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【发布单位】中国证券监督管理委员会 【发布文号】中国证券监督管理委员会令第30号 【发布日期】2006-05-06 【生效日期】2006-05-08 【失效日期】----------- 【所属类别】国家法律法规 【文件来源】中国证券监督管理委员会
上市公司证券发行管理办法 《上市公司证券发行管理办法》已经2006年4月26日中国证券监督管理委员会第178次主席办公会议审议通过，现予公布，自2006年5月8日起施行。 中国证券监督管理委员会主席 尚福林 二○○六年五月六日 上市公司证券发行管理办法 第一章 总 则 第一条 为了规范上市公司证券发行行为，保护投资者的合法权益和社会公共利益，根据《证券法》、《公司法》制定本办法。 第二条 上市公司申请在境内发行证券，适用本办法。 本办法所称证券，指下列证券品种： （一）股票； （二）可转换公司债券； （三）中国证券监督管理委员会（以下简称“中国证监会”）认可的其他品种。 第三条 上市公司发行证券，可以向不特定对象公开发行，也可以向特定对象非公开发行。 第四条 上市公司发行证券，必须真实、准确、完整、及时、公平地披露或者提供信息，不得有虚假记载、误导性陈述或者重大遗漏。 第五条 中国证监会对上市公司证券发行的核准，不表明其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。因上市公司经营与收益的变化引致的投资风险，由认购证券的投资者自行负责。 第二章 公开发行证券的条件 第一节 一般规定 第六条 上市公司的组织机构健全、运行良好，符合下列规定： （一）公司章程合法有效，股东大会、董事会、监事会和独立董事制度健全，能够依法有效履行职责； （二）公司内部控制制度健全，能够有效保证公司运行的效率、合法合规性和财务报告的可靠性；内部控制制度的完整性、合理性、有效性不存在重大缺陷； （三）现任董事、监事和高级管理人员具备任职资格，能够忠实和勤勉地履行职务，不存在违反公司法第一百四十八条、第一百四十九条规定的行为，且最近三十六个月内未受到过中国证监会的行政处罚、最近十二个月内未受到过证券交易所的公开谴责； （四）上市公司与控股股东或实际控制人的人员、资产、财务分开，机构、业务独立，能够自主经营管理； （五）最近十二个月内不存在违规对外提供担保的行为。 第七条 上市公司的盈利能力具有可持续性，符合下列规定： （一）最近三个会计年度连续盈利。扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为计算依据； （二）业务和盈利来源相对稳定，不存在严重依赖于控股股东、实际控制人的情形； （三）现有主营业务或投资方向能够可持续发展，经营模式和投资计划稳健，主要产品或服务的市场前景良好，行业经营环境和市场需求不存在现实或可预见的重大不利变化； （四）高级管理人员和核心技术人员稳定，最近十二个月内未发生重大不利变化； （五）公司重要资产、核心技术或其他重大权益的取得合法，能够持续使用，不存在现实或可预见的重大不利变化； （六）不存在可能严重影响公司持续经营的担保、诉讼、仲裁或其他重大事项； （七）最近二十四个月内曾公开发行证券的，不存在发行当年营业利润比上年下降百分之五十以上的情形。 第八条 上市公司的财务状况良好，符合下列规定： （一）会计基础工作规范，严格遵循国家统一会计制度的规定； （二）最近三年及一期财务报表未被注册会计师出具保留意见、否定意见或无法表示意见的审计报告；被注册会计师出具带强调事项段的无保留意见审计报告的，所涉及的事项对发行人无重大不利影响或者在发行前重大不利影响已经消除； （三）资产质量良好。不良资产不足以对公司财务状况造成重大不利影响； （四）经营成果真实，现金流量正常。营业收入和成本费用的确认严格遵循国家有关企业会计准则的规定，最近三年资产减值准备计提充分合理，不存在操纵经营业绩的情形； （五）最近三年以现金或股票方式累计分配的利润不少于最近三年实现的年均可分配利润的百分之二十。 第九条 上市公司最近三十六个月内财务会计文件无虚假记载，且不存在下列重大违法行为： （一）违反证券法律、行政法规或规章，受到中国证监会的行政处罚，或者受到刑事处罚； （二）违反工商、税收、土地、环保、海关法律、行政法规或规章，受到行政处罚且情节严重，或者受到刑事处罚； （三）违反国家其他法律、行政法规且情节严重的行为。 第十条 上市公司募集资金的数额和使用应当符合下列规定： （一）募集资金数额不超过项目需要量； （二）募集资金用途符合国家产业政策和有关环境保护、土地管理等法律和行政法规的规定； （三）除金融类企业外，本次募集资金使用项目不得为持有交易性金融资产和可供出售的金融资产、借予他人、委托理财等财务性投资，不得直接或间接投资于以买卖有价证券为主要业务的公司。 （四）投资项目实施后，不会与控股股东或实际控制人产生同业竞争或影响公司生产经营的独立性； （五）建立募集资金专项存储制度，募集资金必须存放于公司董事会决定的专项账户。 第十一条 上市公司存在下列情形之一的，不得公开发行证券： （一）本次发行申请文件有虚假记载、误导性陈述或重大遗漏； （二）擅自改变前次公开发行证券募集资金的用途而未作纠正； （三）上市公司最近十二个月内受到过证券交易所的公开谴责； （四）上市公司及其控股股东或实际控制人最近十二个月内存在未履行向投资者作出的公开承诺的行为； （五）上市公司或其现任董事、高级管理人员因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会立案调查； （六）严重损害投资者的合法权益和社会公共利益的其他情形。 第二节 发行股票 第十二条 向原股东配售股份（简称“配股”），除符合本章第一规定外，还应当符合下列规定： (一) 拟配售股份数量不超过本次配售股份前股本总额的百分之三十； (二) 控股股东应当在股东大会召开前公开承诺认配股份的数量； （三）采用证券法规定的代销方式发行。 控股股东不履行认配股份的承诺，或者代销期限届满，原股东认购股票的数量未达到拟配售数量百分之七十的，发行人应当按照发行价并加算银行同期存款利息返还已经认购的股东。 第十三条 向不特定对象公开募集股份（简称“增发”），除符合本章第一节规定外，还应当符合下列规定： （一）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。扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为加权平均净资产收益率的计算依据； （二）除金融类企业外，最近一期末不存在持有金额较大的交易性金融资产和可供出售的金融资产、借予他人款项、委托理财等财务性投资的情形； （三）发行价格应不低于公告招股意向书前二十个交易日公司股票均价或前一个交易日的均价。 第三节 发行可转换公司债券 第十四条 公开发行可转换公司债券的公司，除应当符合本章第一节规定外，还应当符合下列规定： （一） 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。扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为加权平均净资产收益率的计算依据； （二） 本次发行后累计公司债券余额不超过最近一期末净资产额的百分之四十； （三）最近三个会计年度实现的年均可分配利润不少于公司债券一年的利息。 前款所称可转换公司债券，是指发行公司依法发行、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。 第十五条 可转换公司债券的期限最短为一年，最长为六年。 第十六条 可转换公司债券每张面值一百元。 可转换公司债券的利率由发行公司与主承销商协商确定，但必须符合国家的有关规定。 第十七条 公开发行可转换公司债券，应当委托具有资格的资信评级机构进行信用评级和跟踪评级。 资信评级机构每年至少公告一次跟踪评级报告。 第十八条 上市公司应当在可转换公司债券期满后五个工作日内办理完毕偿还债券余额本息的事项。 