【中英文对照版】上海市场首次公开发行股票网下发行实施细则(2024年修订).docx

上海证券交易,所、中国证券登记结算有限责任公司关于发布上海市场首次公开发行股票网下发行实施细则(2024年修订)的通知上证发(2024)112号各市场参与人:为了落实中国证监会关于深化科创板改革服务科技创新和新质生产力发展的八条措施的有关意见，完善科创板新股市值配售安排，根据证券发上海市场首次公开发行股票网下发行实施细则(2024年修订)Detai1.edIiiip1.eiiientatioiiRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)发文字号：上证发(2024)112号公布日期：2024.08.16施行日期：2024.10.01效力酶:行Wg；辆类别：股票公开发行DocumentNumber:No.1122024of(heShanghaiStockExchangeDateIssued:08-16-2024EffectiveDate：1001.20241.eveIofAuthorityIndustryRegu1.ationsAreaof1.aw：SkxrksPub1.icOfferingNoticebytheShanghaiStockExchangeandChinaSecuritiesDepositoryandC1.earingCorporation1.imitedRegardingIssuingtheDetai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)(No.1122024oftheShanghaiStockExchange)Marketparticipants:Forthepurposesofimp1.ementingthere1.evantopinionsintheEightMeasuresoftheChinaSecuritiesRegu1.atoryCommissiontoFurthertheReformoftheSTARMarketandServeScientificandTechno1.ogica1.InnovationandtheDeve1.opmentofNew-qua1.ityProductivityand行与承销管理办法上海证券交易所首次公开发行证券发行与承销业务实施细则等有关规定，上海证券交易所、中国证券登记结算有限责任公司修订形成了上海市场首次公开发行股票网下发行实施细则（2024年修订）（详见附件），现予以发布，并自2024年10月1日起施行。2023年2月17日发布的上海市场首次公开发行股票网下发行实施细则（2023年修订）（上证发（2023）36号）同时废止。improvingthearrangementsforthea1.1.otmentofnewsharesbasedonmarketva1.ueontheSTARMarket,inaccordancewiththeMeasuresfortheAdministrationoftheOfferingandUnderwritingofSecurities,theDetai1.edImp1.ementationRu1.esforOfferingandUnderwritingintheInitia1.Pub1.icOfferingsofSecuritiesontheShanghaiStockExchange,andotherre1.evantprovisions,theShanghaiStockExchangeandChinaSecuritiesDepositoryandC1.earingCorporation1.imitedhavemaderevisionsanddeve1.opedtheDetai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)(seeAnnexes),eintoforceonOctober112024,uponwhichtheDetai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2023Revision)(No.362023,SSE),issuedonFebruary17,2023,sha1.1.berepea1.ed.Annexes:1. Detai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)2. Exp1.anatoryNotesonRevisionsintheDetai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)ShanghaiStockExchange,ChinaSecuritiesDepositoryandC1.earingCorporation1.imited特此通知。附件:1.上海市场首次公开发行股票网下发行实施细则（2024年修订）2.上海市场首次公开发行股票网下发行实施细则（2024年修订）修订说明上海证券交易所中国证券登记结算有限责任公司2024年8月16日附件1上海市场首次公开发行股票网下发行实施细则（2024年修订）第一章总则笫一条为了规范拟在上海证券交易所（以下简称上交所）上市的公司首次公开发行股票网下发行业务，提高首次公开发行股票网下申购及资金结算效率，根据证券发行与承销管理办法首次公开发行股票注册管理办法上海证券交易所首次公开发行证券发行与承销业务实施细则（以下简称首发承销实施细则）及相关规定，制定本细则。第二条通过上交所业务管理系统平台（发行承销业务）（以下简称业管平台）、互联网交易平台（IPo网下询价申购）（以下简称申购平台）及中国证券登记结算有限责任公司（以下简称中国结算）上August16,2024Annex1Detai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2024Revision)Chapter I