证券发行上市保荐业务管理办法(上部分 中英文）

　　Measures for the Administration of the Sponsor Business of Securities Issuance and Listing

　　证券发行上市保荐业务管理办法

　　Promulgating Institution: China Securities Regulatory Commission

　　颁布机关: 中国证券监督管理委员会

　　(Adopted at the 235th chairman office meeting of the China Securities Regulatory Commission on August 14, 2008 and revised in accordance with the Decision of the China Securities Regulatory Commission on Revising the "Measures for the Administration of the Sponsor Business of Securities Issuance and Listing" promulgated by the China Securities Regulatory Commission on May 13, 2009)

　　(2008年8月14日中国证券监督管理委员会第235次主席办公会议审议通过，根据2009年5月13日中国证券监督管理委员会《关于修改〈证券发行上市保荐业务管理办法〉的决定》修订)

　　Chapter 1: General Provisions第一章 总则

　　Article 1 These Measures are formulated in accordance with the Securities Law, the Decision of the State Council on Application of Administrative Approval to Programs Requiring Administrative Review and Approval That Need to be Reserved (Order No. 412 of the State Council) and other applicable laws and regulations to regulate securities issuing and listing sponsor business, improve the quality of listed companies and the practice of securities companies and protect the rights and interests of investors.

　　第一条 为了规范证券发行上市保荐业务，提高上市公司质量和证券公司执业水平，保护投资者的合法权益，促进证券市场健康发展，根据《证券法》、《国务院对确需保留的行政审批项目设定行政许可的决定》(国务院令第412号)等有关法律、行政法规，制定本办法。

　　Article 2 An issuer shall engage a securities company with sponsor qualification to act as the sponsor institution for any of the following matters:

　　(1) Initial public offering and listing;

　　(2) Issuing new stocks or convertible corporate bonds by a listed company;

　　(3) Other circumstances specified by China Securities Regulatory Commission ("CSRC").

　　第二条 发行人应当就下列事项聘请具有保荐机构资格的证券公司履行保荐职责:

　　(一)首次公开发行股票并上市;

　　(二)上市公司发行新股、可转换公司债券;

　　(三)中国证券监督管理委员会(以下简称"中国证监会")认定的其他情形。

　　Article 3 A securities company that engages in the issuance of securities and listing sponsor business shall apply to the CSRC for qualification of sponsor institution.

　　A sponsor institution shall appoint individuals who have obtained the qualification for a sponsor representative in accordance with these Measures for the purpose of performing sponsor duties and to be in charge of sponsor business.

　　No institution or individual shall engage in sponsor business without prior approval from the CSRC.

　　第三条 证券公司从事证券发行上市保荐业务,应依照本办法规定向中国证监会申请保荐机构资格。

　　保荐机构履行保荐职责,应当指定依照本办法规定取得保荐代表人资格的个人具体负责保荐工作。

　　未经中国证监会核准,任何机构和个人不得从事保荐业务。

　　Article 4 A sponsor institution and its sponsor representatives shall abide by the laws and administrative regulations as well as the CSRC's relevant rules, shall observe its business rules and the code of the industry, be honest, faithful and diligent in sponsoring the issuance of securities and listing, conduct continuous supervision to ensure the issuer's performance of the obligations of standardized operation, integrity and information disclosure.

　　Neither the sponsor institution nor the sponsor representative may seek unlawful interests through its sponsor business.

　　第四条 保荐机构及其保荐代表人应当遵守法律、行政法规和中国证监会的相关规定,恪守业务规则和行业规范,诚实守信,勤勉尽责,尽职推荐发行人证券发行上市,持续督导发行人履行规范运作、信守承诺、信息披露等义务。

　　保荐机构及其保荐代表人不得通过从事保荐业务谋取任何不正当利益。

　　Article 5 A sponsor representative shall abide by the code of professional ethics, cherish and protect the professional reputation of the sponsor representative, function with due professional caution, and maintain and continually improve upon its competency levels.

　　The sponsor representative shall safeguard the interests and rights of the issuer and maintain confidentiality regarding the information about the issuer obtained through its sponsor business. The sponsor representative shall adhere to the principle of independent performance, shall not sacrifice its objective and impartial position to impropriate requests of the issuer, and shall not deceive the issuer or its securities service institution to engage in illegal or fraudulent activities, or participate in such activities.

　　The sponsor representative or his/her spouse shall not hold the stocks of the issuer through any account or in any other way.

　　第五条 保荐代表人应当遵守职业道德准则,珍视和维护保荐代表人职业声誉,保持应有的职业谨慎,保持和提高专业胜任能力。

　　保荐代表人应当维护发行人的合法利益,对从事保荐业务过程中获知的发行人信息保密。保荐代表人应当恪守独立履行职责的原则,不因迎合发行人或者满足发行人的不当要求而丧失客观、公正的立场,不得唆使、协助或者参与发行人及证券服务机构实施非法的或者具有欺诈性的行为。

　　保荐代表人及其配偶不得以任何名义或者方式持有发行人的股份。

　　Article 6 For securities of the same issuance, the issuing sponsor and listing sponsor shall be conducted by the same sponsor institution. The sponsor shall review the application and the document for securities issuing and fund-raising of the issuer, and submit its sponsor opinions to the CSRC and the securities exchange. The sponsor shall ensure the authenticity, accuracy and completeness of the documents it has issued.

