China: 科创板制度解读系列之《科创板首次公开发行股票注册管理办法(试行)

Last Updated: 16 April 2019
Article by Zhenhui LI and Hongshan SHEN
Most Read Contributor in China, March 2019

1月30日晚,中国证券监督管理委员会(以下简称"证监会")公布了《关于在上海证券交易所设立科创板并试点注册制的实施意见》(以下简称"《实施意见》"),并就《科创板首次公开发行股票注册管理办法(试行)》(以下简称"《注册管理办法》")、《科创板上市公司持续监管办法(试行)》公开征求意见,上海证券交易所(以下简称"上交所")同步发布了设立科创板并试点注册制相关8项配套规则。伴随着市场的热切期待,距习近平主席在首届中国国际进口博览会开幕式上宣布设立科创板并试点注册制仅仅86天,科创板新规高效落地。德恒科创板法律工作组第一时间就科创板新规组织研究并就新规亮点做如下解读:

一、聚焦科技创新,鼓励依靠核心技术经营

现行主板、中小板及创业板市场对拟上市企业行业仅原则性地规定"符合国家产业政策",审核实践中除对幼儿教育、房地产等行业存在限制外,对拟上市企业的行业并无明确具体的正面要求。科创板新规则明确聚焦于科技创新并要求企业依靠核心技术开展经营。根据《实施意见》,在上交所新设科创板,坚持面向世界科技前沿、面向经济主战场、面向国家重大需求,服务于国家战略、突破关键核心技术、市场认可度高的科技创新企业,重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业,推动互联网、大数据、云计算、人工智能和制造业深度融合。具体行业范围将由上交所发布并适时更新。

二、取消业绩盈利要求,设置灵活财务标准,增强发行条件包容性

发行与上市是拟上市企业完成资金募集及股票流通的两大核心环节,以上交所主板为例,发行人需在获得证监会发行核准后,再向上交所递交股票上市申请。科创板新规精简优化了现行发行条件,突出重要性原则,强调风险防控,取消了关于盈利业绩、不存在未弥补亏损、无形资产占比等方面的要求;在上市条件上,科创板新规综合考虑预计市值、收入、净利润、研发投入、现金流等因素,创造性地设置了五项财务标准,企业在科创板发行上市满足其中一项即可。

科创板与上交所主板发行上市条件对比如下:

科创板

上交所主板

发行依据

《科创板首次公开发行股票注册管理办法(试行)》

《首次公开发行股票并上市管理办法》

发行条件

1)组织机构健全,持续经营满3年;

2)会计基础工作规范,内控制度健全有效;

3)业务完整并具有直接面向市场独立持续经营的能力;

4)生产经营合法合规。

《首发办法》对主体资格、规范运行、财务与会计等进行了详细规定,核心内容包括:

1)最近3个会计年度净利润均为正数且累计超过3000万元;

2)最近3个会计年度经营活动产生的现金流量净额累计超过5000万元;或者最近3个会计年度营业收入累计超过3亿元;

3)最近一期末不存在未弥补亏损等。

上市依据

《上海证券交易所科创板股票发行上市审核规则》

《上海证券交易所股票上市规则》

上市条件

至少符合下列上市标准中的一项:

1)预计市值不低于10亿元,最近两年净利润均为正且累计净利润不低于5000万元,或者预计市值不低于人民币10亿元,最近一年净利润为正且营业收入不低于1亿元;

2)预计市值不低于15亿元,最近一年营业收入不低于2亿元,且最近三年研发投入合计占最近三年营业收入的比例不低于15%;

3)预计市值不低于20亿元,最近一年营业收入不低于3亿元,且最近三年经营活动产生的现金流量净额累计不低于1亿元;

4)预计市值不低于30亿元,且最近一年营业收入不低于3亿元;

5)预计市值不低于40亿元,主要业务或产品需经国家有关部门批准,市场空间大,目前已取得阶段性成果,并获得知名投资机构一定金额的投资。医药行业企业需取得至少一项一类新药二期临床试验批件,其他符合科创板定位的企业需具备明显的技术优势并满足相应条件。

同时满足:

1)股票经证监会核准已公开发行;

2)公司股本总额不少于人民币5000万元;

