China: 新三板挂牌企业IPO十大关注要点(上篇):三类股东申报、特殊权利条款

Last Updated: 30 March 2017
Article by Han Kun Law Offices

自2016年下半年开始,A股IPO发行节奏在不断加速,截至2017年3月17日,中国证监会(以下简称"证监会")一季度共核发了9批次批文,如果以股票上市日期为标准,则已有111家企业成功实现IPO,约占2016年A股IPO发行数量的四成左右。伴随着A股IPO发行审核节奏的整体提速,近期,全国中小企业股份转让系统(以下简称"股转系统")挂牌企业(以下简称"新三板挂牌企业")申请A股首次公开发行股票并上市(以下简称" IPO")的数量日益增多,各新三板挂牌企业转往申请IPO的热情不断高涨,目前处于核查阶段或辅导阶段的已申报或拟申报IPO的新三板挂牌企业已将近四百家。在2013年新三板扩容及纳入全国中小企业股份转让系统监管后申报IPO的新三板挂牌企业中,已上市或过会的新三板挂牌企业共4家,该等企业的从受理IPO申请到在证券交易所上市的平均周期仅为21.5个月左右,主要情况如下表所示:

而在此之前,成功IPO的新三板挂牌企业(包括中关村园区试点的证券公司代办股份转让系统时期)还包括如下案例:久其软件(2009年)、北陆药业(2009年)、世纪瑞尔(2010年)、佳讯飞鸿(2011年)、华宇软件(2011年)、博晖创新(2012年)、东土科技(2012年)、安控科技(2014年)、双杰电气(2015年)、康斯特(2015年)、合纵科技(2015年)。

根据此前的新三板挂牌企业成功IPO的案例,结合《首次公开发行股票并上市管理办法》、《首次公开发行股票并在创业板上市管理办法》等A股IPO相关法规以及证券监管部门在IPO审核实践中的监管要求,我们对新三板挂牌企业申请IPO所需要特别注意的问题进行了总结,并将分为三篇文章对其中十个典型的问题及注意事项提示新三板挂牌企业及相关投资者予以关注。首篇文章我们将对新三板挂牌企业涉及的三类股东申报、特殊权利条款清理、突击入股锁定期三个问题进行介绍。

一、 是否存在三类特殊股东申报的情况

三类特殊股东指契约型基金、资产管理计划和信托计划(以下简称"三类股东")等"非公开募集"的金融产品。由于三类股东在工商登记时不被视为民事主体,无法登记为非上市公司的股东,实践中三类股东对非上市公司投资的方式通常是由金融产品的管理人签署投资协议并约定由其管理的具体金融产品履行出资义务,在工商登记的股东名称则为管理人名称。因此,三类股东形式上系由委托人通过受托人(管理人)名义进行投资,似乎属于委托持股的一种表现形态。此外,三类股东容易出现股份代持、利益输送等问题,部分"三类股东"背后的出资人众多,难以满足"股权清晰"之要求,加之部分三类股东存在利用资金池资金期限错配进行"短债长投"的情况,通常认为容易导致拟上市企业股权结构不稳定。上海证券交易所的官方微信公众号"上交所企业上市服务"发布的"《企业改制上市30问》之二十三:新三板挂牌企业IPO需要注意什么问题?"一文也曾表示:"对于信托计划、契约型基金和资产管理计划等持股平台为拟上市公司股东的,在IPO审核过程中,可能会因存续期到期而造成股权变动,影响股权稳定性。因此拟上市公司引入该类平台股东时应在考虑股权清晰和稳定性的基础上审慎决策。"

根据2016年11月北京地区保代培训的说法:"目前三类股东是否系IPO企业的适格股东,证监会并无收到大量案例,其股东适格性尚待开会研究"。我们注意到,目前已有博拉网络、新产业、海容冷链、时代装饰、文灿股份、海纳生物、阿波罗、指南针、润建通信、派诺科技、福达合金、英派瑞、凌志软件、森达电气、宏川智慧等部分新三板挂牌企业带着三类股东申报IPO并已获受理,其中,博拉网络、新产业、海容冷链等10家企业已收到了证监会的反馈意见,但因反馈意见的内容及相关答复尚未公布,因此尚无法确定证监会目前对带着三类股东的新三板挂牌企业申报IPO所持的监管态度。

