100+ Free Securities Sponsor Representative (China) Practice Questions

Prepare for the Sponsor Representative Professional Competence Level Evaluation Test — Investment Banking Business (保荐代表人专业能力水平评价测试—投资银行业务) exam with instant access — no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

100+ Questions

100% Free

Loading practice questions...

Same family resources

Explore More China Securities Industry Professional Competence Examinations (证券行业专业人员水平评价测试)

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

Securities Analyst Professional Competence Level Evaluation Test — Publishing Securities Research Reports (证券分析师专业能力水平评价测试—发布证券研究报告业务, China)

Practice Questions100 questions

Securities Industry Professional General Business Level Evaluation Test (证券行业专业人员一般业务水平评价测试, China)

Practice Questions100 questions

Securities Investment Adviser Professional Competence Level Evaluation Test — Securities Investment Advisory Business (证券投资顾问专业能力水平评价测试—证券投资顾问业务, China)

Practice Questions100 questions

2026 Statistics

Key Facts: Securities Sponsor Representative (China) Exam

120

Official Exam Questions

Securities Association of China (SAC)

60 / 100 (60%)

Official Passing Score

SAC Examination Regulations

180 Minutes (3h)

Exam Duration

SAC CBT Guidelines

¥61 RMB

Standard Examination Fee

SAC Official Examination Notice

全面注册制

Comprehensive Registration Framework

CSRC / SSE / SZSE / BSE Unified Regulations

SAC's Investment Banking Business test is a specialized competence evaluation covering registration-based offerings, listing standards, due diligence, refinancing, bonds, restructuring, takeovers, and continuous supervision. Passing alone does not authorize a person to act as a Sponsor Representative.

Sample Securities Sponsor Representative (China) Practice Questions

Try these sample questions to test your Securities Sponsor Representative (China) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under China's Comprehensive Registration-Based System (全面注册制), what is the core philosophy shift in the regulatory review of Initial Public Offerings (IPOs) compared to the former approval-based system (核准制)?

A.The review shifts from substantive merit-based profitability judgment (实质审查) to information-disclosure centered verification (以信息披露为核心)

B.The review eliminates all statutory financial thresholds and allows unrestricted market-wide self-registration without exchange review

C.The review grants the China Securities Regulatory Commission (CSRC) sole authority to conduct on-site physical engineering inspections while bypassing stock exchanges

D.The review transfers final registration and listing approval powers entirely to the Securities Association of China (SAC)

Explanation: The registration system establishes information disclosure as the central pillar (以信息披露为核心). The issuer bears primary responsibility for truthful, accurate, and complete disclosure, and sponsors and other intermediaries perform their assigned verification duties. Exchanges conduct frontline issuance-and-listing review, while the CSRC makes the statutory registration decision and supervises the process. Regulatory review of disclosure compliance does not guarantee investment value or independently certify every statement as true.

2According to the listing rules for the Main Board of the Shanghai and Shenzhen Stock Exchanges (主板上市条件), which financial combination represents the standard profitability criteria (First Set of Listing Standards) for an issuer applying for an IPO?

A.Net profit is positive for the past 3 fiscal years, cumulative net profit >= ¥200 million, most-recent-year net profit >= ¥100 million, and cumulative operating cash flow >= ¥200 million or cumulative operating revenue >= ¥1.5 billion

B.Net profit is positive for the past 2 consecutive fiscal years, cumulative net profit >= ¥50 million, and operating revenue for the most recent year >= ¥100 million

C.Expected market cap >= ¥1.0 billion, net profit in the most recent year >= ¥20 million, and R&D spending >= 15% of revenue

D.Net profit is positive for the most recent fiscal year, operating revenue >= ¥500 million, and cumulative operating cash flow >= ¥50 million

Explanation: Under the current Main Board Listing Rules, Standard 1 requires positive net profit in each of the past 3 fiscal years, cumulative net profit of at least ¥200 million, and net profit in the most recent year of at least ¥100 million. It also requires either cumulative operating cash flow of at least ¥200 million or cumulative operating revenue of at least ¥1.5 billion over those 3 years. Net profit uses the lower figure before or after deducting non-recurring items.

3Under the Second Set of Listing Standards for the SSE and SZSE Main Boards, which combination of expected market capitalization, operating revenue, and cash flows is required?

