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| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 228) | | （第228号） |
| The Decision to Amend the Measures for the Administration of Securities Offerings and Underwritings, as deliberated and adopted at the 3rd Executive Meeting of the China Securities Regulatory Commission on March 27, 2025, is hereby issued, and shall come into force on the date of issuance. | | 《关于修改＜证券发行与承销管理办法＞的决定》已经2025年3月27日中国证券监督管理委员会2025年第3次委务会议审议通过，现予公布，自公布之日起施行。 |
| Annexes: | | 附件： |
| 1. Decision to Amend the Measures for the Administration of Securities Offerings and Underwritings | | 1.关于修改《证券发行与承销管理办法》的决定 |
| 2. Legislative Explanation of the Decision to Amend the Measures for the Administration of Securities Offerings and Underwritings | | 2.关于修改《证券发行与承销管理办法》的决定的立法说明 |
| Chairman: Wu Qing | | 主席 吴清 |
| March 28, 2025 | | 2025年3月28日 |
| Decision to Amend the Measures for the Administration of Securities Offerings and Underwritings | | 关于修改《证券发行与承销管理办法》的决定 |
| I. Paragraph 2 of Article 12 is amended to read: “The issuer and the lead underwriter shall first place a certain number of securities offered under the placing tranche with publicly offered funds, the social security fund, pensions, annuity funds, bank wealth management funds, insurance funds, insurance asset management products, funds of qualified foreign investors, and other funds specified in the rules of the stock exchange approved by the China Securities Regulatory Commission, and the lower limit of the ratio of first placed securities to the number of securities offered under the placing tranche shall be governed by the relevant rules of the stock exchange. If the amount of valid subscriptions from the aforesaid funds is less than the number of shares allocated, the issuer and the lead underwriter may place the remaining shares with other qualified investors under the placing tranche.” Paragraph 3 is amended to read: “In the placement of shares with investors under the placing tranche in different categories, the ratio of shares placed with investors in the same category shall be the same. The ratio of shares placed with funds specified in the preceding paragraph shall not be less than that placed with other investors. The specific requirements for placement with investors in different categories shall be governed by the relevant rules of the stock exchange.” | | 一、将第十二条第二款修改为：“发行人和主承销商应当安排不低于本次网下发行证券数量的一定比例的证券优先向公募基金、社保基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品和合格境外投资者资金，以及经中国证监会批准的证券交易所规则规定的其他资金等配售，网下优先配售比例下限遵守证券交易所相关规定。前述资金有效申购不足安排数量的，发行人和主承销商可以向其他符合条件的网下投资者配售剩余部分。”第三款修改为：“对网下投资者进行分类配售的，同类投资者获得配售的比例应当相同。前款规定的优先配售资金的配售比例应当不低于其他投资者。分类配售的具体要求适用证券交易所相关规定。” |
| II. Paragraph 3 of Article 21 is deleted. | | 二、删除第二十一条第三款。 |
| III. Subparagraph (5) of Article 27 is amended to read: “Providing financial assistance or compensation, among others, to investors participating in subscription directly or through interested parties, thus damaging the company's interests.” Subparagraph (6) is amended to read: “Participating in placement under the placing tranche with its own funds directly or in disguise.” | | 三、将第二十七条第五项修改为：“以直接或通过其利益相关方向参与认购的投资者提供财务资助或补偿等方式损害公司利益”。第六项修改为：“以自有资金或者变相以自有资金参与网下配售”。 |
| IV. In paragraph 1 of Article 33, “shareholders' general meeting” is replaced with “shareholders' meeting.” | | 四、将第三十三条第一款中的“股东大会”修改为“股东会”。 |
| V. Article 38 is amended to read: “Where a listed company offers securities to specific investors, a listed company and its controlling shareholder, actual controller, and major shareholders shall not make any undertaking to investors to guarantee the principal or return on investment directly or in disguise or provide financial assistance or other compensation, among others, to investors directly or through interested parties.” | | 五、将第三十八条修改为：“上市公司向特定对象发行证券的，上市公司及其控股股东、实际控制人、主要股东不得通过向发行对象做出保底保收益或者变相保底保收益承诺、直接或者通过利益相关方向发行对象提供财务资助或者其他补偿等方式损害公司利益。” |
| VI. One article is added as Article 61: “The provisions of these Measures on supervisors shall not apply if a company has not established the board of supervisors in accordance with the law.” | | 六、新增一条，作为第六十一条：“公司依法不设监事会的，不适用本办法有关监事的规定。” |
| This Decision takes effect on the date of issuance. | | 本决定自公布之日起施行。 |
| The Measures for the Administration of Securities Offerings and Underwritings, as amended in accordance with this Decision, shall be reissued. | | 《证券发行与承销管理办法》根据本决定作相应修改，重新公布。 |
| ．．．．．． | | 《关于修改〈证券发行与承销管理办法〉的决定》的立法说明 |
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