【中英文对照版】上市公司证券发行注册管理办法.docx

上市公司证券发行注册管理办法MeasuresfortheAdministrationofRegistrationofSecuritiesOfferingbyListedCompanies【制定机关】中国证券监督管理委员会【发文字号】中国证券监督管理委员会令第206号【公布日期】2023.02.17【施行日期】2023.02.17【效力位阶】部门规章【法规类别】证券发行与承销，上市公司Issuingauthority：InstrumentalitiesoftheStateCouncil,ACommissionsjChinaSecuritiesRegulatoryCommissionDocumentNumber：OrderNo.206oftheChinaSecuritiesRegulatoryCommissionDateissued：02-17-2023Effectivedate：02-17-20231.evelofAuthority：DepartmentalRulesAreaofLaw：SecuntiesjSecurities中国证券监督管理委员会令OrderoftheChinaSecuritiesRegulatoryCommission(No. 206)上市公司证券发行注册管理办 法已经2023年2月17日中国 证券监督管理委员会2023年第2 次委务会议审议通过，现予公布, 自公布之日起施行。（第206号）TheMeasuresfortheAdministrationofRegistrationofSecuritiesOfferingbyListedCompanies,asdeliberatedandadoptedatthe2ndexecutivemeetingoftheChinaSecuritiesRegulatoryCommissiononFebruary17,2023,areherebyissued,andshallcomeintoforceonthedateofissuance.YiHuiman,ChairmanoftheChinaSecurities主席易会满RegulatoryCommission附件1：上市公司证券发行注册 管理办法February17,20232023年2月17日Annex 1: MeasuresfortheAdministrationofRegistrationofSecuritiesOfferingbyListedCompaniesAnnex 2: 1.egislativeNotesontheMeasuresfortheAdministrationofRegistrationofSecuritiesOfferingbyListedCompanies附件2：关于上市公司证券发 行注册管理办法的立法说明MeasuresfortheAdministrationof上市公司证券发行注册管理办法RegistrationofSecuritiesOfferingbyListedCompanies(Deliberatedandadoptedatthe2ndexecutivemeetingoftheChinaSecuritiesRegulatoryCommissiononFebruary17,2023)Chapter 1 GeneralProvisionsArticle1ForthepurposesofregulatingthesecuritiesofferingbycompanieslistedontheShanghaiStockExchangeandtheShenzhenStockExchange(hereinafterreferredtoasuIistedcompaies)andprotectinginvestors'lawfulrightsandinterestsandthepublicinterests,theseMeasuresaredevelopedaccordingtotheSecuritiesLawofthePeople'sRepublicofChina(hereinafterreferredtoastheSecuritiesLaW)theCompanyLawofthePeople'sRepublicofChina,theNoticebytheGeneralOfficeoftheStateCounciloftheWorkConcerningtheImplementationoftheRevisedSecuritiesLaw,theNoticebytheGeneralOfficeoftheStateCouncilofForwardingtheSeveralOpinionsoftheChinaSecuritiesRegulatoryCommissiononImplementingthePilotProgramofDomesticIssuanceofStocksorDepositoryReceiptsbyInnovativeEnterprises(hereinafterreferredtoastheSeveralOpinions),andotherrelevantlawsandregulations.（2023年2月17日中国证券监 督管理委员会第2次委务会议审 议通过）第一章总则第一条为了规范上海证券 交易所、深圳证券交易所上市公 司（以下简称上市公司）证券发 行行为，保护投资者合法权益和 社会公共利益，根据中华人民 共和国证券法（以下简称证 券法）、中华人民共和国公 司法、国务院办公厅关于贯 彻实施修订后的证券法有关工作 的通知、国务院办公厅转发 证监会关于开展创新企业境内发 行股票或存托凭证试点若干意见 的通知（以下简称若干意见） 及相关法律法规，制定本办法。第二条上市公司申请在境 内发行下列证券，适用本办法：Chapter 2 ThelistedcompanieswhichapplyforofferingthefollowingsecuritiesinChinashallbegovernedbytheseMeasures:(1)Stocks.（一）股票;(2)Convertiblecorporatebonds(uCB).（二）可转换公司债券（以下简称可转债）；(3)Depositoryreceipts.（三）存托凭证;(4)OthervarietiesrecognizedbytheStateCouncil.（四）国务院认定的其他品种。Forthepurposeoftheprecedingparagraph,CBmeanscorporatebondsthatarelegallyofferedbyalistedcompanyandthatmaybeconvertedintoshareswithinacertainperiodasagreed.