02627 中慧生物－Ｂ 展示文件：I. 中国公司法、中国证券法、境内企业境外发行证券和上市管理试行办法及其非正式英文译本
| 发 文 机 关 | ： | 全国人民代表大会常务委员会 |
|---|---|---|
| 发 布 日 期 | ： | 2023.12.29 |
| 生 效 日 期 | ： | 2024.07.01 |
| 时 效 性 | ： | 现行有效 |
| 文 号 | ： | 主席令第十五号 |
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中华人民共和国公司法（2023修订）
发
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主席令第十五号
《中华人民共和国公司法》已由中华人民共和国第十四届全国人民代表大会常务委员会第七次会议于
2023年12月29日修订通过，现予公布，自2024年7月1日起施行。
中华人民共和国主席 习近平
2023年12月29日
中华人民共和国公司法
（1993年12月29日第八届全国人民代表大会常务委员会第五次会议通过 根据1999年12月25日第
九届全国人民代表大会常务委员会第十三次会议《关于修改〈中华人民共和国公司法〉的决定》第一次修
正 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国
公司法〉的决定》第二次修正 2005年10月27日第十届全国人民代表大会常务委员会第十八次会议第一次
修订 根据2013年12月28日第十二届全国人民代表大会常务委员会第六次会议《关于修改〈中华人民共
和国海洋环境保护法〉等七部法律的决定》第三次修正 根据2018年10月26日第十三届全国人民代表大
会常务委员会第六次会议《关于修改〈中华人民共和国公司法〉的决定》第四次修正 2023年12月29日第
十四届全国人民代表大会常务委员会第七次会议第二次修订）
第一章 总 则
第一条 为了规范公司的组织和行为，保护公司、股东、职工和债权人的合法权益，完善中国特色现代
企业制度，弘扬企业家精神，维护社会经济秩序，促进社会主义市场经济的发展，根据宪法，制定本法。
第二条 本法所称公司，是指依照本法在中华人民共和国境内设立的有限责任公司和股份有限公司。
第三条 公司是企业法人，有独立的法人财产，享有法人财产权。公司以其全部财产对公司的债务承担
责任。
公司的合法权益受法律保护，不受侵犯。
第四条 有限责任公司的股东以其认缴的出资额为限对公司承担责任；股份有限公司的股东以其认购的
股份为限对公司承担责任。
公司股东对公司依法享有资产收益、参与重大决策和选择管理者等权利。
第五条 设立公司应当依法制定公司章程。公司章程对公司、股东、董事、监事、高级管理人员具有约
束力。
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第六条 公司应当有自己的名称。公司名称应当符合国家有关规定。
公司的名称权受法律保护。
第七条 依照本法设立的有限责任公司，应当在公司名称中标明有限责任公司或者有限公司字样。
依照本法设立的股份有限公司，应当在公司名称中标明股份有限公司或者股份公司字样。
第八条 公司以其主要办事机构所在地为住所。
第九条 公司的经营范围由公司章程规定。公司可以修改公司章程，变更经营范围。
公司的经营范围中属于法律、行政法规定须经批准的项目，应当依法经过批准。
第十条 公司的法定代表人按照公司章程的规定，由代表公司执行公司事务的董事或者经理担任。
担任法定代表人的董事或者经理辞任的，视为同时辞去法定代表人。
法定代表人辞任的，公司应当在法定代表人辞任之日起三十日内确定新的法定代表人。
第十一条 法定代表人以公司名义从事的民事活动，其法律后果由公司承受。
公司章程或者股东会对法定代表人职权的限制，不得对抗善意相对人。
法定代表人因执行职务造成他人损害的，由公司承担民事责任。公司承担民事责任后，依照法律或者
公司章程的规定，可以向有过错的法定代表人追偿。
第十二条 有限责任公司变更为股份有限公司，应当符合本法规定的股份有限公司的条件。股份有限公
司变更为有限责任公司，应当符合本法规定的有限责任公司的条件。
有限责任公司变更为股份有限公司的，或者股份有限公司变更为有限责任公司的，公司变更前的债
权、债务由变更后的公司承继。
第十三条 公司可以设立子公司。子公司具有法人资格，依法独立承担民事责任。
公司可以设立分公司。分公司不具有法人资格，其民事责任由公司承担。
第十四条 公司可以向其他企业投资。
法律规定公司不得成为对所投资企业的债务承担连带责任的出资人的，从其规定。
第十五条 公司向其他企业投资或者为他人提供担保，按照公司章程的规定，由董事会或者股东会决
议；公司章程对投资或者担保的总额及单项投资或者担保的数额有限额规定的，不得超过规定的限额。
公司为公司股东或者实际控制人提供担保的，应当经股东会决议。
前款规定的股东或者受前款规定的实际控制人支配的股东，不得参加前款规定事项的表决。该项表决
由出席会议的其他股东所持表决权的过半数通过。
第十六条 公司应当保护职工的合法权益，依法与职工签订劳动合同，参加社会保险，加强劳动保护，
实现安全生产。
公司应当采用多种形式，加强公司职工的职业教育和岗位培训，提高职工素质。
第十七条 公司职工依照《中华人民共和国工会法》组织工会，开展工会活动，维护职工合法权益。公
司应当为本公司工会提供必要的活动条件。公司工会代表职工就职工的劳动报酬、工作时间、休息休假、
劳动安全卫生和保险福利等事项依法与公司签订集体合同。
公司依照宪法和有关法律的规定，建立健全以职工代表大会为基本形式的民主管理制度，通过职工代
表大会或者其他形式，实行民主管理。
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公司研究决定改制、解散、申请破产以及经营方面的重大问题、制定重要的规章制度时，应当听取公
司工会的意见，并通过职工代表大会或者其他形式听取职工的意见和建议。
第十八条 在公司中，根据中国共产党章程的规定，设立中国共产党的组织，开展党的活动。公司应当
为党组织的活动提供必要条件。
第十九条 公司从事经营活动，应当遵守法律法规，遵守社会公德、商业道德，诚实守信，接受政府和
社会公众的监督。
第二十条 公司从事经营活动，应当充分考虑公司职工、消费者等利益相关者的利益以及生态环境保护
等社会公共利益，承担社会责任。
国家鼓励公司参与社会公益活动，公布社会责任报告。
第二十一条 公司股东应当遵守法律、行政法规和公司章程，依法行使股东权利，不得滥用股东权利损
害公司或者其他股东的利益。
公司股东滥用股东权利给公司或者其他股东造成损失的，应当承担赔偿责任。
第二十二条 公司的控股东、实际控制人、董事、监事、高级管理人员不得利用关联关系损害公司利
益。
违反前款规定，给公司造成损失的，应当承担赔偿责任。
第二十三条 公司股东滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益
的，应当对公司债务承担连带责任。
股东利用其控制的两个以上公司实施前款规定行为的，各公司应当对任一公司的债务承担连带责任。
只有一个股东的公司，股东不能证明公司财产独立于股东自己的财产的，应当对公司债务承担连带责
任。
第二十四条 公司股东会、董事会、监事会召开会议和表决可以采用电子通信方式，公司章程另有规定
的除外。
第二十五条 公司股东会、董事会的决议内容违反法律、行政法规的无效。
第二十六条 公司股东会、董事会的会议召集程序、表决方式违反法律、行政法规或者公司章程，或者
决议内容违反公司章程的，股东自决议作出之日起六十日内，可以请求人民法院撤销。但是，股东会、董
事会的会议召集程序或者表决方式仅有轻微瑕疵，对决议未产生实质影响的除外。
未被通知参加股东会议的股东自知道或者应当知道股东会决议作出之日起六十日内，可以请求人民
法院撤销；自决议作出之日起一年内没有行使撤销权的，撤销权消灭。
第二十七条 有下列情形之一的，公司股东会、董事会的决议不成立：
（一）未召开股东会、董事会议作出决议；
（二）股东会、董事会议未对决议事项进行表决；
（三）出席会议的人数或者所持表决权数未达到本法或者公司章程规定的人数或者所持表决权数；
（四）同意决议事项的人数或者所持表决权数未达到本法或者公司章程规定的人数或者所持表决权
数。
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第二十八条 公司股东会、董事会决议被人民法院宣告无效、撤销或者确认不成立的，公司应当向公司
登记机关申请撤销根据该决议已办理的登记。
股东会、董事会决议被人民法院宣告无效、撤销或者确认不成立的，公司根据该决议与善意相对人形
成的民事法律关系不受影响。
第二章 公司登记
第二十九条 设立公司，应当依法向公司登记机关申请设立登记。
法律、行政法规定设立公司必须报经批准的，应当在公司登记前依法办理批准手续。
第三十条 申请设立公司，应当提交设立登记申请书、公司章程等文件，提交的相关材料应当真实、合
法和有效。
申请材料不齐全或者不符合法定形式的，公司登记机关应当一次性告知需要补正的材料。
第三十一条 申请设立公司，符合本法规定的设立条件的，由公司登记机关分别登记为有限责任公司或
者股份有限公司；不符合本法规定的设立条件的，不得登记为有限责任公司或者股份有限公司。
第三十二条 公司登记事项包括：
（一）名称；
（二）住所；
（三）注册资本；
（四）经营范围；
（五）法定代表人的姓名；
（六）有限责任公司股东、股份有限公司发起人的姓名或者名称。
公司登记机关应当将前款规定的公司登记事项通过国家企业信用信息公示系统向社会公示。
第三十三条 依法设立的公司，由公司登记机关发给公司营业执照。公司营业执照签发日期为公司成立
日期。
公司营业执照应当载明公司的名称、住所、注册资本、经营范围、法定代表人姓名等事项。
公司登记机关可以发给电子营业执照。电子营业执照与纸质营业执照具有同等法律效力。
第三十四条 公司登记事项发生变更的，应当依法办理变更登记。
公司登记事项未经登记或者未经变更登记，不得对抗善意相对人。
第三十五条 公司申请变更登记，应当向公司登记机关提交公司法定代表人签署的变更登记申请书、依
法作出的变更决议或者决定等文件。
公司变更登记事项涉及修改公司章程的，应当提交修改后的公司章程。
公司变更法定代表人的，变更登记申请书由变更后的法定代表人签署。
第三十六条 公司营业执照记载的事项发生变更的，公司办理变更登记后，由公司登记机关换发营业执
照。
第三十七条 公司因解散、被宣告破产或者其他法定事由需要终止的，应当依法向公司登记机关申请注
销登记，由公司登记机关公告公司终止。
第三十八条 公司设立分公司，应当向公司登记机关申请登记，领取营业执照。
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第三十九条 虚报注册资本、提交虚假材料或者采取其他欺诈手段隐瞒重要事实取得公司设立登记的，
公司登记机关应当依照法律、行政法规的规定予以撤销。
第四十条 公司应当按照规定通过国家企业信用信息公示系统公示下列事项：
（一）有限责任公司股东认缴和实缴的出资额、出资方式和出资日期，股份有限公司发起人认购的股
份数；
（二）有限责任公司股东、股份有限公司发起人的股权、股份变更信息；
（三）行政许可取得、变更、注销等信息；
（四）法律、行政法规定的其他信息。
公司应当确保前款公示信息真实、准确、完整。
第四十一条 公司登记机关应当优化公司登记办理流程，提高公司登记效率，加强信息化建设，推行网
上办理等便捷方式，提升公司登记便利化水平。
国务院市场监督管理部门根据本法和有关法律、行政法规的规定，制定公司登记注册的具体办法。
第三章 有限责任公司的设立和组织机构
第一节 设立
第四十二条 有限责任公司由一个以上五十个以下股东出资设立。
第四十三条 有限责任公司设立时的股东可以签订设立协议，明确各自在公司设立过程中的权利和义
务。
第四十四条 有限责任公司设立时的股东为设立公司从事的民事活动，其法律后果由公司承受。
公司未成立的，其法律后果由公司设立时的股东承受；设立时的股东为二人以上的，享有连带债权，
承担连带债务。
设立时的股东为设立公司以自己的名义从事民事活动产生的民事责任，第三人有权选择请求公司或者
公司设立时的股东承担。
设立时的股东因履行公司设立职责造成他人损害的，公司或者无过错的股东承担赔偿责任后，可以向
有过错的股东追偿。
第四十五条 设立有限责任公司，应当由股东共同制定公司章程。
第四十六条 有限责任公司章程应当载明下列事项：
（一）公司名称和住所；
（二）公司经营范围；
（三）公司注册资本；
（四）股东的姓名或者名称；
（五）股东的出资额、出资方式和出资日期；
（六）公司的机构及其产生办法、职权、议事规则；
（七）公司法定代表人的产生、变更办法；
（八）股东会认为需要规定的其他事项。
股东应当在公司章程上签名或者盖章。
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第四十七条 有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。全体股东认缴
的出资额由股东按照公司章程的规定自公司成立之日起五年内缴足。
法律、行政法规以及国务院决定对有限责任公司注册资本实缴、注册资本最低限额、股东出资期限另
有规定的，从其规定。
第四十八条 股东可以用货币出资，也可以用实物、知识产权、土地使用权、股权、债权等可以用货币
估价并可以依法转让的非货币财产作价出资；但是，法律、行政法规定不得作为出资的财产除外。
对作为出资的非货币财产应当评估作价，核实财产，不得高估或者低估作价。法律、行政法规对评估
作价有规定的，从其规定。
第四十九条 股东应当按期足额缴纳公司章程规定的各自所认缴的出资额。
股东以货币出资的，应当将货币出资足额存入有限责任公司在银行开设的账户；以非货币财产出资
的，应当依法办理其财产权的转移手续。
股东未按期足额缴纳出资的，除应当向公司足额缴纳外，还应当对给公司造成的损失承担赔偿责任。
第五十条 有限责任公司设立时，股东未按照公司章程规定实际缴纳出资，或者实际出资的非货币财产
