| Notice by the Shanghai Stock Exchange of Issuing the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stock on the Science and Technology Innovation Board (II) | | 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上市审核问答（二）》的通知 |
| (No. 36 [2019] of the Shanghai Stock Exchange) | | （上证发〔2019〕36号） |
| All market participants: | | 各市场参与人： |
| For the purposes of specifying market expectations and improving the transparency of examination of the issuance and listing of stock on the science and technology innovation board, the China Securities Regulatory Commission improved the relevant examination standards in accordance with the reform direction of the establishment of a science and technology innovation board and the launch of the pilot program of a registration system and guided the Shanghai Stock Exchange (hereinafter referred to as the "Exchange") in developing the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stock on the Science and Technology Innovation Board (II), which shall be applicable to the science and technology innovation board at the first instance. With the approval of the China Securities Regulatory Commission, the Exchange hereby issues the Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stock on the Science and Technology Innovation Board (II) (see Annex for details), which shall come into force as of the date of issuance. | | 为明确市场预期，提高科创板股票发行上市审核透明度，中国证监会按照设立科创板并试点注册制改革方向，完善相关审核标准，并指导上海证券交易所（以下简称本所）形成《上海证券交易所科创板股票发行上市审核问答（二）》，在科创板先行使用。经中国证监会批准，本所现予发布《上海证券交易所科创板股票发行上市审核问答（二）》（详见附件），并自发布之日起实施。 |
| The Exchange shall, based on examination practice, sum up experience in a timely manner and make supplements and improvements to the Questions and Answers. | | 本所将根据审核实践，及时总结经验，对发行上市审核问答进行补充完善。 |
| | 特此通知。 |
| Annex: Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stock on the Science and Technology Innovation Board (II) | | 附件：上海证券交易所科创板股票发行上市审核问答（二） |
| Shanghai Stock Exchange | | 上海证券交易所 |
| March 24, 2009 | | 二〇一九年三月二十四日 |
| Questions and Answers by the Shanghai Stock Exchange on Examination of the Issuance and Listing of Stock on the Science and Technology Innovation Board (II) | | 上海证券交易所科创板股票发行上市审核问答（二） |
| Table of Contents | | 目 录 |
| 1. If an issuer has historical circumstances such as shareholding by the trade union or employee shareholder meeting and a relatively large number of natural person shareholders, how shall the issuer comply? How shall an intermediary conduct verification?.............................. 2 | | 1.发行人历史上存在工会、职工持股会持股或者自然人股东人数较多等情形的，发行人应当如何进行规范？中介机构应当如何进行核查？ |
| 2. How shall verification and information disclosure be carried out if an issuer has a new shareholder before or after application? How shall the lock-up arrangement be made?.............................. 3 | | 2.发行人申报前后新增股东的，应当如何进行核查和信息披露？股份锁定如何安排？ |
| 3. If an issuer had a defect in capital contributions or restructuring in history, what aspects shall an intermediary focus on in verification?.............................. 4 | | 3.发行人历史上存在出资瑕疵或者改制瑕疵的，中介机构核查应当重点关注哪些方面？ |
| 4. If an issuer's assets are in part from a listed company, what aspects shall intermediaries focus on in verification? ..............................5 | | 4.发行人的资产部分来自于上市公司，中介机构核查应当重点关注哪些方面？ |
| 5. How shall issuers and intermediaries determine actual controllers? ...................................6 | | 5.关于实际控制人的认定，发行人及中介机构应当如何把握？ |
| 6. If an issuer has no or has difficulty in determining an actual controller, how shall the lock-up period of the shares held by the issuer's shareholders be arranged? .............................8 | | 6.发行人没有或难以认定实际控制人的，发行人股东所持股票的锁定期如何安排？ |
