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| Notice by the Shanghai Stock Exchange of Issuing the Rules for the Examination of Offerings and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (Revised in April 2025) | | 上海证券交易所关于发布《上海证券交易所上市公司证券发行上市审核规则（2025年4月修订）》的通知 |
| (No. 58 [2025] of the Shanghai Stock Exchange) | | （上证发〔2025〕58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, strictly controlling the review of refinancing, and consolidating the responsibilities of intermediaries, in accordance with the Company Law of the People's Republic of China, the Measures for the Administration of the Registration of Securities Offerings by Listed Companies, and other relevant provisions, and under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange (“SSE”) has revised and formed the Rules for the Examination of Offerings and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (Revised in April 2025) (see the Annex for details), which have been approved by the China Securities Regulatory Commission, are hereby issued and shall take effect on the date of issuance. The Rules for the Examination of Offerings and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (No. 29 [2023], SSE) issued by the SSE on February 17, 2023 shall be repealed concurrently. | | 为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》，严格再融资审核把关，压严压实中介机构责任，根据《中华人民共和国公司法》《上市公司证券发行注册管理办法》及其他相关规定，在中国证监会的指导下，上海证券交易所（以下简称本所）修订形成了《上海证券交易所上市公司证券发行上市审核规则（2025年4月修订）》（详见附件），经中国证监会批准，现予以发布，并自发布之日起施行。本所于2023年2月17日发布的《上海证券交易所上市公司证券发行上市审核规则》（上证发〔2023〕29号）同时废止。 |
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特此通知。 |
| Annexes: | | 附件： |
| 1. Rules for the Examination of Offerings and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (Revised in April 2025) | | 1.上海证券交易所上市公司证券发行上市审核规则（2025年4月修订） |
| 2. Explanation of Revising the Rules for the Examination of Offerings and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (Revised in April 2025) (Omitted) | | 2.《上海证券交易所上市公司证券发行上市审核规则（2025年4月修订）》修订说明 |
| Shanghai Stock Exchange | | 上海证券交易所 |
| April 25, 2025 | | 2025年4月25日 |
| Annex 1 | | 附件1 |
| Rules for the Examination of the Offering and Listing of Securities by Companies Listed on the Shanghai Stock Exchange (Revised in April 2025) | | 上海证券交易所上市公司证券发行上市审核规则 |
| | （2025年4月修订） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of regulating the examination of offering and listing of securities by companies listed on the Shanghai Stock Exchange (“SSE”) and protecting investors' lawful rights and interests, these Rules are developed in accordance with the Securities Law of the People's Republic of China (“Securities Law”), the Notice by the General Office of the State Council of the Work concerning the Implementation of the Revised Securities Law, the Implementation Opinions on Setting up the STAR Market and Launching the Pilot Registration System on the Shanghai Stock Exchange, 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, the Measures for the Administration of the Registration of Securities Offerings by Listed Companies (“Registration Measures”), the Measures for the Administration of the Pilot Program of Preferred Shares, and other relevant laws, administrative regulations, departmental rules, and regulatory documents. | | 第一条 为了规范上海证券交易所（以下简称本所）上市公司证券发行上市的审核工作，保护投资者合法权益，根据《中华人民共和国证券法》（以下简称《证券法》）、《国务院办公厅关于贯彻实施修订后的证券法有关工作的通知》《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》《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者存托凭证试点若干意见的通知》《上市公司证券发行注册管理办法》（以下简称《注册办法》）、《优先股试点管理办法》等相关法律、行政法规、部门规章和规范性文件，制定本规则。 |
| Article 2 These Rules shall apply to the examination of listed companies' applications for the issuance of stocks, convertible corporate bonds, depositary receipts, preferred shares, or other securities recognized by the State Council within the territory of China and the listing thereof. | | 第二条 上市公司申请在境内发行股票、可转换公司债券、存托凭证、优先股或者国务院认定的其他证券并上市的审核，适用本规则。 |
| Article 3 A listed company that applies for securities offering and listing shall submit offering and listing application documents to the SSE. | | 第三条 上市公司申请证券发行上市的，应当向本所提交发行上市申请文件。 |
