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| Notice by the Shanghai Stock Exchange of Issuing the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in April 2024) | | 上海证券交易所关于发布《上海证券交易所科创板股票上市规则（2024年4月修订）》的通知 |
| (No. 52 [2024] of the Shanghai Stock Exchange) | | （上证发〔2024〕52号） |
| All market participants: | | 各市场参与人： |
| For the purposes of thoroughly implementing the guidelines of the Central Financial Work Conference and the Several Opinions of the State Council on Strengthening Regulation, Preventing Risks, and Promoting the High-quality Development of the Capital Market, further promoting the quality improvement and increase of investment value of listed companies, and protecting investors' lawful rights and interests, in accordance with the requirements of the Opinions on Strengthening the Regulation of Listed Companies (for Trial Implementation) and the Opinions on Strictly Implementing the Delisting Rules issued by the China Securities Regulatory Commission, the Shanghai Stock Exchange (“SSE”) has revised the relevant contents involving delisting and risk warning rules in the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in August 2023) (“former Listing Rules”). The revised Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in April 2024) (“new Listing Rules”, see the Annex for details), which have been approved by the China Securities Regulatory Commission (CSRC), are hereby issued and shall come into force on the date of issuance. Except for the clauses specially stated in this Notice, the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in August 2023) (No. 128 [2023], SSE) issued by the SSE on August 4, 2023 shall be repealed. The arrangements on the connection of the application of new and old rules and the trading of other stocks subject to risk warning are as follows: | | 为了深入贯彻落实中央金融工作会议精神和《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》，进一步推动提高上市公司质量和投资价值，保护投资者合法权益，根据中国证监会《关于加强上市公司监管的意见（试行）》《关于严格执行退市制度的意见》的要求，上海证券交易所（以下简称本所）对《上海证券交易所科创板股票上市规则（2023年8月修订）》（以下简称原《上市规则》）涉及退市与风险警示制度的相关内容进行了修订。修订后的《上海证券交易所科创板股票上市规则（2024年4月修订）》（以下简称新《上市规则》，详见附件）已经中国证监会批准，现予以发布，并自发布之日起施行。除本通知特别说明的条款外，本所于2023年8月4日发布的《上海证券交易所科创板股票上市规则（2023年8月修订）》（上证发〔2023〕128号）同时废止，相关新老规则适用的衔接安排及其他风险警示股票的交易安排如下： |
| I. The provisions on compulsory delisting due to serious violations of law under the new Listing Rules shall apply if a listed company receives an advance notice of administrative penalty from the CSRC or a judicial judgment of a people's court after the issuance and implementation of the new Listing Rules. If a listed company receives an advance notice of administrative penalty from the CSRC before the issuance and implementation of the new Listing Rules but no administrative penalty decision has been made, the former Listing Rules shall apply. | | 一、新《上市规则》发布实施后收到中国证监会行政处罚事先告知书或者人民法院司法裁判的，适用新《上市规则》关于重大违法强制退市的规定。新《上市规则》发布实施前收到中国证监会行政处罚事先告知书但尚未作出行政处罚决定的，适用原《上市规则》。 |
| II. For the circumstance where a delisting risk warning for financial reasons shall be given specified in subparagraph (1), paragraph 1 of Article 12.4.2 and the circumstance specified in subparagraph (3), paragraph 1 of Article 12.4.10 of the new Listing Rules, the 2024 annual report of a listed company shall be the first applicable annual report. | | 二、新《上市规则》第12.4.2条第一款第（一）项规定的财务类强制退市风险警示情形，以及第12.4.10条第一款第（三）项规定，以上市公司2024年年报为首个适用的年度报告。 |
| After the disclosure of the 2023 annual report, the listed company shall continue to implement or revoke the delisting risk warning or terminate the listing in accordance with Section 4, Chapter XII of the former Listing Rules. If, after the disclosure of its 2023 annual report, a company is subject to a delisting risk warning for financial reasons since it falls under the relevant circumstance specified in the former Listing Rules, it shall meet the conditions for revoking a delisting risk warning specified in the new Listing Rules when it discloses its 2024 annual report, otherwise the listing of its stock will be terminated. | | 上市公司在2023年年度报告披露后继续按照原《上市规则》第十二章第四节实施、撤销退市风险警示或者实施终止上市。对于2023年年报披露后因触及原《上市规则》相关情形被实施财务类强制退市风险警示的公司，在披露2024年年报时应当符合新《上市规则》规定的撤销退市风险警示条件，否则股票将被终止上市。 |
| III. Where the funds of a listed company are still appropriated by its controlling shareholder and affiliates for non-operating purpose upon the issuance and implementation of the new Listing Rules, and the company is ordered by the CSRC to take corrective action after the implementation of the new Listing Rules but it fails to take corrective action within the prescribed time limit, the circumstances of compulsory delisting for compliance reasons specified in subparagraph (5), paragraph 1 of Article 12.5.1 shall apply from the date of issuance and implementation of the new Listing Rules. | | 三、新《上市规则》发布实施时上市公司仍存在控股股东及其关联方非经营性占用资金，在新《上市规则》施行后被中国证监会责令改正但公司未在规定期限内改正的，自新《上市规则》发布实施之日起适用第12.5.1条第一款第（五）项规定的规范类强制退市情形。 |
| Where, before the issuance and implementation of the new Listing Rules, the controlling shareholder or actual controller that appropriates funds for non-operating purpose has changed and the current actual controller has no affiliation with the appropriator of funds, the circumstances of compulsory delisting for compliance reasons specified in subparagraph (5), paragraph 1 of Article 12.5.1 of the new Listing Rules shall not apply. If the actual controller changes after the issuance and implementation of the new Listing Rules, the circumstances of compulsory delisting for compliance reasons specified in subparagraph (5), paragraph 1 of Article 12.5.1 of the new Listing Rules shall apply. | | 新《上市规则》发布实施前，实施非经营性占用资金的控股股东、实际控制人已经发生变化，且现任实际控制人与资金占用方无关联关系的，不适用新《上市规则》第12.5.1条第一款第（五）项规定的规范类强制退市情形。对于新《上市规则》发布实施后实际控制人发生变化的，适用新《上市规则》第12.5.1条第一款第（五）项规定的规范类强制退市情形。 |
| IV. Under the circumstance where a risk warning on compulsory delisting for compliance reasons with respect to the internal control audit opinion shall be given specified in subparagraph (6), paragraph 1 of Article 12.5.1 of the new Listing Rules, 2024 shall be the first year of application. | | 四、在适用新《上市规则》第12.5.1条第一款第（六）项规定的内部控制审计意见规范类强制退市风险警示情形时，以2024年为首个适用的年度。 |
| V. Other risk warning circumstances specified in subparagraphs (1), (2), (4), (5), (7), and (9), paragraph 1 of Article 12.9.1 of the new Listing Rules shall be implemented six months after the date of issuance of the new Listing Rules (“ST” shall be prefixed before the ticker symbol in accordance with the Rules). If a company that receives an advance notice of administrative penalty or a written decision on administrative penalty after the issuance of the new Listing Rules falls under the circumstance specified in subparagraph (7), paragraph 1 of Article 12.9.1, the company may apply to the SSE for revoking the warning after meeting the conditions for revoking any other risk warning specified in the new Listing Rules. | | 五、新《上市规则》第12.9.1条第一款第（一）项、第（二）项、第（四）项、第（五）项、第（七）项、第（九）项规定的其他风险警示情形，自新《上市规则》发布实施之日起6个月后施行（根据规则在公司股票简称前冠以“ST”字样）。新《上市规则》发布后收到行政处罚事先告知书或行政处罚决定书的公司，适用第12.9.1条第一款第（七）项情形，待满足新《上市规则》规定的该项其他风险警示撤销条件后可向本所申请撤销。 |
| During the six-month transitional period before any of the aforesaid other risk warning circumstances occurs, if the listed company falls under any of the circumstances, it shall immediately disclose a risk warning announcement that any other risk warning may be given on its stock. Thereafter, the company shall disclose a risk warning announcement at least once every month until the relevant circumstance is eliminated or the SSE gives any other risk warning on the stock of the company. | | 在前述其他风险警示情形施行前的6个月过渡期内，上市公司已实际触及任一情形的，应当立即披露股票可能被实施其他风险警示的风险提示公告。其后公司应当至少每月披露一次风险提示公告，直至相应情形消除或者公司股票被本所实施其他风险警示。 |
| VI. With respect to other risk warning circumstances specified in subparagraphs (3) and (6), paragraph 1 of Article 12.9.1 of the new Listing Rules, the year 2024 shall be taken as the starting year of the “last fiscal year” and the “last three consecutive fiscal years”. | | 六、新《上市规则》第12.9.1条第一款第（三）项、第（六）项规定的其他风险警示情形，以2024年度作为“最近一个会计年度”和“最近连续3个会计年度”的起算年度。 |
| VII. Other risk warning indicators specified in subparagraph (8), paragraph 1 of Article 12.9.1 of the new Listing Rules shall come into force on January 1, 2025, and the first “last three fiscal years” means the years from 2022 to 2024. | | 七、新《上市规则》第12.9.1条第一款第（八）项规定的其他风险警示指标，自2025年1月1日起施行，其中首次“最近三个会计年度”指2022年度至2024年度。 |
| VIII. The stocks on the STAR Market that are subject to any other risk warning in accordance with the new Listing Rules shall not be traded under the risk alert board, and the relevant trading matters shall be governed by the provisions of Chapter VI of the Trading Rules of the Shanghai Stock Exchange. | | 八、按照新《上市规则》被实施其他风险警示的科创板股票，不进入风险警示板交易，交易相关事宜按照《上海证券交易所交易规则》第六章的规定执行。 |
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特此通知。 |
| Annexes: | | 附件： |
| 1. Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in April 2024) | | 1.上海证券交易所科创板股票上市规则（2024年4月修订） |
| 2. Explanation of Drafting the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (Revised in April 2024) | | 2.《上海证券交易所科创板股票上市规则（2024年4月修订）》起草说明 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| April 30, 2024 | | 2024年4月30日 |
| Annex 1 | | 附件1 |
| Rules Governing the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange | | 上海证券交易所科创板股票上市规则 |
| (Implemented in March 2019, revised for the first time in April 2019, revised for the second time in December 2020, revised for the third time in August 2023, and revised for the fourth time in April 2024) | | （2019年3月实施 2019年4月第一次修订 2020年12月第二次修订 2023年8月第三次修订 2024年4月第四次修订） |
| Table of Contents | | 目 录 |
| Chapter I General Provisions | | 第一章 总 则 |
| Chapter II Listing and Trading of Stocks | | 第二章 股票上市与交易 |
| Section 1 Listing of IPO Stocks | | 第一节 首次公开发行股票的上市 |
| Section 2 Offering and Listing of Stocks by Listed Companies | | 第二节 上市公司股票发行上市 |
| Section 3 Removal of Trading Restrictions of Shares | | 第三节 股份解除限售 |
| Section 4 Shareholding Reduction | | 第四节 股份减持 |
| Chapter III Continuous Supervision and Guidance | | 第三章 持续督导 |
| Section 1 General Rules | | 第一节 一般规定 |
| Section 2 Performance of Continuous Supervision and Guidance Duties | | 第二节 持续督导职责的履行 |
| Chapter IV Internal Governance | | 第四章 内部治理 |
| Section 1 Controlling Shareholder and Actual Controller | | 第一节 控股股东及实际控制人 |
| Section 2 Directors, Supervisors, and Officers | | 第二节 董事、监事和高级管理人员 |
| Section 3 Complaint Operation | | 第三节 规范运行 |
| Section 4 Social Responsibilities | | 第四节 社会责任 |
| Section 5 Differential Voting Rights Arrangement | | 第五节 表决权差异安排 |
| Chapter V General Provisions on Information Disclosure | | 第五章 信息披露一般规定 |
| Section 1 Basic Principles of Information Disclosure | | 第一节 信息披露基本原则 |
| Section 2 General Requirements for Information Disclosure | | 第二节 信息披露一般要求 |
| Section 3 Information Disclosure Supervision Methods | | 第三节 信息披露监管方式 |
| Section 4 Information Disclosure Management Rules | | 第四节 信息披露管理制度 |
| Chapter VI Periodical Reports | | 第六章 定期报告 |
| Section 1 Requirements for the Preparation and Disclosure of Periodical Reports | | 第一节 定期报告编制和披露要求 |
| Section 2 Performance Forecast and Performance Briefing | | 第二节 业绩预告和业绩快报 |
| Chapter VII Transactions that Shall be Disclosed | | 第七章 应当披露的交易 |
| Section 1 Material Transactions | | 第一节 重大交易 |
| Section 2 Affiliated Transactions | | 第二节 关联交易 |
| Chapter VIII Industry Information and Operational Risks that Shall be Disclosed | | 第八章 应当披露的行业信息和经营风险 |
| Section 1 Industry Information | | 第一节 行业信息 |
| Section 2 Operational Risks | | 第二节 经营风险 |
| Chapter IX Other Material Matters that Shall be Disclosed | | 第九章 应当披露的其他重大事项 |
| Section 1 Abnormal Price Fluctuations and Clarification of Rumors | | 第一节 异常波动和传闻澄清 |
| Section 2 Pledge of Shares | | 第二节 股份质押 |
| Section 3 Miscellaneous | | 第三节 其他 |
| Chapter X Equity Incentives | | 第十章 股权激励 |
| Chapter XI Material Asset Restructurings | | 第十一章 重大资产重组 |
| Chapter XII Delisting and Risk Warning | | 第十二章 退市与风险警示 |
| Section 1 General Rules | | 第一节 一般规定 |
| Section 2 Compulsory Delisting Due to Major Violations of Law | | 第二节 重大违法强制退市 |
| Section 3 Compulsory Delisting for Trading Reasons | | 第三节 交易类强制退市 |
| Section 4 Compulsory Delisting for Financial Reasons | | 第四节 财务类强制退市 |
| Section 5 Compulsory Delisting for Compliance Reasons | | 第五节 规范类强制退市 |
| Section 6 Hearing and Review | | 第六节 听证与复核 |
| Section 7 Delisting Preparation Period | | 第七节 退市整理期 |
| Section 8 Voluntary Termination of Listing | | 第八节 主动终止上市 |
| Section 9 Other Risk Warnings | | 第九节 其他风险警示 |
| Section 10 Relisting | | 第十节 再次上市 |
| Chapter XIII Red Chip Enterprises and Coordination between Domestic and Overseas Listings | | 第十三章 红筹企业和境内外事项的协调 |
| Section 1 Special Provisions on Red Chip Enterprises | | 第一节 红筹企业特别规定 |
| Section 2 Coordination between Domestic and Overseas Listings | | 第二节 境内外事项的协调 |
| Chapter XIV Routine Regulation and Handling of Violations of These Rules | | 第十四章 日常监管和违反本规则的处理 |
| Section 1 Routine Regulation | | 第一节 日常监管 |
| Section 2 Handling of Violations of These Rules | | 第二节 违反本规则的处理 |
| Chapter XV Interpretation | | 第十五章 释 义 |
| Chapter XVI Supplemental Provisions | | 第十六章 附 则 |
| Chapter I General Provisions | | 第一章 总 则 |
| 1.1 These Rules are developed in accordance with the Company Law of the People's Republic of China (“Company Law”), the Securities Law of the People's Republic of China (“Securities Law”), the Implementation Opinions on Setting up the STAR Market and Launching the Pilot Program of the Registration-Based IPO System on the Shanghai Stock Exchange, the Measures for the Continuous Regulation of Companies Listed on the STAR Market (for Trial Implementation), the Measures for the Administration of Stock Exchanges, and other relevant laws, administrative regulations, departmental rules, and regulatory documents (hereinafter collectively referred to as “laws and regulations”), and the Bylaws of the Shanghai Stock Exchange to regulate the listing of stocks on the STAR Market of the Shanghai Stock Exchange (“SSE”) and their continuous regulation, support and guide the development of science and technology innovation enterprises in a more effective manner, improve corporate governance, maintain the openness, fairness, and impartiality of the securities market, protect the lawful rights and interests of investors, increase the returns to investors, drive the improvement of the quality of listed companies, and promote the sound development of the capital market. | | 1.1 为了规范上海证券交易所（以下简称本所）科创板上市和持续监管事宜，支持引导科技创新企业更好地发展，提升公司治理水平，维护证券市场公开、公平、公正，保护投资者的合法权益，增强投资者回报，推动提高上市公司质量，促进资本市场健康发展，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创板上市公司持续监管办法（试行）》《证券交易所管理办法》等相关法律、行政法规、部门规章、规范性文件（以下统称法律法规）以及《上海证券交易所章程》，制定本规则。 |
| 1.2 These Rules shall apply to the listing of stocks, depositary receipts, and their derivatives on the STAR Market of the SSE, the continuous regulation thereof, and other matters; any matters not prescribed in these Rules shall be governed by other relevant rules of the SSE. | | 1.2 股票、存托凭证及其衍生品种在本所科创板的上市和持续监管等事宜，适用本规则；本规则未作规定的，适用本所其他有关规定。 |
| 1.3 The initial listing of an issuer's stock on the STAR Market of the SSE shall be subject to review by the SSE, and the decision on approving the registration of the stock shall be made by the China Securities Regulatory Commission (CSRC). The issuer shall sign a listing agreement with the SSE to specify the rights and obligations of both parties and other relevant matters. | | 1.3 发行人股票在本所科创板首次上市，应当经本所审核并由中国证监会作出同意注册决定。发行人应当与本所签订上市协议，明确双方的权利、义务和其他有关事项。 |
| 1.4 Issuers, listed companies, and their directors, supervisors, officers, core technicians, shareholders, or depositary receipt holders, actual controllers, acquirers, and their relevant personnel, other parties to material asset restructurings and their relevant personnel, bankruptcy administrators and their members shall abide by laws and regulations, these Rules, and other rules of the SSE, perform information disclosure obligations, and promote the compliant operation of companies. | | 1.4 发行人、上市公司及其董事、监事、高级管理人员、核心技术人员、股东或存托凭证持有人、实际控制人、收购人及其相关人员、重大资产重组交易对方及其相关人员、破产管理人及其成员，应当遵守法律法规、本规则以及本所其他规定，履行信息披露义务，促进公司规范运作。 |
| 1.5 Sponsors, sponsor representatives, securities service institutions, and their relevant personnel that provide services to issuers, listed companies, and relevant parties with information disclosure obligations shall abide by laws and regulations, these Rules, and other rules of the SSE, be honest and trustworthy, and act with due diligence. | | 1.5 为发行人、上市公司以及相关信息披露义务人提供服务的保荐机构、保荐代表人、证券服务机构及其相关人员，应当遵守法律法规、本规则以及本所其他规定，诚实守信，勤勉尽责。 |
| Sponsors, sponsor representatives, and securities service institutions that produce and issue documents shall inspect and verify the veracity, accuracy, and completeness of the content of the materials on which the documents are based, and the documents produced and issued shall have no false records, misleading statements, or material omissions. | | 保荐机构、保荐代表人和证券服务机构制作、出具文件应当对所依据资料内容的真实性、准确性、完整性进行核查和验证，所制作、出具的文件不得有虚假记载、误导性陈述或者重大遗漏。 |
| 1.6 The SSE shall conduct self-regulation of the institutions and relevant personnel specified in the aforesaid Articles 1.4 and 1.5 in accordance with laws and regulations, these Rules, other rules of the SSE, listing agreements, and the statements and undertakings of relevant entities. | | 1.6 本所依据法律法规、本规则以及本所其他规定、上市协议、相关主体的声明与承诺，对前述第1.4条、第1.5条规定的机构及相关人员进行自律监管。 |
| Chapter II Listing and Trading of Stocks | | 第二章 股票上市与交易 |
| Section 1 Listing of IPO Stocks | | 第一节 首次公开发行股票的上市 |