| 7. If an issuer leases a building from its controlling shareholder or actual controller, or uses a trademark, patent or major know-how as authorized by its controlling shareholder or actual controller, what aspects shall an intermediary pay attention to in verification?.............................. 9 | | 7.发行人租赁控股股东、实际控制人房产或者商标、专利、主要技术来自于控股股东、实际控制人的授权使用，中介机构核查应当注意哪方面？ |
| 8. Certain issuers make relevant investment with their controlling shareholders, actual controllers, directors, supervisors or senior management in their operations. How shall an issuer disclose such investment? What aspects shall an intermediary focus on in verification?.............................. 10 | | 8.一些发行人在经营中存在与其控股股东、实际控制人或董事、监事、高级管理人员的相关共同投资行为，发行人对此应当如何披露，中介机构核查应当重点关注哪些方面？ |
| 9. If an issuer has "three types of shareholders" including contractual funds, trust schemes or asset management schemes during its quotation on the National Equities Exchange and Quotations, what are the requirements for the verification and disclosure of relevant information?.............................. 11 | | 9.发行人在全国股份转让系统挂牌期间形成契约性基金、信托计划、资产管理计划等“三类股东”的，对于相关信息的核查和披露有何要求？ |
| 10. Certain institutional investors agrees on a valuation adjustment mechanism at the time of investing. How shall an issuer or intermediary conduct verification?.............................. 12 | | 10．部分投资机构在投资时约定有估值调整机制（对赌协议），发行人及中介机构应当如何把握？ |
| 11. In the process of a business combination, what shall be focused on when whether the parties to the combination are under common control is determined? If a red-chip enterprise has any variable interest entity structure or similar special arrangement, what are the requirements in the aspect of information disclosure and verification relating to the preparation of consolidated statements? ................................12 | | 11.企业合并过程中，对于合并各方是否在同一控制权下的认定应当重点关注哪些内容？红筹企业如存在协议控制或类似特殊安排，在与合并报表编制相关的信息披露和核查方面有哪些要求？ |
| 12. If an issuer has a relatively high customer concentration, what aspects shall an intermediary focus on? .................................14 | | 12.发行人客户集中度较高，中介机构应当重点关注哪些方面？ |
| 13. What are the important circumstances that affect an issuer's capability to continue as a going concern. How shall an intermediary conduct verification? ................................15 | | 13.影响发行人持续经营能力的重要情形有哪些？中介机构应当如何进行核查？ |
| 14. If an issuer has irregularities in internal financial control during the reporting period, how shall such irregularities be rectified? What aspects shall an intermediary focus on in verification? .................................17 | | 14.发行人报告期存在财务内控不规范情形，应当如何进行规范？中介机构核查应当重点关注哪些方面？ |
| 15. What aspects of third-party payments shall an issuer or intermediary focus on in verification? ................................20 | | 15.关于第三方回款，发行人及中介机构应当重点关注哪些方面？ |
| 16. If an issuer changes an accounting policy or accounting estimate, or corrects an accounting error, during the reporting period, how shall verification be conducted?.............................. 22 | | 16.发行人报告期内存在会计政策、会计估计变更或会计差错更正情形的，应当如何把握？ |
| 1. If an issuer has historical circumstances such as shareholding by the trade union or employee shareholder meeting and a relatively large number of natural person shareholders, how shall the issuer comply? How shall an intermediary conduct verification? | | 1.发行人历史上存在工会、职工持股会持股或者自然人股东人数较多等情形的，发行人应当如何进行规范？中介机构应当如何进行核查？ |
| Answer: (1) The compliance requirements for shareholding by the trade union or employee shareholder meeting | | 答：（一）工会及职工持股会持股的规范要求 |
| Given the requirements of the issuance conditions for the holder of controlling interest in an issuer, if a controlling shareholder or actual controller of the issuer has circumstances such as shareholding by the trade union or employee shareholder meeting, such circumstances shall be removed. | | 考虑到发行条件对发行人控股权权属清晰的要求，发行人控股股东或实际控制人存在职工持股会或工会持股情形的，应当予以清理。 |
