China: 新三板挂牌企业 新三板挂牌企业 IPOIPOIPO十大关注要点(下篇) 十大关注要点

Last Updated: 4 April 2017
Article by Bin Zhi, Hongjun LIANG and Xiaodan ZHENG

 在本篇文章中,我们将继续对新三板挂牌企业申报IPO涉及的挂牌期间股份交易情况、申报前一年新增股东披露、新三板信息披露文件与IPO申报文件差异情况影响等三个问题进行介绍,同时会对新三板挂牌企业申报IPO的一般流程做图示说明。

一、 股份在新三板挂牌期间的交易情况

新三板挂牌企业由于股票公开转让的原因,其历史沿革,特别是挂牌期间的交易情况,相较于其他企业可能更为复杂。对于交易频繁或存在做市转让情形的新三板挂牌企业而言,需要对这个问题予以关注。在过往新三板挂牌企业IPO成功的案例中,对挂牌期间股份交易的披露情况小结如下表所示:

此前已上市的新三板挂牌企业案例均系采用协议转让交易方式。根据目前已经预披露的招股说明书,海容冷链、有友食品、阿波罗、华电电气、波斯科技、龙磁科技、英派瑞、凌志软件等存在做市转让交易方式的拟IPO新三板挂牌企业均仅披露挂牌后定增或权益分派增加股本的情况,对做市转让的具体交易情况未作出披露。该等企业多数已收到证监会的反馈意见,但反馈意见的内容尚未公布,尚无法确定证监会是否会要求其补充披露股份在新三板挂牌期间的做市交易情况。

二、 申报前一年挂牌企业新增股东情况的披露

由于新三板挂牌企业与申请创业板IPO的拟上市公司在成长阶段、发展定位、业绩情况以及营收规模等方面更为接近,近年来成功实现IPO的新三板挂牌企业案例大多是申请在创业板IPO。根据《公开发行证券的公司信息披露内容与格式准则第28号——创业板公司招股说明书(2015年修订)》的规定,新三板挂牌企业申报创业板IPO时,除需按要求披露持股5%以上的主要股东及实际控制人的基本情况外,还必须披露最近一年新增股东的持股数量及变化情况、取得股份的时间、价格和定价依据,其中新增股东为法人的,应披露其主要股东及实际控制人;为自然人的,应披露国籍、拥有永久境外居留权情况(如有)、身份证号码;为合伙企业的,应披露其普通合伙人及实际控制人、有限合伙人(如有)的情况。针对这一要求,申报创业板IPO的新三板挂牌企业主要有三种披露方式:

其一,按照要求进行披露,如怡达化学、奥飞数据、和力辰光均完全披露了最近一年新增股东的持股情况,并按要求对该等股东的情况进行了披露。

其二,披露最近一年前十大股东中新增股东的持股情况,如存在做市情形的华电电气。

其三,完全不进行披露具体情况,如龙磁科技仅说明公司为做市转让,最近一年公司新增股东均系通过全国中小企业股份转让系统(以下简称"股转系统")进行股份转让所致。

我们会对该等挂牌企业后续审核中的反馈意见和进展情况予以持续关注,尚待进一步观察如华电电气和龙磁科技的披露方式是否可以获得证券监管部门认可。

三、 申报挂牌时及挂牌期间信息披露与申报文件存在差异的情况

新三板挂牌企业自向股转系统申报挂牌起便对企业的财务数据以及重大信息进行公开披露,如该等公开披露信息与IPO申报材料存在差异的话,需要对该等差异有合理的解释。拓斯达、光莆电子、凯伦建材的反馈问题中均包含了"请保荐机构核查发行人在挂牌期间的所有公开披露信息、停复牌等事项,对以上信息与本次申请文件和财务报告所披露内容存在差异的部分,请列示对照表予以解释说明"。就上述反馈问题,拓斯达作出了详细的答复,列表篇幅达到了5页,存在披露差异的内容包括了风险因素、组织结构、行业、产品、销售模式、关联交易等。其中,申请挂牌以及挂牌期间,存在关联交易未披露、董监高亲属关系未披露、对赌协议未披露的等问题。另外,我们注意到,IPO申请已被受理的宏川智慧近期对其已披露的公开转让说明书、年度报告等文件作出了一系列更正,我们理解亦可能是基于披露差异的原因。

根据中国证券监督管理委员会(以下简称"证监会")会计部、非上市公众公司监管部、股转系统近期对会计师事务所合伙人进行的培训,如新三板挂牌企业申报IPO时,以前年度审计存在严重漏洞,可能采取相应的监管措施。根据《全国中小企业股份转让系统业务规则(试行)》第六章"监管措施与违规处分"的相关规定,股转系统可能采用的事后监管手段主要包括自律监管措施和违规处分两大类。