的实际价额显著低于所认缴的出资额的，设立时的其他股东与该股东在出资不足的范围内承担连带责任。
第五十一条 有限责任公司成立后，董事会应当对股东的出资情况进行核查，发现股东未按期足额缴纳
公司章程规定的出资的，应当由公司向该股东发出书面催缴书，催缴出资。
未及时履行前款规定的义务，给公司造成损失的，负有责任的董事应当承担赔偿责任。
第五十二条 股东未按照公司章程规定的出资日期缴纳出资，公司依照前条第一款规定发出书面催缴书
催缴出资的，可以载明缴纳出资的宽限期；宽限期自公司发出催缴书之日起，不得少于六十日。宽限期届
满，股东仍未履行出资义务的，公司经董事会决议可以向该股东发出失权通知，通知应当以书面形式发
出。自通知发出之日起，该股东丧失其未缴纳出资的股权。
依照前款规定丧失的股权应当依法转让，或者相应减少注册资本并注销该股权；六个月内未转让或者
注销的，由公司其他股东按照其出资比例足额缴纳相应出资。
股东对失权有异议的，应当自接到失权通知之日起三十日内，向人民法院提起诉讼。
第五十三条 公司成立后，股东不得抽逃出资。
违反前款规定的，股东应当返还抽逃的出资；给公司造成损失的，负有责任的董事、监事、高级管理
人员应当与该股东承担连带赔偿责任。
第五十四条 公司不能清偿到期债务的，公司或者已到期债权的债权人有权要求已认缴出资但未届出资
期限的股东提前缴纳出资。
第五十五条 有限责任公司成立后，应当向股东签发出资证明书，记载下列事项：
（一）公司名称；
（二）公司成立日期；
（三）公司注册资本；
（四）股东的姓名或者名称、认缴和实缴的出资额、出资方式和出资日期；
（五）出资证明书的编号和核发日期。
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出资证明书由法定代表人签名，并由公司盖章。
第五十六条 有限责任公司应当置备股东名册，记载下列事项：
（一）股东的姓名或者名称及住所；
（二）股东认缴和实缴的出资额、出资方式和出资日期；
（三）出资证明书编号；
（四）取得和丧失股东资格的日期。
记载于股东名册的股东，可以依股东名册主张行使股东权利。
第五十七条 股东有权查阅、复制公司章程、股东名册、股东会议记录、董事会议决议、监事会
议决议和财务会计报告。
股东可以要求查阅公司会计账簿、会计凭证。股东要求查阅公司会计账簿、会计凭证的，应当向公司
提出书面请求，说明目的。公司有合理根据认为股东查阅会计账簿、会计凭证有不正当目的，可能损害公
司合法利益的，可以拒绝提供查阅，并应当自股东提出书面请求之日起十五日内书面答复股东并说明理
由。公司拒绝提供查阅的，股东可以向人民法院提起诉讼。
股东查阅前款规定的材料，可以委托会计师事务所、律师事务所等中介机构进行。
股东及其委托的会计师事务所、律师事务所等中介机构查阅、复制有关材料，应当遵守有关保护国家
秘密、商业秘密、个人隐私、个人信息等法律、行政法规的规定。
股东要求查阅、复制公司全资子公司相关材料的，适用前四款的规定。
第二节 组织机构
第五十八条 有限责任公司股东会由全体股东组成。股东会是公司的权力机构，依照本法行使职权。
第五十九条 股东会行使下列职权：
（一）选举和更换董事、监事，决定有关董事、监事的报酬事项；
（二）审议批准董事会的报告；
（三）审议批准监事会的报告；
（四）审议批准公司的利润分配方案和弥补亏损方案；
（五）对公司增加或者减少注册资本作出决议；
（六）对发行公司债券作出决议；
（七）对公司合并、分立、解散、清算或者变更公司形式作出决议；
（八）修改公司章程；
（九）公司章程规定的其他职权。
股东会可以授权董事会对发行公司债券作出决议。
对本条第一款所列事项股东以书面形式一致表示同意的，可以不召开股东会议，直接作出决定，并
由全体股东在决定文件上签名或者盖章。
第六十条 只有一个股东的有限责任公司不设股东会。股东作出前条第一款所列事项的决定时，应当采
用书面形式，并由股东签名或者盖章后置备于公司。
第六十一条 首次股东会议由出资最多的股东召集和主持，依照本法规定行使职权。
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第六十二条 股东会议分为定期会议和临时会议。
定期会议应当按照公司章程的规定按时召开。代表十分之一以上表决权的股东、三分之一以上的董事
或者监事会提议召开临时会议的，应当召开临时会议。
第六十三条 股东会议由董事会召集，董事长主持；董事长不能履行职务或者不履行职务的，由副董
事长主持；副董事长不能履行职务或者不履行职务的，由过半数的董事共同推举一名董事主持。
董事会不能履行或者不履行召集股东会议职责的，由监事会召集和主持；监事会不召集和主持的，
代表十分之一以上表决权的股东可以自行召集和主持。
第六十四条 召开股东会议，应当于会议召开十五日前通知全体股东；但是，公司章程另有规定或者
全体股东另有约定的除外。
股东会应当对所议事项的决定作成会议记录，出席会议的股东应当在会议记录上签名或者盖章。
第六十五条 股东会议由股东按照出资比例行使表决权；但是，公司章程另有规定的除外。
第六十六条 股东会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
股东会作出决议，应当经代表过半数表决权的股东通过。
股东会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司
形式的决议，应当经代表三分之二以上表决权的股东通过。
第六十七条 有限责任公司设董事会，本法第七十五条另有规定的除外。
董事会行使下列职权：
（一）召集股东会议，并向股东会报告工作；
（二）执行股东会的决议；
（三）决定公司的经营计划和投资方案；
（四）制订公司的利润分配方案和弥补亏损方案；
（五）制订公司增加或者减少注册资本以及发行公司债券的方案；
（六）制订公司合并、分立、解散或者变更公司形式的方案；
（七）决定公司内部管理机构的设置；
（八）决定聘任或者解聘公司经理及其报酬事项，并根据经理的提名决定聘任或者解聘公司副经理、
财务负责人及其报酬事项；
（九）制定公司的基本管理制度；
（十）公司章程规定或者股东会授予的其他职权。
公司章程对董事会职权的限制不得对抗善意相对人。
第六十八条 有限责任公司董事会成员为三人以上，其成员中可以有公司职工代表。职工人数三百人以
上的有限责任公司，除依法设监事会并有公司职工代表的外，其董事会成员中应当有公司职工代表。董事
会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。
董事会设董事长一人，可以设副董事长。董事长、副董事长的产生办法由公司章程规定。
第六十九条 有限责任公司可以按照公司章程的规定在董事会中设置由董事组成的审计委员会，行使本
法规定的监事会的职权，不设监事会或者监事。公司董事会成员中的职工代表可以成为审计委员会成员。
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第七十条 董事任期由公司章程规定，但每届任期不得超过三年。董事任期届满，连选可以连任。
董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低于法定人数的，在改选出的董事
就任前，原董事仍应当依照法律、行政法规和公司章程的规定，履行董事职务。
董事辞任的，应当以书面形式通知公司，公司收到通知之日辞任生效，但存在前款规定情形的，董事
应当继续履行职务。
第七十一条 股东会可以决议解任董事，决议作出之日解任生效。
无正当理由，在任期届满前解任董事的，该董事可以要求公司予以赔偿。
第七十二条 董事会议由董事长召集和主持；董事长不能履行职务或者不履行职务的，由副董事长召
集和主持；副董事长不能履行职务或者不履行职务的，由过半数的董事共同推举一名董事召集和主持。
第七十三条 董事会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
董事会议应当有过半数的董事出席方可举行。董事会作出决议，应当经全体董事的过半数通过。
董事会决议的表决，应当一人一票。
董事会应当对所议事项的决定作成会议记录，出席会议的董事应当在会议记录上签名。
第七十四条 有限责任公司可以设经理，由董事会决定聘任或者解聘。
经理对董事会负责，根据公司章程的规定或者董事会的授权行使职权。经理列席董事会议。
第七十五条 规模较小或者股东人数较少的有限责任公司，可以不设董事会，设一名董事，行使本法规
定的董事会的职权。该董事可以兼任公司经理。
第七十六条 有限责任公司设监事会，本法第六十九条、第八十三条另有规定的除外。
监事会成员为三人以上。监事会成员应当包括股东代表和适当比例的公司职工代表，其中职工代表的
比例不得低于三分之一，具体比例由公司章程规定。监事会中的职工代表由公司职工通过职工代表大会、
职工大会或者其他形式民主选举产生。
监事会设主席一人，由全体监事过半数选举产生。监事会主席召集和主持监事会议；监事会主席不
能履行职务或者不履行职务的，由过半数的监事共同推举一名监事召集和主持监事会议。
董事、高级管理人员不得兼任监事。
第七十七条 监事的任期每届为三年。监事任期届满，连选可以连任。
监事任期届满未及时改选，或者监事在任期内辞任导致监事会成员低于法定人数的，在改选出的监事
就任前，原监事仍应当依照法律、行政法规和公司章程的规定，履行监事职务。
第七十八条 监事会行使下列职权：
（一）检查公司财务；
（二）对董事、高级管理人员执行职务的行为进行监督，对违反法律、行政法规、公司章程或者股东
会决议的董事、高级管理人员提出解任的建议；
（三）当董事、高级管理人员的行为损害公司的利益时，要求董事、高级管理人员予以纠正；
（四）提议召开临时股东会议，在董事会不履行本法规定的召集和主持股东会议职责时召集和主
持股东会议；
（五）向股东会议提出提案；
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（六）依照本法第一百八十九条的规定，对董事、高级管理人员提起诉讼；
（七）公司章程规定的其他职权。
第七十九条 监事可以列席董事会议，并对董事会决议事项提出质询或者建议。
监事会发现公司经营情况异常，可以进行调查；必要时，可以聘请会计师事务所等协助其工作，费用
由公司承担。
第八十条 监事会可以要求董事、高级管理人员提交执行职务的报告。
董事、高级管理人员应当如实向监事会提供有关情况和资料，不得妨碍监事会或者监事行使职权。
第八十一条 监事会每年度至少召开一次会议，监事可以提议召开临时监事会议。
监事会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
监事会决议应当经全体监事的过半数通过。
监事会决议的表决，应当一人一票。
监事会应当对所议事项的决定作成会议记录，出席会议的监事应当在会议记录上签名。
第八十二条 监事会行使职权所必需的费用，由公司承担。
第八十三条 规模较小或者股东人数较少的有限责任公司，可以不设监事会，设一名监事，行使本法规
定的监事会的职权；经全体股东一致同意，也可以不设监事。
第四章 有限责任公司的股权转让
第八十四条 有限责任公司的股东之间可以相互转让其全部或者部分股权。
股东向股东以外的人转让股权的，应当将股权转让的数量、价格、支付方式和期限等事项书面通知其
他股东，其他股东在同等条件下有优先购买权。股东自接到书面通知之日起三十日内未答复的，视为放弃
优先购买权。两个以上股东行使优先购买权的，协商确定各自的购买比例；协商不成的，按照转让时各自
的出资比例行使优先购买权。
公司章程对股权转让另有规定的，从其规定。
第八十五条 人民法院依照法律规定的强制执行程序转让股东的股权时，应当通知公司及全体股东，其
他股东在同等条件下有优先购买权。其他股东自人民法院通知之日起满二十日不行使优先购买权的，视为
放弃优先购买权。
第八十六条 股东转让股权的，应当书面通知公司，请求变更股东名册；需要办理变更登记的，并请求
公司向公司登记机关办理变更登记。公司拒绝或者在合理期限内不予答复的，转让人、受让人可以依法向
人民法院提起诉讼。
股权转让的，受让人自记载于股东名册时起可以向公司主张行使股东权利。
第八十七条 依照本法转让股权后，公司应当及时注销原股东的出资证明书，向新股东签发出资证明
书，并相应修改公司章程和股东名册中有关股东及其出资额的记载。对公司章程的该项修改不需再由股东
会表决。
第八十八条 股东转让已认缴出资但未届出资期限的股权的，由受让人承担缴纳该出资的义务；受让人
未按期足额缴纳出资的，转让人对受让人未按期缴纳的出资承担补充责任。
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未按照公司章程规定的出资日期缴纳出资或者作为出资的非货币财产的实际价额显著低于所认缴的出
资额的股东转让股权的，转让人与受让人在出资不足的范围内承担连带责任；受让人不知道且不应当知道
存在上述情形的，由转让人承担责任。
第八十九条 有下列情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购
其股权：
（一）公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分配利润条
件；
（二）公司合并、分立、转让主要财产；
（三）公司章程规定的营业期限届满或者章程规定的其他解散事由出现，股东会通过决议修改章程使
公司存续。
自股东会决议作出之日起六十日内，股东与公司不能达成股权收购协议的，股东可以自股东会决议作
出之日起九十日内向人民法院提起诉讼。
公司的控股东滥用股东权利，严重损害公司或者其他股东利益的，其他股东有权请求公司按照合理
的价格收购其股权。
公司因本条第一款、第三款规定的情形收购的本公司股权，应当在六个月内依法转让或者注销。
第九十条 自然人股东死亡后，其合法继承人可以继承股东资格；但是，公司章程另有规定的除外。
第五章 股份有限公司的设立和组织机构
第一节 设立
第九十一条 设立股份有限公司，可以采取发起设立或者募集设立的方式。
发起设立，是指由发起人认购设立公司时应发行的全部股份而设立公司。
募集设立，是指由发起人认购设立公司时应发行股份的一部分，其余股份向特定对象募集或者向社会
公开募集而设立公司。
