该文章首次发表在钱伯斯（Chambers and Partners）2023大中华区法律指南中。环球律师事务所受邀独家撰写中国资本市场：境内发行（Capital Markets: Domestic Issuances）领域的专业文章。
Capital Markets: Summary of Developments in Domestic Initial Public Offerings and Major Regulatory Regimes for Listed Companies in 2022
资本市场：境内首发上市及上市公司主要监管制度2022年度发展概要
Overview
概述
In recent years, the Communist Party of China and the State Council have attached great importance to the construction of the primary system and the promotion of the rule of law in the capital market, improving the mechanisms of initial public offering (IPO) and listed companies regulation. During 2022, the China Securities Regulatory Commission (CSRC) and other regulatory authorities continue to develop and improve these systems, relevant laws and institutions. For the purpose of this article, policies, institutions and laws of the Hong Kong Special Administrative Region of China, the Macau Special Administrative Region of China, and Taiwan, China are omitted.
近年来，党中央、国务院高度重视资本市场基础制度建设，持续加强资本市场法治供给，与首次公开发行股票并上市（以下简称“首发上市”）以及上市公司监管相关的制度建设不断得到推进。2022年，中国证券监督管理委员会（以下简称“证监会”）等监管机构继续致力于推动相关法律法规及制度体系的制定与完善。为了本文之目的，境内首发上市及上市公司主要监管制度不包括中国香港特别行政区、中国澳门特别行政区、中国台湾地区的相关政策、制度和法律法规。
The establishment of systems for the Beijing Stock Exchange (BSE) and transfer between boards
北交所相关保障制度及转板体制的建立
In January 2022, with the establishment of the BSE, CSRC revised Guiding Opinions of the CSRC on Shifting Companies Listed on the National Equities Exchange and Quotations (NEEQ) to Be Listed on Other Boards and issued Guiding Opinions of the CSRC on the Transfer between Boards for Companies Listed on the BSE clarified the comprehensive arrangements of the transfer of companies listed on the NEEQ for listing on other stock exchanges.
2022年1月，在北京证券交易所（以下简称“北交所”）初设的背景下，为进一步明确北交所向沪深交易所转板的相关安排，证监会对《关于全国中小企业股份转让系统挂牌公司转板上市的指导意见》进行修订，形成《关于北京证券交易所上市公司转板的指导意见》。
Besides, to deepen the NEEQ reform and ensure the establishment of BSE, the Supreme People’s Court (SPC) released Opinions on Providing Judicial Protection for the Deepening of the NEEQ Reform and the Establishment of the BSE in June 2022, giving full play to the function of the SPC in adjudication.
2022年6月，最高人民法院（以下简称“最高法”）发布《关于为深化新三板改革、设立北京证券交易所提供司法保障的若干意见》，以便通过充分发挥人民法院审判职能作用，保障深化新三板改革、设立北交所工作顺利推进。
The Shanghai Stock Exchange (SSE) improved the Fifth Set of Listing Standards on the Sci-Tech Innovation Board (STAR) Market for medical device companies
科创板完善医疗器械企业适用第五套上市标准的规则
On June 10 2022, the SSE published and implemented Guidelines of SSE for the Application of the Rules for Issuance and Listing Review on the STAR Market No. 7 – Medical Device Companies under the Fifth Set of Listing Standards (hereinafter referred to as “the No. 7 Guidelines”), which clarified the applicable conditions of the Fifth Set of Listing Standards for medical device companies with “key and core technology” in the research and development stage not yet generating a certain level of income, and supports them for going public.
2022年6月10日，上海证券交易所发布实施《上海证券交易所科创板发行上市审核规则适用指引第7号——医疗器械企业适用第五套上市标准》（以下简称“7号指引”），为支持尚未形成一定收入规模的“硬科技”医疗器械企业在科创板发行上市适用第五套上市标准细化明确了适用情形。
Based on the developments of sci-tech innovation and the industry regulatory requirements in the field of medical devices, the No. 7 Guidelines detailed rules for medical device companies applying under the Fifth Set of Listing Standards for the STAR Market in terms of the scope of the products with core technology, phased results, market space, technological advantages, business sustainability, and information disclosure.
《7号指引》结合医疗器械领域科技创新发展情况、行业监管要求，对申请适用科创板第五套上市标准的医疗器械企业，从核心技术产品范围、阶段性成果、市场空间、技术优势、持续经营能力、信息披露等方面作出了细化规定。
With the SSE refining the Fifth Set of Listing Standards for medical device companies, “Shanghai MicroPort EP Medtech Co., Ltd.” （688351.SH）, as the first medical device company, was approved by the Listing Committee Meeting and went public on August 31, 2022, applying under the Fifth Set of Listing Standards.
随着上交所细化医疗器械企业第五套上市标准，微电生理（688351.SH）作为第一家适用科创板第五套上市标准并通过上市委会议审核的医疗器械企业于2022年8月31日首发上市。
Regulatory authorities improve the delisting mechanism
监管机构完善常态化退市机制
In April 2022, CSRC issued Guiding Opinions on Improving the Regulatory Efforts after the Delisting of Listed Companies, relevant Exchanges and institutions jointly issued Implementing Measures for the Listing and Transfer of Delisted Companies Entering the Delisted Board, adapting to the requirements of the registration scheme reform and the normalized delisting and enhancing the post-delisting supervision of listed companies. Based on the implementation of the Securities Law of the People’s Republic of China (PRC), the regulations mentioned above rely on the existing agency share transfer system, using it as the delisting board, which ensures that the delisting procedures operate smoothly.
