外文翻译中国创业板市场.docx
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外文翻译中国创业板市场.docx
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外文翻译中国创业板市场
外文文献翻译译文
一、外文原文
原文:
China'sSecondBoard
I.SignificanceofandeventsleadingtotheestablishmentofaSecondBoard
On31March2009theChinaSecuritiesRegulatoryCommission(CSRCissuedInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext[i.e.,theSecondBoard,alsocalledtheGrowthEnterpriseMarket]("InterimMeasures"),whichcameintoforceon1May2009.ThismarkedthecreationbytheShenzhenStockExchangeofthelong-awaitedmarketforventurebusinesses.Astheoriginalplantoestablishsuchamarketin2001hadcometonothingwhenthedotcombubbleburst,themarket'sfinalopeningcameafteradelayofnearly10years.
Eversincethe1980s,whentheChinesegovernmentbegantofosterthedevelopmentofscienceandtechnology,venturecapitalhasbeenseeninChinaasameansofsupportingthedevelopmentofhigh-techcompaniesfinancially.Theaim,ascanbeseenfromthenameofthe1996LawofthePeople'sRepublicofChinaonPromotingtheConversionofScientificandTechnologicalFindingsintoProductivity,wastosupportthecommercializationofscientificandtechnologicaldevelopments.Venturecapitalfundsdevelopedgraduallyinthelate1990s,andbetweenthenand2000itlookedincreasinglylikelythataSecondBoardwouldbeestablished.WhentheCSRCpublishedadraftplanforthisinSeptember2000,thestagewasset.However,whenthedotcombubble(andespeciallytheNASDAQbubble)burst,thisplanwasshelved.Also,Chineseinvestorsandventurecapitalistswereprobablynotquitereadyforsuchamove.
Asaresult,Chineseventurebusinessessoughttolistonoverseasmarkets(aso-called"redchiplisting")fromthelate1990s.However,astheselistingsincreased,sodidthecriticismthatvaluableChineseassetswerebeingsiphonedoverseas.Onthepolicyfront,in2004theStateCouncilpublishedSomeOpinionsonReform,OpeningandSteadyGrowthofCapitalMarkets("theNineOpinions"),inwhichtheconceptofa"multi-tiercapitalmarket"waspresentedforthefirsttime.Afirststepinthisdirectionwasmadeinthesameyear,whenanSMEBoardwasestablishedaspartoftheMainBoard.AlthoughthereappeartohavebeenplanstoeventuallyrelaxtheSMEBoard'slistingrequirements,whichwerethesameasthoseforcompanieslistedontheMainBoard,andtomakeitamarketespeciallyforventurebusinesses,itwasdecidedtoestablishaseparatemarket(theSecondBoard)forthispurposeandtolearnfromtheexperienceoftheSMEBoard.
Aswellasbeingpartoftheprocessofcreatingamulti-tiercapitalmarket,theestablishmentoftheSecondBoardwasoneofthemeasuresincludedinthepolicydocumentSeveralOpinionsoftheGeneralOfficeoftheStateCouncilonProvidingFinancingSupportforEconomicDevelopment("the30FinancialMeasures"),publishedinDecember2008inresponsetotheglobalfinancialcrisisandintendedasawayofmakingiteasierforSMEstoraisecapital.
ItgoeswithoutsayingthatthecreationoftheSecondBoardwasalsoanimportantdevelopmentinthatitgivesprivateequityfundstheopportunitytoexittheirinvestments.Theabsenceofsuchanexithadbeenadisincentivetosuchinvestment,withmostfundslookingforaredchiplistingasawayofexitingtheirinvestments.However,withsurplussavingsathome,theChineseauthoritiesbegantoencouragecompaniestoraisecapitalonthedomesticmarketratherthanoverseas.Thisled,inSeptember2006,toarulemakingitmoredifficultforChineseventurebusinessestolisttheirsharesonoverseasmarkets.ThecorollaryofthiswasthatitincreasedtheneedforameanswherebyChineseprivateequityfundscouldexittheirinvestmentsatanearlyopportunityandontheirownmarket.ThecreationoftheSecondBoardwasthereforeabelatedresponsetothisneed.
II.RulesandregulationsgoverningtheestablishmentoftheSecondBoard
WenowtakeacloserlookatsomeoftherulesandregulationsgoverningtheestablishmentoftheSecondBoard.
First,theInterimMeasuresontheAdministrationofInitialPublicOfferingsandListingsofSharesontheChiNext,issuedbytheCSRCon31March2009witheffectfrom1May2009.TheInterimMeasuresconsistofsixchaptersand58articles,stipulatingissuetermsandprocedures,disclosurerequirements,regulatoryprocedures,andlegalresponsibilities.
