[FBM]CLI.4.

343039(EN)

Measures for the Administration of Registration

of IPO Stocks on the ChiNext (for Trial
Implementation)

创业板首次公开发行股票注册管理办法(试
行)

中国证券监督管理委员会令
Order of the China Securities Regulatory Commission

（第 167 号）
(No. 167)

《创业板首次公开发行股票注册管理办法（试行）》已经 2020 年 6 月 1 日中国

证券监督管理委员会 2020 年第 5 次委务会议审议通过，现予公布，自公布之日
起施行。
The Measures for the Administration of Registration of IPO Stocks on the ChiNext
(for Trial Implementation), as deliberated and adopted at the fifth executive meeting
of the China Securities Regulatory Commission for 2020 on June 1, 2020, are hereby
issued, and shall come into force on the date of issuance.

中国证券监督管理委员会主席：易会满
Chairman of the China Securities Regulatory Commission: Yi Huiman

2020 年 6 月 12 日
June 12, 2020

附件 1：创业板首次公开发行股票注册管理办法（试行）
Annex 1: Measures for the Administration of Registration of IPO Stocks on the
ChiNext (for Trial Implementation)

附件 2：《创业板首次公开发行股票注册管理办法（试行）》立法说明
Annex 2: Explanation for the Legislation of the Measures for the Administration of
Registration of IPO Stocks on the ChiNext (for Trial Implementation)

创业板首次公开发行股票注册管理办法（试行）
Measures for the Administration of Registration of IPO Stocks on the ChiNext (for
Trial Implementation)

第一章　总则
Chapter I General Provisions

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　　第一条　为规范在深圳证券交易所创业板试点注册制首次公开发行股票相
关活动，促进成长型创新创业企业的发展，保护投资者合法权益和社会公共利
益，根据《中华人民共和国证券法》《国务院办公厅关于贯彻实施修订后的证
券法有关工作的通知》《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》（以下简称《若干意见》）及相关法律
法规，制定本办法。
Article 1 For the purposes of regulating the relevant activities of IPO of stocks under
the pilot registration system on the ChiNext of the Shenzhen Stock Exchange
(“SZSE”), promoting the development of growth-type innovative and start-up
enterprises, and protecting investors' lawful rights and interests and the public
interests, these Measures are developed according to the Securities Law of the
People's Republic of China, the Notice by the General Office of the State Council of
the Work Concerning the Implementation of the Revised Securities Law, the Notice
by the General Office of the State Council of Forwarding the Several Opinions of the
China Securities Regulatory Commission on Implementing the Pilot Program of
Domestic Issuance of Stocks or Depository Receipts by Innovative Enterprises
(hereinafter referred to as the “Several Opinions”), and other relevant laws and
regulations.

　　第二条　在中华人民共和国境内首次公开发行并在深圳证券交易所创业板
（以下简称创业板）上市的股票的发行注册，适用本办法。
Article 2 The Measures shall apply to the offering and registration of stocks that are
initially publicly offered in the territory of the People's Republic of China and listed
on the ChiNext of the SZSE (hereinafter referred to as the “ChiNext”).

　　第三条　发行人申请首次公开发行股票并在创业板上市，应当符合创业板
定位。
Article 3 An issuer applying for IPO and listing on the ChiNext shall comply with the
positioning of the ChiNext.

创业板深入贯彻创新驱动发展战略，适应发展更多依靠创新、创造、创意的大
趋势，主要服务成长型创新创业企业，支持传统产业与新技术、新产业、新业
态、新模式深度融合。
The ChiNext shall deeply implement the innovation-driven development strategy,
adapt to the development of more megatrends that rely on innovation, creation, and
creativity, mainly serve growth-type innovative and start-up enterprises, and support
the in-depth integration of traditional industries with new technologies, new
industries, new business types, and new models.

　　第四条　中国证券监督管理委员会（以下简称中国证监会）加强对审核注
册工作的统筹指导，统一审核理念，统一审核标准，定期检查深圳证券交易所
（以下简称交易所）审核标准、制度的执行情况。
Article 4 The China Securities Regulatory Commission (“CSRC”) shall strengthen the
overall guidance for the registration examination, unify the examination concepts and
standards, and check the implementation of the examination standards and system of
the SZSE on a regular basis.

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　　第五条　首次公开发行股票并在创业板上市，应当符合发行条件、上市条
件以及相关信息披露要求，依法经交易所发行上市审核，并报中国证监会注册。

Article 5 The IPO and listing of stocks on the ChiNext shall meet the offering
conditions, listing conditions and relevant information disclosure requirements, be
subject to the offering and listing examination of the SZSE in accordance with the
law, and be reported to the CSRC for registration.

　　第六条　发行人应当诚实守信，依法充分披露投资者作出价值判断和投资
决策所必需的信息，所披露信息必须真实、准确、完整，简明清晰、通俗易懂，
不得有虚假记载、误导性陈述或者重大遗漏。
Article 6 An issuer shall have good faith, and fully disclose the information required
for investors to make value judgments and investment decisions according to the law.
The information disclosed must be authentic, accurate, complete, concise and clear,
and straightaway, without any false record, misleading statement or major omission.

发行人应当按保荐人、证券服务机构要求，依法向其提供真实、准确、完整的
财务会计资料和其他资料，配合相关机构开展尽职调查和其他相关工作。
An issuer shall, according to the requirements of the sponsor and securities service
institution, provide authentic, accurate, and complete financial and accounting
materials and other materials for them according to the law, and cooperate with the
relevant institutions on carrying out due diligence investigation and other relevant
work.

发行人的控股股东、实际控制人、董事、监事、高级管理人员应当配合相关机
构开展尽职调查和其他相关工作，不得要求或者协助发行人隐瞒应当提供的资
料或者应当披露的信息。
An issuer's controlling shareholder, actual controller, directors, supervisors, and
senior executives shall cooperate with relevant institutions on carrying out due
diligence investigation and other relevant work, and shall not request or assist the
issuer's concealment of the materials that shall be provided or the information that
shall be disclosed.

　　第七条　保荐人应当诚实守信，勤勉尽责，按照依法制定的业务规则和行
业自律规范的要求，充分了解发行人经营情况和风险，对注册申请文件和信息
披露资料进行全面核查验证，对发行人是否符合发行条件、上市条件独立作出
专业判断，审慎作出推荐决定，并对招股说明书及其所出具的相关文件的真实
性、准确性、完整性负责。
Article 7 A sponsor shall have good faith and perform duties in a diligent manner, and
in accordance with the requirements of legally developed business rules and industry
self-regulatory rules, fully understand an issuer's business operation and risks,
conduct comprehensive inspection and verification of registration application
documents and information disclosure materials, independently make professional
judgments on whether the issuer meets the offering and listing conditions, make
recommendation decisions in a prudential manner, and be responsible for the

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authenticity, accuracy and integrity of the prospectus and relevant documents issued
by it.

　　第八条　证券服务机构应当严格遵守法律法规、中国证监会制定的监管规
则、业务规则和本行业公认的业务标准和道德规范，建立并保持有效的质量控
制体系，保护投资者合法权益，审慎履行职责，作出专业判断与认定，并对招
股说明书或者其他信息披露文件中与其专业职责有关的内容及其所出具的文件
的真实性、准确性、完整性负责。
Article 8 A securities service institution shall strictly comply with the laws and
regulations, the regulatory rules and business rules developed by the CSRC, and the
business standards and norm of morality recognized in the industry, establish and
maintain an effective quality control system, protect investors' lawful rights and
interests, perform duties prudently, make professional judgments and determinations,
and be responsible for the authenticity, accuracy, and integrity of the contents relevant
to its professional duties in the prospectus or other information disclosure documents
as well as the documents issued by it.

证券服务机构及其相关执业人员应当对与本专业相关的业务事项履行特别注意
义务，对其他业务事项履行普通注意义务，并承担相应法律责任。
The securities service institution and its relevant practitioners shall perform special
duty of care for business matters relating to the profession, perform ordinary duty of
care for other business matters, and assume corresponding legal liability.

证券服务机构及其执业人员从事证券服务应当配合中国证监会的监督管理，在
规定的期限内提供、报送或披露相关资料、信息，并保证其提供、报送或披露
的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。

A securities service institution and its practitioners shall, when providing securities
services, cooperate with the supervision and administration of the CSRC, provide,
submit or disclose the relevant materials or information within the prescribed time
limit, and ensure that the materials or information provided, submitted or disclosed by
them are authentic, accurate, and integral, without any false record, misleading
statement or major omission.

证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与
质量控制、内部管理、业务经营有关的信息和资料。
A securities service institution shall appropriately keep clients' entrustment
documents, inspection and verification materials, working papers, as well as
information and materials related to quality control, internal management, and
business operation.

　　第九条　对发行人首次公开发行股票申请予以注册，不表明中国证监会和
交易所对该股票的投资价值或者投资者的收益作出实质性判断或者保证，也不
表明中国证监会和交易所对注册申请文件的真实性、准确性、完整性作出保证。

Article 9 Approving registration of an issuer's application for IPO of a stock does not
indicate a substantial judgment or guarantee on the investment value of the stock or

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investors' return, or the guarantee of the CSRC or the SZSE on the authenticity,
accuracy or integrity of the registration application documents.

第二章　发行条件
Chapter II Offering Conditions

　　第十条　发行人是依法设立且持续经营三年以上的股份有限公司，具备健
全且运行良好的组织机构，相关机构和人员能够依法履行职责。
Article 10 An issuer is a legally formed company limited by shares that has conducted
business operation for three or more consecutive years, that has a sound and well-
functioning organizational structure, and whose relevant institutions and personnel
can perform duties in accordance with the law.