　　In the event the issuance of securities reaches a certain scale, joint sponsorship is acceptable, provided that not more than two sponsor institutions may engage in joint sponsorship.

　　The sponsor institution may, individually or jointly with any other securities company having sponsor qualification, serve as the lead underwriter for the issuance of securities.

　　第六条 同次发行的证券,其发行保荐和上市保荐应当由同一保荐机构承担。保荐机构依法对发行人申请文件、证券发行募集文件进行核查,向中国证监会、证券交易所出具保荐意见。保荐机构应当保证所出具的文件真实、准确、完整。

　　证券发行规模达到一定数量的,可以采用联合保荐,但参与联合保荐的保荐机构不得超过2家。

　　证券发行的主承销商可以由该保荐机构担任,也可以由其他具有保荐机构资格的证券公司与该保荐机构共同担任。

　　Article 7 An issuer and its directors, supervisors and senior management personnel, as well as securities service institutions such as law firms, accounting firms and asset appraisal institutions that prepare and issue relevant documents, and their signatories, shall cooperate with the sponsor institution and its sponsor representative in the performance of sponsor duties in accordance with law, administrative regulations and the provisions of the CSRC, and assume corresponding responsibilities.

　　The performance of the duties by sponsor institution and its sponsor representative shall not alleviate or exempt the responsibilities of the issuer, its directors, supervisors, senior management personnel, securities service institutions and their signatories.

　　第七条 发行人及其董事、监事、高级管理人员,为证券发行上市制作、出具有关文件的律师事务所、会计师事务所、资产评估机构等证券服务机构及其签字人员,应当依照法律、行政法规和中国证监会的规定,配合保荐机构及其保荐代表人履行保荐职责,并承担相应的责任。

　　保荐机构及其保荐代表人履行保荐职责,不能减轻或者免除发行人及其董事、监事、高级管理人员、证券服务机构及其签字人员的责任。

　　Article 8 The CSRC conducts supervision and management on sponsor institutions and their sponsor representatives.

　　Securities Association of China conducts self-discipline management on sponsor institutions and their sponsor representatives.

　　第八条 中国证监会依法对保荐机构及其保荐代表人进行监督管理。

　　中国证券业协会对保荐机构及其保荐代表人进行自律管理。

　　Chapter 2: Administration of Qualification of Sponsor Institutions and Sponsor Representatives

　　第二章 保荐机构和保荐代表人的资格管理

　　Article 9 In applying for the qualification of a sponsor institution, a securities company shall meet the following conditions:

　　(1) Have registered capital amounting to a minimum of RMB100,000,000, and a net capital amounting to a minimum of RMB50,000,000;

　　(2) Have improved corporate governance and internal control systems, and the risk control indexes are in line with the relevant provisions;

　　(3) The sponsor business department establishes sound business procedures, internal risk assessment and control system, and the internal structure is reasonably well established, and has corresponding back-up support such as corresponding research capacity and sale capacity;

　　(4) With a good sponsor business team having a reasonably professional structure; the number of practitioners shall not be less than 35, and the personnel engaging in the relevant sponsor business in the immediately preceding three years has not been less than 20;

　　(5) The number of practitioners meeting the qualification of sponsor representative shall not be less than four;

　　(6) No act of material violation of laws and regulations should have been committed nor should the company have been imposed with any administrative penalty in the immediately preceding three years; and

　　(7) Other conditions as prescribed by the CSRC.

　　第九条 证券公司申请保荐机构资格,应当具备下列条件:

　　(一)注册资本不低于人民币1亿元，净资本不低于人民币5000万元;

　　(二)具有完善的公司治理和内部控制制度，风险控制指标符合相关规定;

　　(三)保荐业务部门具有健全的业务规程、内部风险评估和控制系统，内部机构设置合理，具备相应的研究能力、销售能力等后台支持;

　　(四)具有良好的保荐业务团队且专业结构合理，从业人员不少于35人，其中最近3年从事保荐相关业务的人员不少于20人;

　　(五)符合保荐代表人资格条件的从业人员不少于4人;

　　(六)最近3年内未因重大违法违规行为受到行政处罚;

　　(七)中国证监会规定的其他条件。

　　Article 10 In applying for the qualification of a sponsor institution, a securities company shall submit the CSRC the following materials:

　　(1) Application report;

　　(2) Resolution of the shareholders' (general) meeting and the board of directors on application for qualification as a sponsor institution;

　　(3) Approving document for establishment of the company;

　　(4) Duplicate of the business license;

　　(5) Description of the corporate governance and internal control systems and their implementing situations;

　　(6) Profiles of directors, supervisors, senior officers, and principal shareholders;

　　(7) Description of internal risk assessment and control system and its implementing situation;

　　(8) Establishing of due diligence system, supervision system, internal check system, continuous supervision system, continuous training system, and sponsor work-sheet system for the sponsor business;

　　(9) Such net capital working sheet, risk capital reserve working sheet, and risk control index supervision statement of the immediately preceding year as audited by the accounting firm possessing the requisite qualification of the business related to securities and futures;

　　(10) Organization of the structuring, work division, and staffing of the sponsor business department;

　　(11) Overview of the back-up support departments, such as the research department, sale department, etc;

　　(12) Complete list and resumes of the person in charge of the sponsor business, person in charge of the internal check, person in charge of the sponsor business department, and members of the internal check group;

　　(13) Designated contact person of the securities company;

　　(14) The commitment letter specifying that the securities company shall be responsible for the authenticity, accuracy, and completeness of the application documents which shall be signed by the whole time directors; and

　　(15) Other materials as required by the CSRC.

