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Notice of the Shanghai Stock Exchange on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (2018 Revision) [Effective]
上海证券交易所关于发布《上海证券交易所上市公司可转换公司债券发行实施细则(2018年修订)》的通知 [现行有效]
【法宝引证码】

Notice of the Shanghai Stock Exchange on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (2018 Revision) 

上海证券交易所关于发布《上海证券交易所上市公司可转换公司债券发行实施细则(2018年修订)》的通知

(No. 115 [2018] of the Shanghai Stock Exchange) (上证发〔2018〕115号)

All market participants: 各市场参与人:
For the purposes of optimizing the issue and listing process of convertible corporate bonds, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has revised the Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (see the Annex for details), which are hereby issued and shall come into force on the date of issuance. The Notice on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (No. 54 [2017], SSE) issued by the SSE on September 8, 2017 shall be repealed concurrently. 为优化可转换公司债券发行、上市流程,上海证券交易所(以下简称本所)对《上海证券交易所上市公司可转换公司债券发行实施细则》进行了修订(详见附件),现予发布,并自发布之日起施行。本所于2017年9月8日发布的《关于发布<上海证券交易所上市公司可转换公司债券发行实施细则>的通知》(上证发〔2017〕54号)同时废止。
Annex: Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (2018 Revision) 
特此通知。
Shanghai Stock Exchange 附件:上海证券交易所上市公司可转换公司债券发行实施细则(2018年修订)
December 28, 2018 上海证券交易所
Annex: 二〇一八年十二月二十八日
Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (2018 Revision) 附件:
 上海证券交易所上市公司可转换公司债券发行实施细则
Chapter I General Provisions (2018年修订)
Article 1 For the purposes of regulating the issue of convertible corporate bonds (hereinafter referred to as “convertible bonds”) by companies listed on the Shanghai Stock Exchange (hereinafter referred to as the “SSE”), these Detailed Rules are developed in accordance with the Securities Law, the Measures for the Administration of the Offering of Securities by Listed Companies, the Measures for the Administration of the Offering and Underwriting of Securities and other relevant provisions. 

第一章 总则

Article 2 These Detailed Rules shall apply to the issue of convertible bonds through the trading system of the SSE and by means of subscription under the public subscription tranche, or by means of both subscription under the public subscription tranche and subscription under the placing tranche. Issue under the placing tranche shall be organized by the issuer and the lead underwriter themselves.   第一条 为规范上海证券交易所(以下简称本所)上市公司可转换公司债券(以下简称可转债)发行业务,根据《证券法》《上市公司证券发行管理办法》《证券发行与承销管理办法》等相关规定,制定本细则。
Where exchangeable corporate bonds (hereinafter referred to as “exchangeable bonds”) are issued through the trading system of the SSE and by means of subscription under the public subscription tranche, or by means of both subscription under the public subscription tranche and subscription under the placing tranche, the provisions of these Detailed Rules on convertible bonds shall apply, but the provisions of Article 3, paragraph 2 of Article 10, and paragraph 1 of Article 15 on the preferential allotment of convertible bonds to existing shareholders, and the provisions of paragraph 3 of Article 24 and paragraph 1 of Article 25 shall not apply. 
   第二条 可转债通过本所交易系统并采用网上申购方式发行,或同时采用网上申购和网下申购方式发行的,适用本细则。网下发行由发行人与主承销商自行组织。
Chapter II Basic Rules 可交换公司债券(以下简称可交换债)通过本所交易系统并采用网上申购发行,或同时采用网上申购和网下申购方式发行的,按照本细则关于可转债的规定执行,但第三条、第十条第二款、第十五条第一款有关可转债向原股东优先配售的规定,以及第二十四条第三款、第二十五条第一款的规定不适用。
Article 3 Convertible bonds issued by a listed company may be wholly or partially allotted in priority to existing shareholders holding shares of the company (hereinafter referred to as the “existing shareholders”), and the ratio of preferential allotment shall be disclosed in the issue plan. 