第九十二条 设立股份有限公司，应当有一人以上二百人以下为发起人，其中应当有半数以上的发起人
在中华人民共和国境内有住所。
第九十三条 股份有限公司发起人承担公司筹办事务。
发起人应当签订发起人协议，明确各自在公司设立过程中的权利和义务。
第九十四条 设立股份有限公司，应当由发起人共同制订公司章程。
第九十五条 股份有限公司章程应当载明下列事项：
（一）公司名称和住所；
（二）公司经营范围；
（三）公司设立方式；
（四）公司注册资本、已发行的股份数和设立时发行的股份数，面额股的每股金额；
（五）发行类别股的，每一类别股的股份数及其权利和义务；
（六）发起人的姓名或者名称、认购的股份数、出资方式；
（七）董事会的组成、职权和议事规则；
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（八）公司法定代表人的产生、变更办法；
（九）监事会的组成、职权和议事规则；
（十）公司利润分配办法；
（十一）公司的解散事由与清算办法；
（十二）公司的通知和公告办法；
（十三）股东会认为需要规定的其他事项。
第九十六条 股份有限公司的注册资本为在公司登记机关登记的已发行股份的股本总额。在发起人认购
的股份缴足前，不得向他人募集股份。
法律、行政法规以及国务院决定对股份有限公司注册资本最低限额另有规定的，从其规定。
第九十七条 以发起设立方式设立股份有限公司的，发起人应当认足公司章程规定的公司设立时应发行
的股份。
以募集设立方式设立股份有限公司的，发起人认购的股份不得少于公司章程规定的公司设立时应发行
股份总数的百分之三十五；但是，法律、行政法规另有规定的，从其规定。
第九十八条 发起人应当在公司成立前按照其认购的股份全额缴纳股款。
发起人的出资，适用本法第四十八条、第四十九条第二款关于有限责任公司股东出资的规定。
第九十九条 发起人不按照其认购的股份缴纳股款，或者作为出资的非货币财产的实际价额显著低于所
认购的股份的，其他发起人与该发起人在出资不足的范围内承担连带责任。
第一百条 发起人向社会公开募集股份，应当公告招股说明书，并制作认股书。认股书应当载明本法第
一百五十四条第二款、第三款所列事项，由认股人填写认购的股份数、金额、住所，并签名或者盖章。认
股人应当按照所认购股份足额缴纳股款。
第一百零一条 向社会公开募集股份的股款缴足后，应当经依法设立的验资机构验资并出具证明。
第一百零二条 股份有限公司应当制作股东名册并置备于公司。股东名册应当记载下列事项：
（一）股东的姓名或者名称及住所；
（二）各股东所认购的股份种类及股份数；
（三）发行纸面形式的股票的，股票的编号；
（四）各股东取得股份的日期。
第一百零三条 募集设立股份有限公司的发起人应当自公司设立时应发行股份的股款缴足之日起三十日
内召开公司成立大会。发起人应当在成立大会召开十五日前将会议日期通知各认股人或者予以公告。成立
大会应当有持有表决权过半数的认股人出席，方可举行。
以发起设立方式设立股份有限公司成立大会的召开和表决程序由公司章程或者发起人协议规定。
第一百零四条 公司成立大会行使下列职权：
（一）审议发起人关于公司筹办情况的报告；
（二）通过公司章程；
（三）选举董事、监事；
（四）对公司的设立费用进行审核；
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（五）对发起人非货币财产出资的作价进行审核；
（六）发生不可抗力或者经营条件发生重大变化直接影响公司设立的，可以作出不设立公司的决议。
成立大会对前款所列事项作出决议，应当经出席会议的认股人所持表决权过半数通过。
第一百零五条 公司设立时应发行的股份未募足，或者发行股份的股款缴足后，发起人在三十日内未召
开成立大会的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。
发起人、认股人缴纳股款或者交付非货币财产出资后，除未按期募足股份、发起人未按期召开成立大
会或者成立大会决议不设立公司的情形外，不得抽回其股本。
第一百零六条 董事会应当授权代表，于公司成立大会结束后三十日内向公司登记机关申请设立登记。
第一百零七条 本法第四十四条、第四十九条第三款、第五十一条、第五十二条、第五十三条的规定，
适用于股份有限公司。
第一百零八条 有限责任公司变更为股份有限公司时，折合的实收股本总额不得高于公司净资产额。有
限责任公司变更为股份有限公司，为增加注册资本公开发行股份时，应当依法办理。
第一百零九条 股份有限公司应当将公司章程、股东名册、股东会议记录、董事会议记录、监事会
会议记录、财务会计报告、债券持有人名册置备于本公司。
第一百一十条 股东有权查阅、复制公司章程、股东名册、股东会议记录、董事会议决议、监事会
会议决议、财务会计报告，对公司的经营提出建议或者质询。
连续一百八十日以上单独或者合计持有公司百分之三以上股份的股东要求查阅公司的会计账簿、会计
凭证的，适用本法第五十七条第二款、第三款、第四款的规定。公司章程对持股比例有较低规定的，从其
规定。
股东要求查阅、复制公司全资子公司相关材料的，适用前两款的规定。
上市公司股东查阅、复制相关材料的，应当遵守《中华人民共和国证券法》等法律、行政法规的规
定。
第二节 股东会
第一百一十一条 股份有限公司股东会由全体股东组成。股东会是公司的权力机构，依照本法行使职
权。
第一百一十二条 本法第五十九条第一款、第二款关于有限责任公司股东会职权的规定，适用于股份有
限公司股东会。
本法第六十条关于只有一个股东的有限责任公司不设股东会的规定，适用于只有一个股东的股份有限
公司。
第一百一十三条 股东会应当每年召开一次年会。有下列情形之一的，应当在两个月内召开临时股东会
会议：
（一）董事人数不足本法规定人数或者公司章程所定人数的三分之二时；
（二）公司未弥补的亏损达股本总额三分之一时；
（三）单独或者合计持有公司百分之十以上股份的股东请求时；
（四）董事会认为必要时；
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（五）监事会提议召开时；
（六）公司章程规定的其他情形。
第一百一十四条 股东会议由董事会召集，董事长主持；董事长不能履行职务或者不履行职务的，由
副董事长主持；副董事长不能履行职务或者不履行职务的，由过半数的董事共同推举一名董事主持。
董事会不能履行或者不履行召集股东会议职责的，监事会应当及时召集和主持；监事会不召集和主
持的，连续九十日以上单独或者合计持有公司百分之十以上股份的股东可以自行召集和主持。
单独或者合计持有公司百分之十以上股份的股东请求召开临时股东会议的，董事会、监事会应当在
收到请求之日起十日内作出是否召开临时股东会议的决定，并书面答复股东。
第一百一十五条 召开股东会议，应当将会议召开的时间、地点和审议的事项于会议召开二十日前通
知各股东；临时股东会议应当于会议召开十五日前通知各股东。
单独或者合计持有公司百分之一以上股份的股东，可以在股东会议召开十日前提出临时提案并书面
提交董事会。临时提案应当有明确议题和具体决议事项。董事会应当在收到提案后二日内通知其他股东，
并将该临时提案提交股东会审议；但临时提案违反法律、行政法规或者公司章程的规定，或者不属于股东
会职权范围的除外。公司不得提高提出临时提案股东的持股比例。
公开发行股份的公司，应当以公告方式作出前两款规定的通知。
股东会不得对通知中未列明的事项作出决议。
第一百一十六条 股东出席股东会议，所持每一股份有一表决权，类别股东除外。公司持有的本公
司股份没有表决权。
股东会作出决议，应当经出席会议的股东所持表决权过半数通过。
股东会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司
形式的决议，应当经出席会议的股东所持表决权的三分之二以上通过。
第一百一十七条 股东会选举董事、监事，可以按照公司章程的规定或者股东会的决议，实行累积投票
制。
本法所称累积投票制，是指股东会选举董事或者监事时，每一股份拥有与应选董事或者监事人数相同
的表决权，股东拥有的表决权可以集中使用。
第一百一十八条 股东委托代理人出席股东会议的，应当明确代理人代理的事项、权限和期限；代理
人应当向公司提交股东授权委托书，并在授权范围内行使表决权。
第一百一十九条 股东会应当对所议事项的决定作成会议记录，主持人、出席会议的董事应当在会议记
录上签名。会议记录应当与出席股东的签名册及代理出席的委托书一并保存。
第三节 董事会、经理
第一百二十条 股份有限公司设董事会，本法第一百二十八条另有规定的除外。
本法第六十七条、第六十八条第一款、第七十条、第七十一条的规定，适用于股份有限公司。
第一百二十一条 股份有限公司可以按照公司章程的规定在董事会中设置由董事组成的审计委员会，行
使本法规定的监事会的职权，不设监事会或者监事。
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审计委员会成员为三名以上，过半数成员不得在公司担任除董事以外的其他职务，且不得与公司存在
任何可能影响其独立客观判断的关系。公司董事会成员中的职工代表可以成为审计委员会成员。
审计委员会作出决议，应当经审计委员会成员的过半数通过。
审计委员会决议的表决，应当一人一票。
审计委员会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
公司可以按照公司章程的规定在董事会中设置其他委员会。
第一百二十二条 董事会设董事长一人，可以设副董事长。董事长和副董事长由董事会以全体董事的过
半数选举产生。
董事长召集和主持董事会议，检查董事会决议的实施情况。副董事长协助董事长工作，董事长不能
履行职务或者不履行职务的，由副董事长履行职务；副董事长不能履行职务或者不履行职务的，由过半数
的董事共同推举一名董事履行职务。
第一百二十三条 董事会每年度至少召开两次会议，每次会议应当于会议召开十日前通知全体董事和监
事。
代表十分之一以上表决权的股东、三分之一以上董事或者监事会，可以提议召开临时董事会议。董
事长应当自接到提议后十日内，召集和主持董事会议。
董事会召开临时会议，可以另定召集董事会的通知方式和通知时限。
第一百二十四条 董事会议应当有过半数的董事出席方可举行。董事会作出决议，应当经全体董事的
过半数通过。
董事会决议的表决，应当一人一票。
董事会应当对所议事项的决定作成会议记录，出席会议的董事应当在会议记录上签名。
第一百二十五条 董事会议，应当由董事本人出席；董事因故不能出席，可以书面委托其他董事代为
出席，委托书应当载明授权范围。
董事应当对董事会的决议承担责任。董事会的决议违反法律、行政法规或者公司章程、股东会决议，
给公司造成严重损失的，参与决议的董事对公司负赔偿责任；经证明在表决时曾表明异议并记载于会议记
录的，该董事可以免除责任。
第一百二十六条 股份有限公司设经理，由董事会决定聘任或者解聘。
经理对董事会负责，根据公司章程的规定或者董事会的授权行使职权。经理列席董事会议。
第一百二十七条 公司董事会可以决定由董事会成员兼任经理。
第一百二十八条 规模较小或者股东人数较少的股份有限公司，可以不设董事会，设一名董事，行使本
法规定的董事会的职权。该董事可以兼任公司经理。
第一百二十九条 公司应当定期向股东披露董事、监事、高级管理人员从公司获得报酬的情况。
第四节 监事会
第一百三十条 股份有限公司设监事会，本法第一百二十一条第一款、第一百三十三条另有规定的除
外。
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监事会成员为三人以上。监事会成员应当包括股东代表和适当比例的公司职工代表，其中职工代表的
比例不得低于三分之一，具体比例由公司章程规定。监事会中的职工代表由公司职工通过职工代表大会、
职工大会或者其他形式民主选举产生。
监事会设主席一人，可以设副主席。监事会主席和副主席由全体监事过半数选举产生。监事会主席召
集和主持监事会议；监事会主席不能履行职务或者不履行职务的，由监事会副主席召集和主持监事会
议；监事会副主席不能履行职务或者不履行职务的，由过半数的监事共同推举一名监事召集和主持监事会
会议。
董事、高级管理人员不得兼任监事。
本法第七十七条关于有限责任公司监事任期的规定，适用于股份有限公司监事。
第一百三十一条 本法第七十八条至第八十条的规定，适用于股份有限公司监事会。
监事会行使职权所必需的费用，由公司承担。
第一百三十二条 监事会每六个月至少召开一次会议。监事可以提议召开临时监事会议。
监事会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
监事会决议应当经全体监事的过半数通过。
监事会决议的表决，应当一人一票。
监事会应当对所议事项的决定作成会议记录，出席会议的监事应当在会议记录上签名。
第一百三十三条 规模较小或者股东人数较少的股份有限公司，可以不设监事会，设一名监事，行使本
法规定的监事会的职权。
第五节 上市公司组织机构的特别规定
第一百三十四条 本法所称上市公司，是指其股票在证券交易所上市交易的股份有限公司。
第一百三十五条 上市公司在一年内购买、出售重大资产或者向他人提供担保的金额超过公司资产总额
百分之三十的，应当由股东会作出决议，并经出席会议的股东所持表决权的三分之二以上通过。
第一百三十六条 上市公司设独立董事，具体管理办法由国务院证券监督管理机构规定。
上市公司的公司章程除载明本法第九十五条规定的事项外，还应当依照法律、行政法规的规定载明董
事会专门委员会的组成、职权以及董事、监事、高级管理人员薪酬考核机制等事项。
第一百三十七条 上市公司在董事会中设置审计委员会的，董事会对下列事项作出决议前应当经审计委
员会全体成员过半数通过：
（一）聘用、解聘承办公司审计业务的会计师事务所;
（二）聘任、解聘财务负责人；
（三）披露财务会计报告；
（四）国务院证券监督管理机构规定的其他事项。
第一百三十八条 上市公司设董事会秘书，负责公司股东会和董事会议的筹备、文件保管以及公司股
东资料的管理，办理信息披露事务等事宜。
第一百三十九条 上市公司董事与董事会议决议事项所涉及的企业或者个人有关联关系的，该董事应
当及时向董事会书面报告。有关联关系的董事不得对该项决议行使表决权，也不得代理其他董事行使表决