第十九条 公开发行可转换公司债券，应当约定保护债券持有人权利的办法，以及债券持有人会议的权利、程序和决议生效条件。 存在下列事项之一的，应当召开债券持有人会议： （一）拟变更募集说明书的约定； （二）发行人不能按期支付本息； （三）发行人减资、合并、分立、解散或者申请破产； （四）保证人或者担保物发生重大变化； （五）其他影响债券持有人重大权益的事项。 第二十条 公开发行可转换公司债券，应当提供担保，但最近一期末经审计的净资产不低于人民币十五亿元的公司除外。 提供担保的，应当为全额担保，担保范围包括债券的本金及利息、违约金、损害赔偿金和实现债权的费用。 以保证方式提供担保的，应当为连带责任担保，且保证人最近一期经审计的净资产额应不低于其累计对外担保的金额。证券公司或上市公司不得作为发行可转债的担保人，但上市商业银行除外。 设定抵押或质押的，抵押或质押财产的估值应不低于担保金额。估值应经有资格的资产评估机构评估。 第二十一条 可转换公司债券自发行结束之日起六个月后方可转换为公司股票，转股期限由公司根据可转换公司债券的存续期限及公司财务状况确定。 债券持有人对转换股票或者不转换股票有选择权，并于转股的次日成为发行公司的股东。 第二十二条 转股价格应不低于募集说明书公告日前二十个交易日该公司股票交易均价和前一交易日的均价。 前款所称转股价格，是指募集说明书事先约定的可转换公司债券转换为每股股份所支付的价格。 第二十三条 募集说明书可以约定赎回条款，规定上市公司可按事先约定的条件和价格赎回尚未转股的可转换公司债券。 第二十四条 募集说明书可以约定回售条款，规定债券持有人可按事先约定的条件和价格将所持债券回售给上市公司。 募集说明书应当约定,上市公司改变公告的募集资金用途的，赋予债券持有人一次回售的权利。 第二十五条 募集说明书应当约定转股价格调整的原则及方式。发行可转换公司债券后，因配股、增发、送股、派息、分立及其他原因引起上市公司股份变动的，应当同时调整转股价格。 第二十六条 募集说明书约定转股价格向下修正条款的，应当同时约定： （一）转股价格修正方案须提交公司股东大会表决，且须经出席会议的股东所持表决权的三分之二以上同意。股东大会进行表决时，持有公司可转换债券的股东应当回避； （二）修正后的转股价格不低于前项规定的股东大会召开日前二十个交易日该公司股票交易均价和前一交易日的均价。 第二十七条 上市公司可以公开发行认股权和债券分离交易的可转换公司债券（简称“分离交易的可转换公司债券”）。 发行分离交易的可转换公司债券，除符合本章第一节规定外，还应当符合下列规定： （一）公司最近一期末经审计的净资产不低于人民币十五亿元； （二）最近三个会计年度实现的年均可分配利润不少于公司债券一年的利息； （三）最近三个会计年度经营活动产生的现金流量净额平均不少于公司债券一年的利息，符合本办法第十四条第（一）项规定的公司除外； （四）本次发行后累计公司债券余额不超过最近一期末净资产额的百分之四十，预计所附认股权全部行权后募集的资金总量不超过拟发行公司债券金额。 第二十八条 分离交易的可转换公司债券应当申请在上市公司股票上市的证券交易所上市交易。 分离交易的可转换公司债券中的公司债券和认股权分别符合证券交易所上市条件的，应当分别上市交易。 第二十九条 分离交易的可转换公司债券的期限最短为一年。 债券的面值、利率、信用评级、偿还本息、债权保护适用本办法第十六条至第十九条的规定。 第三十条 发行分离交易的可转换公司债券，发行人提供担保的，适用本办法第二十条第二款至第四款的规定。 第三十一条 认股权证上市交易的，认股权证约定的要素应当包括行权价格、存续期间、行权期间或行权日、行权比例。 第三十二条 认股权证的行权价格应不低于公告募集说明书日前二十个交易日公司股票均价和前一个交易日的均价。 第三十三条 认股权证的存续期间不超过公司债券的期限，自发行结束之日起不少于六个月。 募集说明书公告的权证存续期限不得调整。 第三十四条 认股权证自发行结束至少已满六个月起方可行权，行权期间为存续期限届满前的一段期间，或者是存续期限内的特定交易日。 第三十五条 分离交易的可转换公司债券募集说明书应当约定，上市公司改变公告的募集资金用途的，赋予债券持有人一次回售的权利。 第三章 非公开发行股票的条件 第三十六条 本办法规定的非公开发行股票，是指上市公司采用非公开方式，向特定对象发行股票的行为。 第三十七条 非公开发行股票的特定对象应当符合下列规定： （一）特定对象符合股东大会决议规定的条件； （二）发行对象不超过十名。 发行对象为境外战略投资者的，应当经国务院相关部门事先批准。 第三十八条 上市公司非公开发行股票，应当符合下列规定： （一）发行价格不低于定价基准日前二十个交易日公司股票均价的百分之九十； （二）本次发行的股份自发行结束之日起，十二个月内不得转让；控股股东、实际控制人及其控制的企业认购的股份，三十六个月内不得转让； （三）募集资金使用符合本办法第十条的规定； （四）本次发行将导致上市公司控制权发生变化的，还应当符合中国证监会的其他规定。 第三十九条 上市公司存在下列情形之一的，不得非公开发行股票： （一）本次发行申请文件有虚假记载、误导性陈述或重大遗漏； （二）上市公司的权益被控股股东或实际控制人严重损害且尚未消除； （三）上市公司及其附属公司违规对外提供担保且尚未解除； （四）现任董事、高级管理人员最近三十六个月内受到过中国证监会的行政处罚，或者最近十二个月内受到过证券交易所公开谴责； （五）上市公司或其现任董事、高级管理人员因涉嫌犯罪正被司法机关立案侦查或涉嫌违法违规正被中国证监会立案调查； （六）最近一年及一期财务报表被注册会计师出具保留意见、否定意见或无法表示意见的审计报告。保留意见、否定意见或无法表示意见所涉及事项的重大影响已经消除或者本次发行涉及重大重组的除外； （七）严重损害投资者合法权益和社会公共利益的其他情形。 第四章 发行程序 第四十条 上市公司申请发行证券，董事会应当依法就下列事项作出决议，并提请股东大会批准： （一）本次证券发行的方案； （二）本次募集资金使用的可行性报告； （三）前次募集资金使用的报告； （四）其他必须明确的事项。 第四十一条 股东大会就发行股票作出的决定，至少应当包括下列事项： （一）本次发行证券的种类和数量； （二）发行方式、发行对象及向原股东配售的安排； （三）定价方式或价格区间； （四）募集资金用途； （五）决议的有效期； （六）对董事会办理本次发行具体事宜的授权； （七）其他必须明确的事项。 第四十二条 股东大会就发行可转换公司债券作出的决定，至少应当包括下列事项： （一）本办法第四十一条规定的事项； （二）债券利率； （三）债券期限； （四）担保事项； （五）回售条款； （六）还本付息的期限和方式； （七）转股期； （八）转股价格的确定和修正。 第四十三条 股东大会就发行分离交易的可转换公司债券作出的决定，至少应当包括下列事项： （一）本办法第四十一条、第四十二条第（二）项至第（六）项规定的事项； （二）认股权证的行权价格； （三）认股权证的存续期限； （四）认股权证的行权期间或行权日。 第四十四条 股东大会就发行证券事项作出决议，必须经出席会议的股东所持表决权的三分之二以上通过。向本公司特定的股东及其关联人发行证券的，股东大会就发行方案进行表决时，关联股东应当回避。 上市公司就发行证券事项召开股东大会，应当提供网络或者其他方式为股东参加股东大会提供便利。 第四十五条 上市公司申请公开发行证券或者非公开发行新股，应当由保荐人保荐，并向中国证监会申报。 保荐人应当按照中国证监会的有关规定编制和报送发行申请文件。 第四十六条 中国证监会依照下列程序审核发行证券的申请： （一）收到申请文件后，五个工作日内决定是否受理； （二）中国证监会受理后，对申请文件进行初审； （三）发行审核委员会审核申请文件； （四）中国证监会作出核准或者不予核准的决定。 第四十七条 自中国证监会核准发行之日起，上市公司应在六个月内发行证券；超过六个月未发行的，核准文件失效，须重新经中国证监会核准后方可发行。 第四十八条 上市公司发行证券前发生重大事项的，应暂缓发行，并及时报告中国证监会。该事项对本次发行条件构成重大影响的，发行证券的申请应重新经过中国证监会核准。 第四十九条 上市公司发行证券，应当由证券公司承销；非公开发行股票，发行对象均属于原前十名股东的，可以由上市公司自行销售。 