| 2.1.1 An issuer that applies for the listing of its stock on the STAR Market of the SSE shall meet the following conditions: | | 2.1.1 发行人申请在本所科创板上市，应当符合下列条件： |
| (1) It meets the stock offering conditions prescribed by the CSRC. | | （一）符合中国证监会规定的发行条件； |
| (2) Its total capital stock after offering is not less than 30 million yuan. | | （二）发行后股本总额不低于人民币3000万元； |
| (3) It offers 25% or more of its total shares to the public or offers 10% or more of its shares to the public if its total capital stock exceeds 400 million yuan. | | （三）公开发行的股份达到公司股份总数的25%以上；公司股本总额超过人民币4亿元的，公开发行股份的比例为10%以上； |
| (4) Its market value and financial indicators meet the criteria prescribed in these Rules. | | （四）市值及财务指标符合本规则规定的标准； |
| (5) It meets other listing conditions prescribed by the SSE. | | （五）本所规定的其他上市条件。 |
| If a red chip enterprise issues shares, subparagraph (2) of the preceding paragraph is adjusted as that the total number of shares after issuance shall not be less than 30 million, and subparagraph (3) of the preceding paragraph is adjusted as that the number of publicly offered shares shall reach 25% or more of the total number of shares of the company; if the total number of shares of the company exceeds 400 million, the number of publicly offered shares shall reach 10% or more of the total number of shares. If a red chip enterprise issues a depositary receipt, subparagraph (2) of the preceding paragraph is adjusted as that the total number of depositary receipts after issuance shall not be less than 30 million, and subparagraph (3) of the preceding paragraph is adjusted as that the ratio of underlying shares corresponding to the publicly offered depositary receipt shall reach 25% or more of the total number of shares of the company; if the total number of a depositary receipt after issuance exceeds 400 million, the number of underlying shares corresponding to the publicly offered depositary receipt shall reach 10% or more of the total number of shares of the company. | | 红筹企业发行股票的，前款第二项调整为发行后的股份总数不低于3000万股，前款第三项调整为公开发行的股份达到公司股份总数的25%以上；公司股份总数超过4亿股的，公开发行股份的比例为10%以上。红筹企业发行存托凭证的，前款第二项调整为发行后的存托凭证总份数不低于3000万份，前款第三项调整为公开发行的存托凭证对应基础股份达到公司股份总数的25%以上；发行后的存托凭证总份数超过4亿份的，公开发行存托凭证对应基础股份达到公司股份总数的10%以上。 |
| The SSE may, according to market conditions, adjust listing conditions and specific standards with the approval of the CSRC. | | 本所可以根据市场情况，经中国证监会批准，对上市条件和具体标准进行调整。 |
| 2.1.2 Where an issuer applies for the listing of its stock on the STAR Market of the SSE, its market value and financial indicators shall at least meet one of the following criteria: | | 2.1.2 发行人申请在本所科创板上市，市值及财务指标应当至少符合下列标准中的一项： |
| (1) Its estimated market value is not less than one billion yuan, its net profits in the last two years are positive and its accumulative net profits are not less than 50 million yuan, or its estimated market value is not less than one billion yuan, its net profit is positive and its operating revenue is not less than 100 million yuan in the last year. | | （一）预计市值不低于人民币10亿元，最近两年净利润均为正且累计净利润不低于人民币5000万元，或者预计市值不低于人民币10亿元，最近一年净利润为正且营业收入不低于人民币1亿元； |
| (2) Its estimated market value is not less than 1.5 billion yuan, its operating revenue in the last year is not less than 200 million yuan, and the ratio of its accumulative research and development investment in the last three years to its accumulative operating revenue in the last three years is not less than 15%. | | （二）预计市值不低于人民币15亿元，最近一年营业收入不低于人民币2亿元，且最近三年累计研发投入占最近三年累计营业收入的比例不低于15%； |
| (3) Its estimated market value is not less than two billion yuan, its operating revenue in the last year is not less than 300 million yuan, and its accumulative net cash flow from operating activities in the last three years is not less than 100 million yuan. | | （三）预计市值不低于人民币20亿元，最近一年营业收入不低于人民币3亿元，且最近三年经营活动产生的现金流量净额累计不低于人民币1亿元； |
| (4) Its estimated market value is not less than three billion yuan, and its operating revenue in the last year is not less than 300 million yuan. | | （四）预计市值不低于人民币30亿元，且最近一年营业收入不低于人民币3亿元； |
| (5) Its estimated market value is not less than four billion yuan, and its major businesses or products shall be subject to approval by the relevant departments of the state, it has a large market space and has made progressive achievements. For an enterprise in the pharmaceutical industry, at least one of its core products shall have been approved to be subject to phase II clinical trials, and any other enterprise in line with the position of the STAR Market shall have significant technical advantages and satisfy corresponding requirements. | | （五）预计市值不低于人民币40亿元，主要业务或产品需经国家有关部门批准，市场空间大，目前已取得阶段性成果。医药行业企业需至少有一项核心产品获准开展二期临床试验，其他符合科创板定位的企业需具备明显的技术优势并满足相应条件。 |
| The net profits as mentioned in this article shall be the number before or after the deduction of non-recurring profit or loss, whichever is lower. The net profits, operating revenue, and net cash flow from operating activities all mean the audited value. | | 本条所称净利润以扣除非经常性损益前后的孰低者为准，所称净利润、营业收入、经营活动产生的现金流量净额均指经审计的数值。 |
| 2.1.3 A red chip enterprise that complies with the relevant provisions of the Notice by the General Office of the State Council of Forwarding Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depositary Receipts within China (No. 21 [2018], General Office of the State Council) may apply for the offering of a stock or depositary receipt and the listing thereof on the STAR Market. | | 2.1.3 符合《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》（国办发﹝2018﹞21号）相关规定的红筹企业，可以申请发行股票或存托凭证并在科创板上市。 |
| If an overseas unlisted red chip enterprise that has rapid growth in operating revenue, internationally leading technologies developed upon independent research, and comparative advantages in the competition of the same industry applies for the listing of its stock on the STAR Market, its market value and financial indicators shall at least meet one of the following criteria: | | 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尚未在境外上市红筹企业，申请在科创板上市的，市值及财务指标应当至少符合下列标准之一： |
| (1) Its estimated market value is not less than 10 billion yuan. | | （一）预计市值不低于人民币100亿元； |
| (2) Its estimated market value is not less than five billion yuan, and its operating revenue in the last year is not less than 500 million yuan. | | （二）预计市值不低于人民币50亿元，且最近一年营业收入不低于人民币5亿元。 |
| For the purposes of the preceding paragraph, “rapid growth in operating revenue” means meeting any of the following criteria: | | 前款所称营业收入快速增长，指符合下列标准之一： |
| (1) If the operating revenue in the last year is not less than 500 million yuan, the compound growth rate of operating revenue in the last three years is 10% or more. | | （一）最近一年营业收入不低于人民币5亿元的，最近3年营业收入复合增长率10%以上； |
| (2) If the operating revenue in the last year is less than 500 million yuan, the compound growth rate of operating revenue in the last three years is 20% or more. | | （二）最近一年营业收入低于人民币5亿元的，最近3年营业收入复合增长率20%以上； |
| (3) If the industry as a whole is in a downward cycle due to cyclical fluctuations in the industry and other factors, the compound growth rate of the issuer's operating revenue in the last three years is higher than the average growth rate of comparable companies in the same industry for the same period. | | （三）受行业周期性波动等因素影响，行业整体处于下行周期的，发行人最近3年营业收入复合增长率高于同行业可比公司同期平均增长水平。 |
| The aforesaid requirement of “rapid growth in operating revenue” shall not apply to red chip enterprises in the research and development stage and red chip enterprises that are of great significance to the national innovation-driven development strategy. | | 处于研发阶段的红筹企业和对国家创新驱动发展战略有重要意义的红筹企业，不适用“营业收入快速增长”上述要求。 |
| 2.1.4 Where an issuer has a differential voting rights (DVR) arrangement, its market value and financial indicators shall at least meet one of the following criteria: | | 2.1.4 发行人具有表决权差异安排的，市值及财务指标应当至少符合下列标准中的一项： |
| (1) Its estimated market value is not less than 10 billion yuan. | | （一）预计市值不低于人民币100亿元； |
| (2) Its estimated market value is not less than five billion yuan, and its operating revenue in the last year is not less than 500 million yuan. | | （二）预计市值不低于人民币50亿元，且最近一年营业收入不低于人民币5亿元。 |
| The issuer's qualification as the holder of special voting shares and the specific provisions of the company's bylaws on the DVR arrangement shall comply with the provisions of Section 5, Chapter IV of these Rules. | | 发行人特别表决权股份的持有人资格、公司章程关于表决权差异安排的具体规定，应当符合本规则第四章第五节的规定。 |
| For the purposes of these Rules, the DVR arrangement means that the issuer offers shares with special voting rights (“special voting shares”) in addition to ordinary shares generally provided for in accordance with the provision of Article 131 of the Company Law. Except that each special voting share has more voting rights than each ordinary share, the shareholders of special voting shares shall have the same rights as those of ordinary shares. | | 本规则所称表决权差异安排，是指发行人依照《公司法》第一百三十一条的规定，在一般规定的普通股份之外，发行拥有特别表决权的股份（以下简称特别表决权股份）。每一特别表决权股份拥有的表决权数量大于每一普通股份拥有的表决权数量，其他股东权利与普通股份相同。 |
| 2.1.5 An issuer that has completed the IPO of its stock upon the CSRC's approval of the registration of its stock shall submit the following documents when applying to the SSE for the listing of its stock: | | 2.1.5 发行人首次公开发行股票经中国证监会同意注册并完成股份公开发行后，向本所提出股票上市申请的，应当提交下列文件： |
| (1) A written application for listing. | | （一）上市申请书； |
| (2) The CSRC's decision approving the registration of its stock. | | （二）中国证监会同意注册的决定； |
| (3) The supporting documents proving that all shares of the issuer have been registered at China Securities Depository and Clearing Co., Ltd. (“CSDC”), Shanghai Branch after the completion of the IPO. | | （三）首次公开发行结束后发行人全部股票已经中国证券登记结算有限责任公司（以下简称中国结算）上海分公司登记的证明文件； |
| (4) The capital verification report issued by an accounting firm qualified for engaging in securities- and futures-related businesses after the completion of the IPO. | | （四）首次公开发行结束后，具有执行证券、期货相关业务资格的会计师事务所出具的验资报告； |
| (5) Certificates, statements, and undertakings issued by the issuer, controlling shareholder, actual controller, directors, supervisors, and officers in accordance with the requirements of these Rules. | | （五）发行人、控股股东、实际控制人、董事、监事和高级管理人员根据本规则要求出具的证明、声明及承诺； |
| (6) An explanation of financial materials additionally provided as required and relevant material matters (if applicable) after the IPO and before listing. | | （六）首次公开发行后至上市前，按规定新增的财务资料和有关重大事项的说明（如适用）； |
| (7) Other documents required by the SSE. | | （七）本所要求的其他文件。 |
| 2.1.6 An issuer and its directors, supervisors, and officers shall guarantee that the listing application documents are true, accurate, and complete, and have no false records, misleading statements, or material omissions. | | 2.1.6 发行人及其董事、监事、高级管理人员应当保证上市申请文件真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 |
| 2.1.7 The SSE shall decide whether to approve the listing within five trading days of receiving the issuer's listing application documents. | | 2.1.7 本所收到发行人上市申请文件后5个交易日内，作出是否同意上市的决定。 |
| If the issuer has any material matter, which has a significant impact on whether it meets the listing conditions and information disclosure requirements, the SSE may request the Listing Review Committee (“Listing Committee”) to conduct deliberation, and the deliberation time shall not be included in the term prescribed in the preceding paragraph. | | 发行人发生重大事项，对是否符合上市条件和信息披露要求产生重大影响的，本所可提请上市审核委员会（以下简称上市委员会）进行审议，审议时间不计入前款规定时限。 |
| 2.1.8 An issuer shall disclose the following documents on the designated media and the website of the SSE within five trading days before the listing of its stock: | | 2.1.8 发行人应当于股票上市前5个交易日内，在指定媒体及本所网站上披露下列文件： |
| (1) A listing announcement. | | （一）上市公告书； |
| (2) The bylaws of the company. | | （二）公司章程； |
| (3) Other documents required by the SSE. | | （三）本所要求的其他文件。 |
| Section 2 Offering and Listing of Stocks by Listed Companies | | 第二节 上市公司股票发行上市 |
| 2.2.1 Where a listed company offers its stock to the public in accordance with the law, it may disclose its prospectus, the rights issue prospectus, and other relevant documents within the prescribed time limit, and apply to the SSE for handling the matters on the public offering of its stock and rights issue. | | 2.2.1 上市公司依法公开发行股票的，可以在规定时间内披露招股说明书、配股说明书等相关文件，并向本所申请办理股票公开发行、配股事宜。 |
| 2.2.2 A listed company that has completed the public offering of its stock or rights issue and the registration of its stock shall disclose the listing announcement and other relevant documents before the listing of its stock, and apply to the SSE for handling the matters on the listing of its additional shares. | | 2.2.2 上市公司股票公开发行或配股结束并完成登记后，应当在股票上市前披露上市公告等相关文件，并向本所申请办理新增股份上市事宜。 |
| 2.2.3 A listed company that has completed the private placement and registration of its stock shall disclose the offering result announcement and other relevant documents before the listing of its stock, and apply to the SSE for handling the matters on the listing of its additional shares. | | 2.2.3 上市公司非公开发行股票结束并完成登记后，应当在股票上市前披露发行结果公告等相关文件，并向本所申请办理新增股份上市事宜。 |
| Section 3 Removal of Trading Restrictions of Shares | | 第三节 股份解除限售 |
| 2.3.1 Where the following shares meet the conditions for removing trading restrictions, the shareholder may apply for removing trading restrictions through the listed company: | | 2.3.1 下列股份符合解除限售条件的，股东可以通过上市公司申请解除限售： |
| (1) Shares offered by the issuer before its IPO (“pre-IPO shares”). | | （一）发行人首次公开发行前已发行的股份（以下简称首发前股份）； |
| (2) Privately placed shares of the listed company. | | （二）上市公司非公开发行的股份； |
| (3) Shares placed by the issuer or listed company to securities investment funds, strategic investors, and other legal persons or natural persons. | | （三）发行人、上市公司向证券投资基金、战略投资者及其他法人或者自然人配售的股份； |
| (4) The restricted shares held by directors, supervisors, officers, and core technicians, among others. | | （四）董事、监事、高级管理人员以及核心技术人员等所持限售股份； |
| (5) Other restricted shares. | | （五）其他限售股份。 |
| 2.3.2 A listed company that applies for removing the trading restrictions of shares shall disclose an indicative announcement five trading days before the removal of trading restrictions. | | 2.3.2 上市公司申请股份解除限售，应当在限售解除前5个交易日披露提示性公告。 |
| A listed company shall disclose shareholders' performance of sale restriction undertakings, and the sponsor and securities service institution shall give their opinions and disclose relevant information. | | 上市公司应当披露股东履行限售承诺的情况，保荐机构、证券服务机构应当发表意见并披露。 |
| Section 4 Shareholding Reduction | | 第四节 股份减持 |
| 2.4.1 These Rules shall apply to the restricted sale and reduction of holdings of shares of listed companies; if it is not prescribed in these Rules, the Detailed Implementation Rules of the Shanghai Stock Exchange for the Reduction of Shareholdings by Shareholders, Directors, Supervisors, and Officers of Listed Companies (“Detailed Rules for Shareholding Reduction”), the Detailed Implementation Rules of the Shanghai Stock Exchange for the Reduction of Shareholdings by Venture Capital Fund Shareholders of Listed Companies, and other relevant rules of the SSE shall apply. | | 2.4.1 上市公司股份的限售与减持，适用本规则；本规则未规定的，适用《上海证券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》（以下简称《减持细则》）、《上海证券交易所上市公司创业投资基金股东减持股份实施细则》及本所其他有关规定。 |
| Shareholders of a listed company may transfer their pre-IPO shares through private transfer and placement, the transfer methods, procedures, price, ratio, subsequent transfer, and other matters, and the shareholding reduction involved in the private placement of shares of the listed company shall be prescribed by the SSE separately and reported to the CSRC for approval and implementation. | | 上市公司股东可以通过非公开转让、配售方式转让首发前股份，转让的方式、程序、价格、比例以及后续转让等事项，以及上市公司非公开发行股份涉及的减持由本所另行规定，报中国证监会批准后实施。 |
| 2.4.2 A company may, before its listing, place pre-IPO shares held by its shareholders under the custody of a sponsor that provides sponsorship services for its IPO and listing, and the sponsor shall conduct the supervision and administration of the trading instructions of shareholders for reducing pre-IPO shares in accordance with the business rules of the SSE. | | 2.4.2 公司股东持有的首发前股份，可以在公司上市前托管在为公司提供首次公开发行上市保荐服务的保荐机构，并由保荐机构按照本所业务规则的规定，对股东减持首发前股份的交易委托进行监督管理。 |
| 2.4.3 Where a company is not profitable at the time of listing, its controlling shareholder and actual controller shall not reduce their pre-IPO shares within three full fiscal years from the date of listing of the company's stock until the company makes a profit. In the fourth fiscal year and the fifth fiscal year from the date when the company's stock is listed, the pre-IPO shares reduced each year shall not exceed 2% of the total number of shares of the company and shall comply with the relevant provisions of the Detailed Rules for Shareholding Reduction on shareholding reduction. | | 2.4.3 公司上市时未盈利的，在公司实现盈利前，控股股东、实际控制人自公司股票上市之日起3个完整会计年度内，不得减持首发前股份；自公司股票上市之日起第4个会计年度和第5个会计年度内，每年减持的首发前股份不得超过公司股份总数的2%，并应当符合《减持细则》关于减持股份的相关规定。 |
| If the company is not profitable at the time of listing, its directors, supervisors, officers, and core technicians shall not reduce their holdings of pre-IPO shares within three full fiscal years from the date when the company's stock is listed until the company makes a profit, and shall continue to comply with the provisions of this paragraph if they leave office within the aforesaid period. | | 公司上市时未盈利的，在公司实现盈利前，董事、监事、高级管理人员及核心技术人员自公司股票上市之日起3个完整会计年度内，不得减持首发前股份；在前述期间内离职的，应当继续遵守本款规定。 |
| After the company makes a profit, the shareholders specified in the preceding two paragraphs may reduce their holdings of pre-IPO shares from the date immediately after the disclosure of the annual report for the current year, provided that it shall comply with other provisions of this Section. | | 公司实现盈利后，前两款规定的股东可以自当年年度报告披露后次日起减持首发前股份，但应当遵守本节其他规定。 |