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权。该董事会议由过半数的无关联关系董事出席即可举行，董事会议所作决议须经无关联关系董事过
半数通过。出席董事会议的无关联关系董事人数不足三人的，应当将该事项提交上市公司股东会审议。
第一百四十条 上市公司应当依法披露股东、实际控制人的信息，相关信息应当真实、准确、完整。
禁止违反法律、行政法规的规定代持上市公司股票。
第一百四十一条 上市公司控股子公司不得取得该上市公司的股份。
上市公司控股子公司因公司合并、质权行使等原因持有上市公司股份的，不得行使所持股份对应的表
决权，并应当及时处分相关上市公司股份。
第六章 股份有限公司的股份发行和转让
第一节 股份发行
第一百四十二条 公司的资本划分为股份。公司的全部股份，根据公司章程的规定择一采用面额股或者
无面额股。采用面额股的，每一股的金额相等。
公司可以根据公司章程的规定将已发行的面额股全部转换为无面额股或者将无面额股全部转换为面额
股。
采用无面额股的，应当将发行股份所得股款的二分之一以上计入注册资本。
第一百四十三条 股份的发行，实行公平、公正的原则，同类别的每一股份应当具有同等权利。
同次发行的同类别股份，每股的发行条件和价格应当相同；认购人所认购的股份，每股应当支付相同
价额。
第一百四十四条 公司可以按照公司章程的规定发行下列与普通股权利不同的类别股：
（一）优先或者劣后分配利润或者剩余财产的股份；
（二）每一股的表决权数多于或者少于普通股的股份；
（三）转让须经公司同意等转让受限的股份；
（四）国务院规定的其他类别股。
公开发行股份的公司不得发行前款第二项、第三项规定的类别股；公开发行前已发行的除外。
公司发行本条第一款第二项规定的类别股的，对于监事或者审计委员会成员的选举和更换，类别股与
普通股每一股的表决权数相同。
第一百四十五条 发行类别股的公司，应当在公司章程中载明以下事项：
（一）类别股分配利润或者剩余财产的顺序；
（二）类别股的表决权数；
（三）类别股的转让限制；
（四）保护中小股东权益的措施；
（五）股东会认为需要规定的其他事项。
第一百四十六条 发行类别股的公司，有本法第一百一十六条第三款规定的事项等可能影响类别股东
权利的，除应当依照第一百一十六条第三款的规定经股东会决议外，还应当经出席类别股东会议的股东
所持表决权的三分之二以上通过。
公司章程可以对需经类别股东会议决议的其他事项作出规定。
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第一百四十七条 公司的股份采取股票的形式。股票是公司签发的证明股东所持股份的凭证。
公司发行的股票，应当为记名股票。
第一百四十八条 面额股票的发行价格可以按票面金额，也可以超过票面金额，但不得低于票面金
额。
第一百四十九条 股票采用纸面形式或者国务院证券监督管理机构规定的其他形式。
股票采用纸面形式的，应当载明下列主要事项：
（一）公司名称；
（二）公司成立日期或者股票发行的时间；
（三）股票种类、票面金额及代表的股份数，发行无面额股的，股票代表的股份数。
股票采用纸面形式的，还应当载明股票的编号，由法定代表人签名，公司盖章。
发起人股票采用纸面形式的，应当标明发起人股票字样。
第一百五十条 股份有限公司成立后，即向股东正式交付股票。公司成立前不得向股东交付股票。
第一百五十一条 公司发行新股，股东会应当对下列事项作出决议：
（一）新股种类及数额；
（二）新股发行价格；
（三）新股发行的起止日期；
（四）向原有股东发行新股的种类及数额；
（五）发行无面额股的，新股发行所得股款计入注册资本的金额。
公司发行新股，可以根据公司经营情况和财务状况，确定其作价方案。
第一百五十二条 公司章程或者股东会可以授权董事会在三年内决定发行不超过已发行股份百分之五十
的股份。但以非货币财产作价出资的应当经股东会决议。
董事会依照前款规定决定发行股份导致公司注册资本、已发行股份数发生变化的，对公司章程该项记
载事项的修改不需再由股东会表决。
第一百五十三条 公司章程或者股东会授权董事会决定发行新股的，董事会决议应当经全体董事三分之
二以上通过。
第一百五十四条 公司向社会公开募集股份，应当经国务院证券监督管理机构注册，公告招股说明书。
招股说明书应当附有公司章程，并载明下列事项：
（一）发行的股份总数；
（二）面额股的票面金额和发行价格或者无面额股的发行价格；
（三）募集资金的用途；
（四）认股人的权利和义务；
（五）股份种类及其权利和义务；
（六）本次募股的起止日期及逾期未募足时认股人可以撤回所认股份的说明。
公司设立时发行股份的，还应当载明发起人认购的股份数。
第一百五十五条 公司向社会公开募集股份，应当由依法设立的证券公司承销，签订承销协议。
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第一百五十六条 公司向社会公开募集股份，应当同银行签订代收股款协议。
代收股款的银行应当按照协议代收和保存股款，向缴纳股款的认股人出具收款单据，并负有向有关部
门出具收款证明的义务。
公司发行股份募足股款后，应予公告。
第二节 股份转让
第一百五十七条 股份有限公司的股东持有的股份可以向其他股东转让，也可以向股东以外的人转让；
公司章程对股份转让有限制的，其转让按照公司章程的规定进行。
第一百五十八条 股东转让其股份，应当在依法设立的证券交易场所进行或者按照国务院规定的其他方
式进行。
第一百五十九条 股票的转让，由股东以背书方式或者法律、行政法规定的其他方式进行；转让后由
公司将受让人的姓名或者名称及住所记载于股东名册。
股东会议召开前二十日内或者公司决定分配股利的基准日前五日内，不得变更股东名册。法律、行
政法规或者国务院证券监督管理机构对上市公司股东名册变更另有规定的，从其规定。
第一百六十条 公司公开发行股份前已发行的股份，自公司股票在证券交易所上市交易之日起一年内不
得转让。法律、行政法规或者国务院证券监督管理机构对上市公司的股东、实际控制人转让其所持有的本
公司股份另有规定的，从其规定。
公司董事、监事、高级管理人员应当向公司申报所持有的本公司的股份及其变动情况，在就任时确定
的任职期间每年转让的股份不得超过其所持有本公司股份总数的百分之二十五；所持本公司股份自公司股
票上市交易之日起一年内不得转让。上述人员离职后半年内，不得转让其所持有的本公司股份。公司章程
可以对公司董事、监事、高级管理人员转让其所持有的本公司股份作出其他限制性规定。
股份在法律、行政法规定的限制转让期限内出质的，质权人不得在限制转让期限内行使质权。
第一百六十一条 有下列情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合理的价格
收购其股份，公开发行股份的公司除外：
（一）公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分配利润条
件；
（二）公司转让主要财产；
（三）公司章程规定的营业期限届满或者章程规定的其他解散事由出现，股东会通过决议修改章程使
公司存续。
自股东会决议作出之日起六十日内，股东与公司不能达成股份收购协议的，股东可以自股东会决议作
出之日起九十日内向人民法院提起诉讼。
公司因本条第一款规定的情形收购的本公司股份，应当在六个月内依法转让或者注销。
第一百六十二条 公司不得收购本公司股份。但是，有下列情形之一的除外：
（一）减少公司注册资本；
（二）与持有本公司股份的其他公司合并；
（三）将股份用于员工持股计划或者股权激励；
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（四）股东因对股东会作出的公司合并、分立决议持异议，要求公司收购其股份；
（五）将股份用于转换公司发行的可转换为股票的公司债券；
（六）上市公司为维护公司价值及股东权益所必需。
公司因前款第一项、第二项规定的情形收购本公司股份的，应当经股东会决议；公司因前款第三项、
第五项、第六项规定的情形收购本公司股份的，可以按照公司章程或者股东会的授权，经三分之二以上董
事出席的董事会议决议。
公司依照本条第一款规定收购本公司股份后，属于第一项情形的，应当自收购之日起十日内注销；属
于第二项、第四项情形的，应当在六个月内转让或者注销；属于第三项、第五项、第六项情形的，公司合
计持有的本公司股份数不得超过本公司已发行股份总数的百分之十，并应当在三年内转让或者注销。
上市公司收购本公司股份的，应当依照《中华人民共和国证券法》的规定履行信息披露义务。上市公
司因本条第一款第三项、第五项、第六项规定的情形收购本公司股份的，应当通过公开的集中交易方式进
行。
公司不得接受本公司的股份作为质权的标的。
第一百六十三条 公司不得为他人取得本公司或者其母公司的股份提供赠与、借款、担保以及其他财务
资助，公司实施员工持股计划的除外。
为公司利益，经股东会决议，或者董事会按照公司章程或者股东会的授权作出决议，公司可以为他人
取得本公司或者其母公司的股份提供财务资助，但财务资助的累计总额不得超过已发行股本总额的百分之
十。董事会作出决议应当经全体董事的三分之二以上通过。
违反前两款规定，给公司造成损失的，负有责任的董事、监事、高级管理人员应当承担赔偿责任。
第一百六十四条 股票被盗、遗失或者灭失，股东可以依照《中华人民共和国民事诉讼法》规定的公示
催告程序，请求人民法院宣告该股票失效。人民法院宣告该股票失效后，股东可以向公司申请补发股票。
第一百六十五条 上市公司的股票，依照有关法律、行政法规及证券交易所交易规则上市交易。
第一百六十六条 上市公司应当依照法律、行政法规的规定披露相关信息。
第一百六十七条 自然人股东死亡后，其合法继承人可以继承股东资格；但是，股份转让受限的股份有
限公司的章程另有规定的除外。
第七章 国家出资公司组织机构的特别规定
第一百六十八条 国家出资公司的组织机构，适用本章规定；本章没有规定的，适用本法其他规定。
本法所称国家出资公司，是指国家出资的国有独资公司、国有资本控股公司，包括国家出资的有限责
任公司、股份有限公司。
第一百六十九条 国家出资公司，由国务院或者地方人民政府分别代表国家依法履行出资人职责，享有
出资人权益。国务院或者地方人民政府可以授权国有资产监督管理机构或者其他部门、机构代表本级人民
政府对国家出资公司履行出资人职责。
代表本级人民政府履行出资人职责的机构、部门，以下统称为履行出资人职责的机构。
第一百七十条 国家出资公司中国共产党的组织，按照中国共产党章程的规定发挥领导作用，研究讨
论公司重大经营管理事项，支持公司的组织机构依法行使职权。
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第一百七十一条 国有独资公司章程由履行出资人职责的机构制定。
第一百七十二条 国有独资公司不设股东会，由履行出资人职责的机构行使股东会职权。履行出资人职
责的机构可以授权公司董事会行使股东会的部分职权，但公司章程的制定和修改，公司的合并、分立、解
散、申请破产，增加或者减少注册资本，分配利润，应当由履行出资人职责的机构决定。
第一百七十三条 国有独资公司的董事会依照本法规定行使职权。
国有独资公司的董事会成员中，应当过半数为外部董事，并应当有公司职工代表。
董事会成员由履行出资人职责的机构委派；但是，董事会成员中的职工代表由公司职工代表大会选举
产生。
董事会设董事长一人，可以设副董事长。董事长、副董事长由履行出资人职责的机构从董事会成员中
指定。
第一百七十四条 国有独资公司的经理由董事会聘任或者解聘。
经履行出资人职责的机构同意，董事会成员可以兼任经理。
第一百七十五条 国有独资公司的董事、高级管理人员，未经履行出资人职责的机构同意，不得在其他
有限责任公司、股份有限公司或者其他经济组织兼职。
第一百七十六条 国有独资公司在董事会中设置由董事组成的审计委员会行使本法规定的监事会职权
的，不设监事会或者监事。
第一百七十七条 国家出资公司应当依法建立健全内部监督管理和风险控制度，加强内部合规管理。
第八章 公司董事、监事、高级管理人员的资格和义务
第一百七十八条 有下列情形之一的，不得担任公司的董事、监事、高级管理人员：
（一）无民事行为能力或者限制民事行为能力；
（二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判处刑罚，或者因犯
罪被剥夺政治权利，执行期满未逾五年，被宣告缓刑的，自缓刑考验期满之日起未逾二年；
（三）担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业的破产负有个人责任的，
自该公司、企业破产清算完结之日起未逾三年；
（四）担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人，并负有个人责任的，自该
公司、企业被吊销营业执照、责令关闭之日起未逾三年；
（五）个人因所负数额较大债务到期未清偿被人民法院列为失信被执行人。
违反前款规定选举、委派董事、监事或者聘任高级管理人员的，该选举、委派或者聘任无效。
董事、监事、高级管理人员在任职期间出现本条第一款所列情形的，公司应当解除其职务。
第一百七十九条 董事、监事、高级管理人员应当遵守法律、行政法规和公司章程。
第一百八十条 董事、监事、高级管理人员对公司负有忠实义务，应当采取措施避免自身利益与公司利
益冲突，不得利用职权牟取不正当利益。
董事、监事、高级管理人员对公司负有勤勉义务，执行职务应当为公司的最大利益尽到管理者通常应
有的合理注意。
公司的控股东、实际控制人不担任公司董事但实际执行公司事务的，适用前两款规定。
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第一百八十一条 董事、监事、高级管理人员不得有下列行为：
（一）侵占公司财产、挪用公司资金；
（二）将公司资金以其个人名义或者以其他个人名义开立账户存储；
（三）利用职权贿赂或者收受其他非法收入；
（四）接受他人与公司交易的佣金归为己有；
（五）擅自披露公司秘密；
（六）违反对公司忠实义务的其他行为。
第一百八十二条 董事、监事、高级管理人员，直接或者间接与本公司订立合同或者进行交易，应当就