A.Expected market capitalization >= ¥5.0 billion, most-recent-year net profit positive, most-recent-year operating revenue >= ¥600 million, and cumulative operating cash flow over the past 3 fiscal years >= ¥250 million

B.Expected market capitalization >= ¥2.0 billion, most recent year operating revenue >= ¥300 million, and cumulative operating cash flow >= ¥50 million

C.Expected market capitalization >= ¥8.0 billion, most recent year operating revenue >= ¥1.5 billion, and net profit >= ¥100 million

D.Expected market capitalization >= ¥1.0 billion, most recent year operating revenue >= ¥200 million, and cash flow >= ¥30 million

Explanation: Current Main Board Standard 2 requires expected market capitalization of at least ¥5.0 billion, positive net profit and operating revenue of at least ¥600 million in the most recent fiscal year, and cumulative operating cash flow of at least ¥250 million over the past 3 fiscal years.

4Under the Third Set of Listing Standards for the SSE and SZSE Main Boards, what are the statutory thresholds for expected market capitalization and operating revenue?

A.Expected market capitalization >= ¥10.0 billion, most-recent-year net profit positive, and operating revenue in the most recent fiscal year >= ¥1.0 billion

B.Expected market capitalization >= ¥10.0 billion, and operating revenue in the most recent fiscal year >= ¥1.0 billion

C.Expected market capitalization >= ¥5.0 billion, and operating revenue in the most recent fiscal year >= ¥500 million

D.Expected market capitalization >= ¥4.0 billion, and operating revenue in the most recent fiscal year >= ¥300 million

Explanation: Current Main Board Standard 3 requires expected market capitalization of at least ¥10.0 billion, positive net profit in the most recent fiscal year, and operating revenue of at least ¥1.0 billion in that year.

5An enterprise applying for an IPO on the Science and Technology Innovation Board (STAR Market / 科创板) chooses Listing Standard 1. Which combination of financial criteria must it satisfy?

A.Expected market cap >= ¥1.0 billion, net profit positive in the past 2 years with cumulative net profit >= ¥50 million, OR expected market cap >= ¥1.0 billion, net profit positive in the most recent year with operating revenue >= ¥100 million

B.Expected market cap >= ¥1.5 billion, operating revenue in the most recent year >= ¥200 million, and R&D spending >= 10% of revenue in the past 3 years

C.Expected market cap >= ¥2.0 billion, operating revenue in the most recent year >= ¥300 million, and operating cash flow over the past 3 years >= ¥100 million

D.Expected market cap >= ¥3.0 billion, operating revenue in the most recent year >= ¥400 million, without any net profit requirement

Explanation: STAR Market Listing Standard 1 requires an expected market capitalization of not less than ¥1.0 billion, and either: (1) positive net profit in the past 2 years with cumulative net profit >= ¥50 million (deducting non-recurring items, whichever is lower); or (2) positive net profit in the most recent year with operating revenue >= ¥100 million.

6Under the current STAR Market rules for evaluating sci-tech innovation attributes (科创属性), which option correctly states the four conventional indicators?

A.R&D expenses >= 5% of revenue over the past 3 years or cumulative R&D >= ¥80 million; R&D personnel >= 10%; at least 7 industrialized invention patents used in the main business; and 3-year revenue CAGR >= 25% or most-recent-year revenue >= ¥300 million

B.R&D expenses >= 3% of revenue over the past 2 years; R&D personnel >= 5% of total employees; utility model patents >= 10; and compound revenue growth rate >= 15%

C.R&D expenses >= 10% of revenue over the past 3 years; invention patents >= 20; and operating revenue in the most recent year >= ¥500 million

D.R&D expenses cumulative >= ¥100 million; overseas invention patents >= 2; and market share ranked top 3 nationally

Explanation: The current STAR Market rule lists four conventional indicators: (1) 3-year R&D investment at least 5% of revenue or cumulative R&D of at least ¥80 million; (2) R&D personnel at least 10% of employees; (3) at least 7 invention patents used in the main business and capable of industrialization; and (4) 3-year revenue CAGR at least 25% or most-recent-year revenue at least ¥300 million. The rule also states limited board-, industry-, and listing-standard exceptions.

7If a STAR Market applicant does not satisfy all four conventional sci-tech indicators, which is one current alternative circumstance supporting eligibility?

A.The issuer, as a principal participating unit, or its core technical personnel as principal participants, won a qualifying national natural-science, science-and-technology-progress, or technological-invention award and applies the technology in its main business

B.The issuer has obtained at least 50 software copyrights and 20 utility model patents

C.The issuer has received equity investment from at least three provincial state-owned guidance funds

D.The issuer's products have achieved over 50% market share in the provincial domestic market

Explanation: The current rule lists five alternative circumstances. They include officially recognized internationally leading or nationally significant core technology; qualifying national science, technology-progress, or invention awards applied in the main business; leading a relevant major national science-and-technology project; import-substituting key products based on core technology; or at least 50 industrialized invention patents forming core technology and used in the main business.