第二章 基本规则

The remaining bonds after preferential allotment to existing shareholders shall be available for subscription under the public subscription tranche and under the placing tranche. Existing shareholders may, in addition to participating in preferential allotment, participate in the subscription of remaining bonds after preferential allotment. 
   第三条 上市公司发行可转债,可以全部或者部分向原持有公司股票的股东(以下简称原股东)优先配售,优先配售比例应当在发行方案中披露。
Article 4 An issue plan of convertible bonds shall specify the way of underwriting convertible bonds, and arrangements if the amount of valid subscriptions for bonds under the public subscription tranche and under the placing tranche is less than the total number of bonds to be issued. 原股东参与优先配售后,余额部分用于网上、网下申购。原股东除可参与优先配售外,也可参与优先配售后的余额申购。
Article 5 An issue plan of convertible bonds shall rationally determine and disclose the upper limit of bonds to be subscribed for. The minimum unit for subscription under the public subscription tranche is one lot (1,000 yuan) and the number of bonds to be subscribed for shall be one lot or an integral multiple thereof, but the number of bonds to be subscribed for under the public subscription tranche shall not exceed the upper limit of bonds to be subscribed for as determined in the issue plan, and the subscription shall be void if it exceeds the upper limit.   第四条 可转债发行方案中应明确承销方式,以及网上、网下有效申购不足发行总量部分的处理安排。
For the purposes of guaranteeing subscription in an orderly manner, the SSE may, based on market conditions and the carrying capacity of the technical system, adjust the subscription unit, the maximum number of bonds to be subscribed for and subscription time, and announce them to the market. 
   第五条 可转债发行方案中应合理确定并披露申购上限。网上申购最小单位为1手(1000元),申购数量应当为1手或1手的整数倍,网上申购数量不得高于发行方案中确定的申购上限,如超过则该笔申购无效。
Article 6 Investors can only use one securities account for subscription under the public subscription tranche of convertible bonds. If the same investor uses many securities accounts to participate in the subscription of the same convertible bond, or an investor uses the same securities account to participate in the subscription of the same convertible bond for many times, the first subscription of the investor is valid, and the remaining subscriptions shall be void. 为保证申购的有序进行,本所可根据市场情况和技术系统承载能力对申购单位、最大申购数量、申购时间进行调整,并向市场公告。
The principle for confirming that many securities accounts are held by the same investor is that the “account holder name” and “valid identity certificate number” in the securities account registration materials are the same. 
   第六条 投资者参与可转债网上申购只能使用一个证券账户。同一投资者使用多个证券账户参与同一只可转债申购的,以及投资者使用同一证券账户多次参与同一只可转债申购的,以该投资者的第一笔申购为有效申购,其余申购均为无效申购。
Article 7 Investors shall not subscribe for convertible bonds with unqualified, dormant or canceled securities accounts. 确认多个证券账户为同一投资者持有的原则为证券账户注册资料中的“账户持有人名称”“有效身份证明文件号码”均相同。
Article 8 An investor may use its SSE securities account to subscribe for exchangeable bonds issued by the SSE on the T day (T day is the date of subscription under the public subscription tranche determined in the issue plan, here and below). The subscription time is from 9:30 to 11:30 and 13:00 to 15:00 on the T day.   第七条 不合格、休眠和注销的证券账户不得参与可转债的申购。
Article 9 Within the subscription time, the investor shall enter the order for subscription under the public subscription tranche at the issue price. The order shall not be withdrawn once submitted. Numbers shall be assigned for subscription based on actual valid subscriptions, with one number assigned to each valid subscription unit. Consecutive numbers shall be assigned to all valid subscription units in a chronological order.   第八条 投资者可以使用所持上海市场证券账户在T日(T日为发行方案确定的网上申购日,下同)申购在本所发行的可转债。申购时间为T日9:30-11:30、13:00-15:00。
Article 10 Investors are not required to pay subscription capital when they subscribe for convertible bonds under the public subscription tranche.   第九条 申购时间内,投资者以发行价格填写网上申购的委托单。一经申报,不得撤单。申购配号根据实际有效申购进行,每一有效申购单位配一个号,对所有有效申购单位按时间顺序连续配号。
Existing shareholders shall, at the time of subscription on the T day, pay sufficient capital for the bonds obtained through preferential allotment. Existing shareholders are not required to pay subscription capital for the remaining bonds available for subscription under the public subscription tranche after preferential allotment. 
   第十条 投资者在进行可转债网上申购时无需缴付申购资金。