First,theGeneralProvisionschapter.Thefirstthingthissays(Article1)is:
"TheseMeasuresareformulatedforthepurposesofpromotingthedevelopmentofinnovativeenterprisesandothergrowingstart-ups"Thisshowsthatoneofthemainlistingcriteriaisacompany'stechnologicalinnovativenessandgrowthpotential.TheChineseauthoritieshaveactuallymadeitclearthat,althoughtheSecondBoardandtheSMEBoardarebothintendedforSMEsofsimilarsizes,theSecondBoardisspecificallyintendedforSMEsattheinitial(ratherthanthegrowthormature)stageoftheirdevelopmentwithahighdegreeoftechnologicalinnovativenessandaninnovativebusinessmodelwhiletheSMEBoardisspecificallyintendedforcompanieswithrelativelystableearningsatthematurestageoftheirdevelopment.TheyhavealsomadeitclearthattheSecondBoardisnotsimplya"smallSMEBoard."ThissuggeststousthattheauthoritieswanttoseetechnologicallyinnovativecompanieslistingontheSecondBoardandSMEsintraditionalsectorslistingontheSMEBoard.
Next,Article7says:
"AmarketaccesssystemthatiscommensuratewiththerisktoleranceofinvestorsshallbeestablishedforinvestorsontheChiNextandinvestmentriskshallbefullydisclosedtoinvestors."Onenoteworthyfeatureistheadoptionoftheconceptofthe"qualifiedinvestor"inanattempttoimproveriskcontrol.
Furthermore,Article8says:
"ChinaSecuritiesRegulatoryCommission(hereinafter,CSRC)shall,inaccordancewithlaw,examineandapprovetheissuer’sIPOapplicationandsupervisetheissuer’sIPOactivities.Thestockexchangeshallformulaterulesinaccordancewithlaw,provideanopen,fairandequitablemarketenvironmentandensurethenormaloperationoftheChiNext."UntiltheSecondBoardwasestablished,itwasthoughtbysomethatthestockexchangehadtherighttoapprovenewissues.UndertheInterimMeasures,however,itistheCSRCthatexaminesandapprovesapplications.
First,offeringconditions.Article10stipulatesfournumericalconditionsforcompaniesapplyingforIPOs.
Second,offeringprocedures.TheInterimMeasuresseektomakesponsoringsecuritiescompaniesmoreresponsiblebyrequiringthemtoconductduediligenceinvestigationsandmakeprudentialjudgmentontheissuer’sgrowthandrenderspecialopinionsthereon.
Third,informationdisclosure.Article39oftheInterimMeasuresstipulatesthattheissuershallmakeastatementinitsprospectuspointingouttherisksofinvestinginSecondBoardcompanies:
namely,inconsistentperformance,highoperationalrisk,andtheriskofdelisting.Similarly,
Fourth,supervision.Articles51and52stipulatethatthestockexchange(namely,theShenzhenStockExchange)shallestablishsystemsforlisting,tradinganddelistingSecondBoardstocks,urgesponsorstofulfilltheirongoingsupervisoryobligations,andestablishamarketriskwarningsystemandaninvestoreducationsystem.
1.AmendmentstotheInterimMeasuresonSecuritiesIssuanceandListingSponsorSystemandtheProvisionalMeasuresofthePublicOfferingReviewCommitteeoftheChinaSecuritiesRegulatoryCommission
2.RulesGoverningtheListingofSharesontheChiNextofShenzhenStockExchangeNext,theShenzhenStockExchangepublishedRulesGoverningtheListingofSharesontheChiNextofShenzhenStockExchangeon6June(witheffectfrom1July).
3.CheckinginvestoreligibilityAsthecompanieslistedontheSecondBoardaremoreriskythanthoselistedontheMainBoardandaresubjecttomorerigorousdelistingrules(seeabove),investorprotectionrequiresthatchecksbemadeonwhetherSecondBoardsharesaresuitableforallthosewishingtoinvestinthem.
4.Rulesgoverning
(1)applicationdocumentsforlistingsontheChiNextand
(2)prospectusesofChiNextcompaniesOn20JulytheCSRCpublishedrulesgoverningApplicationDocumentsforInitialPublicOfferingsandListingsofSharesontheChiNextandProspectusesofChiNextCompanies,andannouncedthatitwouldbeginprocessinglistingapplicationson26July.
III.Futuredevelopments
AsItspurposeisto"promotethedevelopmentofinnovativeenterprisesandothergrowingstart-ups",theSecondBoardenablessuchcompaniestoraisecapitalbyissuingshares.ThatiswhyitslistingrequirementsarelessdemandingthanthoseoftheMainBoardbutalsowhyithasvariousprovisionstomitigaterisk.Foronething,theSecondBoardhasitsownpublicofferingreviewcommitteetocheckhowtechnologicallyspecializedapplicantcompaniesare,reflectingtheimportanceattachedtothis.Foranother,issuersandtheircontrollingshareholders,defacto
controllers,andsponsoringsecuritiescompaniesaresubjecttomoredemandingaccountabilityrequirements.Thekeyfactorhereis,notsurprisingly,disclosure.Also,thequalifiedinvestorsystemisdesignedtomitigatetheriskstoretailinvestors.
OncetherulesandregulationsgoverningtheSecondBoardwerepublished,theCSRCbegantoprocesslistingapplicationsfrom26July2009.Ithasbeenreportedthat108companiesinitiallyapplied.Asofmid-October,28ofthesehadbeenapprovedandon30OctobertheywerelistedontheSecondBoard.
Asof15December,thereare46companieswhoselistingapplicationhasbeenapprovedbyCSRC(includingtheabove-mentioned28companies).Theycomefromawiderangeof
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