China: 科创板制度解读系列之(五)

Last Updated: 17 April 2019
Article by DeHeng Law Offices
Most Read Contributor in China, July 2019

科创板制度解读系列之(五)《上海证券交易所科创板股票上市委员会管理办法(征求意见稿)》

根据中国证监会于2019年1月30日发布的《科创板首次公开发行股票注册管理办法(试行)》,上海证券交易所(以下简称"上交所")将设立科创板上市委员会(以下简称"上市委员会"),负责对上交所审核部门出具的审核报告提出审议意见。

2019年1月30日,上交所发布了科创板上市审核等一系列制度。其中,针对上市委员会的组成、职责和履职,上交所制定了《上海证券交易所科创板股票上市委员会管理办法(征求意见稿)》(以下简称"《上市委管理办法》")。现对《上市委管理办法》梳理和解读如下:

一、上市委员会的定位

(一)上市委员会的职责

根据《上市委管理办法》的相关规定,上市委员会的主要职责如下:

1. 对上交所发行上市审核机构出具的审核报告以及发行上市申请文件进行审议,就发行上市审核机构提出的是否同意发行上市的初步建议,提出审议意见;

2. 对发行人提出异议的上交所不予受理、终止审核决定进行复审,提出复审意见;

3. 对上交所发行上市审核机构及相关部门提交咨询的事项进行讨论,提出咨询意见;

4. 对上市委员会年度工作进行讨论、研究。

综上,上市委员会将定位于上市工作审议、监督、咨询和复审机构。上市委员会核心职责系对企业上市申请提出审议意见,并作为上交所作出决定同意企业上市与否的关键依据。上市委员会还将监督上市审核机构的审核行为,通过审核机构和上市委员会的双重审核提升工作质量。

(二)上市委员会与上市审核机构的关系

依据上市委员会的主要职责,上市委员会是对上交所发行上市审核进行把关和监督,目的是为了保证审核工作的公开、公平和公正,监督上交所发行上市审核机构的审核行为,提升审核工作的专业性、权威性和公信力。

目前出台的一系列征求意见稿中并未明确区分上市审核机构和上市委员会的审核侧重点,但是,这一设置与香港联交所的审核机构设置相类似。提交给香港联交所的上市申请由上市科先行审查,其审查侧重点主要为上市规则所规定的客观条件,而相对主观的上市适当性要求通常由上市委员会判断。考虑到香港联交所《上市规则》并未对上市适当性作出明确要求,香港联交所会通过其发布的相关诠释或指引对上市适当性要求提供给市场参考。本次《上市委管理办法》在制定时参考了境内外相关成熟机制和运行实践,未来不排除参考香港联交所的方式对上市审核机构和上市委员会的审核作出适当分工,并通过上市委员会咨询会议意见的形式明确审核口径。

(三)上市委员会的独立性

《上市委管理办法》明确规定,上市委员会依照法律、行政法规、中国证监会规定、上交所相关规定和《上市委管理办法》相关规定独立履行职责,不受任何机构和个人的干扰。

同时,上交所将负责上市委事务的日常管理,为上市委员会及委员履行职责提供必要的条件和便利,并对上市委及委员的工作进行考核和监督。

二、上市委员会的组成

(一)上市委员会的选任和解聘条件

为保持上市委员会委员的独立性,上市委员会委员主要由上交所以外的专家和上交所相关专业人员组成,委员人数约30-40名,同时设主任委员一名。上市委员会委员每届任期二年,可以连任但最长不超过两届。

上市委员会的委员选任条件和解聘条件如下:

选任条件

(一)具有较高的政治思想素质、理论水平和道德修养;

(二)坚持原则,公正廉洁,忠于职守,严格遵守法律、行政法规、部门规章和上交所及相关自律组织的业务规则;

(三)熟悉股票发行上市相关业务及有关证券法律、行政法规、部门规章和上交所业务规则;

(四)熟悉所从事行业的专业知识,在所从事领域内有较高声誉;

(五)没有违法、违规记录;

(六)上交所认为必要的其他条件。

解聘条件

(一)不符合选任条件的;

(二)存在不遵守回避制度、利用委员身份开展商业活动等违反工作纪律的行为;

(三)未勤勉尽责,不符合上交所考核要求;

(四)本人提出辞职申请;

(五)所在单位或者推荐其担任委员的机构提请解聘,经上交所研究认为不适合担任上市委委员的;

(六)两次以上无故不参加上市委会议;

(七)上交所认为不适合担任上市委委员的其他情形。

(二)上市委员会的聘任程序

《上市委规则》规定上市委员会审议会议中的法律、会计专家至少各一名,这与证监会上市发行审核会的成员组成类似。上市委委员的组成可能将类似现行发审委,从律师事务所、会计师事务所、证券交易所中选任。上市委员会委员的聘任程序如下:

(三)上市委员会秘书处


 

为协助和协调上市委员会的日常工作开展,上交所设立上市委秘书处,作为上市委的办事机构,负责处理下列具体事务:

1. 选定上市委委员参加会议,安排会议场地及设施,通知参会人员,送达会议材料等;

2. 维护会场秩序,负责上市委会议录音录像,记录会议讨论情况,起草会议纪要;

3.在上交所网站发布上市委会议有关信息,对有关文件资料进行存档;

4. 落实上市委委员遴选、聘任、解聘、换届等工作;

5. 负责委员的联络沟通、服务保障、考核监督等日常工作;

6. 上市委要求办理的其他事项。

三、上市委员会履行职责的方式

上市委员会以召开审议会议的形式履行职责。每次审议会议由五名委员参加,法律、会计专家至少各一名。审议会议由上市委主任委员或其授权副主任委员担任会议召集人。参加审议会议的委员将通过抽选方式产生,抽选的委员因回避等事由无法参会的,可以抽选其他委员补足。会议召集人根据参会委员的意见及讨论情况进行总结,经合议并按少数服从多数的原则形成审议意见。