| If an indirect shareholder has circumstances such as shareholding by the trade union or employee shareholder meeting, and none of the entities at all levels controlled by any actual controller of the issuer is involved, the issuer need not remove the circumstances, but shall adequately disclose them. | | 对于间接股东存在职工持股会或工会持股情形的，如不涉及发行人实际控制人控制的各级主体，发行人不需要清理，但应予以充分披露。 |
| If the trade union or employee shareholder meeting holds shares in a subsidiary of the issuer, and the sponsor and the issuer's lawyer deem upon verification that a material violation of any law or regulation is committed, the issuer need not remove the circumstances, but shall adequately disclose them. | | 对于工会或职工持股会持有发行人子公司股份，经保荐机构、发行人律师核查后认为不构成发行人重大违法违规的，发行人不需要清理，但应予以充分披露。 |
| (2) Verification requirements in the case of a large number of natural person shareholders | | （二）自然人股东人数较多的核查要求 |
| For an issuer whose historical evolution involves a relatively large number of natural person shareholders, the sponsor and the issuer's lawyer shall verify whether a historical natural person shareholder's payment for shares or surrender of shares (including removal of shareholding by the trade union or the employee shareholder meeting) followed a corresponding process in accordance with the laws and regulations in force at the time and whether payment for shares or share transfer agreements, acknowledgment of payments and receipts, industrial and commercial registration information and other legal documents are complete, choose a certain percentage of shareholders for an interview, and issue a clear opinion on the authenticity of the changes in the shares of relevant natural person shareholders, the legality of the process followed, whether there is a circumstance of nominee shareholding or trust shareholding, and whether there is a dispute or a potential dispute. For a dispute or potential dispute, the sponsor and the issuer's lawyer shall issue a clear opinion on the effect of the relevant dispute on the clarity and stability of the holder of the controlling interest in the issuer. If an issuer establishes a joint stock limited company by private placement, the intermediaries shall base the opinions issued by them on the competent authorities' opinions on the compliance of the issuer's historical evolution, whether there is any dispute or potential dispute, and other matters. | | 对于历史沿革涉及较多自然人股东的发行人，保荐机构、发行人律师应当核查历史上自然人股东入股、退股（含工会、职工持股会清理等事项）是否按照当时有效的法律法规履行了相应程序，入股或股权转让协议、款项收付凭证、工商登记资料等法律文件是否齐备，并抽取一定比例的股东进行访谈，就相关自然人股东股权变动的真实性、所履行程序的合法性，是否存在委托持股或信托持股情形，是否存在争议或潜在纠纷发表明确意见。对于存在争议或潜在纠纷的，保荐机构、发行人律师应就相关纠纷对发行人控股权权属清晰稳定的影响发表明确意见。发行人以定向募集方式设立股份公司的，中介机构应以有权部门就发行人历史沿革的合规性、是否存在争议或潜在纠纷等事项的意见作为其发表意见的依据。 |
| 2. How shall verification and information disclosure be carried out if an issuer has a new shareholder before or after application? How shall the lock-up arrangement be made? | | 2.发行人申报前后新增股东的，应当如何进行核查和信息披露？股份锁定如何安排？ |
| Answer: (1) New shareholders before application | | 答：（一）申报前新增股东 |
| For a shareholder who appears by capital increase or share transfer before the IPO, the sponsor and the issuer's lawyer shall primarily examine such a shareholder as appears in the year before the application, comprehensively verify the basic information of the issuer's new shareholder, the reasons for the appearance of the new shareholder, share transfer or capital increase price and pricing basis, whether the change in ownership is the declaration of true will by the two parties, whether there is a dispute or potential dispute, whether the new shareholder has kinship, affiliate relationship, or entrustment shareholding, voting trust or other tunneling arrangements with the other shareholder, director, supervisor, or senior