　　第十条 证券公司申请保荐机构资格,应当向中国证监会提交下列材料:

　　(一)申请报告;

　　(二)股东(大)会和董事会关于申请保荐机构资格的决议;

　　(三)公司设立批准文件;

　　(四)营业执照复印件;

　　(五)公司治理和公司内部控制制度及执行情况的说明;

　　(六)董事、监事、高级管理人员和主要股东情况的说明;

　　(七)内部风险评估和控制系统及执行情况的说明;

　　(八)保荐业务尽职调查制度、辅导制度、内部核查制度、持续督导制度、持续培训制度和保荐工作底稿制度的建立情况;

　　(九)经具有证券期货相关业务资格的会计师事务所审计的最近1年度净资本计算表、风险资本准备计算表和风险控制指标监管报表;

　　(十)保荐业务部门机构设置、分工及人员配置情况的说明;

　　(十一)研究、销售等后台支持部门的情况说明;

　　(十二)保荐业务负责人、内核负责人、保荐业务部门负责人和内核小组成员名单及其简历;

　　(十三)证券公司指定联络人的说明;

　　(十四)证券公司对申请文件真实性、准确性、完整性承担责任的承诺函，并应由其全体董事签字;

　　(十五)中国证监会要求的其他材料。

　　Article 11 In applying for the qualification of a sponsor representative, an individual shall meet the following conditions:

　　(1) The individual shall have over three years of experience in sponsor-related business;

　　(2) The individual shall have worked as project coordinator for domestic securities issuance as prescribed in Article 2 of these Measures in the immediately preceding three years;

　　(3) The individual shall have participated in the competence examination for sponsor representative as approved by the CSRC and the result declared him eligible and effective for the position;

　　(4) The individual shall be honest and trustworthy without any blemished record as regards his character, , and shall have not been imposed with an administrative penalty by the CSRC in the immediately preceding three years; and

　　(5) The individual shall not have a large amount of outstanding debt which is overdue.

　　第十一条 个人申请保荐代表人资格,应当具备下列条件:

　　(一)具备3年以上保荐相关业务经历;

　　(二)最近3年内在本办法第二条规定的境内证券发行项目中担任过项目协办人;

　　(三)参加中国证监会认可的保荐代表人胜任能力考试且成绩合格有效;

　　(四)诚实守信，品行良好，无不良诚信记录，最近3年未受到中国证监会的行政处罚;

　　(五)未负有数额较大到期未清偿的债务;(六)中国证监会规定的其他条件。

　　Article 12 In applying for qualification of sponsor representative, an individual shall have the following material submitted to the CSRC by the sponsor institution he/she works for:

　　(1) Application report;

　　(2) Resume, identify document, and academic certificates;

　　(3) Certification of eligible results in securities practitioner's qualifying examination and competence examination for sponsor representative;

　　(4) Securities practicing certificate;

　　(5) Detailed description of engagement in sponsor-related business, and an overview of the work performed as the coordinator of domestic securities issuance project, as prescribed in Article 2 of these Measures, in the immediately preceding three years;

　　(6) Recommendation letter as produced by the sponsor institution, which shall specify the applicant's compliance with laws and disciplines, competence, organization capacity and skills, etc.;

　　(7) The commitment letter specifying that the sponsor institution shall be responsible for the authenticity, accuracy, and completeness of the application documents, shall be signed by the board chairman or general manager of the sponsor; and

　　(8) Other materials as required by the CSRC.

　　第十二条 个人申请保荐代表人资格,应当通过所任职的保荐机构向中国证监会提交下列材料:

　　(一)申请报告;

　　(二)个人简历、身份证明文件和学历学位证书;

　　(三)证券业从业人员资格考试、保荐代表人胜任能力考试成绩合格的证明;

　　(四)证券业执业证书;

　　(五)从事保荐相关业务的详细情况说明，以及最近3年内担任本办法第二条规定的境内证券发行项目协办人的工作情况说明;

　　(六)保荐机构出具的推荐函，其中应当说明申请人遵纪守法、业务水平、组织能力等情况;

　　(七)保荐机构对申请文件真实性、准确性、完整性承担责任的承诺函，并应由其董事长或者总经理签字;

　　(八)中国证监会要求的其他材料。

　　Article 13 The securities company or the individual shall ensure the authenticity, accuracy, and completeness of the application documents. In the event of any significant change in the content of the application documents during the period of application, the securities company or the individual shall, within two working days from the date of such changes, submit the updated material to the CSRC.