第五十条 证券发行申请未获核准的上市公司，自中国证监会作出不予核准的决定之日起六个月后，可再次提出证券发行申请。 第五章 信息披露 第五十一条 上市公司发行证券，应当按照中国证监会规定的程序、内容和格式，编制公开募集证券说明书或者其他信息披露文件，依法履行信息披露义务。 第五十二条 上市公司应当保证投资者及时、充分、公平地获得法定披露的信息，信息披露文件使用的文字应当简洁、平实、易懂。 中国证监会规定的内容是信息披露的最低要求，凡对投资者投资决策有重大影响的信息，上市公司均应充分披露。 第五十三条 证券发行议案经董事会表决通过后，应当在二个工作日内报告证券交易所，公告召开股东大会的通知。 使用募集资金收购资产或者股权的，应当在公告召开股东大会通知的同时，披露该资产或者股权的基本情况、交易价格、定价依据以及是否与公司股东或其他关联人存在利害关系。 第五十四条 股东大会通过本次发行议案之日起两个工作日内，上市公司应当公布股东大会决议。 第五十五条 上市公司收到中国证监会关于本次发行申请的下列决定后，应当在次一工作日予以公告： （一）不予受理或者终止审查； （二）不予核准或者予以核准。 上市公司决定撤回证券发行申请的，应当在撤回申请文件的次一工作日予以公告。 第五十六条 上市公司全体董事、监事、高级管理人员应当在公开募集证券说明书上签字，保证不存在虚假记载、误导性陈述或者重大遗漏，并声明承担个别和连带的法律责任。 第五十七条 保荐机构及保荐代表人应当对公开募集证券说明书的内容进行尽职调查并签字，确认不存在虚假记载、误导性陈述或者重大遗漏，并声明承担相应的法律责任。 第五十八条 为证券发行出具专项文件的注册会计师、资产评估人员、资信评级人员、律师及其所在机构，应当按照本行业公认的业务标准和道德规范出具文件，并声明对所出具文件的真实性、准确性和完整性承担责任。 第五十九条 公开募集证券说明书所引用的审计报告、盈利预测审核报告、资产评估报告、资信评级报告，应当由有资格的证券服务机构出具，并由至少二名有从业资格的人员签署。 公开募集证券说明书所引用的法律意见书，应当由律师事务所出具，并由至少二名经办律师签署。 第六十条 公开募集证券说明书自最后签署之日起六个月内有效。 公开募集证券说明书不得使用超过有效期的资产评估报告或者资信评级报告。 第六十一条 上市公司在公开发行证券前的二至五个工作日内，应当将经中国证监会核准的募集说明书摘要或者募集意向书摘要刊登在至少一种中国证监会指定的报刊，同时将其全文刊登在中国证监会指定的互联网网站，置备于中国证监会指定的场所，供公众查阅。 第六十二条 上市公司在非公开发行新股后，应当将发行情况报告书刊登在至少一种中国证监会指定的报刊，同时将其刊登在中国证监会指定的互联网网站，置备于中国证监会指定的场所，供公众查阅。 第六十三条 上市公司可以将公开募集证券说明书全文或摘要、发行情况公告书刊登于其他网站和报刊，但不得早于按照第六十一条、第六十二条规定披露信息的时间。 第六章 监管和处罚 第六十四条 上市公司违反本办法规定，中国证监会可以责令整改；对其直接负责的主管人员和其他直接责任人员，可以采取监管谈话、认定为不适当人选等行政监管措施，记入诚信档案并公布。 第六十五条 上市公司及其直接负责的主管人员和其他直接责任人员违反法律、行政法规或本办法规定，依法应予行政处罚的，依照有关规定进行处罚；涉嫌犯罪的，依法移送司法机关，追究其刑事责任。 第六十六条 上市公司提供的申请文件中有虚假记载、误导性陈述或重大遗漏的，中国证监会可作出终止审查决定，并在三十六个月内不再受理该公司的公开发行证券申请。 第六十七条 上市公司披露盈利预测的，利润实现数如未达到盈利预测的百分之八十，除因不可抗力外，其法定代表人、盈利预测审核报告签字注册会计师应当在股东大会及中国证监会指定报刊上公开作出解释并道歉；中国证监会可以对法定代表人处以警告。 利润实现数未达到盈利预测的百分之五十的，除因不可抗力外，中国证监会在三十六个月内不受理该公司的公开发行证券申请。 第六十八条 上市公司违反本办法第十条第（三）项和第（四）项规定的，中国证监会可以责令改正，并在三十六个月内不受理该公司的公开发行证券申请。 第六十九条 为证券发行出具审计报告、法律意见、资产评估报告、资信评级报告及其他专项文件的证券服务机构和人员，在其出具的专项文件中存在虚假记载、误导性陈述或重大遗漏的，除承担证券法规定的法律责任外，中国证监会十二个月内不接受相关机构出具的证券发行专项文件，三十六个月内不接受相关人员出具的证券发行专项文件。 第七十条 承销机构在承销非公开发行的新股时，将新股配售给不符合本办法第三十七条规定的对象的，中国证监会可以责令改正，并在三十六个月内不接受其参与证券承销。 第七十一条 上市公司在非公开发行新股时，违反本办法第四十九条规定的，中国证监会可以责令改正，并在三十六个月内不受理该公司的公开发行证券申请。 第七十二条 本办法规定的特定对象违反规定，擅自转让限售期限未满的股票的，中国证监会可以责令改正，情节严重的，十二个月内不得作为特定对象认购证券。 第七十三条 上市公司和保荐机构、承销商向参与认购的投资者提供财务资助或补偿的，中国证监会可以责令改正；情节严重的，处以警告、罚款。 第七章 附 则 第七十四条 上市公司发行以外币认购的证券的办法、上市公司向员工发行证券用于激励的办法，由中国证监会另行规定。 第七十五条 本办法自2006年5月8日起施行。《上市公司新股发行管理办法》（证监会令第1号）、《关于做好上市公司新股发行工作的通知》（证监发[2001]43号）、《关于上市公司增发新股有关条件的通知》（证监发[2002]55号）、《上市公司发行可转换公司债券实施办法》（证监会令第2号）和《关于做好上市公司可转换公司债券发行工作的通知》（证监发行字[2001]115号）同时废止。
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Measures for the Administration of Securities Issuance by Listed
Companies
May 8, 2006
Chapter One - General Rules
Article 1. This set of Measures has been formulated for the purposes of regulating the issuance of securities by listed companies, protecting the lawful rights and interests of investors and the interests of the general public, pursuant to the Securities Law and the Corporation Law.
Article 2. This set of Measures shall apply in the issuance of securities within the Chinese borders by listed companies.
The term securities as stated in this set of Measures shall refer to the following assortment of securities:
1. Shares;
2. Convertible corporate bonds;
3. Other kinds of securities as recognised by the China Securities Regulatory Commission (hereinafter referred to as the CSRC).
Article 3. Listed companies, when issuing securities, may do so publicly to non-specified objects and non-publicly to specified objects.
