关于发布《公开发行证券公司信息披露的编报规则第12号－公开发行证券的法律意见书和律师工作报告》的通知

证监发[2001]37号

各拟首次公开发行股票公司、已上市公司，各具有执行证券期货相关业务资格的律师事务所，各具有主承销商资格的证券公司、金融资产管理公司：

　　为适应推行证券发行核准制的要求，保护投资者的合法权益，我会在总结实践经验的基础上，制定了《公开发行证券公司信息披露的编报规则第12号-公开发行证券的法律意见书和律师工作报告》，现予发布，自发布之日起施行。1999年6月15日发布的《公开发行股票公司信息披露的内容与格式准则第六号-法律意见书的内容与格式（修订）》（证监法律字[1999]2号）同时废止。

 　　　　　　　　　　　　　　　　　　　　　中国证券监督管理委员会
　　　　　　　　　　　　　　　　　　　　　　　二○○一年三月一日  

公开发行证券公司信息披露的编报规则第12号
公开发行证券的法律意见书和律师工作报告

(2001年3月1日　证监发〔2001〕37号)

第一章　法律意见书和律师工作报告的基本要求　

　　第一条　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》（以下简称《公司法》）等法律、法规的规定，制定本规则。

　　第二条　拟首次公开发行股票公司和已上市公司增发股份、配股，以及已上市公司发行可转换公司债券等，拟首次公开发行股票公司或已上市公司（以下简称“发行人”）所聘请的律师事务所及其委派的律师（以下“律师”均指签名律师及其所任职的律师事务所）应按本规则的要求出具法律意见书、律师工作报告并制作工作底稿。本规则的部分内容不适用于增发股份、配股、发行可转换公司债券等的，发行人律师应结合实际情况，根据有关规定进行调整，并提供适当的补充法律意见。

　　第三条　法律意见书和律师工作报告是发行人向中国证券监督管理委员会（以下简称“中国证监会”）申请公开发行证券的必备文件。

　　第四条　律师在法律意见书中应对本规则规定的事项及其他任何与本次发行有关的法律问题明确发表结论性意见。

　　第五条　律师在律师工作报告中应详尽、完整地阐述所履行尽职调查的情况，在法律意见书中所发表意见或结论的依据、进行有关核查验证的过程、所涉及的必要资料或文件。

　　第六条　法律意见书和律师工作报告的内容应符合本规则的规定。本规则的某些具体规定确实对发行人不适用的，律师可根据实际情况作适当变更，但应向中国证监会书面说明变更的原因。本规则未明确要求，但对发行人发行上市有重大影响的法律问题，律师应发表法律意见。

　　第七条　律师签署的法律意见书和律师工作报告报送后，不得进行修改。如律师认为需补充或更正，应另行出具补充法律意见书和律师工作报告。

　　第八条　律师出具法律意见书和律师工作报告所用的语词应简洁明晰，不得使用“基本符合条件”或“除×××以外，基本符合条件”一类的措辞。对不符合有关法律、法规和中国证监会有关规定的事项，或已勤勉尽责仍不能对其法律性质或其合法性作出准确判断的事项，律师应发表保留意见，并说明相应的理由。

　　第九条　提交中国证监会的法律意见书和律师工作报告应是经二名以上具有执行证券期货相关业务资格的经办律师和其所在律师事务所的负责人签名，并经该律师事务所加盖公章、签署日期的正式文本。

　　第十条　发行人申请文件报送后，律师应关注申请文件的任何修改和中国证监会的反馈意见，发行人和主承销商也有义务及时通知律师。上述变动和意见如对法律意见书和律师工作报告有影响的，律师应出具补充法律意见书。

　　第十一条　发行人向中国证监会报送申请文件前，或在报送申请文件后且证券尚未发行前更换为本次发行证券所聘请的律师或律师事务所的，更换后的律师或律师事务所及发行人应向中国证监会分别说明。

　　更换后的律师或律师事务所应对原法律意见书和律师工作报告的真实性和合法性发表意见。如有保留意见，应明确说明。在此基础上更换后的律师或律师事务所应出具新的法律意见书和律师工作报告。

　　第十二条　律师应在法律意见书和律师工作报告中承诺对发行人的行为以及本次申请的合法、合规进行了充分的核查验证，并对招股说明书及其摘要进行审慎审阅，并在招股说明书及其概要中发表声明：“本所及经办律师保证由本所同意发行人在招股说明书及其摘要中引用的法律意见书和律师工作报告的内容已经本所审阅，确认招股说明书及其摘要不致因上述内容出现虚假记载、误导性陈述及重大遗漏引致的法律风险，并对其真实性、准确性和完整性承担相应的法律责任”。

　　第十三条　律师在制作法律意见书和律师工作报告的同时，应制作工作底稿。

　　前款所称工作底稿是指律师在为证券发行人制作法律意见书和律师工作报告过程中形成的工作记录及在工作中获取的所有文件、会议纪要、谈话记录等资料。

　　第十四条　律师应及时、准确、真实地制作工作底稿，工作底稿的质量是判断律师是否勤勉尽责的重要依据。

　　第十五条　工作底稿的正式文本应由两名以上律师签名，其所在的律师事务所加盖公章，其内容应真实、完整、记录清晰，并标明索引编号及顺序号码。

　　第十六条　工作底稿应包括（但不限于）以下内容：

　　（一）律师承担项目的基本情况，包括委托单位名称、项目名称、制作项目的时间或期间、工作量统计。

　　（二）为制作法律意见书和律师工作报告制定的工作计划及其操作程序的记录。

　　（三）与发行人（包括发起人）设立及历史沿革有关的资料，如设立批准证书、营业执照、合同、章程等文件或变更文件的复印件。

　　（四）重大合同、协议及其他重要文件和会议记录的摘要或副本。

　　（五）与发行人及相关人员相互沟通情况的记录，对发行人提供资料的检查、调查访问记录、往来函件、现场勘察记录、查阅文件清单等相关的资料及详细说明。

　　（六）发行人及相关人员的书面保证或声明书的复印件。

　　（七）对保留意见及疑难问题所作的说明。

　　（八）其他与出具法律意见书和律师工作报告相关的重要资料。

　　上述资料应注明来源。凡涉及律师向有关当事人调查所作的记录，应由当事人和律师本人签名。

　　第十七条　工作底稿由制作人所在的律师事务所保存，保存期限至少7年。中国证监会根据需要可随时调阅、检查工作底稿。

第二章　法律意见书的必备内容

　　第十八条　法律意见书开头部分应载明，律师是否根据《证券法》、《公司法》等有关法律、法规和中国证监会的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具法律意见书。

