China: 关于《科创板首次公开发行股票注册管理办法(试行)》的法律解读

Last Updated: 30 April 2019
Article by Xiaolong Hong, Hongshan Shen and Zhenhui LI
Most Read Contributor in China, July 2019

2019年3月1日,中国证券监督管理委员会(以下简称"中国证监会")发布了《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》")和《科创板上市公司持续监管办法(试行)》,自公布之日起实施。经中国证监会批准,上海证券交易所(以下简称"上交所")、中国证券登记结算有限公司相关业务规则随之发布。结合之前科创板配套规则的征求意见稿,德恒科创板法律工作组第一时间就《注册管理办法》正式稿主要条款做如下对比解读:

一、明确中国证监会"发行注册"的职能内涵,明晰职责边界

条款编号 征求意见稿 正式稿
第23条 中国证监会收到交易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,在交易所发行上市审核工作的基础上,履行发行注册程序。中国证监会认为存在需要进一步说明或者落实事项的,可以提出反馈意见。

中国证监会认为交易所对影响发行条件的重大事项未予关注或者交易所的审核意见依据明显不充分的,可以退回交易所补充审核。交易所补充审核后,同意发行人股票公开发行并上市的,重新向中国证监会报送审核意见及相关资料,本办法第二十四条规定的注册期限重新计算。
中国证监会收到交易所报送的审核意见、发行人注册申请文件及相关审核资料后,履行发行注册程序。[新增]发行注册主要关注交易所发行上市审核内容有无遗漏,审核程序是否符合规定,以及发行人在发行条件和信息披露要求的重大方面是否符合相关规定。中国证监会认为存在需要进一步说明或者落实事项的,可以要求交易所进一步问询。

中国证监会认为交易所对影响发行条件的重大事项未予关注或者交易所的审核意见依据明显不充分的,可以退回交易所补充审核。交易所补充审核后,同意发行人股票公开发行并上市的,重新向中国证监会报送审核意见及相关资料,本办法第二十四条规定的注册期限重新计算。
第24条 中国证监会依照法定条件,在 20 个工作日内对发行人的注册申请作出同意注册或者不予注册的决定。发行人根据要求补充、修改注册申请文件,以及中国证监会要求保荐人、证券服务机构等对有关事项进行核查的时间不计算在内。 中国证监会在 20 个工作日内对发行人的注册申请作出同意注册或者不予注册的决定。发行人根据要求补充、修改注册申请文件,[新增]中国证监会要求交易所进一步问询,以及中国证监会要求保荐人、证券服务机构等对有关事项进行核查的时间不计算在内。

法律解读:

科创板发行上市主要分为发行上市审核和发行注册两大关键环节,分别由上交所和中国证监会负责。注册制下发行上市审核制度的核心是审核权限由中国证监会向上交所转移及重新分配。在科创板配套规则(征求意见稿)发布后,社会各界对审核权限的下放及注册制的有效落实颇为关注。相较于征求意见稿,正式稿的上述调整进一步明确了中国证监会进行"发行注册"的职能内涵,明晰了职责边界。我们理解,中国证监会的"发行注册"职能主要是对上交所审核工作的监督,而非直接参与发行人的发行上市审核工作。

二、坚持市场化导向,提升科创企业资本市场融资时效

条款编号 征求意见稿 正式稿
第25条 中国证监会同意注册的决定自作出之日6个月内有效,发行人应当在注册决定有效期内发行股票,发行时点由发行人自主选择。 中国证监会同意注册的决定自作出之日起[修改]1年内有效,发行人应当在注册决定有效期内发行股票,发行时点由发行人自主选择。
第28条 交易所因不同意发行人股票公开发行并上市,作出终止发行上市审核决定,或者中国证监会作出不予注册决定的,自决定作出之日起1年后,发行人可以再次提出公开发行股票并上市申请。 交易所因不同意发行人股票公开发行并上市,作出终止发行上市审核决定,或者中国证监会作出不予注册决定的,自决定作出之日起[修改]6个月后,发行人可以再次提出公开发行股票并上市申请。

法律解读:

经中国证监会核准后,现行主板、中小板发行的有效期为6个月 [1],创业板的发行的有效期为12个月 [2]。股票发行申请如未获中国证监会核准,现行主板、中小板、创业板可在6个月后再次提出发行申请 [3]。《注册管理办法》将原征求意见稿中注册决定有效期由6个月延长至1年,将发行上市终止后再次提出发行上市的期间由1年压缩至6个月。我们理解,前述期限的变动系从科技创新规律、科创企业发展规律出发作出的优化调整,契合科技创新及科创企业技术更新快、培育周期长、开发/经营风险高的特点。一方面有利于科创企业根据自身经营周期、融资需求、外部市场行情灵活决定发行时点,提升募集资金利用效率;另一方面也坚持市场化导向,加快科创企业申请发行节奏,有效利用资本市场进行融资。

三、缩短核心技术人员的锁定期安排

条款编号 征求意见稿 正式稿
第42条 发行人应当在招股说明书中披露,公开发行股份前已发行股份的锁定期安排,特别是核心技术团队股份的锁定期安排以及尚末盈利情况下发行人控股股东、实际控制人、董事、监事、高级管理人员、核心技术人员股份的锁定期安排。 发行人应当在招股说明书中披露公开发行股份前已发行股份的锁定期安排,特别是核心技术[修改]人员股份的锁定期安排以及尚末盈利情况下发行人控股股东、实际控制人、董事、监事、高级管理人员[删除核心技术人员]股份的锁定期安排。

法律解读:

《注册管理办法》本处仅为条款的文字性修订。但我们注意到,在本次生效实施的科创板系列配套规则中,将核心技术人员股份锁定期由3年调整为1年,期满后每年可以减持25%的首发前股份(而非所持存量股份的25%),且该减持比例可以累积使用 [4]。我们认为,该等调整可以较大程度地增加对核心技术人员的激励效果,达到科创企业有效实施股权激励的目的。

四、细化行政监管措施,强化事前事中事后全过程监管

条款编号 征求意见稿 正式稿
第30条 存在下列情形之一的,发行人、保荐人应当及时书面报告交易所或者中国证监会,交易所或者中国证监会应当中止相应发行上市审核程序或者发行注册程序:

(一)相关主体涉嫌违反本办法第十三条第二款规定,被立案调查或者被司法机关立案侦查,尚未结案;

(五)发行人的签字保荐代表人、签字律师、签字会计师等中介机构签字人员被中国证监会依法采取证券市场禁入、限制证券从业资格等监管措施,尚未解除;

存在下列情形之一的,发行人、保荐人应当及时书面报告交易所或者中国证监会,交易所或者中国证监会应当中止相应发行上市审核程序或者发行注册程序:(一)相关主体涉嫌违反本办法第十三条第二款规定,被立案调查或者被司法机关[删除"立案"]侦查,尚未结案;

(五)发行人的签字保荐代表人、签字律师、签字会计师等中介机构签字人员被中国证监会依法采取证券市场禁入、限制证券从业资格等监管措施,[新增]或者被交易所实施一定期限内不接受其出具的相关文件的纪律处分尚未解除;
第69条 发行人存在本办法第三十一条第(三)项、第(四)项、第(五)项情形,或者发行人及其董事。监事、高级管理人员、控股股东、实际控制人的签名、盖章系伪造或者变造的,中国证监会将自确认之日起采取3年至5年内不接受发行人公开发行证券相关文件的监管措施。 发行人存在本办法第三十条第(三)项、第(四)项、第(五)项规定的情形,[新增]重大事项未报告、未披露,或者发行人及其董事、监事、高级管理人员控股股东、实际控制人的签字、盖章系伪造或者变造的,中国证监会将自确认之日起采取3年至5年内不接受发行人公开发行证券相关文件的监管措施。
第74条 发行人、保荐人、证券服务机构存在以下情形的,中国证监会可以视情节轻重,采取责令改正、监管谈话、出具警示函、1 年内不接受相关单位及其责任人员出具的与注册申请有关的文件等监管措施;情节严重的,可以同时采取3个月内不接受相关单位及其责任人员出具的发行证券专项文件的监管措施:

(五)发行人对重大事项未及时报告或者未及时披露。
[修改]保荐人、证券服务机构存在以下情形的,中国证监会可以视情节轻重,采取责令改正、监管谈话、出具警示函、1年内不接受相关单位及其责任人员出具的与注册申请有关的文件等监管措施;情节严重的,可以同时采取 3 个月到 1 年内不接受相关单位及其责任人员出具的发行证券专项文件的监管措施:

[修改](五)未及时报告或者未及时披露重大事项。

[新增]发行人存在前款规定情形的,中国证监会可视情节轻重采取责令改正、监管谈话、出具警示函、6 个月至 1 年内不接受发行人公开发行证券相关文件的监管措施。
第76条 发行人及其控股股东和实际控制人、董事、监事、高级管理人员,保荐人、承销商、证券服务机构