　　第十三条 证券公司和个人应当保证申请文件真实、准确、完整。申请期间,申请文件内容发生重大变化的,应当自变化之日起2个工作日内向中国证监会提交更新资料。

　　Article 14 The CSRC shall accept and verify the application documents according to law, and make written decision approving or disapproving the application for qualification of a sponsor institution within 45 working days from the date of acceptance thereof, and make a decision of approval or disapproval in writing, for the application for qualification of sponsor representative within 20 working days from the date of acceptance thereof.

　　第十四条 中国证监会依法受理、审查申请文件。对保荐机构资格的申请,自受理之日起45个工作日内做出核准或者不予核准的书面决定;对保荐代表人资格的申请,自受理之日起20个工作日内做出核准或者不予核准的书面决定。

　　Article 15 After obtaining the sponsor institution qualification, a securities company shall continue to meet the conditions as prescribed in Article 9 of these Measures. Where a sponsor institution is subject to an administrative penalty due to a material violation of laws and regulations, the CSRC may revoke the qualification as a sponsor institution; or if the sponsor institution ceases to comply with the other conditions as prescribed in Article 9 hereof, the CSRC may order it to make corrections within the prescribed time limit, and in case of the sponsor institution's failure to meet the requirements within such time limit, the CSRC may revoke its qualification as a sponsor institution.

　　第十五条 证券公司取得保荐机构资格后,应当持续符合本办法第九条规定的条件。保荐机构因重大违法违规行为受到行政处罚的,中国证监会撤销其保荐机构资格;不再具备第九条规定其他条件的,中国证监会可责令其限期整改,逾期仍然不符合要求的,中国证监会撤销其保荐机构资格。

　　Article 16 After obtaining the qualification of a sponsor representative, an individual shall continue to meet the conditions as prescribed in sub-paragraph (4), (5), and (6) of Article 11 of these Measures. Where the securities practicing certificate of a sponsor representative is revoked or cancelled, or the sponsor representative is imposed with an administrative penalty of the CSRC , the CSRC will revoke the qualification of sponsor representative of the individual; or if the individual does not meet the other conditions, the CSRC may order such individual to make corrections within the prescribed period, and where the individual still fails to meet the requirements beyond the time limit, the CSRC will revoke such person's qualification of sponsor representative.

　　After passing through the competence examination for sponsor representative as approved by the CSRC or obtaining qualification of sponsor representative, an individual shall participate in the yearly business training for sponsor representative on a regular basis, as is conducted by an institution approved by the Securities Association of China or the CSRC. Should a sponsor representative fail to participate in the requisite yearly business training for sponsor representative, the CSRC shall revoke such individual's qualification of sponsor representative. Should an individual who has passed through the competence examination for sponsor representative, but has not obtained the qualification of sponsor representative, fail to participate in the yearly business training for sponsor representative, the result in competence examination for sponsor representative of the individual shall be invalid.

　　第十六条 个人取得保荐代表人资格后,应当持续符合本办法第十一条第(四)项、第(五)项和第(六)项规定的条件。保荐代表人被吊销、注销证券业执业证书,或者受到中国证监会行政处罚的,中国证监会撤销其保荐代表人资格;不再符合其他条件的,中国证监会责令其限期整改,逾期仍然不符合要求的,中国证监会撤销其保荐代表人资格。

　　个人通过中国证监会认可的保荐代表人胜任能力考试或者取得保荐代表人资格后,应当定期参加中国证券业协会或者中国证监会认可的其他机构组织的保荐代表人年度业务培训。保荐代表人未按要求参加保荐代表人年度业务培训的,中国证监会撤销其保荐代表人资格;通过保荐代表人胜任能力考试而未取得保荐代表人资格的个人,未按要求参加保荐代表人年度业务培训的,其保荐代表人胜任能力考试成绩不再有效。

　　Article 17 The CSRC conducts registration management for the sponsor institutions and sponsor representatives in accordance with laws.

　　第十七条 中国证监会依法对保荐机构、保荐代表人进行注册登记管理。

　　Article 18 Registered items of a sponsor institution shall include:

　　(1) Name of the sponsor institution, time of its establishment, registered capital, registered address, principal place of business, and legal representative;

　　(2) Principal shareholders of the sponsor institution;

　　(3) Directors, supervisors, and senior officers of the sponsor;

　　(4) Person in charge of the sponsor business and person in charge of internal check of the sponsor institution;

　　(5) Person in charge of sponsor business department of the sponsor institution;

　　(6) Organization of the structuring, work division, and staffing of the sponsor business department of the sponsor institution;

　　(7) Practising experiences of the sponsor institution; and

　　(8) Other matters as required by the CSRC.

　　第十八条 保荐机构的注册登记事项包括:

　　(一)保荐机构名称、成立时间、注册资本、注册地址、主要办公地址和法定代表人;

　　(二)保荐机构的主要股东情况;

　　(三)保荐机构的董事、监事和高级管理人员情况;

　　(四)保荐机构的保荐业务负责人、内核负责人情况;

　　(五)保荐机构的保荐业务部门负责人情况;

　　(六)保荐机构的保荐业务部门机构设置、分工及人员配置情况;

　　(七)保荐机构的执业情况;

　　(八)中国证监会要求的其他事项。

　　Article 19 Registered items of a sponsor representative shall include:

　　(1) Name, gender, date of birth, and ID No. of the sponsor representative;

　　(2) Contact phone number and address of the sponsor representative;

　　(3) Service department and position of the sponsor representative;

　　(4) Education and work experience of the sponsor representative;

　　(5) Practicing areas of the sponsor representative; and

　　(6) Other matters as required by the CSRC.

