Several Opinions on Launching the Pilot Program of Issuing Stocks or Depositary Receipts within China by Innovative Enterprises

证监会
China Securities Regulatory Commission

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1. Guiding Ideology

全面贯彻落实党的十九大精神，以习近平新时代中国特色社会主义思想为指导，认真落实党中央、国务院决策部署，坚持稳中求进工作总基调，牢固树立和贯彻新发展理念，按照高质量发展要求，统筹推进“五位一体”总体布局和协调推进“四个全面”战略布局，深化资本市场改革、扩大开放，支持创新企业在境内资本市场发行证券上市，助力我国高新技术产业和战略性新兴产业发展提升，推动经济发展质量变革、效率变革、动力变革。
We shall comprehensively implement the spirit of the 19th CPC National Congress, follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, conscientiously execute the decisions and arrangements of the CPC Central Committee and the State Council, stick to the general work keynote of seeking progress while maintaining stability, firmly establish and adopt the new development concepts, conform to the high-quality development requirements, boost the overall layout for "economic, political, cultural, social, and ecological progress" in an overall manner, advance the "Four-Pronged Comprehensives" strategy in a synergistic manner, deepen the reform of capital market and expand the opening-up, support innovative enterprises to be listed and to issue securities on domestic capital market, support the development and the improvement of the State’s high-tech industries and strategic emerging industries, and promote better quality, higher efficiency and more robust drivers of the economic growth through reform.

二、 试点原则

 

（二）坚持依法合规。在法律法规框架下，做好与相关政策的衔接配合，稳妥适度开展制度创新，确保试点依法依规、高效可行。
(2) Adhere to the compliance with laws and regulations. Under the current legal framework, ensure the connection and cooperation with the relevant policies, conduct innovation of rules soundly and appropriately, and ensure the pilot program is implemented in a lawful, effective and feasible way.

（四）切实防控风险。充分保护中小投资者合法权益，处理好试点与风险防控的关系，把防控风险放到更加重要的位置。强化监管，维护金融市场稳定，坚决守住不发生系统性风险的底线。
(4) Prevent and control risks practically. Adequately protect the legitimate interests of minority investors, rationalize the relationship between the pilot program and risk prevention and control, and attach greater priority to risk prevention and control. Strengthen the supervision, maintain the stability of the financial market, and firmly hold the bottom line of non-occurrence of systematic risks.

三、 试点企业

 

证监会成立科技创新产业化咨询委员会（以下简称咨询委员会），充分发挥相关行业主管部门及专家学者作用，严格甄选试点企业。咨询委员会由相关行业权威专家、知名企业家、资深投资专家等组成，按照试点企业标准，综合考虑商业模式、发展战略、研发投入、新产品产出、创新能力、技术壁垒、团队竞争力、行业地位、社会影响、行业发展趋势、企业成长性、预估市值等因素，对申请企业是否纳入试点范围作出初步判断。证监会以此为重要依据，审核决定申请企业是否列入试点，并严格按照法律法规受理审核试点企业发行上市申请。
CSRC shall form the Technology Innovation Industrialization Consultation Committee (hereinafter referred to as “Consultation Committee”), to bring the relevant industry competent departments, experts and scholars into full play, and to select pilot enterprises strictly. The Consultation Committee shall consist of authoritative experts in relevant industries, well-known entrepreneurs and senior investment experts etc., to take comprehensive consideration of the business model, development strategy, R&D input, new product output, innovation capacity, technology barriers, team competitiveness, position in industry, social impact, industry development trend, company growth, estimated market value etc., in accordance with the standards of pilot enterprises, to make preliminary decisions on whether the applicants can be included in the pilot scope. CSRC shall take this as an important basis to review and decide whether the applicants can be included in the pilot scope, accept and examine the listing applications of pilot enterprises strictly in accordance with laws and regulations.

四、 试点方式

 

试点企业在境内发行的股票或存托凭证均应在境内证券交易所上市交易，并在中国证券登记结算有限责任公司集中登记存管、结算。试点企业募集的资金可以人民币形式或购汇汇出境外，也可留存境内使用。试点企业募集资金的使用、存托凭证分红派息等应符合我国外资、外汇管理等相关规定。
Stocks or CDRs issued by pilot enterprises shall be listed and traded in domestic stock exchanges, and shall be registered, deposited and settled in China Securities Depository and Clearing Co., Ltd. Pilot enterprises may remit the raised funds overseas in either RMB or exchanged foreign currency, or keep the funds within the PRC. Pilot enterprises shall comply with relevant PRC rules on foreign investment and foreign currency control in using the raised funds and paying the dividends of CDRs.

试点企业在境内的股票或存托凭证相关发行、上市和交易等行为，均纳入现行证券法规范范围。证监会依据证券法和本意见及相关规定实施监管，并与试点红筹企业上市地等相关国家或地区证券监督管理机构建立监管合作机制，实施跨境监管。
The issuance, listing and trading of stocks and CDRs issued by pilot enterprises within the PRC shall be regulated under the scope of the current Securities Law. CSRC shall supervise the above according to the Securities Law, the Opinions and relevant regulations, and collaborate with relevant securities supervising authorities in countries or regions where pilot red-chip enterprises are listed to establish regulatory cooperation mechanisms and implement cross-border supervision.

