新三板挂牌业务规则介绍 Introduction to NEEQ Business Rules 2016

一、新三板概述 ( Brief Introduction ) 二、新三板对挂牌企业的功能 ( Function & Value ) 三、新三板挂牌的基本条件 ( Listing Conditions ) 四、新三板挂牌流程介绍 ( Listing Process ) 五、新三板挂牌过程中重点法律问题 ( Legal Issues ) 六、新三板挂牌融资制度 ( Listing and Financing System ) 七、外商投资企业挂牌新三板的特别规定 ( Special provisions on FIEs ) 八、关于卓纬律师事务所 ( About Us --- Chance Bridge Partners )

新三板概述 Brief Introduction

新三板制度构建的动因 (Drivers for NEEQ Establishment) 解决中小企业融资难问题 Releasing SMEs from Financing Difficulties 适应国家经济转型升级需求 Restructuring & Upgrading The National Economic System 发展多层次资本市场体系 Developing a Multi-layered Capital Market

新三板股转系统的历史沿革 （Calendar of NEEQ Development） 2006年，中关村科技园区的非上市股份公司进入证券公司代办股份转让系统进行股份转让试点，被称之为“新三板”。 In 2006, unlisted companies in the Zhongguancun Science and Technology Park began transferring shares into the Pilot Agency Stock Transfer System which was also named “New Third Board”. 2012年8月，全国股转系统设立，将上海、天津和湖北纳入试点范围。 In August 2012, the NEEQ was established, and was involved with three science and technology parks located in Shanghai, Tianjin and Hubei. 2013年12月，全国股转系统扩至全国，开始接受全国范围申报材料。 In December 2013, NEEQ expanded nation-wide, dealing with applications from all around China.

新三板股转系统的扩容(National Expansion of NEEQ) 全国股份 转让系统 NEEQ 中国证监会 CSRC 北京市政府 Beijing 天津市政府 Tianjin 上海市政府 Shanghai 湖北省政府 Hubei 新三板 New Three Board (NTB) 中国证监会 CSRC 全国股份 转让系统 NEEQ Nation-wide 中国证监会（CSRC）---China Securities Regulatory Commission 全国股份转让系统（NEEQ）---National Equities Exchange and Quotations

新三板挂牌现状 ( Listings on the NTB) 注：上图根据全国中小企业股份转让系统官网统计数据制作。 截至2016年4月，新三板挂牌企业总数为6945家，市值累计达272140亿。 As of April 2016, 6,945 companies, with a total market value of RMB 27214 billion, have listed on NEEQ.

新三板对挂牌企业的功能 Function and Value

对挂牌企业的功能 (Value & Function) 规范治理 Governance Improvement 价值发现 Value Discovery 直接融资 Direct Financing 股权激励 Motivating Key Staff 并购重组 Acquisition & Reorganization 股份流动 Shares Liquidity 信用增进 Credit Improvement 提升形象 Reputation Promotion 对挂牌企业的功能 (Value & Function)

规范治理 (Governance Improvement) 具体功能 规范治理 (Governance Improvement) 主办券商等中介服务机构为公司提供改制、审计等服务，规范公司的法人治理结构，为公司未来转板或上市打下良好的基础。 Services for listing (e.g. restructuring and auditing) results in enterprises improving their corporate governance structures as they prepare to list on a stock exchange. 提升形象 ( Reputation Promotion) 公司挂牌后能够获得更多的媒体关注和政府支持，提升企业品牌影响力和价值。 After listing on the NEEQ, companies will receive more attention from the media and the government, which will give them more influence and increase their market value.

价值发现 ( Value Discovery ) 具体功能 价值发现 ( Value Discovery ) 公司挂牌后估值水平明显提高，且容易受到VC/PE等股权投资机构的关注。 Venture capitalists (VCs) and private equity (PE) can asses the value of listed companies with greater ease and accuracy. 股份流动 ( Shares Liquidity ) 股份公开转让提高股份的流动性，为原始股东、PE等投资机构提供新的退出通道。 Once listed on a public stock exchange, investors (especially the original shareholders and PE investors) can more easily exit their investment.

直接融资（Direct Financing） 具体功能 直接融资（Direct Financing） 独有的“小额、便捷、灵活、多元”的融资理念，极大的提高了企业的股权融资能力和债权融资能力。 The NTB provides multiple convenient and flexible mechanisms for listing make it easier for listed companies to obtain both equity and debt financing. 信用增进（Credit Improvement） 公司透明度和规范度大大提高，更容易以较低利率获得商业银行的贷款。 Listing on the NEEQ requires enterprises to become more transparent and compliant and which allows them to obtain commercial bank loans at more attractive rates.

