外文翻译创业板市场.docx

外文翻译创业板市场.docx

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外文翻译创业板市场

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）.Theycomefromawiderangeofse