| The SSE shall examine the listed company's securities offering and listing application documents (“offering and listing examination”), if it deems that the listed company meets offering and listing conditions and information disclosure requirements, it shall submit the examination opinion, registration application documents of the listed company and relevant examination materials to the China Securities Regulatory Commission (“CSRC”) for registration; or make the decision to terminate the offering and listing examination if it deems that the listed company fails to meet offering or listing conditions or information disclosure requirements. | | 本所对上市公司的证券发行上市申请文件进行审核（以下简称发行上市审核），认为符合发行条件、上市条件和信息披露要求的，将审核意见、上市公司注册申请文件及相关审核资料报中国证券监督管理委员会（以下简称中国证监会）履行注册程序；认为不符合发行条件、上市条件或者信息披露要求的，作出终止发行上市审核的决定。 |
| Article 4 The SSE shall urge a listed company to disclose information in a truthful, accurate, and complete manner by examining the offering and listing application documents, and the sponsor and securities service institutions shall effectively fulfill the duty of examining information disclosure, and urge the listed company and its sponsor and securities service institutions to enhance the quality of information disclosure so that investors may make investment decisions with sufficient information. | | 第四条 本所通过审核发行上市申请文件，督促上市公司真实、准确、完整地披露信息，保荐人、证券服务机构切实履行信息披露的把关责任；督促上市公司及其保荐人、证券服务机构提高信息披露质量，便于投资者在信息充分的情况下作出投资决策。 |
| Article 5 The SSE shall examine offering and listing under the principles of compliance with laws and regulations, openness, transparency, convenience, and efficiency, enhance the transparency of examination, and specify market expectations. | | 第五条 本所发行上市审核遵循依法合规、公开透明、便捷高效的原则，提高审核透明度，明确市场预期。 |
| The SSE shall conduct the electronic examination of securities offerings and listing by listed companies through the offering and listing examination business system of the SSE. | | 本所对上市公司证券发行上市实行电子化审核，通过本所发行上市审核业务系统办理。 |
| Article 6 The SSE shall, in accordance with laws, administrative regulations, departmental rules, regulatory documents, these Rules, and other relevant rules of the SSE, conduct the self-regulation of relevant activities of the following institutions and personnel in a listed company's offering and listing of securities: | | 第六条 本所依据法律、行政法规、部门规章、规范性文件、本规则及本所其他相关规定，对下列机构和人员在上市公司证券发行上市中的相关活动进行自律监管： |
| (1) The listed company and its directors and senior executives. | | （一）上市公司及其董事、高级管理人员； |
| (2) The listed company's controlling shareholder, actual controller, and their relevant personnel. | | （二）上市公司的控股股东、实际控制人及其相关人员； |
| (3) The sponsor, sponsor representative, and other relevant personnel of the sponsor. | | （三）保荐人、保荐代表人及保荐人其他相关人员； |
| (4) The accounting firm, law firm, and other securities service institutions as well as their relevant personnel. | | （四）会计师事务所、律师事务所等证券服务机构及其相关人员； |
| (5) Other persons with information disclosure obligations. | | （五）其他信息披露义务人。 |
| The institutions and personnel specified in the preceding paragraph shall actively cooperate in the SSE's offering and listing examination, comply with the provisions on integrity in practice, shall not affect or interfere with the examination of offerings and listing, and shall accept the self-regulation of the SSE and assume the corresponding legal liability. | | 前款规定的机构和人员应当积极配合本所发行上市审核工作，遵守廉洁从业有关规定，不得影响或者干扰发行上市审核工作，接受本所自律监管并承担相应的法律责任。 |
| Article 7 The examination opinion issued by the SSE on the compliance with offering and listing conditions and information disclosure requirements or the decision to terminate offering and listing examination does not indicate the SSE's substantive judgments or guarantee on the investment value of such securities or returns to investors, or the SSE's guarantee on the veracity, accuracy, and completeness of the offering and listing application documents and the disclosed information. | | 第七条 本所出具符合发行条件、上市条件和信息披露要求的审核意见或者作出终止发行上市审核的决定，不表明本所对该证券的投资价值或者投资者的收益作出实质性判断或者保证，也不表明本所对发行上市申请文件及所披露信息的真实性、准确性、完整性作出保证。 |
| Chapter II Examination Content and Requirements | | 第二章 审核内容与要求 |
| Article 8 The SSE shall examine offering and listing by focusing on and judging the following matters: | | 第八条 本所发行上市审核重点关注并判断下列事项： |
| (1) Whether the offering conditions prescribed by the CSRC are met. | | （一）是否符合中国证监会规定的发行条件； |
| (2) Whether the listing conditions prescribed by the SSE are met. | | （二）是否符合本所规定的上市条件； |