Article 4. Listed companies, when issuing securities, shall disclose or provide information in an authentic, accurate, complete, timely and fair manner without any false records, misleading statements or major omissions.
Article 5. CSRC approval for issuance of securities by a listed company neither constitutes material judgment nor guarantee of the investment value of the security or investor yields. Investment risks engendered by changes in the performance of the listed company and in yields shall be borne by the investors who subscribe to the security themselves.
Chapter Two - Conditions for the
public offering of securities
Section I. General Provisions
Article 6. The listed company shall have a complete and well-operated organisation and operate soundly and meet the following requirements:
1. Having a lawful and valid articles of association; a general assembly of shareholders, a board of directors, a board of supervisors, and a complete and well-operated regime of independent directors, who can fulfil their duties effectively and in accordance with the law;
2. Having a complete and well-operated internal control regime, which can effectively ensure the efficiency, legality, regularity of corporate operations and the reliability of financial statements; the absence of major flaws in the entirety, rationality and efficiency of the internal control regime;
3. The incumbent board members, supervisors and senior managers shall have the qualification for assuming such posts, can faithfully and diligently perform their duties, have not engaged in any acts in violation of Articles 148 and 149 of the Corporation Law, have not been administratively disciplined by the CSRC within the previous 36 months, and have received no public censure of any stock exchange in the latest 12 months;
4. The personnel, assets and financial affairs of the listed company and of the controlling shareholder or the actual controller shall be separated with institutional and operational independence and the ability to operate and manage independently; and
5. There has been no act of illicitly providing foreign guarantees in the latest 12 months.
Article 7. The listed company shall have continuity in its profitability and meet the following provisions:
1. Being profitable in the latest three consecutive fiscal years. The net profits before or after deducting non-current profits and losses, whichever is lower, shall serve as the basis of calculation;
2. The sources of business and profits shall be relatively stable without any circumstance of major dependence on the controlling shareholder(s) or the actual controller(s);
3. The current principal business or investment orientation are sustainable with a prudent operational method and investment programme, good market prospects for key products and services, and without any real or foreseeable major adverse changes in the industry's business environment and market demand;
4. There is stability in senior mangers and core technical staff, without any major adverse changes in the latest 12 months;
5. The company's key assets, core technology and other major equities have been secured legally and can be employed continuously without any real or foreseeable major adverse changes;
6. There are no guarantees, litigations, arbitrations or other major matters with possible major adverse effects on the company; and
7. There has been no incidence of annual business profit dropping more than 50 percent from that of the previous year where securities are publicly offered in the latest 24 months.
Article 8. The listed company shall have a sound financial status and meet the following provisions:
1. Its fundamental accounting work is up to the standards and in strict compliance with the state's uniform accounting rules;
2. Certified public accountants have not issued a qualified opinion, an adverse opinion or a disclaimer of opinion in their auditing reports in the latest three consecutive years and on the latest financial statement. Where explanatory paragraphs are attached in unqualified auditing reports, the matters covered in the explanatory paragraphs shall have no major adverse effects on the issuer, or the major adverse effects have been removed before the issuance;
3. The quality of the assets shall be sound. The non-performing assets shall be such that they do not result in major adverse effects on the financial status of the company;
4. The business achievements shall be truthful and the cash flow shall be normal. The confirmation of business revenue and costs and expenses shall be in strict compliance with provisions of relevant state accounting rules, and impairment provisions incurred in the latest three years shall be sufficient but reasonable, without any circumstances of manipulating business achievements; and
5. Profits distributed accumulatively in the latest three years in cash or stocks shall be no less than 20 percent of annual distributive profits of the latest three years.
Article 9. The listed company's financial statements shall contain no false records in the latest 36 months, and there shall be no major illicit acts as listed below:
1. Violation of laws, administrative rules and regulations on securities that have been subjected to administrative penalties or criminal penalties;
2. Violation of laws, administrative rules and regulations on industry and commerce, taxation, land, environmental protection and customs that have been subjected to administrative penalties and that the circumstances have been serious, or have been subjected to criminal penalties; and
3. Violation of other laws, administrative rules and regulations and that the circumstances have been serious.
Article 10. The amount and uses of funds raised by listed companies shall meet the following provisions:
1. The amount of funds raised shall not exceed what is needed for the proposed projects;
2. The funds raised shall be used for purposes that comply with national industrial policies and provisions of laws and administrative rules concerning environmental protection and land administration;
3. Except for financial enterprises, the current funds raised cannot be used as held for trading financial assets or available for sale of financial assets, for lending to others, for entrusted investment and other financial investments; they cannot be invested directly or indirectly in companies that are mainly engaged in the trading of securities;
4. The investment project, when implemented, will not result in trade competition against the controlling shareholder(s) or the actual controller(s), nor affect the independence of the production and operation of the company; and
5. A special reserve regime must be established for the funds raised, which should be deposited under special accounts as decided by the company's board of directors.
Article 11. A listed company shall be barred from publicly offering securities under any of the following circumstances:
1. There are false records, misleading statements or major omissions in the current application documents;
2. The uses for the funds raised in the previous public offer of securities have been altered without authorisation and the act has not been redressed;
3. The listed company has been subjected to public censure of a stock exchange within the latest 12 months;
4. The listed company and its controlling shareholder(s) or actual controller(s) have engaged in acts that fail to honour pledges made to investors within the latest 12 months;
5. The listed company, or its incumbent director(s), senior manager(s) have been subjected to investigation by the judicial authorities for suspected criminal offences or to investigations by the CSRC for suspected violations of laws or regulations; and
6. Other circumstances where the lawful rights and interests of the investors and the public interests of the society are seriously infringed upon.
Section II. Issuance of Securities
Article 12. Share placement to existing shareholders (hereinafter referred to as "share placements"), in addition to compliance with the provisions stipulated herein in Section I of this Chapter, must also comply with the following provisions:
1. The number of shares to be placed shall not exceed 30 percent of the total amount of capital stock before the current placement;
2. The controlling shareholder(s) shall publicly pledge the number of shares to which it/they will subscribe before the convening of the general assembly of shareholders; and
3. They should be sold by proxy as stipulated by the Securities Law.
Where the controlling shareholder(s) fail to honour its/their pledge of share subscription, or where the term of proxy sale expires but the amount of shares subscribed to by existing shareholders fails to reach 70 percent of shares to be placed, the issuer shall refund the shareholders who have already subscribed according to the issuing price plus interest as calculated at the bank deposit rate for the corresponding period of time.
Article 13. In a public offer of shares to unspecified objects (hereinafter referred to as "additional issuance"), in addition to the provisions stipulated in Section I of this Chapter, the following provisions must also be complied with:
1. The average annual weighted net return on assets in the latest three fiscal years shall be no less than 6 percent. The net profits before or after deducting non-current profits and losses, whichever is lower, shall serve as the basis for calculating average weighted net return on assets;
2. Except for financial enterprises, there shall be no major amount held for trading financial assets or available for sale of financial assets, assets for lending to others, entrusted investment and other financial investments at the end of the latest accounting period; and
3. The issuing price shall be no lower than the average price of the company's shares in the 20 trading days before the publication of the offer prospectus or than the average price of the previous trading day.
Section III Issuance of Convertible Corporate Bonds
Article 14. In the public offer of convertible corporate bonds, the issuing company, in addition to provisions stipulated in Section I of this Chapter, should also comply with the following provisions:
1. The average annual weighted net return on assets in the latest three fiscal year shall be no less than 6 percent. The net profits before or after deducting non-current profits and losses, whichever is lower, shall serve as the basis for calculating average weighted net return on assets;
2. The accumulated balance of corporate bonds after the latest offer shall not exceed 40 percent of the net assets posted at the end of the latest accounting period; and
3. The average annual distributive profits achieved in the latest three fiscal years shall be no less than the one-year interest on the corporate bonds.
The convertible corporate bonds as stated in the previous paragraphs shall refer to corporate bonds offered legally by the issuing company which can be converted into shares within a certain period of time pursuant to agreed conditions.
Article 15. The term of convertible corporate bonds shall be no shorter than one year and no longer than six years.
Article 16. The par value of a convertible corporate bond shall be RMB100.
The interest rates on convertible corporate bonds shall be determined through consultations between the issuing company and the main underwriters in compliance with the state's relevant regulations.