management of the issuer or the head or signatory of an intermediary for the issuance, and whether the new shareholder qualifies as a shareholder as required by laws and regulations. When the issuer discloses information in the prospectus, the issuer shall, in addition to compliance with the requirements of the information disclosure standards for prospectuses, disclose the ownership structure and actual controller of the new shareholder as in the case of a legal person, or basic information as in the case of a natural person, or the basic information of the partnership and the basic information of the general partner as in the case of a partnership. If a new shareholder is introduced by capital increase or enlarging capital stock after the balance sheet date at the end of the most recent year, audit for another period shall be required before the application. | | 对IPO前通过增资或股权转让产生的股东，保荐机构、发行人律师应主要考察申报前一年新增的股东，全面核查发行人新股东的基本情况、产生新股东的原因、股权转让或增资的价格及定价依据，有关股权变动是否是双方真实意思表示，是否存在争议或潜在纠纷，新股东与发行人其他股东、董事、监事、高级管理人员、本次发行中介机构负责人及其签字人员是否存在亲属关系、关联关系、委托持股、信托持股或其他利益输送安排，新股东是否具备法律、法规规定的股东资格。发行人在招股说明书信息披露时，除满足招股说明书信息披露准则的要求外，如新股东为法人，应披露其股权结构及实际控制人；如为自然人，应披露其基本信息；如为合伙企业，应披露合伙企业的基本情况及普通合伙人的基本信息。最近一年末资产负债表日后增资扩股引入新股东的，申报前须增加一期审计。 |
| In respect of the lock-up requirement, the shares held by any controlling shareholder or actual controller shall be subject to a three-year lock-up period after their listing; and if there is a capital increase or enlargement of capital stock within six months before the application, the holder of the new shares shall undertake that the new shares are subject to a three-year lock-up period from the date on which the issuer completes the procedures for industrial and commercial modification registration of the capital increase and enlargement of capital stock. The shares transferred from a controlling shareholder or actual controller within six months prior to the application shall be subject to a lock-up period by analogy with the shares held by a controlling shareholder or actual controller. The shares held by any relative of the controlling shareholder or the actual controller shall be subject to a lock-up period by analogy with the shareholder. | | 股份锁定方面，控股股东和实际控制人持有的股份上市后锁定3年；申报前6个月内进行增资扩股的，新增股份的持有人应当承诺：新增股份自发行人完成增资扩股工商变更登记手续之日起锁定3年。在申报前6个月内从控股股东或实际控制人处受让的股份，应比照控股股东或实际控制人所持股份进行锁定。控股股东和实际控制人的亲属所持股份应比照该股东本人进行锁定。 |
| (2) New shareholders after application | | （二）申报后新增股东 |
| If after application, a new shareholder appears by capital increase or share transfer, the issuer shall, in principle, withdraw the application for issuance and listing and file another application, unless the ownership change neither results in a replacement of the actual controller nor adversely affects the stability of the controlling interest in the issuer and its capability to continue as a going concern and complies with the following circumstances: The new shareholder appears as a result of succession, divorce, enforcement of a court judgment or arbitral award, or compliance with the requirement of any law or regulation of the state or under the leadership of the people's government at or above the provincial level, and the new shareholder undertakes not to transfer nor trade the shares they hold within 36 months after their listing (except for reasons such as succession and divorce). In terms of verification and information disclosure, if a new shareholder appears after the issuer submits an application and complies with the foregoing requirements, rendering another application unnecessary, the verification and information disclosure requirements with respect to new shareholders appearing in one year before application shall apply by analogy. In addition, the sponsor and the issuer's lawyer shall verify and issue an opinion on whether the share transfer results in replacement of the issuer's actual controller and adversely affects the stability of the controlling interest in the issuer and its capability to continue as a going concern. | | 申报后，通过增资或股权转让产生新股东的，原则上发行人应当撤回发行上市申请，重新申报。