Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Announcement of the China Securities Regulatory Commission [2020] No.17
March 6, 2020
The Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020) are hereby promulgated for implementation as of March 31, 2020.
Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Article 1 The Provisions are formulated in accordance with the Company Law, the Securities Law and other laws and regulations and the provisions of the China Securities Regulatory Commission in order to implement the requirements of the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment, give policy support to venture capital funds committed to long-term investment and value investment for their sale of shares held in listed companies before they launch the initial public offerings (IPOs) and give better play to the role of venture capital investment in supporting the entrepreneurship and innovation of small- and medium-sized enterprises and science and technology innovation enterprises.
Article 2 When a venture capital fund filed with the Asset Management Association of China (the "AMAC") sells shares offered before the IPO by the eligible enterprise invested in by it through a call auction deal on the securities exchange after such enterprise has successfully launched the IPO, the following limits on the percentage of sold shares shall apply:
1.
......
Announcement of the China Securities Regulatory Commission [2020] No.17
March 6, 2020
The Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020) are hereby promulgated for implementation as of March 31, 2020.
Special Provisions on the Sale of Shares of Listed Companies by Venture Capital Fund Shareholders (Revised in 2020)
Article 1 The Provisions are formulated in accordance with the Company Law, the Securities Law and other laws and regulations and the provisions of the China Securities Regulatory Commission in order to implement the requirements of the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment, give policy support to venture capital funds committed to long-term investment and value investment for their sale of shares held in listed companies before they launch the initial public offerings (IPOs) and give better play to the role of venture capital investment in supporting the entrepreneurship and innovation of small- and medium-sized enterprises and science and technology innovation enterprises.
Article 2 When a venture capital fund filed with the Asset Management Association of China (the "AMAC") sells shares offered before the IPO by the eligible enterprise invested in by it through a call auction deal on the securities exchange after such enterprise has successfully launched the IPO, the following limits on the percentage of sold shares shall apply:
1.
......