35证券发行与承销管理办法英文.docx

35证券发行与承销管理办法英文.docx

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35证券发行与承销管理办法英文

OrderofChinaSecuritiesRegulatoryCommission

（No.37）

TheMeasuresfortheAdministrationofSecuritiesIssuanceandUnderwriting,whichweredeliberatedandadoptedatthe189thchairmen’sexecutivemeetingofChinaSecuritiesRegulatoryCommissiononSeptember11th,2006,areherebypromulgatedandshallcomeintoeffectasofSeptember19th,2006.

ChairmanofChinaSecuritiesRegulatoryCommissionShangFulin

September17th,2006

MeasuresfortheAdministrationofSecuritiesIssuanceandUnderwriting

ChapterIGeneralProvisions

Article1Forthepurposeofregulatingsecuritiesissuanceandunderwritingandprotectingthelegitimaterightsandinterestsofinvestors,theseMeasuresareformulatedinaccordancewiththeSecuritiesLawofthePeople’sRepublicofChinaandtheCompanyLawofthePeople’sRepublicofChina.

Article2TheseMeasuresapplytoissuerswhoissuestocksorconvertiblecorporatebonds（hereinaftercollectivelyreferredtoassecurities）withintheterritoryofChina,securitiescompaniesthatunderwritesecuritieswithintheterritoryofChina,andinvestorswhosubscribesecuritiesissuedwithintheterritoryofChina.

Inparticipatingintheissuanceofsecurities,issuers,securitiescompaniesandinvestorsshallabidebyotherprovisionsonsecuritiesissuanceofChinaSecuritiesRegulatoryCommission（hereinafterreferredtoasCSRC）andthebusinessrulesofstockexchangesandsecuritiesregistrationandclearinginstitutions.Inunderwritingsecurities,securitiescompaniesshallalsoabidebytherelevantprovisionsonsponsorshipsystem,riskcontrolsystemandinnercontrolsystemoftheCSRC.

Article3Thesecuritiesserviceinstitutionsandpersonnelthatproducetherelevantdocumentsforsecuritiesissuanceshallstrictlyfulfillthelegaldutiesinaccordancewithgenerallyrecognizedbusinessstandardsandethicalnormsofthesameindustry,andshallundertakeresponsibilitiesfortheauthenticity,accuracyandintegrityofthedocumentsproduced.

Article4TheCSRCshallsuperviseandmanagetheissuanceandunderwritingofsecuritiesaccordingtolaw.

ChapterIIInquiryandPrice-Fixing

Article5Asfortheinitialpublicofferingofastock,theissuingpriceofthestockshallbedeterminedbymakinganinquirytothespecifiedinstitutionalinvestors（hereinafterreferredtoasinquiryobjects）.

Inquiryobjectsrefertothesecuritiesinvestmentfundsmanagementcompanies,securitiescompanies,trustandinvestmentcompanies,financialcompanies,insuranceinstitutionalcompanies,andqualifiedforeigninstitutionalinvestorsthatsatisfytheconditionsprescribedintheseMeasures;andotherinstitutionalinvestorsauthorizedandapprovedbytheCSRC.

Article6Aninquiryobjectandthesecuritiesinvestmentproductsunderitsmanagement（hereinafterreferredtoasobjectofsharesrationing）shallberegisteredatSecuritiesAssociationofChinaforrecordandbesubjecttotheself-disciplinemanagementofSecuritiesAssociationofChina

Article7Aninquiryobjectshallsatisfythefollowingconditions:

（1）Itisestablishedaccordingtolaw,andhasnotbeenimposedwithanyadministrativepenalty,supervisingmeasureorcriminalpenaltybytherelevantsupervisingdepartmentsbecauseofanysignificantviolationoflawsorregulationsduringthelatest12months;

（2）Itmayconductstocksinvestmentaccordingtolaw;

（3）Ithasgoodcreditrecord,andhastheinstitutionsandpersonnelnecessaryforindependentlyengaginginsecuritiesinvestment;

（4）Ithassoundsystemsofinnerriskevaluationandcontrolwhichcanbeeffectivelyimplemented,anditsriskcontrolindexesareinlinewiththerelevantprovision;and

（5）WhereithasbeenremovedformthelistofinquiryobjectsbySecuritiesAssociationofChinainaccordancewiththeprovisionsoftheseMeasures,12monthshavelapsedsincethedateofremoval.

Article8Thefollowinginstitutionalinvestors,asinquiryobjects,shallalsosatisfythefollowingconditionsinadditiontothoseprescribedinArticle7:

（1）Asforasecuritiescompany,itmayconductsecuritiesself-runbusinessandsecuritiesassetsmanagementbusinessuponapproval;

（2）Asforatrustandinvestmentcompany,itshallhavebeenreregisteredattherelevantsupervisingdepartmentfortwoormoreyears,itsregisteredcapitalshallnotbelowerthan400millionyuan,andthereisanactiverecordofsecuritiesmarketinvestmentsinthelatest12months;

（3）Asforafinancialcompany,2yearsshallhavelapsedsinceitsestablishment,itsregisteredcapitalshallnotbelowerthan300millionyuan,andthereisanactiverecordofsecuritiesmarketinvestmentsinthelatest12months.