但股权变动未造成实际控制人变更，未对发行人控股权的稳定性和持续经营能力造成不利影响，且符合下列情形的除外：新股东产生系因继承、离婚、执行法院判决或仲裁裁决、执行国家法规政策要求或由省级及以上人民政府主导，且新股东承诺其所持股份上市后36个月之内不转让、不上市交易（继承、离婚原因除外）。在核查和信息披露方面，发行人申报后产生新股东且符合上述要求无需重新申报的，应比照申报前一年新增股东的核查和信息披露要求处理。除此之外，保荐机构和发行人律师还应对股权转让事项是否造成发行人实际控制人变更，是否对发行人控股权的稳定性和持续经营能力造成不利影响进行核查并发表意见。 |
| 3. If an issuer had a defect in capital contributions or restructuring in history, what aspects shall an intermediary focus on in verification? | | 3.发行人历史上存在出资瑕疵或者改制瑕疵的，中介机构核查应当重点关注哪些方面？ |
| Answer: The sponsor and the issuer's lawyer shall pay attention to the issuer as to whether a shareholder fails to fully discharge its capital contribution obligation, illegally withdraws its capital, or makes capital contribution by a defective means, or the circumstance that the issuer was involved in a defective restructuring of a state-owned enterprise or collective enterprise in history. | | 答：保荐机构和发行人律师应关注发行人是否存在股东未全面履行出资义务、抽逃出资、出资方式等存在瑕疵，或者发行人历史上涉及国有企业、集体企业改制存在瑕疵的情形。 |
| (1) Historical defects in capital contributions | | （一）历史上存在出资瑕疵 |
| If there was a historical defect in capital contributions, cure measures shall be taken according to the law before application. The sponsor and the issuer's lawyer shall verify and issue a clear opinion on the effect of the defective matter in capital contributions, whether the issuer or the relevant shareholder has received administrative punishment for the defect, whether the defect constitutes a material illegal act and a legal bar to the issuance, and whether there is a dispute or potential dispute. The issuer shall adequately disclose the defective matter in capital contributions, the cure measures taken, and the verification opinion of the intermediaries. | | 历史上存在出资瑕疵的，应当在申报前依法采取补救措施。保荐机构和发行人律师应当对出资瑕疵事项的影响及发行人或相关股东是否因出资瑕疵受到过行政处罚、是否构成重大违法行为及本次发行的法律障碍，是否存在纠纷或潜在纠纷进行核查并发表明确意见。发行人应当充分披露存在的出资瑕疵事项、采取的补救措施，以及中介机构的核查意见。 |
| (2) Historical defects in restructuring | | （二）历史上存在改制瑕疵 |
| For an issuer that is derived from the restructuring of a state-owned enterprise or collective enterprise or was historically an enterprise operating affiliated with a collective organization, if the legal basis in the restructuring process was unclear, or the relevant procedures were defective or in a manifest conflict with the relevant laws and regulations, the issuer shall in principle disclose in the prospectus the opinion of the competent authority on the legality of the restructuring procedures and whether the loss of state-owned or collective assets ensued. In the absence of such cases in the restructuring of the state-owned enterprise or collective enterprise, the sponsor and the issuer's lawyer shall analyze and state under the laws and regulations in force at the time whether the relevant restructuring was approved by the competent authority, whether the legal basis was sufficient, and whether the procedures fulfilled were legal, and the effect on the issuer. The issuer shall disclose the verification opinions of the relevant intermediaries in the prospectus. | | 对于发行人是国有企业、集体企业改制而来的或历史上存在挂靠集体组织经营的企业，若改制过程中法律依据不明确、相关程序存在瑕疵或与有关法律法规存在明显冲突，原则上发行人应在招股说明书中披露有权部门关于改制程序的合法性、是否造成国有或集体资产流失的意见。国有企业、集体企业改制过程不存在上述情况的，保荐机构、发行人律师应结合当时有效的法律法规等，分析说明有关改制行为是否经有权机关批准、法律依据是否充分、履行的程序是否合法以及对发行人的影响等。发行人应在招股说明书中披露相关中介机构的核查意见。 |
| 4. If a part of an issuer's assets are from a listed company, what aspects shall an intermediary focus on in verification? | | 4.发行人的部分资产来自于上市公司，中介机构核查应当重点关注哪些方面？ |