| 2.4.4 The controlling shareholder or actual controller of a listed company shall comply with the following provisions when reducing its or his holding of the company's pre-IPO shares: | | 2.4.4 上市公司控股股东、实际控制人减持本公司首发前股份的，应当遵守下列规定： |
| (1) It or he shall not transfer or entrust others to manage pre-IPO shares directly and indirectly held by it or him, and shall not propose the listed company's repurchase of such shares within 36 months from the date of listing of the company's stock. | | （一）自公司股票上市之日起36个月内，不得转让或者委托他人管理其直接和间接持有的首发前股份，也不得提议由上市公司回购该部分股份； |
| (2) Other provisions of laws and regulations, these Rules, and business rules of the SSE on the transfer of shares by the controlling shareholder or actual controller. | | （二）法律法规、本规则以及本所业务规则对控股股东、实际控制人股份转让的其他规定。 |
| When an issuer applies to the SSE for the IPO and listing of its stock, its controlling shareholder or actual controller shall undertake to comply with the provisions of the preceding paragraph. | | 发行人向本所申请其股票首次公开发行并上市时，控股股东、实际控制人应当承诺遵守前款规定。 |
| If both parties to the transfer have control relations or are controlled by the same actual controller, they may be exempted from complying with the provision of paragraph 1 of this article 12 months from the date of listing of the issuer's stock. | | 转让双方存在控制关系或者受同一实际控制人控制的，自发行人股票上市之日起12个月后，可豁免遵守本条第一款规定。 |
| 2.4.5 Where the core technician of a listed company reduces the holding of pre-IPO shares of the company, he or she shall comply with the following provisions: | | 2.4.5 上市公司核心技术人员减持本公司首发前股份的，应当遵守下列规定： |
| (1) He or she shall not transfer the company's pre-IPO shares within 12 months from the date of listing of the company's stock and within six months after he or she leaves office. | | （一）自公司股票上市之日起12个月内和离职后6个月内不得转让本公司首发前股份； |
| (2) The pre-IPO shares transferred by him or her each year during four years upon the expiration of the lock-up period for the pre-IPO shares held by him or her shall not exceed 25% of the total number of IPO shares of the company held by him or her when the company is listed, and such a ratio may be applied on a cumulative basis. | | （二）自所持首发前股份限售期满之日起4年内，每年转让的首发前股份不得超过上市时所持公司首发前股份总数的25%，减持比例可以累积使用； |
| (3) Other provisions of laws and regulations, these Rules, and business rules of the SSE on the transfer of shares by core technicians. | | （三）法律法规、本规则以及本所业务规则对核心技术人员股份转让的其他规定。 |
| 2.4.6 Where the controlling shareholder or actual controller of a listed company intends to reduce its or his holding of pre-IPO shares upon the expiration of the lock-up period, the controlling shareholder or actual controller shall specify and disclose the arrangements on the control of the company and guarantee the continuous and stable operation of the listed company. | | 2.4.6 上市公司控股股东、实际控制人在限售期满后减持首发前股份的，应当明确并披露公司的控制权安排，保证上市公司持续稳定经营。 |
| 2.4.7 Where a listed company has any major violation of law specified in Section 2, Chapter XII of these Rules and triggers the delisting criteria, its controlling shareholder, actual controller, directors, supervisors, and officers shall not reduce their holdings of the company's shares from the date when the advance notice of relevant administrative penalty decision is made or the judicial judgment is rendered to the date when the listing of the company's stock is terminated and the stock is delisted. | | 2.4.7 上市公司存在本规则第十二章第二节规定的重大违法情形，触及退市标准的，自相关行政处罚决定事先告知书或者司法裁判作出之日起至公司股票终止上市并摘牌，控股股东、实际控制人、董事、监事、高级管理人员不得减持公司股份。 |
| 2.4.8 Where the controlling shareholder or actual controller of a listed company intends to reduce its or his shareholding and discloses the shareholding reduction plan in accordance with the Detailed Rules for Shareholding Reduction, the controlling shareholder or actual controller shall also disclose in the shareholding reduction plan whether the listed company has any major negative matter, major risk, the matters that shall be explained in the opinion of the controlling shareholder or actual controller, as well as other information that shall be disclosed as required by the SSE. | | 2.4.8 上市公司控股股东、实际控制人减持股份，依照《减持细则》披露减持计划的，还应当在减持计划中披露上市公司是否存在重大负面事项、重大风险、控股股东或者实际控制人认为应当说明的事项，以及本所要求披露的其他内容。 |
| 2.4.9 The shares of a listed company held by its shareholders and those held by the persons acting in concert with them shall be calculated on a consolidated basis. The provisions of the Measures for the Administration of the Takeover of Listed Companies shall apply to the determination of the persons acting in concert. | | 2.4.9 上市公司股东所持股份应当与其一致行动人所持股份合并计算。一致行动人的认定适用《上市公司收购管理办法》的规定。 |
| The provisions of this Section on the controlling shareholder shall apply, mutatis mutandis, to the largest shareholder of a listed company. | | 上市公司第一大股东应当参照适用本节关于控股股东的规定。 |
| If the special asset management plan established by the issuer's officers and core technicians reduces its holding of shares obtained through strategic placement in the secondary market in such forms as call auction and block trading, the corresponding information disclosure obligations shall be fulfilled in accordance with the provisions of these Rules on the reduction of holdings of pre-IPO shares by shareholders of the listed company. | | 发行人的高级管理人员与核心员工设立的专项资产管理计划，通过集中竞价、大宗交易等方式在二级市场减持参与战略配售获配股份的，应当按照本规则关于上市公司股东减持首发前股份的规定履行相应信息披露义务。 |
| Chapter III Continuous Supervision and Guidance | | 第三章 持续督导 |
| Section 1 General Rules | | 第一节 一般规定 |
| 3.1.1 A sponsor that provides sponsorship services for an issuer's IPO of its stock shall conduct continuous supervision and guidance of the issuer. | | 3.1.1 为发行人首次公开发行股票提供保荐服务的保荐机构，应当对发行人进行持续督导。 |
| The matters on the continuous supervision and guidance of the offering of shares and material asset restructuring by the listed company shall be governed by the relevant rules of the CSRC and the SSE. | | 上市公司发行股份和重大资产重组的持续督导事宜，按照中国证监会和本所有关规定执行。 |
| 3.1.2 In the case of IPO and listing of a stock on the STAR Market, the continuous supervision and guidance period shall be the remaining period of the year when the stock is listed and the following three full fiscal years. If any sponsorship service is not completed upon the expiration of the continuous supervision and guidance period, the sponsor shall continue to complete the sponsorship service. | | 3.1.2 首次公开发行股票并在科创板上市的，持续督导期间为股票上市当年剩余时间以及其后3个完整会计年度。持续督导期届满，如有尚未完结的保荐工作，保荐机构应当继续完成。 |
| The sponsor shall sign a continuous supervision and guidance agreement with the issuer, the listed company, or relevant parties to specify their rights and obligations during the continuous supervision and guidance period. | | 保荐机构应当与发行人、上市公司或相关方就持续督导期间的权利义务签订持续督导协议。 |
| 3.1.3 In principle, a listed company shall not change its sponsor that performs continuous supervision and guidance duties. | | 3.1.3 上市公司原则上不得变更履行持续督导职责的保荐机构。 |
| If a listed company appoints a new sponsor for the offering of its additional shares, the new sponsor shall perform continuous supervision and guidance duties during the remaining period. | | 上市公司因再次发行股票另行聘请保荐机构的，另行聘请的保荐机构应当履行剩余期限的持续督导职责。 |
| If the sponsor is disqualified, the listed company shall appoint a new sponsor within one month to perform continuous supervision and guidance duties during the remaining period. The new sponsor shall conduct continuous supervision and guidance for not less than one full fiscal year. | | 保荐机构被撤销保荐资格的，上市公司应当在1个月内另行聘请保荐机构，履行剩余期限的持续督导职责。另行聘请的保荐机构持续督导的时间不得少于1个完整的会计年度。 |
| If the original sponsor fails to act with due diligence during the period of performing continuous supervision and guidance duties, its responsibility shall not be exempted or terminated due to the replacement of the sponsor. | | 原保荐机构在履行持续督导职责期间未勤勉尽责的，其责任不因保荐机构的更换而免除或者终止。 |
| 3.1.4 A sponsor shall establish, improve, and effectively implement the rules for the management of continuous supervision and guidance. | | 3.1.4 保荐机构应当建立健全并有效执行持续督导业务管理制度。 |
| The sponsor and sponsor representatives shall produce and maintain working papers for its continuous supervision and guidance. The working papers shall reflect the major work conducted by the sponsor and sponsor representatives in performing continuous supervision and guidance duties in a true, accurate, and complete manner, and shall be taken as the basis for the issuance of relevant opinions or reports. | | 保荐机构、保荐代表人应当制作并保存持续督导工作底稿。工作底稿应当真实、准确、完整地反映保荐机构、保荐代表人履行持续督导职责所开展的主要工作，并作为出具相关意见或者报告的基础。 |
| 3.1.5 A sponsor shall designate a sponsor representative who provides sponsorship services for the IPO of an issuer to be responsible for continuous supervision and guidance and disclose it in the listing announcement. If the aforesaid sponsor representative fails to perform his or her duties, the sponsor shall designate another person with equivalent competence to perform duties as the sponsor representative and disclose the relevant information. | | 3.1.5 保荐机构应当指定为发行人首次公开发行提供保荐服务的保荐代表人负责持续督导工作，并在上市公告书中予以披露。前述保荐代表人不能履职的，保荐机构应当另行指定履职能力相当的保荐代表人并披露。 |
| The sponsor shall establish and improve the work rules for sponsor representatives, specify the work requirements and duties of sponsor representatives, and establish effective assessment, incentive, and restraint mechanisms. | | 保荐机构应当建立健全保荐代表人工作制度，明确保荐代表人的工作要求和职责，建立有效的考核、激励和约束机制。 |
| If the sponsor representative fails to perform his or her duties in accordance with these Rules, the sponsor shall urge the sponsor representative to perform his or her duties. | | 保荐代表人未按照本规则履行职责的，保荐机构应当督促保荐代表人履行职责。 |
| 3.1.6 During the continuous supervision and guidance period, the sponsor shall perform the following continuous supervision and guidance duties: | | 3.1.6 保荐机构在持续督导期间，应当履行下列持续督导职责： |
| (1) Urging the listed company's establishment and implementation of rules such as information disclosure, compliant operation, performance of undertakings, and distribution of dividends and returns. | | （一）督促上市公司建立和执行信息披露、规范运作、承诺履行、分红回报等制度； |
| (2) Identifying and urging the listed company to disclose risks or negative events that have a material adverse impact on the company's ability to continue as a going concern, core competitiveness, or the stability of its control, and give its opinions. | | （二）识别并督促上市公司披露对公司持续经营能力、核心竞争力或者控制权稳定有重大不利影响的风险或者负面事项，并发表意见； |
| (3) Paying attention to abnormal fluctuations in the trading price of the listed company's stock, and urging the listed company to perform its inspection, information disclosure, and other obligations in accordance with the provisions of these Rules. | | （三）关注上市公司股票交易异常波动情况，督促上市公司按照本规则规定履行核查、信息披露等义务； |
| (4) Conducting a special inspection of matters of the listed company that may seriously affect the lawful rights and interests of the company or its investors, and issuing an on-site inspection report. | | （四）对上市公司存在的可能严重影响公司或者投资者合法权益的事项开展专项核查，并出具现场核查报告； |
| (5) Issuing and disclosing continuous supervision, guidance, and tracking reports on a periodical basis. | | （五）定期出具并披露持续督导跟踪报告； |
| (6) Performing other duties prescribed by the CSRC and the SSE or agreed upon in the sponsorship agreement. | | （六）中国证监会、本所规定或者保荐协议约定的其他职责。 |
| The sponsor and sponsor representatives shall make a plan for the performance of all continuous supervision and guidance duties according to the specific circumstances of the listed company. | | 保荐机构、保荐代表人应当针对上市公司的具体情况，制定履行各项持续督导职责的实施方案。 |
| 3.1.7 A listed company shall actively cooperate with the sponsor in performing continuous supervision and guidance duties according to the following requirements: | | 3.1.7 上市公司应当按照下列要求，积极配合保荐机构履行持续督导职责： |
| (1) Promptly providing relevant information necessary for the performance of continuous supervision and guidance duties according to the requirements of the sponsor and sponsor representatives. | | （一）根据保荐机构和保荐代表人的要求，及时提供履行持续督导职责必需的相关信息； |
| (2) If any material matter that shall be disclosed occurs or any major risk occurs, it shall promptly inform the sponsor and sponsor representatives. | | （二）发生应当披露的重大事项或者出现重大风险的，及时告知保荐机构和保荐代表人； |
| (3) Promptly performing the information disclosure obligations or taking corresponding rectification measures according to the supervision and guidance opinions issued by the sponsor and sponsor representatives. | | （三）根据保荐机构和保荐代表人的督导意见，及时履行信息披露义务或者采取相应整改措施； |
| (4) Assisting the sponsor and sponsor representatives in disclosing their continuous supervision and guidance opinions. | | （四）协助保荐机构和保荐代表人披露持续督导意见； |
| (5) Providing other necessary conditions and conveniences for the sponsor and sponsor representatives to perform continuous supervision and guidance duties. | | （五）为保荐机构和保荐代表人履行持续督导职责提供其他必要的条件和便利。 |
| If the listed company fails to cooperate with the sponsor and sponsor representatives in continuous supervision and guidance, the sponsor and sponsor representatives shall urge the company to take corrective action and promptly report it to the SSE. | | 上市公司不配合保荐机构、保荐代表人持续督导工作的，保荐机构、保荐代表人应当督促公司改正，并及时报告本所。 |
| Section 2 Performance of Continuous Supervision and Guidance Duties | | 第二节 持续督导职责的履行 |
| 3.2.1 The sponsor and sponsor representatives shall assist and urge a listed company to establish appropriate internal rules, decision-making procedures, and internal control mechanisms to comply with the requirements of laws, regulations, and these Rules, and guarantee that the listed company and its controlling shareholder, actual controller, directors, supervisors, officers, and core technicians are aware of their obligations under these Rules. | | 3.2.1 保荐机构、保荐代表人应当协助和督促上市公司建立相应的内部制度、决策程序及内控机制，以符合法律法规和本规则的要求，并确保上市公司及其控股股东、实际控制人、董事、监事和高级管理人员、核心技术人员知晓其在本规则下的各项义务。 |
| 3.2.2 The sponsor and sponsor representatives shall continuously urge the listed company to fully disclose the information necessary for investors to make judgments on the value of its stock and investment decisions, and ensure that the information is disclosed in a truthful, accurate, complete, timely, and fair manner. | | 3.2.2 保荐机构、保荐代表人应当持续督促上市公司充分披露投资者作出价值判断和投资决策所必需的信息，并确保信息披露真实、准确、完整、及时、公平。 |
| The sponsor and sponsor representatives shall provide necessary guidance and assistance to the listed company in preparing information disclosure announcements to ensure that the disclosed information is concise and easy to understand, and the language is plain and understandable. | | 保荐机构、保荐代表人应当对上市公司制作信息披露公告文件提供必要的指导和协助，确保其信息披露内容简明易懂，语言浅白平实，具有可理解性。 |
| The sponsor and sponsor representatives shall urge the controlling shareholder or actual controller of the listed company to perform the information disclosure obligation and inform and urge the controlling shareholder or actual controller not to request or assist the listed company's concealment of important information. | | 保荐机构、保荐代表人应当督促上市公司控股股东、实际控制人履行信息披露义务，告知并督促其不得要求或者协助上市公司隐瞒重要信息。 |
| 3.2.3 Where a listed company or its controlling shareholder or actual controller makes an undertaking, the sponsor and sponsor representatives shall urge it or him to fully disclose information such as the specific information of the undertaking, the manner and time of contract performance, the analysis of the contract performance ability, the risk of contract performance and countermeasures, and relief measures when it or he fails to fulfill the contract. | | 3.2.3 上市公司或其控股股东、实际控制人作出承诺的，保荐机构、保荐代表人应当督促其对承诺事项的具体内容、履约方式及时间、履约能力分析、履约风险及对策、不能履约时的救济措施等方面进行充分信息披露。 |
| The sponsor and sponsor representatives shall, in light of matters to be disclosed based on the undertaking prescribed in the preceding paragraph, continuously track the progress of the relevant entity's performance of the undertaking, and urge the relevant entity to perform the undertaking in a timely and sufficient manner. | | 保荐机构、保荐代表人应当针对前款规定的承诺披露事项，持续跟进相关主体履行承诺的进展情况，督促相关主体及时、充分履行承诺。 |
| If a listed company or its controlling shareholder or actual controller discloses, performs, or changes its or his undertaking, which fails to comply with any law or regulation, these Rules, or other rules of the SSE, the sponsor and sponsor representatives shall promptly offer supervision and guidance opinions and urge the relevant entity to make supplements and corrections. | | 上市公司或其控股股东、实际控制人披露、履行或者变更承诺事项，不符合法律法规、本规则以及本所其他规定的，保荐机构和保荐代表人应当及时提出督导意见，并督促相关主体进行补正。 |
| 3.2.4 The sponsor and sponsor representatives shall urge the listed company to actively give returns to investors, and establish, improve, and effectively implement the rules for the distribution of cash dividends and repurchase of shares in line with the company's development stage. | | 3.2.4 保荐机构、保荐代表人应当督促上市公司积极回报投资者，建立健全并有效执行符合公司发展阶段的现金分红和股份回购制度。 |
| 3.2.5 The sponsor and sponsor representatives shall pay continuous attention to the operation of a listed company and have a full understanding of the listed company and its businesses. They shall pay attention to the routine operation and stock trading of the listed company in such forms as daily communication, periodical return visits, consulting materials, and attending shareholders' meetings, and effectively identify and urge the listed company to disclose major risks or major negative events. | | 3.2.5 保荐机构、保荐代表人应当持续关注上市公司运作，对上市公司及其业务有充分了解；通过日常沟通、定期回访、调阅资料、列席股东大会等方式，关注上市公司日常经营和股票交易情况，有效识别并督促上市公司披露重大风险或者重大负面事项。 |
| The sponsor and sponsor representatives shall verify whether the listed company discloses major risks in a true, accurate, and complete manner. If there are any false records, misleading statements, or material omissions in the disclosed information, the sponsor and sponsor representatives shall issue an opinion and make an explanation. | | 保荐机构、保荐代表人应当核实上市公司重大风险披露是否真实、准确、完整。披露内容存在虚假记载、误导性陈述或者重大遗漏的，保荐机构、保荐代表人应当发表意见予以说明。 |