考虑证券监管机构目前对于新三板挂牌企业带着三类股东进行IPO申报的监管政策尚不明确,故也有部分新三板挂牌企业选择在申报IPO前对三类股东进行的清理,如奥飞数据在申报前即对其契约型基金股东进行清理,通过契约型基金将其持有股份转让给相同出资结构的合伙企业或直接转让予自然人的方式解决契约型基金持股问题。

但我们也注意到,近期出现了以下直接或间接存在契约型基金、资产管理计划的非新三板挂牌企业成功上市的情况:

  1. 中原证券第二大股东为渤海产业投资基金管理有限公司(代表渤海产业投资基金一期持股),持有中原证券18.86%的股份。渤海产业投资基金一期是经国家发改委批准、按契约形式设立且在中国证券投资基金业协会备案的契约型私募基金,该管理关系是由国家发改委批准,渤海产业投资基金管理有限公司(代表渤海产业投资基金一期持股)投资中原证券亦经过证监会的批准。中原证券于2016年11月9日过会,于2017年1月3日上市。
  2. 海辰药业的股东中间接包括四个资管计划:"招商财富-毅达创赢1号专项资产管理计划"、"招商财富-毅达创赢2号专项资产管理计划"、"招商财富-毅达创赢3号专项资产管理计划"、"招商财富-毅达创赢4号专项资产管理计划"。上述四个资管计划的委托人共计4个自然人。招商财富资产管理有限公司(以下简称"招商财富")通过设立上述资管计划认购江苏高投创新科技创业投资合伙企业(有限合伙)(以下简称"江苏高投")的有限合伙份额。江苏高投为海辰药业的直接股东,持有海辰药业3.25%的股份。海辰药业于2016年12月2日成功过会,于2017年1月12日上市。
  3. 碳元科技的股东中间接包括两个资管计划:"招商财富-金石母基金专项资产管理计划"和"招商财富-金石母基金2号专项资产管理计划",委托人分别为29人和53人。招商财富通过上述专项资产管理计划认购深圳金石泽汇股权投资基金合伙企业(有限合伙)(以下简称"金石泽汇")的有限合伙份额,认缴出资比例为99.1958%。金石泽汇为天津君睿祺股权投资合伙企业(有限合伙)(以下简称"君睿祺投资")的有限合伙人,认缴出资比例为2.07%。君睿祺投资为碳元科技的直接股东,持有碳元科技13.33%的股份。碳元科技于2017年1月23日成功过会,于2017年3月20日上市。
  4. 常熟汽饰的间接股东中也包括金石泽汇,从而间接包括"招商财富-金石母基金专项资产管理计划"和"招商财富-金石母基金2号专项资产管理计划"。常熟汽饰于2016年11月9日成功过会,于2017年1月5日上市。

我们理解,该等存在契约型基金、资产管理计划股东的拟上市公司获得证监会的认可的主要考虑因素可能包括:

  1. 契约型基金、资产管理计划设立合法合规,已完成备案手续,投资范围符合基金合同、资管合同的规定;
  2. 最终委托人权属清晰,并且与拟上市公司的控股股东、实际控制人、董监高不存在关联关系;
  3. 直接持股的契约型基金系经相关主管部门批准设立,且契约型基金投资拟上市公司时已经过证监会的批准;
  4. 间接持股的资产管理计划所持有的权益折算到拟上市公司层面比重不大;
  5. 相关资产管理计划存续期较长,根据对中国证券投资基金业协会公示信息的查询,"招商财富-毅达创赢1号专项资产管理计划"、"招商财富-毅达创赢2号专项资产管理计划"、"招商财富-毅达创赢3号专项资产管理计划"、"招商财富-毅达创赢4号专项资产管理计划"的合同期限为60个月,"招商财富-金石母基金专项资产管理计划"和"招商财富-金石母基金2号专项资产管理计划"的合同期限为120个月,不会在IPO审核期限发生存续期届满清盘的情形以致影响拟上市公司股权结构稳定性。

从上述案例来看,对于拟上市企业存在契约型基金或资产管理计划是否必须进行清理尚有讨论商榷的空间。同时,三类股东虽然都是金融产品,但其主管的监管部门并不相同,证券监管部门的接受程度也有所不同,资产管理计划的管理人一般为证监会直接监管的证券公司或基金子公司,资产管理计划及其管理人受到的监管比契约型私募基金及私募基金管理人更为严格;契约型私募基金的管理人系在中国证券投资基金业协会登记的私募基金管理人,受中国证券投资基金业协会(接受证监会业务指导)自律监管,相关监管规范尚在不断完善之中;信托计划的管理人为中国银监会直接监管的信托公司,不受证监会监管,且证监会的IPO审核政策一直明确对信托计划持股方持否定和禁止态度,相对而言信托计划最不容易为证券监管部门所接受。