| Answer: If an issuer's assets are in part from a listed company, the sponsor and the issuer's lawyer shall verify and issue an opinion on the following: | | 答：如发行人部分资产来自于上市公司，保荐机构和发行人律师应当针对以下事项进行核查并发表意见： |
| (1) Whether the background against which the issuer obtains the assets of the listed company, the decision-making procedures performed, and the approval procedures and information disclosure comply with the laws and regulations, the articles of association of the two parties to the transaction, and the regulatory and information disclosure requirements for listed companies of the China Securities Regulatory Commission ("CSRC") and the stock exchange and whether there is a dispute or potential dispute. | | （一）发行人取得上市公司资产的背景、所履行的决策程序、审批程序与信息披露情况，是否符合法律法规、交易双方公司章程以及证监会和证券交易所有关上市公司监管和信息披露要求，是否存在争议或潜在纠纷。 |
| (2) The historical positions in the listed company or any company it controls held by any director, supervisor or member of senior management of the issuer and its affiliates and whether the non-compete obligation is breached; and at the time of transfer of the aforesaid assets, the position in the listed company held by any director, supervisor or member of senior management of the issuer and whether he or she has kinship or otherwise closely related to the listed company or its director, supervisor or member of senior management. If the aforesaid relationship exists, whether the above-mentioned persons are disqualified from voting, or effective measures to protect the interests of non-affiliate shareholders are taken, during the performance of the relevant decision-making procedures. | | （二）发行人及其关联方的董事、监事和高级管理人员在上市公司及其控制公司的历史任职情况及合法合规性，是否存在违反竞业禁止义务的情形；上述资产转让时，发行人的董事、监事和高级管理人员在上市公司的任职情况，与上市公司及其董事、监事和高级管理人员是否存在亲属及其他密切关系。如存在上述关系，在相关决策程序履行过程中，上述人员是否回避表决或采取保护非关联股东利益的有效措施。 |
| (3) Upon transfer of the assets, whether there is a dispute or litigation between the issuer or its affiliates and the listed company regarding the transfer of the assets. | | （三）资产转让完成后，发行人及其关联方与上市公司之间是否就上述转让资产存在纠纷或诉讼。 |
| (4) Whether any director, supervisor, or member of senior management of the issuer or its affiliates, or the listed company, has any circumstance harmful to the lawful interests of the listed company and its small and medium-sized investors at the time of transfer of the aforesaid assets. | | （四）发行人及其关联方的董事、监事、高级管理人员以及上市公司在转让上述资产时是否存在损害上市公司及其中小投资者合法利益的情形。 |
| (5) The time when the assets of the issuer from the listed company are placed in the issuer, their proportion to the issuer's assets, and their role in the issuer's production and operation. | | （五）发行人来自于上市公司的资产置入发行人的时间，在发行人资产中的占比情况，对发行人生产经营的作用。 |
| (6) If a domestic or overseas listed company effects a spin-off listing on the science and technology innovation board, whether the relevant rules are satisfied. | | （六）境内外上市公司分拆子公司在科创板上市，是否符合相关规定。 |
| 5. How shall issuers and intermediaries determine actual controllers? | | 5.关于实际控制人的认定，发行人及中介机构应当如何把握？ |
| Answer: (1) Basic requirements for determination of actual controllers | | 答：（一）实际控制人认定的基本要求 |
| An actual controller is owner of control of a company. Ownership of the control of a company shall be confirmed by the shareholders of the issuer, based on the principle of factualness, respecting the actual circumstances of the enterprise, with a focus on the issuer's own determination. The sponsor and the issuer's lawyer shall issue a clear opinion on the determination of the actual controller by verifying the company's articles of association, agreements or other arrangements, and the actual operation of the issuer's shareholders' assembly (shareholders' attendance at the meeting, voting process, deliberation results, nomination and appointment of directors, and the like), the board of directors (proposals and voting process for major decisions and the like), the supervisory board, and the issuer's operation and management. | | 实际控制人是拥有公司控制权的主体。在确定公司控制权归属时，应当本着实事求是的原则，尊重企业的实际情况，以发行人自身的认定为主，由发行人股东予以确认。保荐机构、发行人律师应通过对公司章程、协议或其他安排以及发行人股东大会（股东出席会议情况、表决过程、审议结果、董事提名和任命等）、董事会（重大决策的提议和表决过程等）、监事会及发行人经营管理的实际运作情况的核查对实际控制人认定发表明确意见。 |