| (3) Whether the requirements of the CSRC and the SSE on information disclosure are satisfied. | | （三）是否符合中国证监会和本所关于信息披露的要求。 |
| Article 9 The SSE's examination of offering and listing conditions shall focus on the following matters: | | 第九条 本所对发行条件、上市条件的审核，将重点关注下列事项： |
| (1) Whether the listed company meets the offering conditions prescribed in the Securities Law, the Registration Measures, and the Measures for the Administration of the Pilot Program of Preferred Shares. | | （一）上市公司是否符合《证券法》《注册办法》和《优先股试点管理办法》规定的发行条件； |
| (2) Whether the securities offered meet the listing conditions prescribed in the relevant rules of the SSE. | | （二）本次发行的证券是否符合本所相关规则规定的上市条件； |
| (3) Whether the sponsor letter for the offering, sponsor letter for listing, legal opinion, and other documents issued by the sponsor, the law firm, and other securities service institutions offer specific opinions on whether the securities offering and listing application meets offering and listing conditions on an item-by-item basis, and have sufficient grounds and basis. | | （三）保荐人、律师事务所等证券服务机构出具的发行保荐书、上市保荐书、法律意见书等文件中，就本次证券发行上市申请是否符合发行条件、上市条件逐项发表明确意见，且具备充分的理由和依据。 |
| If the SSE has any doubt on the matters prescribed in this article, the listed company shall make an explanation according to the requirements of the SSE, and the sponsor and securities service institutions shall conduct the inspection and make corresponding amendments to the offering and listing application documents. | | 本所对本条规定的事项存在疑问的，上市公司应当按照本所要求作出解释说明，保荐人、证券服务机构应当进行核查，并相应修改发行上市申请文件。 |
| Article 10 Where the SSE finds any material sensitive matter, material unprecedented circumstance, material public opinion, or material clue to any violation of law in the offering and listing examination, it shall request instructions from and file a report with the CSRC in a timely manner. | | 第十条 本所在发行上市审核中，发现重大敏感事项、重大无先例情况、重大舆情、重大违法线索的，将及时向中国证监会请示报告。 |
| Article 11 The SSE shall, in the examination of information disclosure, focus on whether the prospectus and other information disclosure documents are truthful, accurate, and complete, and satisfy the requirements of the standards for the contents and formats and compilation rules developed by the CSRC and information disclosure requirements of the SSE. | | 第十一条 本所在信息披露审核中，重点关注募集说明书及其他信息披露文件是否达到真实、准确、完整的要求，是否符合中国证监会制定的内容与格式准则、编报规则和本所的信息披露要求。 |
| The SSE shall, in the examination of information disclosure, focus on whether the offering and listing application documents and information disclosure satisfy the following requirements: | | 本所在信息披露审核中，重点关注发行上市申请文件及信息披露是否达到下列要求： |
| (1) Disclosing in a sufficient and comprehensive manner information that has a significant impact on investors' investment decisions, which is sufficient for investors to make investment decisions. | | （一）充分、全面披露对投资者作出投资决策有重大影响的信息，披露程度达到投资者作出投资决策所必需的水平； |
| (2) The disclosed information is consistent and reasonable and has inherent logic. | | （二）所披露的信息一致、合理且具有内在逻辑性； |
| (3) The information is concise and easy to understand, which is easy for ordinary investors to read and understand. | | （三）简明易懂，便于一般投资者阅读和理解。 |
| Article 12 The SSE shall examine offering and listing application documents by multiple methods such as raising questions to listed companies, answering of questions by listed companies, and on-site supervision and guidance, urge the listed company and its sponsor and securities service institutions to improve information disclosure, disclose information in a truthful, accurate, and complete manner, make the disclosed information more pertinent, effective, and readable, and enhance the quality of information disclosure. | | 第十二条 本所通过向上市公司提出问题、上市公司回答问题、现场督导等多种方式对发行上市申请文件进行审核，督促上市公司及其保荐人、证券服务机构完善信息披露，真实、准确、完整地披露信息，提高信息披露的针对性、有效性和可读性，提升信息披露质量。 |
| Article 13 The SSE may, when examining offering and listing application documents, put forward the following requirements for the listed company and its sponsor and securities service institutions in examination inquiries as the case may be: | | 第十三条 本所对发行上市申请文件进行审核时，可以视情况在审核问询中对上市公司及其保荐人、证券服务机构提出下列要求： |
| (1) Explaining or disclosing the relevant issues and reasons. | | （一）说明或者披露相关问题及原因； |
| (2) Conducting the supplementary inspection of the relevant matters and offering opinions. | | （二）补充核查相关事项并发表意见； |
| (3) Supplementing new evidence or materials. | | （三）补充提供新的证据或者材料； |