Article 17. When publicly offering convertible corporate bonds, qualified rating agencies shall be entrusted to conduct credit rating and follow-up ratings.
The rating agencies shall issue follow-up rating reports at least once a year.
Article 18. The listed company shall complete proceedings on the repayment of principal and interest of the balance of the convertible corporate bonds within five working days following the maturity of the bonds.
Article 19. When publicly offering convertible corporate bonds, arrangements shall be made on ways of ensuring the rights of bondholders, on their right to convene an assembly of bondholders, and on the procedures and conditions for validity of resolutions.
An assembly of bondholders shall be convened under any of the following circumstances:
1. Changes are proposed to arrangements contained in the offer prospectus;
2. The issuer fails to repay principal and interest on schedule;
3. The issuer reduces capital, merges, separates, dissolves or applies for bankruptcy;
4. Major changes happen to the guarantor(s) or guaranty (guarantees); or
5. Other matters that affect the major rights and interests of bondholders.
Article 20. When publicly offering convertible corporate bonds, guarantees must be secured except for companies with audited net assets of no less than RMB1.5 billion at end of the latest accounting period.
Guarantees provided shall be full guarantees. The range of guarantee includes the bonds' principal and interest, default fine, damage awards and expenses for the realization of the creditors' rights.
Guarantees provided through pledges shall be joint liability guarantees and the guarantor(s)'s audited net assets of the latest accounting period shall be no less than the accumulated sum of its/their guarantees. Except for listed commercial banks, securities companies or listed companies cannot serve as guarantors for the issuance of convertible bonds.
Where mortgages or hypothecations are established, the valuation of the mortgaged or hypothecated properties shall be no less than the guaranteed sum. The valuation shall be established by qualified property assessment agencies.
Article 21. Convertible corporate bonds cannot be converted into corporate stocks until six months after the date of the completion of the convertible corporate bonds' issuance. The term limit of stock conversion shall be determined by the company pursuant to the convertible corporate bonds' lifetime and with the company's financial situation.
The bondholders are entitled to choose between converting and not converting into stocks; they shall become shareholders of the issuing company the day after the stock conversion (if they choose to convert).
Article 22. The price of stock conversion shall not be lower than the average price of the company's stocks in the 20 trading days before the publication of the offer prospectus, or lower than the average price of the previous trading day.
The stock conversion price as stated in the previous paragraph shall refer to the price paid for the conversion of each convertible corporate bond.
Article 23. The offer prospectus may establish provisions on redemption, stipulating that the listed company may redeem convertible corporate bonds that have yet to be converted into shares pursuant to conditions and prices agreed in advance.
Article 24. The offer prospectus may establish provisions on sell-back, stipulating that bondholders may sell the bonds they hold back to the listed company pursuant to condition and prices agreed in advance.
The offer prospectus should stipulate that the bondholder is entitled to a one-off sell-back when the listed company alters the uses of funds raised as specified in the prospectus.
Article 25. The offer prospectus shall stipulate the principles and methods for adjusting prices of stock conversions. Following the issuance of convertible corporate bonds, when changes happen to the stocks of the listed company due to stock placements, additional issuance, bonus shares, dividends, separations and other causes, the price of conversion shall be adjusted at the same time.
Article 26. Where the offer prospectus stipulates provisions on downward adjustment of conversion prices, the following items shall be stipulated at the same time:
1. The scheme for conversion price adjustments shall be submitted to voting at the general assembly of shareholders and must be approved by more than two-thirds of shareholders present at the assembly. When the voting is being taken at the shareholders' assembly, those shareholders who hold the company's convertible bonds shall withdraw;
2. The price after adjustment shall not be lower than the average transaction price of the 20 trading days before the convening of the general assembly of shareholders as stipulated in the previous paragraph or lower than the average price of the previous trading day.
Article 27. A listed company may publicly offer convertible corporate bonds where the stock option and bonds may be traded separately (referred to hereinafter as "separate transaction convertible corporate bonds").
The issuance of separate transaction convertible corporate bonds must comply with the following provisions, in addition to those stipulated in Section I of this Chapter:
1. The company's audited net assets at the end of the latest accounting period shall be no less than RMB1.5 billion;
2. The average annual distributive profits achieved in the latest three fiscal years shall be no less than the one-year interests on the corporate bonds;
3. The net cash flow incurred in the latest three fiscal years shall on average be no less than the one-year interest on the corporate bonds except for companies specified in item 1, Article 14 of this set of Measures; and
4. The accumulated balance of corporate bonds after the latest offer shall not exceed 40 percent of the net assets posted at the end of the latest accounting period, and the expected total funds raised after the full exercise of the affiliated options shall not exceed the sum of corporate bonds to be issued.
Article 28. Applications shall be filed for separate transaction convertible corporate bonds to be traded in the stock exchange where the stock of the listed company is listed.
The corporate bonds and options in separate transaction convertible corporate bonds, if they meet respective requirements for listing on stock markets, shall be listed and traded separately.
Article 29. The maturity of separate transaction convertible corporate bonds shall be no shorter than one year.
Provisions stipulated in Articles 16 through 19 of this set of Measures shall apply to the bonds' par value, interest rate, credit rating, principal and interest repayment, and creditor protection.
Article 30. Provisions stipulated in Paragraphs 2 through 4 of Article 20 of this set of Measures shall apply where the issuer provides guarantees for the issuance of separate transaction convertible corporate bonds.
Article 31. Where stock warrants are listed for trading, the factors contracted for the warrants shall include exercise price, lifetime, exercise period or date, and exercise ratio.
Article 32. The stock warrants' exercise price shall be no lower than the average price of the last 20 trading days before the publication of the offer prospectus, nor lower than the average price of the previous trading day.
Article 33. The lifetime of the stock warrant shall exceed the maturity of the corporate bond by no fewer than six months as of the date of the completion of the issuance.
The lifetime of the stock warrant as published in the offer prospectus shall not be adjusted.
Article 34. The stock warrants cannot be exercised until at least six months as of the date of the completion of issuance, and the exercise period shall be the period before the expiry of the lifetime, or specific exercise date(s) within the lifetime.
Article 35. The
offer prospectus of the separate transaction convertible corporate bonds
should stipulate that the bondholder is entitled to a one-off sell-back
when the listed company alters the uses of funds raised as specified in
the prospectus.
Chapter Three Conditions for Non-Public Offer of Securities
Article 36. The non-public issuance of securities as stated in this set
of Measures shall refer to the issuance of stocks to specified objects
through non-public methods.