前款所称可转债，是指上市公司依法发行、在一定期间内依据约定的条件可以转换成股份的公司债券。Article3Alistedcompanymayoffersecuritiestonon-specificobjectsorspecificobjects.第三条上市公司发行证券，可以向不特定对象发行，也可以向特定对象发行。Theofferingofsecuritiestonon-specificobjectsshallincluderightsissuebyalistedcompanytooriginalshareholders(hereinafterreferredtoasurightsissue),seasonedofferingofsharestonon-specificobjects(hereinafterreferredtoasuseasonedoffering,),andOfferingCBtonon-specificobjects.向不特定对象发行证券包括上市公司向原股东配售股份（以下简称配股）、向不特定对象募集股份（以下简称增发）和向不特定对象发行可转债。SecuritiesofferingtospecificobjectsshallincludeofferingstocksandCBbylistedcompaniestospecificobjects.向特定对象发行证券包括上市公司向特定对象发行股票、向特定对象发行可转债。Article4ThesecuritiesofferingbylistedcompaniesshallcomplywiththeofferingconditionsandrelevantinformationdisclosurerequirementsspecifiedbytheSecuritiesLawandtheseMeasures,besubjecttotheofferingandlistingreviewbytheShanghaiStockExchangeandtheShenzhenStockExchange(hereinafterreferredtoastheustockexchanges,)inaccordancewiththelaw,andberegistered第四条上市公司发行证券的，应当符合证券法和本办法规定的发行条件和相关信息披露要求，依法经上海证券交易所或深圳证券交易所（以下简称交易所）发行上市审核并报中国证券监督管理委员会（以下简称中国证监会）注册，但因依法实行股权激励、公积金转为增加公司资本、分配股票股利的除外。第五条上市公司应当诚实 守信，依法充分披露投资者作出 价值判断和投资决策所必需的信 息，充分揭示当前及未来可预见 对上市公司构成重大不利影响的 直接和间接风险，所披露信息必 须真实、准确、完整，简明清晰、 通俗易懂，不得有虚假记载、误 导性陈述或者重大遗漏。withtheChinaSecuritiesRegulatoryCommission(hereinafterreferredtoastheuCSRCn),exceptforofferingofsecuritiesbecauseofthelawfulimplementationofequityincentives,capitalizationofcapitalreserves,anddividenddistribution.上市公司应当按照保荐人、证券 服务机构要求，依法向其提供真 实、准确、完整的财务会计资料 和其他资料，配合相关机构开展 尽职调查和其他相关工作。Article5Listedcompaniesshallbehonestandtrustworthy,andsufficientlydiscloseinformationnecessaryforinvestorstomakevaluejudgmentsandinvestmentdecisionsinaccordancewiththelawandthedirectandindirectriskswhichhavematerialadverseeffectsonthelistedcompaniescurrentlyorforeseeablyinthefuture.Theinformationdisclosedmustbeauthentic,accurate,complete,concise,clear,andunderstandable,andshallnotcontainanyfalserecord,misleadingstatement,ormaterialomission.1.istedcompaniesshall,asrequiredbysponsorsandsecuritiesserviceinstitutions,providethemwithauthentic,accurate,andcompletefinancialandaccountingmaterialsandothermaterialsinaccordancewiththelaw,andcooperatewiththerelevantinstitutionsinduediligenceandotherrelatedwork.Alistedcompany'scontrollingshareholder,actualcontroller,directors,supervisors,andseniorexecutivesshallcooperatewithrelevantinstitutionsoncarryingoutduediligenceinvestigationandotherrelevantwork,andshallnotrequestthelistedcompanytoconcealorassistthelistedcompanyinconcealingthematerialsthatshallbeprovidedortheinformationthatshallbedisclosed.第六条 保荐人应当诚实守 信，勤勉尽责，按照依法制定的Article6Sponsorsshallbehonest,trustworthy,diligent,anddutiful.Theyshall,业务规则和行业自律规范的要 求，充分了解上市公司经营情况、 风险和发展前景，以提高上市公 司质量为导向保荐项目，对注册 申请文件和信息披露资料进行审 慎核查，对上市公司是否符合发 行条件独立作出专业判断，审慎 作出推荐决定，并对募集说明书 或者其他信息披露文件及其所出 具的相关文件的真实性、准确性、 完整性负责。