| (4) Amending or updating disclosed information. | | （四）修改或者更新信息披露内容。 |
| Article 14 A listed company that applies for the offering and listing of securities shall prepare the prospectus and other information disclosure documents according to the rules of the CSRC and the SSE, and the listed company and its controlling shareholder, actual controller, directors, senior executives, and other persons with information disclosure obligations shall fulfill their information disclosure obligations in accordance with the law. The sponsor and securities service institutions shall check and inspect the listed company's information disclosure in accordance with the law. | | 第十四条 上市公司申请证券发行上市的，应当按照中国证监会和本所的规定，编制募集说明书及其他信息披露文件，上市公司及其控股股东、实际控制人、董事、高级管理人员和其他信息披露义务人应当依法履行信息披露义务。保荐人、证券服务机构应当依法对上市公司的信息披露进行核查把关。 |
| Article 15 A listed company shall be honest and trustworthy, and in accordance with the law, fully disclose the information required for investors to make value judgments and investment decisions, fully disclose the current and future foreseeable direct and indirect risks that may have a material adverse impact on the listed company, and the disclosed information must be true, accurate, complete, concise, clear, and easy to understand, and shall not contain any false records, misleading statements, or material omissions. | | 第十五条 上市公司应当诚实守信，依法充分披露投资者作出价值判断和投资决策所必需的信息，充分揭示当前及未来可预见对上市公司构成重大不利影响的直接和间接风险。所披露信息必须真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。 |
| A listed company shall, according to the requirements of the sponsor and securities service institutions, provide them with true, accurate, and complete financial accounting and other materials in accordance with the law, and cooperate with the relevant institutions in conducting due diligence and other relevant work. | | 上市公司应当按照保荐人、证券服务机构要求，依法向其提供真实、准确、完整的财务会计资料和其他资料，配合相关机构开展尽职调查和其他相关工作。 |
| Article 16 A listed company's controlling shareholder, actual controller, directors, senior executives, and other persons with information disclosure obligations shall be honest and trustworthy, ensure the veracity, accuracy, and completeness of offering and listing application documents and information disclosure, and prudently make and fulfill relevant undertakings in accordance with the law. | | 第十六条 上市公司的控股股东、实际控制人、董事、高级管理人员和其他信息披露义务人应当诚实守信，保证发行上市申请文件和信息披露的真实、准确、完整，依法审慎作出并履行相关承诺。 |
| The relevant entity set forth in the preceding paragraph shall cooperate with the relevant institutions in conducting due diligence and other relevant work, shall not use its controlling status or influence to require or assist the listed company's commission of violations of laws and regulations such as making any false records, misleading statements, or material omissions, and shall not damage the lawful rights and interests of the listed company and investors. | | 前款规定的相关主体应当配合相关机构开展尽职调查和其他相关工作，不得利用其控制地位或者影响能力要求或者协助上市公司进行虚假记载、误导性陈述或者重大遗漏等违法违规行为，不得损害上市公司和投资者合法权益。 |
| Article 17 The sponsor shall be honest and trustworthy, act with due diligence, and ensure the veracity, accuracy, and completeness of the prospectus, other information disclosure documents, and the relevant documents issued by it. | | 第十七条 保荐人应当诚实守信、勤勉尽责，保证募集说明书、其他信息披露文件及其所出具的相关文件的真实、准确、完整。 |
| The sponsor shall strictly abide by the requirements of legally developed business rules and industry self-regulatory rules, fully understand the operating conditions, risks, and development prospects of the listed company, take improving the quality of the listed company as the guidance, strictly implement internal control rules, conduct the prudential inspection of offering and listing application documents of the listed company, and effectively prevent financial fraud. | | 保荐人应当严格遵守依法制定的业务规则和行业自律规范的要求，充分了解上市公司经营情况、风险和发展前景，以提高上市公司质量为导向，严格执行内部控制制度，对上市公司发行上市申请文件进行审慎核查，切实防范财务造假。 |
| The sponsor shall make professional judgments on whether the listed company meets offering and listing conditions and information disclosure requirements and make recommendation decisions in a prudential manner. | | 保荐人应当对上市公司是否符合发行条件、上市条件和信息披露要求作出专业判断，审慎作出推荐决定。 |
