5\% or more; (2) the issuance results in a change in the control of the company; (3) equity subsidy;
(4) The issuance of shares issued by private Li reached 20%20%20% or more and the market value of the float is lower than the market value.
（一）境内部分需关注的主要问题 (1) The main issues that need to be paid attention to in the domestic part
2023年2月17日，证监会下发了《境内企业境外发行证券和上市管理试行办法》 （以下简称＂《备案办法》＂）和5项配套指引，自2023年3月31日起实施。该办法对境内企业到境外上市备案进行了详细的规定，该办法对境内企业到境外上市的影响如下： On 17 February 2023, the China Securities Regulatory Commission (CSRC) issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (the "Filing Measures") and five supporting guidelines, which will come into effect on 31 March 2023. The Measures provide detailed provisions on the filing of overseas listings of domestic enterprises, and the impact of the Measures on the overseas listing of domestic enterprises is as follows:
1．境外上市的负面清单制度 1. Negative list system for overseas listings
－根据《备案办法》第八条规定，存在下列情形的企业，不得到境外上市： - According to Article 8 of the Filing Measures, an enterprise with the following circumstances shall not be allowed to be listed overseas:
具体规定 Specific provisions
（一）法律、行政法规或者国家有关规定明确禁止上市融资的 (1) Laws, administrative regulations or relevant state provisions expressly prohibit listing and financing
2021年12月27日，国家发展和改革委员会和商务部联合发布了《外商投资准入特别管理措施（负面清单）（2021 年版）》（＂《2021 负面清单》＂）。《2021 负面清单》第六条规定，丛事《外商投资准入负面清单》禁止投资领域业务的境内企业到境外发行股份并上市交易的，应当经国家有关主管部门审核同意，境外投资者不得参与企业经营管理，其持股比例参照境外投资者境内证券投资管理有关规定执行。 On 27 December 2021, the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) jointly issued the Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021 Edition) (the "2021 Negative List"). Article 6 of the 2021 Negative List stipulates that if a domestic enterprise with business in the investment field is prohibited from issuing shares and listing and trading overseas under the Negative List for Foreign Investment Access, it shall be subject to the review and approval of the relevant competent state authorities, and the foreign investor shall not participate in the operation and management of the enterprise, and its shareholding ratio shall be implemented with reference to the relevant provisions on the administration of domestic securities investment by foreign investors.
基于上述规定，对于发行人及各下属公司业务范围涉及国家禁止或限制外商投资的领域，该类企业在境外上市时需注意： Based on the above provisions, for issuers and their subsidiaries whose business scope involves areas in which foreign investment is prohibited or restricted by the state, such enterprises should pay attention to the following when listing overseas:
＞直接境外上市：在境外直接上市中如涉及外商投资禁止类业务的，其境外发行上市应先取得相关行业主管部门的审核同意，并遵守发行后境外投资者比例及境外投资者不参与管理的要求。 > Direct overseas listing: If a business prohibited by foreign investment is involved in an overseas direct listing, the overseas issuance and listing shall first obtain the review and approval of the relevant industry authorities, and comply with the requirements of the proportion of foreign investors after the issuance and the non-participation of foreign investors in management.
＞间接境外上市（VIE 架构）：对于境外间接上市的企业，如其涉及外商投资禁止类或者限制类业务的（此类企业通常亦会搭建全部或者部分的 VIE 架构），中国证监会将在备案环节征求有关主管部门的意见；但包含 VIE 架构的项目是否需要遵守《2021负面清单》第六条的关于境外投资者不得参与企业经营管理及境外投资者持股比例限制等要求目前尚不明确，鉴于根据配套指引第4号，在提交备案材料前，发行人等方可就涉及发行人行业监管政策、控制架构等事项提交沟通申请，从加强上市活动确定性及稳妥的角度出发，建议相关企业提前与中国证监会及／或相关行业主管部门进行沟通。 > Indirect Overseas Listing (VIE Structure): For an enterprise with an overseas indirect listing, if it involves a business that is prohibited or restricted from foreign investment (such an enterprise usually also establishes all or part of a VIE structure), the CSRC will solicit the opinions of the relevant competent authorities during the filing process; However, it is not yet clear whether a project with a VIE structure needs to comply with Article 6 of the 2021 Negative List on the prohibition of foreign investors from participating in the operation and management of enterprises and restrictions on the shareholding ratio of foreign investors. Relevant enterprises are advised to communicate with the CSRC and/or relevant industry authorities in advance.
（二）经国务院有关主管部门依法审查认定，境外发行上市可能危害国家安全的； (2) Upon review and determination by the relevant competent departments of the State Council in accordance with law, overseas issuance and listing may endanger national security;
（三）境内企业或者其控股股东、实际控制人最近 3 年内存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪的； (3) The domestic enterprise or its controlling shareholder or actual controller has committed a criminal offense of corruption, bribery, embezzlement of property, misappropriation of property, or undermining the order of the socialist market economy within the last 3 years;
（四）境内企业因涉嫌犯罪或者重大违法违规行为正在被依法立案调查，尚未有明确结论意见的； (4) The domestic enterprise is being investigated in accordance with law for suspected crimes or major violations of laws and regulations, and has not yet reached a clear conclusion;
5\% or more; (2) the issuance results in a change in the control of the company; (3) equity subsidy; (4) The issuance volume of shares issued by a private placement reaches more than 20\% and the market value of the tradable stock is lower than the market value.