Genera1.ProvisionsArtic1.e1TheseRu1.esareformu1.atedinaccordancewiththeMeasuresfortheAdministrationoftheOfferingandUnderwritingofSecurities,theMeasuresfortheAdministrationofRegistrationofInitia1.Pub1.icOfferingsofStocks,theDetai1.edImp1.ementationRu1.esforOfferingandUnderwritingintheInitia1.Pub1.icOfferingsofSecuritiesontheShanghaiStockExchange("IPOUnderwritingRu1.es"),andotherre1.evantprovisions,forthepurposesofregu1.atingtheofferingofIPOsharesunderthep1.acingtranchebycompaniesthatseeka1.istingontheShanghaiStockExchange("SSE")andimprovingtheefficiencyofsubscriptionandfundsett1.ementfortheofferingofIPOsharesunderthep1.acingtranche.Artic1.e2TheseRu1.essha1.1.app1.ytotheinquiry,subscription,fundco1.1.ectionandpaymentonbeha1.fofprincipa1.,andinitia1.securitiesregistrationininitia1.pub1.icofferingsofstocksanddepositaryreceiptscomp1.etedthroughtheSSEBusinessManagementSystemP1.atform(OfferingandUndenvritingBusiness)("BusinessManagementP1.atform"),theInternetTrading海分公司登记结算平台（以下简称登记结算平台）完成首次公开发行股票和存托凭证的询价、申购、资金代收付及证券初始登记，适用本细则。第三条参与首次公开发行股票网下发行业务的网下投资者及其管理的证券投资产品（以下简称配售对象），应当符合证券发行与承销管理办法等有关规定。P1.atform(InquiryandSubscriptionfortheP1.acingTrancheofanIPO)("SubscriptionP1.atform"),andtheDepositoryandC1.earingP1.atformoftheShanghaiBranchofChinaSecuritiesDepositoryandC1.earingCorporation1.imited(,'CSDC")("DepositoryandC1.earingP1.atform").Artic1.e3Aninvestorunderthep1.acingtrancheparticipatinginthebusinessoftheofferingofIPOsharesandthesecuritiesinvestmentproductsunderitsmanagement("a1.1.ottees")p1.ywiththere1.evantprovisionsoftheMeasuresfortheAdministrationoftheOfferingandUnderwritingofSecurities.第四条证券资金结算银行经向中国结算上海分公司书面申请并获准，可成为本细则所称网下发行结算银行（以下简称结算银行）。第二章基本规定Artic1.e4Asecuritiesfundsett1.ementbankmaybecomeasett1.ementbankforanofferingunderthep1.acingtrancheasreferredtointheseRu1.es("sett1.ementbank")onwrittenapp1.icationtoandwiththeapprova1.oftheCSDCShanghaiBranch.Chapter II BasicRu1.es第五条根据主承销商的书面委托，上交所向符合条件的网下投资者提供申购平台进行报价及申购。Artic1.e5Basedonthewrittenpowerofattorneyofa1.eadunderwriter,theSSEprovidesaSubscriptionP1.atformforqua1.ifiedoff-marketinvestorstosubmitbidsandsubscribe.第六条根据主承销商的书面委托，中国结算上海分公司提供登记结算平台代理主承销商网下发行募集款的收取。Artic1.e6Basedonthewrittenpowerofattorneyofa1.eadunderwriter,theCSDCShanghaiBranchsha1.1.providetheDepositoryandC1.earingP1.atformtoco1.1.ectandpaytheproceedsraisedfromofferingsunderthep1.acingtranche.经发行人书面委托，中国结算上海分公司根据主承销商提供的网下配售结果数据办理股份Uponwrittenauthorizationoftheissuer,theCSDCShanghaiBranchsha1.1.conducttheinitia1.registrationofsharesaccordingtothep1.acingresu1.tdataprovidedbythe1.eadundenvriter.初始登记。Artic1.e7Theinformationoninvestorsunderthep1.acingtrancheanda1.1.otteessha1.1.bethedataregisteredwiththeSecuritiesAssociationofChina(',SAC").TheSSEobtainssuchinformationfromtheSAC.笫七条网下投资者及配售对象的信息以中国证券业协会注册登记的数据为准。上交所从中国证券业协会获取网下投资者及配售对象相关信息。A1.eadunderwritersha1.1.examinethequa1.ificationsofinvestorsunderthep1.acingtranchebasedonthebidconditionsannouncedinadvance,assumethere1.evantresponsibi1.ityforinformationdisc1.osure,andconfirminformationoninvestorsunderthep1.acingtranchewhointendtoparticipateintheofferingunderthep1.acingtranche.