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| Detailed Implementation Rules for the Non-Public Offering of Stocks of Listed Companies | | 上市公司非公开发行股票实施细则 |
| (Issued on September 17, 2007, revised in accordance with the Decision of the China Securities Regulatory Commission on Amending the Provisions on the Material Asset Reorganization and Ancillary Financing of Listed Companies on August 1, 2011; and revised in accordance with the Decision of the China Securities Regulatory Commission to Amend the Detailed Implementing Rules for the Non-Public Offering of Stocks of Listed Companies on February 15, 2017) | | （2007年9月17日公布根据 2011年8月1日中国证券监督管理委员会《关于修改上市公司重大资产重组与配套融资相关规定的决定》修订 根据2017年2月15日中国证券监督管理委员会《关于修改〈上市公司非公开发行股票实施细则〉的决定》修订） |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 In order to regulate the non-public issuance of stocks by listed companies, these Detailed Rules are enacted according to the relevant provisions in the Measures for the Administration of the Issuance of Securities by Listed Companies (Order No.30 of the CSRC, hereinafter referred to as the Administrative Measures). | | 第一条 为规范上市公司非公开发行股票行为，根据《上市公司证券发行管理办法》（证监会令第30号，以下简称《管理办法》）的有关规定，制定本细则。 |
| Article 2 The non-public issuance of stocks by listed companies shall be good for reducing associated transactions, avoiding the competition within the industry and strengthening the independence; and shall also be good for enhancing the asset quality, improving the financial situation and reinforcing the sustained profitability. | | 第二条 上市公司非公开发行股票，应当有利于减少关联交易、避免同业竞争、增强独立性；应当有利于提高资产质量、改善财务状况、增强持续盈利能力。 |
| Article 3 The listed company's directors, supervisors, senior managers, recommender and underwriter, professionals that issue special documents for the present issuance and the institutions for which they work, as well as the listed company's controlling shareholders, actual controllers and the personnel in the know shall abide by relevant laws, regulations and rules, be diligent and responsible, shall not seek for unjustifiable interests by making use of the non-public issuance of stocks by the listed company, or divulge inside information, carry out securities transactions or manipulate the securities trading price by making use of inside information. | | 第三条 上市公司董事、监事、高级管理人员、保荐人和承销商、为本次发行出具专项文件的专业人员及其所在机构，以及上市公司控股股东、实际控制人及其知情人员，应当遵守有关法律法规和规章，勤勉尽责，不得利用上市公司非公开发行股票谋取不正当利益，禁止泄露内幕信息和利用内幕信息进行证券交易或者操纵证券交易价格。 |
| Article 4 The controlling shareholders and actual controllers of a listed company as well as the issuing targets for the present issuance shall timely provide the information to the listed company according to relevant provisions, and assist the listed company to perform the information disclosure obligation truthfully, accurately and completely. | | 第四条 上市公司的控股股东、实际控制人和本次发行对象，应当按照有关规定及时向上市公司提供信息，配合上市公司真实、准确、完整地履行信息披露义务。 |
| Article 5 The recommender and the listed company shall, when choosing the targets for the non-public issuance of stocks and determining the issuing price, follow the principle of fairness and equity, and embody the best interests of the listed company and all the shareholders. | | 第五条 保荐人、上市公司选择非公开发行股票的发行对象和确定发行价格，应当遵循公平、公正原则，体现上市公司和全体股东的最大利益。 |
| Article 6 Where an issue scheme involves a major asset reorganization as prescribed by the CSRC, the ancillary financing shall be governed by the current relevant provisions. | | 第六条 发行方案涉及中国证监会规定的重大资产重组的，其配套融资按照现行相关规定办理。 |
| Chapter II Issuing Targets and Conditions for Subscription | | 第二章 发行对象与认购条件 |
| Article 7 The ‘base day for pricing' as mentioned in the Administrative Measures means the base day for calculating the base issue price. The base day for pricing shall be the first day of the issue period for the non-public offering of stock. A listed company shall issue stock at a price not lower than the base issue price. | | 第七条 《管理办法》所称“定价基准日”，是指计算发行底价的基准日。定价基准日为本次非公开发行股票发行期的首日。上市公司应按不低于发行底价的价格发行股票。 |