3)公开发行的股份达到公司股份总数的25%以上;公司股本总额超过人民币4亿元的,公开发行股份的比例为10%以上;

4)公司最近3年无重大违法行为,财务会计报告无虚假记载;

5)本所要求的其他条件。

三、上交所负责发行上市审核,证监会负责发行注册,程序高效透明

根据《注册管理办法》,科创板发行上市主要注册程序如下:

科创板发行上市主要分为发行上市审核(上交所负责)、发行注册(证监会负责)两大核心流程。上交所设立独立的审核部门,负责审核发行人公开发行并上市申请;设立科技创新咨询委员会,负责为科创板建设和发行上市审核提供专业咨询和政策建议;设立科创板上市委员会,负责对审核部门出具的审核报告提出审议意见。审核具体方式包括问询式、电子化、分行业审核等。上交所自受理申请文件之日起3个月内形成审核意见,并对审核标准、程序、进度、问询及回复等进行公示,接受社会监督。证监会收到上交所报送的审核意见及发行人注册申请文件后,依照规定的发行条件和信息披露要求,在上交所发行上市审核工作的基础上,履行发行注册程序。

四、尊重科创企业发展规律,允许同股不同权,规范科创企业公司治理

科创板新规允许科技创新企业发行具有特别表决权的类别股份,每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量,即"同股不同权"。特别表决权股份一经转让,即恢复至与普通股份相等的表决权。发行特别表决权股份的公司,其公司章程应对特别表决权股份持有人资格、特别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排、特别表决权股份锁定安排及转让限制等事项做出特别规定。

科创板的"同股不同权"制度与香港联合交易所有限公司(以下简称"香港联交所")《香港联合交易所有限公司证券上市规则》(以下简称"《上市规则》")相关内容简要对比如下:

科创板

香港联交所《上市规则》

设置"同股不同权"架构公司的条件

表决权差异安排应当稳定运行至少1个完整会计年度,且市值及财务指标符合下列标准之一:

(1)预计市值不低于人民币100亿元;

(2)预计市值不低于人民币50亿元,且最近一年营业收入不低于人民币5亿元。

新申请人寻求以不同投票权架构上市必须符合以下其中一项规定:

(1)上市时市值至少为400亿港元;或

(2)上市时市值至少为100亿港元及经审计的最近一个会计年度收益至少为10亿港元。

受益股东的资格

持有特别表决权股份的股东应当为对上市公司发展或业务增长等作出重大贡献,并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。

特别表决权股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份10%以上。

不同投票权架构的受益人必须为申请人上市时的董事会成员。

第8A.12条规定,新申请人首次上市时,其不同投票权架构受益人实益拥有其已发行股本相关经济利益的占比,合计必须不少于10%。

表决权差异限制

每份特别表决权股份的表决权数量应当相同,且不得超过每份普通股份的表决权数量的10倍。

上市发行人的不同投票权股份类别赋予受益人的投票权,不得超过发行人股东大会上普通股可就任何议案表决的投票权力的10倍。

普通表决权保障

上市公司应当保证普通表决权比例不得低于10%。

同股同权股东必须持有上市发行人股东大会议案不少于10%的合格投票权。

"同股不同权"制度充分尊重了科创企业的发展规律,有利于科创公司创始人增强并稳定控制权,发挥科技企业的技术优势和科技人才的管理才能。同时,表决权差异限制、普通表决权保障等规定也兼顾到了普通股东的权益保障,从而利于优化科创企业法人治理结构,为科创企业的长期发展提供了坚实的基础。

五、允许红筹企业上市,鼓励各类"创新企业"回归科创板

根据《实施意见》,凡符合《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》(国办发〔2018〕21号,以下简称"21号文")等规定的红筹企业[1],可以申请股票或存托凭证在科创板上市。21号文所规定的"试点企业"即是符合国家战略、掌握核心技术、市场认可度高,属于互联网、大数据、云计算、人工智能、软件和集成电路、高端装备制造、生物医药等高新技术产业和战略性新兴产业,且达到相当规模的"创新企业",该"创新企业"的行业范围与科创板定位高度契合。科创板为该类创新企业中的红筹企业提供了一条回归国内资本市场的路径,全面支持各类创新企业的发展。