五、 发行条件

 

试点红筹企业在境内发行以股票为基础证券的存托凭证应符合证券法关于股票发行的基本条件，同时符合下列要求：一是股权结构、公司治理、运行规范等事项可适用境外注册地公司法等法律法规规定，但关于投资者权益保护的安排总体上应不低于境内法律要求；二是存在投票权差异、协议控制架构或类似特殊安排的，应于首次公开发行时，在招股说明书等公开发行文件显要位置充分、详细披露相关情况特别是风险、公司治理等信息，以及依法落实保护投资者合法权益规定的各项措施。
Pilot red-chip company which intends to issue CDRs within the PRC shall comply with the fundamental requirements under the securities law, as well as the following requirements: (i) relevant foreign corporations laws and regulations of the place of registration may be applied in relation to the shareholding structure, corporate governance and operations, however, in principal the investor protection mechanism shall be no inferior to the standards required under the PRC laws; (ii) if there are different classes of shares in terms of the voting rights, VIE structures or similar arrangements, at the time of IPO, they shall be adequately and amply disclosed in its prospectus at a visible place, particularly the information about risks, corporate governance etc., as well as measures adopted to protect investors’ legitimate interests. 

六、 存托凭证基础制度安排

 

（一） 参与主体。
(1) Participating Entities.

存托人应按照存托协议约定，根据存托凭证持有人意愿行使境外基础证券相应权利，办理存托凭证分红、派息等业务。存托人资质应符合证监会有关规定。
The depositaries shall, according to relevant depositary agreements, exercise the corresponding rights of the CDRs overseas and deal with the matters including declaration and distribution of dividends etc. pursuant to the instructions of the holders of the CDRs. The depositaries shall be qualified under relevant rules of CSRC. 

（二） 存托协议。
(2) Depositary Agreement.

（三） 存托凭证基础财产。
(3) Underlying Assets of the Depositary Receipt.

（四） 跨境转换。
(4) Cross-border Conversion.

 

7. Information Disclosure

试点企业及其控股股东、实际控制人等相关信息披露义务人应真实、准确、完整、及时、公平地披露信息，不得有虚假记载、误导性陈述或重大遗漏。试点红筹企业原则上依照现行上市公司信息披露制度履行信息披露义务。试点红筹企业及其控股股东、实际控制人等相关信息披露义务人在境外披露的信息应以中文在境内同步披露，披露内容应与其在境外市场披露内容一致。
The relevant entities with information disclosure obligations such as pilot enterprises, their controlling shareholders and actual controllers etc. shall disclose information in a true, accurate, complete, timely and fair manner, and shall not have any misrepresentative records, misleading statements or major omissions. Pilot red-chip enterprises shall, in principle, perform their information disclosure obligations in accordance with the current information disclosure regime of listed enterprises. Information disclosed overseas by the relevant entities with information disclosure obligations such as pilot red-chip enterprises, their controlling shareholders and actual controllers etc. shall be disclosed domestically in Chinese simultaneously, and the content of such disclosure shall be consistent with the content disclosed in overseas markets.

 

8. Protection of Investors

试点企业不得有任何损害境内投资者合法权益的特殊安排和行为。发行股票的，应执行境内现行投资者保护制度；尚未盈利试点企业的控股股东、实际控制人和董事、高级管理人员在企业实现盈利前不得减持上市前持有的股票。发行存托凭证的，应确保存托凭证持有人实际享有权益与境外基础股票持有人权益相当，由存托人代表境内投资者对境外基础股票发行人行使权利。投资者合法权益受到损害时，试点企业应确保境内投资者获得与境外投资者相当的赔偿。
Pilot enterprises shall not have any special arrangements or actions that impair the legitimate rights and interests of domestic investors. Pilot enterprises which issue stocks shall implement the current regime of protecting domestic investors; the controlling shareholders, the actual controllers, directors and officers of the pilot enterprises that are not yet profitable may not reduce their holdings of stocks which have been held prior to the listing before the enterprises start to realize profit. Pilot enterprises which issue CDRs shall ensure that the interests actually enjoyed by the holders of the CDRs are equivalent to the interests enjoyed by the holders of the overseas underlying securities, and the depositary shall exercise the rights on behalf of domestic investors to the issuer of the overseas underlying securities. When the legitimate interests of investors are impaired, pilot enterprises shall ensure that the compensation that domestic investors are entitled to is equivalent to those of the foreign investors.

九、 法律责任

     

 

10. Organization and Administration

各地区、各相关部门要高度重视，统一思想，提高认识，加大工作力度，确保试点依法有序开展。证监会要根据证券法和本意见规定，加强与各地区、各相关部门的协调配合，稳妥推动相关工作，完善相关配套制度和监管规则，加强市场监管、投资者教育和跨境监管执法合作，依法严肃查处违法违规行为，监督试点企业认真履行信息披露义务，督促中介机构诚实守信、勤勉尽责，切实保护投资者合法权益。
All regions and all relevant departments shall pay great attention, work as one heart and one mind, deepen the understanding, and devote greater efforts to ensure that the pilots are carried out in an orderly and lawful manner. CSRC shall, in accordance with the securities law and the Opinions, enhance the coordination with various regions and relevant departments, promote the relevant work steadily, improve the related supporting regimes and supervision rules, strengthen the cooperation of market supervision, education of the investors and cross-border supervision and law-enforcement, investigate and punish the behaviors in violation of the laws and regulations, supervise the prudent performance of the pilot enterprises of the information disclosure obligations, urge the intermediary agencies to act in good faith with due diligence, and effectively protect the legitimate rights and interests of the investors.