asrequiredbybusinessrulesandindustryself-regulatorystandardsdevelopedinaccordancewiththelaw,fullyunderstandtheoperatingconditions,risks,anddevelopmentprospectsoflistedcompanies,sponsorprojectswiththeaimofimprovingthequalityoflistedcompanies,prudentiallycheckregistrationapplicationdocumentsandinformationdisclosurematerials,independentlymakeprofessionaljudgmentsonwhetherlistedcompaniesmeetofferingconditions,prudentiallymake第七条证券服务机构应当 严格遵守法律法规、中国证监会 制定的监管规则、业务规则和本 行业公认的业务标准和道德规 范，建立并保持有效的质量控制 体系，保护投资者合法权益，审 慎履行职责，作出专业判断与认 定，保证所出具文件的真实性、 准确性和完整性。recommendationdecisions,andberesponsiblefortheauthenticity,accuracy,andintegrityofprospectusesorotherinformationdisclosuredocumentsandtherelateddocumentsissuedbythem.Article7Securitiesserviceinstitutionsshallstrictlycomplywithlaws,regulations,regulatoryrulesdevelopedbytheCSRC5businessrules,andindustry-recognizedbusinessstandardsandprofessionalethics,establishandmaintainaneffectivequalitycontrolsystem,protectthelawfulrightsandinterestsofinvestors,performdutiesprudentially,makeprofessionaljudgmentsanddeterminations,andguaranteetheauthenticity,accuracy,andintegrityofthedocumentsissuedbythem.证券服务机构及其相关执业人员 应当对与本专业相关的业务事项 履行特别注意义务，对其他业务 事项履行普通注意义务，并承担 相应法律责任。证券服务机构及其执业人员从事 证券服务业务应当配合中国证监 会的监督管理，在规定的期限内 提供、报送或披露相关资料、信Securitiesserviceinstitutionsandtheirrelevantemployeesshallperformtheirdutyofspecialcareforbusinessmattersrelatedtotheirprofession,performtheirdutyofordinarycareforotherbusinessmatters,andbesubjecttocorrespondinglegalliability.Asecuritiesserviceinstitutionanditspractitionersshall,whenprovidingsecuritiesservices,cooperatewiththesupervisionandadministrationoftheCSRC,provide,submitordisclosetherelevantmaterialsor息，并保证其提供、报送或披露 的资料、信息真实、准确、完整, 不得有虚假记载、误导性陈述或 者重大遗漏。证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与质量控制、内部管理、业务经营有关的信息和资料。informationwithintheprescribedtimelimit,andensurethatthematerialsorinformationprovided,submittedordisclosedbythemareauthentic,accurate,andintegral,withoutanyfalserecord,misleadingstatementormajoromission.第八条对上市公司发行证 券申请予以注册，不表明中国证 监会和交易所对该证券的投资价 值或者投资者的收益作出实质性 判断或者保证，也不表明中国证 监会和交易所对申请文件的真实 性、准确性、完整性作出保证。Asecuritiesserviceinstitutionshallappropriatelykeepclients'entrustmentdocuments,inspectionandverificationmaterials,workingpapers,aswellasinformationandmaterialsconcerningqualitycontrol,internalmanagement,andbusinessoperation.Article8Approvingregistrationofalistedcompany'sapplicationforsecuritiesofferingdoesnotindicateasubstantialjudgmentorguaranteeoftheCSRCorthestockexchangeontheinvestmentvalueofthesecuritiesorinvestors'return,ortheguaranteeoftheCSRCorthestockexchangeontheauthenticity,accuracyorintegrityoftheapplicationdocuments.第二章发行条件第一节发行股票第九条上市公司向不特定 对象发行股票，应当符合下列规 定：ChapterIlOfferingConditionsSection1OfferingStocksArticle9Alistedcompanywhichintendstoofferstockstonon-specificobjectsshallcomplywiththefollowingprovisions:（一）具备健全且运行良好的组 织机构；（二）现任董事、监事和高级管 理人员符合法律、行政法规规定 的任职要求；(1) Ithasasoundandwell-functioningorganizationalstructure.(2) Theincumbentdirectors,supervisors,andseniorexecutivessatisfythejobrequirementsprescribedbylawsandadministrativeregulations.