為(wei)保(bao)障轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi)制度平穩落地實施,支持符合條件的新三(san)板(ban)(ban)(ban)精選層掛(gua)牌公司向科創(chuang)板(ban)(ban)(ban)轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi),在中國證(zheng)監會統籌指導下(xia),上(shang)(shang)(shang)(shang)交所(suo)今日制定并發(fa)(fa)布了《上(shang)(shang)(shang)(shang)海(hai)證(zheng)券交易(yi)所(suo)科創(chuang)板(ban)(ban)(ban)發(fa)(fa)行上(shang)(shang)(shang)(shang)市(shi)審(shen)核規(gui)則適用(yong)指引(yin)(yin)第(di)(di)3號(hao)(hao)(hao)——轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi)申(shen)請(qing)文件》(以(yi)(yi)下(xia)簡(jian)稱(cheng)《指引(yin)(yin)3號(hao)(hao)(hao)》)、《上(shang)(shang)(shang)(shang)海(hai)證(zheng)券交易(yi)所(suo)科創(chuang)板(ban)(ban)(ban)發(fa)(fa)行上(shang)(shang)(shang)(shang)市(shi)審(shen)核規(gui)則適用(yong)指引(yin)(yin)第(di)(di)4號(hao)(hao)(hao)——轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi)報告書內容與格式(shi)》(以(yi)(yi)下(xia)簡(jian)稱(cheng)《指引(yin)(yin)4號(hao)(hao)(hao)》)、《上(shang)(shang)(shang)(shang)海(hai)證(zheng)券交易(yi)所(suo)科創(chuang)板(ban)(ban)(ban)發(fa)(fa)行上(shang)(shang)(shang)(shang)市(shi)審(shen)核規(gui)則適用(yong)指引(yin)(yin)第(di)(di)5號(hao)(hao)(hao)——轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi)保(bao)薦書》(以(yi)(yi)下(xia)簡(jian)稱(cheng)《指引(yin)(yin)5號(hao)(hao)(hao)》)等配套轉(zhuan)(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)(shang)(shang)(shang)市(shi)指引(yin)(yin)。
上(shang)(shang)述3項指引是(shi)2021年(nian)2月上(shang)(shang)交所(suo)制定并發布的《全(quan)國(guo)中(zhong)小企業股份轉(zhuan)讓系(xi)統(tong)掛牌公司(si)向上(shang)(shang)海證券交易所(suo)科(ke)創(chuang)板(ban)(ban)轉(zhuan)板(ban)(ban)上(shang)(shang)市(shi)辦(ban)法(試行)》的配套制度安排,旨在明(ming)確轉(zhuan)板(ban)(ban)上(shang)(shang)市(shi)相關(guan)申(shen)請(qing)文件編(bian)(bian)制、報(bao)(bao)送及信息披(pi)露(lu)要(yao)(yao)(yao)求。其中(zhong),《指引3號(hao)》主要(yao)(yao)(yao)針對申(shen)請(qing)文件編(bian)(bian)制、報(bao)(bao)送;《指引4號(hao)》主要(yao)(yao)(yao)針對轉(zhuan)板(ban)(ban)上(shang)(shang)市(shi)報(bao)(bao)告(gao)書作出(chu)要(yao)(yao)(yao)求;《指引5號(hao)》主要(yao)(yao)(yao)對保薦機構出(chu)具(ju)轉(zhuan)板(ban)(ban)上(shang)(shang)市(shi)保薦書的行為(wei)予以規范。
轉板上市信息披(pi)露(lu)規則在(zai)借鑒科創板首發招(zhao)股說明書相關(guan)內容(rong)的基礎上,充分考慮了轉板公司(si)的特點,對(dui)申報(bao)文件和信息披(pi)露(lu)內容(rong)作了適當精(jing)簡和優化。3項(xiang)指引的制定主(zhu)要(yao)體現(xian)了以下原則:
一是以科創板招股說明書為基礎,并體現轉板上市特征。從(cong)投資者需求(qiu)和(he)科(ke)創(chuang)板(ban)(ban)(ban)上(shang)市(shi)信(xin)息披(pi)露(lu)要(yao)(yao)求(qiu)出(chu)發,轉(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)市(shi)報告(gao)書(shu)等相關信(xin)息披(pi)露(lu)和(he)規(gui)范(fan)運(yun)行要(yao)(yao)求(qiu)主要(yao)(yao)參照(zhao)科(ke)創(chuang)板(ban)(ban)(ban)首(shou)發上(shang)市(shi)的(de)有關規(gui)定。同時,結合轉(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)市(shi)特征(zheng),轉(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)市(shi)報告(gao)書(shu)在科(ke)創(chuang)板(ban)(ban)(ban)招股說明書(shu)的(de)基(ji)礎上(shang)進行了適應(ying)性調(diao)(diao)整,包括(kuo)明確轉(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)市(shi)條件和(he)轉(zhuan)(zhuan)板(ban)(ban)(ban)公司(si)掛牌期間規(gui)范(fan)運(yun)作(zuo)情況(kuang)披(pi)露(lu)要(yao)(yao)求(qiu),簡(jian)化股東變化信(xin)息披(pi)露(lu)要(yao)(yao)求(qiu),調(diao)(diao)整預計市(shi)值(zhi)等轉(zhuan)(zhuan)板(ban)(ban)(ban)上(shang)市(shi)不適用事項等。
二是堅持以投資者需求為導向,突出信息披露的重大性與針對性。結合(he)(he)科創板(ban)發行(xing)上(shang)市審核實踐,《指引4號》對科創板(ban)招股說明書的部分信息披露(lu)要求進(jin)行(xing)了(le)相應的精簡、合(he)(he)并、引征,進(jin)一步突出信息披露(lu)的重大性和針對性,更方便投資者(zhe)查(cha)閱。如,擴(kuo)大重大性原則(ze)的適用范圍,合(he)(he)并“概覽”與(yu)“本次轉板(ban)上(shang)市概況(kuang)”章(zhang)節,優化獨立性、會(hui)計(ji)政策與(yu)會(hui)計(ji)估(gu)計(ji)相關信息披露(lu)要求等(deng)。
三是充分利用新三板審核和持續監管成果,作出差異化安排。考慮到轉板公(gong)司(si)已在(zai)新三(san)板精選層掛牌(pai)超過(guo)一年,具有(you)一定的規范運(yun)作(zuo)和信息披露基礎,《指引(yin)4號(hao)》對(dui)在(zai)新三(san)板市場已公(gong)開披露或審核的內容進行了簡(jian)化,降(jiang)低擬轉板企業的披露成本。在(zai)申報(bao)文(wen)件方面,不再要求(qiu)轉板公(gong)司(si)提(ti)交除公(gong)司(si)章程外的其(qi)他設立文(wen)件,轉板上市報(bao)告書亦(yi)結(jie)合轉板公(gong)司(si)的特點,作(zuo)出差(cha)異化的信息披露要求(qiu)。
下一步,上交所將按照中國證監會的統一部署,與全國中小企業股份轉讓系統有限責任公司建立轉板上市監管銜接機制,平穩推進轉板上市各項工作,暢通新三板精選層掛牌公司在科創板上市的渠道。