第一节　律师应声明的事项

　　第十九条　律师应承诺已依据本规则的规定及本法律意见书出具日以前已发生或存在的事实和我国现行法律、法规和中国证监会的有关规定发表法律意见。

　　第二十条　律师应承诺已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对发行人的行为以及本次申请的合法、合规、真实、有效进行了充分的核查验证，保证法律意见书和律师工作报告不存在虚假记载、误导性陈述及重大遗漏。

　　第二十一条　律师应承诺同意将法律意见书和律师工作报告作为发行人申请公开发行股票所必备的法律文件，随同其他材料一同上报，并愿意承担相应的法律责任。

　　第二十二条　律师应承诺同意发行人部分或全部在招股说明书中自行引用或按中国证监会审核要求引用法律意见书或律师工作报告的内容，但发行人作上述引用时，不得因引用而导致法律上的歧义或曲解，律师应对有关招股说明书的内容进行再次审阅并确认。

　　第二十三条　律师可作出其他适当声明，但不得做出违反律师行业公认的业务标准、道德规范和勤勉尽责精神的免责声明。

第二节　法律意见书正文

　　第二十四条　律师应在进行充分核查验证的基础上，对本次股票发行上市的下列（包括但不限于）事项明确发表结论性意见。所发表的结论性意见应包括是否合法合规、是否真实有效，是否存在纠纷或潜在风险。

　　（一）本次发行上市的批准和授权

　　（二）发行人本次发行上市的主体资格

　　（三）本次发行上市的实质条件

　　（四）发行人的设立

　　（五）发行人的独立性

　　（六）发起人或股东（实际控制人）

　　（七）发行人的股本及其演变

　　（八）发行人的业务

　　（九）关联交易及同业竞争

　　（十）发行人的主要财产

　　（十一）发行人的重大债权债务

　　（十二）发行人的重大资产变化及收购兼并

　　（十三）发行人公司章程的制定与修改

　　（十四）发行人股东大会、董事会、监事会议事规则及规范运作

　　（十五）发行人董事、监事和高级管理人员及其变化

　　（十六）发行人的税务

　　（十七）发行人的环境保护和产品质量、技术等标准

　　（十八）发行人募集资金的运用

　　（十九）发行人业务发展目标

　　（二十）诉讼、仲裁或行政处罚

　　（二十一）原定向募集公司增资发行的有关问题（如有）

　　（二十二）发行人招股说明书法律风险的评价

　　（二十三）律师认为需要说明的其他问题

第三节　本次发行上市的总体结论性意见

　　第二十五条　律师应对发行人是否符合股票发行上市条件、发行人行为是否存在违法违规、以及招股说明书及其摘要引用的法律意见书和律师工作报告的内容是否适当，明确发表总体结论性意见。

　　第二十六条　律师已勤勉尽责仍不能发表肯定性意见的，应发表保留意见，并说明相应的理由及其对本次发行上市的影响程度。

第三章　律师工作报告的必备内容

　　第二十七条　律师工作报告开头部分应载明，律师是否根据《证券法》、《公司法》等有关法律、法规和中国证监会的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具律师工作报告。

第一节　律师工作报告引言

　　第二十八条　简介律师及律师事务所，包括（但不限于）注册地及时间、业务范围、证券执业律师人数、本次签名律师的证券业务执业记录及其主要经历、联系方式等。

　　第二十九条　说明律师制作法律意见书的工作过程，包括（但不限于）与发行人相互沟通的情况，对发行人提供材料的查验、走访、谈话记录、现场勘查记录、查阅文件的情况，以及工作时间等。

第二节　律师工作报告正文

　　第三十条　本次发行上市的批准和授权

　　（一）股东大会是否已依法定程序作出批准发行上市的决议。

　　（二）根据有关法律、法规、规范性文件以及公司章程等规定，上述决议的内容是否合法有效。

　　（三）如股东大会授权董事会办理有关发行上市事宜，上述授权范围、程序是否合法有效。

　　第三十一条　发行人发行股票的主体资格

　　（一）发行人是否具有发行上市的主体资格。

　　（二）发行人是否依法有效存续，即根据法律、法规、规范性文件及公司章程，发行人是否有终止的情形出现。

　　第三十二条　本次发行上市的实质条件

　　分别就不同类别或特征的发行人，对照《证券法》、《公司法》等法律、法规和规范性文件的规定，逐条核查发行人是否符合发行上市条件。

　　第三十三条　发行人的设立

　　（一）发行人设立的程序、资格、条件、方式等是否符合当时法律、法规和规范性文件的规定，并得到有权部门的批准。

　　（二）发行人设立过程中所签定的改制重组合同是否符合有关法律、法规和规范性文件的规定，是否因此引致发行人设立行为存在潜在纠纷。

　　（三）发行人设立过程中有关资产评估、验资等是否履行了必要程序，是否符合当时法律、法规和规范性文件的规定。

　　（四）发行人创立大会的程序及所议事项是否符合法律、法规和规范性文件的规定。

　　第三十四条　发行人的独立性

　　（一）发行人业务是否独立于股东单位及其他关联方。

　　（二）发行人的资产是否独立完整。

　　（三）如发行人属于生产经营企业，是否具有独立完整的供应、生产、销售系统。

　　（四）发行人的人员是否独立。

　　（五）发行人的机构是否独立。

　　（六）发行人的财务是否独立。

　　（七）概括说明发行人是否具有面向市场自主经营的能力。

　　第三十五条　发起人和股东（追溯至发行人的实际控制人）

　　（一）发起人或股东是否依法存续，是否具有法律、法规和规范性文件规定担任发起人或进行出资的资格。

　　（二）发行人的发起人或股东人数、住所、出资比例是否符合有关法律、法规和规范性文件的规定。

　　（三）发起人已投入发行人的资产的产权关系是否清晰，将上述资产投入发行人是否存在法律障碍。

　　（四）若发起人将其全资附属企业或其他企业先注销再以其资产折价入股，应说明发起人是否已通过履行必要的法律程序取得了上述资产的所有权，是否已征得相关债权人同意，对其原有债务的处置是否合法、合规、真实、有效。