Article 11 Investors participating in subscription under the public subscription tranche shall independently express their intentions to subscribe for bonds, and securities companies shall not accept the authorization of investors to subscribe for bonds on behalf of them. 原股东参与优先配售的部分,应当在T日申购时缴付足额资金。原股东参与优先配售后的余额网上申购部分无需缴付申购资金。
Before the settlement date of subscription capital after winning the lucky draw (including the T+3 day), the securities company shall not revoke the designated transaction and cancel the corresponding securities account for an order made by an investor participating in subscription under the public subscription tranche. 
   第十一条 参与网上申购的投资者应自主表达申购意向,证券公司不得接受投资者的全权委托代其进行申购。
Article 12 The lead underwriter shall determine the ratio of winning the lucky draw based on the total number of valid subscriptions made and the number of bonds issued under the public subscription tranche after claw-back, and organize the lucky draw according to the total number assigned and the winning ratio, and announce the lucky draw result. 对于参与网上申购的投资者,证券公司在中签认购资金交收日前(含T+3日),不得为其申报撤销指定交易以及注销相应证券账户。
Article 13 After the investor wins the lucky draw for the subscription of convertible bonds, it shall, in accordance with the provisions of the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as the “CSDC”), ensure that it has sufficient subscription capital in its fund account at the end of the T+2 day. If the investor has insufficient subscription capital, the investor shall be deemed to have waived the subscription for the shortfall and the consequences resulting therefrom and relevant legal liability shall be borne by the investor.   第十二条 主承销商根据有效申购总量和回拨后的网上发行数量确定中签率,并根据总配号量和中签率组织摇号抽签,公布中签结果。
Convertible bonds of which the subscription is waived by the investor or deemed as void by the CSDC Shanghai Branch shall be handled in the manner determined in the issue plan. 
   第十三条 投资者申购可转债中签后,应根据中国证券登记结算有限责任公司(以下简称中国结算)上海分公司的规定,确保其资金账户在T+2日日终有足额认购资金。投资者认购资金不足的,不足部分视为放弃认购,由此产生的后果及相关法律责任,由投资者自行承担。
Article 14 An investor under the public subscription tranche that fails, after winning a lucky draw, to pay subscription capital in full amount three times cumulatively during 12 consecutive months may not subscribe for new shares, convertible bonds, exchangeable bonds or depositary receipts under the public subscription tranche within six months from the date immediately after the CSDC Shanghai Branch receives the order for the waiver of subscription (calculated as 180 natural days, including the day immediately after the date of receipt of the order). 投资者放弃认购及中国结算上海分公司做无效认购处理的可转债,按发行方案确定的方式处理。
According to the list of investors who are not allowed to participate in the subscription of new shares, convertible bonds, exchangeable bonds and depositary receipts as provided by the CSDC Shanghai Branch, the SSE shall determine corresponding subscriptions void after the subscription and before the assignment of numbers. 
The waiver of subscription shall be judged on the basis of the investor. If an investor holds many securities accounts, the number of waiver of subscriptions under any securities account (including unqualified and canceled securities accounts) shall be included in number of subscriptions waived by the investor.   第十四条 网上投资者连续12个月内累计出现3次中签但未足额缴款的情形时,自中国结算上海分公司收到弃购申报的次日起6个月(按180个自然日计算,含次日)内不得参与新股、可转债、可交换债和存托凭证的网上申购。
With respect to a securities company's special accounts for targeted client asset management and enterprise annuity accounts, if the “account holder's name” and the “number of valid identity certificate document” in the securities account registration materials are the same, statistics shall be made according to different investors. 本所根据中国结算上海分公司提供的不得参与新股、可转债、可交换债和存托凭证申购的投资者名单,在申购后、配号前对相应申购做无效处理。
The number of waiver of subscriptions shall be calculated on the basis of the number of times of the investor's actual waiver of subscription for new shares, convertible bonds, exchangeable bonds and depositary receipts. 放弃认购情形以投资者为单位进行判断,即投资者持有多个证券账户的,其名下任何一个证券账户(含不合格、注销证券账户)发生放弃认购情形的,均纳入该投资者放弃认购次数。
 证券公司客户定向资产管理专用账户以及企业年金账户,证券账户注册资料中“账户持有人名称”相同且“有效身份证明文件号码”相同的,按不同投资者进行统计。
Chapter III Business Flow 放弃认购的次数按照投资者实际放弃认购新股、可转债、可交换债和存托凭证的次数合并计算。
Article 15 On the T day, investors that subscribe for convertible bonds and existing shareholders who participate in the preferential allotment of convertible bonds may authorize the securities company designated by them for trading to subscribe for bonds within the subscription time. 