并购重组（Acquisition & Reorganization ） 具体功能 并购重组（Acquisition & Reorganization ） 企业可以通过发行股票进行并购重组，以实现中小企业做大做强的发展战略。 Acquisition and reorganization after issuing shares enables the SMEs to pursue ambitious development strategies. 股权激励 （Motivating Key Staff） 股权的流通使股东持有的股权成为可以变现的财富，提高持股员工的积极性和创造力。 Frequent trading of the shares exposes the value of the shares which will motivate those employees that own shares to innovate and find creative ways to improve the value of their company.

新三板挂牌的基本条件 Listing Conditions

新三板挂牌基本条件 《全国中小企业股份转让系统业务规则（试行）》第2.1条： Pursuant to the “Business Rules of the National Equities Exchange and Quotation (for Trial Implementation)”, Article 2.1: No.1 依法设立且存续满两年。 The company has been legally established and has existed for at least two years. 有限责任公司整体变更为股份有限公司的，存续时间可以从有限责任公司成立之日起计算。 Regarding a limited liability company that has been converted into a joint-stock company, the existing period of the new company may be calculated from the establishment date of the original limited liability company.

No.2 业务明确，具有持续经营能力。 No.3 公司治理机制健全，合法规范经营。 No.4 股权明晰、股票发行和转让行为合法合规。 The Company has a specific business scope and capacity for continuous operation. No.3 公司治理机制健全，合法规范经营。 The Company has efficient management mechanisms and operates in accordance with relevant laws and regulations. No.4 股权明晰、股票发行和转让行为合法合规。  The equity ownership of the Company is clear and the equity has been issued and transferred in accordance with the relevant laws and regulations.

新三板挂牌基本条件 No.5 主办券商推荐并持续督导。 No.6 全国股份转让系统公司要求的其他条件。 The listing of the Company was recommended and continuously supervised by the host securities trader. No.6 全国股份转让系统公司要求的其他条件。 Other conditions required by NEEQ.

新三板挂牌涉及的重点法律问题 Relevant Legal Issues

发起人和股东的主体资格 ( Qualification) 公司的发起人和股东的主体资格应当符合《公司法》的有关规定。 Originators and shareholders shall be qualified in accordance with PRC Company Law. 法人治理 (Corporate Governance ) 公司应当建立三会一层，并按照公司治理制度进行规范运作。 The mechanisms for the general meeting of shareholders, board of directors, and board of supervisors as well as senior managers shall be properly established and these bodies should operate in compliance with these mechanisms. 企业资产 （Corporate Assets） 公司的资产是监管机构审核的重中之重，尤其是对土地、房产及知识产权 权属情况的审核。 Corporate assets, especially land, real estate and intellectual property, are the most scrutinized aspects of the review by the regulatory bodies.

关联交易 ( Affiliated Transactions ) 同业竞争 ( Competition ) 原则上不允许出现同业竞争，且需要实际控制人出具为避免同业竞争采取的 措施及作出的承诺。 In general, competition between the company and its shareholders is prohibited and the (real) controllers of the company shall commit to not compete with the company. 关联交易 ( Affiliated Transactions ) 与消除同业竞争不同，企业的关联交易行为并非禁止，而是要进行规范。 Although competition is prohibited, affiliated transactions are allowed though there are rules governing them.

社保及住房公积金 ( Social Insurance & Housing Fund ) 企业税务 ( Taxation ) 企业需要健全财务制度，规范会计行为，并确保企业享受的税收优惠政策的 合法性。 The enterprise shall establish a sound and standardized financing and accounting system and guarantee that the enterprise only takes advantage of preferential tax policies that it is legally entitled to. 社保及住房公积金 ( Social Insurance & Housing Fund ) 公司需要与所有员工签署《劳动合同》,并按照国家规定为员工缴纳社保和住 房公积金。 The enterprise shall make and enter into labor contracts with its employees and pay the appropriate social insurance and contribute to the housing funds for the employees.

