与中国近期发展相关的投资者保护声明(中英全文)

2021年7月31日 11:32
來源:美国证监会

记者马可诚发自香港

奇点财经7月30日报道。美国证监会(SEC)主席加里·詹斯勒(Gary Gensler)于7月30日在美国证监会官方网站发表声明,称鉴于中国市场最近的事态发展,以及网络安全审查等政策变动,已要求美证监会官员在审核中国VIE上市公司时,增加特定的信息披露。

奇点财经将有关声明全文披露(译文为奇点所附,仅供参考,如有歧义,请以英文为准),以飨读者。

***********************************************************

Statement on Investor Protection Related to Recent Developments in China

与中国近期发展相关的投资者保护声明(全文)

Gary Gensler

加里·根斯勒(美国证监会主席)

Recently, the government of the People’s Republic of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through associated offshore shell companies. These developments include government-led cybersecurity reviews of certain companies raising capital through offshore entities.

最近,中国政府为中国公司在海外筹集资金——包括通过关联的离岸空壳公司进行海外融资——设置了新的指引和限制。这些新政策包括由政府部门主导的、对某些凭借离岸实体进行筹资的公司进行网络安全审查。

This is relevant to U.S. investors. In a number of sectors in China, companies are not allowed to have foreign ownership and cannot directly list on exchanges outside of China. To raise money on such exchanges, many China-based operating companies are structured as Variable Interest Entities (VIEs).

这种政策变动与美国投资者息息相关。在中国的众多行业中,中国企业均不得引入外资股权,也不能直接在中国境外的交易所上市。为了在境外交易所上市筹集资金,许多运营主体在中国的公司都采用可变利益实体 (VIE) 的结构上市融资。

In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands, to issue stock to public shareholders. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, like the New York Stock Exchange. While the shell company has no equity ownership in the China-based operating company, for accounting purposes the shell company is able to consolidate the operating company into its financial statements.

在VIE安排下,一家运营主体在中国的公司通常会在开曼群岛等另一个司法管辖区设立一家离岸空壳公司,以便向境外的公众发行股票。该离岸空壳公司会与这家总部位于中国的运营公司签订服务合同和其他合同,然后在纽约证券交易所等外国交易所发行股票。

通过上述安排,尽管离岸空壳公司在中国运营公司中并不持股权,但出于会计目的,这些壳公司能够将中国主体运营公司的财务情况合并到其财务报表中。

For U.S. investors, this arrangement creates “exposure” to the China-based operating company, though only through a series of service contracts and other contracts. To be clear, though, neither the investors in the shell company’s stock, nor the offshore shell company itself, has stock ownership in the China-based operating company. I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company.

对于美国投资者而言,这种安排为投资者创设了持有一家中国运营公司的“风险敞口”,但这种风险敞口只是通过一系列服务合同和其他相关合同来维系。

需要明确一点:无论是离岸空壳公司的股票投资人,还是这家离岸空壳公司本身,其实都没有持有这家中国运营公司的股权。

我担心的是,普通投资者可能根本没有意识到,他们持有的是一家空壳公司的股票,而不是一家中国运营公司的股票。

In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies before their registration statements will be declared effective. In particular, I have asked staff to ensure that these issuers prominently and clearly disclose:

鉴于中国最近的事态发展,以及中国VIE结构的整体风险,对于那些与中国运营公司相关的(离岸空壳企业)境外发行人在美国证监会的注册声明生效之前(编注:即中国企业通过VIE在美上市之前),我已要求工作人员对这些股票发行人提出额外的信息披露要求。

具体来说,我已要求工作人员确保这些股票发行人在显著位置清楚地披露以下内容:

That investors are not buying shares of a China-based operating company but instead are buying shares of a shell company issuer that maintains service agreements with the associated operating company. Thus, the business description of the issuer should clearly distinguish the description of the shell company’s management services from the description of the China-based operating company;

