第30章

《盡職審查指引》－

向分析員提供資料

增補附件5：保薦人致發行人的備忘錄格式

有關：[●]項目－向投資研究分析員提供資料的控制

本備忘錄載列關於公司與投資研究分析員之間在上市申請過程期間溝通的重要香港法例及規例。

證券發售僅根據招股章程進行

在準備上市的整個過程中，非常重要的是緊記公司擬在香港進行的證券發售必須僅根據招股章程進行（在向國際發售的參與者進行發售的情況下，則根據內容大致反映招股章程內容的國際發售通函進行）。換句話說，公眾及機構投資者應僅根據此等文件做出其投資決定。

另一發售文件存在的嚴重法律後果

[就如在日期為[●]年[●]月[●]日發給 閣下的宣傳備忘錄所概述，]如果投資者被發現曾經依賴一份不同的文件所載資料（例如一份研究報告）而做出其投資決定，則會帶來嚴重的法律後果。一份發售證券或邀請其他人收購證券的文件（無論該文件被怎樣命名）會帶有《證券及期貨條例》所指作為「投資廣告」及《公司條例》所指作為「招股章程」的法律風險。

董事的個人責任

如果公司或其任何董事、僱員或主要股東或其各自的任何顧問，把沒有納入招股章程的重要資料，披露予在研究報告中使用該等資料的分析員，可能因此造成嚴重後果，原因是其觸發遵守法律規定的繁重事宜，包括登記要求、對研究報告的強制內容要求和語言要求。不遵守該等要求可能導致公司及董事須承擔法定責任。

在正常情況下，公司及其董事或高級管理層均毋須對分析員作出的「獨立研究」負責。不過，如果公司在準備投資研究時的參與程度過於密切，則會產生削弱分析員獨立性及所作研究被視為公司陳述的風險。因此，這可引起公司的證券有部分是基於研究而發售的論點。在此情況下，研究報告的任何錯誤、不準確或誤導性陳述可能會導致投資者對公司提出要求作出投資者賠償的合約申索，以及錯誤陳述的法定處罰。在某些情況下，研究報告本身可能被視為招股章程，而在此情況下，其中的任何錯誤陳述可導致個人責任，包括相關的董事及高級經理的刑事責任。

不應向研究分析員提供非載入招股章程的重要資料

為避免責任風險，公司的董事及高級管理層必須確保沒有向任何投資研究分析員提供不會合理地預期為納入招股章程或不可公開取得關於公司的重要資料，包括前瞻性資料（不論是質化或量化資料）。當評估上述任何資料是否「重要」資料時，適用的測試應為資料在構成對公司及其財務狀況及盈利能力的有效及合理意見方面，對投資者而言是否重要。

此限制涵蓋直接或間接、正式或非正式、以書面或口頭方式向分析員提供的任何資料。涵蓋範圍包括於一個會議、介紹會、實地考察或會面或在任何其他情況下的所有溝通。

向研究分析員進行披露的後果

如果公司向分析員披露不會合理地預期將納入招股章程或不可公開取得的重要資料，即有法律和監管風險，公司可能被迫須於招股章程中披露該資料。

如果向分析員進行披露（不論是否故意），即使該資料事實上不適合用於招股章程及╱或不可驗證，亦可能需要在招股章程內相應披露該重要資料。該資料一旦加入招股章程內，董事須以其對招股章程內所有其他資料相同的方式，對該資料的真實性、準確性及完整性負全責。

作為進行保薦人工作的證監會持牌企業融資顧問公司，根據明確的監管要求，我們須確保所有重要資料，包括向研究分析員披露或提供的前瞻性資料（不論是量化或質化資料），已載於招股章程內或可公開取得。

請尋求協助

鑒於上述情況，[本項目的保薦人]保留在上市申請的整個過程中監督與協調、監察及╱或加以限制公司與研究分析員之間所有溝通的所有權利。

在此方面如有任何不確定之處，謹此強烈建議公司向[保薦人及兩個香港法例顧問團隊的名稱]尋求指導和協助。

保薦人致發行人的備忘錄格式（英文版）

Form of Memorandum from Sponsor to Issuer

Re: Project [●] – Control of information to investment research analysts

This memorandum sets out important Hong Kong laws and regulations regarding communications between the Company and investment research analysts during the listing application process.