新三板市场挂牌流程介绍 Listing Process

Recommendation Report 新三板挂牌流程介绍 签订协议 Agreement 尽职调查 Due Diligence 改制 Restructuring 申请文件 制作 Documents Preparation 主办券商 内核 Internal Review 推荐报告 Recommendation Report 审查材料 Regulatory Review 正式挂牌 Listing 约1-2个月 1-2months 约2-4个月 2-4months 约3-4个月 3-4months

新三板挂牌融资制度 Listing and Financing System

融资：小额、便捷、灵活、多元 (Advantages of the NTB) 全国股转系统挂牌企业单笔融资金额相比上市公司融资金额普遍较小 The financing amounts of NTB companies are usually lower than that of companies listed on the other boards. 便捷 灵活 融资时间较短 (Listing is fast) 豁免核准情形(No requirements for obtaining approval; only by filing with the relevant authority) 储架发行 (Shelf-offering) 多元 普通股票、优先股、中小企业私募债等多种融资工具 Enable to utilize multiple financing tools e.g. ordinary shares, preferred shares, private company bonds, etc. 1、融资间短 3储架发行

股票发行规则的特色安排 (Features of the NTB) 实行备案管理 No Review Filing Only 发行审核 Review 发行条件 Requirement 发行对象 Investor 发行安排 Autonomy 限售安排 Lock-Up 发行间隔 Issuing 信息披露Disclosure 发行定价 Stock Price 不设财务指标 No restrictions on financing & accounting 适格投资者 Qualified Investors Only 每次不超过35人 Maximum of 35 Shareholders 意思自治 Autonomy in Making Commercial Decisions 新增股份不强制限售 No Lock-Up Period 每次发行没有强制时间间隔 No Restrictions on the Timing of Issuing Further Stocks 不强制披露募资项目信息 No Requirement to Disclose Information Regarding the Projects Funding 市场化定价 Market Driven Price

外商投资企业挂牌新三板的特别规定 Special provisions on FIEs

一般原则 (General Provisions) 特别规定 (Special Provisions ) 根据《全国中小企业股份转让系统业务规则（试行）》的规定，外商投资企业 应符合的条件与其它挂牌新三板的内资企业条件是一致的。 As provided in  the Business Rules of the National Equities Exchange and Quotation (for Trial Implementation), the conditions for FIEs listing on the NTB are the same as those for other domestic companies. 特别规定 (Special Provisions ) 根据《全国中小企业股份转让系统股票挂牌条件适用基本标准指引（试行）》 的规定，外商投资企业可申请在新三板挂牌，但申请时须提供商务主管部门出具的 外商投资企业设立批复文件，同时，提供商务部门出具的外资股确认函件。 As provided in the Basic Guidelines of Stock Listing Conditions for the National Equities Exchange and Quotation (for Trial Implementation), FIEs can apply for listing on the NTB but require a certificate of approval for the establishment for the FIE and a foreign shareholder confirmation letter issued by competent commerce authorities.

关于卓纬律师事务所 About Us---Chance Bridge Partners

关于卓纬律师事务所 卓纬律师事务所是商业律师事务所行业的领导者，专注于提供公司、商事以及金融方面的法律解决方案。独特的事务所文化，合作、主动、创新、承诺，使得卓纬与众不同;依靠良好的声誉，卓纬与众多国内外知名律所开展了合作。 Chance Bridge Partners is a specialist law firm that excels in delivering advanced corporate, commercial, and financial legal solutions. We distinguish ourselves through a firm culture that is defined by teamwork, initiative, innovation, and commitment to those we serve. We are well-trusted and regularly partner with leading global law firms on cross-border transactions and other deals.

Corporate & Compliance Intellectual Property 关于我们 专业领域 Practice Areas 涉及行业 Industries 公司与商事 Corporate & Compliance 资本市场 Capital Market 投资 Investment 国际贸易与反垄断法 International Trade & Anti-Trust 争议解决  Dispute Resolution 融资   Financing 税务 Taxes 知识产权   Intellectual Property 汽车 Automotive 银行 Banking 基金 Funds 互联网 Internet 电子商 Ecommerce 制造 Manufacturing 媒体 Media 科技 Technology 房地产 Real Estate 服务业 Services 自然资源和能源 Natural Resources and Energy

卓纬项目经验 (Projects) 为北京安怀信科技股份有限公司股改并挂牌新三板提供专项法律服务 Listing legal service for Beijing Anwise Technology Ltd. 为中震（北京）工程检测股份有限公司挂牌新三板提供专项法律服务 Listing legal service for Zhongzhen (Beijing) Engineering Inspection Ltd. 为上海振华重工（集团）常州油漆有限公司拟挂牌新三板提供专项法律服务 Listing legal service for Shanghai Zhenhua Heavy Industry (Corporate) Changzhou Paint Ltd. 限于篇幅限制，其他项目暂不罗列。 More projects are listed on our website: www.chancebridge.com

北京市东城区东长安街1号东方广场C1办公楼601室 100738 Thank you! Tel：13910218227 Fax：+86 10 8587 0079 E-mail：richard.an@chancebridge.com Web：www.chancebridge.com 601, Office Tower C1 Oriental Plaza, No.1  East Chang An Avenue, Beijing 北京市东城区东长安街1号东方广场C1办公楼601室 100738