审议会议的准备过程(以审议会议召开当日为T日)和审议会议的召开程序如下:

(一)审议会议的准备过程

根据《上市委管理办法》的相关规定,上市委员会审议会议的准备过程如下:

T-7个工作日

上市委秘书处将下列材料以电子文档的形式发送给拟参会委员。

(一)会议时间、地点、拟审议发行人名单等;

(二)发行上市审核机构出具的审核报告;

(三)发行上市申请文件、审核问询以及回复;

(四)上交所认为需要提交上市委审议的其他材料。

上交所公布审议会议的时间、拟参会委员名单、审议会议涉及的发行人名单等,同时通知发行人及其保荐人。

T-5个工作日

发行人、保荐人及其他相关单位和个人认为拟参会委员与审议事项存在利害冲突或者潜在利害冲突,可能影响委员独立、客观、公正履行职责的,向上交所提出要求有关委员予以回避的书面申请,并充分说明委员回避的理由。

T-4个工作日

拟参会委员将拟提问询问题提交上市委秘书处。

T-3个工作日

上市委秘书处将问询问题告知发行人及其保荐人。

T日

召开审议会议

1.委员的回避

如果发行人、保荐人及其他相关单位和个人认为拟参会委员与审议事项存在利害冲突或者潜在利害冲突,可于会议召开5个工作日前向上交所提出要求有关委员予以回避的书面申请,并充分说明委员回避的理由。

收到拟参会委员《回避或缺席申请》或者发行人、保荐人、其他相关单位和个人要求委员回避的书面申请的,上交所将进行核实。经核实理由成立的,该委员应当回避,上交所将及时告知申请人。上市委员会委员、发行人、保荐人及其他相关单位和个人未在规定时间内向上交所提交有关回避申请,但上市委委员存在应当回避情形的,上交所可以决定相关委员回避。

因回避或者缺席导致参会委员人数不符合规定的,上交所将安排其他委员参加会议,并及时公告;难以及时安排其他委员参加会议的,上交所可以取消该次审议会议。

2.重大事项的处理

审议会议召开前如果发生重大事项,对发行人是否符合发行条件、上市条件或者信息披露要求产生重大影响的,上交所可以取消该次审议会议,并在上述事项处理完毕后再行召开审议会议。

上市委审议会议后至股票上市交易前发生重大事项,对发行人是否符合发行条件、上市条件或者信息披露要求产生重大影响的,经上交所发行上市审核机构重新审核后,可以再次提请上市委审议。

(二)审议会议的召开程序

审议会议将全程录音录像同时形成会议纪要,并由参会委员签字确认。审议会议召开的具体程序如下:

(三)审议意见

上市委员会审议会议的审议意见包括同意意见和否决意见。

1.同意意见

审议意见为同意发行上市的,上交所将结合审议意见,向证监会报送同意发行上市的审核意见及发行上市申请文件。

值得注意的是,针对上市委员会认为披露不完整的上市申请,上市委员会仍可以做出同意发行上市的审议意见,但同时要求发行人补充披露有关信息或者保荐人、证券服务机构进行补充核查。

发行人补充披露或保荐人、证券服务机构补充核查后,上交所上市审核机构将有关落实情况通报参会委员,无须再次提请上市委审议。上交所将结合审议意见,向证监会报送同意发行上市的审核意见及发行上市申请文件,并通知发行人及其保荐人。

2.否决意见

审议意见为否决的,上交所将结合审议意见,作出终止发行上市审核的决定。

四、复审会议

针对发行人就上交所作出的不予受理、终止审核的决定存在异议的,上市委员会将在收到发行人复审申请后进行复审,复审会议的人数及组成、回避情形、会议程序、会议记录和组织方式与上市审核会议基本相同。上市委复审期间,原决定的效力不受影响。

发行人申请复审的,应当在收到否决意见决定5个工作日之内提交,上交所将在收到发行人复审申请20个工作日内组织召开复审会议。复审会议认为申请复审理由成立的,上交所作出予以受理或继续审核的决定;复审会议认为申请复审理由不成立的,上交所将维持原决定并通知发行人及其保荐人。

五、咨询会议

上交所将不定期召开上市委员会咨询会议,对发行上市审核机构及相关部门提交咨询的下列事项进行研究、讨论:

1. 发行上市审核中具有共性的新情况、新问题;

2. 发行上市审核业务规则中需要修订增补的内容;

3. 市场关注度较高的发行上市审核相关问题;

4. 其他需要研究讨论的发行上市审核相关事项。

考虑到《科创板股票发行上市审核规则》可能存在滞后性,针对实践中的变化发展,上交所将通过召开上市委员会咨询会议的方式予以回应或解决。相对于目前以保代培训、窗口指导等模糊手段传达审核要求,上市委员会的咨询意见将明确目前的审核口径,从而提高上市审核的权威性和稳定性。

六、上市委员会审议工作监督

《上市委管理办法》对委员的履职纪律作出了明确规定,包括勤勉工作、保守秘密、保持独立、禁止利益输送等一系列规定。上市委委员违反本办法相关规定的,上交所可以根据情节轻重对有关委员进行谈话提醒、批评或者予以解聘。

同时,上交所还将建立对上市委委员的举报监督机制,并对涉嫌违反相关规定的上市委员会委员进行调查。

七、结语

德恒科创板法律工作组认为,《上市委管理办法》遵循市场化和法治化原则,推动A股IPO审核机制的进一步改革。通过上市委员会对上市进行把关和监督,将有利于审核工作的公开、公平和公正,提升审核工作的专业性、权威性和公信力。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

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