| If there is a relatively broad spread of the shares in an issuer, and a single shareholder controls 30% of its shares, the shareholder shall in principle be determined as a controlling shareholder or actual controller, absent evidence to the contrary. Under any of the following circumstances, the sponsor shall further state whether the issuance conditions are circumvented by determining such an actual controller and issue a special opinion: (1) The company determines that there is an actual controller, but another shareholder holds a relatively high proportion of shares close to that of shares held by the actual controller, and an enterprise controlled by the shareholder competes, either actually or potentially, with the issuer. (2) The largest shareholder holds nearly 30% of shares, other shareholders holds low proportions of shares over a relatively broad spread, and the company determines that there is no actual controller. | | 发行人股权较为分散但存在单一股东控制比例达到30%的情形的，若无相反的证据，原则上应将该股东认定为控股股东或实际控制人。存在下列情形之一的，保荐机构应进一步说明是否通过实际控制人认定而规避发行条件或监管并发表专项意见：（1）公司认定存在实际控制人，但其他股东持股比例较高与实际控制人持股比例接近的，且该股东控制的企业与发行人之间存在竞争或潜在竞争的；（2）第一大股东持股接近30%，其他股东比例不高且较为分散，公司认定无实际控制人的。 |
| (2) Common actual controllers | | （二）共同实际控制人 |
| As a relationship of acting in concert by operation of law or agreement does not necessarily result in common control of an company by more than one person, the issuer and an intermediary shall not make a determination contrary to the facts in order to expand the scope of parties obligated as the actual controller or to satisfy the issuance conditions. If common control is claimed by a concerted action agreement, the largest shareholder may not generally be excluded as a common controller except on reasonable grounds (for example, the largest shareholder is solely a financial investor). The spouse or a lineal relative of an actual controller who holds 5% or more of the shares in a company, or who holds less than 5% of the shares, but serves as a director or member of senior management of the company and plays an important role in company's decision-making, shall be determined as a common actual controller in principle, absent evidence to the contrary. | | 法定或约定形成的一致行动关系并不必然导致多人共同拥有公司控制权的情况，发行人及中介机构不应为扩大履行实际控制人义务的主体范围或满足发行条件而作出违背事实的认定。通过一致行动协议主张共同控制的，无合理理由的（如第一大股东为纯财务投资人），一般不能排除第一大股东为共同控制人。实际控制人的配偶、直系亲属，如其持有公司股份达到5%以上或者虽未超过5%但是担任公司董事、高级管理人员并在公司经营决策中发挥重要作用，除非有相反证据，原则上应认定为共同实际控制人。 |
| Where common actual controllers enter into a concerted action agreement, they shall specify a settlement mechanism in the case of a disagreement or dispute in the agreement. The shares held by a shareholder who is a relative of an actual controller shall be subject to a 36-month lock-up period from the date of listing of the issuer by analogy with the actual controller. The sponsor and the issuer's lawyer shall focus on whether there has been any change in the control of the company in the most recent three years. If there is any suspicion of adjusting the scope for determination of the actual controller for the purposes of meeting the issuance conditions, the sponsor and the issuer's lawyer shall strictly control the determination and prudentially conduct verification and information disclosure. | | 共同实际控制人签署一致行动协议的，应当在协议中明确发生意见分歧或纠纷时的解决机制。对于作为实际控制人亲属的股东所持的股份，应当比照实际控制人自发行人上市之日起锁定36个月。保荐机构及发行人律师应重点关注最近三年内公司控制权是否发生变化，存在为满足发行条件而调整实际控制人认定范围嫌疑的，应从严把握，审慎进行核查及信息披露。 |