主承销商应当根据事先公告的报价条件对网下投资者的资格进行审核，承担相关信息披露贲任，并确认拟参与该次网下发行的网下投资者相关信息。Artic1.e8A1.eadunderwritersha1.1.,inaccordancewiththeregu1.ationsoftheSAC,requireaninvestorunderthep1.acingtrancheparticipatingintheofferingunderthep1.acingtrancheorana1.1.otteeunderitsmanagementtoho1.dnonrestrictedA-sharesandnon-restricteddepositaryreceiptsontheShanghaistockmarketwithanaggregatemarketva1.ueof60mi1.1.ionyuanormoreonthebasedateandoneachofthe20tradingdaysbeforethebasedatewhichisthesecondtradingdaybeforethestartofthepre1.iminaryinquiry.Inthecaseofac1.osed-endfundonthemeoftheSTARMarketorChiNextMarketorac1.osed-endstrategica1.1.otteefund,itsha1.1.ho1.dnon-restrictedA-sharesandnonrestricteddepositaryreceiptsontheShenzhenstockmarketwithanaggregatedai1.ymarketva1.ueof10mi1.1.ionyuanormoreonthebasedateandoneachof20tradingdaysbeforethebasedate.笫八条主承销商应当根据中国证券业协会的规定，要求参与该次网下发行业务的网下投资者及其管理的配售对象，以该次初步询价开始日前两个交易日为基准日，其在基准日前20个交易日（含基准日）所持有上海市场非限售A股股票和非限售存托凭证总市值的日均市值应为6000万元（含）以上。科创和创业等主题封闭运作基金与封闭运作战珞配售基金，在该基准日前20个交易日（含基准日）所持有上海市场非限售A股股票和非限售存托凭证总市值的日均市值应为100o万元（含）以上。参与科创板网下发行业务的网Ifaninvestorunderthep1.acingtrancheoran下投资者及其管理的配售对象，除需符合前款规定的市值要求外，主承销商还应要求其在该基准日前20个交易日（含基准日）所持有科创板非限售A股股票和非限售存托凭证思市值的日均市值为600万元（含）以上。a1.1.otteeunderitsmanagementparticipatesintheofferingunderthep1.acingtrancheontheSTARMarket,the1.eadunderwritersha1.1.requireittomeetthemarketva1.uerequirementsspecifiedintheprecedingparagraphandtoho1.dnonrestrictedA-sharesandnon-restricteddepositaryreceiptsontheSTARMarketwithanaggregatedai1.ymarketva1.ueof6mi1.1.ionyuanormoreonthebasedateandoneachofthe20tradingdaysbeforethebasedate.上述网下投资者及其管理的配售对象市值不低于发行人和主承销商事先确定并公告的市值要求。Themarketva1.ueoftheaboveinvestorunderthep1.acingtrancheora1.1.otteeunderitsmanagementsha1.1.notbe1.owerthanthemarketva1.uerequirementsdeterminedandannouncedinadvancebytheissuerandthe1.eadunderwriter.参与网下申购业务的网下投资者及其管理的配售对象持有上海市场非限售股股票和非限售存托凭证总市值计算，适用上海市场首次公开发行股票网上发行实施细则（2023年修订）规定的市值计算规则。Theaggregatemarketva1.ueofnon-restrictedAsharesandnon-restricteddepositaryreceiptshe1.dbyaninvestorunderthep1.acingtrancheparticipatinginthebusinessofsubscriptioninthep1.acingtrancheorana1.1.otteeunderitsmanagementintheShanghaimarketisgovernedbythemarketva1.ueca1.cu1.ationru1.esinaccordancewiththeDetai1.edImp1.ementationRu1.esfortheOfferingofIPOSharesundertheP1.acingTrancheontheShanghaiStockMarket(2023Revision)第九条主承销商遹过业管平台向登记结算平台提供配售对象名称、配售对象证券账户、银行收付款账户以及股票代码等相关信息。上述信息经登记结算平台向结算银行转发后，结算银行负责对配售对象资金收付款期行账户的合规性进行检查。Artic1.e9The1.eadunderwritersha1.1.providetheDepositoryandC1.earingP1.atformwithre1.evantinformationsuchasthenameofana1.1.ottee,thesecuritiesaccountofthea1.1.ottee,thebankpaymentandreceiptaccount,andthestockcodethroughtheBusinessManagementP1.atform.Aftertheaboveinformationisforwardedtoasett1.ementbankthroughtheDepositoryandC1.earingP1.atform,thesett1.ementbankisresponsib1.eforcheckingthecomp1.ianceofa1.1.ottees'bankaccountsforreceivingandpayingfunds.