| 3.2.6 Where a listed company or the relevant party with information disclosure obligations has any matter prescribed in Articles 3.2.7, 3.2.8, or 3.2.9 of this Chapter, the sponsor and sponsor representatives shall urge the company to strictly perform information disclosure obligations, and when the company discloses the announcement, issue an opinion on whether the information is disclosed in a truthful, accurate, and complete manner and other matters prescribed in this Chapter and disclose the relevant information. | | 3.2.6 上市公司及相关信息披露义务人出现本章第3.2.7条、第3.2.8条和第3.2.9条规定事项的，保荐机构、保荐代表人应当督促公司严格履行信息披露义务，并于公司披露公告时，就信息披露是否真实、准确、完整及本章规定的其他内容发表意见并披露。 |
| If the sponsor or sponsor representative fails to perform the duties as mentioned in the preceding paragraph on time, the sponsor or sponsor representative shall disclose the matters to be verified and the time when an opinion thereon is expected to be issued, and fully warn of the risks resulting therefrom. | | 保荐机构、保荐代表人无法按时履行前款所述职责的，应当披露尚待核实的事项及预计发表意见的时间，并充分提示风险。 |
| 3.2.7 Where a listed company falls under any of the following circumstances in routine operation, the sponsor and sponsor representatives shall issue an opinion on the impact of relevant matters on the company's operation and whether there are other undisclosed major risks and disclose the relevant information: | | 3.2.7 上市公司日常经营出现下列情形的，保荐机构、保荐代表人应当就相关事项对公司经营的影响以及是否存在其他未披露重大风险发表意见并披露： |
| (1) Its main business stagnates or any major risk event that may lead to the stagnation of its main business occurs. | | （一）主要业务停滞或出现可能导致主要业务停滞的重大风险事件； |
| (2) Its assets are placed under seal, impounded, or frozen. | | （二）资产被查封、扣押或冻结； |
| (3) It fails to pay off the debt due. | | （三）未能清偿到期债务； |
| (4) Its actual controller, the chairman of the board of directors, the general manager, the chief financial officer, or the core technician is suspected of committing any crime and is subject to any compulsory measure taken by the judicial authority. | | （四）实际控制人、董事长、总经理、财务负责人或核心技术人员涉嫌犯罪被司法机关采取强制措施； |
| (5) Material matters involving affiliated transactions or the provision of guarantee to any other person, among others. | | （五）涉及关联交易、为他人提供担保等重大事项； |
| (6) Any other circumstance under which the SSE or the sponsor deems it necessary to issue an opinion. | | （六）本所或者保荐机构认为应当发表意见的其他情形。 |
| 3.2.8 Where a listed company falls under any of the following circumstances in businesses and technologies, the sponsor and sponsor representatives shall issue an opinion on the impact of relevant matters on the company's core competitiveness and routine operation, and whether there are other undisclosed major risks and disclose the relevant information: | | 3.2.8 上市公司业务和技术出现下列情形的，保荐机构、保荐代表人应当就相关事项对公司核心竞争力和日常经营的影响，以及是否存在其他未披露重大风险发表意见并披露： |
| (1) There is any significant adverse change in the supply of its major raw materials or sale of its products. | | （一）主要原材料供应或者产品销售出现重大不利变化； |
| (2) Its core technicians leave office. | | （二）核心技术人员离职； |
| (3) It loses its core intellectual property rights, franchise rights, or core technology licensing, is unable to renew them, or is involved in major disputes over them. | | （三）核心知识产权、特许经营权或者核心技术许可丧失、不能续期或者出现重大纠纷； |
| (4) It fails in the research and development of its major products. | | （四）主要产品研发失败； |
| (5) It loses advantages in core competitiveness or there is a competitor in the market that has significant advantages over it. | | （五）核心竞争力丧失竞争优势或者市场出现具有明显优势的竞争者； |
| (6) Any other circumstance where the SSE or the sponsor deems it necessary to issue an opinion. | | （六）本所或者保荐机构认为应当发表意见的其他情形。 |
| 3.2.9 Where the controlling shareholder, actual controller, or the person acting in concert falls under any of the following circumstances, the sponsor and sponsor representatives shall issue an opinion on the impact of relevant matters on the stability of the listed company's control and routine operation, whether there is any infringement upon the interests of the listed company, and other undisclosed major risks and disclose the relevant information: | | 3.2.9 控股股东、实际控制人及其一致行动人出现下列情形的，保荐机构、保荐代表人应当就相关事项对上市公司控制权稳定和日常经营的影响、是否存在侵害上市公司利益的情形以及其他未披露重大风险发表意见并披露： |
| (1) The shares of the listed company held by it are frozen by the judicial authority. | | （一）所持上市公司股份被司法冻结； |
| (2) More than 80% of shares of the listed company are pledged or subject to forced liquidation. | | （二）质押上市公司股份比例超过所持股份80%或者被强制平仓的； |
| (3) Any other circumstance where the SSE or the sponsor deems it necessary to issue an opinion. | | （三）本所或者保荐机构认为应当发表意见的其他情形。 |
| 3.2.10 In case of any significant abnormal fluctuations in the trading price of a listed company's stock, the sponsor and sponsor representatives shall urge the listed company to promptly perform the information disclosure obligation in accordance with these Rules. | | 3.2.10 上市公司股票交易出现严重异常波动的，保荐机构、保荐代表人应当督促上市公司及时按照本规则履行信息披露义务。 |
| 3.2.11 The sponsor and sponsor representatives shall urge the controlling shareholder, actual controller, directors, supervisors, officers, and core technicians to perform their undertakings to reduce their shareholdings, and pay attention to whether the aforesaid entities' reduction of holding of the company's shares complies with relevant provisions, the impact on the listed company, and other circumstances. | | 3.2.11 保荐机构、保荐代表人应当督促控股股东、实际控制人、董事、监事、高级管理人员及核心技术人员履行其作出的股份减持承诺，关注前述主体减持公司股份是否合规、对上市公司的影响等情况。 |
| 3.2.12 The sponsor and sponsor representatives shall pay attention to the use of raised funds by the listed company, and urge it to use raised funds in a rational manner and continuously disclose the use of raised funds. | | 3.2.12 保荐机构、保荐代表人应当关注上市公司使用募集资金的情况，督促其合理使用募集资金并持续披露使用情况。 |
| 3.2.13 Where a listed company falls under any of the following circumstances, the sponsor and sponsor representatives shall conduct a special on-site inspection within 15 days from the date when they know or should have known the circumstances: | | 3.2.13 上市公司出现下列情形之一的，保荐机构、保荐代表人应当自知道或者应当知道之日起15日内进行专项现场核查： |
| (1) It is suspected of having committed any major financial fraud. | | （一）存在重大财务造假嫌疑； |
| (2) Its controlling shareholder, actual controller, director, supervisor, or officer is suspected of having infringed upon its interests. | | （二）控股股东、实际控制人、董事、监事或者高级管理人员涉嫌侵占上市公司利益； |
| (3) It may have provided a guarantee for any major regulatory violation. | | （三）可能存在重大违规担保； |
| (4) It has any major abnormal circumstance in fund transfer or cash flow. | | （四）资金往来或者现金流存在重大异常； |
| (5) Other matters that shall be subject to an on-site inspection in the opinion of the SSE or the sponsor. | | （五）本所或者保荐机构认为应当进行现场核查的其他事项。 |
| 3.2.14 Where the sponsor conducts an on-site inspection, it shall issue an on-site inspection report on the inspection information, the issues to be concerned by the listed company and investors, the on-site inspection conclusion, and other matters, and shall disclose the report within 15 trading days of completing the on-site inspection. | | 3.2.14 保荐机构进行现场核查的，应当就核查情况、提请上市公司及投资者关注的问题、本次现场核查结论等事项出具现场核查报告，并在现场核查结束后15个交易日内披露。 |
| 3.2.15 The sponsor shall disclose the continuous supervision, guidance, and tracking report covering the following information within 15 trading days from the date of disclosure of the listed company's annual report and semi-annual report: | | 3.2.15 保荐机构应当在上市公司年度报告、半年度报告披露之日起15个交易日内，披露包括下列内容的持续督导跟踪报告： |
| (1) Problems discovered by the sponsor and sponsor representatives and the rectification thereof. | | （一）保荐机构和保荐代表人发现的问题及整改情况； |
| (2) Major risk matters. | | （二）重大风险事项； |
| (3) Major regulatory violations. | | （三）重大违规事项； |
| (4) Reason for changes in major financial indicators and the rationality. | | （四）主要财务指标的变动原因及合理性； |
| (5) Changes in core competitiveness. | | （五）核心竞争力的变化情况； |
| (6) Changes in research and development expenditures and progress of research and development. | | （六）研发支出变化及研发进展； |
| (7) Whether the progress in new business is consistent with the information disclosed in previous periods (if any). | | （七）新增业务进展是否与前期信息披露一致（如有）； |
| (8) The use of raised funds and whether it complies with relevant provisions. | | （八）募集资金的使用情况及是否合规； |
| (9) Shareholdings by the controlling shareholder, actual controller, directors, supervisors, and officers, whether shares are pledged or frozen, and their reduction of shareholdings. | | （九）控股股东、实际控制人、董事、监事和高级管理人员的持股、质押、冻结及减持情况； |
| (10) Other matters on which the SSE or the sponsor deems it necessary to issue an opinion. | | （十）本所或者保荐机构认为应当发表意见的其他事项。 |
| If the listed company fails to make profits, its performance turns from profit to deficit, its operating revenue drops by 50% or more in comparison with that over the same period of the last year, or other major financial indicators are abnormal, the sponsor shall give a conclusive opinion on whether the listed company has major risks in a conspicuous position of the continuous supervision, guidance, and tracking report. | | 上市公司未实现盈利、业绩由盈转亏、营业收入与上年同期相比下降50%以上或者其他主要财务指标异常的，保荐机构应当在持续督导跟踪报告显著位置就上市公司是否存在重大风险发表结论性意见。 |
| 3.2.16 Upon the completion of continuous supervision and guidance, the sponsor shall submit a sponsor summary report to the CSRC and the SSE and disclose the relevant information in accordance with the relevant rules of the CSRC and the SSE within 10 trading days from the date of disclosure of the listed company's annual report. | | 3.2.16 持续督导工作结束后，保荐机构应当在上市公司年度报告披露之日起的10个交易日内依据中国证监会和本所相关规定，向中国证监会和本所报送保荐总结报告书并披露。 |
| Chapter IV Internal Governance | | 第四章 内部治理 |
| Section 1 Controlling Shareholder and Actual Controller | | 第一节 控股股东及实际控制人 |
| 4.1.1 The controlling shareholder or actual controller of a listed company shall have good faith, exercise rights in a standardized manner, strictly perform the undertaking, and protect the common interests of the listed company and all its shareholders. | | 4.1.1 上市公司控股股东、实际控制人应当诚实守信，规范行使权利，严格履行承诺，维护上市公司和全体股东的共同利益。 |
| The controlling shareholder or actual controller shall perform the information disclosure obligation and guarantee that the information is disclosed in a truthful, accurate, complete, timely, and fair manner, and contains no false records, misleading statements, or material omissions. | | 控股股东、实际控制人应当履行信息披露义务，并保证披露信息的真实、准确、完整、及时、公平，不得有虚假记载、误导性陈述或者重大遗漏。 |
| 4.1.2 The controlling shareholder or actual controller of a listed company shall officially sign and submit to the SSE the Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller before the initial listing of the company's stock or within one month after the completion of the change in control. Any major change in the matters in the statement shall be updated and submitted within five trading days. | | 4.1.2 上市公司控股股东、实际控制人应当在公司股票首次上市前或者控制权变更完成后1个月内，正式签署并向本所提交《控股股东、实际控制人声明及承诺书》。声明事项发生重大变化的，应当在5个交易日内更新并提交。 |
| The Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller shall be signed in the presence of a lawyer. | | 签署《控股股东、实际控制人声明及承诺书》时，应当由律师见证。 |
| 4.1.3 The controlling shareholder or actual controller of a listed company shall maintain the independence of the listed company and exercise rights according to the decision-making procedures of the listed company. | | 4.1.3 上市公司控股股东、实际控制人应当维护上市公司独立性，按照上市公司的决策程序行使权利。 |
| The controlling shareholder or actual controller and its affiliates shall not violate any law, regulation, or the company's bylaws, directly or indirectly interfere with the company's decision-making and business activities, or damage the lawful rights and interests of the company and other shareholders. | | 控股股东、实际控制人及其关联方不得违反法律法规和公司章程，直接或间接干预公司决策和经营活动，损害公司及其他股东合法权益。 |
| 4.1.4 The controlling shareholder or actual controller of a listed company shall not damage the interests of the listed company, infringe upon the property rights of the listed company, or seek business opportunities of the listed company through affiliated transactions, capital occupation, provision of guarantees, profit distribution, asset restructuring, external investment, and other methods. | | 4.1.4 上市公司控股股东、实际控制人不得通过关联交易、资金占用、担保、利润分配、资产重组、对外投资等方式损害上市公司利益，侵害上市公司财产权利，谋取上市公司商业机会。 |
| 4.1.5 The controlling shareholder or actual controller of a listed company shall actively cooperate with the listed company in fulfilling its information disclosure obligation and shall not require or assist the listed company's concealment of important information. | | 4.1.5 上市公司控股股东、实际控制人应当积极配合上市公司履行信息披露义务，不得要求或者协助上市公司隐瞒重要信息。 |
| Upon the receipt of an inquiry from the company, the controlling shareholder or actual controller shall promptly obtain the relevant information and give a reply, and guarantee that the content of the reply is true, accurate, and complete. | | 上市公司控股股东、实际控制人收到公司问询的，应当及时了解情况并回复，保证回复内容真实、准确和完整。 |
| 4.1.6 A listed company shall determine the ownership of control in an objective and prudential manner based on its equity structure, the appointment and removal of directors and officers, and other internal governance information. The listed company is controlled by any party that: | | 4.1.6 上市公司应当根据股权结构、董事和高级管理人员的提名任免以及其他内部治理情况，客观、审慎地认定控制权归属。具有下列情形之一的，构成控制： |
| (1) holds 50% or more of shares of the listed company, unless there is any contrary evidence; | | （一）持有上市公司50%以上的股份，但是有相反证据的除外； |
| (2) actually controls 30% or more of voting rights of shares of the listed company; | | （二）实际支配上市公司股份表决权超过30%； |
| (3) is able to decide on the appointment and removal of a majority of members of the board of directors by actually controlling the voting rights of shares of the listed company; | | （三）通过实际支配上市公司股份表决权能够决定董事会半数以上成员的任免； |
| (4) has voting rights of shares of the listed company under its actual control, which are sufficient to have a significant impact on the resolutions of the shareholders' meeting; | | （四）依其可实际支配的上市公司股份表决权足以对公司股东大会的决议产生重大影响； |
| (5) is able to actually control or determine major business decisions, the appointment of important personnel, and other matters of the listed company; or | | （五）可以实际支配或者决定上市公司的重大经营决策、重要人事任命等事项； |
| (6) falls under any other circumstance determined by the CSRC and the SSE. | | （六）中国证监会和本所认定的其他情形。 |
| If a concerted action agreement is signed to jointly control a listed company, the joint control arrangement and removal mechanism shall be specified in the agreement. | | 签署一致行动协议共同控制上市公司的，应当在协议中明确共同控制安排及解除机制。 |
| 4.1.7 Where the controlling shareholder or actual controller of a listed company transfers the control thereof, it shall guarantee fairness and reasonableness and shall not damage the lawful rights and interests of the listed company and other shareholders. | | 4.1.7 上市公司控股股东、实际控制人转让控制权的，应当保证公平合理，不得损害上市公司和其他股东的合法权益。 |
| If the controlling shareholder or actual controller falls under any of the following circumstances before the transfer of control, it shall be resolved: | | 控股股东、实际控制人转让控制权前存在下列情形的，应当予以解决： |
| (1) Occupying funds of the listed company in violation of any provision. | | （一）违规占用上市公司资金； |
| (2) Failing to pay off debts of the listed company or remove the guarantee provided by the listed company to it. | | （二）未清偿对上市公司债务或者未解除上市公司为其提供的担保； |
| (3) Failing to perform the undertaking to the listed company or other shareholders. | | （三）对上市公司或者其他股东的承诺未履行完毕； |
| (4) Other matters that have a material adverse impact on the interests of the listed company or its minority shareholders. | | （四）对上市公司或者中小股东利益存在重大不利影响的其他事项。 |
| 4.1.8 A contractual fund, trust plan, or asset management plan that holds 5% or more of shares of a listed company shall disclose in the equity change document the party holding voting rights of controlling shares, and whether the entity has affiliation with the controlling shareholder or actual controller of the listed company. | | 4.1.8 持有上市公司5%以上股份的契约型基金、信托计划或资产管理计划，应当在权益变动文件中披露支配股份表决权的主体，以及该主体与上市公司控股股东、实际控制人是否存在关联关系。 |
| If a contractual fund, trust plan, or asset management plan becomes the controlling shareholder, the largest shareholder, or actual controller of a listed company, in addition that the obligations prescribed in the preceding paragraph shall be fulfilled, relevant information shall be disclosed to final investors in the equity change document. | | 契约型基金、信托计划或资产管理计划成为上市公司控股股东、第一大股东或者实际控制人的，除应当履行前款规定义务外，还应当在权益变动文件中穿透披露至最终投资者。 |
| 4.1.9 The controlling shareholder or actual controller of a listed company shall strictly perform its undertaking and disclose the performance of its undertaking. If an undertaking cannot be performed on time or the performance of the undertaking is adverse to the protection of the company's rights and interests, the party that has made the undertaking shall immediately inform the listed company, and propose and disclose effective solutions thereto. | | 4.1.9 上市公司控股股东、实际控制人应当严格履行承诺，并披露承诺履行情况。承诺事项无法按期履行或者履行承诺将不利于维护公司权益的，承诺方应当立即告知上市公司，提出有效的解决措施，并予以披露。 |
| If the controlling shareholder or actual controller intends to change the undertaking, it shall perform corresponding decision-making procedures in accordance with the relevant rules of the CSRC and the SSE. | | 控股股东、实际控制人拟变更承诺的，应当按照中国证监会和本所有关规定履行相应决策程序。 |
| Section 2 Directors, Supervisors, and Officers | | 第二节 董事、监事和高级管理人员 |
| 4.2.1 The directors, supervisors, and officers of a listed company shall fulfill their obligations of loyalty and diligence, strictly perform their undertakings, and protect the interests of the listed company and all its shareholders. | | 4.2.1 上市公司董事、监事和高级管理人员应当履行忠实、勤勉义务，严格遵守承诺，维护上市公司和全体股东利益。 |
| An independent director shall play the role of participating in decision-making, conducting supervision, checks and balances, and providing professional advice in the board of directors. | | 独立董事应当在董事会中发挥参与决策、监督制衡、专业咨询作用。 |