（一）境内部分需关注的主要问题 (1) The main issues that need to be paid attention to in the domestic part
2023年2月17日，证监会下发了《境内企业境外发行证券和上市管理试行办法》 （以下简称＂《备案办法》＂）和5项配套指引，自2023年3月31日起实施。该办法对境内企业到境外上市备案进行了详细的规定，该办法对境内企业到境外上市的影响如下： On 17 February 2023, the China Securities Regulatory Commission (CSRC) issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (the "Filing Measures") and five supporting guidelines, which will come into effect on 31 March 2023. The Measures provide detailed provisions on the filing of overseas listings of domestic enterprises, and the impact of the Measures on the overseas listing of domestic enterprises is as follows:
1．境外上市的负面清单制度 1. Negative list system for overseas listings
－根据《备案办法》第八条规定，存在下列情形的企业，不得到境外上市： - According to Article 8 of the Filing Measures, an enterprise with the following circumstances shall not be allowed to be listed overseas:
具体规定 Specific provisions
（一）法律、行政法规或者国家有关规定明确禁止上市融资的 (1) Laws, administrative regulations or relevant state provisions expressly prohibit listing and financing
2021年12月27日，国家发展和改革委员会和商务部联合发布了《外商投资准入特别管理措施（负面清单）（2021 年版）》（＂《2021 负面清单》＂）。《2021 负面清单》第六条规定，丛事《外商投资准入负面清单》禁止投资领域业务的境内企业到境外发行股份并上市交易的，应当经国家有关主管部门审核同意，境外投资者不得参与企业经营管理，其持股比例参照境外投资者境内证券投资管理有关规定执行。 On 27 December 2021, the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) jointly issued the Special Administrative Measures (Negative List) for the Access of Foreign Investment (2021 Edition) (the "2021 Negative List"). Article 6 of the 2021 Negative List stipulates that if a domestic enterprise with business in the investment field is prohibited from issuing shares and listing and trading overseas under the Negative List for Foreign Investment Access, it shall be subject to the review and approval of the relevant competent state authorities, and the foreign investor shall not participate in the operation and management of the enterprise, and its shareholding ratio shall be implemented with reference to the relevant provisions on the administration of domestic securities investment by foreign investors.
基于上述规定，对于发行人及各下属公司业务范围涉及国家禁止或限制外商投资的领域，该类企业在境外上市时需注意： Based on the above provisions, for issuers and their subsidiaries whose business scope involves areas in which foreign investment is prohibited or restricted by the state, such enterprises should pay attention to the following when listing overseas:
＞直接境外上市：在境外直接上市中如涉及外商投资禁止类业务的，其境外发行上市应先取得相关行业主管部门的审核同意，并遵守发行后境外投资者比例及境外投资者不参与管理的要求。 > Direct overseas listing: If a business prohibited by foreign investment is involved in an overseas direct listing, the overseas issuance and listing shall first obtain the review and approval of the relevant industry authorities, and comply with the requirements of the proportion of foreign investors after the issuance and the non-participation of foreign investors in management.
＞间接境外上市（VIE 架构）：对于境外间接上市的企业，如其涉及外商投资禁止类或者限制类业务的（此类企业通常亦会搭建全部或者部分的 VIE 架构），中国证监会将在备案环节征求有关主管部门的意见；但包含 VIE 架构的项目是否需要遵守《2021负面清单》第六条的关于境外投资者不得参与企业经营管理及境外投资者持股比例限制等要求目前尚不明确，鉴于根据配套指引第 4 号，在提交备案材料前，发行人等方可就涉及发行人行业监管政策、控制架构等事项提交沟通申请，从加强上市活动确定性及稳妥的角度出发，建议相关企业提前与中国证监会及／或相关行业主管部门进行沟通。 > Indirect Overseas Listing (VIE Structure): For an enterprise with an overseas indirect listing, if it involves a business that is prohibited or restricted from foreign investment (such an enterprise usually also establishes all or part of a VIE structure), the CSRC will solicit the opinions of the relevant competent authorities during the filing process; However, it is not yet clear whether a project with a VIE structure needs to comply with the requirements of Article 6 of the 2021 Negative List on the prohibition of foreign investors from participating in the operation and management of enterprises and the restrictions on the shareholding ratio of foreign investors. Relevant enterprises are advised to communicate with the CSRC and/or relevant industry authorities in advance.
（二）经国务院有关主管部门依法审查认定，境外发行上市可能危害国家安全的； (2) Upon review and determination by the relevant competent departments of the State Council in accordance with law, overseas issuance and listing may endanger national security;
（三）境内企业或者其控股股东、实际控制人最近3年内存在员污、贿路、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪的； (3) The domestic enterprise or its controlling shareholder or actual controller has committed criminal offenses of corruption, bribery, embezzlement of property, misappropriation of property, or undermining the order of the socialist market economy within the last 3 years;
（四）境内企业因涉嫌犯罪或者重大违法违规行为正在被依法立案调查，尚未有明确结论意见的； (4) The domestic enterprise is being investigated in accordance with law for suspected crimes or major violations of laws and regulations, and has not yet reached a clear conclusion;