　　（五）若发起人以在其他企业中的权益折价入股，是否已征得该企业其他出资人的同意，并已履行了相应的法律程序。

　　（六）发起人投入发行人的资产或权利的权属证书是否已由发起人转移给发行人，是否存在法律障碍或风险。

　　第三十六条　发行人的股本及演变

　　（一）发行人设立时的股权设置、股本结构是否合法有效，产权界定和确认是否存在纠纷及风险。

　　（二）发行人历次股权变动是否合法、合规、真实、有效。

　　（三）发起人所持股份是否存在质押，如存在，说明质押的合法性及可能引致的风险。

　　第三十七条　发行人的业务

　　（一）发行人的经营范围和经营方式是否符合有关法律、法规和规范性文件的规定。

　　（二）发行人是否在中国大陆以外经营，如存在，应说明其经营的合法、合规、真实、有效。

　　（三）发行人的业务是否变更过，如变更过，应说明具体情况及其可能存在的法律问题。

　　（四）发行人主营业务是否突出。

　　（五）发行人是否存在持续经营的法律障碍。

　　第三十八条　关联交易及同业竞争

　　（一）发行人是否存在持有发行人股份5%以上的关联方，如存在，说明发行人与关联方之间存在何种关联关系。

　　（二）发行人与关联方之间是否存在重大关联交易，如存在，应说明关联交易的内容、数量、金额，以及关联交易的相对比重。

　　（三）上述关联交易是否公允,是否存在损害发行人及其他股东利益的情况。

　　（四）若上述关联交易的一方是发行人股东，还需说明是否已采取必要措施对其他股东的利益进行保护。

　　（五）发行人是否在章程及其他内容规定中明确了关联交易公允决策的程序。

　　（六）发行人与关联方之间是否存在同业竞争。如存在，说明同业竞争的性质。

　　（七）有关方面是否已采取有效措施或承诺采取有效措施避免同业竞争。

　　（八）发行人是否对有关关联交易和解决同业竞争的承诺或措施进行了充分披露，以及有无重大遗漏或重大隐瞒，如存在，说明对本次发行上市的影响。

　　第三十九条　发行人的主要财产

　　（一）发行人拥有房产的情况。

　　（二）发行人拥有土地使用权、商标、专利、特许经营权等无形资产的情况。

　　（三）发行人拥有主要生产经营设备的情况。

　　（四）上述财产是否存在产权纠纷或潜在纠纷，如有，应说明对本次发行上市的影响。

　　（五）发行人以何种方式取得上述财产的所有权或使用权，是否已取得完备的权属证书，若未取得，还需说明取得这些权属证书是否存在法律障碍。

　　（六）发行人对其主要财产的所有权或使用权的行使有无限制，是否存在担保或其他权利受到限制的情况。

　　（七）发行人有无租赁房屋、土地使用权等情况，如有，应说明租赁是否合法有效。

　　第四十条　发行人的重大债权债务

　　（一）发行人将要履行、正在履行以及虽已履行完毕但可能存在潜在纠纷的重大合同的合法性、有效性，是否存在潜在风险，如有风险和纠纷，应说明对本次发行上市的影响。

　　（二）上述合同的主体是否变更为发行人，合同履行是否存在法律障碍。

　　（三）发行人是否有因环境保护、知识产权、产品质量、劳动安全、人身权等原因产生的侵权之债，如有，应说明对本次发行上市的影响。

　　（四）发行人与关联方之间是否存在重大债权债务关系及相互提供担保的情况。

　　（五）发行人金额较大的其他应收、应付款是否因正常的生产经营活动发生，是否合法有效。

　　第四十一条　发行人重大资产变化及收购兼并

　　（一）发行人设立至今有无合并、分立、增资扩股、减少注册资本、收购或出售资产等行为，如有，应说明是否符合当时法律、法规和规范性文件的规定，是否已履行必要的法律手续。

　　（二）发行人是否拟进行资产置换、资产剥离、资产出售或收购等行为，如拟进行，应说明其方式和法律依据，以及是否履行了必要的法律手续，是否对发行人发行上市的实质条件及本规定的有关内容产生实质性影响。

　　第四十二条　发行人章程的制定与修改

　　（一）发行人章程或章程草案的制定及近三年的修改是否已履行法定程序。

　　（二）发行人的章程或章程草案的内容是否符合现行法律、法规和规范性文件的规定。

　　（三）发行人的章程或章程草案是否按有关制定上市公司章程的规定起草或修订。如无法执行有关规定的，应说明理由。发行人已在香港或境外上市的，应说明是否符合到境外上市公司章程的有关规定。