| Article 18 Accounting firms, law firms, asset appraisal institutions, credit rating agencies, and other securities service institutions shall strictly abide by laws and regulations, regulatory rules developed by the CSRC, business standards and ethical norms generally recognized in the industry, business rules developed by the SSE, and other relevant provisions, establish and maintain an effective quality control system and investor protection mechanism, prudentially perform duties, make professional judgments and determination, and guarantee that the documents issued by them are true, accurate, and complete and the prospectus or other information disclosure documents have no false records, misleading statements, or material omissions due to the quotation of any professional opinion issued by them. | | 第十八条 会计师事务所、律师事务所、资产评估机构、资信评级机构等证券服务机构应当严格遵守法律法规、中国证监会制定的监管规则、本行业公认的业务标准和道德规范、本所制定的业务规则及其他相关规定，建立并保持有效的质量控制体系和投资者保护机制，审慎履行职责，作出专业判断与认定，并保证所出具文件的真实性、准确性和完整性，募集说明书或者其他信息披露文件不因引用其所出具的专业意见而出现虚假记载、误导性陈述或者重大遗漏。 |
| Securities service institutions and their relevant personnel shall be honest and trustworthy, act with due diligence, strictly implement internal control rules, check and verify business matters relating to their professional duties, perform the special duty of care, perform the ordinary duty of care for other business matters, offer professional opinions in a prudential manner, and assume the corresponding legal liability. | | 证券服务机构及其相关人员应当诚实守信、勤勉尽责，严格执行内部控制制度，对与其专业职责有关的业务事项进行核查验证，履行特别注意义务，对其他业务事项履行普通注意义务，审慎发表专业意见，并承担相应法律责任。 |
| Securities service institutions and their relevant personnel that provide securities services shall cooperate in the self-regulation of the SSE, provide, report, or disclose relevant materials and information within the prescribed time limit, and guarantee that the materials and information provided, reported, or disclosed by them are true, accurate, and complete and contain no false records, misleading statements, or material omissions. | | 证券服务机构及其相关人员从事证券服务业务应当配合本所的自律管理，在规定的期限内提供、报送或者披露相关资料、信息，并保证其提供、报送或者披露的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 |
| Securities service institutions shall properly preserve clients' authorization documents, inspection and verification materials, working papers, as well as the information and materials relating to quality control, internal management, and business operations. | | 证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与质量控制、内部管理、业务经营有关的信息和资料。 |
| Chapter III Examination Procedures | | 第三章 审核程序 |
| Section 1 General Provisions | | 第一节 一般规定 |
| Article 19 Where listed companies' applications for the offerings and listing of securities and the acceptance of applications, examination by the offering and listing examination body, meeting of the Listing Examination Committee (“Listing Committee”), submission of examination opinions to the CSRC, post-meeting matters, review, examination suspension and termination, and matters relating to examination, among others, have been prescribed in these Rules, these Rules shall apply; if they have not been prescribed in these Rules, the relevant provisions of the Rules for the Examination of the Offering and Listing of Stocks on the Shanghai Stock Exchange shall apply, mutatis mutandis. | | 第十九条 上市公司证券发行上市的申请与受理、发行上市审核机构审核、上市审核委员会（以下简称上市委员会）会议、向中国证监会报送审核意见、会后事项、复审、审核中止与终止、审核相关事项等，本规则已作规定的，适用本规则；本规则未作规定的，参照适用《上海证券交易所股票发行上市审核规则》相关规定。 |
| Article 20 A listed company that applies for the offering and listing of securities shall retain a sponsor to conduct sponsorship as required and entrust the sponsor to submit the following securities offering and listing application documents through the offering and listing examination business system of the SSE. | | 第二十条 上市公司申请证券发行上市的，应当按照规定聘请保荐人进行保荐，并委托保荐人通过本所发行上市审核业务系统报送下列证券发行上市申请文件： |
| (1) Registration application documents, such as the prospectus, sponsor letter for the offering, audit report, legal opinion, and the resolution of the shareholders' meeting. | | （一）募集说明书、发行保荐书、审计报告、法律意见书、股东会决议等注册申请文件； |
| (2) The sponsor letter for listing. | | （二）上市保荐书； |
| (3) Other documents required by the CSRC or the SSE. | | （三）中国证监会或者本所要求的其他文件。 |
| Article 21 The contents of the offering and listing application documents shall be true, accurate, complete, concise, clear, and easy to understand. | | 第二十一条 发行上市申请文件的内容应当真实、准确、完整，简明清晰、通俗易懂。 |
| ．．．．．． | | ．．．．．． |
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