Article 37. Specified objects to whom non-public offer of securities are targeted shall comply with the following provisions:
1. The specified objects shall meet the requirements as stipulated in the resolution of the general assembly of shareholders; and
2. The number of specified objects shall not exceed ten.
Where the objects of issuance are overseas strategic investors, prior approval shall be secured from relevant departments of the State Council.
Article 38. The non-public offer of securities by a listed company shall meet the following provisions:
1. The price of issuance shall be no lower than 90 percent of the average price of the stock of the company of the 20 trading days prior to the benchmark pricing date;
2. The shares issued this time cannot be transferred within 12 months of the completion of issuance; shares subscribed by the controlling shareholder(s), actual controller(s) and the enterprise(s) under its/their control cannot be transferred within 36 months of the completion of issuance;
3. The uses of the funds raised shall be in compliance with the provisions of Article 10 of this set of Measures; and
4. Other CSRC rules shall be accorded with where the current issuance will result in changes in the listed company's controlling position.
Article 39. Where any of the following circumstances apply to a listed company, a non-public offer of securities must not proceed:
1. There are false records, misleading statements or major omissions in the application documents of the current issuance;
2. The rights and interests of the listed company have been severely infringed upon by the controlling shareholder(s) or actual controller(s) and such damage has not been removed; and
3. The listed company and its subsidiary have provided guarantees in violation of regulations and that such guarantees have not been annulled;
4. Incumbent board member(s), senior manager(s) have been subjected to administrative penalties of the CSRC within the latest 36 months, or have been subjected to public censure of a stock exchange within the latest 12 months;
5. The listed company, or its incumbent board director(s) or senior manager(s) is/are under investigation by the judicial authorities due to suspected criminal offences or under investigation by the CSRC for suspected violation of laws or regulations;
6. Certified public accountants have issued a qualified opinion, an adverse opinion or a disclaimer of opinion in their auditing reports in the latest year and on the latest financial statement, except when the major impact of the matters involved in the qualified opinion, the adverse opinion or disclaimer of opinion have been removed, or that the current issuance involves major reorganisation; and
7. Other circumstances that seriously infringes upon the lawful rights and interests of the investors and the public interests of the society.
Chapter Four - Procedure of
Issuance
Article 40. For a listed company to apply for the issuance of stocks, the board of directors shall reach resolutions, in accordance with law, on the following matters and submit such resolutions to the general assembly of shareholders for approval:
1. The plan for the latest stock issuance;
2. The feasibility report on the uses of the funds raised in the current issuance;
3. A report on the uses of funds raised in the previous issuance; and
4. Other matters that must be defined.
Article 41. Decisions made at the general assembly of shareholders on the stock issuance should at least include the following matters:
1. The varieties and volume of the latest stock issuance;
2. The methods of issuance, the objects of issuance, and arrangements on stock placement to existing shareholders;
3. Pricing methods and price range;
4. Uses for funds raised;
5. The resolutions' period of validity
6. Authorisation of the board of directors on specific matters concerning the current issuance; and
7. Other matters that must be defined.
Article 42. Decisions made at the general assembly of shareholders on the issuance of convertible corporate bonds shall at least include the following items:
1. The matters stipulated in Article 41 of this set of Measures;
2. The interest rate of the bonds;
3. The lifetime of the bonds;
4. Guarantee matters;
5. Sell-back clauses;
6. Deadline and ways of principal and interest repayment;
7. Deadline for stock conversion; and
8. Determination and revision of conversion prices.
Article 43. Decisions made by the general assembly of shareholders on the issuance of separate transaction convertible corporate bonds shall at least include the following items:
1. Matters stipulated in Article 41 and Items 2 through 6 of Article 42 of this set of Measures;
2. Exercise price of stock warrants;
3. Lifetime of stock warrants; and
4. The stock warrants' exercise period or date.
Article 44. Resolutions adopted at the general assembly of shareholders on matters concerning stock issuance must be approved by a majority of more than two-thirds of participating shareholders with voting rights. Where shares are to be issued to company-designated shareholder(s) and any related person thereof, related shareholders shall withdraw from voting on the issuance plan at the general assembly of shareholders.
The listed company shall provide online access or other means to facilitate shareholders' participation in the general assembly of shareholders convened on stock issuance plans.
Article 45. A listed company that applies for the public issuance of stocks or non-public issuance of new stocks should be recommended by a recommender and reported to the CSRC.
The recommender should compile, report and file issuance application documents in compliance with relevant provisions of the CSRC.
Article 46. The CSRC examines, verifies applications for stock issuance pursuant to the following procedures:
1. A decision should be made on whether or not to accept within five working days of the receipt of application documents;
2. The CSRC conducts preliminary examination of the application upon acceptance;
3. The Issuance Examination and Verification Commission examines and verifies the application documents; and
4. The CSRC makes a decision to approve or reject.
Article 47. The listed company must issue stocks within six months since the date of CSRC approval. The approval document shall become invalid where the issuance fails to take place within six months; issuance cannot proceed unless new approval is secured from the CSRC.
Article 48. If a major event happens to a listed company before the stock issuance, the issuance shall be put on hold and a timely report made to the CSRC. Where such an event constitutes a major impact on the conditions for the current issuance, the application for stock issuance shall be approved anew by the CSRC.
Article 49. When listed companies issue stocks, the stocks must be underwritten by securities companies; for a non-public offer of stocks, where the objects of issuance are the top 10 existing shareholders, the stocks may be sold at the listed company's own discretion.
Article 50. A listed company whose issuance application fails to receive CSCR approval may file a stock issuance application once again within six months as of the date of the CSRC disapproval decision.
Chapter Five - Information
Disclosure
Article 51. When issuing stocks, the listed company shall compile a public offer prospectus or other information disclosure documents pursuant to the procedures, contents and formats stipulated by the CSRC, fulfilling its information disclosure obligations according to law.
Article 52. The listed company shall ensure that the investors get information that should be disclosed according to law in a timely, sufficient and fair manner, and the language used in the information disclosure documents should be concise, natural and easy to understand.
The contents stipulated by the CSRC are just the minimum requirements, and the listed company should fully disclose all information with a major impact on investment decisions of investors.
Article 53. After the board of directors approves a stock issuance proposal by voting, it should be reported to the stock exchange and a notice on the convening of a general assembly of shareholders should be published within two working days.