　　第四十三条　发行人股东大会、董事会、监事会议事规则及规范运作

　　(一)发行人是否具有健全的组织机构。

　　(二)发行人是否具有健全的股东大会、董事会、监事会议事规则，该议事规则是否符合相关法律、法规和规范性文件的规定。

　　(三)发行人历次股东大会、董事会、监事会的召开、决议内容及签署是否合法、合规、真实、有效。

　　(四)股东大会或董事会历次授权或重大决策等行为是否合法、合规、真实、有效。

　　第四十四条　发行人董事、监事和高级管理人员及其变化

　　（一）发行人的董事、监事和高级管理人员的任职是否符合法律、法规和规范性文件以及公司章程的规定。

　　（二）上述人员在近3年尤其是企业发行上市前一年是否发生过变化，若存在，应说明这种变化是否符合有关规定，履行了必要的法律程序。

　　（三）发行人是否设立独立董事，其任职资格是否符合有关规定，其职权范围是否违反有关法律、法规和规范性文件的规定。

　　第四十五条　发行人的税务

　　（一）发行人及其控股子公司执行的税种、税率是否符合现行法律、法规和规范性文件的要求。若发行人享受优惠政策、财政补贴等政策，该政策是否合法、合规、真实、有效。

　　（二）发行人近3年是否依法纳税，是否存在被税务部门处罚的情形。

　　第四十六条　发行人的环境保护和产品质量、技术等标准

　　（一）发行人的生产经营活动和拟投资项目是否符合有关环境保护的要求，有权部门是否出具意见。

　　（二）近3年是否因违反环境保护方面的法律、法规和规范性文件而被处罚。

　　（三）发行人的产品是否符合有关产品质量和技术监督标准。近3年是否因违反有关产品质量和技术监督方面的法律法规而受到处罚。

　　第四十七条　发行人募股资金的运用

　　（一）发行人募股资金用于哪些项目，是否需要得到有权部门的批准或授权。如需要，应说明是否已经得到批准或授权。

　　（二）若上述项目涉及与他人进行合作的，应说明是否已依法订立相关的合同，这些项目是否会导致同业竞争。

　　（三）如发行人是增资发行的，应说明前次募集资金的使用是否与原募集计划一致。如发行人改变前次募集资金的用途，应说明该改变是否依法定程序获得批准。

　　第四十八条　发行人业务发展目标

　　（一）发行人业务发展目标与主营业务是否一致。

　　（二）发行人业务发展目标是否符合国家法律、法规和规范性文件的规定，是否存在潜在的法律风险。

　　第四十九条　诉讼、仲裁或行政处罚

　　（一）发行人、持有发行人5%以上（含5%）的主要股东（追溯至实际控制人）、发行人控股公司是否存在尚未了结的或可预见的重大诉讼、仲裁及行政处罚案件。如存在，应说明对本次发行、上市的影响。

　　（二）发行人董事长、总经理是否存在尚未了结的或可预见的重大诉讼、仲裁及行政处罚案件。如存在，应说明对发行人生产经营的影响。

　　（三）如上述案件存在，还应对案件的简要情况作出说明（包括但不限于受理该案件的法院名称、提起诉讼的日期、诉讼的当事人和代理人、案由、诉讼请求、可能出现的处理结果或已生效法律文书的主要内容等）。

　　第五十条　原定向募集公司增资发行的有关问题

　　（一）公司设立及内部职工股的设置是否得到合法批准。

　　（二）内部职工股是否按批准的比例、范围及方式发行。

　　（三）内部职工股首次及历次托管是否合法、合规、真实、有效。

　　（四）内部职工股的演变是否合法、合规、真实、有效。

　　（五）如内部职工股涉及违法违规行为，是否该行为已得到清理，批准内部职工股的部门是否出具对有关情况及对有关责任和潜在风险承担责任进行确认的文件。

　　第五十一条　发行人招股说明书法律风险的评价

　　是否参与招股说明书的编制及讨论，是否已审阅招股说明书，特别对发行人引用法律意见书和律师工作报告相关内容是否已审阅，对发行人招股说明书及其摘要是否存在虚假记载、误导性陈述或重大遗漏引致的法律风险进行评价。

　　第五十二条　律师认为需要说明的其他问题

　　本规则未明确要求，但对发行上市有重大影响的法律问题，律师应当发表法律意见。

第四章　附　　则

　　第五十三条　本规则由中国证监会负责解释。

　　第五十四条　本规则自公布之日起施行。1999年6月15日发布的《公开发行股票公司信息披露的内容与格式准则第六号―法律意见书的内容与格式（修订）》（证监法律字〔1999〕2号）同时废止。

CHAPTER I — BASIC REQUIREMENTS FOR LEGAL OPINIONS AND LAWYER'S REPORTS

^Article_1

This Code is formulated in accordance with the relevant provisions of the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), and the Company Law of the People's Republic of China (hereinafter referred to as the “Company Law”).

^Article_2

Where a company plans an initial public issue of shares, or where a listed company is to increase the issue of shares or allocation of rights, or a listed company is to issue transferable company securities, the law firms and the commissioned lawyers (hereinafter “lawyers” refers to the signatory lawyers and the law firms they work for) engaged by the company which plans the initial public issue of shares or a listed company (hereinafter referred to as the “issuer”), shall, in accordance with the requirements of this Code, formulate a legal opinion, a lawyer's report and a working document. Where part of this Code is not applicable to an increase in the issue of shares, a rights issue, or the issue of transferable companybonds, lawyers engaged by the issuer shall make necessary adjustments in the light of specific conditions in accordance with relevant regulations, and shall provide adequate supplementary legal opinions.

^Article_3

Legal opinions and lawyer's reports are the essential official documents required when an issuer applies to the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) for a public issue of shares.

^Article_4

In a legal opinion, a lawyer must give definite and conclusive opinions with regard to the matters regulated in this Code and any other legal matters related to the issue.

^Article_5

In a lawyer's report, a lawyer must give a thorough and complete account of his investigation in performing his statutory duties, the basis of the opinions or conclusions given in the legal opinion, the procedures of the relevant examination and verification, as well as the necessary materials or files involved.

^Article_6

The contents of legal opinions and lawyer's reports must comply with the regulations in this Code. Where some specific regulations in this Code are proven to be inapplicable to an issuer, the lawyer may make adequate changes in the light of specific conditions. However, the lawyer must submit written explanations to the CSRC with the reason for the changes. A lawyer shall provide a legal opinion where it is not specifically required by this Code but where the matter involved has significant legal implications to the issuer when issuing and listing shares.

^Article_7

No change shall be made after the submission of a legal opinion and a lawyer's report signed by a lawyer. Where a lawyer believes that it is necessary to offer supplementation or correction, a supplementary legal opinion and lawyer's report must be provided separately.

^Article_8

Concise and explicit wording must be used in a legal opinion and the lawyer's report formulated by a lawyer. The use of wording such as “basically meets the conditions” or “basically meets the conditions except...” must not be used. Where, in respect of a certain matter, conditions have not been met in accordance with relevant legal provisions or regulations or the regulations set down by the CSRC, or where the lawyer has exercised his/her duty with utmost diligence but is still unable to make a precise judgment on the legal nature or the legality of the matter, a reserved opinion must be formulated, and the lawyer shall give corresponding reasons.

