英文版首次公开发行股票并在创业板上市管理暂行办法.docx
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英文版首次公开发行股票并在创业板上市管理暂行办法.docx
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英文版首次公开发行股票并在创业板上市管理暂行办法
InterimMeasuresonAdministrationofInitialPublicOfferingandListingonGrowthEnterpriseBoard(March31,2009)
ChapterIGeneralProvisions
Article1TheMeasuresareformulatedinaccordancewiththe"SecuritiesLaw"andthe"CompanyLaw"inordertoregulateinitialpublicofferingsandlistingonthegrowthenterpriseboard,promotethedevelopmentoftheenterprisesofindependentinnovationandothergrowthventurecompanies,protectinvestors’legitimaterightsandinterestsandsafeguardpublicinterests.
Article2TheMeasuresapplytoinitialpublicofferingsandlistingonthegrowthenterpriseboardwithinthejurisdictionofthePeople’sRepublicofChina.
Article3Theissuershallsatisfytheissuanceconditionsstipulatedinthe"SecuritiesLaw",the"CorporationLaw"andtheMeasuresbeforeapplyingforinitialpublicofferingsandlistingonthegrowthenterpriseboard.
Article4Informationdisclosedbytheissuerrequiredbylawmustbeauthentic,accurateandcomplete,andshallnotincludeanyfalserecords,misleadingstatementsormaterialomission.
Article5Sponsorsandtheirrepresentativesshallperformtheirdutieswithduediligence,keepgoodfaith,earnestlyfulfilltheobligationsofprudentexaminationandguidance,andberesponsiblefortheauthenticity,accuracyandintegrityofdocumentsissuedbythem.
Article6Securitiesserviceinstitutionsandstaffissuingdocumentsforsecurityissuanceshall,inlinewiththebusinessstandardsandmoralstandardsgenerallyacceptedbythisindustry,seriouslyperformtheirstatutorydutiesandberesponsiblefortheauthenticity,accuracyandintegrityofthedocumentsissuedbythem.
Article7Anadmittancesystemthatadaptabletotheinvestors’riskbearingcapacityshallbeestablishedonthegrowthenterpriseboardtofullyinforminvestorsofrisksininvestment.
Article8TheChinaSecuritiesRegulatoryCommission(hereinafterreferredtoas“theCSRC”)shall,accordingtolaw,examineandapprovetheissuer’sapplicationforinitialpublicoffering,andsupervisetheissuer’sstockissuance.
Stockexchangesshallformulatebusinessrulesaccordingtolaw,createanopen,fairandjustmarketenvironmentandensurenormaloperationofthegrowthenterpriseboard.
Article9TheapprovalgrantedbytheCSRCtoanissuer’sinitialpublicofferingofstockbasedontheapplicationdocumentsubmittedbytheissuerisnotasubstantialjudgmentorguaranteeoftheinvestmentvalueofthestockortheyieldofinvestorstherefrom.Afterthestockisissuedaccordingtolaw,investorsshallbearontheirowntheinvestmentriskscausedbychangesintheissuer’sbusinessoperationandincome.
ChapterIIIssuanceConditions
Article10Theissuershallsatisfythefollowingconditionsbeforeapplyingforinitialpublicoffering:
(1)Theissuershallbeacompanylimitedbysharesestablishedaccordingtolaw,withcontinuousoperationformorethanthreeyears.
Foracompanylimitedbyshareswhichistotallychangedfromalimitedliabilitycompanybyconvertingitsnetassetsvalueasshowninitsaccountbookintoshares,thetimeofcontinuousoperationmaybecalculatedfromthedaywhenthelimitedliabilitycompanyisestablished;
(2)Makingprofitintherecenttwoconsecutiveyears,withaccumulativenetprofitofnotlessthanRMB10millionintherecenttwoyearsandwithacontinuousgrowth;or,makingprofitinthemostrecentyear,withthenetprofitofnotlessthanRMB5million,thebusinessincomeofnotlessthanRMB50millioninthemostrecentyearandthegrowthrateofbusinessincomeofnotlowerthan30%intherecenttwoyears.Netprofitshallbecalculatedonthebasisoftheamountbeforeorafterdeductingtheexcludingextraordinaryprofitandloss,whicheverissmaller;
(3)ThenetassetsattheendofthemostrecentperiodshallnotbelessthanRMB20million,andwithoutuncoveredloss;and
(4)ThetotalamountofcapitalstockafterissuanceshallnotbelessthanRMB30million.
Article11Theissuershallhavepaidtheregisteredcapitalinfullamountandhavecompletedtheformalitiesforthetransferofpropertyrightsovertheassetscontributedbytheissuerorshareholdersasinvestment.Thereisnomajorownershipdisputeoverthemajorassetsoftheissuer.
Article12Theissuershallmainlyoperateonebusiness,withtheproductionandoperationactivitiescomplyingwithregulationsinthelaws,administrativerulesandtheArticlesofAssociation,aswellasthenationalindustrialandenvironmentalprotectionpolicies.