8Under STAR Market Listing Standard 5 (Fifth Set of Standards for Pre-Revenue Enterprises), which specific condition applies to innovative biopharmaceutical enterprises?

A.Expected market capitalization >= ¥4.0 billion, and at least one core product must have been approved to enter Phase II clinical trials by the competent drug regulatory authority

B.Expected market capitalization >= ¥1.0 billion, and all core products must have obtained commercial production approval licenses

C.Expected market capitalization >= ¥2.0 billion, with cumulative revenue over the past 3 years >= ¥50 million

D.Expected market capitalization >= ¥5.0 billion, and at least 3 drug candidates must have completed global Phase III multicenter clinical trials

Explanation: STAR Market Standard 5 is tailored for pre-revenue biotech and high-tech firms. It requires an expected market capitalization of not less than ¥4.0 billion, the main business or products must be approved by the relevant state departments, the market space must be large, and for biopharmaceutical enterprises, at least one core product must have been approved to enter Phase II clinical trials.

9What is the core market positioning of the ChiNext board (创业板) under the Comprehensive Registration-Based System, commonly summarized as 'Three Innovations and Four New' (三创四新)?

A.Supporting growth-oriented innovative and creative enterprises (创新、创造、创意) and promoting deep integration of traditional industries with new technologies, new industries, new business formats, and new models (新技术、新产业、新业态、新模式)

B.Focusing exclusively on state-owned pillar enterprises in traditional manufacturing and heavy infrastructure

C.Serving early-stage incubation enterprises and micro-enterprises with fewer than 20 employees and no operating history

D.Focusing exclusively on hard-technology breakthroughs in national strategic frontier defense and aerospace sectors

Explanation: ChiNext is positioned to serve growth-oriented innovative and creative enterprises (三创: 创新、创造、创意), supporting the deep integration of traditional industries with new technologies, new industries, new business formats, and new models (四新: 新技术、新产业、新业态、新模式). Hard technology focuses primarily on the STAR Market, while blue chips focus on the Main Board.

10Under the revised ChiNext Listing Rules (2024 Revision), what are the updated financial thresholds for ChiNext Listing Standard 1 (First Set of Standards)?

A.Net profit is positive in the past 2 consecutive fiscal years, cumulative net profit >= ¥100 million, and net profit in the most recent year >= ¥60 million

B.Net profit is positive in the past 2 consecutive fiscal years, cumulative net profit >= ¥50 million, without any single-year profit floor

C.Net profit is positive in the past 3 consecutive fiscal years, cumulative net profit >= ¥150 million

D.Expected market capitalization >= ¥1.0 billion, and operating revenue in the most recent year >= ¥50 million

Explanation: Under the 2024 revised ChiNext Listing Rules, Standard 1 was raised to enhance quality: the issuer must have positive net profit in the past 2 consecutive fiscal years, with cumulative net profit of not less than ¥100 million (deducting non-recurring gains/losses, whichever is lower), and net profit in the most recent fiscal year of not less than ¥60 million.

About the Securities Sponsor Representative (China) Exam

Investment Banking Business (投资银行业务) is SAC's specialized level-evaluation test covering issuance and listing sponsorship, due diligence, accounting verification, refinancing, bonds, restructuring, takeovers, and continuous supervision. The result is evidence or a reference for competence under current SAC rules, not an automatic licence or appointment as a Sponsor Representative. This English-language MCQ bank preserves Chinese legal terms but is not an official translation or exact format simulation.

Assessment

A 180-minute computer-based test with 120 objective questions, including single-choice, multiple-choice, judgment, and comprehensive items; at least 60% correct meets the basic standard.

Time Limit

180 minutes (3.0 hours)

Passing Score

60 / 100 points (60%)

Exam Fee

¥61 RMB (Securities Association of China (中国证券业协会 / SAC) under the supervision of China Securities Regulatory Commission (中国证券监督管理委员会 / CSRC))

Securities Sponsor Representative (China) Exam Content Outline

25%

Registration & IPO Listing Rules (全面注册制与IPO上市条件)

Registration framework, sponsorship management measures, multi-board listing standards (SSE/SZSE Main Boards, STAR Market 科创板, ChiNext 创业板, BSE 北交所), sponsor representative qualification, and dual-signature rules.

25%

Corporate Governance, Equity Restructuring & Auditing Verification (公司治理、股改与财务核查)

Pre-IPO equity reorganization, UBO penetration, shareholding clarity, related-party transaction controls, non-competition carve-outs, internal controls auditing, and revenue recognition verification (cut-off, channel stuffing, confirmations).