^Article_9

A legal opinion and lawyer's report submitted to the CSRC must be an official document signed by at least two (2) lawyers with qualifications for engaging in securities and futures business and the responsible person of the law firm where the aforesaid lawyers work. It must also be dated and affixed with the official seal of the law firm.

^Article_10

After application documents of the issuer have been submitted, the lawyer shall see to any alterations made to the application document and feedback opinions from the CSRC. The issuer and the principal consignee also have the obligation to provide timely notification to the lawyer. If the above-mentioned changes and opinions impact on the legal opinion and lawyer's report, the lawyer must formulate a supplementary legal opinion.

^Article_11

Where the lawyer or the law firm engaged for the issue of securites have been changed prior to the submission of application documents to the CSRC by an issuer, or between the period of the submission of application and the issue of securities, the new lawyer, law firm and the issuer shall each submit an explanation to the CSRC.

The new lawyer or law firm after the change shall provide opinions concerning the authenticity and legality of the original legal opinion and the lawyer's report. Explicit explanations shall be made where there are reserved opinions. Upon this basis, the lawyer or the law firm shall issue a new legal opinion and lawyer's report.

^Article_12

In a legal opinion and lawyer's report, a lawyer shall guarantee to undertake a thorough examination and verification of the conduct of the issuer, and of whether or not the application meets the requirements of laws and regulations. The lawyer shall also carefully check and approve the Prospectus and its abstract, and make a brief declaration as follows in the Prospectus: “This law firm and the lawyer engaged guarantee that the contents of the legal opinion and the lawyer's report quoted in the Prospectus and its abstract have been checked and approved by this law firm. It is confirmed that the Prospectus and its abstract will not incur legal risks as a result of any false records, misleading statements or serious omissions in the aforesaid contents. This law firm and the lawyer engaged take legal responsibility for the authenticity, accuracy and the integrity of the contents.”

^Article_13

While producing legal opinions and lawyer's reports, lawyers shall also write working documents.

A working document as mentioned in the preceding paragraph refers to the work record produced in the process of the preparation of a legal opinion and lawyer's report for an issuer of securities, as well as all the documents, minutes of meetings, records of talks, etc.

^Article_14

Lawyers shall produce working documents in a timely, accurate and authentic fashion. The quality of a working document is an important element upon which judgement is based as to whether a lawyer fulfils his duty with utmost diligence.

^Article_15

A working document must be a formal document signed by at least two (2) lawyers and affixed with an official seal of the law firm in which the aforesaid lawyers work. A working document must be authentic and complete in its contents, be clearly recorded, and include index numbers and order numbers.

^Article_16

A working document shall include (but not be limited to) the following:

1. The general situation of the project undertaken by the lawyer, including the name of the commissioning unit, the name of the project, the time or period for the formulation of the project, and the total work load;

2. The work plan for the formulation of a legal opinion and the lawyer's report and the record of the working process;

3. Materials relating to the historic evolution and the establishment of the issuer (including the promoter), such as the approval document for establishment, the business licence, contracts, articles of association, and other documents or duplicated copies of amended documents;

4. Major contracts, agreements and extracts from, or copies of, other important legal documents and minutes of meetings;

5. Records on the situation of communications with the issuer and other relevant persons, records of the examination, verification and investigation of materials provided by the issuer, exchanged correspondence, site inspection records, a list of documents searched for, and other relevant materials and their detailed explanations;

6. A copy of any written guarantee or declaration made by the issuer and relevant persons;

7. Statements explaining any reserved opinions on unsettled and difficult issues;

8. Other important materials relating to the formulation of a legal opinion and a lawyer's report.

The above-mentioned materials must be noted with their sources. Where a record is made by a lawyer during his/her investigation of a party concerned, it must be signed by that party and the lawyer.

^Article_17

A working document shall be held for safe-keeping by the law firm with which the formulator works. The term for safe-keeping shall not be less than seven (7) years. The CSRC may, where it is necessary, request the submission of the document for examination at any time.

CHAPTER II — CONTENTS THAT MUST BE CONTAINED IN A LEGAL OPINION

^Article_18

The beginning of a legal opinion shall state whether the legal opinion is formulated by the lawyer in accordance with the provisions of the Securities Law, the Company Law and other relevant provisions of the CSRC, in observation of the commonly accepted professional standards and ethical norms of lawyers, and in the spirit of exercising his/her duty with utmost diligence.

Section 1 — Matters for declaration by a lawyer

^Article_19

The lawyer shall guarantee that the legal opinion provided is based on facts which actually occurred or existed before the date on which the legal opinion was formulated, and on the regulations of this Code, current Chinese laws, regulations and regulatory documents, and relevant regulations of the CSRC.

^Article_20

The lawyer shall guarantee that by strictly fulfilling statutory duties in observation of the principle of sincerity and trustworthiness and the spirit of exercising his/her duties with utmost diligence, he/she has thoroughly examined and verified the conducts of the issuer, and the authenticity and validity of the application, and whether the application meets the requirements in laws and regulations so as to guarantee that the legal opinion and lawyer's report contain no false records, misleading statements or serious omissions.

^Article_21

The lawyer shall guarantee to give consent that the legal opinion and the lawyer's report are to be used as official documents to be submitted with other application materials when applying for the public issue of shares, and that the lawyer will bear relevant legal responsibility.

^Article_22

The lawyer shall guarantee to give consent that the issuer may partially or wholly cite the legal opinion or the lawyer's report in the Prospectus at the issuer's discretion or following the assessment requirements of the CSRC. However, in making any such aforesaid citations, the issuer must not introduce different meanings or misinterpretations in the legal sense. The lawyer shall check and re-approve the contents of the Prospectus.

^Article_23

The lawyer may make adequate declarations, but must not make disclaimers on exclusion of liability in violation of the commonly accepted professional standards and ethical norms of lawyers and the spirit of exercising his/her duty with utmost diligence.

Section 2 — Text of a Legal Opinion

^Article_24

On the basis of a thorough examination and verification, a lawyer shall give conclusive opinions with regard (but not limited) to the following matters concerning the issue of shares. The conclusive opinions shall state whether or not the issue of shares is in conformity with legal provisions or regulations, the authenticity and validity of the issue of shares, and whether or not there are disputes or potential risks involved.

