light of the problems found in issuance and listing examination: 为了进一步落实《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》有关红筹企业可以申请发行股票或存托凭证并在科创板上市的规定,明确红筹企业申报科创板相关事项、信息披露要求及持续监管规定,结合发行上市审核中发现的问题,经中国证监会批准,上海证券交易所(以下简称本所)现就相关事项通知如下:
I. Handling of preferential rights in valuation adjustment agreements   一、估值调整协议中优先权利的处理
Where a red chip enterprise issues to PE, VC and other investors the shares or convertible bonds with agreed redemption right and other preferential rights (hereinafter collectively referred to as “preferred shares”), the issuer and investors shall agree and undertake that they will not exercise preferential rights in the course of application and issuance and will terminate preferential rights and convert preferred shares into ordinary shares before listing. Corresponding requirements for the lock-up period shall apply to investors based on the time point when they acquire the preferred shares. 红筹企业向PE、VC等投资人发行带有约定赎回权等优先权利的股份或可转换债券(以下统称优先股),发行人和投资人应当约定并承诺在申报和发行过程中不行使优先权利,并于上市前终止优先权利、转换为普通股。投资人按照其取得优先股的时点适用相应的锁定期要求。
The issuer shall disclose in its prospectus the agreement on the purchase of and rights in preferred shares, share conversion arrangement and changes in shareholders' rights, impact of share conversion on the issuer's stock capital structure, corporate governance and financial statements, among others, share lock-up arrangements and undertakings, among others, and give sufficient risk alert. 发行人应当在招股说明书中披露优先股的入股和权利约定情况、转股安排及股东权利变化情况,转股对发行人股本结构、公司治理及财务报表等的影响,股份锁定安排和承诺等,并进行充分风险提示。
The sponsor, the issuer's lawyer and accountants involved in an application shall inspect the background of investors' purchase of preferred shares and relevant agreement on rights and offer special inspection opinions on the share conversion arrangement, changes in shareholders' rights before and after share conversion, specific impact of share conversion on the issuer, relevant undertakings, and whether the lock-up period of shares satisfies relevant requirements, among others. 保荐人、发行人律师及申报会计师应当对优先股投资人入股的背景及相关权利约定进行核查,并就转股安排和转股前后股东权利的变化,转股对发行人的具体影响,相关承诺及股份锁定期是否符合要求等发表专项核查意见。
After the issuer's issuance and listing are approved, it and investors shall terminate preferential rights and convert preferred shares into ordinary shares in a timely manner according to the agreements and undertakings. The issuer shall state the share conversion result and its actual impact on the issuer's stock capital structure, corporate governance, and financial statements, among others, in the application for the listing of stocks or depositary receipts filed with the SSE. The sponsor, the issuer's lawyer and accountants shall inspect the completion of conversion of preferred shares and its impact and give opinions. 发行人获准发行上市后,应当与投资人按照约定和承诺及时终止优先权利、转换为普通股。发行人应当在向本所提交的股票或者存托凭证上市申请中,说明转股结果及其对发行人股本结构、公司治理及财务报表等的实际影响。保荐人、发行人律师及会计师应当对优先股转股完成情况及其影响进行核查并发表意见。
II. Adjusted application of conditions for the listing of red chip enterprises 三年不开张,开张吃三年  二、红筹企业上市条件的调整适用
Article 2.1.1 of the Rules of the Shanghai Stock Exchange for the Listing of Stocks on the STAR Market (hereinafter referred to as the “Listing Rules”) set forth the listing conditions for the initial public offerings of stocks on the STAR Market, which involves the calculation of the total amount of capital stocks. Considering that red chip enterprises have relatively large differences with the domestic market in terms of corporate form, the stock's par value and stock capital requirements, and relevant arrangements fall within the scope of corporate governance, the specific conditions for the listing of red chip enterprises are adjusted for application.
......
 上海证券交易所科创板股票上市规则》(以下简称《上市规则》)第2.1.1条规定了科创板首次公开发行股票的上市条件,其中涉及股本总额计算。考虑到红筹企业的公司形式、股票面值及股本要求与境内市场存在较大差异,且相关安排属于公司治理范畴,故对红筹企业特定上市条件予以调整适用。
......

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