| The formula for calculating the “average trading price of stocks for 20 trading days before the base day for pricing” as mentioned in the Administrative Measures shall be: Average trading price of stocks for 20 trading days before the base day for pricing = Total trading sum of stocks for 20 trading days before the base day for pricing / Total trading quantity of stocks for 20 trading days before the base day for pricing. | | 《管理办法》所称“定价基准日前20个交易日股票交易均价”的计算公式为：定价基准日前20个交易日股票交易均价＝定价基准日前20个交易日股票交易总额/定价基准日前20个交易日股票交易总量。 |
| Article 8 The “number of issuing targets being no more than ten” as mentioned in the Administrative Measures means that the number of legal persons, natural persons or other lawful investment organizations that subscribe and obtain the stocks issued non-publicly this time shall be no more than ten. | | 第八条 《管理办法》所称“发行对象不超过10名”，是指认购并获得本次非公开发行股票的法人、自然人或者其他合法投资组织不超过10名。 |
| Where a securities investment fund management company makes subscriptions by two or more funds under its management, it shall be regarded as one issuing target. | | 证券投资基金管理公司以其管理的2只以上基金认购的，视为一个发行对象。 |
| As the issuing target, a trust company can only make the subscription with its own funds. | | 信托公司作为发行对象，只能以自有资金认购。 |
| Article 9 Where any investor falls under any of the following circumstances, the specific investors and the pricing criteria shall be determined by a resolution of the board of directors of the listed company regarding the non-public offering of stock, and be approved by the shareholders' meeting; and the shares subscribed shall not be transferred within 36 months of the completion of the issue: | | 第九条 发行对象属于下列情形之一的，具体发行对象及其定价原则应当由上市公司董事会的非公开发行股票决议确定，并经股东大会批准；认购的股份自发行结束之日起36个月内不得转让： |
| 1. The investor is the controlling shareholder or actual controller of the listed company or an affiliate controlled by the controlling shareholder or actual controller of the listed company; | | （一）上市公司的控股股东、实际控制人或其控制的关联人； |
| 2. The investor will obtain the actual control of the listed company by subscribing for the shares offered; or | | （二）通过认购本次发行的股份取得上市公司实际控制权的投资者； |
| 3. The investor is a domestic or foreign strategic investor to be introduced by the board of directors. | | （三）董事会拟引入的境内外战略投资者。 |
| Article 10 Where an issuing target is under any of the circumstances not prescribed in Article 9 of these Detailed Rules, the listed company shall, after having obtained the approval document on the issuance, determine the issuing price and the issuing targets by way of bidding according to these Detailed Rules. The shares subscribed by issuing targets shall not be transferred within 12 months upon completion of the issuance. | | 第十条 发行对象属于本细则第九条规定以外的情形的，上市公司应当在取得发行核准批文后，按照本细则的规定以竞价方式确定发行价格和发行对象。发行对象认购的股份自发行结束之日起12个月内不得转让。 |
| Chapter III Resolutions of the Board of Directors and the General Assembly of Shareholders | | 第三章 董事会与股东大会决议 |
| Article 11 If a listed company applies for the non-public issuance of stocks, it shall, according to the Administrative Measures, hold the meeting of the board of directors and the general assembly of shareholders, and timely disclose the information according to the provisions. | | 第十一条 上市公司申请非公开发行股票，应当按照《管理办法》的相关规定召开董事会、股东大会，并按规定及时披露信息。 |
| Article 12 If the resolution of the board of directors determines the specific issuing targets, the listed company shall sign the conditional share subscription contract with the corresponding issuing targets on the day when the meeting of the board of directors is held or on the previous day thereof. | | 第十二条 董事会决议确定具体发行对象的，上市公司应当在召开董事会的当日或者前1日与相应发行对象签订附条件生效的股份认购合同。 |
| The ‘subscription contract' as mentioned in the preceding paragraph shall state the quantity or range of quantity, the pricing criteria, and the lock-up period of the shares to be subscribed by the investor, and include a provision that the contract should take effect upon approval of the offering by the board of directors and the shareholders' meeting of the listed company and confirmation by the CSRC. | | 前款所述认购合同应载明该发行对象拟认购股份的数量或数量区间、定价原则、限售期，同时约定本次发行一经上市公司董事会、股东大会批准并经中国证监会核准，该合同即应生效。 |