20%

Refinancing & Debt Financing (上市公司再融资与债券融资)

Rights issues (配股), public offerings, private placements (定增 pricing benchmark, 80% discount floor, 6/18-month lockups, max 35 investors), convertible corporate bonds (conversion price adjustment, redemption, put-back), and corporate bonds.

15%

M&A, Major Asset Restructuring & Takeovers (上市公司重大资产重组与收购)

Major asset restructuring 50% asset/net asset/revenue thresholds, restructuring listing (backdoor listing criteria), performance commitments and valuation adjustments (业绩对赌), 5% disclosure triggers, and 30% tender offer rules.

15%

Continuous Supervision & Legal Liabilities (持续督导、退市与法律责任)

Continuous supervision periods across boards (IPO remaining year + 2 or 3 fiscal years; refinancing remaining year + 1 fiscal year), regular on-site inspections, *ST delisting rules, CSRC administrative sanctions, civil joint liability, and Criminal Law Amendment XI penalties.

How to Pass the Securities Sponsor Representative (China) Exam

What You Need to Know

Passing score: 60 / 100 points (60%)
Assessment: A 180-minute computer-based test with 120 objective questions, including single-choice, multiple-choice, judgment, and comprehensive items; at least 60% correct meets the basic standard.
Time limit: 180 minutes (3.0 hours)
Exam fee: ¥61 RMB

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

Securities Sponsor Representative (China) Study Tips from Top Performers

1Master Listing Criteria Across All Boards: Memorize the exact financial metrics (net profit, operating revenue, cash flow, R&D intensity, market cap) across the SSE Main Board, SZSE Main Board, STAR Market (5 sets of listing standards + 3+5 Sci-Tech attribute metrics), ChiNext (3 sets of standards), and BSE (4 sets of standards).

2Internalize Refinancing Rules: Memorize private placement (定增) pricing rules (not lower than 80% of the 20-day average benchmark price), investor cap (max 35), and lock-up periods (6 months for standard institutional investors; 18 months for controlling shareholder, actual controller, or strategic investors).

3Master Convertible Bond Clauses & Formulas: Understand the triggers for downward conversion price adjustment (e.g., 15 out of 30 trading days below 85%), shareholder approval thresholds (2/3 majority with controlling shareholders abstaining), conditional redemption clauses (>= 130% over 15/30 days), and conditional put-back clauses (< 70% over 30 days during the last 2 years).

4Calculate M&A Major Asset Restructuring Thresholds: Practice the 50% test across Total Assets (higher of asset book value vs transaction price), Net Assets (> 50% and > ¥50M RMB), and Operating Revenue. Distinguish standard major restructuring from Backdoor Listing (重组上市: control change within 36 months + >= 100% asset acquisition).

5Know Continuous Supervision Timelines Cold: Main Board IPO requires the remaining year of listing plus 2 full fiscal years; STAR Market, ChiNext, and BSE require the remaining year plus 3 full fiscal years; Refinancing on all boards requires the remaining year plus 1 full fiscal year.

Frequently Asked Questions

What is the China Securities Sponsor Representative Competency Test (保荐代表人胜任能力测试)?

Investment Banking Business (投资银行业务) is SAC's specialized assessment of knowledge used in securities issuance, sponsorship, and continuous supervision. A result meeting the basic standard is competence evidence; it does not itself license, register, or appoint a Sponsor Representative.

What is the official format, time limit, and passing score?

The examination is a 180-minute CBT with 120 objective questions, including single-choice, multiple-choice, judgment, and comprehensive items. At least 60% correct meets the basic standard. Current public SAC materials reviewed for this bank do not expressly enumerate delivery languages.

What is the registration fee for the examination?

The standard examination registration fee is ¥61 RMB per candidate per sitting, payable through the official Securities Association of China (SAC) portal.

How did the Comprehensive Registration-Based System (全面注册制) change the examination scope?

The nationwide rollout of the Comprehensive Registration-Based System unified offering and listing principles across all boards while establishing differentiated positioning: SSE/SZSE Main Boards for mature blue-chips ('large market cap, mature business model'), STAR Market for 'hard technology' (科创属性 3+5 criteria), ChiNext for growth and innovation (三创四新), and BSE for innovative SMEs. It also shifted regulatory review from substantive approval to disclosure-centric verification.

Why is this practice bank presented as an English study adaptation?

Current public SAC logistics materials reviewed for this bank do not expressly enumerate delivery languages, so no official-language code is recorded. This English-language MCQ study adaptation preserves essential terms (for example, 全面注册制, 科创板, 同业竞争, 定向增发, 可转债, and 持续督导), but it is not an official translation, exact format simulation, or substitute for current Chinese rules and transaction practice.