　　第十九条 保荐代表人的注册登记事项包括:

　　(一)保荐代表人的姓名、性别、出生日期、身份证号码;

　　(二)保荐代表人的联系电话、通讯地址;

　　(三)保荐代表人的任职机构、职务;

　　(四)保荐代表人的学习和工作经历;

　　(五)保荐代表人的执业情况;

　　(六)中国证监会要求的其他事项。

　　Article 20 In the event of any change in the registered items of the sponsor institution or the sponsor representative, the sponsor shall, within five working days from the date of the change, make a written report to the CSRC for registration of such change.

　　第二十条 保荐机构、保荐代表人注册登记事项发生变化的,保荐机构应当自变化之日起5个工作日内向中国证监会书面报告,由中国证监会予以变更登记。

　　Article 21 Should a sponsor representative resign from the original sponsor institution and take up employment in another sponsor institution, the registration of such change shall be handled with the CSRC through an application filed by the new sponsor institution, and the following materials are to be submitted:

　　(1) Application report for registration of the change;

　　(2) Securities practicing certificate;

　　(3) Description of the handover of the sponsor business in the original sponsor institution as produced by the sponsor representative;

　　(4) Acceptance letter as produced by the new sponsor institution;

　　(5) The commitment letter specifying that the new sponsor institution shall be responsible for the authenticity, accuracy, and completeness of the application documents which shall be signed by the chairman of the board of directors or general manager of the new sponsor institution; and

　　(6) Other materials as are required by the CSRC.

　　第二十一条 保荐代表人从原保荐机构离职,调入其他保荐机构的,应通过新任职机构向中国证监会申请变更登记,并提交下列材料:

　　(一)变更登记申请报告;

　　(二)证券业执业证书;

　　(三)保荐代表人出具的其在原保荐机构保荐业务交接情况的说明;

　　(四)新任职机构出具的接收函;

　　(五)新任职机构对申请文件真实性、准确性、完整性承担责任的承诺函，并应由其董事长或者总经理签字;

　　(六)中国证监会要求的其他材料。

　　Article 22 A sponsor institution shall make an annual submission, in April, of the annual practicing report including the following contents to the CSRC:

　　(1) Description of annual practice of the sponsor institution and sponsor representative;

　　(2) Description of inspection on due diligence work log of the sponsor representative by the sponsor institution;

　　(3) Annual examination and assessment for the sponsor representative by the sponsor institution;

　　(4) Other important matters of the sponsor institution and the sponsor representative;

　　(5) The commitment letter stating that the sponsor institution shall be responsible for the authenticity, accuracy, and completeness of the annual practising report, which shall be signed by the general manager of the sponsor institution; and

　　(6) Other matters as required by the CSRC.

　　第二十二条 保荐机构应当于每年4月份向中国证监会报送年度执业报告。年度执业报告应当包括以下内容:

　　(一)保荐机构、保荐代表人年度执业情况的说明;

　　(二)保荐机构对保荐代表人尽职调查工作日志检查情况的说明;

　　(三)保荐机构对保荐代表人的年度考核、评定情况;

　　(四)保荐机构、保荐代表人其他重大事项的说明;

　　(五)保荐机构对年度执业报告真实性、准确性、完整性承担责任的承诺函，并应由其法定代表人签字;

　　(六)中国证监会要求的其他事项。

　　Chapter 3: Responsibilities of Sponsors 第三章 保荐职责

　　Article 23 A sponsor institution shall conscientiously recommend the securities of an issuer to be issued and listed.

　　A sponsor institution shall continuously guide and supervise over an issuer in the performance of obligations such as standardizing operation, abiding by assurances given and complying with information disclosure requirements subsequent to the listing of securities.

　　第二十三条 保荐机构应当尽职推荐发行人证券发行上市。

　　发行人证券上市后,保荐机构应当持续督导发行人履行规范运作、信守承诺、信息披露等义务。

　　Article 24 In recommending the issuance and listing of securities of the issuer, a sponsor institution shall comply with principles of honesty and faithfulness, exercise diligence, conduct an overall investigation of the issuer in accordance with the requirements of the CSRC for sponsor institutions to conduct due diligence work, and fully understand the operating conditions of the issuer and the risks and problems facing the issuer.

　　第二十四条 保荐机构推荐发行人证券发行上市,应当遵循诚实守信、勤勉尽责的原则,按照中国证监会对保荐机构尽职调查工作的要求,对发行人进行全面调查,充分了解发行人的经营状况及其面临的风险和问题。

　　Article 25 Before recommending the issuer to conduct initial public offering and listing its shares, a sponsor institution shall tender guidance to the issuer, and provide its directors, supervisors, senior officers, shareholders holding over 5% of the shares, and actual controller of the issuer (or legal representative of the issuer) with training on knowledge of laws and regulations, and the securities market to help them comprehensively master the laws, regulations, and rules in connection with the issuance, listing, standard operation, etc., realize their responsibilities and obligations in respect of information disclosure, performance of commitment, and build awareness of faithfulness, self-discipline, and legality for entering into securities market.