1. The approval and authorisation of the current issue and listing of shares;

2. Qualifications of an issuer to engage in the issuing of shares;

3. Substantive conditions for the issue and listing of shares;

4. The establishment of the issuer;

5. The independence of the issuer;

6. Promoters or shareholders (the actual controllers);

7. Capital stock of the issuer and its evolution;

8. Business of the issuer;

9. Associated transactions and competition in the same industry;

10. Main assets of the issuer;

11. Major claims and debts of the issuer;

12. Substantial changes in the issuer's assets, takeovers and mergers;

13. Formulation and alteration of the articles of association of the issuer's company;

14. Rules and standard operations of the shareholders' meeting, board of directors, and supervisory meetings;

15. Directors, supervisors, other senior management personnel of the issuer and any changes therein;

16. Tax issues of the issuer;

17. Environmental protection and product quality standards and technology of the issuer;

18. Use of funds raised by the issuer;

19. Business development goals of the issuer;

20. Litigation, arbitration or administrative penalties;

21. Relevant issues concerning the capital-increasing share issuing of the original fund-raising companies with specific targets (if applicable);

22. Evaluations of legal risks of the Prospectus of the issuer;

23. Other matters which the lawyer deems necessary to be explained;

Section 3 — General Conclusive Opinions of the share issuing and listing

^Article_25

The lawyer shall provide explicit conclusive opinions with regard to whether or not the issuer meets the conditions of share issuing and listing, whether or not there are violations of laws or regulations in the issuer's conduct, whether or not the legal opinion and lawyer's report cited in the Prospectus and its abstract are appropriate.

^Article_26

Where the lawyer, having exercised his/her duties with utmost diligence, is still unable to confirm succinctly the legal validity of the issue and listing of shares, he/she shall provide a reserved opinion and give a corresponding explanation. He/she shall also explain the degree of impact of this on the current issue and listing of shares.

CHAPTER III — ESSENTIAL CONTENTS OF A LAWYER'S REPORT

^Article_27

A lawyer shall declare in the introductory part of the report whether or not he/she issues the lawyer's report in accordance with the provisions of the Securities Law and the Company Law and other laws and regulations, as well as the regulations of the CSRC, commonly accepted professional standards and ethical norms of lawyers and in the spirit of fulfilling one's duty with utmost diligence.

Section 1 — Introduction of the Lawyer's Report

^Article_28

Briefly introduced shall be the lawyer and the law firm, including (but not limited to) time and place of registration, scope of business, number of securities lawyers in practice, a record of practice in securities regarding the signatory lawyer, as well as a resume and contact details.

^Article_29

The lawyer shall provide information regarding the process of the formulation of the legal opinion, including (but not limited to) communications with the issuer, examination and verification of materials provided by the issuer, interviews and talk records, on-site inspection records, a list of documents searched for, and time of work.

Section 2 — Main body of a Lawyer's Report

^Article_30

Approval and authorisation of the current issuing and listing:

1. Whether or not the shareholders' meeting has passed resolutions, in conformity with legal procedures, to approve the issuing and listing;

2. On the basis of relevant laws and regulations, normative documents, and the articles of association of the company, whether or not the contents of the above-mentioned resolutions are legal and valid;

3. Whether or not the scope and procedure of the above-mentioned authorisation are legal and valid, if the shareholders' meeting authorises the board of directors to handle matters concerning the issuing and listing.

^Article_31

Qualifications for an issuer to engage in the issue of shares:

1. Whether or not the issuer possesses the qualifications to engage in the issue of shares;

2. Statements explaining whether or not the issuer continues to have legal validity, i.e. an explanation as to whether or not there have been circumstances in which the issuer must be terminated in accordance with laws, regulations and normative documents or its Articles of Association.

^Article_32

Substantive conditions for the current issuing and listing of shares:

Where there are different types or features of issuers, the issuer shall be checked as to whether or not the requirements for issuing and listing have been met in observation of relevant articles in the Securities Law, the Company Law, and other laws, regulations and normative documents.

^Article_33

The establishment of the issuer:

1. Whether or not the process, qualifications, conditions, and methods regarding the establishment of the issuer are in conformity with the laws, regulations, and normative documents at the time, and have been approved by responsible authorities;

2. Whether or not, in the process of the establishment of the issuer, any contracts regarding restructuring are in conformity with relevant laws, regulations, and normative documents; and whether or not potential disputes may be caused as a result of the conduct of establishing the issuer;

3. Whether or not necessary procedures have been followed concerning assets evaluation, examination and verification of capital, etc., in the process of the establishment of the issuer; and whether or not the asset evaluation and examination and verification of capital are in conformity with the laws, regulations, and normative documents at the time;

4. Whether or not the procedures and agenda of the inaugural meeting of issuers were in conformity with legal provisions, regulations and normative documents.

^Article_34

Independence of the Issuer:

1. Whether or not the business of the issuer is independent of the business of shareholders and other associated parties;

2. Whether or not the capital and assets of the issuer are independent and integral;

3. Where the issuer is a manufacturing enterprise, whether or not the issuer possesses independent and complete systems of supply, manufacturing and sales;

4. Whether or not the personnel of the issuer are independent;

5. Whether or not the organisation of the issuer is independent;

6. Whether or not the financial affairs of the issuer are independent;

7. In general terms, a statement of whether or not the issuer is capable of independent management in the market.

^Article_35

Promoters and shareholders (traced back to the actual controller of the issuer):

1. Whether or not the promoters or shareholders continue to have legal validity, and possess the qualifications stipulated in legal provisions, regulations or normative documents, to act as promoters or make investment contribution;

2. Whether or not the number, residence, and the proportion of the capital contributions of the promoters or shareholders are in conformity with legal provisions, regulations or normative documents;

3. Whether or not the ownership of the assets of the capital invested in the issuer by promoters is clear; and whether or not there is any legal obstacle to the investment of the aforesaid assets in the issuer;

4. Where a promoter is to acquire shares by converting the assets of enterprises of which the promoter is a sole owner or of other enterprises after deregistration of the enterprises, statements explaining whether the promoter has obtained the ownership right over the aforesaid assets after completing the necessary legal procedures; whether or not the consent of related creditors has been acquired; whether or not the promoter has settled its debts in conformity with legal provisions and regulations, in an authentic and valid fashion;

5. Where the promoter is purchasing shares by converting the rights and benefits of other enterprises, statements explaining whether other investors of the enterprise have agreed to the matter, and whether or not relevant legal procedures have been followed;

6. Whether or not certificates of the ownership of the assets invested in the issuer by the promoter have been transferred from the promoter to the issuer, and whether or not there are any legal obstacles or risks involved.