| 4.2.2 The directors, supervisors, and officers of a listed company shall, before the IPO of the company's stock, and new directors, supervisors, and officers shall, within one month after holding the position, sign and submit the Statements and Letter of Undertakings of Directors (Supervisors, and Officers) to the SSE. In the case of any significant change in the statements (except the holding of shares of the company), directors, supervisors, and officers shall update and submit the statements within five trading days. | | 4.2.2 上市公司董事、监事和高级管理人员应当在公司股票首次上市前，新任董事、监事和高级管理人员应当在任职后1个月内，签署并向本所提交《董事（监事、高级管理人员）声明及承诺书》。声明事项发生重大变化的（持有本公司股票的情况除外），董事、监事和高级管理人员应当在5个交易日内更新并提交。 |
| The Statements and Letter of Undertakings of Directors (Supervisors, and Officers) shall be signed in the presence of a lawyer. | | 签署《董事（监事、高级管理人员）声明及承诺书》时，应当由律师见证。 |
| 4.2.3 A director of a listed company shall fulfill the following obligations of loyalty to protect the interests of the listed company: | | 4.2.3 上市公司董事应当履行以下忠实义务，维护上市公司利益： |
| (1) Protecting the interests of the listed company and all its shareholders, and shall not damage the interests of the listed company for the interest of the actual controller, shareholders, employees, himself or herself, or any other third party. | | （一）维护上市公司及全体股东利益，不得为实际控制人、股东、员工、本人或者其他第三方的利益损害上市公司利益； |
| (2) Without the consent of the shareholders' meeting, the director shall not seek business opportunities belonging to the listed company for himself or herself and his or her close relative, and shall not engage in any business of the same type as that of the listed company or entrust any other person to do so. | | （二）未经股东大会同意，不得为本人及其近亲属谋取属于上市公司的商业机会，不得自营、委托他人经营上市公司同类业务； |
| (3) Keeping confidential trade secrets, shall not divulge material information that has not been disclosed, shall not use insider information to obtain illegal benefits, and shall fulfill the non-competition obligation agreed with the company after leaving office. | | （三）保守商业秘密，不得泄露尚未披露的重大信息，不得利用内幕信息获取不法利益，离职后履行与公司约定的竞业禁止义务； |
| (4) Fulfilling other loyalty obligations prescribed by laws and regulations, these Rules, other rules of the SSE, and bylaws of the company. | | （四）法律法规、本规则以及本所其他规定、公司章程规定的其他忠实义务。 |
| 4.2.4 The director of a listed company shall fulfill the following diligence obligations and shall not be slack in the performance of duties: | | 4.2.4 上市公司董事应当履行以下勤勉义务，不得怠于履行职责： |
| (1) The director shall guarantee sufficient time and energy to participate in the affairs of the listed company and make a prudential judgment on the potential risks and benefits of the matters to be deliberated. In principle, the director shall attend the meeting of the board of directors in person. If the director authorizes any other director to attend the meeting on behalf thereof for any reason, he or she shall prudently select the trustee, specify the authorized matters and decision-making intention, and shall not entrust any other person without restriction. | | （一）保证有足够的时间和精力参与上市公司事务，审慎判断审议事项可能产生的风险和收益；原则上应当亲自出席董事会会议，因故授权其他董事代为出席的，应当审慎选择受托人，授权事项和决策意向应当具体明确，不得全权委托； |
| (2) Paying attention to such matters as the company's operating status, promptly reporting relevant issues and risks to the board of directors, and shall not claim the exemption from liability on the ground that he or she is unfamiliar with the company's business or is unaware of relevant matters. | | （二）关注公司经营状况等事项，及时向董事会报告相关问题和风险，不得以对公司业务不熟悉或者对相关事项不了解为由主张免除责任； |
| (3) Actively promoting the company's compliant operation, urging the company to fulfill its information disclosure obligation, promptly correcting and reporting the company's regulatory violation, and supporting the company's fulfillment of social responsibilities. | | （三）积极推动公司规范运行，督促公司履行信息披露义务，及时纠正和报告公司的违规行为，支持公司履行社会责任； |
| (4) Fulfilling other diligence obligations prescribed by laws and regulations, these Rules, other rules of the SSE, and bylaws of the company. | | （四）法律法规、本规则以及本所其他规定、公司章程规定的其他勤勉义务。 |
| 4.2.5 A director's term of office shall not exceed three years and the director may be eligible for re-election upon expiry. Directors shall be elected or replaced at a shareholders' meeting, and the shareholders' meeting may remove the director from his or her office before the expiration of the term of office. | | 4.2.5 董事每届任期不得超过3年，任期届满可连选连任。董事由股东大会选举和更换，并可在任期届满前由股东大会解除其职务。 |
| Supervisors and officers of a listed company shall fulfill the obligations of loyalty and diligence by reference to the provisions of Articles 4.2.3 and 4.2.4. | | 上市公司监事和高级管理人员应当参照第4.2.3条和第4.2.4条的规定，履行忠实和勤勉义务。 |
| 4.2.6 A listed company shall, at the latest when issuing a notice of convening the shareholders' meeting for the election of independent directors, file with the SSE all the relevant materials of independent director candidates (including but not limited to the nominees' statements and undertakings, the candidates' statements and undertakings, and the candidates' curricula vitae), and guarantee that the submitted materials are true, accurate, and complete. The nominator shall undertake in the statement and undertaking that the nominee has no interest relations with him or her or does not fall under any other circumstance that may affect the nominee's independent performance of duties. | | 4.2.6 上市公司最迟应当在发布召开关于选举独立董事的股东大会通知时，将所有独立董事候选人的有关材料（包括但不限于提名人声明与承诺、候选人声明与承诺、独立董事履历表）报送本所，并保证报送材料的真实、准确、完整。提名人应当在声明与承诺中承诺，被提名人与其不存在利害关系或者其他可能影响被提名人独立履职的情形。 |
| If the board of directors of the listed company has any objection to the information of any independent director candidate, the company shall submit a written opinion of its board of directors at the same time. | | 公司董事会对独立董事候选人的有关情况有异议的，应当同时报送董事会的书面意见。 |
| When a shareholders' meeting is held to elect independent directors, the board of directors of the company shall explain whether the SSE has any objection to any independent director candidate. For any independent director candidate to whom the SSE has any objection, the company shall not submit the materials of the candidate to the shareholders' meeting for election. | | 在召开股东大会选举独立董事时，公司董事会应当对独立董事候选人是否被本所提出异议的情况进行说明。对于本所提出异议的独立董事候选人，公司不得提交股东大会选举。 |
| 4.2.7 An independent director shall perform the following duties: | | 4.2.7 独立董事履行下列职责： |
| (1) Participating in the decision-making of the board of directors and offering specific opinions on the deliberated matters. | | （一）参与董事会决策并对所议事项发表明确意见； |
| (2) Supervising issues concerning potential material conflicts of interest between the listed company and its controlling shareholder, actual controller, directors, and officers, urging the board of directors to make decisions in line with the overall interests of the company, and protecting the lawful rights and interests of minority shareholders in accordance with the relevant provisions of the Measures for the Administration of Independent Directors of Listed Companies. | | （二）按照《上市公司独立董事管理办法》的有关规定，对上市公司与其控股股东、实际控制人、董事、高级管理人员之间的潜在重大利益冲突事项进行监督，促使董事会决策符合公司整体利益，保护中小股东的合法权益； |
| (3) Providing professional and objective recommendations on the business development of the listed company and promoting the enhancement of the decision-making capacity of the board of directors. | | （三）对上市公司经营发展提供专业、客观的建议，促进提升董事会决策水平； |
| (4) Performing other duties prescribed by laws and regulations, relevant rules of the SSE, and bylaws of the company. | | （四）法律法规、本所相关规定及公司章程规定的其他职责。 |
| An independent director shall perform his or her duties in an independent and impartial manner, and shall not be affected by the listed company, or any of its principal shareholders, actual controller, or any other entity or individual. | | 独立董事应当独立、公正地履行职责，不受上市公司及其主要股东、实际控制人等单位或个人的影响。 |
| 4.2.8 Independent directors may exercise the following special functions and powers: | | 4.2.8 独立董事行使下列特别职权： |
| (1) Independently engaging intermediaries to audit, consult, or inspect specific matters of the listed company. | | （一）独立聘请中介机构，对上市公司具体事项进行审计、咨询或核查； |
| (2) Proposing the convening of a special shareholders' meeting to the board of directors. | | （二）向董事会提议召开临时股东大会； |
| (3) Proposing the convening of a meeting of the board of directors. | | （三）提议召开董事会； |
| (4) Publicly soliciting shareholders' rights from shareholders in accordance with the law. | | （四）依法公开向股东征集股东权利； |
| (5) Giving independent opinions on matters that may damage the rights and interests of the listed company or minority shareholders. | | （五）对可能损害上市公司或者中小股东权益的事项发表独立意见； |
| (6) Exercising other functions and powers prescribed by laws, regulations, relevant rules of the SSE, and bylaws of the company. | | （六）法律法规、本所相关规定及公司章程规定的其他职权。 |
| An independent director's exercise of functions and powers specified in subparagraphs (1) through (3) of the preceding paragraph shall be subject to the consent of a majority of all independent directors. | | 独立董事行使前款第一项至第三项职权的，应当经全体独立董事过半数同意。 |
| If an independent director exercises the functions and powers specified in paragraph 1 of this article, the listed company shall promptly make a disclosure. If the listed company is unable to normally exercise the aforesaid functions and powers, it shall disclose the specific circumstances and reasons therefor. | | 独立董事行使本条第一款所列职权的，上市公司应当及时披露。上述职权不能正常行使的，上市公司应当披露具体情况和理由。 |
| 4.2.9 The following matters shall be submitted to the board of directors for deliberation with the consent of a majority of all the independent directors of a listed company: | | 4.2.9 下列事项应当经上市公司全体独立董事过半数同意后，提交董事会审议： |
| (1) Affiliated transactions that shall be disclosed. | | （一）应当披露的关联交易； |
| (2) The plans of the listed company and the relevant parties for the modification or waiver of their undertakings. | | （二）上市公司及相关方变更或者豁免承诺的方案； |
| (3) The decisions made and measures taken by the board of directors of the target listed company regarding the acquisition. | | （三）被收购上市公司董事会针对收购所作出的决策及采取的措施； |
| (4) Other matters prescribed by laws and regulations, relevant rules of the SSE, and bylaws of the company. | | （四）法律法规、本所相关规定及公司章程规定的其他事项。 |
| 4.2.10 A listed company shall establish a special meeting system for independent directors, convene meetings attended solely by independent directors on a periodical or unscheduled basis to deliberate on relevant matters specified in subparagraphs (1) through (3), paragraph 1 of Article 4.2.8, and Article 4.2.9 of these Rules. | | 4.2.10 上市公司应当建立独立董事专门会议制度，定期或者不定期召开全部由独立董事参加的会议，对本规则第4.2.8条第一款第一项至第三项和第4.2.9条规定的相关事项进行审议。 |
| The special meetings of independent directors may study and discuss other matters of a listed company if necessary. | | 独立董事专门会议可以根据需要研究讨论上市公司其他事项。 |
| The special meetings of independent directors shall be convened and presided over by an independent director jointly elected by a majority of the independent directors. If the convener fails to or is unable to perform his or her duties, two or more independent directors may, on their initiative, convene a meeting and elect a representative to preside over the meeting. | | 独立董事专门会议应当由过半数独立董事共同推举一名独立董事召集和主持独立；召集人不履职或者不能履职时，两名及以上独立董事可以自行召集并推举一名代表主持。 |
| The listed company shall facilitate and support the convening of special meetings of independent directors. | | 上市公司应当为独立董事专门会议召开提供便利和支持。 |
| 4.2.11 In the case of any change in the shareholding of a director, supervisor, officer, or core technician of a listed company, he or she shall report to the company within two trading days and the company shall make an announcement thereon on the website of the SSE. | | 4.2.11 上市公司董事、监事、高级管理人员和核心技术人员所持公司股份发生变动的，应当在2个交易日内向公司报告并由公司在本所网站公告。 |
| 4.2.12 A listed company shall set the secretary of the board of directors to be responsible for the company's information disclosure affairs. | | 4.2.12 上市公司应当设立董事会秘书，负责公司的信息披露事务。 |
| The secretary of the board of directors of a listed company shall be an officer and have corresponding office conditions and qualifications to perform his or her duties in an honest and diligent manner. | | 上市公司董事会秘书为高级管理人员，应当具备相应任职条件和资格，忠实、勤勉履行职责。 |
| During the vacancy of the secretary of the board of directors, the listed company shall promptly designate a director or officer to perform the duties of the secretary of the board of directors on behalf thereof. If the position is vacant for over three months, the legal representative of the company shall perform the duties of the secretary of the board of directors on behalf thereof. | | 董事会秘书空缺期间，上市公司应当及时指定一名董事或者高级管理人员代行董事会秘书职责。空缺超过3个月的，公司法定代表人应当代行董事会秘书职责。 |
| 4.2.13 A listed company shall provide conveniences for the secretary of the board of directors to perform his or her duties. Directors, supervisors, other officers, and relevant staff members shall cooperate in the work of the secretary of the board of directors. | | 4.2.13 上市公司应当为董事会秘书履行职责提供便利条件，董事、监事、其他高级管理人员和相关工作人员应当配合董事会秘书的工作。 |
| The secretary of the board of directors has the right to know the company's operation and financial situation, attend relevant meetings, consult relevant documents, and request relevant departments and personnel to provide materials and information. | | 董事会秘书有权了解公司的经营和财务情况，参加有关会议，查阅相关文件，要求有关部门和人员提供资料和信息。 |
| The listed company shall dismiss the secretary of the board of directors based on sufficient grounds and shall not dismiss the secretary without any reason. | | 上市公司解聘董事会秘书应当有充分的理由，不得无故解聘。 |
| 4.2.14 A listed company shall have a securities affairs representative to assist the secretary of the board of directors in performing his or her duties. When the secretary of the board of directors is unable to perform his or her duties or as authorized by the secretary of the board of directors, the securities affairs representative shall perform his or her duties on behalf of the secretary. During this period, the responsibility of the secretary of the board of directors for the disclosure of the company's information shall not be exempted. | | 4.2.14 上市公司应当设立证券事务代表，协助董事会秘书履行职责。董事会秘书不能履行职责或董事会秘书授权时，证券事务代表应当代为履行职责。在此期间，并不当然免除董事会秘书对公司信息披露所负有的责任。 |
| 4.2.15 After the board of directors of a listed company appoints the secretary of the board of directors and a securities affairs representative, the company shall promptly make an announcement thereon and submit the following materials to the SSE: | | 4.2.15 上市公司董事会聘任董事会秘书和证券事务代表后，应当及时公告并向本所提交下述资料： |
| (1) The letter of appointment of the secretary of the board of directors and the securities affairs representative or relevant resolutions of the board of directors. | | （一）董事会秘书、证券事务代表聘任书或者相关董事会决议； |
| (2) The contact information of the secretary of the board of directors and the securities affairs representative, including but not limited to office telephone number, home telephone number, mobile phone number, fax number, mailing address, and special e-mail address. | | （二）董事会秘书、证券事务代表的通讯方式，包括办公电话、住宅电话、移动电话、传真、通信地址及专用电子邮箱地址等。 |
| The SSE shall accept the handling of information disclosure and equity management affairs by the secretary of the board of directors, the person who performs the duties of the secretary of the board of directors on behalf thereof, or the securities affairs representative in the name of the listed company. | | 本所接受董事会秘书、代行董事会秘书职责的人员或者证券事务代表以上市公司名义办理的信息披露与股权管理事务。 |
| Section 3 Compliant Operation | | 第三节 规范运行 |
| 4.3.1 A listed company shall actively give returns to shareholders, and develop and implement shareholder return policies such as those on the distribution of cash dividends and repurchase of shares according to its conditions and development stage. | | 4.3.1 上市公司应当积极回报股东，根据自身条件和发展阶段，制定并执行现金分红、股份回购等股东回报政策。 |
| A company shall determine the frequency of distribution of dividends by comprehensively considering undistributed profits, current performance, and other factors, and increase the frequency of distribution of dividends where conditions are met. If interim dividends are distributed, current profits shall be reasonably considered based on audited undistributed profits of the last period to stabilize shareholders' expectations. | | 公司应当综合考虑未分配利润、当期业绩等因素确定分红频次，并在具备条件的情况下增加分红频次。实施中期分红的，在最近一期经审计未分配利润基准上，合理考虑当期利润情况，稳定股东预期。 |
| If a listed company evidently meets the conditions for the distribution of cash dividends but fails to distribute cash dividends, the SSE may require its board of directors, controlling shareholder, or actual controller to explain the reasons therefor to investors in such forms as investor briefings and announcements. | | 上市公司明显具备条件但未进行现金分红的，本所可以要求董事会、控股股东及实际控制人通过投资者说明会、公告等形式向投资者说明原因。 |
| 4.3.2 A listed company shall establish internal control rules to ensure the integrity and effectiveness of its internal control, the reliability of its financial reports, and its compliant operation, protect its assets, and enhance its operating efficiency. | | 4.3.2 上市公司应当建立内部控制制度，保证内部控制完整有效，保证财务报告的可靠性，保障公司规范运行，保护公司资产，提升经营效率。 |
| 4.3.3 A listed company shall establish a reasonable and effective performance evaluation system and an incentive and restraint mechanism. | | 4.3.3 上市公司应当建立合理有效的绩效评价体系以及激励约束机制。 |
| The incentive and restraint mechanism of the listed company shall serve the company's strategic objectives and sustainable development, be linked to the company's performance and individual performance, maintain the stability of officers and core employees, and shall not damage the interests of the company and its shareholders. | | 上市公司激励约束机制应当服务于公司战略目标和持续发展，与公司绩效、个人业绩相联系，保持高级管理人员和核心员工的稳定，不得损害公司及股东利益。 |