Article9Amanagingunderwritershallprovideaninvestmentvaluestudyreporttotheinquiryobjectswhenmakinginquiries.Noissuer,managingunderwriterorinquiryobjectmaypublicizeordisclosethecontentofaninvestmentvaluestudyreportinanyform.

Article10Aninvestmentvaluestudyreportshallbeindependentlywrittenandsignedbytheresearchpersonnelofaunderwriter,whichshallnotprovideaninvestmentvaluestudyreportwrittenbyaninstitutionotherthanoneoftheunderwritingsyndicate.Anunderwriterthatproducesinvestmentvaluestudyreportshallestablishperfectqualitycontrolsystemofinvestmentvaluestudyreport;thepersonnelwhowritethereportshallabidebytheinnercontrolsystemofsecuritiescompanies.

Article11Inwritinganinvestmentvaluestudyreport,thefollowingrequirementsshallbeobserved:

（1）Independence,prudenceandobjectiveness;

（2）Thematerialsquotedshallbeauthentic,accurate,integrateandauthoritative,andthesourcesshallbeindicated;

（3）Theevaluationontheindustryoftheissuershallbeconsistentandcoherent;and

（4）Thereshallbenofalserecord,misleadingstatementormajoromission.

Article12Aninvestmentvaluestudyreportshallmakecomprehensiveanalysisontheelementsthataffecttheinvestmentvalueofanissuer,andshallatleastincludethefollowingcontents:

（1）Theclassificationoftheissuer’sindustry,industrialpolicies,comparisonbetweentheissuerandthemajorcompetitors,andtheissuer’sstatusinthesaidindustry;

（2）Analysisontheissuer’sstateofoperationanddevelopmentprospect;

（3）Analysisontheissuer’scapacityofmakingprofitsandfinancialconditions;

（4）Analysisontheissuer’sprojectsinvestedbyraisedfunds;

（5）Comparisonbetweentheinvestmentvalueoftheissuerandthatofthecomparablelistedcompaniesinthesameindustry;and

（6）Macroeconomictrend,stockmarkettrendandotherelementsthathaveimportantimpactontheinvestmentvalueoftheissuer.

Aninvestmentvaluestudyreportshall,onthebasisoftheabove-mentionedanalysis,anticipatetherationalinvestmentvalueofanissuer’sstockbyusingtheestimatingmethodsasrecognizedintheindustry.

Article13Anissueranditsmanagingunderwritershallmakerecommendationsandinquiriestotheinquiryobjectsafterpublishingtheprospectusofaninitialpublicofferingstockandtheannouncementonissuance,andshallmakerecommendationstothepublicinvestorsviainternet.

Inquirymaybedividedintoinitialinquiryandaccumulatedbiddinginquiry.Anissueranditsmanagingunderwritershalldeterminetheissuingpricespanthroughinitialinquiry,anddeterminetheissuingpricewithinthepricespanthroughaccumulatedbiddinginquiry.

Article14Whereaninitiallyofferedstockislistedontheboardofsmallandmedium-sizedenterprises,theissueranditsmanagingunderwritermaydeterminetheissuingpriceaccordingtotheoutcomeofinitialinquiryinsteadoffurtherconductingaccumulatedbiddinginquiry.

Article15Aninquiryobjectmaydeterminebyitselfwhethertoparticipateininitialinquiry;whereaninquiryobjectappliesforparticipatingininitialinquiry,themanagingunderwritermaynotrefusewithoutlegitimatereasons.Aninquiryobjectthatdidnotparticipateintheinitialinquiry,orparticipatedintheinitialinquirybutdidnotmakeeffectivequotation,shallnotparticipateintheaccumulatedbiddinginquiryandofflineplacement.

Article16Aftertheendofinitialinquiry,wherethenumberofthepubliclyofferedsharesissmallerthan400millionandtheinquiryobjectsthatprovideeffectivequotationsarelessthan20,orthenumberofthepubliclyofferedsharesislargerthan400millionandtheinquiryobjectsthatprovideeffectivequotationsarelessthan50,theissueranditsmanagingunderwritermaynotdeterminetheissuingpriceandshallsuspendtheissuance.

Whereanissueranditsmanagingunderwriterresumetheissuanceaftersuspendingit,theyshallreporttotheCSRCinatimelymanner.

Article17Aninquiryobjectshallmakereasonablequotationinaccordancewiththeprinciplesofindependence,objectivenessandsincerity,maynotnegotiateonthequotationorlowerorraisepricesonpurpose.

Article18Thesecuritiesself-runaccountofamanagingunderwritermaynotparticipateintheinquiry,offlineplacementandonlineissuanceofthesharesissuedthistime.

Aninquiryobjectthathasactualcontrolrelationshipwiththeissueroritsmanagingunderwritermaynotparticipateintheinquiryandofflineplacementofthesharesissuedthistime,butmayparticipateintheonlineissuance.

Article19Anissueranditsmanagingunderwritershall,afterdeterminingtheissuingpricespanandtheissuingprice,respectivelyreportthemtotheCSRCforrecordandmakepublicannouncementsaccordingly.

Article20Anissueranditsmanagingunderwritermaynotmisleadinvestorsintheprocessofrecommendation,ordisturbthenormalquotationorsubscriptionofanyinquiryobject,ordisclosetheinfor