Circular on Issuing the Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Circular on Issuing the Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Circular on Issuing the Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Shang Zheng Fa [2020] No.14
March 6, 2020
All market players,
Pursuant to the Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders newly revised by the China Securities Regulatory Commission, the Shanghai Stock Exchange has revised the Implementing Rules of the Shanghai Stock Exchange on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Shang Zheng Fa [2018] No.9) issued on March 2, 2018. The revised Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020) (refer to the appendix hereto for details), which have been approved by the China Securities Regulatory Commission, are hereby issued for implementation as of March 31, 2020.
The Circular is hereby given.
Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Article 1 The Rules are formulated in accordance with the Several Provisions on the Stock-selling by Shareholders, Directors, Supervisors and Senior Management of Listed Companies and the Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (the "Special Provisions on the Sale of VCF Shares") as promulgated by the China Securities Regulatory Commission ("CSRC"), and the Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares by Shareholders, Directors, Supervisors and Senior Management of Listed Companies (the "Implementing Rules for the Sale of Shares"), the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, the Rules of the Shanghai Stock Exchange on Stock Listing on the SSE STAR Market, the Trading Rules of the Shanghai Stock Exchange, and other relevant provisions, to promote the development of venture capital funds, regulate the sale of pre-IPO shares of companies listed on the Shanghai Stock Exchange ("SSE") by venture capital fund shareholders, maintain the market order and protect the legitimate rights and interests of investors.
Article 2 Where, after an eligible enterprise that a venture capital fund ("VCF") filed with the Asset Management Association of China ("AMAC") invests in goes public, the sale of pre-IPO shares is made through centralized auction by the VCF, the following limits on the percentage of shares to be sold shall apply:
1.
......
Shang Zheng Fa [2020] No.14
March 6, 2020
All market players,
Pursuant to the Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders newly revised by the China Securities Regulatory Commission, the Shanghai Stock Exchange has revised the Implementing Rules of the Shanghai Stock Exchange on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Shang Zheng Fa [2018] No.9) issued on March 2, 2018. The revised Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020) (refer to the appendix hereto for details), which have been approved by the China Securities Regulatory Commission, are hereby issued for implementation as of March 31, 2020.
The Circular is hereby given.
Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Article 1 The Rules are formulated in accordance with the Several Provisions on the Stock-selling by Shareholders, Directors, Supervisors and Senior Management of Listed Companies and the Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (the "Special Provisions on the Sale of VCF Shares") as promulgated by the China Securities Regulatory Commission ("CSRC"), and the Implementing Rules of the Shanghai Stock Exchange for the Sale of Shares by Shareholders, Directors, Supervisors and Senior Management of Listed Companies (the "Implementing Rules for the Sale of Shares"), the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, the Rules of the Shanghai Stock Exchange on Stock Listing on the SSE STAR Market, the Trading Rules of the Shanghai Stock Exchange, and other relevant provisions, to promote the development of venture capital funds, regulate the sale of pre-IPO shares of companies listed on the Shanghai Stock Exchange ("SSE") by venture capital fund shareholders, maintain the market order and protect the legitimate rights and interests of investors.
Article 2 Where, after an eligible enterprise that a venture capital fund ("VCF") filed with the Asset Management Association of China ("AMAC") invests in goes public, the sale of pre-IPO shares is made through centralized auction by the VCF, the following limits on the percentage of shares to be sold shall apply:
1.
......