第三章 业务流程

The SSE shall, on the T day, determine the number of valid subscriptions made by investors under the public subscription tranche, and after the end of trading sessions, send the assigned numbers to the securities company. The sales department of each securities company shall release the numbers assigned to investors on the T day. 
   第十五条 T日,申购可转债的投资者,以及参与可转债优先配售的原股东,可以通过其指定交易的证券公司在申购时间内进行申购委托。
Article 16 After the number of valid subscriptions made by an investor on the T day and the number of bonds placed under the public subscription tranche and under the placing tranche is determined, convertible bonds shall be placed according to the following principles: 本所于T日确定网上投资者的有效申购数量,盘后向证券公司发送配号结果数据,各证券公司营业部应于T日向投资者发布配号结果。
(1) When the total number of bonds to be subscribed for under the public subscription tranche equals to the total number of bonds issued under the public subscription tranche, bonds shall be placed according to the actual number of bonds subscribed for by the investor.   第十六条 T日投资者有效申购数量与网上、网下配售额确定后,按照以下原则配售可转债:
(2) When the total number of bonds to be subscribed for under the public subscription tranche is less than the total number of bonds issued under the public subscription tranche, after bonds are placed according to the actual number of bonds subscribed for by the investor, the remaining bonds shall be handled according to the method determined in the convertible bond prospectus and the issue plan. (一)当网上申购总量等于网上发行总量时,按投资者的实际申购量配售;
(3) When the total number of bonds to be subscribed for under the public subscription tranche is larger than the total number of bonds issued under the public subscription tranche, the number of bonds to be placed shall be determined according to the investor's lucky draw result. (二)当网上申购总量小于网上发行总量时,按投资者的实际申购量配售后,余额部分按照可转债募集说明书与发行方案确定的方式处理;
Article 17 On the T+1 day, when the issuer and the lead underwriter announce the ratio of winning the lucky draw for subscription, and the total number of valid subscriptions made under the public subscription tranche is larger than the total number of bonds issued under the public subscription tranche, under the supervision of the notary department, lucky draw shall be organized according to the total number assigned and the winning ratio. One convertible bond may be subscribed for with each winning number. (三)当网上申购总量大于网上发行总量时,按投资者摇号中签结果确定配售数量。
The SSE shall send the lucky draw result to the securities company after the end of trading sessions on the T+1 day. The sales department of each securities company shall notify investors of the lucky draw result on the T+1 day. 
   第十七条 T+1日,发行人与主承销商公布申购中签率,并在网上有效申购总量大于网上发行总量时,在公证部门监督下根据总配号量和中签率组织摇号抽签,每个中签号可以申购1手可转债。
