【中英文对照版】关于严把发行上市准入关从源头上提高上市公司质量的意见(试行).docx

中国证券监督管理委员会印发关于严把发行上市准入关从源头上提高上市公司质量的意见(试行)OpinionsoftheChinaSecuritiesRegulatoryCommissiononStrictlyControllingtheAccesstoOfferingsandListingandImprovingtheQualityofListedCompaniesattheSource(forTrialImplementation)制定机关：中国证券监督管理委员会公布日期：2024.03.15施行日期：2024.03.15效力位阶：部门规范性文件法规类别：证券交易所与业务管理营商环境优化IssuingAuthority：ChinaSecuritiesRegulatoryCommissionDateIssued：03-15-2024EffectiveDate：03-15-20241.evelofAuthority：DepartmentalRegulatoryDocumentsAreaofLaW：StockExchangesandBusinessManagementOptimizationofDoingBusiness中国证券监督管理委员会印发 关于严把发行上市准入关从源 头上提高上市公司质量的意见 （试行）OpinionsoftheChinaSecuritiesRegulatoryCommissiononStrictlyControllingtheAccesstoOfferingsandListingandImprovingtheQualityofListedCompaniesattheSource(forTrialImplementation)中国证监会各派出机构，各交 易所，各下属单位，各协会， 会内各司局：AlllocalofficesoftheChinaSecuritiesRegulatoryCommission(uCSRCn),allexchanges,allsubordinateentities,allassociations,andalldepartmentsoftheCSRC:为从严监管企业发行上市活 动，压紧压实发行监管全链条 各方责任，切实树立对投资者 负责的理念，强化资本市场功 能发挥，从源头上提高上市公 司质量，现提出以下措施。Thefollowingmeasuresareherebyproposedforthepurposesofstrictlyregulatingtheofferingsandlistingofenterprises,ensuringtheeffectiveassignmentandfulfillmentoftheresponsibilitiesofallpartiesintheentirechainofissuanceregulation,diligentlyestablishingtheconceptofbeingresponsibletoinvestors,strengtheningtheperformanceoffunctionsofthecapitalmarket,andimprovingthequalityoflistedcompaniesfromthesource.I. Strictlycontrollingthequalityofapplicationsfiledbyenterprisestobelisted一、严把拟上市企业申报 质量压实拟上市企业及“关键少 数”对发行申请文件特别是经 营财务等方面信息披露真实准 确完整的第一责任。督促拟上 市企业树立正确“上市观”， 以现代企业制度为保障，促进 企业做优做强，与投资者共享 发展成果，严禁以“圈钱”为 目的盲目谋求上市、过度融 资。要求拟上市企业充分配合 中介机构核查和发行监管工 作，确保所提供材料真实准确 完整。一是督促“关键少数” 增强诚信自律法治意识，完善 公司治理，健全内部控制制度 并有效运行，按规定接受内部 控制审计。二是要求拟上市企 业的财务数据准确真实反映企 业经营能力，严审“伪科 技”、突击冲业绩等问题，对 财务造假、虚假陈述、粉饰包 装等行为须及时依法严肃追 责。三是研究要求拟上市企业 的有关股东在招股说明书中承 诺，上市后三年内业绩出现大 幅下滑的，采取延长股份锁定 期等措施。Theprimaryresponsibilityofenterprisestobelistedandukeyminoritiesnfortheveracity,accuracy,andcompletenessofissuanceapplicationdocuments,especiallythedisclosureofinformationonoperations,financialaffairs,andotheraspects,shallbeeffectivelyfulfilled.EnterprisestobelistedshallbeurgedtoadoptacorrectuIistingview.Bytakingthemodernenterprisesystemastheguarantee,enterprisesshallbepropelledtoenhancetheirqualityandstrengthandsharedevelopmentachievementswithinvestors,andblindlistingandexcessivefinancingforumoneygrabbing,shallbeprohibited.Enterprisestobelistedshallberequiredtofullycooperatewithintermediariesininspectionandissuanceregulation,andensuretheveracity,accuracy,andcompletenessofthematerialsprovidedbythem.First,ukeyminorities“shallbeurgedtostrengthentheirawarenessofintegrity,self-discipline,andtheruleoflaw,improvecorporategovernance,improveandeffectivelycarryoutinternalcontrolrules,andacceptinternalcontrolauditsaccordingtotherelevantprovisions.Second,thefinancialdataofenterprisestobelistedshallaccuratelyandtruthfullyreflecttheirbusinesscapabilities;theproblemssuchasupseudotechnologyandsuddenincreaseinperformanceshallbestrictlyinspected,andwhoevercommitsanyactsuchasfinancialfraud,falsestatements,orembellishmentsshallbestrictlyheldliableinatimelymannerinaccordancewiththelaw.Third,researchshallbeconductedtorequirerelevantshareholdersofenterprisestobelistedtomakeundertakingsintheprospectusthatsuchmeasuresasextendingthestocklock-upperiodshallbetakeniftheperformanceofsuchenterpriseshasasharpdeclinewithinthreeyearsaftertheirlisting.II. Solidifyingtheresponsibilitiesofintermediariesas“gatekeepers”Intermediariesshall,fortheprotectionofinvestors'interests,improvetheirinternaldecision-makingandresponsibilitymechanisms,andshallbeprofessionalanddiligent,andsponsorsshallpracticeandexpandtheirbusinessbasedontheinvestmentorientation.First5amechanismforthenormalizedrollingon-siteregulationofintermediariesshallbeestablished,theperformanceofdutiesbysponsors,lawyers,andcertifiedpublicaccountantsshallallbesupervisedandinspectedeverythreeyearsinprinciple,accountabilityandfollow-uprectificationshallbeeffectivelyconducted,andacaseshallberesolutelydocketedforinspectioniftheviolatorissuspectedofanyviolationoflaworregulation.Second,themechanismforevaluatingsponsors'practicequalityorientedbyimprovingthequalityoflistedcompaniesshallbeputtogooduseonanongoingbasis,classifiedregulationshallbeconductedbasedonevaluationresults,andtheimprovementofpracticequalityshallbepromoted.Third,intermediariesshallbeurgedtopracticallyshouldertheresponsibilityforpreventingfinancialfraudandmakefulluseoftheinspectionoftheflowoffunds,thepenetratedinspectionofclientsandsuppliers,on-siteinspection,andothermethodstoensurethatthefinancialdatareflectthetrueoperatingconditions.III. Highlightingexchanges'primaryresponsibilityforexamination二、压实中介机构“看门 人”责任中介机构应当从投资者利益出 发，健全内部决策和责任机 制，立足专业、勤勉尽责，保 荐机构要以可投性为导向执业 展业。一是建立对中介机构的 常态化滚动式现场监管机制， 督导检查保荐机构、律师和注 册会计师履职尽责情况，三年 一周期，原则上实现全覆盖， 抓好责任追究和跟踪整改，涉 嫌违法违规的坚决立案稽查。 二是持续运用好以上市公司质 量为导向的保荐机构执业质量 评价机制，根据评价结果实施 分类监管，促进提高执业质 量。三是督促中介机构切实扛 起防范财务造假的责任，充分 运用资金流水核查、客户供应 商穿透核查、现场核验等方 式，确保财务数据符合真实的 经营情况。三、突出交易所审核主体 责任交易所应当坚守板块定位，严 格执行审核标准，对申报项目 依法作出明确判断。一是强化 对拟上市企业的客户、供应Exchangesshalladheretothepositioningoftheboards,strictlyimplementexaminationstandards,andmakeclearjudgmentsonprojectsunderapplicationinaccordancewiththelaw.First,exchangesshallstrengthentheexaminationofclients,suppliers,capitalflows,andotheraspectsoftheenterprisestobelisted,placethepreventionoffinancialfraudandfraudulentissuanceinaprominentpositionintheissuanceexamination,andreportthecluestomajorviolationsoflawsandregulationsasrequiredinatimelymanner.Second,exchangesshallstrengthentheregulationofinformationdisclosureandenhancetherelevanceofexaminationinquiries,andterminatetheexaminationincaseofanysignificantdeficiencyintheinformationdisclosurequalitythatseriouslyaffectstheexamination.Third,exchangesshallpaycloseattentiontowhetherenterprisestobelistedsuddenlydistributedividendsatasignificantlyhighproportionbeforetheirlisting,conductstrictpreventionandinvestigation,andexercisenegativelistmanagement.Fourth,exchangesshallintensifyinternalmanagement,strengthenthesupervisionoftheexerciseofpublicpowerinexamination,andeffectivelyplaytheirroleofqualitycontrolandchecksandbalances.Fifth,exchangesshalloptimizeissuanceandunderwritingrules,strengthenthesupervisionofallbookbuilding,pricing,andplacementprocessesintheofferingofnewshares,strictlysupervisetheexcessiveraisingoffundsathighprices,andenablesmall-andmedium-sizedinvestorstohavemoresenseofgain.StrengtheningthelocalregulatoryresponsibilitiesoflocalCSRCoffices1.ocalCSRCofficesshallmaximizetheirroleas“bridgeheads,"enrichfrontlineregulatoryforcesinissuance,andsolidlyperformcounselingregulationandon-siteinspectionduties.First,localCSRCofficesshallprioritizequalityoverspeedincounselingregulation,focusonthepositioningofrelevantboards,industrialpolicies,andthereputationof“keyminorities,effectivelyconnectthecounselingstageandthestageofexaminationandregistration,andreportanddealwithanydoubtfulproblemdiscoveredinatimelymanner.Second,foron-siteinspections,localCSRCofficesshalleffectivelymaximizethesupplementaryverificationroleofwrittenexaminationtothoroughlyverifyfinancialveracity.Incaseofanymajordoubtfulissue,localCSRCofficesshallexploretheearlyinspectionandinvestigationandfileacaseforinvestigationinaccordancewiththelaw.Enterprisesthathavebeenwithdrawninon-siteinspectionsshallbesubjecttothoroughinvestigationandtheprinciplethat“liabilityshallbeassumedupondeclaration"shallbeeffectivelyimplemented.IV. Resolutelyperformingthedutiesofwhole-chaincoordinationofCSRCorgans疑点问题及时报告、及时处 理。二是现场检查要切实发挥 书面审核的补充验证延伸作 用，充分核验财务真实性，有 重大疑点的探索稽查提前介 入、依法立案查处。对现场检 查中的撤回企业“一查到 底”，切实落实“申报即担 责”。五、坚决履行证监会机关 全链条统筹职责证监会机关抓好发行上市监管 制度标准的制定执行，统筹调 配监管力量，组织全链条各环 节从严监管，切实保护投资者 利益。一是综合考虑二级市场 承受能力，实施新股发行逆周 期调节。二是同步加大对拟上 市企业的随机抽取和问题导向 现场检查力度，大幅提升现场 检查比例，形成充分发现、有 效查实、严肃处置的监管链 条，有力震慑财务造假。三是 加大审核项目同步监督力度， 常态化开展对交易所审核工作 的检查和考核评价，督促交易 所严格把好审核准入关。四是 继续深化与各行业主管部门的 对接协作，增进协同监管质 效。推动地方政府把工作重心 放在提高拟上市企业质量上，CSRCorgansshallensurethedevelopmentandimplementationofregulatoryrulesandstandardsforofferingsandlisting,coordinatetheassignmentofregulatoryforces,andorganizethestrictregulationofalllinksoftheentirechain,inordertoeffectivelyprotecttheinterestsofinvestors.First,thecounter-cyclicaladjustmentsfortheofferingsofnewsharesshallbemadebycomprehensivelyconsideringthebearingcapacityofthesecondarymarket.Second,CSRCorgansshallsimultaneouslyincreaseeffortsontherandomselectionandproblem-orientedon-siteinspectionsoftheenterprisestobelisted,significantlyincreasetheproportionofon-siteinspections,andformaregulatorychainunderwhichfinancialfraudshallbefullydetected,effectivelyverified,andseriouslypunishedinordertoeffectivelydeterfinancialfraud.Third,CSRCorgansshallstrengthenthesynchronoussupervisionofexaminationprojects,conductregularchecks,assessment,andevaluationofexaminationbyexchanges,andurgeexchangestostrictlycontroltheexaminationofaccess.Fourth,CSRCorgansshallcontinuouslyfurtherconnectionandcooperationwithvariousindustryauthoritiestoimprovethequalityandefficiencyofcoordinatedregulationandencouragelocalgovernmentstofocusonimprovingthequalityofenterprisestobelistedandjointlycreateagoodenvironmentforofferingsandlisting.V. Optimizingtheconnectionofmulti-levelcapitalmarketfunctionsThefunctionalpositioningofallboardsshallbeadheredto,andthemainboardshallemphasizeindustryrepresentativenessandreflecttheabilitytoprovidestablereturnstoinvestors.ChiNextshallemphasizetheabilitytoresistrisksandgrowthrequirementsandsupportgrowth-orientedinnovativeandstart-upenterpriseswithdevelopmentpotential.TheSTARMarketshallhighlightthecharacteristicsofuhardtechologynandstrengthentherequirementsfortheattributesofscienceandtechnologyinnovation;andtheBeijingStockExchangeshallconstantlyimprovethefunctionofservinginnovation-orientedsmall-andmedium-sizedenterprises.First,theimprovementofthequalityoflistedcompaniesshallbetakenastheorientation,researchshallbeconductedtoimprovethefinancialindicatorsforlisting,therulesforthepositioningofboardsshallbeoptimized,andthemarketshallbeprovidedwithmorehigh-qualityanddiversesubjectmatterofinvestment.Second,unprofitableenterprisesshallbefurtherexaminedmorestrictly,unprofitableenterprisesshallberequiredtofullydemonstratetheirabilitytocontinueasagoingconcernanddiscloseexpectedprofitability,andlistentotheopinionsofrelevantindustryauthoritiesontheattributesofscienceandtechnologyinnovationonebyone.