第十条参与首次公开发行股票网下发行业务的主承销商，应当向上交所申请获得业管平台CA证书。网下投资者完成在中国证券业协会的注册登记工作后，应当由承销商代为办理申购平台CA证书。同时具有网下投资者和主承销商双重身份的机构应分别申请。CA证书可在首次公开发行中多次使用。Artic1.e10A1.eadunderwriterparticipatinginthebusinessoftheofferingofIPOsharessha1.1.app1.ytotheSSEforaCAcertificatefortheBusinessManagementP1.atform.Afteraninvestorunderthep1.acingtranchecomp1.etesregistrationwiththeSAC,theunderwritersha1.1.app1.yforaCAcertificatefortheSubscriptionP1.atformonitsbeha1.f.Aninstitutionthathasdua1.identitiesasaninvestorunderthep1.acingtrancheanda1.eadunderwritersha1.1.app1.yseparate1.y.ACAcertificatemaybereusedinaninitia1.pub1.icoffering.网下投密者使用该CA证书方可登录申购平台参与报价及申购。主承销商使用该CA证书方可登录业管平台进行数据交换。Theinvestorunderthep1.acingtranchemay1.ogintotheSubscriptionP1.atformtoparticipateinbiddingandsubscriptionon1.ywiththeCAcertificate.The1.eadunderwritermayusetheCAcertificateto1.ogintotheBusinessManagementP1.atformtoexchangedata.第十一条主承销商及结算银行通过中国结算上海分公司参与人远程操作平台（以下简称PROP）,与登记结算平台完成相关数据交换。Artic1.e11Ap1.etethere1.evantdataexchangewiththeDepositoryandC1.earingP1.atformthroughtheParticipantRemoteOperatingP1.atform("PROP")oftheCSDCShanghaiBranch.第三章询价与申购第十二条发行人和主承销商通过向网下投资者询价的方式确定股票发行价格的，既可以在初步询价确定发行价格区间后，通过累计投标询价确定发行价格并向参与累计投标询价的对象配售股票的方式进ChapterIIIInquiryandSubscriptionArtic1.e12Topriceastockofferingbyinquiringinvestorsunderthep1.acingtranche,anissuerandthe1.eadundenvritermaypricetheofferingbybookbui1.dingafterdetermininganofferingpricerangethroughpre1.iminaryinquiryanda1.1.otstocktothea1.1.otteesparticipatinginbookbui1.ding,ormaypricetheofferingbypre1.iminaryinquiryanda1.1.otstocktothea1.1.otteesparticipatinginsubscription.行，也可以通过初步询价确定发行价格并向参与申购的对象配售股票的方式进行。首次公开发行股票采用直接定价方式的，拟公开发行的股票扣除科创板保荐人相关子公司跟投部分后，全部向网上投资者直接定价发行，不再安排网下发行。Artic1.e13Anmaypub1.ishannouncementdetermined.issuerandthe1.eadunderwritertheprospectusandofferingon1.yafterthestockcodeis第十三条发行人和主承销商在确定股票代码后方可刊登招股意向书和发行公告。Artic1.e14Aninvestorunderthep1.acingtrancheparticipatinginthepre1.iminaryinquirysha1.1.meetthefo1.1.owingconditions:第十四条网下投资者参加初步询价，应当符合下列条件：(1) Itcomp1.etesregistrationwiththeSACbefore12:00onthetradingdaybeforethestartofthepre1.iminaryinquiry.(2) Itmeetstheshareho1.dingmarketva1.uerequirementsforparticipatinginthenewshareofferingdeterminedandannouncedinadvancebytheissuerandthe1.eadunderwriter.(3) ItisauserwhohasreceivedaCAcertificate.(4) Otherconditionsstipu1.atedbytheissuerandthe1.eadunderwriter.（一）在初步询价开始日前一交易日12：00前已完成在中国证券业协会注册；（二）符合发行人及主承销商事先确定并公告的参与新股发行持有市值要求；（三）巳开通CA证书用户;（四）发行人及主承销商规定的其它条件。Iftheinitia1.pub1.icofferingofstockadoptsthefixedpricemethod,thestocktobepub1.ic1.yoffered,1.esstheportioninwhichthere1.evantsubsidiaryoftheSTARMarketsponsormakesfo1.1.ow-upinvestment,sha1.1.beofferedtoinvestorsunderthepub1.icsubscriptiontrancheatthefixedprice,andnoofferingunderthep1.acingtranchesha1.1.bearranged.第十五条主承销商应当在招股意向书刊登日10:00前，录入持有市值参数标准，提交并确认股票代码、发行人名称等初步询价相关参数，启动本次网下发行。