Article 18 On the T+2 day, the issuer and the lead underwriter shall announce the lucky draw result, and investors shall prepare subscription capital according to the lucky draw result. At the end of the T+2 day, an investor winning the lucky draw shall ensure that it has sufficient subscription capital in the fund account and shall be deemed to have waived the subscription for the shortfall. 本所将于T+1日盘后向证券公司发送中签结果数据,各证券公司营业部应于T+1日向投资者通知中签结果。
Article 19 On the T+3 day, investors under the public subscription tranche shall complete the subscription and settlement.   第十八条 T+2日,发行人与主承销商公布中签结果,投资者应根据中签结果准备认购资金。T+2日日终,中签的投资者应确保其资金账户有足额的认购资金,不足部分视为放弃认购。
Article 20 The issuer and the lead underwriter shall announce the issue result to the market on the T+4 day.   第十九条 T+3日,网上申购投资者完成申购交收。
After 8:30 on the T+4 day, the lead underwriter may transfer the subscription capital for convertible bonds deducted by underwriting fees to the bank account designated by the issuer according to the underwriting agreement. 
   第二十条 发行人与主承销商于T+4日向市场公布发行结果。
Article 21 For the convertible bonds standby underwritten by the lead underwriter according to the issue plan, after the completion of subscription under the public subscription tranche, the lead underwriter and the issuer shall complete the transfer of the relevant capital, and the issuer shall submit the application for the registration of convertible bonds according to the provisions of the CSDC Shanghai Branch. T+4日8:30后,主承销商可依据承销协议将可转债认购资金扣除承销费用后划转到发行人指定的银行账户。
Article 22 The refund of capital resulting from the suspension of issue of convertible bonds and the cancellation of securities shall be handled in accordance with the business rules of the CSDC Shanghai Branch.   第二十一条 对于主承销商根据发行方案采取余额包销的可转债,网上发行结束后,主承销商自行与发行人完成相关资金的划付,并由发行人根据中国结算上海分公司的规定提交可转债登记申请。
Article 23 After the completion of issue of convertible bonds, the issuer and the lead underwriter shall apply to the CSDC Shanghai Branch for the registration of convertible bonds within two trading days, and apply to the SSE for the listing of convertible bonds within two trading days after completing the handling of the registration business.   第二十二条 可转债中止发行的资金退回和证券注销,按照中国结算上海分公司的业务规则办理。
Chapter IV Transition between Issue under the Public Subscription Tranche and Issue under the Placing Tranche   第二十三条 可转债发行结束后,发行人及主承销商应在2个交易日内向中国结算上海分公司申请办理可转债登记,登记业务办理完成后2个交易日内向本所申请可转债上市。
Article 24 Institutional investors may participate in subscription under the placing tranche organized by the lead underwriter itself. The specific conditions and procedures shall be determined and disclosed in the prospectus and issue plan of convertible bonds. 