　　第二十五条 保荐机构在推荐发行人首次公开发行股票并上市前,应当对发行人进行辅导,对发行人的董事、监事和高级管理人员、持有5%以上股份的股东和实际控制人(或者其法定代表人)进行系统的法规知识、证券市场知识培训,使其全面掌握发行上市、规范运作等方面的有关法律法规和规则,知悉信息披露和履行承诺等方面的责任和义务,树立进入证券市场的诚信意识、自律意识和法制意识。

　　Article 26 After completion of guidance work of a sponsor institution, the local office of the CSRC situated at the place where the issuer is located shall conduct examination and approval of such guidance work.

　　第二十六条 保荐机构辅导工作完成后,应由发行人所在地的中国证监会派出机构进行辅导验收。

　　Article 27 A sponsor institution shall conclude the sponsor agreement with the issuer to specify the rights and obligations of both parties, and determine costs in relation to the performance of the sponsor responsibilities upon negotiations in accordance with the industrial standard.

　　After signing the sponsor agreement, the sponsor institution shall, within five working days, submit the agreement to the local office of the CSRC situated at the place where the issuer is located for record-filing.

　　第二十七条 保荐机构应当与发行人签订保荐协议,明确双方的权利和义务,按照行业规范协商确定履行保荐职责的相关费用。

　　保荐协议签订后,保荐机构应在5个工作日内报发行人所在地的中国证监会派出机构备案。

　　Article 28 The sponsor institution shall ensure that the issuer is in line with the relevant provisions of laws, administrative regulations, and the CSRC before recommending the issuance and listing of securities of the issuer.

　　Where the sponsor institution decides to recommend issuance and listing of the issuer's securities, it may, under the commission of the issuer, organize and prepare the application documents and produce recommendation documents.

　　第二十八条 保荐机构应当确信发行人符合法律、行政法规和中国证监会的有关规定,方可推荐其证券发行上市。

　　保荐机构决定推荐发行人证券发行上市的,可以根据发行人的委托,组织编制申请文件并出具推荐文件。

　　Article 29 With respect to the content of professional opinions as produced by the securities service institution and its signatory as contained in the application documents of the issuer, and the documents for the issuance of securities and fund raising, the sponsor institution shall conduct prudent verification in conjunction with the information made available in the course of due diligence, and form an independent judgment on the information provided and content disclosed by the issuer.

　　In the event of any significant discrepancy between the judgment made by the sponsor institution and the professional opinion by the securities service institution, the sponsor institution may conduct investigation and review the relevant matters, and engage other securities service institution to provide professional services.

　　第二十九条 对发行人申请文件、证券发行募集文件中有证券服务机构及其签字人员出具专业意见的内容,保荐机构应当结合尽职调查过程中获得的信息对其进行审慎核查,对发行人提供的资料和披露的内容进行独立判断。

　　保荐机构所作的判断与证券服务机构的专业意见存在重大差异的,应当对有关事项进行调查、复核,并可聘请其他证券服务机构提供专业服务。

　　Article 30 If there is no content supporting the professional opinion of the securities service institution or its signatory in the application documents and documents for the issuance of securities and fund raising by the issuer, a sponsor institution shall obtain sufficient due diligence evidence to formulate its independent judgment on the information provided and content disclosed by the issuer on the basis of having comprehensively analyzed various evidences, and shall have every reason to believe that there is no substantial difference between the judgement made by the securities service institution or its signatory and contents of the application documents and documents for the issuance of securities and fund raising by the issuer.

　　第三十条 对发行人申请文件、证券发行募集文件中无证券服务机构及其签字人员专业意见支持的内容,保荐机构应当获得充分的尽职调查证据,在对各种证据进行综合分析的基础上对发行人提供的资料和披露的内容进行独立判断,并有充分理由确信所作的判断与发行人申请文件、证券发行募集文件的内容不存在实质性差异。

　　Article 31 In recommending the issuer to issue securities, a sponsor institution shall make submissions of a sponsor letter for issuance, special power of attorney for sponsor representative, as well as other documents relating to sponsor business as required by the CSRC. The sponsor letter for issuance shall include the following:

　　(1) Making an itemized specification of whether the issuance is in line with the conditions and procedures for issuance as prescribed in the Company Law and Securities Law.

　　(2) Making an itemized specification of whether the issuance is in line with the relevant provisions of the CSRC, and indicating the verification process of every conclusion and the basis of facts;

　　(3) Major risks facing the issuer;

　　(4) Evaluation on the development prospects of the issuer;

　　(5) Description of internal check procedure of a sponsor institution and opinions on the internal check;

　　(6) Relationship of the sponsor and the issuer;

　　(7) Relevant commitments; and

　　(8) Other matters as required by the CSRC.