The securities offering is made on the basis on the prospectus only

Throughout the listing preparations, it is crucial to bear in mind that the contemplated offer of securities by the Company in Hong Kong must be made solely on the basis of the prospectus (and in the case of the offer to participants in the international offer, on the basis of the international offering circular the contents of which substantially mirrors the prospectus). In other words, public as well as institutional investors should make their investment decision on the basis of these documents only.

Serious legal consequences of existence of another selling document

[As outlined in the publicity memorandum to you dated [●],] there are serious legal consequences if investors are found to have relied on information contained in a different document – e.g. a research report – to make their investment decision. A document, by whatever name it is called, which offers securities or invites others to acquire securities carries legal risks of being an “investment advertisement” under the Securities and Futures Ordinance, as well as a “prospectus” under the Companies Ordinance.

Personal liability of directors

If material information not in the prospectus is disclosed by the Company or any of its directors, employees or substantial shareholders, or any of their respective advisers, to an analyst who uses such information in his or her research report, this may have serious consequences as it triggers onerous legal compliance matters including registration requirements, mandatory content requirements and language requirements for the research report. Failure to comply with such requirements may result in statutory liabilities on the part of the Company as well as the directors.

In normal cases, neither the Company nor its directors or senior management is liable for “independent research” produced by analysts. However, if the Company is too closely involved in the preparation of investment research, there is a risk that the analyst’ s independence may be compromised and the resulting research will be taken to be representations by the Company. This may in turn give rise to the argument that the Company’s securities are being offered partly on the basis of the research. In this case, any error, inaccuracy or misleading statement in the research report could give rise to contractual claims against the Company for investor’s compensation, as well as statutory penalties for misstatements. In some circumstances, the research report may be taken to be a prospectus in itself, and if this is the case, any misstatement in it may lead to personal liabilities, including criminal liabilities, for the directors and senior managers concerned.

Do not provide research analysts with non-prospectus material information

To avoid the risk of liability, the directors and senior management of the Company must ensure that no material information, including forward-looking information (whether qualitative or quantitative) concerning the Company that is not reasonably expected to be included in the prospectus or publicly available, is provided to any investment research analyst. When assessing whether any such information is「material」information, the test that should be applied is whether the information is material to an investor in forming a valid and justifiable opinion of the Company and its financial condition and profitability.

This restriction covers any information provided to an analyst, directly or indirectly, formally or informally, and in writing or verbally. It covers all communications in a meeting, during a presentation, site visit or interview, or in any other context.

Consequences of disclosure to research analysts

If the Company discloses to an analyst material information that is not reasonably expected to be included in the prospectus or publicly available, there are immediate legal and regulatory risks and the Company may be compelled to disclose the same information in the prospectus.

In the event of disclosure (whether intentional or otherwise) to analysts, corresponding disclosure of the material information in the prospectus may be required, even if such information is in fact inappropriate for a prospectus and/or cannot be verified. Once such information is put into the prospectus, the directors take full responsibility for its truthfulness, accuracy and completeness in the same way as for all the other information in the prospectus.

As a corporate finance advisory firm licensed by the SFC to carry on the work of a sponsor, we are under an express regulatory requirement to ensure that all material information, including forward-looking information (whether quantitative or qualitative) disclosed or provided to research analysts is contained in the prospectus or is publicly available.

Please seek assistance

In view of the above, [the Sponsors in this project] reserve all rights to supervise and coordinate, monitor and/or place restrictions on all communications between the Company and research analysts throughout the listing application process.

The Company is strongly advised to seek the guidance and assistance of [names of the Sponsor and both teams of Hong Kong legal advisers] if there are any uncertainties in this area.