外文翻译创业板市场文档格式.docx

外文翻译创业板市场文档格式.docx

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sSecondBoard

I.SignificanceofandeventsleadingtotheestablishmentofaSecondBoard

On31March2009theChinaSecuritiesRegulatoryCommission（CSRCissuedInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext[i.e.,theSecondBoard,alsocalledtheGrowthEnterpriseMarket]（"

InterimMeasures"

）,whichcameintoforceon1May2009.ThismarkedthecreationbytheShenzhenStockExchangeofthelong-awaitedmarketforventurebusinesses.Astheoriginalplantoestablishsuchamarketin2001hadcometonothingwhenthedotcombubbleburst,themarket'

sfinalopeningcameafteradelayofnearly10years.

Eversincethe1980s,whentheChinesegovernmentbegantofosterthedevelopmentofscienceandtechnology,venturecapitalhasbeenseeninChinaasameansofsupportingthedevelopmentofhigh-techcompaniesfinancially.Theaim,ascanbeseenfromthenameofthe1996LawofthePeople'

sRepublicofChinaonPromotingtheConversionofScientificandTechnologicalFindingsintoProductivity,wastosupportthecommercializationofscientificandtechnologicaldevelopments.Venturecapitalfundsdevelopedgraduallyinthelate1990s,andbetweenthenand2000itlookedincreasinglylikelythataSecondBoardwouldbeestablished.WhentheCSRCpublishedadraftplanforthisinSeptember2000,thestagewasset.However,whenthedotcombubble（andespeciallytheNASDAQbubble）burst,thisplanwasshelved.Also,Chineseinvestorsandventurecapitalistswereprobablynotquitereadyforsuchamove.

Asaresult,Chineseventurebusinessessoughttolistonoverseasmarkets（aso-called"

redchiplisting"

）fromthelate1990s.However,astheselistingsincreased,sodidthecriticismthatvaluableChineseassetswerebeingsiphonedoverseas.Onthepolicyfront,in2004theStateCouncilpublishedSomeOpinionsonReform,OpeningandSteadyGrowthofCapitalMarkets（"

theNineOpinions"

）,inwhichtheconceptofa"

multi-tiercapitalmarket"

waspresentedforthefirsttime.Afirststepinthisdirectionwasmadeinthesameyear,whenanSMEBoardwasestablishedaspartoftheMainBoard.AlthoughthereappeartohavebeenplanstoeventuallyrelaxtheSMEBoard'

slistingrequirements,whichwerethesameasthoseforcompanieslistedontheMainBoard,andtomakeitamarketespeciallyforventurebusinesses,itwasdecidedtoestablishaseparatemarket（theSecondBoard）forthispurposeandtolearnfromtheexperienceoftheSMEBoard.

Aswellasbeingpartoftheprocessofcreatingamulti-tiercapitalmarket,theestablishmentoftheSecondBoardwasoneofthemeasuresincludedinthepolicydocumentSeveralOpinionsoftheGeneralOfficeoftheStateCouncilonProvidingFinancingSupportforEconomicDevelopment（"

the30FinancialMeasures"

）,publishedinDecember2008inresponsetotheglobalfinancialcrisisandintendedasawayofmakingiteasierforSMEstoraisecapital.

ItgoeswithoutsayingthatthecreationoftheSecondBoardwasalsoanimportantdevelopmentinthatitgivesprivateequityfundstheopportunitytoexittheirinvestments.Theabsenceofsuchanexithadbeenadisincentivetosuchinvestment,withmostfundslookingforaredchiplistingasawayofexitingtheirinvestments.However,withsurplussavingsathome,theChineseauthoritiesbegantoencouragecompaniestoraisecapitalonthedomesticmarketratherthanoverseas.Thisled,inSeptember2006,toarulemakingitmoredifficultforChineseventurebusinessestolisttheirsharesonoverseasmarkets.ThecorollaryofthiswasthatitincreasedtheneedforameanswherebyChineseprivateequityfundscouldexittheirinvestmentsatanearlyopportunityandontheirownmarket.ThecreationoftheSecondBoardwasthereforeabelatedresponsetothisneed.

II.RulesandregulationsgoverningtheestablishmentoftheSecondBoard

WenowtakeacloserlookatsomeoftherulesandregulationsgoverningtheestablishmentoftheSecondBoard.

First,theInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext,issuedbytheCSRCon31March2009witheffectfrom1May2009.TheInterimMeasuresconsistofsixchaptersand58articles,stipulatingissuetermsandprocedures,disclosurerequirements,regulatoryprocedures,andlegalresponsibilities.

First,theGeneralProvisionschapter.Thefirstthingthissays（Article1）is:

"

TheseMeasuresareformulatedforthepurposesofpromotingthedevelopmentofinnovativeenterprisesandothergrowingstart-ups"

Thisshowsthatoneofthemainlistingcriteriaisacompany'

stechnologicalinnovativenessandgrowthpotential.TheChineseauthoritieshaveactuallymadeitclearthat,althoughtheSecondBoardandtheSMEBoardarebothintendedforSMEsofsimilarsizes,theSecondBoardisspecificallyintendedforSMEsattheinitial（ratherthanthegrowthormature）stageoftheirdevelopmentwithahighdegreeoftechnologicalinnovativenessandaninnovativebusinessmodelwhiletheSMEBoardisspecificallyintendedforcompanieswithrelativelystableearningsatthematurestageoftheirdevelopment.TheyhavealsomadeitclearthattheSecondBoardisnotsimplya"

smallSMEBoard."