有限责任公司按原账面净资产值折股整体变更为股份有限公司的，持续经营时
间可以从有限责任公司成立之日起计算。
Where a limited liability company in its entirety is modified into a joint stock
company by conversion of the original book value of its net assets into shares, the
consecutive years of business operation may be calculated from the date of formation
of the limited liability company.

　　第十一条　发行人会计基础工作规范，财务报表的编制和披露符合企业会
计准则和相关信息披露规则的规定，在所有重大方面公允地反映了发行人的财
务状况、经营成果和现金流量，最近三年财务会计报告由注册会计师出具无保
留意见的审计报告。
Article 11 The basic accounting work of an issuer shall be standardized, and its
financial statements shall be prepared and disclosed in accordance with the
accounting standards for business enterprises and the relevant information disclosure
rules, and fairly reflect the financial status, operating results and cash flow of the
issuer in all important aspects, for which audit reports with unqualified opinions in the
most recent three years shall be issued by a certified public accountant.

发行人内部控制制度健全且被有效执行，能够合理保证公司运行效率、合法合
规和财务报告的可靠性，并由注册会计师出具无保留结论的内部控制鉴证报告。

The internal control rules of the issuer shall be sound and effectively implemented,
and may rationally guarantee the operation efficiency, compliance with laws and
regulations, and reliability of financial reports of the company, for which an internal
control authentication report with an unqualified conclusion shall be issued by a
certified public accountant.

　　第十二条　发行人业务完整，具有直接面向市场独立持续经营的能力：
Article 12 An issuer has complete business and is able to conduct business operation
in an independent and continuous manner in the market:

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（一）资产完整，业务及人员、财务、机构独立，与控股股东、实际控制人及
其控制的其他企业间不存在对发行人构成重大不利影响的同业竞争，不存在严
重影响独立性或者显失公平的关联交易；
(1) It has complete assets, independent business, personnel, finance and institution,
has no horizontal competition with the controlling shareholder, the actual controller
and other enterprises controlled by it, which has material adverse effects on the issuer,
and has no affiliated transaction which seriously affects its independence or is
evidently unfair.

（二）主营业务、控制权和管理团队稳定，最近二年内主营业务和董事、高级
管理人员均没有发生重大不利变化；控股股东和受控股股东、实际控制人支配
的股东所持发行人的股份权属清晰，最近二年实际控制人没有发生变更，不存
在导致控制权可能变更的重大权属纠纷；
(2) The main business, control power, and management team are stable. In the most
recent two years, the main business and directors, and senior executives do not have
any significant adverse change; the ownership of the issuer's shares held by the
controlling shareholder and shareholders controlled by the controlling shareholder and
the actual controller is clear, the actual controller has no change in the most recent
two years, and there is no significant dispute over ownership that may result in
possible change in the control power.

（三）不存在涉及主要资产、核心技术、商标等的重大权属纠纷，重大偿债风
险，重大担保、诉讼、仲裁等或有事项，经营环境已经或者将要发生重大变化
等对持续经营有重大不利影响的事项。
(3) It has no major disputes involving the ownership of major assets, core
technologies and trademarks, among others, major debt repayment risks, major
guarantee, litigation, arbitration, or other contingencies, and the business environment
has or will have major changes, or any other matter which has material adverse effects
on its sustainable business operation.

　　第十三条　发行人生产经营符合法律、行政法规的规定，符合国家产业政
策。
Article 13 An issuer shall conduct production and business operation in comply with
the provisions of laws and administrative regulations, and in line with the industrial
policies of the state.

最近三年内，发行人及其控股股东、实际控制人不存在贪污、贿赂、侵占财产、
挪用财产或者破坏社会主义市场经济秩序的刑事犯罪，不存在欺诈发行、重大
信息披露违法或者其他涉及国家安全、公共安全、生态安全、生产安全、公众
健康安全等领域的重大违法行为。
In the most recent three years, the issuer and its controlling shareholder and actual
controller have no criminal offense of corruption, bribery, encroachment of property,
misappropriation of property or disrupting the order of the socialist market economy,
have no fraudulent offering, major violation of law in information disclosure or any
other major violation of law involving national security, public security, ecological
safety, work safety, public health and safety or any other field.

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董事、监事和高级管理人员不存在最近三年内受到中国证监会行政处罚，或者
因涉嫌犯罪正在被司法机关立案侦查或者涉嫌违法违规正在被中国证监会立案
调查且尚未有明确结论意见等情形。
No director, supervisor or senior executive has received any administrative
punishment imposed upon by the CSRC in the most recent three years, or is under
official investigation by the judicial authority for any suspected crime or by the CSRC
for any suspected violation of laws and regulations, and there is no specific conclusive
opinion.

第三章　注册程序
Chapter III Registration Procedures

　　第十四条　发行人董事会应当依法就本次发行股票的具体方案、本次募集
资金使用的可行性及其他必须明确的事项作出决议，并提请股东大会批准。
Article 14 The board of directors of an issuer shall make a resolution on the specific
plan for the current offering of a stock in accordance with the law, the feasibility of
the use of proceeds raised this time, and other matters that must be specified, and
submit a request to the shareholders' meeting for approval.

　　第十五条　发行人股东大会应当就本次发行股票作出决议，决议至少应当
包括下列事项：
Article 15 The shareholders' meeting of an issuer shall make a resolution on the
current offering of a stock, which shall, at a minimum, include the following matters:

（一）本次公开发行股票的种类和数量；
(1) Type and quantity of the stock offered to the public this time.

（二）发行对象；
(2) Investors to which the stock is offered.

（三）定价方式；
(3) Manner of offering.

（四）募集资金用途；
(4) Uses of proceeds to be raised.

（五）发行前滚存利润的分配方案；
(5) Plan on the distribution of accumulated profits before the offering.

（六）决议的有效期；
(6) Validity period of the resolution.

（七）对董事会办理本次发行具体事宜的授权；
(7) Authorization to the board of directors for handling the specific matters
concerning the current offering.

（八）其他必须明确的事项。

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(8) Other matters that must be specified.

　　第十六条　发行人申请首次公开发行股票并在创业板上市，应当按照中国
证监会有关规定制作注册申请文件，依法由保荐人保荐并向交易所申报。
Article 16 An issuer applying for IPO and listing of a stock on the ChiNext shall
prepare registration application documents in accordance with the relevant provisions
of the CSRC, which shall be sponsored by a sponsor and declared to the SZSE.

交易所收到注册申请文件后，五个工作日内作出是否受理的决定。
After receiving the registration application documents, the SZSE shall make a
decision of whether to accept the application within five working days.

　　第十七条　注册申请文件受理后，未经中国证监会或者交易所同意，不得
改动。
Article 17 After the registration application documents are accepted, they shall not be
modified without the consent of the CSRC or the SZSE.

发生重大事项的，发行人、保荐人、证券服务机构应当及时向交易所报告，并
按要求更新注册申请文件和信息披露资料。
Where a major matter occurs, the issuer, sponsor and securities service institution
shall report to the SZSE in a timely manner and update the registration application
documents and information disclosure materials as required.

　　第十八条　交易所设立独立的审核部门，负责审核发行人公开发行并上市
申请；设立行业咨询专家库，负责为创业板建设和发行上市审核提供专业咨询
和政策建议；设立创业板上市委员会，负责对审核部门出具的审核报告和发行
人的申请文件提出审议意见。
Article 18 The SZSE shall set up an independent examination department to be
responsible for examining an issuers' application for public offering and listing; set up
an industry consulting expert database to be responsible for providing professional
consulting and policy suggestions for the construction of the ChiNext and the offering
and listing examination; and set up a ChiNext listing committee to be responsible for
offering deliberation opinions on the examination report issued by the examination
department and the issuer's application documents.

交易所主要通过向发行人提出审核问询、发行人回答问题方式开展审核工作，
判断发行人是否符合发行条件、上市条件和信息披露要求。
The SZSE shall conduct examination mainly by raising examination inquiries to an
issuer and an issuer's method of answering questions, and determine whether an issuer
meets the offering conditions, listing conditions and information disclosure
requirements.

　　第十九条　交易所按照规定的条件和程序，形成发行人是否符合发行条件
和信息披露要求的审核意见。认为发行人符合发行条件和信息披露要求的，将
审核意见、发行人注册申请文件及相关审核资料报中国证监会注册；认为发行
人不符合发行条件或者信息披露要求的，作出终止发行上市审核决定。

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Article 19 The SZSE shall, in accordance with the prescribed conditions and
procedures, form examination opinions on whether an issuer meets the offering
conditions and information disclosure requirements. Where it deems that an issuer
meets the offering conditions and information disclosure requirements, it shall file the
examination opinions, the issuer's registration application documents and the relevant
examination materials with the CSRC for registration; and where it deems that the
issuer does not meet the offering conditions or information disclosure requirements, it
shall make an examination decision of terminating the offering and listing.

　　第二十条　交易所应当自受理注册申请文件之日起在规定的时限内形成审
核意见。发行人根据要求补充、修改注册申请文件，或者交易所按照规定对发
行人实施现场检查，要求保荐人、证券服务机构对有关事项进行专项核查，并
要求发行人补充、修改申请文件的时间不计算在内。
Article 20 The SZSE shall form examination opinions within the prescribed time limit
from the date when the registration application documents are accepted. The time
when an issuer supplements and amends the registration application documents as
required, or the SZSE conducts on-site inspection of the issuer according to relevant
provisions, requires the sponsor and securities service institution to conduct special
inspection of relevant matters, or requires the issuer to make supplements to or amend
the application documents shall not be included.

