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Circular to sponsor firms, listed companies and new listing applicants
Our Ref: No. 167 [2004] Listing CSRC
December 31, 2004
This circular aims to provide further guidance as follows to implement effectively the “Provisional Measures on the Sponsor System for Issuing and Listing of Securities” (“Provisional Measures”):
1. The China Securities Regulatory Commission (“CSRC”) will reject the application for listing recommended by a sponsor representative, who is currently engaged in another pre-listing sponsorship.
2. The “investment banking experience” in article 11.1 of the Provisional Measures refers to a minimum of three-year investment banking experience and the experience of acting as a sponsor on at least one completed public offering transaction on a domestic or overseas stock exchange during the year prior to the application to become a sponsor representative;
3. The “investment banking experience “ in article 17.2 of the Provisional Measures refers to continuous engagement in investment banking activities, playing a part in investment banking transactions, and participation in the training program for sponsor representatives organized by the Securities Association of China or other institutions authorized by the CSRC on an annual basis.
4. This Circular shall repeal and replace Paragraph 2 and 3 of the “Circular on Implementation of the Provisional Measures on the Sponsor System for Issuing and Listing of Securities” (No. 1 [2004 Listing CSRC).
The China Securities Regulatory Commission
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