| (3) Special circumstances of changes in actual controllers | | （三）实际控制人变动的特殊情形 |
| If the actual controller is a single natural person or more than one natural person in a kinship relationship, the death of the actual controller results in an ownership change, and the transferee of his or her shares is his or her successor, such a change generally is not treated as a change in the company's control. | | 实际控制人为单名自然人或有亲属关系多名自然人，实际控制人去世导致股权变动，股权受让人为继承人的，通常不视为公 |
| If other natural persons are actual controllers, and one of them dies, the sponsor and the issuer's lawyers shall comprehensively make a judgment taking into account the ownership structure, the role of the deceased natural person in the decision-making by the shareholders' assembly or the board of directors, the effect on the issuer continuing as a going concern, and other factors. | | 司控制权发生变更。其他多名自然人为实际控制人，实际控制人之一去世的，保荐机构及发行人律师应结合股权结构、去世自然人在股东大会或董事会决策中的作用、对发行人持续经营的影响等因素综合判断。 |
| (4) Dealing with the circumstances of nominee holdings involved in the determination of actual controllers | | （四）实际控制人认定中涉及股权代持情形的处理 |
| Where nominee holdings of shares are involved in the determination of actual controllers, the issuer and relevant shareholders shall state the reasons for the nominee holdings and provide supporting evidence. If a relationship of nominee holdings does not affect the issuance conditions, the issuer shall faithfully disclose the relationship in the prospectus, and the sponsor and the issuer's lawyer shall issue a clear verification opinion. If it is established that shareholders have knowledge of the relationship of nominee holdings and have no objection to the relationship, and there is no dispute between the shareholders in the relationship, shares held by nominees shall be returned to the actual holder. An issuer and its intermediaries shall generally not determine the company's control to remain unchanged on the grounds of a relationship of nominee holdings between shareholders. If an actual controller is determined by voting rights assignment agreement, concerted action agreement, or otherwise, the determination shall be handled by analogy with relationships of nominee holdings. | | 实际控制人认定中涉及股权代持情况的，发行人、相关股东应说明存在代持的原因，并提供支持性证据。对于存在代持关系但不影响发行条件的，发行人应在招股说明书中如实披露，保荐机构、发行人律师应出具明确的核查意见。如经查实，股东之间知晓代持关系的存在，且对代持关系没有异议、代持的股东之间没有纠纷和争议，则应将代持股份还原至实际持有人。发行人及中介机构通常不应以股东间存在代持关系为由，认定公司控制权未发生变动。对于以表决权让与协议、一致行动协议等方式认定实际控制人的，比照代持关系进行处理。 |
| 6. If an issuer has no or has difficulty in determining an actual controller, how shall the lock-up period of the shares held by the issuer's shareholders be arranged? | | 6.发行人没有或难以认定实际控制人的，发行人股东所持股票的锁定期如何安排？ |
Answer: According to the relevant provisions of the Rules of the Shanghai Stock Exchange for the Listing of Stock on the Science and Technology Innovation Board, shares held by any controlling shareholder or actual controller of an issuer shall not be transferred within 36 months from the date of listing of the issuer's stock. If an issuer has no or difficulty in identifying its actual controller, in order to ensure that the issuer's ownership structure is stable and its ordinary course of production and operation is not affected by any change in the control of the issuer, the issuer's shareholders are required to undertake in a descending order of ownership ratios to subject the shares held by them to a 36-month lock-up period from the date of listing until the shares subject to the lock-up period are not less than 51% of the total A-shares before the issuance.
．．．．．． | | 答：根据《上海证券交易所科创板股票上市规则》的有关规定，发行人控股股东和实际控制人所持股份自发行人股票上市之日起36个月内不得转让。对于发行人没有或难以认定实际控制人的，为确保发行人股权结构稳定、正常生产经营不因发行人控制权发生变化而受到影响，要求发行人的股东按持股比例从高到低依次承诺其所持股份自上市之日起锁定36个月，直至锁定股份的总数不低于发行前A股股份总数的51%。
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