（三）具有完整的业务体系和直 接面向市场独立经营的能力，不(3) Ithasacompletebusinesssystemandabilitytooperateindependentlyinthe存在对持续经营有重大不利影响 的情形；（四）会计基础工作规范，内部 控制制度健全且有效执行，财务 报表的编制和披露符合企业会计 准则和相关信息披露规则的规 定，在所有重大方面公允反映了 上市公司的财务状况、经营成果 和现金流量，最近三年财务会计 报告被出具无保留意见审计报 告；market,anddoesnotfallundercircumstanceswithsignificantadverseimpactonitasagoingconcern.(4) Itsbasicaccountingworkisstandardized,itsinternalcontrolsystemisperfectandeffectivelyimplemented,anditsfinancialstatementsarepreparedanddisclosedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandtheprovisionsoftherelevantinformationdisclosurerules,andhavefairlyreflecteditsfinancialstatus,operatingresultsandcashflowinallimportantrespects,forwhichauditreportswithunqualifiedopinionsareissuedinthemostrecentthreeyears.（五）除金融类企业外，最近一 期末不存在金额较大的财务性投 资；（六）交易所主板上市公司配股、 增发的，应当最近三个会计年度 盈利；增发还应当满足最近三个 会计年度加权平均净资产收益率 平均不低于百分之六；净利润以 扣除非经常性损益前后孰低者为 计算依据。(5) Exceptfinancialenterprises,itmadenofinancialinvestmentwithrelativelysignificantamountattheendofthemostrecentreportingperiod.(6) Acompanylistedonthemainboardofastockexchangeconductingrightsissueandseasonedofferingshallmakeprofitsinthemostrecentthreefiscalyears;inthecaseofseasonedoffering,itsweightedaveragereturnonnetassetsisnotlessthan6%onanaveragebasisinthemostrecentthreefiscalyears;andnetprofitsshallbecalculatedonthebasisoftheamountbeforeandafterdeductingnon-recurringgainsandlosses,whicheverislower.第十条上市公司存在下列 情形之一的，不得向不特定对象 发行股票：（一）擅自改变前次募集资金用 途未作纠正，或者未经股东大会 认可；Article 10 Alistedcompanyshallnotofferstockstonon-specificobjectsunderanyofthefollowingcircumstances:(1) Itchangestheuseofthefundsraisedpreviouslywithoutpermission,andfailstomakecorrectionorobtainapprovaloftheshareholders'meeting.（二）上市公司或者其现任董事、 监事和高级管理人员最近三年受 到中国证监会行政处罚，或者最 近一年受到证券交易所公开谴 责，或者因涉嫌犯罪正在被司法 机关立案侦查或者涉嫌违法违规 正在被中国证监会立案调查；(2) Thelistedcompanyoritsincumbentdirectors,supervisorsandseniorexecutiveshavereceivedadministrativepunishmentimposeduponbytheCSRCinthemostrecentthreeyears,aredenouncedbythestockexchangeinthemostrecentyear,orareunderofficialinvestigationbythejudicialauthorityforanysuspectedcrimeorbytheCSRCforanysuspectedviolationoflawsandregulations.（三）上市公司或者其控股股东、 实际控制人最近一年存在未履行 向投资者作出的公开承诺的情 形；（四）上市公司或者其控股股东、 实际控制人最近三年存在贪污、 贿赂、侵占财产、挪用财产或者 破坏社会主义市场经济秩序的刑 事犯罪，或者存在严重损害上市 公司利益、投资者合法权益、社 会公共利益的重大违法行为。(3) Thelistedcompanyoritscontrollingshareholderoractualcontrollerfailtofulfillthepubliccommitmentstoinvestorsinthemostrecentyear.(4) Thelistedcompanyoritscontrollingshareholderoractualcontrollerconductsacriminalcrimeofcorruption,bribery,embezzlementofproperty,misappropriationofproperty,ordisruptionofthesocialistmarketeconomicorder,oranymajorillegalactthatseriouslyharmstheinterestsofthelistedcompany,investors'lawfulrightsandinterests,orpublicinterestsinthemostrecentthreeyears.第十一条上市公司存在下 列情形之一的，不得向特定对象 发行股票：（一）擅自改变前次募集资金用 途未作纠正，或者未经股东大会 认可。