与订立合同或者进行交易有关的事项向董事会或者股东会报告，并按照公司章程的规定经董事会或者股东
会决议通过。
董事、监事、高级管理人员的近亲属，董事、监事、高级管理人员或者其近亲属直接或者间接控制的
企业，以及与董事、监事、高级管理人员有其他关联关系的关联人，与公司订立合同或者进行交易，适用
前款规定。
第一百八十三条 董事、监事、高级管理人员，不得利用职务便利为自己或者他人谋取属于公司的商业
机会。但是，有下列情形之一的除外：
（一）向董事会或者股东会报告，并按照公司章程的规定经董事会或者股东会决议通过；
（二）根据法律、行政法规或者公司章程的规定，公司不能利用该商业机会。
第一百八十四条 董事、监事、高级管理人员未向董事会或者股东会报告，并按照公司章程的规定经董
事会或者股东会决议通过，不得自营或者为他人经营与其任职公司同类的业务。
第一百八十五条 董事会对本法第一百八十二条至第一百八十四条规定的事项决议时，关联董事不得参
与表决，其表决权不计入表决权总数。出席董事会议的无关联关系董事人数不足三人的，应当将该事项
提交股东会审议。
第一百八十六条 董事、监事、高级管理人员违反本法第一百八十一条至第一百八十四条规定所得的收
入应当归公司所有。
第一百八十七条 股东会要求董事、监事、高级管理人员列席会议的，董事、监事、高级管理人员应当
列席并接受股东的质询。
第一百八十八条 董事、监事、高级管理人员执行职务违反法律、行政法规或者公司章程的规定，给公
司造成损失的，应当承担赔偿责任。
第一百八十九条 董事、高级管理人员有前条规定的情形的，有限责任公司的股东、股份有限公司连续
一百八十日以上单独或者合计持有公司百分之一以上股份的股东，可以书面请求监事会向人民法院提起诉
讼；监事有前条规定的情形的，前述股东可以书面请求董事会向人民法院提起诉讼。
监事会或者董事会收到前款规定的股东书面请求后拒绝提起诉讼，或者自收到请求之日起三十日内未
提起诉讼，或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的，前款规定的股东有权
为公司利益以自己的名义直接向人民法院提起诉讼。
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他人侵犯公司合法权益，给公司造成损失的，本条第一款规定的股东可以依照前两款的规定向人民法
院提起诉讼。
公司全资子公司的董事、监事、高级管理人员有前条规定情形，或者他人侵犯公司全资子公司合法权
益造成损失的，有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之一
以上股份的股东，可以依照前三款规定书面请求全资子公司的监事会、董事会向人民法院提起诉讼或者以
自己的名义直接向人民法院提起诉讼。
第一百九十条 董事、高级管理人员违反法律、行政法规或者公司章程的规定，损害股东利益的，股东
可以向人民法院提起诉讼。
第一百九十一条 董事、高级管理人员执行职务，给他人造成损害的，公司应当承担赔偿责任；董事、
高级管理人员存在故意或者重大过失的，也应当承担赔偿责任。
第一百九十二条 公司的控股东、实际控制人指示董事、高级管理人员从事损害公司或者股东利益的
行为的，与该董事、高级管理人员承担连带责任。
第一百九十三条 公司可以在董事任职期间为董事因执行公司职务承担的赔偿责任投保责任保险。
公司为董事投保责任保险或者续保后，董事会应当向股东会报告责任保险的投保金额、承保范围及保
险费率等内容。
第九章 公司债券
第一百九十四条 本法所称公司债券，是指公司发行的约定按期还本付息的有价证券。
公司债券可以公开发行，也可以非公开发行。
公司债券的发行和交易应当符合《中华人民共和国证券法》等法律、行政法规的规定。
第一百九十五条 公开发行公司债券，应当经国务院证券监督管理机构注册，公告公司债券募集办法。
公司债券募集办法应当载明下列主要事项：
（一）公司名称；
（二）债券募集资金的用途；
（三）债券总额和债券的票面金额；
（四）债券利率的确定方式；
（五）还本付息的期限和方式；
（六）债券担保情况；
（七）债券的发行价格、发行的起止日期；
（八）公司净资产额；
（九）已发行的尚未到期的公司债券总额；
（十）公司债券的承销机构。
第一百九十六条 公司以纸面形式发行公司债券的，应当在债券上载明公司名称、债券票面金额、利
率、偿还期限等事项，并由法定代表人签名，公司盖章。
第一百九十七条 公司债券应当为记名债券。
第一百九十八条 公司发行公司债券应当置备公司债券持有人名册。
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发行公司债券的，应当在公司债券持有人名册上载明下列事项：
（一）债券持有人的姓名或者名称及住所；
（二）债券持有人取得债券的日期及债券的编号；
（三）债券总额，债券的票面金额、利率、还本付息的期限和方式；
（四）债券的发行日期。
第一百九十九条 公司债券的登记结算机构应当建立债券登记、存管、付息、兑付等相关制度。
第二百条 公司债券可以转让，转让价格由转让人与受让人约定。
公司债券的转让应当符合法律、行政法规的规定。
第二百零一条 公司债券由债券持有人以背书方式或者法律、行政法规定的其他方式转让；转让后由
公司将受让人的姓名或者名称及住所记载于公司债券持有人名册。
第二百零二条 股份有限公司经股东会决议，或者经公司章程、股东会授权由董事会决议，可以发行可
转换为股票的公司债券，并规定具体的转换办法。上市公司发行可转换为股票的公司债券，应当经国务院
证券监督管理机构注册。
发行可转换为股票的公司债券，应当在债券上标明可转换公司债券字样，并在公司债券持有人名册上
载明可转换公司债券的数额。
第二百零三条 发行可转换为股票的公司债券的，公司应当按照其转换办法向债券持有人换发股票，但
债券持有人对转换股票或者不转换股票有选择权。法律、行政法规另有规定的除外。
第二百零四条 公开发行公司债券的，应当为同期债券持有人设立债券持有人会议，并在债券募集办法
中对债券持有人会议的召集程序、会议规则和其他重要事项作出规定。债券持有人会议可以对与债券持有
人有利害关系的事项作出决议。
除公司债券募集办法另有约定外，债券持有人会议决议对同期全体债券持有人发生效力。
第二百零五条 公开发行公司债券的，发行人应当为债券持有人聘请债券受托管理人，由其为债券持有
人办理受领清偿、债权保全、与债券相关的诉讼以及参与债务人破产程序等事项。
第二百零六条 债券受托管理人应当勤勉尽责，公正履行受托管理职责，不得损害债券持有人利益。
受托管理人与债券持有人存在利益冲突可能损害债券持有人利益的，债券持有人会议可以决议变更债
券受托管理人。
债券受托管理人违反法律、行政法规或者债券持有人会议决议，损害债券持有人利益的，应当承担赔
偿责任。
第十章 公司财务、会计
第二百零七条 公司应当依照法律、行政法规和国务院财政部门的规定建立本公司的财务、会计制度。
第二百零八条 公司应当在每一会计年度终了时编制财务会计报告，并依法经会计师事务所审计。
财务会计报告应当依照法律、行政法规和国务院财政部门的规定制作。
第二百零九条 有限责任公司应当按照公司章程规定的期限将财务会计报告送交各股东。
股份有限公司的财务会计报告应当在召开股东会年会的二十日前置备于本公司，供股东查阅；公开发
行股份的股份有限公司应当公告其财务会计报告。
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第二百一十条 公司分配当年税后利润时，应当提取利润的百分之十列入公司法定公积金。公司法定公
积金累计额为公司注册资本的百分之五十以上的，可以不再提取。
公司的法定公积金不足以弥补以前年度亏损的，在依照前款规定提取法定公积金之前，应当先用当年
利润弥补亏损。
公司从税后利润中提取法定公积金后，经股东会决议，还可以从税后利润中提取任意公积金。
公司弥补亏损和提取公积金后所余税后利润，有限责任公司按照股东实缴的出资比例分配利润，全体
股东约定不按照出资比例分配利润的除外；股份有限公司按照股东所持有的股份比例分配利润，公司章程
另有规定的除外。
公司持有的本公司股份不得分配利润。
第二百一十一条 公司违反本法规定向股东分配利润的，股东应当将违反规定分配的利润退还公司；给
公司造成损失的，股东及负有责任的董事、监事、高级管理人员应当承担赔偿责任。
第二百一十二条 股东会作出分配利润的决议的，董事会应当在股东会决议作出之日起六个月内进行分
配。
第二百一十三条 公司以超过股票面金额的发行价格发行股份所得的溢价款、发行无面额股所得股款
未计入注册资本的金额以及国务院财政部门规定列入资本公积金的其他项目，应当列为公司资本公积金。
第二百一十四条 公司的公积金用于弥补公司的亏损、扩大公司生产经营或者转为增加公司注册资本。
公积金弥补公司亏损，应当先使用任意公积金和法定公积金；仍不能弥补的，可以按照规定使用资本
公积金。
法定公积金转为增加注册资本时，所留存的该项公积金不得少于转增前公司注册资本的百分之二十
五。
第二百一十五条 公司聘用、解聘承办公司审计业务的会计师事务所，按照公司章程的规定，由股东
会、董事会或者监事会决定。
公司股东会、董事会或者监事会就解聘会计师事务所进行表决时，应当允许会计师事务所陈述意见。
第二百一十六条 公司应当向聘用的会计师事务所提供真实、完整的会计凭证、会计账簿、财务会计报
告及其他会计资料，不得拒绝、隐匿、谎报。
第二百一十七条 公司除法定的会计账簿外，不得另立会计账簿。
对公司资金，不得以任何个人名义开立账户存储。
第十一章 公司合并、分立、增资、减资
第二百一十八条 公司合并可以采取吸收合并或者新设合并。
一个公司吸收其他公司为吸收合并，被吸收的公司解散。两个以上公司合并设立一个新的公司为新设
合并，合并各方解散。
第二百一十九条 公司与其持股百分之九十以上的公司合并，被合并的公司不需经股东会决议，但应当
通知其他股东，其他股东有权请求公司按照合理的价格收购其股权或者股份。
公司合并支付的价款不超过本公司净资产百分之十的，可以不经股东会决议；但是，公司章程另有规
定的除外。
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公司依照前两款规定合并不经股东会决议的，应当经董事会决议。
第二百二十条 公司合并，应当由合并各方签订合并协议，并编制资产负债表及财产清单。公司应当自
作出合并决议之日起十日内通知债权人，并于三十日内在报纸上或者国家企业信用信息公示系统公告。债
权人自接到通知之日起三十日内，未接到通知的自公告之日起四十五日内，可以要求公司清偿债务或者提
供相应的担保。
第二百二十一条 公司合并时，合并各方的债权、债务，应当由合并后存续的公司或者新设的公司承
继。
第二百二十二条 公司分立，其财产作相应的分割。
公司分立，应当编制资产负债表及财产清单。公司应当自作出分立决议之日起十日内通知债权人，并
于三十日内在报纸上或者国家企业信用信息公示系统公告。
第二百二十三条 公司分立前的债务由分立后的公司承担连带责任。但是，公司在分立前与债权人就债
务清偿达成的书面协议另有约定的除外。
第二百二十四条 公司减少注册资本，应当编制资产负债表及财产清单。
公司应当自股东会作出减少注册资本决议之日起十日内通知债权人，并于三十日内在报纸上或者国家
企业信用信息公示系统公告。债权人自接到通知之日起三十日内，未接到通知的自公告之日起四十五日
内，有权要求公司清偿债务或者提供相应的担保。
公司减少注册资本，应当按照股东出资或者持有股份的比例相应减少出资额或者股份，法律另有规
定、有限责任公司全体股东另有约定或者股份有限公司章程另有规定的除外。
第二百二十五条 公司依照本法第二百一十四条第二款的规定弥补亏损后，仍有亏损的，可以减少注册
资本弥补亏损。减少注册资本弥补亏损的，公司不得向股东分配，也不得免除股东缴纳出资或者股款的义
务。
依照前款规定减少注册资本的，不适用前条第二款的规定，但应当自股东会作出减少注册资本决议之
日起三十日内在报纸上或者国家企业信用信息公示系统公告。
公司依照前两款的规定减少注册资本后，在法定公积金和任意公积金累计额达到公司注册资本百分之
五十前，不得分配利润。
第二百二十六条 违反本法规定减少注册资本的，股东应当退还其收到的资金，减免股东出资的应当恢
复原状；给公司造成损失的，股东及负有责任的董事、监事、高级管理人员应当承担赔偿责任。
第二百二十七条 有限责任公司增加注册资本时，股东在同等条件下有权优先按照实缴的出资比例认缴
出资。但是，全体股东约定不按照出资比例优先认缴出资的除外。
股份有限公司为增加注册资本发行新股时，股东不享有优先认购权，公司章程另有规定或者股东会决
议决定股东享有优先认购权的除外。
第二百二十八条 有限责任公司增加注册资本时，股东认缴新增资本的出资，依照本法设立有限责任公
司缴纳出资的有关规定执行。
股份有限公司为增加注册资本发行新股时，股东认购新股，依照本法设立股份有限公司缴纳股款的有
关规定执行。
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第十二章 公司解散和清算
第二百二十九条 公司因下列原因解散：
（一）公司章程规定的营业期限届满或者公司章程规定的其他解散事由出现；
（二）股东会决议解散；
（三）因公司合并或者分立需要解散；
（四）依法被吊销营业执照、责令关闭或者被撤销；
（五）人民法院依照本法第二百三十一条的规定予以解散。
公司出现前款规定的解散事由，应当在十日内将解散事由通过国家企业信用信息公示系统予以公示。
第二百三十条 公司有前条第一款第一项、第二项情形，且尚未向股东分配财产的，可以通过修改公司
章程或者经股东会决议而存续。
依照前款规定修改公司章程或者经股东会决议，有限责任公司须经持有三分之二以上表决权的股东通
过，股份有限公司须经出席股东会议的股东所持表决权的三分之二以上通过。
第二百三十一条 公司经营管理发生严重困难，继续存续会使股东利益受到重大损失，通过其他途径不
能解决的，持有公司百分之十以上表决权的股东，可以请求人民法院解散公司。
第二百三十二条 公司因本法第二百二十九条第一款第一项、第二项、第四项、第五项规定而解散的，
应当清算。董事为公司清算义务人，应当在解散事由出现之日起十五日内组成清算组进行清算。
