China: 最新科创板制度解读系列之(八)

Last Updated: 22 April 2019
Article by Changluo Guan
Most Read Contributor in China, July 2019

最新科创板制度解读系列之(八)

《科创板上市公司持续监管办法(试行)》

1月30日晚,中国证券监督管理委员会(下称"中国证监会")发布了《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》)。中国证监会及上海证券交易所(下称"上交所")正式发布在上交所设立科创板并试行注册制的一系列文件并公开征求意见,其中包括《科创板上市公司持续监管办法(试行)》(以下简称《持续监管办法》)。该办法旨在规范相关各方在企业于科创板上市后的行为,涉及公司治理、信息披露、股份减持、重大资产重组、股权激励、退市等方面。

一、主要内容

《持续监管办法》根据《实施意见》,规定了科创板持续监管的总体要求和制度取向,明确了调整适用的规则范围和衔接安排,共九章三十七条,包括总则、公司治理、信息披露、股份减持、重大资产重组、股权激励、终止上市、其他事项和附则。

总则部分明确了《持续监管办法》的制定原则、适用原则、监管主体。

公司治理部分提出了对科创公司及其控股股东、实际控制人的总体要求,并明确允许科创公司可以采用"同股不同权"的双重股权结构。

信息披露部分明确了科创公司和信息披露义务人的最低限度的信息披露义务,旨在充分保护投资者合法权益。

《持续监管办法》对股份减持部分作出框架性规定,具体细节须由交易所规定。

《持续监管办法》规定,科创公司重大资产重组,涉及发行股票的,由交易所审核,并经中国证监会注册。科创公司重大资产重组或者发行股份购买资产,标的资产应当符合科创板定位且与公司主营业务具有协同效应。

股权激励部分对科创公司实施股权激励作出具体规定。

终止上市部分具体规定了科创公司退市的几种情形,科创公司触及退市标准的,股票直接终止上市。

其他事项部分包括分拆上市、募集资金使用、控股股东股权质押和法律责任等内容。

二、重点关注

为了在稳步试点注册制的同时,有效保护投资者合法权益、建立多层次资本市场体系,《持续监管办法》在制度设计上有如下亮点:

(一)细化特别股权及红筹企业监管

依照现行《公司法》第131条,国务院可以对公司发行本法规定以外的其他种类的股份,另行作出规定。《持续监管办法》第8条对"特别表决权股份"进行了定义,并允许科创公司采用"同股不同权"的双重股权结构。双重股权结构可以保持高级管理层对公司的绝对控制权,同时满足公司融资需要,防止恶意收购,有利于公司长远发展,具有现实的必要性与可行性。与此同时,为了化解双重股权结构的弊端,《持续监管办法》要求公司在章程和招股说明书中进行充分的披露和说明。

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)规定的红筹企业,可以申请发行股票或存托凭证并在科创板上市。

(二)强化监督监管,强调信息披露责任

中国证监会对科创公司及相关主体进行监督管理。交易所建立以上市规则为中心的科创板建立以上市规则为中心的科创板持续监管规则体系,在持续信息披露、并购重组、股权激励、退市等方面制定符合科创公司特点的具体实施规则。

交易所应当履行一线监管职责,加强信息披露与二级市场交易监管联动,加大现场检查力度,强化监管问询,切实防范和打击内幕交易与操纵市场行为。

《持续监管办法》设定了科创公司和相关信息披露义务人的最低信息披露要求,明确发行人是信息披露第一责任人,确保信息披露真实、准确、完整、及时、公平。《持续监管办法》要求科创公司应当结合行业特点,充分披露行业经营信息以及可能对公司产生重大不利影响的风险因素。另一方面,考虑到科创公司经营决策往往更加快速灵活,《持续监管办法》也同步提升了信息披露制度的弹性和包容度,给予科创公司更多的自主空间。

(三)股权激励制度安排更为宽松,与科创企业公司治理相适应

股权激励是科创企业吸引人才、留住人才、提升竞争力的重要手段,因此,《持续监管办法》对科创公司的股权激励制度设计进行了相应的优化。

一是增加了可以成为激励对象的人员范围,承担企业主要管理和研发职责的5%以上股东或实际控制人及其亲属,可以成为激励对象。

二是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。

三是便利股权激励的实施操作,授予的股份可以在满足获益条件后进行股份登记。

四是结合调研情况,规定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,由现行规定中的10%提升至20%。

此外,根据境内市场的发展阶段,《持续监管办法》强调了股权激励必须与公司业绩相挂钩,避免出现业绩下滑、公司管理层仍能通过股权激励获益的不正常情况。

(四)严格实施退市制度,不设暂停上市、恢复上市安排

《持续监管办法》针对退市制度从标准和程序两方面进行了严格的规范。标准方面,扩大了重大违法类强制退市范围,明确了信息披露重大违法和公共安全重大违法等重大违法类退市情形,同时明确由交易所规定交易类退市指标和财务类强制退市指标;程序方面,《持续监管办法》简化了退市环节,取消暂停上市和恢复上市程序,对应当退市的企业直接终止上市,避免重大违法类、主业"空心化"的企业长期滞留市场,扰乱市场预期和定价机制。

(五)明确上市公司可分拆子公司在科创板上市

《持续监管办法》明确达到一定规模的上市公司,可以分拆业务独立、符合条件的子公司在科创板上市。

三、结语

随着中国证监会和上交所发布一系列有关科创板及注册制的相关制度文件并公开征求意见,科创板及注册制已实实在在步入了正轨,相信在不久的将来第一批科创板企业即将挂牌上市。

我们将继续深度专题解读有关科创板及注册制相关的内容,敬请关注。

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