　　第二十一条　交易所应当提高审核工作透明度，接受社会监督，公开下列
事项：
Article 21 The SZSE shall improve the transparency of the examination work, accept
social supervision, and announce the following matters:

（一）发行上市审核标准和程序等发行上市审核业务规则和相关业务细则；
(1) The offering and listing examination standards and procedures and other business
rules for offering and listing examination, and the relevant business rules.

（二）在审企业名单、企业基本情况及审核工作进度；
(2) The list of enterprises under examination, the profile of the enterprises and the
examination work progress.

（三）发行上市审核问询及回复情况，但涉及国家秘密或者发行人商业秘密的
除外；
(3) Offering and listing examination inquiries and replies, unless any state secret or
trade secret of the issuer is involved.

（四）上市委员会会议的时间、参会委员名单、审议的发行人名单、审议结果
及现场问询问题；
(4) The time when the meeting of the listing committee is convened, the list of
members attending the meeting, the list of the issuers under deliberation, the
deliberation results and on-site inquiries.

（五）对股票公开发行并上市相关主体采取的自律监管措施或者纪律处分；
(5) The self-regulatory supervision measures or disciplinary actions taken against the
entities relating to the public offering and listing of stocks.

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（六）交易所规定的其他事项。
(6) Other matters prescribed by the SZSE.

　　第二十二条　中国证监会依法履行发行注册程序，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。
Article 22 The CSRC shall perform the offering registration procedures according to
the law, and shall, for offering registration, mainly pay attention to whether the
content subject to the SZSE's offering and listing examination has any omission,
whether the examination procedures comply with the provisions, and whether the
issuer complies with the relevant provisions in major respects of the offering
conditions and information disclosure requirements. Where the CSRC deems that any
matter shall be further explained or implemented, it may require the SZSE to make
further inquiries.

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，认为
发行人符合发行条件和信息披露要求的，重新向中国证监会报送审核意见及相
关资料，本办法第二十三条规定的注册期限重新计算。
Where the CSRC deems that the SZSE fails to pay attention to major matters affecting
the offering conditions or the basis for the SZSE's examination opinion is evidently
insufficient, it may require the SZSE to conduct supplementary examination. If the
SZSE deems that an issuer meets the offering conditions and information disclosure
requirements after supplementary examination, it shall file the examination opinions
and relevant materials with the CSRC anew, and the registration period prescribed in
Article 23 of these Measures shall be recalculated.

　　第二十三条　中国证监会在二十个工作日内对发行人的注册申请作出予以
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，或者中
国证监会要求交易所进一步问询，要求保荐人、证券服务机构等对有关事项进
行核查，对发行人现场检查，并要求发行人补充、修改申请文件的时间不计算
在内。
Article 23 The CSRC shall, within 20 working days, decide whether to approve or
disapprove the registration on an issuer's registration application. The time when an
issuer supplements or amends the registration application documents as required, or
the CSRC requires the SZSE to conduct further inquiry, requires the sponsor and the
securities service institution, among others, to verify the relevant matters, conducts
on-site inspection over the issuer, and requires the issuer to supplement and amend the
application documents shall not be included.

　　第二十四条　中国证监会的予以注册决定，自作出之日起一年内有效，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。
Article 24 The decision of the CSRC to approve registration shall be effective within
one year from the date when the decision is made. An issuer shall offer a stock within

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the validity period of the registration decision, and the offering time shall be selected
by the issuer itself.

　　第二十五条　中国证监会作出予以注册决定后、发行人股票上市交易前，
发行人应当及时更新信息披露文件内容，财务报表已过有效期的，发行人应当
补充财务会计报告等文件；保荐人以及证券服务机构应当持续履行尽职调查职
责；发生重大事项的，发行人、保荐人应当及时向交易所报告。
Article 25 After the CSRC makes a registration decision and before the listing and
trading of an issuer's stock, the issuer shall update the content of the information
disclosure documents in a timely manner, and if the financial statements expire, the
issuer shall supplement the financial statements and other documents; the sponsor and
securities service institution shall continuously fulfill due diligence investigation
duties; if a major matter occurs, the issuer and the sponsor shall report to the SZSE in
a timely manner.

交易所应当对上述事项及时处理，发现发行人存在重大事项影响发行条件、上
市条件的，应当出具明确意见并及时向中国证监会报告。
The SZSE shall handle the aforesaid matters in a timely manner and if it finds that the
issuer has any major matter, which affects the offering conditions and listing
conditions, it shall offer specific opinions and report to the CSRC in a timely manner.

　　第二十六条　中国证监会作出予以注册决定后、发行人股票上市交易前，
发现可能影响本次发行的重大事项的，中国证监会可以要求发行人暂缓发行、
上市；相关重大事项导致发行人不符合发行条件的，应当撤销注册。中国证监
会撤销注册后，股票尚未发行的，发行人应当停止发行；股票已经发行尚未上
市的，发行人应当按照发行价并加算银行同期存款利息返还股票持有人。
Article 26 Where the CSRC finds any major matter that may affect the current
offering after making a registration decision and before the listing and trading of the
issuer's stock, the CSRC may require the issuer to postpone the offering and listing. It
shall cancel the registration if the relevant major matter leads to the issuer's failure to
meet the offering conditions. Where the stock is not offered after the CSRC cancels
registration, the issuer shall cease the offering; and where the stock has been offered
but not listed, the issuer shall refund the issue price plus the interest on bank deposits
for the same period to stock holders.

　　第二十七条　交易所认为发行人不符合发行条件或者信息披露要求，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
日起六个月后，发行人可以再次提出公开发行股票并上市申请。
Article 27 Where the SZSE deems that the issuer fails to meet the offering conditions
or information disclosure requirements, makes a decision to terminate offering and
listing examination, or the CSRC makes a decision to disapprove the registration, the
issuer may file a new application for public offering and listing of the stock six
months after the decision is made.

　　第二十八条　中国证监会应当按规定公开股票发行注册行政许可事项相关
的监管信息。

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Article 28 The CSRC shall, according to relevant provisions, disclose the regulatory
information concerning the administrative licensing matters on the public offering and
registration of stocks.

　　第二十九条　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：
Article 29 Under one of the following circumstances, an issuer and its sponsor shall,
in a timely manner, file a written report with the SZSE or the CSRC, and the SZSE or
the CSRC shall suspend the corresponding offering and listing examination
procedures or offering registration procedures:

（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
机关侦查，尚未结案；
(1) The relevant entity is subject to official investigation or investigation by the
judicial authority for any suspected violation of paragraph 2 of Article 13 of these
Measures, and the case has not been closed yet.

（二）发行人的保荐人以及律师事务所、会计师事务所等证券服务机构因首次
公开发行股票、上市公司证券发行、并购重组业务涉嫌违法违规，或者其他业
务涉嫌违法违规且对市场有重大影响，正在被中国证监会立案调查，或者正在
被司法机关侦查，尚未结案；
(2) The issuer's sponsor, law firm, accounting firm or any other securities service
institution is subject to official investigation by the CSRC or the judicial authority for
any suspected violation of laws and regulations in the IPO of stocks, securities
offering of listed companies and the merger, acquisition and restructuring business or
suspected violation of laws and regulations in any other business, which has a
significant impact on the market, and the case has not been closed yet.

（三）发行人的签字保荐代表人以及签字律师、签字会计师等证券服务机构签
字人员因首次公开发行股票、上市公司证券发行、并购重组业务涉嫌违法违规，
或者其他业务涉嫌违法违规且对市场有重大影响，正在被中国证监会立案调查，
或者正在被司法机关侦查，尚未结案；
(3) The issuer's signatory sponsor representative, signatory lawyer, signatory
accountant or any other signatory of the securities service institution is subject to
official investigation by the CSRC or the judicial authority for any suspected violation
of laws and regulations in the IPO of stocks, securities offering of listed companies
and the merger, acquisition and restructuring business or any suspected violation of
laws and regulations in any other business, which has a significant impact on the
market, and the case has not been closed yet.

（四）发行人的保荐人以及律师事务所、会计师事务所等证券服务机构被中国
证监会依法采取限制业务活动、责令停业整顿、指定其他机构托管、接管等措
施，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；
(4) The issuer's sponsor, law firm, accounting firm or any other securities service
institution is legally taken against such measures as restricting business activities,
ordering the suspension of business operation for rectification, and designating
another institution for trusteeship or receivership by the CSRC, or is taken against the

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disciplinary action of not accepting the relevant documents issued by it within a

certain period by the SZSE, and it has not been removed.

（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认定为不适当人选等监管措施或者证券市场禁入的措施，
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；

(5) The issuer's signatory sponsor representative, signatory lawyer, signatory

accountant, or any other signatory of any other intermediary institution is legally
taken against such regulatory measures as being determined as inappropriate, or
prohibiting from entering the securities market by the CSRC, or is taken against the
disciplinary action of not accepting the relevant documents issued by it within a
certain period by the SZSE, and it has not been removed.

（六）发行人及保荐人主动要求中止发行上市审核程序或者发行注册程序，理
由正当且经交易所或者中国证监会同意；
(6) The issuer and the sponsor take the initiative to request the suspension of the
offering and listing examination procedures or offering registration procedures with
justified reasons or the consent of the SZSE or the CSRC.

（七）发行人注册申请文件中记载的财务资料已过有效期，需要补充提交；
(7) The financial materials recorded in the issuer's registration application documents
have expired and need to be supplemented.

（八）中国证监会规定的其他情形。
(8) Other circumstances prescribed by the CSRC.

前款所列情形消失后，发行人可以提交恢复申请；因前款第 （二）（三）项规
定情形中止的，保荐人以及律师事务所、会计师事务所等证券服务机构按照有
关规定履行复核程序后，发行人也可以提交恢复申请。交易所或者中国证监会
按照规定恢复发行上市审核程序或者发行注册程序。
After the circumstances listed in the preceding paragraph disappear, the issuer may
file an application for resumption; if the circumstances prescribed in items (2) and (3)
of the preceding paragraph are suspended, the issuer may also file an application for
resumption after the sponsor, the law firm, the accounting firm and other securities
service institutions perform the review procedures in accordance with the relevant
provisions. The SZSE or the CSRC shall resume the offering and listing examination
procedures or offering registration procedures in accordance with the provisions.

　　第三十条　存在下列情形之一的，交易所或者中国证监会应当终止相应发
行上市审核程序或者发行注册程序，并向发行人说明理由：
Article 30 Under one of the following circumstances, the SZSE or the CSRC shall
terminate the corresponding offering and listing examination procedures or offering
registration procedures, and explain the reasons to the issuer:

（一）发行人撤回注册申请或者保荐人撤销保荐；
(1) The issuer withdraws the registration application or the sponsor cancels the
sponsorship.

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（二）发行人未在要求的期限内对注册申请文件作出解释说明或者补充、修改；

(2) The issuer fails to explain, supplement or amend the registration application
documents within the required time limit.

（三）注册申请文件存在虚假记载、误导性陈述或者重大遗漏；
(3) The registration application documents have false records, misleading statements
or material omissions.

（四）发行人阻碍或者拒绝中国证监会、交易所依法对发行人实施检查、核查；

(4) The issuer obstructs or rejects the legal inspection and verification by the CSRC or
the SZSE.

（五）发行人及其关联方以不正当手段严重干扰发行上市审核或者发行注册工
作；
(5) The issuer and its affiliate seriously disrupt the offering and listing examination or
the offering registration work by improper means.

（六）发行人法人资格终止；
(6) The issuer's legal person qualification is terminated.

（七）注册申请文件内容存在重大缺陷，严重影响投资者理解和发行上市审核
或者发行注册工作；
(7) The registration application documents have a major defect, which seriously
affects investors' understanding and offering and listing examination or offering
registration.

（八）发行人注册申请文件中记载的财务资料已过有效期且逾期三个月未更新；

(8) The financial materials recorded in the issuer's registration application documents
have expired and have not been updated within three months.

（九）发行人发行上市审核程序中止超过交易所规定的时限或者发行注册程序
中止超过三个月仍未恢复；
(9) The issuer has suspended offering and listing examination procedures beyond the
time limit prescribed by the SZSE or has suspended the offering registration
procedures for over three months, which have not been resumed.

（十）交易所认为发行人不符合发行条件或者信息披露要求；
(10) The SZSE believes that the issuer does not meet the offering conditions or the
information disclosure requirements.

（十一）中国证监会规定的其他情形。
(11) Other circumstances prescribed by the CSRC.

　　第三十一条　中国证监会和交易所可以对发行人进行现场检查，可以要求
保荐人、证券服务机构对有关事项进行专项核查并出具意见。

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Article 31 The CSRC and the SZSE may conduct on-site inspections of issuers, and
require sponsors and securities service institutions to conduct special inspections and
issue opinions on relevant matters.

中国证监会和交易所应当建立健全信息披露质量现场检查以及对保荐业务、发
行承销业务的常态化检查制度。
The CSRC and the SZSE shall establish and improve the rules for the on-site
inspection of information disclosure quality, as well as the routine inspection of the
sponsorship business and the offering and underwriting business.

　　第三十二条　中国证监会与交易所建立全流程电子化审核注册系统，实现
电子化受理、审核，发行注册各环节实时信息共享，并依法向社会公开相关信
息。
Article 32 The CSRC and the SZSE shall establish a full-process electronic
examination registration system to realize electronic acceptance, examination, and
real-time information sharing in all links of the offering registration, and announce the
relevant information to the public in accordance with the law.

第四章　信息披露
Chapter IV Information Disclosure

　　第三十三条　发行人申请首次公开发行股票并在创业板上市，应当按照中
国证监会制定的信息披露规则，编制并披露招股说明书，保证相关信息真实、
准确、完整。信息披露内容应当简明清晰，通俗易懂，不得有虚假记载、误导
性陈述或者重大遗漏。
Article 33 An issuer applying for IPO and listing of a stock on the ChiNext shall
prepare and disclose the prospectus in accordance with the information disclosure
rules developed by the CSRC and guarantee that the relevant information is authentic,
accurate and integral. The content of information disclosure shall be concise, clear
and straightaway, without any false record, misleading statement or major omission.

中国证监会制定的信息披露规则是信息披露的最低要求。不论上述规则是否有
明确规定，凡是投资者作出价值判断和投资决策所必需的信息，发行人均应当
充分披露，内容应当真实、准确、完整。
The information disclosure rules developed by the CSRC are the minimum
requirements for information disclosure. An issuer shall disclose all the necessary
information for an investor to make value judgments and investment decisions in an
authentic, accurate and integral manner, no matter whether there are specific
provisions in the aforesaid rules.

　　第三十四条　中国证监会依法制定招股说明书内容与格式准则、编报规则
等信息披露规则，对相关信息披露文件的内容、格式、编制要求、披露形式等
作出规定。
Article 34 The CSRC shall develop information disclosure rules such as the standards
for content and formats of the prospectuses, and prospectus preparation and reporting

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rules, and prescribe the content, formats, preparation requirements, and disclosure
forms, among others, of the relevant information disclosure documents.

交易所可以依据中国证监会部门规章和规范性文件，制定信息披露细则或指引，
在中国证监会确定的信息披露内容范围内，对信息披露提出细化和补充要求，
报中国证监会批准后实施。
The SZSE may, in accordance with the departmental rules and regulatory documents
of the CSRC, develop detailed rules or guidelines for information disclosure, put
forward requirements for specifying and supplementing disclosed information within
the scope of information disclosure determined by the CSRC, and implement them
after reporting to the CSRC for approval.

　　第三十五条　发行人及其董事、监事、高级管理人员应当在招股说明书上
签字、盖章，保证招股说明书的内容真实、准确、完整，不存在虚假记载、误
导性陈述或者重大遗漏，按照诚信原则履行承诺，并声明承担相应法律责任。
Article 35 An issuer and its directors, supervisors and senior executives shall affix
their signatures and seals to the prospectus to guarantee that the content of the
prospectus is authentic, accurate and integral and contains no false record, misleading
statement or material omission, and the commitments will be fulfilled under the
principle of integrity, and declare to assume corresponding legal liability.

发行人控股股东、实际控制人应当在招股说明书上签字、盖章，确认招股说明
书的内容真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，按
照诚信原则履行承诺，并声明承担相应法律责任。
The controlling shareholder or actual controller of an issuer shall affix the signature
and seal to the prospectus to guarantee that the content of the prospectus is authentic,
accurate and integral and contains no false record, misleading statement or material
omission, fulfill the commitments under the principle of integrity, and declare to
assume corresponding legal liability.

　　第三十六条　保荐人及其保荐代表人应当在招股说明书上签字、盖章，确
认招股说明书的内容真实、准确、完整，不存在虚假记载、误导性陈述或者重
大遗漏，并声明承担相应的法律责任。
Article 36 The sponsor and its sponsor representative shall affix the signature and seal
to its prospectus to confirm that the content of the prospectus is authentic, accurate
and integral and contains no false record, misleading statement or material omission,
and declare to assume corresponding legal liability.

　　第三十七条　为证券发行出具专项文件的律师、注册会计师、资产评估人
员、资信评级人员以及其所在机构，应当在招股说明书上签字、盖章，确认对
发行人信息披露文件引用其出具的专业意见无异议，信息披露文件不因引用其
出具的专业意见而出现虚假记载、误导性陈述或者重大遗漏，并声明承担相应
的法律责任。
Article 37 Lawyers, certified public accountants, asset appraisers and credit rating
personnel that issue special documents for securities offering and institutions for
which they work shall affix their signatures and seals to the prospectus to confirm that
they have no objection to the professional opinions issued by them as cited in the

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issuer's information disclosure documents, the information disclosure documents have

no false record, misleading statement or material omission for the cited professional
opinions issued by them, and declare to assume corresponding legal liability.

　　第三十八条　发行人应当以投资者需求为导向，结合所属行业的特点和发
展趋势，充分披露自身的创新、创造、创意特征，针对性披露科技创新、模式
创新或者业态创新情况，以及对新旧产业融合的促进作用，充分披露业务模式、
公司治理、发展战略、经营政策、会计政策、财务状况分析等信息。
Article 38 An issuer shall, under the guidance of the needs of investors and in
consideration of the characteristics and development trends of its industry, fully
disclose its innovation, creation, and creativity characteristics, disclose its
technological innovation, model innovation, or business format innovation situation
and its role in integrating new and old industries in a targeted manner, and fully
disclose business model, corporate governance, development strategies, operating
policies, accounting policies, analysis on financial position, and other information.

　　第三十九条　发行人应当以投资者需求为导向，精准清晰充分地披露可能
对公司经营业绩、核心竞争力、业务稳定性以及未来发展产生重大不利影响的
各种风险因素。
Article 39 An issuer shall, under the guidance of the needs of investors, accurately,
clearly, and fully disclose various risk factors that may have a material adverse impact
on its business operation performance, core competitiveness, business stability, and
future development.

　　第四十条　发行人尚未盈利的，应当充分披露尚未盈利的成因，以及对公
司现金流、业务拓展、人才吸引、团队稳定性、研发投入、战略性投入、生产
经营可持续性等方面的影响。
Article 40 An issuer that has not made profits shall fully disclose the causes for failure
to make profits, as well as the impact on the company's cash flow, business
development, talent attraction, team stability, research and development investment,
strategic investment, sustainability of production and business operation and other
respects.

　　第四十一条　发行人应当披露募集资金的投向和使用管理制度，披露募集
资金对发行人主营业务发展的贡献、未来经营战略的影响以及发行人业务创新、
创造、创意性的支持作用。
Article 41 An issuer shall disclose the management system for the investment
direction and use of proceeds raised, the contribution of the proceeds raised to the
issuer's main business development, the impact of the proceeds raised on the future
business strategy and the role of the proceeds raised in supporting the issuer's business
innovation, creation, and creativity.

　　第四十二条　符合相关规定、存在特别表决权股份的企业申请首次公开发
行股票并在创业板上市的，发行人应当在招股说明书等公开发行文件中，披露

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并特别提示差异化表决安排的主要内容、相关风险和对公司治理的影响，以及
依法落实保护投资者合法权益的各项措施。
Article 42 Where an enterprise that complies with the relevant provisions and has
shares with special voting rights applies for IPO and listing of a stock on the ChiNext,
the issuer shall, in the prospectus and other public offering documents, disclose and
make a special reminder on the major content of differentiated voting arrangements,
relevant risks and impact on corporate governance, and implement the various
measures for protecting investors' lawful rights and interests according to the law.

保荐人和发行人律师应当就公司章程规定的特别表决权股份的持有人资格、特
别表决权股份拥有的表决权数量与普通股份拥有的表决权数量的比例安排、持
有人所持特别表决权股份能够参与表决的股东大会事项范围、特别表决权股份
锁定安排以及转让限制等事项是否符合有关规定发表专业意见。
A sponsor and the lawyer of the issuer shall offer professional opinions on whether
such matters as the qualification of holders of shares with special voting rights,
arrangements for the proportion of the number of voting rights of shares with special
voting rights to the number of voting rights of common shares, the scope of matters of
the shareholders' meeting on which holders can vote based on shares held by them
with special voting rights, lock-up arrangements and transfer restrictions for shares
with special voting rights prescribed in the company's bylaws comply with the
relevant provisions.

　　第四十三条　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，特别是尚未盈利情况下发行人控股股东、实际控制人、董事、
监事、高级管理人员股份的锁定期安排。
Article 43 An issuer shall disclose in the prospectus the arrangements for the lock-up
period of the shares issued before the public offering of shares, especially the
arrangements for the lock-up period of shares of the issuer's controlling shareholder,
actual controller, directors, supervisors and senior executives if profits have not been
made.

保荐人和发行人律师应当就前款事项是否符合有关规定发表专业意见。
The sponsor and the issuer's lawyer shall give professional opinions on whether the
matters set forth in the preceding paragraph comply with the relevant provisions.

　　第四十四条　招股说明书的有效期为六个月，自公开发行前最后一次签署
之日起算。
Article 44 A prospectus shall be valid for six months from the date when it is last
signed before the public offering.

招股说明书引用经审计的财务报表在其最近一期截止日后六个月内有效，特殊
情况下发行人可申请适当延长，但至多不超过三个月。财务报表应当以年度末、
半年度末或者季度末为截止日。
The audited financial statements cited in a prospectus shall be valid for six months
from the ending date of the most recent reporting period. Under particular
circumstances, an issuer may apply for an appropriate extension, which, however,
shall not exceed three months. The ending date of financial statements shall be the
end of a year, the end of half a year, or the end of a quarter.

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　　第四十五条　交易所受理注册申请文件后，发行人应当按规定，将招股说
明书、发行保荐书、上市保荐书、审计报告和法律意见书等文件在交易所网站
预先披露。
Article 45 After the SZSE accepts registration application documents, an issuer shall,
according to the provisions, disclose in advance the prospectus, the sponsorship letter
for offering, the sponsorship letter for listing, the audit report, the legal opinion and
other documents on the website of the SZSE.

　　第四十六条　预先披露的招股说明书及其他注册申请文件不能含有价格信
息，发行人不得据此发行股票。
Article 46 The prospectus and other registration application documents disclosed in
advance shall not contain any price information, and an issuer shall not offer a stock
on such a basis.

发行人应当在预先披露的招股说明书显要位置作如下声明：“本公司的发行申
请尚需经交易所和中国证监会履行相应程序。本招股说明书不具有据以发行股
票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为
投资决定的依据。”
An issuer shall, in a conspicuous position of the prospectus disclosed in advance,
make the following statements: “The offering application of this company shall be
subject to corresponding procedures by the SZSE and the CSRC. The prospectus does
not have the legal force for stock offering, and is for advance disclosure only.
Investors shall make investment decisions based on the prospectus officially
announced.”

　　第四十七条　交易所认为发行人符合发行条件和信息披露要求，将发行人
注册申请文件报送中国证监会时，招股说明书、发行保荐书、上市保荐书、审
计报告和法律意见书等文件应当同步在交易所网站和中国证监会网站公开。
Article 47 When the SZSE deems that an issuer meets the issuance conditions and
information disclosure requirements and files the issuer's registration application
documents with the CSRC, the prospectus, the sponsorship letter for offering, the
sponsorship letter for listing, the audit report, the legal opinion and other documents
shall be concurrently announced on the website of the SZSE and the website of the
CSRC.

　　第四十八条　发行人在发行股票前应当在交易所网站和符合中国证监会规
定条件的网站全文刊登招股说明书，同时在符合中国证监会规定条件的报刊刊
登提示性公告，告知投资者网上刊登的地址及获取文件的途径。
Article 48 Before offering a stock, an issuer shall publish the full text of the
prospectus on the website of the SZSE and a website meeting the conditions
prescribed by the CSRC, and concurrently publish an announcement on the
newspaper or journal meeting the conditions prescribed by the CSRC to inform
investors of the website address where the prospectus is published and the ways of
obtaining the documents.

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发行人可以将招股说明书以及有关附件刊登于其他网站，但披露内容应当完全
一致，且不得早于在交易所网站、符合中国证监会规定条件的网站的披露时间。

An issuer may publish its prospectus and relevant annexes on its website, but the
disclosed content shall be the same and the time of disclosure shall not be earlier than
that on the website of the SZSE or the website prescribed by the CSRC.

保荐人出具的发行保荐书、证券服务机构出具的文件以及其他与发行有关的重
要文件应当作为招股说明书的附件。
The sponsorship letter for offering issued by a sponsor, the documents issued by a
securities service institution and other important documents concerning the offering
shall be disclosed as annexes to the prospectus.

第五章　发行承销的特别规定
Chapter V Particular Provisions on Offering and Underwriting

　　第四十九条　首次公开发行股票并在创业板上市的发行与承销行为，适用
《证券发行与承销管理办法》，本办法和《创业板首次公开发行证券发行与承
销特别规定》另有规定的除外。
Article 49 The offering and underwriting of IPO and listing of stocks on the ChiNext
shall be governed by the Measures for the Administration of the Offering and
Underwriting of Securities, unless as otherwise provided for in these Measures and
the Special Provisions on Offering and Underwriting in the Initial Public Offerings of
Securities on the ChiNext.

　　第五十条　交易所应当根据《证券发行与承销管理办法》、本办法以及中
国证监会相关规定制定创业板股票发行承销业务规则，并报中国证监会批准。
Article 50 The SZSE shall, in accordance with the Measures for the Administration of
the Offering and Underwriting of Securities, these Measures, and the relevant
provisions of the CSRC, develop the business rules for the offering and underwriting
of stocks on the ChiNext, and submit them to the CSRC for approval.

创业板首次公开发行股票的定价方式、投资者报价要求、最高报价剔除比例、
发行价格确定、网下初始配售比例、网下优先配售比例、网上网下回拨机制、
网下分类配售安排、网下配售锁定安排、战略配售、超额配售选择权等事项，
应当同时遵守交易所相关规定。
Pricing method for IPO of a stock on the ChiNext, investor quotation requirements,
ratio of excluding highest bids, determination of the offering price, ratio of initial
placement under the placing tranche, ratio of priority placement under the placing
tranche, claw-back mechanism under the public subscription tranche and placing
tranche, arrangements for categorized placement under the placing tranche, lock-up
arrangements for placement under placing tranche, strategic placement, over-
allotment option and other matters shall be governed by the relevant provisions of the
SZSE.

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　　第五十一条　首次公开发行股票采用询价方式的，应当向证券公司、基金
管理公司、信托公司、财务公司、保险公司、合格境外机构投资者和私募基金
管理人等专业机构投资者（以下统称网下投资者）询价。网下投资者参与询价，
应当向中国证券业协会注册，并接受自律管理。
Article 51 In the IPO of stocks adopting book building, book building under the
placing tranche shall be conducted from securities companies, fund management
companies, trust companies, finance companies, insurance companies, qualified
foreign institutional investors, privately offered fund managers and other specialized
institutional investors (hereinafter collectively referred to as “investors under the
place tranche”). Investors under the placing tranche participating in book building
shall register with the Securities Association of China and accept self-regulatory
management.

发行人和主承销商可以在符合中国证监会相关规定和证券交易所、中国证券业
协会自律规则前提下，协商设置参与询价的网下投资者具体条件，并在发行公
告中预先披露。
An issuer and its lead underwriter may, under the premise of complying with the
relevant rules of the CSRC and the self-regulation rules of the SZSE and the
Securities Association of China, negotiate to set specific conditions for investors
under the placing tranche to participate in the book building and disclose them in
advance in the offering announcement.

　　第五十二条　战略投资者在承诺的持有期限内，可以按规定向证券金融公
司借出获得配售的股票。借出期限届满后，证券金融公司应当将借入的股票返
还给战略投资者。
Article 52 Strategic investors may lend to the securities finance company the shares to
be placed in the promised holding period. After the expiration of the lending period,
the securities finance company shall return the borrowed shares to strategic investors.

　　第五十三条　保荐人的相关子公司或者保荐人所属证券公司的相关子公司
参与发行人股票配售的具体规则由交易所另行规定。
Article 53 The specific rules for the relevant subsidiaries of a sponsor or the relevant
subsidiaries of the securities company to which the sponsor is affiliated to participate
in the issuer's stock placement shall be prescribed by the SZSE separately.

　　第五十四条　中国证监会作出予以注册的决定后，发行人与主承销商应当
及时向交易所报备发行与承销方案。交易所在五个工作日内无异议的，发行人
与主承销商可以依法刊登招股意向书，启动发行工作。
Article 54 After the CSRC makes a decision of approving registration, an issuer and
its lead underwriter shall, in a timely manner, file the offering and underwriting plan
with the SZSE for recordation. If the SZSE files no objection within five working
days, the issuer and the lead underwriter may publish a preliminary prospectus in
accordance with the law and initiate the offering work.

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　　第五十五条　交易所对证券发行承销过程实施监管。发行承销涉嫌违法违
规或者存在异常情形的，中国证监会可以要求交易所进行调查处理，或者直接
责令发行人和承销商暂停或者中止发行。
Article 55 The SZSE shall supervise and administrate the securities offering and
underwriting process. If the offering and underwriting are suspected of violating any
law or regulation or there is any abnormal circumstance, the CSRC may require the
SZSE to conduct investigation and handling, or directly order the issuer and the
underwriter to suspend or cease the offering.

第六章　监督管理和法律责任
Chapter VI Supervision and Administration and Legal Liabilities

　　第五十六条　中国证监会负责建立健全以信息披露为中心的注册制规则体
系，制定股票发行注册并上市的规章规则，依法批准交易所制定的有关业务规
则，并监督相关业务规则执行情况。
Article 56 The CSRC shall be responsible for establishing and improving the rules
system for the registration system centering on information disclosure, developing
rules and regulations for the offering and listing of stocks, approving the relevant
business rules developed by the SZSE according to the law, and supervising the
implementation of the relevant business rules.

　　第五十七条　中国证监会建立对交易所发行上市审核工作和发行承销过程
监管的监督机制，持续关注交易所审核情况和发行承销过程监管情况。
Article 57 The CSRC shall establish a supervision mechanism for the SZSE's offering
and listing examination and supervision over the offering and underwriting process,
and continuously pay attention to the examination of the SZSE and the supervision
over the offering and underwriting process.

　　第五十八条　中国证监会对交易所发行上市审核和发行承销过程监管等相
关工作进行年度例行检查，在检查过程中，可以调阅审核工作文件，列席相关
审核会议。
Article 58 The CSRC shall conduct an annual routine inspection of the relevant work
such as the SZSE's offering and listing examination and supervision over the offering
and underwriting process, and may consult the examination work documents, and
attend relevant examination conferences as a nonvoting delegate during the
examination process.

中国证监会定期或者不定期按一定比例对交易所发行上市审核和发行承销过程
监管等相关工作进行抽查。
The CSRC shall, on a regular and irregular basis, conduct random inspections of the
relevant work such as the SZSE's offering and listing examination and supervision
over the offering and underwriting process according to a certain ratio.

对于中国证监会在检查和抽查等监督过程中发现的问题，交易所应当整改。
Where the CSRC finds any problem in the supervision course of inspection and
random inspection, the SZSE shall conduct rectification.

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　　第五十九条　中国证监会建立对发行上市监管全流程的权力运行监督制约
机制，对发行上市审核程序和发行注册程序相关内控制度运行情况进行督导督
察，对廉政纪律执行情况和相关人员的履职尽责情况进行监督监察。
Article 59 The CSRC shall establish a power operation supervision and restraint
mechanism for the entire process of offering and listing supervision, supervise and
inspect the operation of internal control rules concerning the offering and listing
examination procedures and offering registration procedures, and supervise and
inspect the implementation of clean administration disciplines and the performance of
functions of relevant personnel.

　　第六十条　交易所应当建立内部防火墙制度，发行上市审核部门、发行承
销监管部门与其他部门隔离运行。参与发行上市审核的人员，不得与发行人及
其控股股东、实际控制人、相关保荐人、证券服务机构有利害关系，不得直接
或者间接与发行人、保荐人、证券服务机构有利益往来，不得持有发行人股票，
不得私下与发行人接触。
Article 60 The SZSE shall develop internal firewall rules, and the offering and listing
examination department and the offering and underwriting regulatory department
shall be separated from other departments in operation. A person participating in the
offering and listing examination shall neither have any interest relationship with the
issuer and its controlling shareholder, actual controller, relevant sponsor or securities
service institution, directly or indirectly have interest relations with the issuer, the
sponsor or securities service institution, hold the issuer's stock, nor have private
contact with the issuer.

　　第六十一条　交易所应当建立定期报告制度，及时总结发行上市审核和发
行承销监管的工作情况，并报告中国证监会。
Article 61 The SZSE shall develop periodical reporting rules, summarize the work of
offering and listing examination and offering and underwriting supervision in a timely
manner, and report to the CSRC.

　　第六十二条　交易所发行上市审核工作违反本办法规定，有下列情形之一
的，由中国证监会责令改正；情节严重的，追究直接责任人员相关责任：
Article 62 Where the SZSE falls under one of the following circumstances in offering
and listing examination in violation of the provisions of these Measures, the CSRC
shall order it to take corrective action; and if the circumstances are serious, the
directly liable person shall accordingly held liable:

（一）未按审核标准开展发行上市审核工作；
(1) It fails to conduct offering and listing examination according to the examination
standards.

（二）未按审核程序开展发行上市审核工作；
(2) It fails to conduct offering and listing examination according to the examination
procedures.

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（三）不配合中国证监会对发行上市审核工作和发行承销监管工作的检查、抽
查，或者不按中国证监会的整改要求进行整改。
(3) It fails to cooperate with the CSRC on the inspection and random inspection of the
offering and listing examination and the offering and underwriting supervision, or
fails to make rectification according to the rectification requirements of the CSRC.

　　第六十三条　发行人在证券发行文件中隐瞒重要事实或者编造重大虚假内
容的，中国证监会采取五年内不接受发行人公开发行证券相关文件的监管措施；
对相关责任人员，视情节轻重，采取认定为不适当人选的监管措施，或者采取
证券市场禁入的措施。
Article 63 Where an issuer conceals important facts in the securities offering
documents or fabricates major false content, the CSRC shall take the regulatory
measure of not accepting documents concerning the issuer's public offering of
securities for five years; and for the relevant responsible personnel, the CSRC shall,
according to the seriousness of circumstances, take regulatory measures of being
determined as inappropriate, or take measures of forbidding them from entering the
securities market.

　　第六十四条　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，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
证监会采取三年至五年内不接受发行人公开发行证券相关文件的监管措施。
Article 64 Where an issuer falls under the circumstances prescribed in items (3), (4)
and (5) of Article 30 of these Measures, or fails to report or disclose any major matter,
or the signature or seal of the issuer or any of its directors, supervisors and senior
executives, the controlling shareholder or actual controller is forged or altered, the
CSRC shall, within three to five years, take regulatory measure of not accepting the
issuer's relevant documents on public offering of securities.

　　第六十五条　发行人的控股股东、实际控制人违反本办法规定，致使发行
人所报送的注册申请文件和披露的信息存在虚假记载、误导性陈述或者重大遗
漏，或者组织、指使发行人进行财务造假、利润操纵或者在证券发行文件中隐
瞒重要事实或编造重大虚假内容的，中国证监会视情节轻重，对相关单位和责
任人员采取一年到五年内不接受相关单位及其控制的下属单位公开发行证券相
关文件，对责任人员采取认定为不适当人选等监管措施，或者采取证券市场禁
入的措施。
Article 65 Where the controlling shareholder or actual controller of an issuer violates
the provisions of these Measures, resulting in the fact that the registration application
documents filed by and information disclosed by the issuer have any false record,
misleading statement or material omission, or organizes or instigates the issuer's
financial fraud, profit manipulation or concealment of important information or
fabrication of major false contents in the offering documents of securities, the CSRC
may, according to the seriousness of circumstances, take such regulatory measures as
rejecting the documents of the relevant entity and subordinated entities controlled by
it on the public offering of securities within one to five years, and determining the
liable person as inappropriate against the relevant entity and liable persons or take the
measure of prohibiting the violator from entering the securities market.

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发行人的董事、监事和高级管理人员违反本办法规定，致使发行人所报送的注
册申请文件和披露的信息存在虚假记载、误导性陈述或者重大遗漏的，中国证
监会视情节轻重，对责任人员采取认定为不适当人选等监管措施，或者采取证
券市场禁入的措施。
Where any of an issuer's directors, supervisors and senior executives violates the
provisions of these Measures, resulting in the fact that the registration application
documents filed by and information disclosed by the issuer have any false record,
misleading statement or material omission, the CSRC shall, according to the
seriousness of circumstances, take such regulatory measures as determining the liable
person as inappropriate, or take the measure of prohibiting the violator from entering
the securities market.

　　第六十六条　保荐人未勤勉尽责，致使发行人信息披露资料存在虚假记载、
误导性陈述或者重大遗漏的，中国证监会视情节轻重，采取暂停保荐人业务资
格一年到三年，或者责令保荐人更换相关负责人的监管措施；情节严重的，撤
销保荐人业务资格，并对相关责任人员采取证券市场禁入的措施。
Article 66 Where a sponsor fails to perform due diligence, resulting in the fact that the
issuer's information disclosure materials have any false record, misleading statement
or material omission, the CSRC shall, according to the seriousness of circumstances,
take the regulatory measure of suspending the sponsor's business qualification for one
to three years or ordering the sponsor to replace the relevant person in charge; and if
the circumstances are serious, revoke the sponsor's business qualification, and take the
measure of prohibiting the relevant liable person from entering the securities market.

保荐代表人未勤勉尽责，致使发行人信息披露资料存在虚假记载、误导性陈述
或者重大遗漏的，按规定认定为不适当人选。
A sponsor representative that fails to perform due diligence, resulting in the fact that
the issuer's information disclosure materials have any false record, misleading
statement or material omission shall be determined as inappropriate according to the
provisions.

证券服务机构未勤勉尽责，致使发行人信息披露资料中与其职责有关的内容及
其所出具的文件存在虚假记载、误导性陈述或者重大遗漏的，中国证监会视情
节轻重，采取三个月至三年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；情节严重的，对证券服务机构相关责任人员采取证券市场禁
入的措施。
Where a securities service institution fails to perform due diligence, resulting in the
fact that the content of the issuer's information disclosure materials relating to its
duties and the documents issued by it have any false record, misleading statement or
material omission, the CSRC may, according to the seriousness of circumstances, take
the regulatory measure of not accepting the special securities offering documents
issued by the relevant entity and its liable person for three months to three years; if the
circumstances are serious, take the measure of prohibiting the relevant liable person
of the securities service institution from entering the securities market.

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　　第六十七条　保荐人存在下列情形之一的，中国证监会视情节轻重，采取
暂停保荐人业务资格三个月至三年的监管措施；情节特别严重的，撤销其业务
资格：
Article 67 Where the sponsor falls under one of the following circumstances, the
CSRC shall, according to the seriousness of circumstances, take the regulatory
measure of suspending the sponsor's business qualification for three months to three
years; if the circumstances are particularly serious, revoke the sponsor's business
qualification:

（一）伪造或者变造签字、盖章；
(1) Forging or altering the signature or seal.

（二）重大事项未报告、未披露；
(2) Failing to report or disclose any major matter.

（三）以不正当手段干扰审核注册工作；
(3) Disrupting the registration examination work by illicit means.

（四）不履行其他法定职责。
(4) Failing to perform other statutory duties.

保荐代表人存在前款规定情形的，中国证监会视情节轻重，三个月至三年不受
理其具体负责的推荐；情节严重的，认定为不适当人选。
If the sponsor representative falls under one of the circumstances specified in the
preceding paragraph, the CSRC shall, according to the seriousness of circumstances,
refuse to accept the recommendations in the charge thereof for three months to three
years; if the circumstances are serious, determine him as inappropriate.

证券服务机构及其相关人员存在第一款规定情形的，中国证监会视情节轻重，
采取三个月至三年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。
Where the securities service institution or its relevant staff member falls under the
circumstance prescribed in subparagraph 1, the CSRC shall, according to the
seriousness of circumstances, take the regulatory measure of rejecting the special
documents on securities offering issued by the relevant entity and its liable person for
three months to three years.

　　第六十八条　保荐人、证券服务机构存在以下情形之一的，中国证监会视
情节轻重，采取责令改正、监管谈话、出具警示函、一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
采取三个月到一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：
Article 68 Where a sponsor or securities service institution falls under one of the
following circumstances, the CSRC shall, according to the seriousness of
circumstances, take such regulatory measures as ordering the violator to take
corrective action, holding a regulatory talk, issuing a warning letter, and rejecting the
documents concerning the registration application issued by the relevant entity and its
liable person within one year; if the circumstances are serious, it may also take the

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regulatory measure of rejecting the special securities offering documents issued by the
relevant entity and its liable person for three months to one year:

（一）制作或者出具的文件不齐备或者不符合要求；
(1) The documents produced or issued are incomplete or fail to satisfy the
requirements.

（二）擅自改动注册申请文件、信息披露资料或者其他已提交文件；
(2) The registration application documents, information disclosure materials or other
documents filed are altered without permission.

（三）注册申请文件或者信息披露资料存在相互矛盾或者同一事实表述不一致
且有实质性差异；
(3) The registration application documents or information disclosure materials are
contradictory or the same facts are inconsistent and have substantial difference.

（四）文件披露的内容表述不清，逻辑混乱，严重影响投资者理解；
(4) The content disclosed in the documents are unclear and confusing in logic, which
seriously affects the understanding of investors.

（五）未及时报告或者未及时披露重大事项。
(5) A major matter is not reported or disclosed in a timely manner.

发行人存在前款规定情形的，中国证监会视情节轻重，采取责令改正、监管谈
话、出具警示函、六个月至一年内不接受发行人公开发行证券相关文件的监管
措施。
Where an issuer falls under any circumstance prescribed in the preceding paragraph,
the CSRC shall, according to the seriousness of circumstances, take the regulatory
measures of ordering taking of corrective action, holding a regulatory talk, issuing a
warning letter, and rejecting the issuer's documents on the public offering of securities
for six months to one year.

　　第六十九条　发行人披露盈利预测，利润实现数如未达到盈利预测的百分
之八十的，除因不可抗力外，其法定代表人、财务负责人应当在股东大会以及
交易所网站、符合中国证监会规定条件的媒体上公开作出解释并道歉；中国证
监会可以对法定代表人处以警告。
Article 69 Where an issuer discloses profit estimation and the realized profit fails to
reach 80% of the estimation, except for the case of force majeure, its legal
representative and person in charge of finance shall make a public interpretation and
apology at the shareholders' meeting, and on the website of the SZSE, and on the
media meeting the conditions prescribed by the CSRC; and the CSRC may give a
warning to its legal representative.

利润实现数未达到盈利预测的百分之五十的，除因不可抗力外，中国证监会在
三年内不受理该公司的公开发行证券申请。
Where the realized profit fails to reach 50% of the estimation, except for the case of
force majeure, the CSRC shall refuse to accept the company's application for the
public offering of securities within three years.

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注册会计师为上述盈利预测出具审核报告的过程中未勤勉尽责的，中国证监会
视情节轻重，对相关机构和责任人员采取监管谈话等监管措施；情节严重的，
给予警告等行政处罚。
Where a certified public accountant fails to perform due diligence in the process of
issuing the examination report for the aforesaid profit estimation, the CSRC shall,
according to the seriousness of circumstances, take regulatory measures such as
holding regulatory talks with the relevant institution and its liable person; and if the
circumstances are serious, give a warning and impose other administrative penalties
thereupon.

　　第七十条　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，中国证监会视情节轻重，采
取责令改正、监管谈话、出具警示函、责令公开说明、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。
Article 70 Where an issuer or any of its controlling shareholder or actual controller,
directors, supervisors, senior executives, sponsor, underwriter, securities service
institution and their relevant practitioners commits any other act in violation of these
Measures in the activities relating to the IPO and listing of the stock, the CSRC shall,
according to the seriousness of circumstances, take such regulatory measures as
ordering corrective action, holding a regulatory talk, issuing a warning letter, ordering
the violator to make a public explanation, ordering the violator to make periodical
reports, determining the violator as inappropriate, and rejecting the documents
relating to administrative licensing for the time being, or take the measure of
prohibiting the violator from entering the securities market.

　　第七十一条　发行人及其控股股东、实际控制人、保荐人、证券服务机构
及其相关人员违反《中华人民共和国证券法》依法应予以行政处罚的，　中国
证监会将依法予以处罚。涉嫌犯罪的，依法移送司法机关，追究其刑事责任。
Article 71 Where an issuer, its controlling shareholder, actual controller, sponsor,
securities service institution or any of its relevant personnel violates the Securities
Law of the People's Republic of China and shall be given an administrative penalty in
accordance with the law, the CSRC shall punish the violator in accordance with the
law. Whoever is suspected of any crime shall be transferred to the judicial authority in
accordance with the law and be held criminally liable.

　　第七十二条　交易所负责对发行人及其控股股东、实际控制人、保荐人、
承销商、证券服务机构等进行自律监管。
Article 72 The SZSE shall be responsible for the self-regulatory supervision of the
issuers and their controlling shareholders, actual controllers, sponsors, underwriters
and securities service institutions, among others.

中国证券业协会负责制定保荐业务、发行承销自律监管规则，对保荐人、承销
商、保荐代表人、网下投资者进行自律监管。
The Securities Association of China shall be responsible for developing the self-
regulatory supervision rules for the sponsorship business, offering and underwriting,

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and conducting self-regulatory supervision of sponsors, underwriters, sponsor

representatives, and investors under the placing tranche.

交易所和中国证券业协会应当对发行上市过程中违反自律监管规则的行为采取
自律监管措施或者给予纪律处分。
The SZSE and the Securities Association of China shall take self-regulatory
supervision measures against those who violate the self-regulatory supervision rules
during the offering and listing process and impose disciplinary punishment upon
violators.

　　第七十三条　中国证监会将遵守本办法的情况记入证券市场诚信档案，会
同有关部门加强信息共享，依法实施守信激励与失信惩戒。
Article 73 The CSRC will record the compliance with these Measures in the credit
files on the securities market, strengthen information sharing in conjunction with the
relevant departments, and implement the measures of encouraging honesty and
punishing dishonesty in accordance with the law.

第七章　附则
Chapter VII Supplementary Provisions

　　第七十四条　符合《若干意见》等规定的红筹企业，申请首次公开发行股
票并在创业板上市，应当同时符合本办法的规定，但公司形式可以适用其注册
地法律规定；申请发行存托凭证并在创业板上市的，发行上市审核注册程序适
用本办法的规定。
Article 74 A red chip enterprise that complies with the Several Opinions and other
provisions and applies for IPO and listing of a stock on the ChiNext shall concurrently
comply with the relevant provisions of these Measures, but the corporate form may be
subject to the legal provisions of its place of registration; and where it applies for
offering of depository receipts and listing on the ChiNext, its offering and listing
examination registration procedures shall be governed by these Measures.

前款规定的红筹企业在创业板发行上市，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，并报中国证监会批准。
The offering and listing of a stock on the ChiNext by a red chip enterprise as
prescribed in the preceding paragraph shall be governed by the specific standards of
the Several Opinions for “rapid growth of operating revenue, possessing
internationally leading technologies developed upon independent research, and having
comparative advantage in the competition of the same industry,” which shall be
developed by the SZSE and be reported to the CSRC for approval.

　　第七十五条　本办法自公布之日起施行。《首次公开发行股票并在创业板
上市管理办法》（证监会令第 142 号）同时废止。
Article 75 These Measures shall come into force on the date of issuance. The
Measures for the Administration of the Initial Public Offerings and Listing of Stocks
on ChiNext (Order No. 142, CSRC) shall be concurrently repealed.

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《创业板首次公开发行股票注册管理办法（试行）》立法说明

为深入贯彻落实党中央、国务院关于资本市场改革发展的决策部署，支持深圳
建设中国特色社会主义先行示范区，推进创业板改革并试点注册制，强化资本
市场服务实体经济高质量发展的能力，证监会总结监管实践经验，借鉴科创板
改革经验，根据创业板的板块定位和存量改革的现实情况，起草了《创业板首
次公开发行股票注册管理办法（试行）》（以下简称《首发办法》）。现将
《首发办法》有关情况说明如下。

　　一、　立法背景

《首发办法》是创业板的基础性制度。制定《首发办法》，是贯彻落实党中央、
国务院关于推进注册制改革决策部署的重要措施，对于服务成长型创新创业企
业，支持传统产业与新技术、新产业、新业态、新模式深度融合，提高资本市
场服务实体经济能力等具有重要意义。

起草《首发办法》的指导思想是，深入贯彻落实习近平总书记关于资本市场的
一系列重要指示批示精神，着眼于打造一个规范、透明、开放、有活力、有韧
性的资本市场，坚持稳中求进工作总基调，坚持市场化、法治化方向，坚持
“四个敬畏、一个合力”，借鉴科创板改革经验，兼顾长远改革目标和试点阶
段性特征，增强资本市场对创新创业企业的服务功能，提升股权融资比重，更
好促进经济高质量发展。

起草《首发办法》的基本原则包括：一是充分借鉴科创板注册制试点的经验做
法。《首发办法》在体例架构、发行条件、注册程序、监督管理等主要方面与
科创板规则基本保持一致。二是更加便利股权融资。精简优化现有发行条件，
增加资本市场包容性，扩大资本市场覆盖面，建立公开、透明、高效、便捷的
股票发行注册机制，健全市场化询价定价机制，着力于提升股权融资效率。三
是强化信息披露监管。建立健全以信息披露为核心的股票发行上市制度，明确
以投资者需求为导向的信息披露要求，落实发行人、中介机构等市场主体关于
信息披露的法定责任。四是加强风险防控。充分尊重我国资本市场的实际情况
和创业板存量企业的现实复杂性，建立与之相适应的股票发行注册制度。强化
事前事中事后全过程监管，强调市场主体归位尽责，显著提升违法违规成本，
有效防控各种风险，提升上市公司质量。

　　二、　主要内容

《首发办法》共七章、七十五条，分为总则、发行条件、注册程序、信息披露、
发行承销的特别规定、监督管理和法律责任、附则。主要内容如下：

（一）总则

一是明确创业板的板块定位是深入贯彻创新驱动发展战略，适应发展更多依靠
创新、创造、创意的大趋势，主要服务成长型创新创业企业，支持传统产业与
新技术、新产业、新业态、新模式深度融合。二是明确证监会加强对审核注册
工作的统筹指导，统一审核理念，统一审核标准，定期检查交易所审核标准、

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制度的执行情况。三是明确发行人和保荐人、证券服务机构等市场参与主体的
责任和义务。

（二）发行条件

一是持续经营满三年，具备健全且运行良好的组织机构，相关机构和人员能够
依法履行职责。二是会计基础工作规范，内控制度健全有效。三是业务完整并
具有直接面向市场独立持续经营的能力。四是生产经营合法合规，相关主体不
存在《首发办法》规定的违法犯罪情形。

（三）注册程序

一是规定交易所的发行上市审核程序，以及交易所报证监会注册的程序。二是
规定证监会与交易所建立电子化注册系统，提高注册效率，减轻企业负担。三
是规定交易所和证监会应当提高工作透明度，实现全流程公开，接受社会监督。
四是将现场检查制度化，规定证监会和交易所应当建立健全信息披露质量现场
检查制度。

（四）信息披露

一是强调发行人必须保证信息披露真实、准确、完整，无论规则是否明确规定，
凡是投资者作出价值判断和投资决策所必需的信息，都必须充分披露。二是严
格落实发行人及其董事、监事、高级管理人员、控股股东、实际控制人，以及
保荐人、证券服务机构及相关人员在信息披露方面的责任，要求控股股东、实
际控制人按照诚信原则履行其在招股说明书披露的相关承诺。三是针对创业板
企业特点，规定其应当充分披露自身创新、创造、创意特征，以及业务模式、
公司治理、财务状况分析、发展战略等情况，精准清晰充分地向投资者揭示各
种风险，供投资者做出投资决策。

（五）发行承销

一是明确规则适用。创业板首次公开发行股票的发行与承销，适用《证券发行
与承销管理办法》，但《首发办法》和《创业板首次公开发行证券发行与承销
特别规定》另有规定的除外。二是明确定价方式、投资者报价要求、最高报价
剔除比例等事项应当同时遵守交易所相关规定。

（六）监督管理和法律责任

一是证监会建立对交易所发行上市审核工作和发行承销过程监管的监督机制，
持续关注交易所审核情况和发行承销过程监管情况。二是加大违法违规行为追
责力度，对负有责任的发行人及其控股股东、实际控制人，中介机构及相关责
任人员，采取较长时间不受理证券发行相关文件、认定为不适当人选等严厉措
施。三是规定交易所和证券业协会应对违反自律规则的行为采取自律监管措施
或者纪律处分。

　　三、公众意见及采纳情况

征求意见期间，证监会和司法部共收到书面意见、建议九份。经认真研究，采
纳了其中合理意见，主要涉及以下方面：

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（一）关于完善发行条件

有意见提出，《首发办法》关于“最近三年财务会计报告由注册会计师出具标
准无保留意见的审计报告”的表述与新修订的《证券法》相关表述不一致，且
现行审计准则并无“标准无保留意见的审计报告”的表述，建议修改为“最近
三年财务会计报告由注册会计师出具无保留意见的审计报告”。经研究，我们
采纳了上述意见。

（二）关于对核心技术人员的要求

有意见提出，《首发办法》没有将核心技术人员稳定作为发行条件，与科创板
存在差异，建议增加相关规定。经研究，创业板定位中没有强调核心科技和研
发能力，因此未采纳这一意见。

（三）关于对上市当年即亏损的规则衔接

有意见提出，《证券发行上市保荐业务管理办法》对发行人公开发行证券上市
当年即亏损情形已做规定，建议在《首发办法》中删除相关条款。经研究，我
们采纳了该意见，不再保留《首发办法》原有条款，相关情形按照《证券发行
上市保荐业务管理办法》规定执行。

（四）关于细化证券服务机构义务规定

有意见提出，建议细化证券服务机构义务，增加配合证监会监督管理和妥善保
存与证券业务相关的文件资料等义务。经研究，证券服务机构是资本市场的重
要参与主体，发挥着资本市场“看门人”的作用，有必要细化其义务规定，因
此采纳了该意见，在总则部分增加了相关内容。

（五）关于对保荐机构的处理

有意见提出，因欺诈发行等事项暂停保荐人业务资格一到三年的处罚过于严厉，
建议缩短暂停保荐人业务资格的期限。经研究，注册制强调压严压实中介机构
责任，加大违法成本，对于欺诈发行行为应当严肃处理，且该规定与科创板做
法一致，因此未采纳该意见。

特此说明。

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