就自律监管措施而言,根据《全国中小企业股份转让系统业务规则(试行)》第6.1的规定,股转系统可以对挂牌公司及其董事、监事、高级管理人员或其他信息披露义务人采取下列自律监管措施:

  1. 要求申请挂牌公司、挂牌公司及其他信息披露义务人或者其董事(会)、监事(会)和高级管理人员对有关问题作出解释、说明和披露;
  2. 要求申请挂牌公司、挂牌公司聘请中介机构对公司存在的问题进行核查并发表意见;
  3. 约见谈话;
  4. 要求提交书面承诺;
  5. 出具警示函;
  6. 责令改正;
  7. 暂停解除挂牌公司控股股东、实际控制人的股票限售;
  8. 限制证券账户交易;
  9. 向证监会报告有关违法违规行为;
  10. 其他自律监管措施。

以世纪天鸿(833456)为例,2017年3月15日股转系统首次因挂牌申请文件与IPO招股说明书存在差异而对拟IPO新三板企业采取自律监管措施,股转系统认定世纪天鸿构成信息披露违规,决定对世纪天鸿及董事长、董事会秘书采取要求提交书面承诺的自律监管措施。世纪天鸿于2015年9月15日在新三板挂牌,其在挂牌前就于2015年1月20日开始接受IPO辅导,并于挂牌后的2016年6月29日宣布IPO获证监会受理。

就违规处分而言,根据《全国中小企业股份转让系统业务规则(试行)》第6.2条规定,申请挂牌公司、挂牌公司、相关信息披露义务人违反股转系统业务规则、其他相关业务规定的,股转系统视情节轻重给予通报批评或公开谴责的处分,并记入证券期货市场诚信档案数据库。根据《全国中小企业股份转让系统业务规则(试行)》第6.3条的规定,申请挂牌公司、挂牌公司的董事、监事、高级管理人员违反股转系统业务规则、其他相关业务规定的,股转系统视情节轻重给予通报批评、公开谴责或者认定其不适合担任公司董事、监事、高级管理人员的处分,并记入证券期货市场诚信档案数据库。

根据《证券期货市场诚信监督管理暂行办法》第八条第(五)项至第(十一)项的规定,下列五项属于证监会记录的证券期货市场诚信信息:

  1. 证监会及其派出机构作出的行政处罚、市场禁入决定和采取的监督管理措施;
  2. 证券期货市场行业组织实施的纪律处分措施和法律、行政法规、规章规定的管理措施;
  3. 因涉嫌证券期货违法被证监会及其派出机构调查及采取强制措施;
  4. 因涉嫌证券期货犯罪被证监会及其派出机构移送公安机关、人民检察院处理;
  5. 因证券期货犯罪或其他犯罪被人民法院判处刑罚;
  6. 因证券期货侵权、违约行为被人民法院判决承担较大民事赔偿责任;
  7. 因违法开展经营活动被银行、保险、财政、税收、环保、工商、海关等相关主管部门予以行政处罚。

根据《证券期货市场诚信监督管理暂行办法》第二十三条的规定,证监会及其派出机构审核行政许可申请,发现申请人以及有关当事人有该办法第八条第(五)项至第(十一)项规定的违法失信信息的,可以要求申请人或受申请人委托为行政许可申请提供证券期货服务的有关机构,进行口头或书面说明、解释。根据《证券期货市场诚信监督管理暂行办法》第二十七条的规定,行政许可申请人以及申请事项所涉及的有关当事人有该办法第八条第(五)项至第(十一)项规定的违法失信信息之一,属于法定不予许可条件范围的,证监会及其派出机构应当依法作出不予许可的决定;申请人以及申请事项所涉及的有关当事人的诚信信息虽不属于法定不予许可条件范围,但有关法律、行政法规和规章对行政许可法定条件提出诚实信用要求、作出原则性规定或设定授权性条款的,证监会及其派出机构可以综合考虑诚信状况等相关因素,审慎审核申请人提出的行政许可申请事项。

因此,已有IPO计划的新三板挂牌企业应格外注意信息披露的真实性、准确性和完整性,尽早聘请相关中介机构协助提高信息披露质量,尽量避免或减少IPO申报时披露信息与新三板申报挂牌及挂牌期间所披露信息存在的差异。如果在IPO申报时披露信息与新三板申报挂牌及挂牌期间所披露信息存在重大差异,很可能被股转系统认定为信息披露违规而被采取自律监管措施或违规处分甚至被证监会及其派出机构采取行政监管措施。针对被股转系统处以违规处分或被证监会及其派出机构采取行政监管措施的情形,都会被证监会计入证券期货市场违法失信信息,在IPO申报时很可能受到证券监管部门的重点关注并予以审慎审核,有可能会对IPO的审核进度造成不利影响。

附:新三板挂牌企业申报IPO的流程

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