共同营造艮好发行上市环境。六、优化多层次资本市场 功能衔接坚守各板块功能定位，主板突 出行业代表性，体现稳定回馈 投资者的能力；创业板更强调 抗风险能力和成长性要求，支 持有发展潜力的成长型创新创 业企业；科创板凸显“硬科 技”特色，强化科创属性要 求；北交所持续提升服务创新 型中小企业功能。一是以提高 上市公司质量为导向，研究提 高上市财务指标，优化板块定 位规则，为市场提供更加优质 多元的投资标的。二是进一步 从严审核未盈利企业，要求未 盈利企业充分论证持续经营能 力、披露预计实现盈利情况， 就科创属性等逐单听取行业相 关部门意见。七、规范引导资本健康发VI. RegulatingandguidingthehealthydevelopmentofcapitalTherequirementsforpreventingthedisorderlyexpansionofcapitalandregulatingandguidingthehealthydevelopmentofcapitalshallbeeffectivelycarriedout,themarketaccesssystemshallbeimproved,risksshallbeeffectivelyprevented,andthetendencyofmovefromtherealeconomytothefictitiouseconomyshallbeprevented.First,theroleofthemodernenterprisesysteminregulatingcapitaloperationsshallbemaximized,andenterprisesshallbeurgedtoreasonablydeterminetheinvestmentdirectionandscaleofraisedfundsbasedonactualdevelopmentneeds,andproblemssuchasthemisappropriationoffundsbymajorshareholdersandtheineffectiveoperationofthecorporategovernancemechanismshallbeprevented.Second,theinclusivenessofprofitdistributionshallbestrengthenedandenterprisesshallberequiredtodeveloppost-listingdividenddistributionpoliciesandothermeasurestobenefitsmall-andmedium-sizedinvestorsbeforelistingandfullydisclosesuchmeasurestothemarket.Third,industrialpoliciesinvariousfieldsshallbecarriedoutpreciselyandpolicyimplementationrequirementsshallbesubjecttolist-basedmanagement.Fourth,thepenetratedregulationofshareholdersofenterprisestobelistedshallbestrengthened,illegalholdingofsharesonbehalfofothers,suddenpurchaseofsharesatabnormalprices,tunneling,andotheractsshallbeseverelycrackeddownon,andthecreationofwealthinviolationoflawsandregulationsshallbeprevented.VII. Improvingthewhole-chainsupervisionandaccountabilitysystem贯彻落实好防止资本无序扩 张、规范引导资本健康发展的 要求，完善市场准入制度，有 效防范风险，克服脱实向虚倾 向。一是发挥现代企业制度对 于规范资本运行的作用，督促 企业按照发展实际需求合理确 定募集资金投向和规模，防范 大股东资金占用、公司治理机 制空转等问题。二是强化利益 分配的普惠性，要求企业上市 前制定上市后分红政策等回报 中小投资者措施，并向市场充 分披露。三是精准落实各领域 产业政策，对政策执行要求实 施清单式管理。四是加强拟上 市企业股东穿透式监管，严厉 打击违规代持、以异常价格突 击入股、利益输送等行为，防 止违法违规“造富”。八、健全全链条监督问责 体系完善全链条回溯问责机制规则，对上市后被发现欺诈发行Therulesforthewhole-chainretrospectiveaccountabilitymechanismshallbeimproved.Ifanenterpriseisfoundtohavecommittedfraudulentissuanceoranyotherviolationoflaworregulationafterthelisting,theperformanceofdutiesinalllinksofthewholechainshallberetrospectivelytraced.AnyenterprisetobelistedorintermediarythathasanyregulatoryviolationshallbeseriouslyheldaccountableinaccordancewiththeSecuritiesLawandotherapplicableprovisions.AnypersonconductingregistrationexaminationoranymemberoftheListingCommitteewhohasanyintentionalorgrossnegligenceorviolationofthecleangovernmentdisciplineshallbeheldliableforPartydisciplineandgovernmentaffairsforlife.ChinaSecuritiesRegulatoryCommission等违法违规情形的，回溯全链 条各环节履职情况。拟上市企 业和中介机构存在违规情形 的，依照证券法等规定严 肃问责。审核注册人员和上市 委委员存在故意或重大过失、 违反廉政纪律的，终身追究党 纪政务责任。中国证监会2024年3月15日March15,2024