Article 11 Alistedcompanyshallnotofferstockstospecificobjectsunderanyofthefollowingcircumstances:(1) Itchangestheuseofthefundsraisedpreviouslywithoutpermission,andfailstomakecorrectionorobtainapprovaloftheshareholders'meeting.（二）最近一年财务报表的编制 和披露在重大方面不符合企业会 计准则或者相关信息披露规则的 规定；最近一年财务会计报告被 出具否定意见或者无法表示意见 的审计报告；最近一年财务会计(2) ThepreparationanddisclosureoffinancialstatementsforthemostrecentyeardonotcomplywiththeAccountingStandardsforBusinessEnterprisesortherelevantinformationdisclosurerulesinmaterialrespects;anauditreportwith报告被出具保留意见的审计报 告，且保留意见所涉及事项对上 市公司的重大不利影响尚未消 除。本次发行涉及重大资产重组 的除外。（三）现任董事、监事和高级管 理人员最近三年受到中国证监会 行政处罚，或者最近一年受到证 券交易所公开谴责。adverseopinionsordisclaimerofopinionisissuedforthefinancialstatementsforthemostrecentyear;andanauditreportwithqualifiedopinionsisissuedforthefinancialstatementsforthemostrecentyear,andthematerialadverseimpactofthemattersinvolvedinthequalifiedopiniononthelistedcompanyhasnotbeeneliminated,exceptwhentheofferinginvolvesamajorassetrestructuring.（四）上市公司或者其现任董事、 监事和高级管理人员因涉嫌犯罪 正在被司法机关立案侦查或者涉 嫌违法违规正在被中国证监会立 案调查。(3) Theincumbentdirectors,supervisorsandseniorexecutiveshavenotbeensubjecttoadministrativepenaltiesimposeduponbytheCSRCwithinthemostrecentthreeyearsorhavenotbeenpubliclycondemnedbythestockexchangewithinthemostrecentyear.（五）控股股东、实际控制人最 近三年存在严重损害上市公司利 益或者投资者合法权益的重大违 法行为。(4) Thelistedcompanyoritsincumbentdirectors,supervisorsandseniorexecutivesareunderofficialinvestigationbythejudicialauthorityforanysuspectedcrimeorbytheCSRCforanysuspectedviolationoflawsandregulations.（六）最近三年存在严重损害投 资者合法权益或者社会公共利益 的重大违法行为。(5) Thecontrollingshareholderoractualcontrollercommitsamajorillegalactthatseriouslyharmstheinterestsofthelistedcompanyorinvestors'lawfulrightsandinterestsinthemostrecentthreeyears.(6) Itcommitsmajorunlawfulactthatseriouslyharmsinvestors*lawfulrightsandinterestsorpublicinterestsinthemostrecentthreeyears.第十二条上市公司发行股 票，募集资金使用应当符合下列 规定：Article 12 Whenalistedcompanyoffersstocks,theuseoffundsraisedshallcomplywiththefollowingprovisions:（一）符合国家产业政策和有关 环境保护、土地管理等法律、行 政法规规定；(1) Itcomplieswiththeprovisionsofthenationalindustrialpoliciesandotherlawsandadministrativeregulationsonenvironmentalprotectionandlandmanagement.（二）除金融类企业外，本次募 集资金使用不得为持有财务性投 资，不得直接或者间接投资于以 买卖有价证券为主要业务的公 司；（三）募集资金项目实施后，不 会与控股股东、实际控制人及其 控制的其他企业新增构成重大不 利影响的同业竞争、显失公平的 关联交易，或者严重影响公司生 产经营的独立性；(2) Exceptforfinancialenterprises,thefundsraisedthistimeshallneitherbeusedforholdingfinancialinvestments,norbedirectlyorindirectlyinvestedincompanieswhosemainbusinessistradingofsecurities.（四）科创板上市公司发行股票 募集的资金应当投资于科技创新 领域的业务。(3) Aftertheimplementationofthefunds-raisingproject,thereW川benoaffiliatedtransactionsthatconstitutehorizontalcompetitionwithandareevidentlyunfairtothecontrollingshareholders,actualcontrollersandotherenterprisesundertheircontrol,orthatseriouslyaffecttheindependenceofthecompany'sproductionandbusinessoperation.(4) FundsraisedbystockofferingbyalistedcompaniesontheSTARMarketshallbeinvestedinthebusinessinthefieldofscientificandtechnologicalinnovation.Section2OfferingCB第二节