ThissuggeststousthattheauthoritieswanttoseetechnologicallyinnovativecompanieslistingontheSecondBoardandSMEsintraditionalsectorslistingontheSMEBoard.

Next,Article7says:

AmarketaccesssystemthatiscommensuratewiththerisktoleranceofinvestorsshallbeestablishedforinvestorsontheChiNextandinvestmentriskshallbefullydisclosedtoinvestors."

Onenoteworthyfeatureistheadoptionoftheconceptofthe"

qualifiedinvestor"

inanattempttoimproveriskcontrol.

Furthermore,Article8says:

ChinaSecuritiesRegulatoryCommission（hereinafter,CSRC）shall,inaccordancewithlaw,examineandapprovetheissuer’sIPOapplicationandsupervisetheissuer’sIPOactivities.Thestockexchangeshallformulaterulesinaccordancewithlaw,provideanopen,fairandequitablemarketenvironmentandensurethenormaloperationoftheChiNext."

UntiltheSecondBoardwasestablished,itwasthoughtbysomethatthestockexchangehadtherighttoapprovenewissues.UndertheInterimMeasures,however,itistheCSRCthatexaminesandapprovesapplications.

First,offeringconditions.Article10stipulatesfournumericalconditionsforcompaniesapplyingforIPOs.

Second,offeringprocedures.TheInterimMeasuresseektomakesponsoringsecuritiescompaniesmoreresponsiblebyrequiringthemtoconductduediligenceinvestigationsandmakeprudentialjudgmentontheissuer’sgrowthandrenderspecialopinionsthereon.

Third,informationdisclosure.Article39oftheInterimMeasuresstipulatesthattheissuershallmakeastatementinitsprospectuspointingouttherisksofinvestinginSecondBoardcompanies:

namely,inconsistentperformance,highoperationalrisk,andtheriskofdelisting.Similarly,

Fourth,supervision.Articles51and52stipulatethatthestockexchange（namely,theShenzhenStockExchange）shallestablishsystemsforlisting,tradinganddelistingSecondBoardstocks,urgesponsorstofulfilltheirongoingsupervisoryobligations,andestablishamarketriskwarningsystemandaninvestoreducationsystem.

1.AmendmentstotheInterimMeasuresonSecuritiesIssuanceandListingSponsorSystemandtheProvisionalMeasuresofthePublicOfferingReviewCommitteeoftheChinaSecuritiesRegulatoryCommission

2.RulesGoverningtheListingofSharesontheChiNextofShenzhenStockExchangeNext,theShenzhenStockExchangepublishedRulesGoverningtheListingofSharesontheChiNextofShenzhenStockExchangeon6June（witheffectfrom1July）.

3.CheckinginvestoreligibilityAsthecompanieslistedontheSecondBoardaremoreriskythanthoselistedontheMainBoardandaresubjecttomorerigorousdelistingrules（seeabove）,investorprotectionrequiresthatchecksbemadeonwhetherSecondBoardsharesaresuitableforallthosewishingtoinvestinthem.

4.Rulesgoverning

（1）applicationdocumentsforlistingsontheChiNextand

（2）prospectusesofChiNextcompaniesOn20JulytheCSRCpublishedrulesgoverningApplicationDocumentsforInitialPublicOfferingsandListingsofSharesontheChiNextandProspectusesofChiNextCompanies,andannouncedthatitwouldbeginprocessinglistingapplicationson26July.

III.Futuredevelopments

AsItspurposeisto"

promotethedevelopmentofinnovativeenterprisesandothergrowingstart-ups"

，theSecondBoardenablessuchcompaniestoraisecapitalbyissuingshares.ThatiswhyitslistingrequirementsarelessdemandingthanthoseoftheMainBoardbutalsowhyithasvariousprovisionstomitigaterisk.Foronething,theSecondBoardhasitsownpublicofferingreviewcommitteetocheckhowtechnologicallyspecializedapplicantcompaniesare,reflectingtheimportanceattachedtothis.Foranother,issuersandtheircontrollingshareholders,defacto

controllers,andsponsoringsecuritiescompaniesaresubjecttomoredemandingaccountabilityrequirements.Thekeyfactorhereis,notsurprisingly,disclosure.Also,thequalifiedinvestorsystemisdesignedtomitigatetheriskstoretailinvestors.

OncetherulesandregulationsgoverningtheSecondBoardwerepublished,theCSRCbegantoprocesslistingapplicationsfrom26July2009.Ithasbeenreportedthat108companiesinitiallyapplied.Asofmid-October,28ofthesehadbeenapprovedandon30OctobertheywerelistedontheSecondBoard.

Asof15December,thereare46companieswhoselistingapplicationhasbeenapprovedbyCSRC（includingtheabove-mentioned28companies）.Theycomefromawiderangeofse