当然,新三板挂牌企业的三类股东问题与一般的未上市公司相比有其特殊性,大部分三类股东都是通过在股转系统内的股票交易(尤其是做市交易方式)或经证监会批准的股票定向发行而取得挂牌企业股份的,并且根据《全国中小企业股份转让系统投资者适当性管理细则(试行)》第四条的规定,"集合信托计划、证券投资基金、银行理财产品、证券公司资产管理计划,以及由金融机构或者相关监管部门认可的其他机构管理的金融产品或资产,可以申请参与挂牌公司股票公开转让",可见三类股东都属于新三板市场监管要求的合格投资者,如果挂牌企业通过符合新三板市场监管规则的方式接受了三类股东反而会给其自身到A股市场IPO造成障碍或增加额外隐性成本,这样既不利于新三板市场股票交易的活跃程度和股票流动性的提升,也与国务院对全国中小企业股份转让系统作为全国性证券交易场所的定位和建设多层次资本市场的布局相违背。我们倾向于认为,未来证券监管部门对三类股东的监管政策(尤其是挂牌企业带着三类股东申报IPO问题)会不断清晰和明确,随着带着三类股东申报IPO的挂牌企业的审核进度推进,将会逐渐出现带有三类股东的新三板挂牌企业成功实现IPO的先例。

二、 特殊权利安排的清理问题

拟上市公司及其股东间存在的特殊权利安排一直是A股IPO审核过程中的红线,证券监管部门对于以对赌条款为代表的一系列特殊权利条款均持有比较明确的否定态度,证券监管部门曾在历年多次的保荐代表人培训中明确指出:要求不能存在对赌条款、优先受偿权和董事会一票否决等任何与上市公司治理要求有冲突的特殊权利安排,无论是拟上市公司与股东之间还是实际控制人与其他股东之间的特殊权利安排,均应当在IPO申报前予以解除。相比之下,新三板对于拟挂牌企业或挂牌企业的股东之间的特殊权利安排持有相对宽容的态度,2016年8月股转系统发布《挂牌公司股票发行常见问题解答(三)——募集资金管理、认购协议中特殊条款、特殊类型挂牌公司融资》明确了新三板挂牌企业股票发行认购协议中签订的业绩承诺及补偿、股份回购、反稀释等特殊条款应当符合的监管要求,明确新三板挂牌企业不能作为特殊权利条款的义务承担主体,但并未禁止新三板挂牌企业的股东之间(主要是实际控制人与新引进的投资者之间)存在特殊权利安排。

就新三板挂牌企业的特殊权利安排,我们理解存在着以下两种情况:其一,在申请挂牌时已经披露对此前存在的特殊权利进行清理,并保留部分新三板允许存在的特殊权利安排。其二,挂牌期间引进投资者时约定了特殊权利安排,部分甚至约定了新三板不允许存在的特殊权利安排而没有进行公开披露。在申报IPO前新三板挂牌企业应注意与相关优先权投资方沟通对新三板挂牌期间仍保留的特殊权利安排进行清理。

已上市的中旗股份、拓斯达、三星新材的反馈问题中均涉及了是否存在对赌协议、特殊协议或安排的问题。以拓斯达为例,拓斯达与其中1名机构股东从设置到彻底清理相关特殊权利条款的历程如下:

1. 设置特殊权利条款并由公司、创始人共同承担责任阶段:

2013年11月,兴证创投增资入股拓斯达有限,拓斯达有限及吴丰礼、杨双保、黄代波三人与兴证创投签署了《东莞市拓斯普达机械科技有限公司增资扩股协议之补充协议》(以下简称"《增资补充协议》"),该协议约定了业绩补偿、股份回购、优先清算权、一票否决权等特殊权利条款。

2. 为新三板挂牌取消公司责任,保留与创始人约定的特殊权利条款阶段:

2014年8月,为配合拓斯达申请在新三板挂牌,兴证创投就《增资补充协议》中存在的特殊权利条款签署《声明函》,明确在业绩补偿条款或股份回购条款被触发的情况下,兴证创投仅保留要求创始股东履行义务的权利,放弃要求拓斯达履行连带保证责任义务的权利,同时放弃优先清算权和一票否决权。

