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

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