　　第三十一条 保荐机构推荐发行人发行证券,应当向中国证监会提交发行保荐书、保荐代表人专项授权书以及中国证监会要求的其他与保荐业务有关的文件。发行保荐书应当包括下列内容:

　　(一)逐项说明本次发行是否符合《公司法》、《证券法》规定的发行条件和程序;

　　(二)逐项说明本次发行是否符合中国证监会的有关规定，并载明得出每项结论的查证过程及事实依据;

　　(三)发行人存在的主要风险;

　　(四)对发行人发展前景的评价;

　　(五)保荐机构内部审核程序简介及内核意见;

　　(六)保荐机构与发行人的关联关系;

　　(七)相关承诺事项;

　　(八)中国证监会要求的其他事项。

　　Article 32 In recommending the issuer to list its securities, a sponsor shall make submissions to the stock exchange of the requisite sponsor letter for listing and other documents relating to the sponsor business, and file them with the CSRC. The sponsor letter for listing shall:

　　(1) Make an itemized specification of whether the listing of securities is in line with the conditions for listing as prescribed in the Company Law, the Securities Law, and by the stock exchange;

　　(2) Arrange for continuous supervision after listing of the issuer's securities;

　　(3) State the relationship of the sponsor institution and the issuer;

　　(4) Specify the relevant commitment; and

　　(5) List other matters as required by the CSRC or the stock exchange.

　　第三十二条 保荐机构推荐发行人证券上市,应当向证券交易所提交上市保荐书以及证券交易所要求的其他与保荐业务有关的文件,并报中国证监会备案。上市保荐书应当包括下列内容:

　　(一)逐项说明本次证券上市是否符合《公司法》、《证券法》及证券交易所规定的上市条件;

　　(二)对发行人证券上市后持续督导工作的具体安排;

　　(三)保荐机构与发行人的关联关系;

　　(四)相关承诺事项;

　　(五)中国证监会或者证券交易所要求的其他事项。

　　Article 33 A sponsor institution shall make commitments in the sponsor letter for issuance and the sponsor letter for listing on the following matters:

　　(1) There are sufficient reasons to believe that the issuer is in line with laws and regulations, and the relevant provisions of the CSRC on securities issuance and listing;(2) There are sufficient reasons to believe that the application documents and information disclosure information of the issuer contain no false records, misleading statements, or major omissions therein;

　　(3) There are sufficient reasons to believe that the basis on which the issuer and its directors have expressed their opinions in the application documents and information disclosure materials, are adequate and reasonable;

　　(4) There are sufficient reasons to believe that there is no substantial difference between the content of the application documents and information disclosure material and the opinions expressed by the securities service institution;

　　(5) Ensure that designated sponsor representative and relevant personnel of the sponsor institution have diligently performed their obligations and conducted due diligence and prudent verification of the application documents and information disclosure material of the issuer;

　　(6) Ensure that sponsor letters or other documents in connection with the performance of sponsor responsibilities contain no false records, misleading statements, or major omissions therein;

　　(7) Ensure that professional services and professional opinions provided to the issuer are in line with provisions industrial norms, laws, administrative regulations, and the CSRC;

　　(8) Accept voluntarily the regulatory measures adopted by the CSRC in accordance with these Measures; and

　　(9) Other matters as prescribed by the CSRC.

　　第三十三条 在发行保荐书和上市保荐书中,保荐机构应当就下列事项做出承诺:

　　(一)有充分理由确信发行人符合法律法规及中国证监会有关证券发行上市的相关规定;

　　(二)有充分理由确信发行人申请文件和信息披露资料不存在虚假记载、误导性陈述或者重大遗漏;

　　(三)有充分理由确信发行人及其董事在申请文件和信息披露资料中表达意见的依据充分合理;

　　(四)有充分理由确信申请文件和信息披露资料与证券服务机构发表的意见不存在实质性差异;

　　(五)保证所指定的保荐代表人及本保荐机构的相关人员已勤勉尽责，对发行人申请文件和信息披露资料进行了尽职调查、审慎核查;

　　(六)保证保荐书、与履行保荐职责有关的其他文件不存在虚假记载、误导性陈述或者重大遗漏;

　　(七)保证对发行人提供的专业服务和出具的专业意见符合法律、行政法规、中国证监会的规定和行业规范;

　　(八)自愿接受中国证监会依照本办法采取的监管措施;

　　(九)中国证监会规定的其他事项。

　　Article 34 After submitting the sponsor letter for issuance, a sponsor shall cooperate during the review by the CSRC, and undertake the following work:

　　(1) Organize the issuer and securities service institution to formulate replies on the opinions of the CSRC;

　　(2) Conduct due diligence or verification on the specific matters as involved in the issuance and listing of securities in accordance with the requirements of the CSRC;

　　(3) Designate a sponsor representative for professional communication with the functional department of the CSRC, and the sponsor representative shall accept inquiry by members at the meeting of the issuance examination committee; and

　　(4) Other work as prescribed by the CSRC.

