第30章

《盡職審查指引》－

向分析員提供資料

增補附件2：向研究分析員提供有關給予發行人通知的指示

香港證券及期貨事務監察委員會的規則已經生效，對研究分析員、保薦人、發行人就交易前研究施加義務。此等規則適用於所有在2011年10月31日或之後上市申請人向香港聯合交易所提交上市申請（即A1表格）的首次公開發售。

規則全文請參閱http://www.sfc.hk/web/doc/EN/speeches/public/consult/predeal_conclusions_ eng.pdf。

於本文中，研究分析員在與發行人會晤前須向發行人提供下列通知：

致發行人關於證監會對香港上市交易前研究的規定之通知

香港證券及期貨事務監察委員會的規則已經生效，對研究分析員、保薦人、發行人就交易前研究施加義務。此等規則適用於所有在2011年10月31日或之後上市申請人向香港聯合交易所提交上市申請（即A1表格）的首次公開發售。

此等規則規定發行人有責任在其招股章程或發售文件中披露所有相關的重要資料。

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關於公司或其證券的任何重要資料，除非該等資料已合理地預期會納入招股章程內或可公開取得。當評估任何該等資料是否「重要」資料時，適用的測試應為有關資料在投資者對公司及其財務狀況及盈利能力達致有效及有理據支持的意見方面是否屬於「重要」資料。

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，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。

此外，《證券及期貨事務監察委員會持牌人或註冊人操守準則》第16段要求研究分析機構具備書面政策及控制程序以確保分析員不會獲機構提供任何不允許資料。

為確保符合規則，我們要求 閣下不要向研究分析員提供合理地預期不會載於招股章程或發售文件內或不可公開取得的任何重要資料。

如果 閣下對上述所指的規則有任何問題，請向 閣下的法律顧問尋求意見。

致發行人之通知（英文版本）：

Notice to Issuers of SFC Requirements for Pre-deal Research for Hong Kong listings

Rules of the Securities and Futures Commission of Hong Kong have come into force that impose obligations on research analysts, sponsors, issuers as regards pre-deal research. These rules apply to all IPOs of listing applicants to be listed on the Hong Kong Stock Exchange where the Form A1 is submitted on or after 31 October 2011.

The rules provide that it is the responsibility of the Issuer to disclose all relevant and material information in its prospectus or offering document.

To avoid the risk of liability, the directors and senior management of the Company must ensure that no material information about the Company or its securities is provided to any investment research analyst, unless the information is reasonably expected to be included in the prospectus or is publicly available. 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.

In addition, Paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission requires research analyst firms to have written policies and control procedures to ensure that analysts are not provided by the firm with any impermissible information.

To ensure compliance with the rules, we are requesting that you do not provide research analysts with any material information that is not reasonably expected to be in the prospectus or offering document or publicly available.

Please seek the advice of your counsel if you have any question about the rules referred to above.