第四章 网上发行与网下发行的衔接

For investors under the placing tranche, the underwriter may charge a security deposit for subscription of not more than 500,000 yuan on a single account for subscription under the placing tranche, and specify in the issue plan the method of handling the security deposit for subscription when the investor under the placing tranche breaches the contract. 
The subscription of convertible bonds under the placing tranche shall be organized by the issuer and the lead underwriter, and the date of subscription under the placing tranche shall not be later than the T day.   第二十四条 机构投资者可以参与主承销商自行组织的网下申购,具体条件、程序应在可转债募集说明书与发行方案中确定并披露。
The first day of subscription for convertible bonds under the placing tranche is the same as the date of subscription under the public subscription tranche, that is, the T day determined in the issue plan, and the number of days of issue under the placing tranche shall be specified in the prospectus. 对于网下投资者,承销商可向网下单一申购账户收取不超过50万元的申购保证金,并在发行方案中明确网下投资者违约时申购保证金的处理方式。
 可转债网下申购由发行人与主承销商自行组织,网下申购日应不晚于T日。
Article 25 The convertible bond issuer and the lead underwriter may, based on the actual subscription under the public subscription tranche and under the placing tranche, determine the final amount of bonds issued under the public subscription tranche and under the placing tranche under the principle that the ratio of lucky draw for issue under the public subscription tranche and the ratio of placement under the placing tranche tend to be consistent with each other. 可交换债网下申购首日与网上申购日相同,为发行方案确定的T日,网下发行天数由募集说明书具体规定。
The exchangeable bond issuer and the lead underwriter may determine the final number of bonds issued under the public subscription tranche and under the placing tranche according to the actual subscription under the public subscription tranche and under the placing tranche in the method agreed upon in the prospectus. 
The issuer and the lead underwriter shall notify the SSE of the number of convertible bonds issued under the public subscription tranche and under the placing tranche after the end of trading sessions on the T day.   第二十五条 可转债发行人和主承销商可以根据网上、网下实际申购情况,按照网上发行中签率和网下配售比例趋于一致的原则确定最终的网上和网下发行数量。
 可交换债发行人和主承销商可以根据网上、网下实际申购情况,按照募集说明书约定的方式确定最终的网上和网下发行数量。
Chapter V Supplementary Provisions 发行人和主承销商应在T日盘后,将网上发行与网下发行的可转债数量通知本所。
Article 26 Investors shall manage their securities accounts in accordance with the relevant provisions of CSDC. 

第五章 附则

Where the relevant subscription is invalid since an investor uses many securities accounts to subscribe for the same convertible bond, or uses the same securities account to subscribe for the same convertible bond for many times, or the number of bonds subscribed for exceeds the upper limit of bonds to be subscribed for, the investor shall assume the relevant liability by itself. 
   第二十六条 投资者应根据中国结算相关规定管理其证券账户。
Article 27 Where an investor's subscription under the public subscription tranche is void since the investor violates Article 14, the investor shall assume the relevant consequences and liability. 因使用多个证券账户申购同一只可转债,以同一证券账户多次申购同一只可转债,或者因申购量超过申购限额,导致相关申购无效的,由投资者自行承担相关责任。
Article 28 Where a securities company accepts the authorization of an investor to subscribe for a convertible bond on behalf thereof in violation of the provision of Article 11, the securities company shall assume the relevant liability.   第二十七条 投资者因违反第十四条规定导致其网上申购无效的,由投资者自行承担相关后果与责任。
Where a securities company violates these Detailed Rules, the SSE may, in accordance with the Member Management Rules of the Shanghai Stock Exchange and other provisions, take the corresponding regulatory measure or take disciplinary action against the company. 
   第二十八条 证券公司因违反第十一条规定接受投资者全权委托代其进行可转债申购的,由证券公司承担相关责任。
Article 29 The registration and settlement business involved in the issue of convertible bonds shall be handled in accordance with the relevant business rules of the CSDC Shanghai Branch. 证券公司违反本细则的,本所可按照《上海证券交易所会员管理规则》等规定,采取相应的监管措施或纪律处分。
Article 30 These Detailed Rules shall be subject to interpretation by the SSE.   第二十九条 可转债发行中涉及的登记结算业务按照中国结算上海分公司的相关业务规则办理。
Article 31 These Detailed Rules shall come into force on the date of issuance. The Notice on Issuing the Detailed Implementing Rules of the Shanghai Stock Exchange for the Issue of Convertible Corporate Bonds by Listed Companies (No. 54 [2017], SSE) issued by the SSE on September 8, 2017 shall be repealed concurrently. In the case of any discrepancy between these Detailed Rules and the provisions involving the issue of convertible bonds issued by the SSE previously, these Detailed Rules shall prevail.   第三十条 本细则由本所负责解释。
   第三十一条 本细则自发布之日起施行。本所于2017年9月8日发布的《关于发布<上海证券交易所上市公司可转换公司债券发行实施细则>的通知》(上证发〔2017〕54号)同时废止。本所此前发布的涉及可转债发行的相关规定与本细则不一致的,以本细则为准。
     
     
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