Artic1.e15The1.eadunderwritersha1.1.entertheho1.dingmarketva1.ueparameterstandards,submitandconfirmthestockcode,issuername,andotherparametersre1.atedtopre1.iminaryinquiry,andinitiatetheofferingunderthep1.acingtranchebefore10:00onthedaytheprospectusispub1.ished.主承销商应于初步询价开始日前一交易日21：00前剔除不符合条件的网下投资者及其配售对象，并完成初步确认。业管平台将根据持有市值参数标准，自动核对经主承销商初步确认的网下投资者及其配售对象资格，不符合条件的将被剔除。The1.eadunderwritersha1.1.rejectanine1.igib1.einvestorunderthep1.acingtrancheanditsa1.1.otteesbefore21:00onthetradingdaybeforethestartofthepre1.iminaryinquiryandcomp1.etethepre1.iminaryconfirmation.TheBusinessManagementP1.atformwi1.1.automatica1.1.ycheckthee1.igibi1.ityofinvestorsunderthep1.acingtrancheandtheira1.1.otteespre1.iminari1.yconfirmedbythe1.eadUndenvriterbasedontheho1.dingmarketva1.ueparameterstandards,andrejectthosewhoareine1.igib1.e.第十六条初步询价期间，网下投资者及其管理的配售对象报价应当包含申购价格和该价格对应的拟申购股数，其中非个人投资者应当以机构为单位进行报价，每个配售对象填报的拟申购股数不得超过网下初始发行数量。网下投资者可以为其管理的配售对象分别填报一个报价，同一网下投资者全部报价中的不同拟申购价格不超过3个。网下投资者为拟参与报价的全部配售对象录入报价记录后，应当一次性提交。提交报价记录后，原则上不得修改。确有必Artic1.e16Duringthepre1.iminaryinquiryperiod,abidsubmittedbyaninvestorunderthep1.acingtrancheorana1.1.otteesunderitsmanagementsha1.1.inc1.udethesubscriptionpriceandthenumberofsharestobesubscribedforattheprice,anno-individua1.investorsha1.1.submitabidasaninstitution,andthenumberofsharestobesubscribedforenteredbyeacha1.1.otteesha1.1.notexceedtheinitia1.numberofsharesinthep1.acingtranche.Aninvestorunderthep1.acingtranchemayenterabidforeacha1.1.otteeunderitsmanagement,andthenumberofdifferentproposedsubscriptionpricesina1.1.bidssubmittedbyasing1.einvestorunderthep1.acingtranchesha1.1.notexceedthree.Afterenteringthebidrecordfora1.1.thea1.1.otteesthatintendtoparticipateinthebidding,theinvestorsunderthep1.acingtranchesha1.1.submititatonetime.Inprincip1.e,thebid要修改的，应当在申购平台填写报价修改理由。recordmaynotbemodifiedafterbeingsubmitted.Ifmodificationisindeednecessary,thereasonforthebidmodificationsha1.1.beenteredontheSubscriptionP1.atform.在初步询价截止后，主承销商可以获取初步询价报价情况。Afterthepre1.iminaryinquiryisc1.osed,the1.eadunderwritermayobtaininformationonbidsinthepre1.iminaryinquiry.第十七条初步询价截止后，主承销商应当在符合网下发行参与条件的网下投资者及配售对象范围内，根据证券发行与承销管理办法等有关规定、发行人和主承销商事先确定并公告的有效报价条件，剔除不得参与累计投标询价或定价申购（以下统称申购）的初步询价报价及其对应的拟申购数量。主承销商应当于TT日（T日为申购日）15：00前，将剔除后的网下投资者所管理的配售对象信息按本细则第九条的规定发送登记结算平台，其中一个配售对象只能对应一个银行收付款账户。Artic1.e17Afterpre1.iminaryinquiryisc1.osed,the1.eadunderwritersha1.1.,withinthescopeofinvestorsunderthep1.acingtrancheanda1.1.otteesthatmeettheconditionsforparticipatingintheofferingunderthep1.acingtranche,rejectanybidinpre1.iminaryinquirythatisnota1.1.owedtoparticipateinbookbui1.dingorfixed-pricesubscription(co1.1.ective1.y,"subscription")andthenumberofsharestobesubscribedforcorrespondingthereto,inaccordancewiththeMeasuresfortheAdministrationofSecuritiesOfferingandUnderwritingandotherre1.evantprovisions,aswe1.1.astheeffectivebidconditionsdetermine