六、投资者适当性管理,促进市场平稳运行,保障市场流动性

考虑到科创企业尚处于成长期、业务模式新、盈利不确定性大等特点,为保证市场正常交易秩序,防范过度炒作风险,科创板实行投资者适当性管理制度。科创板明确规定个人投资者的适当性条件,要求投资者申请权限开通前20个交易日证券账户及资金账户内的资产日均不低于人民币50万元,并且参与证券交易24个月以上。

我们理解,投资者适当性管理的本质是"基于投资者的不同风险承受能力以及产品或者服务的不同风险等级等因素,提出明确的适当性匹配意见,适当的产品或者服务销售或者提供给适合的投资者"[2],通过对投资者综合评估、准入限制、风险揭示等措施实现对投资者的保护。同时,投资者门槛限制也要兼顾市场流动性,因为投资的价值最终要通过市场流动性得到实现。因此,投资者适当性管理重在保持"维护市场秩序"、"保护投资者利益"与"市场流动性供给"三者间的平衡。

七、优化现行股权激励制度,助力科创企业长期成长

针对科创企业技术要素、人才要素驱动的特性,科创板在股权激励制度上对现有制度做了较大幅度的优化,优化的方向均系放松现有相关制度的限制性规定,赋予科创企业更加自主、灵活的操作空间。与《上市公司股权激励管理办法》对比,科创板新规的优化主要体现如下:

科创板股权激励制度

《上市公司股权激励管理办法》

激励范围

承担企业主要管理和研发职责的5%以上股东及其亲属,可以成为激励对象。

单独或合计持有上市公司5%以上股份的股东或实际控制人及其配偶、父母、子女,不得成为激励对象

价格限制

放宽限制性股票的价格限制,科创公司可以自主决定授予价格。

上市公司在授予激励对象限制性股票时,应当确定授予价格或授予价格的确定方法。授予价格不得低于股票票面金额,且原则上不得低于下列价格较高者:

(一)股权激励计划草案公布前1个交易日的公司股票交易均价的50%;

(二)股权激励计划草案公布前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一的50%。

登记时点

授予的股份可以在满足获益条件后进行股份登记。

上市公司授予权益与回购限制性股票、激励对象行使权益前,上市公司应当向证券交易所提出申请,经证券交易所确认后,由证券登记结算机构办理登记结算事宜。

比例限制

科创公司有效期内的股权激励计划标的股票总数占总股本的比例提升至20%。

上市公司全部在有效期内的股权激励计划所涉及的标的股票总数累计不得超过公司股本总额的10%。

八、强化信息披露监管,加强信息披露的针对性

科创板除了要求企业遵守证监会规定的一般性信息披露规则外,还要求进行针对性的信息披露,主要包括:(1)有针对性地披露企业的行业特点、业务模式、公司治理、发展战略、经营政策、会计政策,充分披露科研水平、科研人员、科研资金投入等相关信息,并充分揭示可能对公司核心竞争力、经营稳定性以及未来发展产生重大不利影响的风险因素;(2)发行人尚未盈利的,应当充分披露尚未盈利的成因,以及对公司现金流、业务拓展、人才吸引、团队稳定性、研发投入、战略性投入、生产经营可持续性等方面的影响;(3)对于实行"同股不同权"的科创公司,需披露并特别提示差异化表决安排的主要内容、相关风险和对公司治理的影响,以及依法落实保护投资者合法权益的各项措施等。

以上即为对科创板新规的理解和总结,笔者希望借此与大家进一步研讨。

德恒作为一家深耕资本市场法律服务的大型律师事务所,长期以来为众多境内外IPO提供了优质、高效的法律服务,并致力于推动资本市场的健康有序发展。我们将持续关注、研究科创板系列新规,并就新规作出专业、及时的法律解读。

文中注释

[1]指注册地在境外,主要经营活动在境内的企业

[2]《证券期货投资者适当性管理办法》第三条规定:"......基于投资者的不同风险承受能力以及产品或者服务的不同风险等级等因素,提出明确的适当性匹配意见,将适当的产品或者服务销售或者提供给适合的投资者,并对违法违规行为承担法律责任。"

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You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions