【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