3. 为申请IPO附带恢复条件地中止全部特殊权利条款阶段:

2015年6月1日,为配合拓斯达的IPO申请工作,兴证创投同意中止《增资补充协议》中约定的与股东三人之间的特殊权利条款并签署《<增资扩股之补充协议>中止合同》,约定自拓斯达向证监会申报公开发行股票并上市材料并受理之日起,《增资补充协议》约定的业绩补偿条款及股份回购条款中止执行;自拓斯达公开发行股票并上市之日起,业绩补偿条款和股份回购条款终止执行;若拓斯达上市申请被有权部门不予核准/注册,或拓斯达自行撤回本次申请的,自不予核准/注册或撤回申请之日起,上述条款恢复效力。

4. 为答复IPO反馈意见彻底终止全部特殊权利条款阶段:

2016年11月,为配合拓斯达的IPO申请工作,兴证创投同意终止《增资补充协议》约定的与创始人股东之间的特殊权利条款并签署《<增资补充协议>解除合同》,约定与创始人股东签署或达成的以经营业绩、发行上市等事项作为标准,以拓斯达股权归属的变动、股东权利优先性的变动、反稀释条款、股东权利内容的变动等作为实施内容的有效的或将生效的协议或类似对赌安排及/或业绩补偿安排不再有效或不再生效,上述该等被确认无效/不再生效的条款不再恢复,且视为从来不曾约定过。

三、 注意申报前突击入股的锁定期要求

在IPO前对拟上市公司突击入股的行为由于往往可能潜藏着不正当的利益输送,因而一直是证券监管部门在IPO审核中关注的重点问题,为了限制IPO前突击入股的行为,证券监管部门在保代培训及相关窗口指导中提出了对突击入股取得的股份增加额外股份锁定期要求,具体规则如下:

  1. 针对主板、中小企业板拟上市公司:

    1. 对于刊登招股说明书之日前12个月内通过增资扩股引入的股东,其所持股份自完成增资工商变更登记之日起锁定36个月;
    2. 对于刊登招股说明书之日前12个月内自控股股东、实际控制人及其关联方受得股份的股东,其所持股份自公司上市之日起锁定36个月;
    3. 如发行人在刊登招股说明书之日前12个月内以未分配利润或资本公积转增股本的,视同增资扩股,转增形成的股份自完成增资工商变更登记之日起锁定36个月。
  1. 针对创业板拟上市公司:

    1. 对于首次公开发行股票申请受理前6个月内通过增资扩股引入的股东,其所持股份自完成增资工商变更登记之日起锁定36个月;
    2. 对于首次公开发行股票申请受理前6个月内自控股股东、实际控制人及其关联方受得股份的股东,其所持股份自公司上市之日起锁定36个月;
    3. 对于首次公开发行股票申请受理前6个月内以未分配利润或资本公积转增股本的,转增形成的股份与原有股份锁定期相同。

当然,新三板挂牌企业与其他普通的未上市公司不同,其股份的流动性较强(尤其是采用做市交易方式时),在新三板挂牌企业申请IPO并在新三板暂停转让前,可能会存在大量股份转让交易,是否必须适用上述突击入股相关的锁定期规则尚待证券监管部门进一步明确。如果证券监管部门要求对新三板挂牌企业亦需适用上述突击入股相关的锁定期规则的,则新三板挂牌企业需要注意合理筹划未分配利润或资本公积转增股本、股票定向发行以及控股股东、实际控制人及其关联方向第三方转让股份等事项与IPO申报的时间间隔,避免给相关股东增加额外的锁定期限制。以拓斯达为例,拓斯达在IPO前最后一次增资于2014年12月2日完成工商变更登记手续,拓斯达于2015年6月24日向证监会提交了创业板IPO申请,并于2015年6月30日取得受理通知书,拓斯达最后一次增资完成工商变更登记之日与其创业板IPO申请受理之日时间间隔大于6个月,最终通过该次增资扩股新增的投资人仅需承诺自拓斯达上市之日起12个月内不转让其所持股份即可。

下一期的文章中,我们将对新三板挂牌企业涉及的200人股东问题、申报及挂牌期间相关方承诺事项、国有股转持以及管理层稳定性等四个问题进行介绍。

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