^Article_36

Issuer's capital stock and its evolution:

1. Whether or not, in the establishment of the issuer, the setting up of stock rights and the structure of capital stock are valid and in conformity with legal provisions; whether or not there are disputes or risks in the definition and confirmation of property rights;

2. Whether or not every change in the stock rights of the issuer is authentic, valid and in conformity with legal provisions and regulations;

3. Whether or not the shares held by the promoter are pledged; if there is a pledge, a statement shall be made to explain whether or not the pledge is made in accordance with legal provisions and the risks it may incur.

^Article_37

Business of the issuer:

1. Whether or not the scope of business and the methods of operation of the issuer are in conformity with relevant legal provisions, regulations, and normative documents;

2. Whether or not the issuer conducts business operations outside mainland China; if so, it shall be stated whether or not these operations are authentic, valid, and in conformity with legal provisions and regulations;

3. Whether or not the business of the issuer has ever changed; if a change has been made the specific situations and the legal issues that may exist shall be explained;

4. Whether or not any major business operations of the issuer are outstanding;

5. Whether or not the issuer has legal obstacles in continuing business operations.

^Article_38

Associated transactions and horizontal competition:

1. Whether or not the issuer has associated parties holding over five (5) per cent of the issuer's shares; if so, the type of association between the issuer and the associated parties shall be explained;

2. Whether or not there are major associated transactions between the issuer and the associated parties; if so, the contents, quantity, monetary amount, and the proportions of the associated transactions shall be explained;

3. Whether or not the above-mentioned associated transactions are fair or detrimental to the interests of the issuer and other shareholders;

4. Where one party in the above-mentioned associated transactions is a shareholder of the issuer, a statement shall be made to state whether or not necessary measures have been adopted to protect the interests of other shareholders;

5. Whether or not, in the Article of Associations and other internal regulations, the issuer has specified the decision-making process of the associated transactions;

6. Whether or not there is horizontal competition between the issuer and each associated enterprise; if there is horizontal competition, the nature of the horizontal competition shall be explained;

7. Whether or not the parties concerned have adopted effective measures or have made commitments to avoid horizontal competition;

8. Whether or not the issuer has made a full disclosure in regard to any associated transactions involved, and commitments or measures to solve horizontal competition; and whether or not there are serious omissions or serious concealment; if there are serious omissions or serious concealment, a statement shall be made to explain the effects upon the issue of shares.

^Article_39

Major assets of the issuer:

1. Information about the real estate owned by the issuer;

2. Information about the land use rights, trademarks, patents, operation rights of concessions, and other intangible property of the issuer;

3. Information about the manufacturing equipment and operations in the ownership of the issuer;

4. Whether or not there are disputes about property rights or potential disputes concerning the above-mentioned assets; if so, a statement shall be made to state the effects upon the issue of shares;

5. Statements explaining the methods by which the issuer has acquired the ownership rights or use rights over the aforesaid assets and whether or not the issuer has obtained complete ownership rights certificates; if not, statements explaining whether or not there is any legal obstacle to their being obtained;

6. Statements explaining whether or not the issuer is restricted in the exercise of ownership rights or use of its main assets; whether or not there are pledges and other situations where exercise of rights may be restricted;

7. Whether or not the issuer has any rental real estate, or land use rights; if so, statements shall be made to explain if the lease is in conformity with legal provisions and valid.

^Article_40

Major claims and debts of the issuer:

1. Statements explaining the legal effectiveness and validity of any major contracts which are yet to be performed or are currently being performed by the issuer and any which, although performed, contain potential disputes. If there are risks or disputes, statements shall be made to explain the effect upon the issuing and listing of shares;

2. Whether or not the entity in the aforesaid contracts has been changed into an issuer, and whether or not any legal obstacle to the performance of the contract exists;

3. Statements explaining whether or not the issuer has incurred liabilities of tort arising out of matters involving environmental protection, intellectual property, product quality, labour safety and personal rights, etc, and the effects upon the issuing and listing of shares;

4. Statements explaining whether or not there is any major claim and debt or any pledges provided between the issuer and the associated parties;

5. Statements explaining whether or not other major debts receivable and debts payable by the issuer have resulted from normal production and operation activities, and whether or not they are valid in accordance with the law.

^Article_41

Substantial changes in the issuer's assets and takeovers:

1. Statements explaining whether or not the issuer has engaged in acts involving a merger, a division, increase of capital and shares, reduction of registered capital, takeovers and sale of assets etc. If so, whether or not the acts meet the requirements of current laws, regulations and normative documents, and whether or not the necessary legal procedures have been completed;

2. Statements explaining whether or not the issuer intends to conduct assets exchange, division, and sale, or takeovers; if the issuer intends to do so, there shall be a statement explaining the manner and the legal basis, and whether or not necessary legal procedures have been followed, whether or not actual influences may be exerted upon the actual conditions of the issue and listing of the issuer and upon relevant contents of this Code.

^Article_42

Formulation and alteration of the Articles of Association of the issuer:

1. Statements explaining whether or not the formulation of the Articles of Association or draft Articles of Association as well as any alterations in the last three (3) years that have been made have followed statutory procedures;

2. Statements explaining whether or not the contents of the issuer's Articles of Association or draft Articles of Association meet the requirements of current laws and regulations, and normative documents;

3. Statements explaining whether or not the issuer's Articles of Association or draft Articles of Association have been amended or drafted in accordance with the provisions of the guidelines for Articles of Association of Listed Companies, and, where relevant provisions cannot be implemented, reasons must be provided. Where the issuer has listed shares in Hong Kong or overseas, an explanation of whether or not the Articles of Association meet the relevant provisions of the clauses in the Articles of Association of Companies Listed Overseas.