清算组由董事组成，但是公司章程另有规定或者股东会决议另选他人的除外。
清算义务人未及时履行清算义务，给公司或者债权人造成损失的，应当承担赔偿责任。
第二百三十三条 公司依照前条第一款的规定应当清算，逾期不成立清算组进行清算或者成立清算组后
不清算的，利害关系人可以申请人民法院指定有关人员组成清算组进行清算。人民法院应当受理该申请，
并及时组织清算组进行清算。
公司因本法第二百二十九条第一款第四项的规定而解散的，作出吊销营业执照、责令关闭或者撤销决
定的部门或者公司登记机关，可以申请人民法院指定有关人员组成清算组进行清算。
第二百三十四条 清算组在清算期间行使下列职权：
（一）清理公司财产，分别编制资产负债表和财产清单；
（二）通知、公告债权人；
（三）处理与清算有关的公司未了结的业务；
（四）清缴所欠税款以及清算过程中产生的税款；
（五）清理债权、债务；
（六）分配公司清偿债务后的剩余财产；
（七）代表公司参与民事诉讼活动。
第二百三十五条 清算组应当自成立之日起十日内通知债权人，并于六十日内在报纸上或者国家企业信
用信息公示系统公告。债权人应当自接到通知之日起三十日内，未接到通知的自公告之日起四十五日内，
向清算组申报其债权。
债权人申报债权，应当说明债权的有关事项，并提供证明材料。清算组应当对债权进行登记。
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在申报债权期间，清算组不得对债权人进行清偿。
第二百三十六条 清算组在清理公司财产、编制资产负债表和财产清单后，应当制订清算方案，并报股
东会或者人民法院确认。
公司财产在分别支付清算费用、职工的工资、社会保险费用和法定补偿金，缴纳所欠税款，清偿公司
债务后的剩余财产，有限责任公司按照股东的出资比例分配，股份有限公司按照股东持有的股份比例分
配。
清算期间，公司存续，但不得开展与清算无关的经营活动。公司财产在未依照前款规定清偿前，不得
分配给股东。
第二百三十七条 清算组在清理公司财产、编制资产负债表和财产清单后，发现公司财产不足清偿债务
的，应当依法向人民法院申请破产清算。
人民法院受理破产申请后，清算组应当将清算事务移交给人民法院指定的破产管理人。
第二百三十八条 清算组成员履行清算职责，负有忠实义务和勤勉义务。
清算组成员怠于履行清算职责，给公司造成损失的，应当承担赔偿责任；因故意或者重大过失给债权
人造成损失的，应当承担赔偿责任。
第二百三十九条 公司清算结束后，清算组应当制作清算报告，报股东会或者人民法院确认，并报送公
司登记机关，申请注销公司登记。
第二百四十条 公司在存续期间未产生债务，或者已清偿全部债务的，经全体股东承诺，可以按照规定
通过简易程序注销公司登记。
通过简易程序注销公司登记，应当通过国家企业信用信息公示系统予以公告，公告期限不少于二十
日。公告期限届满后，未有异议的，公司可以在二十日内向公司登记机关申请注销公司登记。
公司通过简易程序注销公司登记，股东对本条第一款规定的内容承诺不实的，应当对注销登记前的债
务承担连带责任。
第二百四十一条 公司被吊销营业执照、责令关闭或者被撤销，满三年未向公司登记机关申请注销公司
登记的，公司登记机关可以通过国家企业信用信息公示系统予以公告，公告期限不少于六十日。公告期限
届满后，未有异议的，公司登记机关可以注销公司登记。
依照前款规定注销公司登记的，原公司股东、清算义务人的责任不受影响。
第二百四十二条 公司被依法宣告破产的，依照有关企业破产的法律实施破产清算。
第十三章 外国公司的分支机构
第二百四十三条 本法所称外国公司，是指依照外国法律在中华人民共和国境外设立的公司。
第二百四十四条 外国公司在中华人民共和国境内设立分支机构，应当向中国主管机关提出申请，并提
交其公司章程、所属国的公司登记证书等有关文件，经批准后，向公司登记机关依法办理登记，领取营业
执照。
外国公司分支机构的审批办法由国务院另行规定。
第二百四十五条 外国公司在中华人民共和国境内设立分支机构，应当在中华人民共和国境内指定负责
该分支机构的代表人或者代理人，并向该分支机构拨付与其所从事的经营活动相适应的资金。
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对外国公司分支机构的经营资金需要规定最低限额的，由国务院另行规定。
第二百四十六条 外国公司的分支机构应当在其名称中标明该外国公司的国籍及责任形式。
外国公司的分支机构应当在本机构中置备该外国公司章程。
第二百四十七条 外国公司在中华人民共和国境内设立的分支机构不具有中国法人资格。
外国公司对其分支机构在中华人民共和国境内进行经营活动承担民事责任。
第二百四十八条 经批准设立的外国公司分支机构，在中华人民共和国境内从事业务活动，应当遵守中
国的法律，不得损害中国的社会公共利益，其合法权益受中国法律保护。
第二百四十九条 外国公司撤销其在中华人民共和国境内的分支机构时，应当依法清偿债务，依照本法
有关公司清算程序的规定进行清算。未清偿债务之前，不得将其分支机构的财产转移至中华人民共和国境
外。
第十四章 法律责任
第二百五十条 违反本法规定，虚报注册资本、提交虚假材料或者采取其他欺诈手段隐瞒重要事实取得
公司登记的，由公司登记机关责令改正，对虚报注册资本的公司，处以虚报注册资本金额百分之五以上百
分之十五以下的罚款；对提交虚假材料或者采取其他欺诈手段隐瞒重要事实的公司，处以五万元以上二百
万元以下的罚款；情节严重的，吊销营业执照；对直接负责的主管人员和其他直接责任人员处以三万元以
上三十万元以下的罚款。
第二百五十一条 公司未依照本法第四十条规定公示有关信息或者不如实公示有关信息的，由公司登记
机关责令改正，可以处以一万元以上五万元以下的罚款。情节严重的，处以五万元以上二十万元以下的罚
款；对直接负责的主管人员和其他直接责任人员处以一万元以上十万元以下的罚款。
第二百五十二条 公司的发起人、股东虚假出资，未交付或者未按期交付作为出资的货币或者非货币财
产的，由公司登记机关责令改正，可以处以五万元以上二十万元以下的罚款；情节严重的，处以虚假出资
或者未出资金额百分之五以上百分之十五以下的罚款；对直接负责的主管人员和其他直接责任人员处以一
万元以上十万元以下的罚款。
第二百五十三条 公司的发起人、股东在公司成立后，抽逃其出资的，由公司登记机关责令改正，处以
所抽逃出资金额百分之五以上百分之十五以下的罚款；对直接负责的主管人员和其他直接责任人员处以三
万元以上三十万元以下的罚款。
第二百五十四条 有下列行为之一的，由县级以上人民政府财政部门依照《中华人民共和国会计法》等
法律、行政法规的规定处罚：
（一）在法定的会计账簿以外另立会计账簿；
（二）提供存在虚假记载或者隐瞒重要事实的财务会计报告。
第二百五十五条 公司在合并、分立、减少注册资本或者进行清算时，不依照本法规定通知或者公告债
权人的，由公司登记机关责令改正，对公司处以一万元以上十万元以下的罚款。
第二百五十六条 公司在进行清算时，隐匿财产，对资产负债表或者财产清单作虚假记载，或者在未清
偿债务前分配公司财产的，由公司登记机关责令改正，对公司处以隐匿财产或者未清偿债务前分配公司财
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产金额百分之五以上百分之十以下的罚款；对直接负责的主管人员和其他直接责任人员处以一万元以上十
万元以下的罚款。
第二百五十七条 承担资产评估、验资或者验证的机构提供虚假材料或者提供有重大遗漏的报告的，由
有关部门依照《中华人民共和国资产评估法》、《中华人民共和国注册会计师法》等法律、行政法规的规
定处罚。
承担资产评估、验资或者验证的机构因其出具的评估结果、验资或者验证明不实，给公司债权人造
成损失的，除能够证明自己没有过错的外，在其评估或者证明不实的金额范围内承担赔偿责任。
第二百五十八条 公司登记机关违反法律、行政法规定未履行职责或者履行职责不当的，对负有责任
的领导人员和直接责任人员依法给予政务处分。
第二百五十九条 未依法登记为有限责任公司或者股份有限公司，而冒用有限责任公司或者股份有限公
司名义的，或者未依法登记为有限责任公司或者股份有限公司的分公司，而冒用有限责任公司或者股份有
限公司的分公司名义的，由公司登记机关责令改正或者予以取缔，可以并处十万元以下的罚款。
第二百六十条 公司成立后无正当理由超过六个月未开业的，或者开业后自行停业连续六个月以上的，
公司登记机关可以吊销营业执照，但公司依法办理歇业的除外。
公司登记事项发生变更时，未依照本法规定办理有关变更登记的，由公司登记机关责令限期登记；逾
期不登记的，处以一万元以上十万元以下的罚款。
第二百六十一条 外国公司违反本法规定，擅自在中华人民共和国境内设立分支机构的，由公司登记机
关责令改正或者关闭，可以并处五万元以上二十万元以下的罚款。
第二百六十二条 利用公司名义从事危害国家安全、社会公共利益的严重违法行为的，吊销营业执照。
第二百六十三条 公司违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金的，其财产不足以支付
时，先承担民事赔偿责任。
第二百六十四条 违反本法规定，构成犯罪的，依法追究刑事责任。
第十五章 附 则
第二百六十五条 本法下列用语的含义：
（一）高级管理人员，是指公司的经理、副经理、财务负责人，上市公司董事会秘书和公司章程规定
的其他人员。
（二）控股东，是指其出资额占有限责任公司资本总额超过百分之五十或者其持有的股份占股份有
限公司股本总额超过百分之五十的股东；出资额或者持有股份的比例虽然低于百分之五十，但依其出资额
或者持有的股份所享有的表决权已足以对股东会的决议产生重大影响的股东。
（三）实际控制人，是指通过投资关系、协议或者其他安排，能够实际支配公司行为的人。
（四）关联关系，是指公司控股东、实际控制人、董事、监事、高级管理人员与其直接或者间接控
制的企业之间的关系，以及可能导致公司利益转移的其他关系。但是，国家控股的企业之间不仅因为同受
国家控股而具有关联关系。
第二百六十六条 本法自2024年7月1日起施行。
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本法施行前已登记设立的公司，出资期限超过本法规定的期限的，除法律、行政法规或者国务院另有
规定外，应当逐步调整至本法规定的期限以内；对于出资期限、出资额明显异常的，公司登记机关可以依
法要求其及时调整。具体实施办法由国务院规定。
| Promulgated by ： Standing Committee of the National People’s Congress |
|---|
| Promulgation Date ： 2023.12.29 |
| Effective Date ： 2024.07.01 |
| Validity Status ： Effective |
| Document No. ： Presidential Decree No. 15 |
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Company Law of the People’s Republic of China (Revised in 2023)
P
P
E
V
D
Company Law of the People’s Republic of China (Revised in 2023)
Presidential Decre No. 15
The Company Law of the People’s Republic of China, adopted upon revision at the 7th Sesion of the
Standing Comite of the Fourtenth National People’s Congres of the People’s Republic of China on December
29, 2023, is hereby promulgated, efective July 1, 2024.
Xi Jinping
President of the People’s Republic of China
December 29, 2023
Company Law of the People’s Republic of China
(Adopted at the 5th Sesion of the Standing Comite of the Eighth National People’s Congres on
December 29, 1993; amended for the first time in acordance with the Decision on Amending the Company Law of
the People’s Republic of China made at the 13th Sesion of the Standing Comite of the Ninth National People’s
Congres on December 25, 1999; amended for the second time in acordance with the Decision on Amending the
Company Law of the People’s Republic of China made at the 11th Sesion of the Standing Comite of the Tenth
National People’s Congres on August 28, 2004; revised for the first time at the 18th Sesion of the Standing
Comite of the Tenth National People’s Congres on October 27, 2005; amended for the third time in acordance
with the Decision on Amending Seven Laws Including the Marine Environmental Protection Law of the People’s