Article13Thereisnosignificantchangeinthemajorbusiness,directorsandseniormanagementoftheissuerintherecenttwoyears,andthereisnochangeintheactualcontrolleroftheissuereither.
Article14Theissuershallhaveasustainedprofitabilityanddonotfallunderanyofthefollowingcircumstances:
(1)Itsbusinessmodeorproductorservicestructurehaschangedorisabouttochangetoalargeextent,whichexertsgreatadverseinfluenceuponitssustainedprofitability;
(2)Itspositionintheindustryorthebusinessenvironmentofitsindustryhaschangedorisabouttochangetoalargeextent,whichexertsgreatadverseinfluenceuponitssustainedprofitability;
(3)Thereexistrisksthatgreatadversechangeswouldoccurinitsacquirementoruseofsuchimportantassetsortechnologiesastrademark,patent,proprietarytechnologyandfranchiserights,etc.;
(4)Itsbusinessincomeornetprofitinthemostrecentyearisgreatlydependentonanyaffiliatedpartyorclientwithmanyuncertainties;
(5)Itsnetprofitinthelatestyearismainlyfrominvestmentyieldbeyondtheconsolidatedfinancialstatements;and
(6)Othercircumstanceswhichwouldexertgreatadverseinfluenceuponitssustainedprofitability.
Article15Theissuershallpaythetaxlegitimately,andenjoytaxpreferencesconformingtorelevantlawsandregulations.Thebusinessperformanceoftheissuershallnotbegreatlydependentontaxpreferences.
Article16Theissuershallnothavemajorrisksofdebtrepaymentandmajorcontingentissuesincludingguarantee,litigationorarbitrationthatinfluenceitssustainedoperation.
Article17Theissuer’sequityisclear,andthereisnomajordisputeovertheownershipofthesharesoftheissuerheldbyitscontrollingshareholderandshareholdersunderthecontrolofthecontrollingshareholderoractualcontroller.
Article18Theassetsoftheissuershallbecomplete,itsbusiness,personnel,financeandinstitutionsareindependentfromeachother,andithasacompletebusinesssystemandthecapabilityofmarket-orientedindependentbusinessoperation.Itshallhavenohorizontalcompetitionwithitscontrollingshareholder,actualcontrollerorotherenterprisecontrolledbytheactualcontroller,nordoesithaveanyconnectedtransactionthatisobviouslyunfairormayseverelyaffectthecompany’sindependence.
Article19Theissuerhasaperfectcorporategovernancestructure,andhasestablishedsuchsystemsastheshareholders'meeting,boardofdirectorate,boardofsupervisorsandindependentdirectors,secretariestodirectorateandauditcommitteeaccordingtolaw.Therelevantinstitutionsandpersonnelcanperformtheirdutiesaccordingtolaw.
Article20Thebasicaccountingworkoftheissuerisstandardized.Itsfinancialstatementispreparedinaccordancewiththeaccountingstandardsforenterprisesandotherrelevantaccountingsystemsandcanfairlyreflectthefinancialstatus,businessachievementsandcashflowoftheissuerinallimportantaspects.Acertifiedpublicaccountanthasissuedanauditingreportwithunqualifiedopinionsforsuchstatement.
Article21Theissuer’sinternalcontrolsystemshallbesoundandbeeffectivelyimplemented,andproperlyensurethereliabilityoffinancialreportsofthecompany,legitimacyofproductionandbusinessoperation,efficiencyandeffectofoperation.Acertifiedpublicaccountanthasissuedaninternalcontrolverificationreportwithunqualifiedopinion.
Article22Theissuershallhaveastrictcapitalmanagementsystem,andnofundsshallbepossessedbythecontrollingshareholder,theactualcontrollerorotherenterprisesunderthecontrolofthecontrollingshareholderoractualcontrollerbywayofloan,repaymentofdebtsfortheissuer,advancemoneyfortheissuerorother.
Article23TheArticlesofAssociationoftheissuershallhavealreadydefinedthelimitsofexaminationandapprovalauthorityanddeliberationproceduresofoutwardguarantees,andthereshallbenoillegalguaranteesforitscontrollingshareholder,actualcontrollerandotherenterprisesundertheircontrol.
Article24Thedirectors,supervisorsandseniormanagementoftheissuershallunderstandrelevantlawsandregulationsconcerningissuanceandlisting,learnaboutthelegalobligationsandresponsibilitiesoflistedcompaniesandtheirdirectors,supervisorsandseniormanagement.
Article25Thedirectors,supervisorsandseniormanagementoftheissuershallobtaintheprofessionalqualificationsregulatedbylaws,administrativeregulationsandrules,anddonotfallunderanyofthefollowingcircumstances:
(1)BeprohibitedbytheCSRCfromaccessingintothesecuritiesmarketandisstillwithintheprohibitedperiod;
(2)BeimposedonanadministrativepenaltybytheCSRCintherecentthreeyears,orhasbeenpubliclydecriedbyasecuritiesexchangeinthemostrecentyear;or
(3)Besuspectedofbeinginvolvedinacrimeandacasehasbeenplacedonfilebythejudicialorganforinvestigationandprosecutio
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