^Article_43

Rules and standard operations of the shareholders' meetings, board of directors', and supervisory meetings:

1. Whether or not the issuer possesses complete and functional organisations;

2. Whether or not the issuer has complete and functional rules for shareholders' meetings, board of directors', and supervisory meetings; and whether or not the rules are in conformity with legal provisions, statutory regulations and normative documents;

3. Whether or not the convening of every shareholders' meeting, board of directors' and supervisory meeting, the contents of resolutions and their signing are authentic, valid and in conformity with legal provisions and regulations;

4. Whether or not the authorisations made by every shareholders' meeting or the meetings of the board of directors or any significant decision-making are authentic, valid and in conformity with legal provisions and regulations.

^Article_44

Directors, supervisors, other senior management personnel and their changes:

1. Statements explaining whether or not the appointments of directors, supervisors and other senior management personnel are in compliance with the provisions of laws, regulations, normative documents and Articles of Association;

2. Statements explaining whether or not the above-mentioned persons have been changed in the last three (3) years, particularly in the year before the listing of the enterprise; if there have been changes, a statement shall be made to explain whether or not the changes were made in conformity with relevant regulations, following necessary legal procedures;

3. Statements explaining whether or not the issuer has established independent directors, and whether or not the appointment qualifications meet the relevant regulations, whether or not the scope of the functions and powers of the independent directors violate relevant legal provisions, regulations, and normative documents.

^Article_45

Tax affairs of the issuer:

1. Statements explaining whether or not the tax types and tax rates applying to the issuer and its holding subsidiary companies are in compliance with the provisions of current laws, regulations and normative documents. If the issuer enjoys preferential policies, or financial subsidies, there shall be a statement explaining whether or not these policies are authentic, valid and in conformity with legal provisions and regulations;

2. Statements explaining whether or not in the past three (3) years the issuer has paid taxes in accordance with the law, and whether or not it has been penalised by the taxation authority.

^Article_46

Environmental protection standards, product quality and technology standards of the issuer:

1. Statements explaining whether or not the production and business activities and investment projects in the planning of the issuer meet the relevant requirements for environmental protection, and whether or not there are opinions from responsible authorities;

2. Statements explaining whether or not during the past three (3) years the issuer has been penalised as a result of violating laws and regulations on environmental protection;

3. Statements explaining whether or not the products of the issuer meet the relevant standards for quality and technological supervision, and whether or not during the past three (3) years the issuer has been penalised as a result of violating the relevant laws and regulations on standards of product quality and technological supervision.

^Article_47

Utilisation of funds raised through the issue of shares:

1. Statements explaining for what projects the funds raised through the issue of shares by the issuer are to be used, whether or not approval or authorisation by responsible authorities is needed. If needed, a statement shall be made to state whether or not approval or authorisation has been acquired;

2. Where the aforesaid projects are projects in cooperation with others, statements explaining whether or not relevant contracts and agreements on the form of cooperation have been concluded and whether or not the projects may cause horizontal competition;

3. Where the share issuing by an issuer is to increase capital, statements explaining whether or not the use of funds raised through the previous issue of shares has been in compliance with the fund raising plan. If the issuer has made changes to the use of funds raised through the previous issue of shares, statements explaining whether or not the changes have been approved through legal procedures.

^Article_48

Business development goals of the issuer:

1. Whether or not business development goals of the issuer are in conformity with the main business;

2. Whether or not the business development goals of the issuer are in conformity with legal provisions, regulations, and normative documents of the State, and whether or not there are potential legal risks.

^Article_49

Litigation, arbitration or administrative penalties:

1. Statements explaining whether or not the issuer, the main shareholders (traced back to the actual controller) holding over five (5) per cent of the issuer's shares, and the holding company of the issuer have major cases involving litigation, arbitration or administrative penalties which have not been fully concluded or may be anticipated. If there are such cases, a statement shall be made to explain their effect upon the current issue and listing of shares;

2. Statements explaining whether or not the chairperson or the general manager has major cases involving litigation, arbitration or administrative penalties which have not been fully concluded or may be anticipated. If such cases exist, a statement shall be made to explain their effect upon the manufacture and operation of the issuer;

3. In the event of litigation, arbitration or the imposition of an administrative penalty, statements explaining briefly the situation of the case (including, but not limited to, the name of the court handling the case, the date on which the law suit is lodged, parties to the litigation and their agents, grounds of action, claims, possible results of the case or the enforcement of a legal document in effect, etc).

^Article_50

Relevant issues concerning the capital-increasing share listing of the original fund-raising companies with specific targets:

1. Whether or not the establishment of the company and the setup of any shares to be sold to the company employees have been approved in conformity with legal provisions;

2. Whether or not any shares to be sold to the company employees are issued in accordance with the approved proportion, scope and manner;

3. Whether or not the initial and the following trusteeship of any shares to be sold to the company employees is authentic, valid and in conformity with legal provisions and regulations;

4. Whether or not the evolution of any shares to be sold to the company employees is authentic, valid and in conformity with legal provisions and regulations;

5. Where the sale of shares to the company employees violates laws or regulations, whether or not such conduct has been corrected, and whether or not the responsible authorities approving the sale of shares to the company employees have issued documents in confirmation of their bearing responsibility for the situation concerned and potential risks.

^Article_51

Evaluations of legal risks of the Prospectus of the issuer:

Statements explaining whether or not the lawyer participated in the compilation and discussion of the Prospectus, whether or not the lawyer has checked and approved the Prospectus, in particular the issuer's citation of relevant contents of the legal opinion and the lawyer's report. Evaluations shall be made regarding whether there are false records, misleading statements or serious omissions in the Prospectus and its abstract and the legal risks involved.

^Article_52

Other matters which the lawyer deems necessary to have explained:

Where there are legal issues which are not explicitly required in this Code but which may have a significant effect upon the issue and listing of shares, the lawyer shall formulate legal opinions.

CHAPTER IV — SUPPLEMENTARY PROVISIONS

^Article_53

The CSRC is responsible for the interpretation of this Code.

^Article_54