Republic of China made at the 6th Sesion of the Standing Comite of the Twelfth National People’s Congres
on December 28, 2013; amended for the fourth time in acordance with the Decision on Amending the Company
Law of the People’s Republic of China made at the 6th Sesion of the Standing Comite of the Thirtenth
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National People’s Congres on October 26, 2018; and revised for the second time at the 7th Sesion of the Standing
Comite of the Fourtenth National People’s Congres on December 29, 2023)
Chapter I General Provisions
Article 1 The present Law is enacted in acordance with the Constitution with a view to regulating the
organizations and activities of companies, protecting the lawful rights and interests of companies, shareholders,
employes and creditors, improving the modern enterprise system with Chinese characteristics, carying forward
the entrepreneurship, maintaining the social economic order and promoting the development of the socialist market
economy.
Article 2 For the purpose of this Law, a “company” refers to a limited liability company or a joint stock
limited company established within the teritory of the People’s Republic of China acording to this Law.
Article 3 A company is an enterprise legal person, which has independent corporate property and enjoys the
property right of the legal person. It shal bear the liability for its debts with al of its property.
The lawful rights and interests of the company shal be protected by law, which shal not be infringed upon.
Article 4 The shareholders of a limited liability company is liable to the company to the extent of the amount
of capital contributions they have made; while the shareholders of a joint stock limited company is liable to the
company to the extent of shares they have subscribed for.
The shareholders of a company is entitled to such rights as deriving proceds from asets of the company,
participating in making important decisions and selecting managers of the company acording to law.
Article 5 A company shal formulate its articles of asociation pursuant to the law when it is established,
which shal be binding on the company, shareholders, directors, supervisors and senior executives.
Article 6 A company shal have its own name. The name of the company shal be in compliance with the
relevant provisions of the State.
The right to name of a company shal be protected by law.
Article 7 A limited liability company established acording to this Law shal indicate the words “limited
liability company” or “limited company” in its name.
A joint stock limited company established in acordance with this Law shal indicate the words “joint stock limited
company” or “joint stock company” in its name.
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Article 8 A company is domiciled at the place where its main administrative ofice is located.
Article 9 The busines scope of a company shal be prescribed in the articles of asociation. The company
may amend its articles of asociation and change its busines scope.
Where any item within the busines scope of a company is subject to aproval as stipulated by any law or
administrative regulation, the aproval shal be obtained in acordance with the law.
Article 10 A director or manager who represents a company to execute corporate afairs shal serve as the
legal representative of the company under the articles of asociation.
Where the director or manager who serves as the legal representative resigns, he/she shal be demed to have
resigned from the position of the legal representative at the same time.
Where the legal representative resigns, the company shal apoint a new legal representative within 30 days
after the date of his/her resignation.
Article 11 A company shal bear the legal consequences arising from the civil activities conducted by the
legal representative in the name of the company.
Any restrictions on the functions and powers of the legal representative imposed by the articles of asociation or the
shareholders’ meting shal not be aserted against a bona fide third party.
Where the legal representative of a company causes damage to others while performing his/her duties, the
company shal asume the civil liability. After asuming the civil liability, the company may, in acordance with
the provisions of law or the articles of asociation of the company, claim indemnification against the legal
representative who is at fault.
Article 12 Where a limited liability company is changed into a joint stock limited company, it shal satisfy the
conditions for joint stock limited companies as prescribed in the present Law. A joint stock limited company
proposing to be converted into a limited liability company shal satisfy the conditions for limited liability
companies as prescribed in this Law.
In the case of conversion from a limited liability company into a joint stock limited company or vice versa, the
claims and debts of the company prior to the conversion shal be asumed by the company after the conversion.
Article 13 A company may set up subsidiaries which have the corporate capacity and independently bear the
civil liability in acordance with the law.
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A company may set up branches which do not have the corporate capacity and whose civil liability shal be borne
by the company.
Article 14 A company may make investments in other enterprises.
If it is prescribed by any law that a company shal not become a capital contributor that shal bear the joint and
several liability for the debts of the enterprises it invests in, such provisions shal prevail.
Article 15 Where a company intends to invest in any other enterprise or provide guaranty for any other person,
such mater shal, in acordance with the articles of asociation, be decided by the board of directors or the
shareholders’ meting. If the articles of asociation prescribe any limit on the total amount of investments or
guaranties, or on the amount of a single investment or guaranty, the aforesaid prescribed limit shal not be exceded.