Where the funds raised will be used to acquire assets or equities, the basic facts, trading prices, pricing criteria of such assets or equities and whether the company's shareholder(s) or other related person thereof have any interest relationship shall also be disclosed alongside the notice that is published on the convening of a general assembly of shareholders.
Article 54. The listed company should publish the resolution of the general assembly of shareholders within two working days of the date of the adoption by the assembly of the current issuance proposal.
Article 55. Upon receipt of the following CSRC decisions on the current issuance application, the listed company should announce it on the next working day:
1. Rejection of acceptance or suspension of examination; and
2. Refusal or approval.
When the listed company withdraws an issuance application, such withdrawal should be announced on the second working day after the withdrawal.
Article 56. All directors, supervisors and senior managers of the listed company shall put their signatures on the public offer prospectus, guaranteeing against the presence of any false records, misleading statements or major omissions, and declaring separate or joint and several legal liabilities.
Article 57. The recommending institution and recommendation representative(s) shall responsibly examine the contents of the public offer prospectus and sign it to certify the absence of any false records, misleading statements or major omissions, and declaring relevant legal liabilities.
Article 58. The certified public accountants, asset evaluation personnel and credit rating personnel, lawyers and the institutions they work for that produce special documents for the stock issuance should do so in compliance with the generally accepted standards and moral codes of their trades, declaring responsibility for the authenticity, accuracy and integrity of the documents that they produce.
Article 59. Audit reports, profitability forecast verification reports, asset rating reports, and credit rating reports quoted in the public offer prospectus shall be produced by qualified securities service institutions and signed by at least two persons with professional qualifications.
The legal letter quoted in the public offer prospectus shall be produced by a law office and signed by at least two lawyers who processed the document.
Article 60. The public offer prospectus shall be valid for six months as of the date of final signature.
The public offer prospectus must not employ asset rating reports or credit rating report that are expired.
Article 61. Within two to five working days before the public offer of stocks, the listed company should publish the summary of the offer prospectus or offer proposal as approved by the CSRC in at least one newspaper as designated by the CSRC, and at the same time publish their full texts on an Internet website as designated by the CSRC, and make them available for public reference at venues as designated by the CSRC.
Article 62. After the non-public issuance of new stocks, the listed company shall publish the issuance report in at least one newspaper as designated by the CSRC, and publish it on an Internet website as designated by the CSRC, and make it available for public reference at venues designated by the CSRC.
Article 63. The listed company may publish the full text of the public offer prospectus or summary thereof, and public notices on issuance on other websites and newspapers but not before the time as stipulated in Articles 61 and 62 for information disclosure.
Chapter Six - Supervision and
Penalties
Article 64. The CSRC may order a listed company that violates provisions of this set of Measures to rectify; as to people in charge that are directly responsible or other personnel with direct responsibilities, administrative and supervisory measures such as supervisory interviews or being deemed as unfit will be taken and such measures shall be logged in good-faith records and publicised.
Article 65. Where the listed company and person-in-charge and other persons are held directly liable for violations of laws, administrative regulations and provisions of this set of Measures they shall be subjected to administrative penalties, and relevant provisions shall be followed when meting out such penalties; where a criminal offence is suspected, they shall be transferred to judiciary authorities and subjected to criminal liabilities.
Article 66. Where there are false records, misleading statements or major omissions in the application documents produced by the listed company, the CSRC may decide to terminate examination and accept no public offer applications filed by the said listed company within 36 months.
Article 67. Where the listed company discloses its profit forecasts, when the realized profits fail to reach 80 percent of the forecast, except for force majeure, the company's legal representative and the certified public accountant who signed the profit forecast examination report shall explain and apologise publicly at the general assembly of shareholders and in newspapers and publications designated by the CSRC. The CSRC may give the legal representative a warning.
Where the realized
profits fail to reach 50% of the forecast, except for force majeure, the
CSRC shall accept no public offer applications filed by the said company
within 36 months.
Article 68. Where the listed company is found to have violated
provisions in Items 3 and 4 of Article 10 of this set of Measures, the
CSRC may order it to rectify and accept no public offer applications
from the said company within 36 months.
Article 69. For securities trading service institutions and the relevant personnel that produce such documents as auditing reports, legal opinions, asset appraisal reports, credit rating reports and other special documents, where there are false records, misleading statements or major omissions in the special documents they produce, in addition to legal liabilities as stipulated in the Securities Law, the CSRC shall accept no securities issuance documents produced by such institutions within 12 months and accept no securities issuance documents produced by such personnel within 36 months.
Article 70. When an underwriting institution underwrites non-publicly issued new stocks, where new stocks are rationed to objects in violation of provisions of Article 37 of this set of Measures, the CSRC may order it to rectify and not accept its participation in securities underwriting within 36 months.
Article 71. Where a listed company, when issuing new shares non-publicly, violates the provisions of Article 49 of this set of Measures, the CSRC may order it to rectify and accept no public offer applications filed by the company within 36 months.
Article 72. Where a specified object transfers securities that are restricted and have yet to mature without authorisation in violation of provisions of this set of Measures, the CSRC may order it to rectify and, if the circumstances are severe, have it banned from subscribing to securities as specified objects within 12 months.
Article 73. Where a listed company, a recommending institution, an underwriter provides financial assistance or compensation to investors participating in stocks subscription, the CSRC may order them to rectify; where the circumstances are severe, they shall be subjected to warnings and/or fines.
Chapter Seven - Supplementary
Provisions
Article 74. Measures on the issuance by a listed company of securities to be subscribed with foreign exchange and measures on the issuance by a listed company of incentive equities to staff members shall be prescribed by the CSRC separately.
Article 75. This set of Measures shall come into force as of May 8, 2006. Measures for the Administration of Listed Companies Issuing New Shares (CSRC Decree No. 1), Notice on Doing a Good Job on the Issuance of News Shares by Listed Companies (CSRC Document [2001] No. 43), Notice on Relevant Requirements for Listed Companies to Issue New Shares (CSRC Document [2002] No. 55), Measures on the Implementation of Issuance by Listed Companies of Convertible Corporate Bonds (CSRC Decree No. 2) and Notice on Doing a Good Job on the Issuance of Convertible Corporate Bonds by Listed Companies (CSRC Document [2001] No. 115) shall be annulled at the same time.
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