及其相关执业人员,在股票公开发行并上市相关的活动中存在其他违反本办法规定行为的,中国证监会可以视情节轻重,采取监管措施,或者采取证券市场禁入的措施。
发行人及其控股股东和实际控制人、董事、监事、高级管理人员,保荐人、承销商、证券服务机构及其相关执业人员,在股票公开发行并上市相关的活动中存在其他违反本办法规定行为的,中国证监会可以视情节轻重,[新增]采取责令改正、监管谈话、出具警示函、责令公开说明、责令参加培训、责令定期报告、认定为不适当人选、暂不受理与行政许可有关的文件等监管措施,或者采取证券市场禁入的措施。
第79条 —— [新增]中国证监会会同有关部门,加强对发行人等相关市场主体的监管信息共享,完善失信联合惩戒机制。

法律解读:

《注册管理办法》围绕以信息披露为中心的注册制规则体系,进一步细化行政监管措施,强化事前事中事后全过程监管。针对《注册管理办法》正式稿中的上述调整,我们理解:(1)具体明确了中国证监会可采取的监管措施类型,为监管落实提供更为明确是指引;(2)截至目前,中国证监会已联合财政部、自然资源部、海关总署、国家税务总局、国家市场监督管理总局等多部门签署了开展联合惩戒的合作备忘录,《注册管理办法》新增"中国证监会会同有关部门加强对发行人等相关市场主体的监管信息共享"等相关条款,将进一步落实监管责任、增强监管执法实效。

五、授权上交所制定红筹企业发行上市标准

条款编号 征求意见稿 正式稿
第80条

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)等规定的红筹企业,申请首次公开发行股票并在科创板上市,还应当符合本办法相关规定,但公司形式可适用其注册地法律规定;申请发行存托凭证并在科创板上市的,适用本办法关于发行上市审核注册程序的规定。 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《若干意见》)等规定的红筹企业,申请首次公开发行股票并在科创板上市,还应当符合本办法相关规定,但公司形式可适用其注册地法律规定;申请发行存托凭证并在科创板上市的,适用本办法关于发行上市审核注册程序的规定。
[新增]前款规定的红筹企业在科创板发行上市,适用《若干意见》"营业收入快速增长,拥有自主研发、国际领先技术,同行业竞争中处于相对优势地位"的具体标准,由交易所制定具体规则,并报中国证监会批准。

法律解读:

前述调整系授权上交所制定红筹企业上市的标准。根据上交所公布的《上海证券交易所科创板股票上市规则》,营业收入快速增长,拥有自主研发、国际领先技术,同行业竞争中处于相对优势地位的尚未在境外上市红筹企业,如果预计市值不低于人民币100亿元,或者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,可以申请在科创板上市。

以上即为对《注册管理办法》相关主要条款的对比解读,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,并就新规作出专业和深入的法律解读。

实习生陈大慈(复旦大学)对本文的完成亦有贡献。

文中注释:

[1]《首次公开发行股票并上市管理办法(2018修正)》第三十七条规定:"自中国证监会核准发行之日起,发行人应在6个月内发行股票;超过6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。"

[2]《首次公开发行股票并在创业板上市管理办法(2018修正)》第二十七条:"发行人应当自中国证监会核准之日起十二个月内发行股票,发行时点由发行人自主选择;超过十二个月未发行的,核准文件失效,须重新经中国证监会核准后方可发行。"

[3]《首次公开发行股票并上市管理办法(2018修正)》第三十九条规定:"股票发行申请未获核准的,自中国证监会作出不予核准决定之日起6个月后,发行人可再次提出股票发行申请。"

《首次公开发行股票并在创业板上市管理办法(2018修正)》第二十九条规定:"股票发行申请未获核准的,发行人可自中国证监会作出不予核准决定之日起六个月后再次提出股票发行申请。"

[4]《上海证券交易所科创板股票上市规则》2.4.5条规定:"上市公司核心技术人员减持本公司首发前股份的,应当遵守下列规定:

(一)自公司股票上市之日起12个月内和离职后6个月内不得转让本公司首发前股份;

(二)自所持首发前股份限售期满之日起4年内,每年转让的首发前股份不得超过上市时所持公司首发前股份总数的25%,减持比例可以累积使用;......"

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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