| 4.3.4 A listed company shall establish and improve rules for the shareholders' meeting, the board of directors, the board of supervisors, and the management, establish complete rules for independent directors, and form a decision-making mechanism featuring clear powers and responsibilities and effective checks and balances. | | 4.3.4 上市公司应当建立健全股东大会、董事会、监事会和经理层制度，建立完善独立董事制度，形成权责分明、有效制衡的决策机制。 |
| 4.3.5 A listed company shall prescribe in its bylaws the procedures for the convening of and voting at the shareholders' meeting, develop rules of procedure for the shareholders' meeting, and include such rules in or attach such rules as an annex to its bylaws. | | 4.3.5 上市公司应当在公司章程中规定股东大会的召集、召开和表决等程序，制定股东大会议事规则，并列入公司章程或者作为章程附件。 |
| Shareholders' meeting shall be convened at a meeting place in the form of an on-site meeting. The time and place of an on-site meeting shall be selected to make it convenient for shareholders' attendance. The venue of the on-site meeting shall not be changed without any justified reason once the notice on convening the meeting is issued. If it is indeed necessary to change the place of the meeting, the convener shall announce and explain the reasons therefor at least two trading days before the date when the on-site meeting convenes. A listed company shall open the channel of online voting to make it convenient for shareholders to attend the shareholders' meeting. Shareholders attending the shareholders' meeting through the aforesaid means shall be deemed as present. | | 股东大会应当设置会场，以现场会议形式召开。现场会议时间、地点的选择应当便于股东参加。发出股东大会通知后，无正当理由，股东大会现场会议召开地点不得变更。确需变更的，召集人应当在现场会议召开日前至少2个交易日公告并说明原因。上市公司应当提供网络投票方式为股东参加股东大会提供便利。股东通过上述方式参加股东大会的，视为出席。 |
| The listed company shall guarantee shareholders' right to vote in such forms as cumulative voting and collection of votes in accordance with the relevant rules. | | 上市公司应当根据相关规则采用累积投票、征集投票等方式，保障股东表决权。 |
| 4.3.6 A listed company shall convene shareholders' meetings in accordance with laws, regulations, and the company's bylaws to ensure that shareholders exercise their rights in accordance with the law. If a shareholders' meeting cannot be convened within a prescribed time limit, the reasons therefor and the follow-up plan shall be disclosed before the expiration of the time limit. | | 4.3.6 上市公司应当依据法律法规和公司章程召开股东大会，保证股东依法行使权利。规定期限内不能召开股东大会的，应当在期限届满前披露原因及后续方案。 |
| If shareholders propose the convening of a shareholders' meeting in a written form, the board of directors of the company shall give a written reply on whether to agree to convene the shareholders' meeting within the prescribed time limit and shall not delay the convening without any reason. If shareholders convene the shareholders' meeting in accordance with the law, the board of directors of the company and the secretary of the board of directors shall cooperate and promptly fulfill their information disclosure obligations. | | 股东书面提议召开股东大会的，公司董事会应当在规定期限内书面反馈是否同意召开股东大会，不得无故拖延。股东依法自行召集股东大会的，公司董事会和董事会秘书应当予以配合，并及时履行信息披露义务。 |
| The listed company shall, in accordance with laws and regulations and the company's bylaws, issue a notice of the shareholders' meeting, and promptly disclose other materials required for shareholders to make decisions. | | 上市公司应当依据法律法规、公司章程，发出股东大会通知，及时披露股东决策所需的其他资料。 |
| 4.3.7 When a listed company convenes a shareholders' meeting, it shall appoint a law firm to issue a legal opinion on matters such as the procedures for convening the shareholders' meeting, the eligibility of attendees, the eligibility of the convener, voting procedures, and voting results, and disclose such an opinion together with the resolution of the shareholders' meeting. | | 4.3.7 上市公司召开股东大会，应当聘请律师事务所对股东大会的召集、召开程序、出席会议人员的资格、召集人资格、表决程序及表决结果等事项出具法律意见书，并与股东大会决议一并披露。 |
| 4.3.8 A listed company shall promptly disclose an announcement on the resolution of the shareholders' meeting according to the format and content requirements prescribed by the SSE after the end of its shareholders' meeting. | | 4.3.8 上市公司应当在股东大会结束后，按照本所规定的格式和内容要求，及时披露股东大会决议公告。 |
| 4.3.9 The board of directors shall guarantee the operation of the listed company in accordance with laws and regulations, the fair treatment of all shareholders, and the protection of the lawful rights and interests of other parties of interest by the company. | | 4.3.9 董事会应当确保上市公司依法合规运作，公平对待所有股东，并维护其他利益相关者的合法权益。 |
| The number and composition of the board of directors shall comply with the requirements of laws and regulations, and the members of the board of directors shall have the knowledge, skills, and competence necessary for their performance of duties. | | 董事会的人数及人员构成应当符合法律法规的要求，董事会成员应当具备履行职责所必需的知识、技能和素质。 |
| 4.3.10 A listed company shall develop rules of procedure for its board of directors and include such rules in or attach such rules as an annex to its bylaws, report such rules to the shareholders' meeting for approval and ensure the effective performance of duties by the board of directors. | | 4.3.10 上市公司应当制定董事会议事规则，并列入公司章程或者作为章程附件，报股东大会批准，确保董事会有效履行职责。 |
| If a resolution of the board of directors involves matters that shall be disclosed, the listed company shall state the result of the deliberation of the board of directors in the announcement on relevant matters; if any director votes against the resolution or abstains from voting, the reason therefor shall be disclosed. | | 董事会决议涉及应当披露事项的，上市公司应当在相关事项公告中说明董事会审议情况；董事反对或弃权的，应当披露反对或弃权理由。 |
| 4.3.11 A listed company shall establish an audit committee under the board of directors. The company may establish strategy, nomination, remuneration and assessment, and other special committees in the board of directors, which shall perform their duties in accordance with the company's bylaws and the authorization of the board of directors. | | 4.3.11 上市公司应当在董事会中设置审计委员会。公司可以在董事会中设置战略、提名、薪酬与考核等专门委员会，按照公司章程和董事会授权履行职责。 |
| All members of special committees shall be directors; in particular, independent directors in the audit, nomination, and remuneration and assessment committees shall account for a majority and serve as the convener. Members of the audit committee shall be directors not serving as officers in a listed company and the convener of the audit committee shall be an accounting professional. | | 专门委员会成员全部由董事组成，其中审计委员会、提名委员会、薪酬与考核委员会中独立董事应当过半数并担任召集人；审计委员会成员应当为不在上市公司担任高级管理人员的董事，召集人应当为会计专业人士。 |
| The audit committee shall be responsible for reviewing the financial information of the company and the disclosure thereof, supervising and assessing the internal and external audits and internal control. The following matters shall be submitted to the board of directors for deliberation with the consent of a majority of all members of the audit committee: | | 审计委员会负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制，下列事项应当经审计委员会全体成员过半数同意后，提交董事会审议： |
| (1) Disclosure of financial accounting reports, financial information in periodical reports, and internal control evaluation reports. | | （一）披露财务会计报告及定期报告中的财务信息、内部控制评价报告； |
| (2) Appointment or dismissal of the accounting firm providing audit service for the listed company. | | （二）聘用、解聘承办上市公司审计业务的会计师事务所； |
| (3) Appointment or dismissal of the person in charge of financial affairs of the listed company. | | （三）聘任或者解聘上市公司财务负责人； |
| (4) Modification of accounting policies or accounting estimates, or correction of material accounting errors due to reasons other than changes in accounting standards. | | （四）因会计准则变更以外的原因作出会计政策、会计估计变更或者重大会计差错更正； |
| (5) Other matters prescribed by laws, regulations, relevant rules of the SSE, and bylaws of the company. | | （五）法律法规、本所相关规定及公司章程规定的其他事项。 |
| The nomination committee and remuneration and assessment committee shall perform their duties in accordance with laws and regulations, relevant rules of the SSE, bylaws of the company, and the provisions of the board of directors, and offer recommendations on relevant matters to the board of directors. If the board of directors fails to adopt or fully adopt the relevant recommendations, it shall record the relevant opinions and the specific reasons for its non-adoption in the resolution of the board of directors and disclose them. | | 提名委员会、薪酬与考核委员会应当按照法律法规、本所相关规定、公司章程和董事会的规定履行职责，就相关事项向董事会提出建议。董事会对相关建议未采纳或者未完全采纳的，应当在董事会决议中记载相关意见及未采纳的具体理由，并进行披露。 |
| 4.3.12 The board of supervisors shall inspect the financial status of the listed company, supervise the compliant operation of the listed company and the performance of duties by its directors and officers. | | 4.3.12 监事会应当检查上市公司财务状况，监督上市公司规范运作和董事、高级管理人员履行职责情况。 |
| The number and composition of the members of the board of supervisors shall ensure that the board of directors is able to perform its duties in an independent and effective manner. Supervisors shall be able to perform their duties. No director or officer of the listed company may concurrently serve as a supervisor. | | 监事会的人员和结构应当确保能够独立有效地履行职责。监事应当具备履职能力。上市公司董事、高级管理人员不得兼任监事。 |
| 4.3.13 Where the board of supervisors of a listed company finds that any director or officer violates any law or regulation, these Rules, relevant rules of the SSE, or the company's bylaws, it shall notify the board of directors or report to the shareholders' meeting, and promptly make a disclosure. | | 4.3.13 上市公司监事会发现董事、高级管理人员违反法律法规、本规则和本所有关规定、公司章程的，应当向董事会通报或者向股东大会报告，并及时披露。 |
| 4.3.14 A listed company shall develop rules of procedure for its board of supervisors and include such rules in or attach such rules as an annex to its bylaws, report such rules to the shareholders' meeting for approval, and ensure the effective performance of duties by the board of supervisors. | | 4.3.14 上市公司应当制定监事会议事规则，并列入公司章程或者作为章程附件，报股东大会批准，确保监事会有效履行职责。 |
| A listed company shall disclose an announcement on the resolution of the board of supervisors; if a supervisor votes against the resolution or abstains from voting, the reason therefor shall be disclosed. | | 上市公司应当披露监事会决议公告；监事反对或弃权的，应当披露反对或弃权理由。 |
| 4.3.15 A listed company shall appoint an accounting firm qualified for providing securities- and futures-related services to provide accounting statement auditing, capital verification, and other related services. | | 4.3.15 上市公司应当聘请具有执行证券、期货相关业务资格的会计师事务所，为其提供会计报表审计、验资及其他相关服务。 |
| The company's appointment or dismissal of an accounting firm shall be decided by the shareholders' meeting. The board of directors shall not entrust an accounting firm before a decision is made at the shareholders' meeting. | | 公司聘请或者解聘会计师事务所应当由股东大会决定，董事会不得在股东大会决定前委任会计师事务所。 |
| When the dismissal of the accounting firm is voted on at the shareholders' meeting, the accounting firm may state its opinions. | | 公司股东大会就解聘会计师事务所进行表决时，会计师事务所可以陈述意见。 |
| 4.3.16 Where the shareholders' meeting or the meeting of the board of directors or the board of supervisors cannot be convened normally, or there is any dispute over the validity of the resolution, the listed company shall promptly disclose relevant matters, the claims of the parties to the dispute, the status quo of the company, and other information, which are conducive to investors' understanding of the actual situation of the company. | | 4.3.16 股东大会、董事会或者监事会不能正常召开，或者决议效力存在争议的，上市公司应当及时披露相关事项、争议各方的主张、公司现状等有助于投资者了解公司实际情况的信息。 |
| Under any circumstance prescribed in the preceding paragraph, the board of directors of a listed company shall maintain the normal production and operation order of the company, protect the interests of the company and all its shareholders, and fairly treat all shareholders. | | 出现前款规定情形的，上市公司董事会应当维护公司正常生产经营秩序，保护公司及全体股东利益，公平对待所有股东。 |
| 4.3.17 A controlled subsidiary of a listed company shall not acquire shares issued by the said listed company. The situation concerning a subsidiary's holding of shares in the listed company for any special reason shall be legally eliminated within one year. The relevant subsidiary shall not exercise the voting rights corresponding to the shares held before the elimination of the aforesaid circumstances. | | 4.3.17 上市公司控股子公司不得取得该上市公司发行的股份。确因特殊原因持有股份的，应当在一年内依法消除该情形。前述情形消除前，相关子公司不得行使所持股份对应的表决权。 |
| Section 4 Social Responsibilities | | 第四节 社会责任 |
| 4.4.1 A listed company shall actively undertake social responsibilities, safeguard public interest, and disclose information on the fulfillment of its social responsibilities such as environmental protection, guarantee of product safety, and the protection of lawful rights and interests of employees and other parties of interest. | | 4.4.1 上市公司应当积极承担社会责任，维护社会公共利益，并披露保护环境、保障产品安全、维护员工与其他利益相关者合法权益等履行社会责任的情况。 |
| A listed company shall disclose the information on the performance of its social responsibilities in its annual report, and prepare and disclose social responsibility reports, sustainable development reports, environmental responsibility reports, and other documents as the case may be. If any material matter against social responsibility occurs, the company shall fully assess its potential impact and promptly disclose relevant information, and explain the reasons and solutions therefor. | | 上市公司应当在年度报告中披露履行社会责任的情况，并视情况编制和披露社会责任报告、可持续发展报告、环境责任报告等文件。出现违背社会责任重大事项时应当充分评估潜在影响并及时披露，说明原因和解决方案。 |
| 4.4.2 A listed company shall include ecological and environmental protection requirements in its development strategy and corporate governance, and fulfill the following environmental protection responsibilities according to the characteristics of its production and operation and actual circumstances: | | 4.4.2 上市公司应当将生态环保要求融入发展战略和公司治理过程，并根据自身生产经营特点和实际情况，履行下列环境保护责任： |
| (1) Complying with laws, regulations, and industry standards governing environmental protection. | | （一）遵守环境保护法律法规与行业标准； |
| (2) Making and implementing the company's environmental protection plan. | | （二）制订执行公司环境保护计划； |
| (3) Efficiently using natural resources such as energy, water resources, and raw materials. | | （三）高效使用能源、水资源、原材料等自然资源； |
| (4) Disposing of pollutants according to relevant provisions. | | （四）合规处置污染物； |
| (5) Building and operating effective pollution prevention and control facilities. | | （五）建设运行有效的污染防治设施； |
| (6) Paying taxes and fees relating to environmental protection in full amount. | | （六）足额缴纳环境保护相关税费； |
| (7) Ensuring environmental security in the supply chain. | | （七）保障供应链环境安全； |
| (8) Other environmental protection responsibilities that shall be performed. | | （八）其他应当履行的环境保护责任事项。 |
| 4.4.3 A listed company shall perform the following production and product safety guarantee responsibilities according to its production and operation mode: | | 4.4.3 上市公司应当根据自身生产经营模式，履行下列生产及产品安全保障责任： |
| (1) Complying with laws, regulations, and industry standards governing product safety. | | （一）遵守产品安全法律法规与行业标准； |
| (2) Establishing safe and reliable production environment and process. | | （二）建立安全可靠的生产环境和生产流程； |
| (3) Establishing a product quality safety guarantee mechanism and making plans for emergency response to product safety incidents. | | （三）建立产品质量安全保障机制与产品安全事故应急方案； |
| (4) Other production and product safety responsibilities that shall be fulfilled. | | （四）其他应当履行的生产与产品安全责任。 |
| 4.4.4 A listed company shall perform the following responsibilities to protect its employees' rights and interests according to the composition of its employees: | | 4.4.4 上市公司应当根据员工构成情况，履行下列员工权益保障责任： |
| (1) Establishing management rules such as those for the employment and dismissal, remuneration and benefits, social insurance, and working hours of employees and measures for the handling of regulatory violations. | | （一）建立员工聘用解雇、薪酬福利、社会保险、工作时间等管理制度及违规处理措施； |
| (2) Creating a work environment and supporting safety measures to prevent occupational hazards. | | （二）建立防范职业性危害的工作环境与配套安全措施； |
| (3) Providing necessary knowledge and vocational skill training for its employees. | | （三）开展必要的员工知识和职业技能培训； |
| (4) Other responsibilities for protecting employees' rights and interests that shall be performed. | | （四）其他应当履行的员工权益保护责任。 |
| 4.4.5 A listed company shall make science and technology play a positive role by strictly complying with the code of ethics in science, respecting the spirit of science, and adhering to the value, social responsibilities, and code of conduct that it shall observe. | | 4.4.5 上市公司应当严格遵守科学伦理规范，尊重科学精神，恪守应有的价值观念、社会责任和行为规范，发挥科学技术的正面效应。 |
| A listed company shall avoid the research, development, and use of science and technology that endangers the natural environment, life and health, public security, and ethics, and shall not conduct research and development and business activities that infringe upon the basic rights of individuals or damage the public interest. | | 上市公司应当避免研究、开发和使用危害自然环境、生命健康、公共安全、伦理道德的科学技术，不得从事侵犯个人基本权利或者损害社会公共利益的研发和经营活动。 |
| If a listed company develops or uses innovative technologies in new fields of scientific and technological innovation such as life science, artificial intelligence, information technology, ecology and environment, and new materials, it shall follow the principles of prudence and stability and fully assess the potential impact and reliability of such technologies. | | 上市公司在生命科学、人工智能、信息技术、生态环境、新材料等科技创新领域开发或者使用创新技术的，应当遵循审慎和稳健原则， 充分评估其潜在影响及可靠性。 |
| Section 5 Differential Voting Rights Arrangement | | 第五节 表决权差异安排 |
| 4.5.1 Where a listed company has a DVR arrangement, it shall fully disclose in detail relevant circumstances, especially the information on risks and corporate governance, and take various measures to protect the lawful rights and interests of investors in accordance with the law. | | 4.5.1 上市公司具有表决权差异安排的，应当充分、详细披露相关情况特别是风险、公司治理等信息，以及依法落实保护投资者合法权益规定的各项措施。 |
| 4.5.2 Where an issuer has a DVR arrangement before its IPO and listing, the arrangement shall be adopted by two-thirds or more of voting rights held by the shareholders attending the shareholders' meeting. | | 4.5.2 发行人首次公开发行并上市前设置表决权差异安排的，应当经出席股东大会的股东所持三分之二以上的表决权通过。 |