| Article 13 The board of directors of a listed company shall abide by the following provisions when making the resolution on the non-public issuance of stocks: | | 第十三条 上市公司董事会作出非公开发行股票决议，应当符合下列规定： |
| 1. The base day for pricing in the issue shall be determined according to these Detailed Rules, and be submitted to the shareholders' meeting for approval; | | （一）应当按照本细则的规定确定本次发行的定价基准日，并提请股东大会批准。 |
| 2. If the resolution of the board of directors determines the specific investors, it shall determine the names of specific investors and the pricing criteria, quantity or range of quantity, and lock-up period for them; and the conditional share subscription contract signed by each investor with the company shall be subject to approval of the board of directors; | | （二）董事会决议确定具体发行对象的，董事会决议应当确定具体的发行对象名称及其定价原则、认购数量或者数量区间、限售期；发行对象与公司签订的附条件生效的股份认购合同应当经董事会批准。 |
| 3. If the resolution of the board of directors does not determine the specific issuing targets, it shall specify the scope and qualification of issuing targets, pricing principle and restricted stock trade period for them; | | （三）董事会决议未确定具体发行对象的，董事会决议应当明确发行对象的范围和资格，定价原则、限售期。 |
| 4. If the quantity of shares to be offered in a non-public manner is uncertain, the resolution of the board of directors shall state the range of quantity (including the upper limit and the lower limit). The resolution of the board of directors shall also state whether the quantity of shares offered will be adjusted correspondingly if the stock of the listed company undergoes ex-right or ex-dividend during the period from the date of the resolution of the board of directors to the issuance date; and | | （四）本次非公开发行股票的数量不确定的，董事会决议应当明确数量区间（含上限和下限）。董事会决议还应当明确，上市公司的股票在董事会决议日至发行日期间除权、除息的，发行数量是否相应调整。 |
| 5. The resolution of the board of directors shall clarify the upper limit of the amount of funds raised by the present issuance, the total amount required for the investment project, the amount of funds raised by the present issuance for the investment, and the channels for raising other funds. If the raised funds are used to supplement the liquidity or to repay bank loans, the specific amount therefor shall be stated; and if the raised funds are used for purchasing assets, the trading opponent, target assets and the pricing principle, etc. shall be clarified. | | （五）董事会决议应当明确本次募集资金数量的上限、拟投入项目的资金需要总数量、本次募集资金投入数量、其余资金的筹措渠道。募集资金用于补充流动资金或者偿还银行贷款的，应当说明补充流动资金或者偿还银行贷款的具体数额；募集资金用于收购资产的，应当明确交易对方、标的资产、作价原则等事项。 |
| Article 14 After the resolution of the board of directors is adopted upon voting, the listed company shall disclose it within two trading days. | | 第十四条 董事会决议经表决通过后，上市公司应当在2个交易日内披露。 |
| The board of directors shall, according to the requirements as set down in the No.25 Guideline on the Contents and Formats of Information Disclosure by the Companies That Make Public Offering of Securities—Advance Schemes and Issuance Reports on the No-public Issuance of Stocks by Listed Companies, formulate an advance scheme on the non-public issuance of stocks and publicize it together with the resolution of the board of directors as the attachment thereof. | | 董事会应当按照《公开发行证券的公司信息披露内容与格式准则第25号—上市公司非公开发行股票预案和发行情况报告书》的要求编制非公开发行股票预案，作为董事会决议的附件，与董事会决议同时刊登。 |
| Article 15 If the asset audit and assessment, or the forecast of the listed company's profits is involved in the present issuance, the asset audit results, assessment results and the audited profit forecast report shall be publicized no later than the time when the notice on holding the general assembly of shareholders is circulated. | | 第十五条 本次发行涉及资产审计、评估或者上市公司盈利预测的，资产审计结果、评估结果和经审核的盈利预测报告至迟应随召开股东大会的通知同时公告。 |
| Article 16 The decision made at the general assembly of shareholders of a listed company on the non-public issuance of stocks shall at least include the matters that shall be submitted to the general assembly of shareholders for approval according to the Administrative Measures and these Detailed Rules. | | 第十六条 上市公司股东大会就非公开发行股票作出的决定，至少应当包括《管理办法》和本细则规定须提交股东大会批准的事项。 |
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