2022年4月，为适应注册制改革和常态化退市的要求，进一步完善上市公司退市后监管工作，证监会发布《关于完善上市公司退市后监管工作的指导意见》，各交易所等机构同步联合发布《关于退市公司进入退市板块挂牌转让的实施办法》。前述意见和实施办法立足于落实《中华人民共和国证券法》的基本要求，依托现有的代办股份转让系统作为退市板块，更好地保障常态化退市平稳实施。
Consolidate the judicial protection mechanism to guarantee investors’ rights and interests
夯实投资者权益保护的司法保障机制
SPC and other relevant authorities specified and amended the provisions on civil liability and filing standards for criminal cases related to the securities market, extensively using administrative, civil and criminal approaches to safeguard investors’ rights and interests.
为综合运用行政、民事、刑事等法律手段保障投资者权益，最高法等明确和修改了证券市场相关民事赔偿责任和刑事案件立案标准的规定，具体举措包括：
In January 2022, SPC issued Several Provisions on the Trial of Civil Compensation Cases for the False Statement in Securities Market. In April 2022, the Supreme People's Procuratorate and the Ministry of Public Security released revised Provisions (II) on the Standards for the Filing and Prosecution of Criminal Cases under the Jurisdiction of Public Security Authorities, which supplemented the criteria for filing and pursuing economic crimes, including securities crimes. In addition, in order to ensure that aggrieved investors can have compensation in preference to administrative penalties if the defendant’s assets are insufficient to satisfy civil liability and administrative fines, CSRC and the Ministry of Finance published Provisions on Relevant Matters Concerning Firstly Using the Properties of Those with Securities-related Violations to Assume Civil Compensation Liability in July 2022.
2022年1月，最高法发布《关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定》及相关适用通知；2022年4月，最高人民检察院、公安部发布《关于公安机关管辖的刑事案件立案追诉标准的规定（二）》，对包括证券犯罪在内的经济犯罪案件立案追诉标准作了全面修改和补充；2022年7月，为推动民事赔偿责任优先于行政责任的原则落地，切实保护投资者合法权，证监会、财政部发布《关于证券违法行为人财产优先用于承担民事赔偿责任有关事项的规定》。
By facilitating the remedy channels for investors and consolidating the legal basis for securities crimes punishments, the release and implementation of the above provisions provide a solid judicial guarantee for investors’ rights and interests.
以上各项规定的发布实施，进一步畅通了投资者权利救济渠道，夯实了证券犯罪惩治的法制基础，为投资者权益保护提供了坚实的司法保障。
Regulatory authorities advocated and published policies on strengthening investor relations management
监管机构倡导和发布关于加强投资者关系管理的相关政策
During 2022, the regulatory bodies successively announced policies on strengthening investor relations management: (1) CSRC convened a conference on investor protection, requiring further improvement of the institutional and regulatory mechanism for investor protection in February 2022; (2) CSRC and other related bodies issued Notice on Further Support for the Healthy Development of Listed Companies and Guidelines for Investor Relations Management by Listed Companies in April 2022, which required the improvement of mechanisms that would be advantageous to the long-term institutional investors for their participation in the capital market and strengthened the constraints on listed companies in terms of investor relations management. In May, relevant Exchanges and institutions jointly released Initiative to Strengthen Investor Relations Management to Promote High-quality Development of Listed Companies, advocating listed companies to improve their investor relations management mechanisms, strengthen communication and interaction with investors, uphold the principles of compliance, equality, initiative, honesty and trustworthiness, insist on cooperation with regulators, and make contributions to the construction of a more standardized, transparent, open, dynamic and resilient capital market.
2022年，监管机构接连倡导和发布关于加强投资者关系管理的相关政策：2022年2月，证监会召开投资者保护工作会议，要求进一步健全投资者保护的制度机制、监管体系；2022年4月，证监会等发布《关于进一步支持上市公司健康发展的通知》以及《上市公司投资者关系管理工作指引》，要求完善有利于长期机构投资者参与资本市场的制度机制，并在上市公司投资者关系管理方面强化了对上市公司的约束；2022年5月，各交易所等联合发布《“加强投资者关系管理助推上市公司高质量发展”倡议书》，倡导上市公司完善投资者关系管理制度机制，加强与投资者的交流互动，秉持合规、平等、主动、诚实守信的原则，坚持与监管机构等各方合作共享，为建设更加规范、透明、开放、有活力、有韧性的资本市场作出应有贡献。
Regulatory authorities improved mechanism about the probity practices of intermediaries and clear their “gatekeeper” responsibilities
健全中介机构廉洁从业机制，压实中介机构“看门人”责任
In May 2022, CSRC, the Ministry of Justice and the Ministry of Finance jointly released Opinions on Tightening Supervision of the Probity Practices of Intermediaries under the Registration Scheme, which aims to improve the relevant systems and mechanisms comprehensively, clearly regulate the requirements and responsibilities of intermediaries and focus on addressing the outstanding risk points of integrity practice under the registration system, promoting intermediaries to be diligent and self-disciplined. On the other hand, Code for Due Diligence of Sponsors and Guidelines on the Manuscripts concerning Activities of Sponsors in Securities Offerings and Listings promulgated by the CSRC in May further emphasized the responsibility of intermediaries as “gatekeepers”.
2022年5月，证监会联合司法部、财政部共同发布《关于加强注册制下中介机构廉洁从业监管的意见》。该意见旨在全面完善相关制度机制，明确规范对于中介机构的相关要求和责任，着力解决注册制下的廉洁从业突出风险点，督促中介机构勤勉尽责、廉洁自律，引导形成廉洁从业风险防控的内生动力和常态化机制。同月，证监会发布修订后的《保荐人尽职调查工作准则》和《证券发行上市保荐业务工作底稿指引》，进一步压实中介机构的“看门人”责任。