第一,投资者购买的不是一家中国运营公司的股票,而是一家与相关运营公司保持服务协议的空壳公司发行人的股票。因此,(新股)发行人的业务陈述必须地把壳公司的管理服务描述,和中国运营公司的业务描述进行清晰地区别。

That the China-based operating company, the shell company issuer, and investors face uncertainty about future actions by the government of China that could significantly affect the operating company’s financial performance and the enforceability of the contractual arrangements; and

其次,(离岸)空壳公司发行人、中国主体运营公司和境外投资者均面临中国政府未来各种行动的不确定性,这种不确定性有可能会严重影响运营公司的财务表现,以及中国主体运营公司与其离岸壳公司之间的服务合同的可执行性。

Detailed financial information, including quantitative metrics, so that investors can understand the financial relationship between the VIE and the issuer.

第三,离岸空壳公司发行人必须披露详细的财务信息,包括量化指标,以便投资者了解 VIE 与发行人之间的财务关系。

Additionally, for all China-based operating companies seeking to register securities with the SEC, either directly or through a shell company, I have asked staff to ensure that these issuers prominently and clearly disclose:

此外,对于所有寻求直接(或通过离岸空壳公司间接)向美国证券交易委员会注册上市的中国运营公司,我已要求工作人员确保这些发行人在显著位置清楚地披露以下信息:

Whether the operating company and the issuer, when applicable, received or were denied permission from Chinese authorities to list on U.S. exchanges; the risks that such approval could be denied or rescinded; and a duty to disclose if approval was rescinded; and

第一,中国主体运营公司或其离岸发行人(如适用)是否已经获得中国有关当局允许(或被中国有关部门拒绝)在美国交易所上市;

第二,上述第一点中,即便发行人已获批准在境外上市,此类批准是否存在着被拒绝或撤销的风险;以及

第三,如果已获的批准被有关部门撤销,则发行人必须履行披露的义务。

That the Holding Foreign Companies Accountable Act, which requires that the Public Company Accounting Oversight Board (PCAOB) be permitted to inspect the issuer’s public accounting firm within three years, may result in the delisting of the operating company in the future if the PCAOB is unable to inspect the firm.

第四,发行人必须披露以下信息:美国的《外国公司问责法案》(Holding Foreign Companies Accountable Act)已授权PCAOB(美国上市公司会计监督委员会)在3年内审阅外国发行人的会计师事务所,如果PCAOB无法审阅在美上市的外国发行人的会计师事务所,则可能会导致该外国发行人面临退市风险。

In addition to this specific guidance, we will continue to hold all companies to the securities laws’ high standards for complete and accurate disclosure.

除了上述具体的指引之外,美国证监会将继续要求所有公司遵守美国证券法关于完整和准确披露的严格标准。

Further, I also have asked staff to engage in targeted additional reviews of filings for companies with significant China-based operations.

此外,我还要求证监会的工作员工对于那些于中国有重大运营业务的公司,进行有针对性的额外审查。

I believe these changes will enhance the overall quality of disclosure in registration statements of offshore issuers that have affiliations with China-based operating companies. This work builds on the SEC’s Division of Corporation Finance’s previous guidance on disclosure considerations for companies based in or with significant operations in China.

我相信这些变化将提高与中国运营公司有关联的离岸发行人的整体信息披露质量。作出上述工作决定的基础是美国证监会企业融资部门先前关于中国公司(或在中国有重大运营业务的公司)的披露指引。

I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC’s mandate to protect investors in U.S. capital markets.

我相信,有关披露对于明智的投资决策至关重要,也是美国证监会保护资本市场投资者的职责核心。

(声明:本文为香港奇点财经原创。欢迎登陆网站https://sfl.gloal/或关注公众号“奇点财经HK”阅读更多新闻如需转载请向[email protected]提出书面申请。奇点财经是全球首家提供多语种及专注于ESG投资与金融科技领域的媒体,是香港期刊协会创会会员。


 

友情提示:请下载奇点财经APP(点击 IOS版 或 安卓版)或关注奇点财经公众号(奇点财经HK)以得更全面的资讯。