A Sponsor Representative (保荐代表人) acts as an intermediary between a company seeking listing and the China Securities Regulatory Commission (CSRC), serving as the company's guarantor to recommend its listing to the CSRC. The responsibilities of a sponsor include assisting applicants in the listing process, conducting thorough due diligence on relevant documents, ensuring proper disclosures, and assuming corresponding liabilities. Sponsors must operate within the scope approved by regulatory authorities under principles of openness, fairness, justice, standardization, and voluntary participation, without exceeding authorized business boundaries. On November 24, 2014, the administrative access requirement for sponsor qualifications was abolished with State Council approval.
To strengthen self-regulation of sponsor representatives, promote integrity and diligence, and enhance professional competence and practice quality, the Securities Association of China (中国证券业协会) established a classified disclosure mechanism for sponsor representatives under the Securities Company Sponsorship Business Rules. This mechanism publishes three lists:
- Sponsor Representative Classification List A (Comprehensive Practice Information)
- Sponsor Representative Classification List B (Institutional Validation)
- Sponsor Representative Classification List C (Disciplinary Actions)
Classification criteria include:
- Whether negative professional reputation records exist within valid periods;
- Whether professional competency evaluation results meet baseline requirements.
The classified lists cover:
- Comprehensive Practice Information List: Discloses all sponsor representatives' practice details, categorizing them based on the presence of valid-period integrity violations and professional competency test results.
- Institutional Validation List: Includes representatives whose competency test results fall below baseline thresholds but are validated by their institutions, disclosing validation materials, test score ranges, and practice information.
- Disciplinary Actions List: Identifies representatives subject to CSRC administrative measures, industry disciplinary actions, or self-regulatory penalties within the past three years, along with related penalties and practice details.
CnOpenData provides sponsor representative information data, covering comprehensive practice records, disciplinary actions, career changes, sponsored project details, and integrity information, offering robust support for related research.
Time Coverage
- Comprehensive Professional Information Table: October 2012 - June 2023
- Institutional Validation Information Table: January 2021 - June 2023
- Disciplinary Actions Information Table: October 2012 - June 2023
- Career Change Information Table: August 2003 - June 2023
- Sponsored Projects Information Table: February 2004 - June 2023
- Integrity Information Table: September 2016 - June 2023
Field Descriptions
Sample Data
Comprehensive Professional Information Table
Institutional Validation Information Table
Disciplinary Actions Information Table
Career Change Information Table
Sponsored Projects Information Table
Integrity Information Table
Data Update Frequency
Annual updates