| If the issuer has no DVR arrangement before its IPO and listing, it may not adopt such an arrangement in any form after the IPO and listing. | | 发行人在首次公开发行并上市前不具有表决权差异安排的，不得在首次公开发行并上市后以任何方式设置此类安排。 |
| 4.5.3 Shareholders holding special voting shares shall be the personnel who have made significant contributions to the development or business growth of the listed company and have continuously served as directors of the company before or after the listing of the company or shareholding entities that are actually controlled by such personnel. | | 4.5.3 持有特别表决权股份的股东应当为对上市公司发展或者业务增长等作出重大贡献，并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。 |
| The total shares of the listed company in which a shareholder holding its special voting shares has interest shall account for 10% or more of all outstanding voting shares of the company. | | 持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份10%以上。 |
| 4.5.4 The bylaws of a listed company shall specify the number of voting rights of each special voting share. | | 4.5.4 上市公司章程应当规定每份特别表决权股份的表决权数量。 |
| The number of voting rights of each special voting share shall be the same and shall not exceed 10 times the number of voting rights of each ordinary share. | | 每份特别表决权股份的表决权数量应当相同，且不得超过每份普通股份的表决权数量的10倍。 |
| 4.5.5 Except for differences in voting rights specified in a company's bylaws, shareholders holding ordinary shares shall have exactly the same rights as those holding special voting shares. | | 4.5.5 除公司章程规定的表决权差异外，普通股份与特别表决权股份具有的其他股东权利应当完全相同。 |
| 4.5.6 Upon the listing of its stock on the SSE, a listed company shall not offer special voting shares at home or abroad, or increase the ratio of special voting rights, except in connection with a proportional rights issue or transfer of shares into capital stocks. | | 4.5.6 上市公司股票在本所上市后，除同比例配股、转增股本情形外，不得在境内外发行特别表决权股份，不得提高特别表决权比例。 |
| If share repurchase or any other reason may result in the increase of the ratio of special voting rights, the listed company shall, at the same time, take such measures as converting the corresponding number of special voting shares into ordinary shares, and guarantee that the ratio of special voting rights is not higher than the existing level. | | 上市公司因股份回购等原因，可能导致特别表决权比例提高的，应当同时采取将相应数量特别表决权股份转换为普通股份等措施，保证特别表决权比例不高于原有水平。 |
| For the purposes of these Rules, the “ratio of special voting rights” means the ratio of voting rights of all special voting shares to the total number of voting rights of all outstanding voting shares of the listed company. | | 本规则所称特别表决权比例，是指全部特别表决权股份的表决权数量占上市公司全部已发行股份表决权数量的比例。 |
| 4.5.7 A listed company shall guarantee that the ratio of ordinary voting rights is not less than 10%. Shareholders who solely or aggregately hold 10% or more of the company's outstanding voting shares shall have the right to propose the convening of a special shareholders' meeting. Shareholders who solely or aggregately hold 3% or more of the company's outstanding voting shares shall have the right to offer proposals at the shareholders' meeting. | | 4.5.7 上市公司应当保证普通表决权比例不低于10%；单独或者合计持有公司10%以上已发行有表决权股份的股东有权提议召开临时股东大会；单独或者合计持有公司3%以上已发行有表决权股份的股东有权提出股东大会议案。 |
| For the purposes of these Rules, “ratio of ordinary voting rights” means the ratio of the number of voting rights of all ordinary shares to the number of voting rights of all outstanding voting shares of the listed company. | | 本规则所称普通表决权比例，是指全部普通股份的表决权数量占上市公司全部已发行股份表决权数量的比例。 |
| 4.5.8 Special voting shares may not be traded in the secondary market but may be transferred in accordance with the relevant rules of the SSE. | | 4.5.8 特别表决权股份不得在二级市场进行交易，但可以按照本所有关规定进行转让。 |
| 4.5.9 Under any of the following circumstances, special voting shares shall be converted into ordinary shares at a ratio of 1:1. | | 4.5.9 出现下列情形之一的，特别表决权股份应当按照1：1的比例转换为普通股份： |
| (1) The shareholder holding special voting shares no longer meets the eligibility and minimum shareholding requirements specified in Article 4.5.3 of these Rules, or becomes incapable of performing his or her duties, leaves office, or dies. | | （一）持有特别表决权股份的股东不再符合本规则第4.5.3条规定的资格和最低持股要求，或者丧失相应履职能力、离任、死亡； |
| (2) The shareholder who actually holds special voting shares loses actual control over the relevant shareholding entity. | | （二）实际持有特别表决权股份的股东失去对相关持股主体的实际控制； |
| (3) The shareholder holding special voting shares transfers special voting shares to any other person or entrusts any other person to exercise voting rights of special voting shares. | | （三）持有特别表决权股份的股东向他人转让所持有的特别表决权股份，或者将特别表决权股份的表决权委托他人行使； |
| (4) There is a change in the control of the company. | | （四）公司的控制权发生变更。 |
| Under the circumstance prescribed in subparagraph (4) of the preceding paragraph, all outstanding special voting shares of the listed company shall be converted into ordinary shares. | | 发生前款第四项情形的，上市公司已发行的全部特别表决权股份均应当转换为普通股份。 |
| When any of the circumstances prescribed in paragraph 1 of this article occurs, the special voting shares shall be converted into ordinary shares, the relevant shareholder shall immediately notify the listed company, and the listed company shall promptly disclose the information such as the specific circumstances, the time of occurrence of the circumstance, the number of special voting shares converted into ordinary shares, and the number of remaining special voting shares. | | 发生本条第一款情形的，特别表决权股份自相关情形发生时即转换为普通股份，相关股东应当立即通知上市公司，上市公司应当及时披露具体情形、发生时间、转换为普通股份的特别表决权股份数量、剩余特别表决权股份数量等情况。 |
| 4.5.10 When a shareholder of a listed company exercises voting rights on the following matters, the number of voting rights enjoyed by each special voting share shall be the same as the number of voting rights of each ordinary share: | | 4.5.10 上市公司股东对下列事项行使表决权时，每一特别表决权股份享有的表决权数量应当与每一普通股份的表决权数量相同： |
| (1) Amendments to the company's bylaws. | | （一）对公司章程作出修改； |
| (2) The change in the number of voting rights enjoyed by special voting shares. | | （二）改变特别表决权股份享有的表决权数量； |
| (3) The appointment or dismissal of independent directors. | | （三）聘请或者解聘独立董事； |
| (4) The appointment or dismissal of an accounting firm that issues audit opinions on the periodical reports of the listed company. | | （四）聘请或者解聘为上市公司定期报告出具审计意见的会计师事务所； |
| (5) The company's business combination, division, dissolution, or change of the corporate form. | | （五）公司合并、分立、解散或者变更公司形式。 |
| It shall be prescribed in the bylaws of a listed company that the resolution of the shareholders' meeting on subparagraph (2) of the preceding paragraph shall be adopted by two-thirds or more of voting rights held by the shareholders attending the meeting, unless the corresponding number of special voting shares are converted into ordinary shares in accordance with the provisions of Articles 4.5.6 and 4.5.9. | | 上市公司章程应当规定，股东大会对前款第二项作出决议，应当经过不低于出席会议的股东所持表决权的三分之二以上通过，但根据第4.5.6条、第4.5.9条的规定，将相应数量特别表决权股份转换为普通股份的除外。 |
| 4.5.11 Where a listed company has a DVR arrangement, it shall disclose in the periodical report the implementation and changes of such an arrangement during the reporting period, and the implementation of measures to protect the lawful rights and interests of investors under such an arrangement. | | 4.5.11 上市公司具有表决权差异安排的，应当在定期报告中披露该等安排在报告期内的实施和变化情况，以及该等安排下保护投资者合法权益有关措施的实施情况。 |
| The company and relevant parties with information disclosure obligations shall promptly disclose major changes or adjustments to the matters prescribed in the preceding paragraph. | | 前款规定事项出现重大变化或者调整的，公司和相关信息披露义务人应当及时予以披露。 |
| A listed company shall indicate in the notice of the shareholders' meeting the shareholders holding special voting shares, the number of special voting shares held and the number of voting rights of such shares, whether the proposal of the shareholders' meeting involves matters prescribed in Article 4.5.10, and other information. | | 上市公司应当在股东大会通知中列明持有特别表决权股份的股东、所持特别表决权股份数量及对应的表决权数量、股东大会议案是否涉及第4.5.10条规定事项等情况。 |
| 4.5.12 Where a listed company has a DVR arrangement, its board of supervisors shall, in its annual report, issue special opinions on: | | 4.5.12 上市公司具有表决权差异安排的，监事会应当在年度报告中，就下列事项出具专项意见： |
| (1) whether its shareholders holding special voting shares continuously satisfy the requirements of Article 4.5.3 of these Rules; | | （一）持有特别表决权股份的股东是否持续符合本规则第4.5.3条的要求； |
| (2) whether the special voting shares fall under the circumstances prescribed in Article 4.5.9 of these Rules and are promptly converted into ordinary shares; | | （二）特别表决权股份是否出现本规则第4.5.9条规定的情形并及时转换为普通股份； |
| (3) whether the ratio of special voting rights of the listed company continuously complies with the provisions of these Rules; | | （三）上市公司特别表决权比例是否持续符合本规则的规定； |
| (4) whether the shareholders holding special voting shares have abused special voting rights or fall under any other circumstance that damages the lawful rights and interests of investors; and | | （四）持有特别表决权股份的股东是否存在滥用特别表决权或者其他损害投资者合法权益的情形； |
| (5) the compliance with other provisions of this Chapter by the company and shareholders holding special voting shares. | | （五）公司及持有特别表决权股份的股东遵守本章其他规定的情况。 |
| 4.5.13 Shareholders holding special voting shares shall exercise their rights in accordance with applicable laws, regulations, and the company's bylaws, shall not abuse their special voting rights, and shall not use special voting rights to damage the lawful rights and interests of investors. | | 4.5.13 持有特别表决权股份的股东应当按照所适用的法律法规以及公司章程行使权利，不得滥用特别表决权，不得利用特别表决权损害投资者的合法权益。 |
| Where any circumstance prescribed in the preceding paragraph occurs, which damages the lawful rights and interests of investors, the SSE may require the company or shareholders holding special voting shares to take corrective action. | | 出现前款情形，损害投资者合法权益的，本所可以要求公司或者持有特别表决权股份的股东予以改正。 |
| 4.5.14 A listed company or shareholders holding special voting shares shall, in accordance with the relevant rules of the SSE and China Securities Depository and Clearing Co., Ltd. (CSDC), handle the registration of special voting shares and their conversion into ordinary shares. | | 4.5.14 上市公司或者持有特别表决权股份的股东应当按照本所及中国结算的有关规定，办理特别表决权股份登记和转换成普通股份登记事宜。 |
| Chapter V General Provisions on Information Disclosure | | 第五章 信息披露一般规定 |
| Section 1 Basic Principles of Information Disclosure | | 第一节 信息披露基本原则 |
| 5.1.1 A listed company and relevant parties with information disclosure obligations shall disclose all matters that may have a significant impact on the trading price of the company's stock or investment decisions (“material events or material matters”). | | 5.1.1 上市公司和相关信息披露义务人应当披露所有可能对上市公司股票交易价格产生较大影响或者对投资决策有较大影响的事项（以下简称重大事件或者重大事项）。 |
| 5.1.2 A listed company and relevant parties with information disclosure obligations shall disclose information in a timely and fair manner and ensure the veracity, accuracy, and completeness of the disclosed information. | | 5.1.2 上市公司和相关信息披露义务人应当及时、公平地披露信息，保证所披露信息的真实、准确、完整。 |
| The directors, supervisors, and officers of a listed company shall ensure that the company discloses information in a timely and fair manner and the disclosed information is true, accurate, and complete, and contains no false records, misleading statements, or material omissions. If any director, supervisor, or officer has any objection to any information disclosed in the announcement, he or she shall make a statement thereon and explain the reason in the announcement. | | 上市公司的董事、监事、高级管理人员应当保证公司及时、公平地披露信息，以及信息披露内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。董事、监事、高级管理人员对公告内容存在异议的，应当在公告中作出相应声明并说明理由。 |
| 5.1.3 A listed company and relevant parties with information disclosure obligations shall disclose information based on objective facts or facts-based judgments and opinions, truthfully reflect the actual circumstances, and shall not have false records. | | 5.1.3 上市公司和相关信息披露义务人披露信息，应当以客观事实或者具有事实基础的判断和意见为依据，如实反映实际情况，不得有虚假记载。 |
| 5.1.4 A listed company and relevant parties with information disclosure obligations shall objectively disclose information and shall not make exaggeration and misleading statements. | | 5.1.4 上市公司和相关信息披露义务人披露信息，应当客观，不得夸大其辞，不得有误导性陈述。 |
| Predictive information such as that on future operations and financial conditions shall be disclosed in a rational, prudential, and objective manner. | | 披露未来经营和财务状况等预测性信息的，应当合理、谨慎、客观。 |
| 5.1.5 A listed company and relevant parties with information disclosure obligations shall ensure the completeness of disclosed information, fully disclose the information that has a significant impact on the listed company, disclose any major risks to which the company may be exposed, and shall not selectively make a partial disclosure of information or disclose information with material omissions. | | 5.1.5 上市公司和相关信息披露义务人披露信息，应当内容完整，充分披露对上市公司有重大影响的信息，揭示可能产生的重大风险，不得有选择地披露部分信息，不得有重大遗漏。 |
| Information disclosure documents shall be complete in materials and in a format that satisfies the prescribed requirements. | | 信息披露文件应当材料齐备，格式符合规定要求。 |
| 5.1.6 A listed company and relevant parties with information disclosure obligations shall publicly disclose material information to all investors at the same time to ensure that all investors have equal access to the information, and shall not disclose or divulge such information to a single investor or some investors. | | 5.1.6 上市公司和相关信息披露义务人应当同时向所有投资者公开披露重大信息，确保所有投资者可以平等获取信息，不得向单个或部分投资者透露或泄露。 |
| A listed company and relevant parties with information disclosure obligations shall not provide any material information that has not been disclosed by the company when communicating with any institution or individual through performance briefings, analyst meetings, roadshows, and accepting investors' investigation and research. | | 上市公司和相关信息披露义务人通过业绩说明会、分析师会议、路演、接受投资者调研等形式，与任何机构和个人进行沟通时，不得提供公司尚未披露的重大信息。 |
| If a listed company submits any document involving any non-public material information to shareholders, the actual controller, or any other third party, it shall disclose such information in accordance with these Rules. | | 上市公司向股东、实际控制人及其他第三方报送文件，涉及尚未公开的重大信息的，应当依照本规则披露。 |
| 5.1.7 Under any of the following circumstances, a listed company and relevant parties with information disclosure obligations shall promptly disclose material matters: | | 5.1.7 出现下列情形之一的，上市公司和相关信息披露义务人应当及时披露重大事项： |
| (1) Its board of directors or the board of supervisors has adopted a resolution on the material matter. | | （一）董事会或者监事会已就该重大事项形成决议； |
| (2) The relevant parties have signed a letter of intent or agreement on the material matter. | | （二）有关各方已就该重大事项签署意向书或者协议； |
| (3) Its directors, supervisors, or officers have been aware of the material matter. | | （三）董事、监事或者高级管理人员已知悉该重大事项； |
| (4) Any other circumstance where any material matter occurs. | | （四）其他发生重大事项的情形。 |
| If the immediate disclosure of any highly uncertain material matter planned by the listed company may damage the company's interests or mislead investors, and relevant insiders have undertaken in writing to keep the information confidential, the company is not required to disclose the material matter for the time being, but it shall disclose the information no later than the time when a final resolution is adopted, a final agreement is signed, or a transaction is confirmed to be able to be executed, with respect to such material matter. | | 上市公司筹划的重大事项存在较大不确定性，立即披露可能会损害公司利益或者误导投资者，且有关内幕信息知情人已书面承诺保密的，公司可以暂不披露，但最迟应当在该重大事项形成最终决议、签署最终协议、交易确定能够达成时对外披露。 |
| If it is indeed difficult to keep the relevant information confidential, such information has been divulged, or there is any market rumor of such information, resulting in significant fluctuations in the trading price of the company's stock, the company shall immediately disclose its plan for such material matter and any progress therein. | | 相关信息确实难以保密、已经泄露或者出现市场传闻，导致公司股票交易价格发生大幅波动的，公司应当立即披露相关筹划和进展情况。 |
| Section 2 General Requirements for Information Disclosure | | 第二节 信息披露一般要求 |
| 5.2.1 A listed company shall disclose material information that fully reflects the company's business, technology, financial affairs, corporate governance, competitive advantages, industry trends, industry policies, and other aspects, and fully disclose the risk factors and investment value of the listed company, to facilitate investors' reasonable decision-making. | | 5.2.1 上市公司应当披露能够充分反映公司业务、技术、财务、公司治理、竞争优势、行业趋势、产业政策等方面的重大信息，充分揭示上市公司的风险因素和投资价值，便于投资者合理决策。 |
| 5.2.2 A listed company shall pertinently disclose information on its performance fluctuations, industry risks, corporate governance, and other relevant matters, and continuously disclose material information such as those on its scientific research level, scientific research personnel, scientific research investment, and key fields in which its raised funds are invested. | | 5.2.2 上市公司应当对业绩波动、行业风险、公司治理等相关事项进行针对性信息披露，并持续披露科研水平、科研人员、科研资金投入、募集资金重点投向领域等重大信息。 |
| 5.2.3 Where a listed company plans any material matter for a long period, it shall, under the principle of materiality, disclose the progress in stages, promptly warn of relevant risks, and shall not refuse to make such disclosure merely for the reason of uncertainty in the outcome of such matter. | | 5.2.3 上市公司筹划重大事项，持续时间较长的，应当按照重大性原则，分阶段披露进展情况，及时提示相关风险，不得仅以相关事项结果尚不确定为由不予披露。 |
| 5.2.4 A listed company and relevant parties with information disclosure obligations may voluntarily disclose the information which, in their opinion, may affect the trading price of the company's stock or help investors make decisions, but is not required to be disclosed under these Rules. | | 5.2.4 上市公司和相关信息披露义务人认为相关信息可能影响公司股票交易价格或者有助于投资者决策，但不属于本规则要求披露的信息，可以自愿披露。 |