　　第三十四条 保荐机构提交发行保荐书后,应当配合中国证监会的审核,并承担下列工作:

　　(一)组织发行人及证券服务机构对中国证监会的意见进行答复;

　　(二)按照中国证监会的要求对涉及本次证券发行上市的特定事项进行尽职调查或者核查;

　　(三)指定保荐代表人与中国证监会职能部门进行专业沟通，保荐代表人在发行审核委员会会议上接受委员质询;

　　(四)中国证监会规定的其他工作。

　　Article 35 A sponsor institution shall, subject to the specific conditions of an issuer, determine contents of continuous supervision upon securities issuance and listing, supervise the issuer to perform the obligations in relation to standard operation of the listed company, abiding by assurances, information disclosure requirements, review the information disclosure documents and other documents to be submitted to the CSRC and stock exchange, and undertake the following work:

　　(1) Supervise over the issuer to ensure the effective execution and improvement of the system established to prevent controlling shareholders, actual controllers, and other related parties from occupying the issuer's resources in violation of any provision;

　　(2) Supervise over the issuer to ensure the effective execution and improvement of the internal control system established to prevent directors, supervisors, and senior officers of the issuer from harming the interests of the issuer by taking advantage of their positions;

　　(3) Supervise the issuer to ensure the effective execution and improvement of the system established to guarantee the fairness and compliance of any associated transaction, and express its opinions on the associated transaction;

　　(4) Pay continuous attention to fulfillment of commitments by the issuer, such as deposition of the raised funds in a special account, implementation of projects wherein funds have been invested, etc.

　　(5) Pay continuous attention to matters such as furnishing of security by the issuer, and express its opinions thereon; and

　　(6) Other tasks as provided for by the CSRC and the stock exchange and as stipulated in the sponsor agreement.

　　第三十五条 保荐机构应当针对发行人的具体情况,确定证券发行上市后持续督导的内容,督导发行人履行有关上市公司规范运作、信守承诺和信息披露等义务,审阅信息披露文件及向中国证监会、证券交易所提交的其他文件,并承担下列工作:

　　(一)督导发行人有效执行并完善防止控股股东、实际控制人、其他关联方违规占用发行人资源的制度;

　　(二)督导发行人有效执行并完善防止其董事、监事、高级管理人员利用职务之便损害发行人利益的内控制度;

　　(三)督导发行人有效执行并完善保障关联交易公允性和合规性的制度，并对关联交易发表意见;

　　(四)持续关注发行人募集资金的专户存储、投资项目的实施等承诺事项;

　　(五)持续关注发行人为他人提供担保等事项，并发表意见;

　　(六)中国证监会、证券交易所规定及保荐协议约定的其他工作。

　　Article 36 In the event of initial public offering and listing of shares on the main board, the continuous supervision period shall comprise of the remaining time of the year in which the securities are listed and the subsequent complete two fiscal years; where the company listed on the main board issues new shares and convertible bonds, the continuous supervision period shall comprise of the remaining time of the year in which the securities are listed and the subsequent complete one fiscal year.

　　In the event of initial public offering and listing of shares on the growth enterprise board, the continuous supervision period shall comprise of the remaining time of the year in which the securities are listed and the subsequent complete three fiscal years; where the company listed on the growth enterprise board issues new shares and convertible bonds, the continuous supervision period shall comprise of the remaining time of the year in which the securities are listed and the subsequent complete two fiscal year.

　　In the event of initial public offering and listing of shares on the growth enterprise board, within the continuous supervision period, the sponsor institution shall, within 15 working days of disclosure of the annual report and interim report by the issuer, disclose its follow-up report on the website designated by the China Securities Regulatory commission, and make analysis and issue independent opinions with regard to the matters mentioned in Article 35 of these Measures. If the information disclosed in the temporary report of the issuer involves fund raising, affiliation transaction, wealth management under entrustment, provision of guarantee for others, and other important issues, the sponsor institution shall, within ten working days as of the disclosure of the temporary report, make analysis and issue independent opinions on the website designated by the China Securities Regulatory Commission.

　　The continuous supervision period shall commence from the date of listing of the securities.

　　第三十六条 首次公开发行股票并在主板上市的,持续督导的期间为证券上市当年剩余时间及其后2个完整会计年度;主板上市公司发行新股、可转换公司债券的,持续督导的期间为证券上市当年剩余时间及其后1个完整会计年度。

　　首次公开发行股票并在创业板上市的,持续督导的期间为证券上市当年剩余时间及其后3个完整会计年度;创业板上市公司发行新股、可转换公司债券的,持续督导的期间为证券上市当年剩余时间及其后2个完整会计年度。

　　首次公开发行股票并在创业板上市的,持续督导期内保荐机构应当自发行人披露年度报告、中期报告之日起15个工作日内在中国证监会指定网站披露跟踪报告,对本办法第三十五条所涉及的事项,进行分析并发表独立意见。发行人临时报告披露的信息涉及募集资金、关联交易、委托理财、为他人提供担保等重大事项的,保荐机构应当自临时报告披露之日起10个工作日内进行分析并在中国证监会指定网站发表独立意见。

　　持续督导的期间自证券上市之日起计算。

　　Article 37 If there is still unfinished sponsor work upon expiry of the continuous supervision, a sponsor institution shall continue it until its completion.

　　If a sponsor institution fails to exercise due diligence in performance of its sponsor responsibilities, such responsibilities of the sponsor institution shall not be discharged or terminated as a result of expiry of the continuous supervision period.

　　第三十七条 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。

　　保荐机构在履行保荐职责期间未勤勉尽责的,其责任不因持续督导期届满而免除或者终止。