| A listed company and relevant parties with information disclosure obligations shall be prudential and objective in voluntarily disclosing information, shall not use such information to improperly affect the trading price of the company's stock, engage in insider trading, or commit any other violation of law or regulation. | | 上市公司和相关信息披露义务人自愿披露信息，应当审慎、客观，不得利用该等信息不当影响公司股票交易价格、从事内幕交易或者其他违法违规行为。 |
| If a listed company or relevant party with information disclosure obligations discloses information in accordance with this article, when any similar event occurs, it shall disclose relevant information according to the same standards and avoid selective information disclosure. | | 上市公司和相关信息披露义务人按照本条披露信息的，在发生类似事件时，应当按照同一标准予以披露，避免选择性信息披露。 |
| 5.2.5 The announcement of a listed company shall prioritize its key points, be logically clear, use plain language, be concise and easy to understand, avoid using a large number of terminologies, overly ambiguous expressions, or foreign languages and their abbreviations, avoid ambiguous, stereotyped, redundant, and repetitive information, and shall not contain any words of a congratulatory, promotional, advertising, flattering, or defamatory nature. | | 5.2.5 上市公司的公告文稿应当重点突出、逻辑清晰、语言浅白、简明易懂，避免使用大量专业术语、过于晦涩的表达方式和外文及其缩写，避免模糊、模板化和冗余重复的信息，不得含有祝贺、宣传、广告、恭维、诋毁等性质的词语。 |
| The announcement shall be made in Chinese. If a foreign language version is adopted at the same time, the company shall ensure consistency between the two versions. In case of any discrepancy between the two versions, the Chinese version shall prevail. | | 公告文稿应当采用中文文本，同时采用外文文本的，应当保证两种文本内容的一致。两种文本不一致的，以中文文本为准。 |
| 5.2.6 Where any material matter prescribed under these Rules occurs to a subsidiary or any other entity within the scope of consolidated financial statements of a listed company, such a material matter shall be deemed as a material matter occurring to the listed company and be subject to these Rules. | | 5.2.6 上市公司合并报表范围内的子公司及其他主体发生本规则规定的重大事项，视同上市公司发生的重大事项，适用本规则。 |
| If any material matter of a company where the listed company holds non-controlling shares as prescribed in these Rules may have a significant impact on the trading price of the listed company's stock, these Rules shall apply, mutatis mutandis, to the listed company's performance of information disclosure obligation. | | 上市公司参股公司发生本规则规定的重大事项，可能对上市公司股票交易价格产生较大影响的，上市公司应当参照适用本规则履行信息披露义务。 |
| 5.2.7 Where any information to be disclosed by a listed company or relevant party with information disclosure obligations falls under a trade secret or business sensitive information, and the disclosure thereof or fulfillment of relevant obligations in accordance with these Rules may lead to illicit competition, damage the interests of the company and investors, or mislead investors, it may suspend or exempt the disclosure of such information in accordance with relevant rules of the SSE. | | 5.2.7 上市公司和相关信息披露义务人拟披露的信息属于商业秘密、商业敏感信息，按照本规则披露或者履行相关义务可能引致不当竞争、损害公司及投资者利益或者误导投资者的，可以按照本所相关规定暂缓或者豁免披露该信息。 |
| If any information to be disclosed is recognized as a state secret in accordance with the law, and the disclosure thereof or fulfillment of relevant obligations in accordance with these Rules may result in the violation of any domestic law or regulation or endanger national security, the disclosure thereof may be exempted in accordance with relevant rules of the SSE. | | 拟披露的信息被依法认定为国家秘密，按本规则披露或者履行相关义务可能导致其违反境内法律法规或危害国家安全的，可以按照本所相关规定豁免披露。 |
| The listed company and relevant parties with information disclosure obligations shall prudentially determine the matters the disclosure of which is to be delayed or exempted, and shall not arbitrarily expand the scope of matters the disclosure of which is to be delayed or exempted. If the information the disclosure of which is delayed has been divulged, such information shall be promptly disclosed. | | 上市公司和相关信息披露义务人应当审慎确定信息披露暂缓、豁免事项，不得随意扩大暂缓、豁免事项的范围。暂缓披露的信息已经泄露的，应当及时披露。 |
| 5.2.8 Where the application of relevant information disclosure requirements of the SSE to a listed company and relevant parties with information disclosure obligations may make it difficult to reflect the actual circumstances of its operation or difficult to satisfy the industry regulatory requirements or the relevant provisions of the place of registration of the company, it may apply to the SSE for adjusting the application, provided that it shall explain the reason therefor and the alternative plan, and appoint a law firm to issue a legal opinion. | | 5.2.8 上市公司和相关信息披露义务人适用本所相关信息披露要求，可能导致其难以反映经营活动的实际情况、难以符合行业监管要求或者公司注册地有关规定的，可以向本所申请调整适用，但是应当说明原因和替代方案，并聘请律师事务所出具法律意见。 |
| If the SSE deems that the application shall not be adjusted, the listed company and relevant parties with information disclosure obligations shall implement the relevant rules of the SSE. | | 本所认为不应当调整适用的，上市公司和相关信息披露义务人应当执行本所相关规定。 |
| 5.2.9 The suspension and resumption of trading in a listed company's stock shall comply with these Rules and relevant rules of the SSE. If a listed company fails to apply for the suspension or resumption of trading in its stock as required, the SSE may decide to suspend or resume trading in the company's stock. | | 5.2.9 上市公司股票的停牌和复牌，应当遵守本规则及本所相关规定。上市公司未按规定申请停牌和复牌的，本所可以决定对公司股票实施停牌和复牌。 |
| The listed company may apply for the suspension and resumption of trading in its stock according to the applicable provisions if it plans any material matter or has any other reason deemed justifiable by the SSE. | | 上市公司筹划重大事项或者具有其他本所认为合理的理由，可以按照相关规定申请对其股票停牌与复牌。 |
| If any extreme abnormal circumstance occurs in securities market transactions, the SSE may suspend the handling of the trading suspension application of the listed company according to the decision of the CSRC or actual market conditions, maintain the continuity and liquidity of market transactions, and protect the lawful trading rights of investors. | | 证券市场交易出现极端异常情况的，本所可以根据中国证监会的决定或者市场实际情况，暂停办理上市公司停牌申请，维护市场交易的连续性和流动性，维护投资者正当的交易权利。 |
| 5.2.10 Where a listed company falls under any of the following circumstances, the SSE may decide to suspend and resume trading in the company's stock as the case may be: | | 5.2.10 上市公司出现下列情形的，本所可以视情况决定公司股票的停牌和复牌： |
| (1) It seriously violates any law or regulation, these Rules, or other rules of the SSE, and refuses to take corrective action as required within the prescribed time limit. | | （一）严重违反法律法规、本规则及本所其他规定，且在规定期限内拒不按要求改正； |
| (2) There are any material omissions or misleading statements in a periodical report or ad hoc announcement, but it refuses to explain or supplement the relevant information as required. | | （二）定期报告或者临时公告披露存在重大遗漏或者误导性陈述，但拒不按照要求就有关内容进行解释或者补充； |
| (3) It is under investigation by the relevant authority since it is suspected of violating any law or regulation, these Rules, or other rules of the SSE in its operations and information disclosure, and the circumstances are serious. | | （三）在公司运作和信息披露方面涉嫌违反法律法规、本规则或者本所其他规定，情节严重而被有关部门调查； |
| (4) It is unable to guarantee effective contact with the SSE or refuses to perform the information disclosure obligation. | | （四）无法保证与本所的有效联系，或者拒不履行信息披露义务； |
| (5) Any other circumstance where the SSE deems that trading in its stock shall be suspended or resumed. | | （五）其他本所认为应当停牌或者复牌的情形。 |
| 5.2.11 Where a listed company is acquired by tender offer, trading in the company's stock shall be suspended from the expiration of the tender offer to the announcement of the tender offer result. Trading in the company's stock shall be resumed on the date of announcement of the tender offer result. | | 5.2.11 上市公司被要约收购的，要约收购期限届满至要约收购结果公告前，公司股票应当停牌。公司股票应当于要约结果公告日复牌。 |
| Section 3 Information Disclosure Supervision Methods | | 第三节 信息披露监管方式 |
| 5.3.1 The SSE shall conduct interim and ex post supervision in such forms as reviewing information disclosure documents and making inquiries, urge the parties with information disclosure obligations to fulfill their information disclosure obligations, and urge the sponsor and securities service institution to perform their duties. | | 5.3.1 本所通过审阅信息披露文件、提出问询等方式，进行信息披露事中事后监管，督促信息披露义务人履行信息披露义务，督促保荐机构、证券服务机构履行职责。 |
| If information disclosure involves any major, complicated, or unprecedented matter, the SSE may conduct ex ante review of such a matter. | | 信息披露涉及重大复杂、无先例事项的，本所可以实施事前审核。 |
| 5.3.2 The SSE shall review information disclosure documents in form and shall not be responsible for the veracity of information contained therein. | | 5.3.2 本所对信息披露文件实施形式审核，对其内容的真实性不承担责任。 |
| 5.3.3 The SSE may make inquiries if it deems upon review that there is any major problem in the information disclosure documents. The listed company and relevant parties with information disclosure obligations shall give replies in a truthful manner within the prescribed time limit and disclose the supplement or correction announcement. | | 5.3.3 本所经审核认为信息披露文件存在重大问题，可以提出问询。上市公司和相关信息披露义务人应当在规定期限内如实答复，并披露补充或者更正公告。 |
| 5.3.4 Where a listed company or the relevant party with information disclosure obligations fails to make an announcement as required by these Rules or the SSE, or if the SSE deems it necessary, it may explain the relevant situation to the market in the form of an announcement by the SSE. | | 5.3.4 上市公司或者相关信息披露义务人未按照本规则或者本所要求进行公告的，或者本所认为必要的，本所可以以交易所公告形式向市场说明有关情况。 |
| 5.3.5 A listed company shall register its announcements through the electronic information disclosure system for listed companies of the SSE. The relevant parties with information disclosure obligations shall register their announcements through the listed company or the information disclosure platform designated by the SSE. | | 5.3.5 上市公司应当通过本所上市公司信息披露电子化系统登记公告。相关信息披露义务人应当通过上市公司或者本所指定的信息披露平台办理公告登记。 |
| A listed company and relevant parties with information disclosure obligations shall ensure the consistency between the disclosed information and the registered announcement. If they fail to disclose information as registered, they shall immediately report it to the SSE and promptly take corrective action. | | 上市公司和相关信息披露义务人应当保证披露的信息与登记的公告内容一致。未能按照登记内容披露的，应当立即向本所报告并及时更正。 |
| The listed company and relevant parties with information disclosure obligations shall disclose the information disclosure documents on the website of the SSE and the media designated by the CSRC. | | 上市公司和相关信息披露义务人应当在本所网站和中国证监会指定媒体上披露信息披露文件。 |
| 5.3.6 Where the announcements of a listed company or the relevant party with information disclosure obligations have false records, misleading statements, or material omissions many times, the SSE may decide to suspend the application of one-stop information disclosure services to it. | | 5.3.6 上市公司或者相关信息披露义务人公告屡次出现虚假记载、误导性陈述或者重大遗漏等情形的，本所可以决定对其暂停适用信息披露直通车业务。 |
| Section 4 Information Disclosure Management Rules | | 第四节 信息披露管理制度 |
| 5.4.1 A listed company shall establish rules for the management of information disclosure affairs, which shall be deliberated and adopted by the board of directors and be disclosed. | | 5.4.1 上市公司应当建立信息披露事务管理制度，经董事会审议通过并披露。 |
| The listed company shall establish effective channels for communication with the SSE to ensure smooth communication. | | 上市公司应当建立与本所的有效沟通渠道，保证联系畅通。 |
| 5.4.2 A listed company shall develop internal rules for the release of information by its directors, supervisors, officers, and other relevant personnel to specify the procedures and methods of information release and the circumstances where information may not be released without the approval of the board of directors. | | 5.4.2 上市公司应当制定董事、监事、高级管理人员以及其他相关人员对外发布信息的内部规范制度，明确发布程序、方式和未经董事会许可不得对外发布的情形等事项。 |
| The controlling shareholder or actual controller of a listed company shall regulate the disclosure of information related to the listed company by reference to the requirements of the preceding paragraph. | | 上市公司控股股东、实际控制人应当比照前款要求，规范与上市公司有关的信息发布行为。 |
| 5.4.3 A listed company and relevant parties with information disclosure obligations shall not replace information disclosure with other forms such as press releases and Q&A with reporters or divulge any non-public material information. | | 5.4.3 上市公司和相关信息披露义务人不得以新闻发布或者答记者问等其他形式代替信息披露或泄露未公开重大信息。 |
| If necessary, the listed company or the relevant party with information disclosure obligations may release to the public the information that shall be disclosed during non-trading sessions in such forms as press conferences, media interview, the company's website, and Internet We media, provided that the company shall disclose an announcement thereon before the next trading session commences. | | 上市公司和相关信息披露义务人确有需要的，可以在非交易时段通过新闻发布会、媒体专访、公司网站、网络自媒体等方式对外发布应披露的信息，但公司应当于下一交易时段开始前披露相关公告。 |
| 5.4.4 A listed company shall establish insider information management rules. The listed company and its directors, supervisors, officers, and other insiders shall minimize the scope of insiders before the disclosure of information. | | 5.4.4 上市公司应当建立内幕信息管理制度。上市公司及其董事、监事、高级管理人员和其他内幕信息知情人在信息披露前，应当将内幕信息知情人控制在最小范围。 |
| Insiders may not trade in the company's stock, divulge insider information, or suggest others trade in the company's stock before the disclosure of insider information. | | 内幕信息知情人在内幕信息公开前，不得买卖公司股票、泄露内幕信息或者建议他人买卖公司股票。 |
| 5.4.5 Relevant parties with information disclosure obligations shall actively cooperate with the listed company in the disclosure of its information in an effective manner, inform the company of any material event that has occurred or may occur, and strictly perform their undertakings. | | 5.4.5 相关信息披露义务人应当积极配合上市公司做好信息披露工作，及时告知公司已发生或者可能发生的重大事件，严格履行承诺。 |
| If the relevant party with information disclosure obligations discloses information through the listed company, the listed company shall provide assistance. | | 相关信息披露义务人通过上市公司披露信息的，上市公司应当予以协助。 |
| 5.4.6 A listed company shall establish effective channels for communication with investors and protect investors' lawful rights and interests. | | 5.4.6 上市公司应当建立与投资者的有效沟通渠道，保障投资者合法权益。 |
| The listed company shall actively hold investor briefings to explain material matters of the company to investors and clarify media rumors. | | 上市公司应当积极召开投资者说明会，向投资者说明公司重大事项，澄清媒体传闻。 |
| Chapter VI Periodical Reports | | 第六章 定期报告 |
| Section 1 Requirements for the Preparation and Disclosure of Periodical Reports | | 第一节 定期报告编制和披露要求 |
| 6.1.1 A listed company shall prepare and disclose its periodical reports within the prescribed period in accordance with the requirements of the CSRC and the SSE. | | 6.1.1 上市公司应当在规定的期间内，依照中国证监会和本所的要求编制并披露定期报告。 |
| Periodical reports include annual reports, semi-annual reports, and quarterly reports. | | 定期报告包括年度报告、半年度报告和季度报告。 |
| 6.1.2 A listed company shall disclose annual reports within four months from the end of each fiscal year, disclose semi-annual reports within two months from the end of the first half of each fiscal year, and disclose quarterly reports within one month from the end of the first three months and nine months of each fiscal year. The quarterly reports for the first quarter shall be disclosed no earlier than the time of disclosure of annual reports of the previous year. | | 6.1.2 上市公司应当在每个会计年度结束之日起4个月内披露年度报告，在每个会计年度的上半年结束之日起2个月内披露半年度报告，在每个会计年度前3个月、9个月结束之日起1个月内披露季度报告。第一季度季度报告的披露时间不得早于上一年度年度报告的披露时间。 |
| If it is expected that a listed company is unable to disclose its periodical report within the prescribed time limit, it shall promptly announce the reasons for the failure to disclose the periodical report on time, the solution, and the estimated time of disclosure. | | 上市公司预计不能在规定期限内披露定期报告的，应当及时公告不能按期披露的原因、解决方案以及预计披露的时间。 |
| 6.1.3 A listed company shall make an appointment on the time of disclosure of periodical reports with the SSE. | | 6.1.3 上市公司应当向本所预约定期报告的披露时间。 |
| If the company needs to change the disclosure time for any reason, it shall apply to the SSE for such change within five trading days in advance, and the SSE will decide whether to adjust the disclosure time as the case may be. | | 因故需要变更披露时间的，应当提前5个交易日向本所申请变更，本所视情况决定是否予以调整。 |
| 6.1.4 The board of directors of a listed company shall ensure the disclosure of periodical reports on schedule. If the periodical report has not been deliberated or fails to be adopted through deliberation by the board of directors, or the relevant resolution of the board of directors cannot be formed due to any reason, the company shall disclose the specific reason therefor and existing risks and a special explanation of the board of directors. | | 6.1.4 上市公司董事会应当确保公司定期报告按时披露。定期报告未经董事会审议、董事会审议未通过或者因故无法形成有关董事会决议的，公司应当披露具体原因和存在的风险、董事会的专项说明。 |
| The listed company may not disclose any periodical report that has not been deliberated and adopted by the board of directors. | | 公司不得披露未经董事会审议通过的定期报告。 |
| 6.1.5 The board of supervisors of a listed company shall review its periodical reports and explain whether the procedures for the preparation and review of such periodical reports comply with relevant provisions in the form of a resolution of the board of supervisors and whether the information contained therein is true, accurate, and complete. | | 6.1.5 上市公司监事会应当审核定期报告，并以监事会决议的形式说明定期报告编制和审核程序是否符合相关规定，内容是否真实、准确、完整。 |
| 6.1.6 The director or officer of a listed company shall sign a written opinion on the periodical report to ensure that the periodical report is true, accurate, and complete; if he or she has any objection to any information contained in the periodical report, he or she shall explain the reason therefor and make a disclosure. | | 6.1.6 上市公司董事、高级管理人员应当对定期报告签署书面意见，保证定期报告真实、准确、完整；对定期报告内容存在异议的，应当说明原因并披露。 |
| ．．．．．． | | 董事、高级管理人员不得以任何理由拒绝对定期报告签署书面意见。 |
| | ．．．．．． |
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