Where a company provides a guaranty for any shareholder or actual controler of the company, it shal be subject to
a resolution of the shareholders’ meting.
The shareholder as mentioned in the preceding paragraph or the shareholder controled by the actual controler
as set forth in the preceding paragraph shal not participate in voting on any mater as prescribed in the preceding
paragraph. Such mater shal be adopted by more than half of the voting rights held by other shareholders present at
the meting.
Article 16 A company shal protect the lawful rights and interests of its employes, conclude labor contracts
with its employes acording to law, participate in social insurances and strengthen labor protection to realize work
safety.
The company shal adopt various forms to strengthen the vocational education and on-the-job training of its
employes so as to improve their quality.
Article 17 The employes of a company shal, in acordance with the Trade Union Law of the People’s
Republic of China, organize a trade union to cary out the trade union activities and maintain the lawful rights and
interests of the employes. The company shal provide necesary conditions for its trade union to cary out
activities. The trade union of a company shal, on behalf of the employes, conclude a colective contract with the
company with respect to such maters as the labor remuneration, working hours, rest and vacations, labor safety and
sanitation, insurance and welfare, etc.
A company shal, acording to the Constitution and other related laws, establish and improve a democratic
management system with the employes’ representative congres as the basic form and cary out democratic
management through the employes’ representative congres or by any other means.
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When making a decision on restructuring, disolution, aplication for bankruptcy or any other major isue in
the respect of busines operation, or formulating any important regulation, a company shal solicit the opinions of
its trade union and listen to the opinions and proposals of the employes through the employes’ representative
congres or by any other means.
Article 18 An organization of the Comunist Party of China shal, acording to the Constitution of the
Comunist Party of China, be set up in a company to cary out the activities of the Party. The company shal
provide necesary conditions to facilitate the activities of the Party organization.
Article 19 When engaging in busines operations, a company shal comply with the laws and regulations,
social morality and busines ethics, be honest and faithful and acept the supervision of the government and the
general public.
Article 20 When engaging in busines operations, a company shal take into ful consideration the interests of
its employes, consumers and other stakeholders, as wel as the protection of ecological environment and other
public interests and asume social responsibilities.
The State encourages companies to take part in public welfare activities and release their social responsibility
reports.
Article 21 A shareholder of a company shal comply with laws, administrative regulations and the articles of
asociation, exercise the shareholder’s rights acording to law, and may not damage the interests of the company or
of other shareholders by abusing its rights.
Where any shareholder of a company causes any los to the company or any other shareholder by abusing the
shareholder’s rights, it shal be liable for compensation.
Article 22 None of the controling shareholders, actual controlers, directors, supervisors or senior executives
of a company may damage the interests of the company by taking advantage of any related-party relationship.
Whoever causes any los to the company by violating the provisions of the preceding paragraph shal be liable for
compensation.
Article 23 Where any shareholder of a company evades the debts by abusing the independent status of
juridical person of the company or the limited liability of shareholders and thus seriously damages the interests of
any creditor of the company, it shal be jointly and severaly liable for the debts of the company.
Where a shareholder comits any of the acts as mentioned in the preceding paragraph by using two or more
companies under its control, each company shal be jointly and severaly liable for the debts of any company.
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In the case of any company with only one shareholder, if the shareholder is unable to prove that the property
of the company are independent of its own property, it shal be jointly and severaly liable for the debts of the
company.
Article 24 The shareholders’ meting, board of directors or board of supervisors of a company may hold a
meting or vote by way of electronic comunications, unles it is otherwise prescribed by the articles of
asociation of the company.
Article 25 Where any resolution of the shareholders’ meting or board of directors violates any of the laws or
administrative regulations, it shal be invalidated.
Article 26 Where the procedures for convening a meting of the shareholders’ meting or of the board of
directors or the voting method is contrary to any law, administrative regulation or the articles of asociation, or the
contents of any resolution are contrary to the articles of asociation, shareholders may, within 60 days as of the day
when the resolution is made, request the people’s court to cancel the resolution, except where the procedures for
convening a meting of the shareholders’ meting or the board of directors or the voting method only has some
minor defects, which produces no substantial efect on the resolution.
Any shareholder who fails to be notified to atend the shareholders’ meting may, within 60 days as of the day
when it knows or ought to know that the resolution of the shareholders’ meting is made, request the people’s court
to cancel the resolution. If the right of cancelation is not exercised within one year as of the date when the
resolution is made, it shal be extinguished.
Article 27 Under any of the folowing circumstances, a resolution of the shareholders’ meting or the board of
directors shal be invalid:
(I) the resolution fails to be made at any shareholders’ meting or meting of the board of directors;
(I) the shareholders’ meting or meting of the board of directors fails to vote on the resolution;
(I) the number of persons atending the meting or the number of the voting rights held by them does not
reach the number as prescribed by this Law or the articles of asociation; or
(IV) the number of persons consenting to the resolution or the number of the voting rights held by them fails
to reach the number as prescribed by this Law or the articles of asociation.
Article 28 Where a resolution of the shareholders’ meting or the board of directors is declared nul and void,
canceled or confirmed to be invalid by the people’s court, a company shal file an aplication with the company
registration authority for canceling the registration having ben made pursuant to the said resolution.
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Where a resolution of the shareholders’ meting or the board of directors is declared nul and void, canceled or
confirmed to be invalid by the people’s court, the civil legal relationship formed betwen the company and any
bona fide third party acording to the said resolution shal not be afected.
Chapter I Registration of Companies
Article 29 To establish a company, an aplicant shal file an aplication with the company registration
authority for registration of incorporation under the law.
Where it is prescribed by any law or administrative regulation that the establishment of a company shal be
submited for aproval, the aproval formalities shal be gone through acording to law prior to the registration of
the company.
Article 30 To aply for establishing a company, an aplicant shal submit an aplication form for the
registration of establishment, the articles of asociation and other documents. The relevant materials submited shal
be authentic, lawful and valid.
If the aplication materials are incomplete or do not satisfy the statutory form, the company registration authority
shal inform the aplicant once for al of the materials to be suplemented and corected.
Article 31 Where an aplication for establishing a company satisfies the conditions as prescribed in this Law,
the company shal be registered by the company registration authority as a limited liability company or joint stock
limited company respectively. Where the aplication fails to satisfy the conditions as prescribed in this Law, it shal
not be registered as a limited liability company or joint stock limited company.
Article 32 The items of company registration shal include:
(I) name;
(I) domicile;
(I) registered capital;
(IV) busines scope;
(V) name of the legal representative; and
(VI) names of the shareholders of a limited liability company or of the promoters of a joint stock limited
company.
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The company registration authority shal make public the company registration items as prescribed in the
preceding paragraph through the National Enterprise Credit Information Publicity System.
Article 33 The company registration authority shal isue a busines license to a company lawfuly established.
The date of isuance of the busines license shal be the date of establishment of the company.
The busines license shal state the name, domicile, registered capital, busines scope, name of the legal
representative and other items of the company.
The company registration authority may isue an electronic busines license to the company. Both electronic
busines license and paper busines license shal be equaly authentic.
Article 34 Where any of the registered items of a company is changed, the company shal go through the
modification registration acording to law.
Failure to make registration or modification registration of any registered item of a company may not be aserted
against any bona fide third party.
Article 35 To aply for modification registration, a company shal submit to the company registration
authority a writen aplication form for modification registration signed by the legal representative of the company,
the resolution or decision on the modification and other documents as made acording to law.
Where the item of modification registration of the company involves the amendment of its articles of asociation,
the amended articles of asociation shal be submited.
Where the legal representative of a company is changed, the writen aplication form for modification
registration shal be signed by the legal representative after change.
Article 36 Where any of the items as stated in the busines license of a company is changed, the company
registration authority shal isue a new busines license after the modification registration completed by the
company.
Article 37 Where a company neds to be terminated due to disolution, being declared bankrupt or any other
statutory cause, it shal aply to the company registration authority for deregistration, and the company registration
authority shal make a public anouncement on its termination.
Article 38 To establish a branch, a company shal file an aplication with the company registration authority
for registration and obtain a busines license.
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Article 39 Where a company is aproved for registration of establishment by making a false declaration of its
registered capital, submiting false materials or concealing any important fact by any other fraudulent means, the
company registration authority shal cancel the registration in acordance with the laws and administrative
regulations.
Article 40 A company shal make public the folowing maters via the National Enterprise Credit Information
Publicity System as required:
(I) the amounts of capital contributions subscribed for and actualy paid by the shareholders of a limited liability
company, and the method and date of capital contributions; the number of shares subscribed for by the promoters
of a joint stock limited company;
(I) the information on the change of equity or shares of the shareholders of a limited liability company or of
the promoters of a joint stock limited company;
(I) the information on aproval, modification or deregistration of administrative licensing; and
(IV) other information prescribed by any law or administrative regulation.
The company shal ensure that the information released in the preceding paragraph is authentic, acurate and
complete.
Article 41 The company registration authority shal optimize the procedures for company registration,
enhance the company registration eficiency, strengthen information technology development and promote online
handling and other convenient methods so as to raise the level of facilitation in company registration.
The market regulatory department under the State Council shal, acording to the present Law and the provisions of
relevant laws and administrative regulations, formulate specific measures for company registration.
Chapter I Establishment and Organizational Structure of a Limited Liability Company
Section 1 Establishment
Article 42 A limited liability company shal be established with capital contributions made by not les than
one but not more than 50 shareholders.
Article 43 The shareholders of a limited liability company may conclude an agrement on establishment so as
to specify their respective rights and obligations during the proces of company establishment.
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Article 44 Where the shareholders of a limited liability company engage in the civil activities for establishing
the company, the legal consequences therefrom shal be undertaken by the company.
If the company fails to be established, the legal consequences incured shal be undertaken by the shareholders at
the time of the establishment of the company. If there are two or more shareholders at the time of the establishment,
they shal enjoy the claims and asume the debts jointly and severaly.
If a shareholder at the time of the establishment of the company engages in the civil activities in its own name
for the purpose of establishing the company, the third party has the right to request the company or such
shareholder to asume the civil liability incured.
Where a shareholder at the time of the establishment of a company causes any damage to any other person due
to fulfiling the duties for the establishment of the company, the company or the shareholder who is not at fault may,
after making compensations, claim the compensation from the shareholder who is at fault.
Article 45 To establish a limited liability company, the shareholders shal jointly formulate the articles of
asociation.
Article 46 The articles of asociation of a limited liability company shal state the folowing maters:
(I) name and domicile of the company;
(I) busines scope of the company;
(I) registered capital of the company;
(IV) name or title of the shareholders;
(V) amount, method and date of capital contributions made by the shareholders;
(VI) organizations of the company and their formation, functions and rules of procedure;
(VI) method of apointment and alteration of the legal representative of the company; and
(VI) other maters to be specified by the shareholders’ meting.
The shareholders shal afix their signatures or seals on the articles of asociation of the company.
Article 47 The registered capital of a limited liability company shal be the amount of capital contributions
subscribed for by al the shareholders as registered with the company registration authority. The amount of capital
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contributions subscribed for by al the shareholders shal, acording to the articles of asociation, be fuly paid up
by the shareholders within 5 years as of the date of establishment.
Where it is otherwise provided for in any law, administrative regulation or decision of the State Council on the
actual payment of registered capital, the minimum amount of registered capital and the time limit for capital
contributions by shareholders of a limited liability company, such provisions shal prevail.
Article 48 A shareholder may make capital contributions in curency, or in kind, intelectual property, land
use right, stock rights, creditor’s rights or other non-monetary property that may be asesed in curency and
transfered acording to law, except the property that may not be used as capital contributions acording to any law
or administrative regulation.
The non-monetary property as capital contributions shal be asesed and verified, which may not be overvalued or
undervalued. If there are provisions on the asesment of value in any law or administrative regulation, such
provisions shal prevail.
Article 49 Shareholders shal make their respective capital contributions subscribed for in the articles of
asociation on time and in ful amount.
If a shareholder makes its capital contributions in curency, it shal deposit the ful amount of monetary capital
contributions into a bank acount opened by the limited liability company. If the capital contributions are made in
non-monetary property, the procedures for the transfer of the property rights therein shal be gone through
acording to law.
If a shareholder fails to make its capital contributions on schedule and in ful amount, it shal, apart from
making ful amount capital contributions to the company, be liable for compensation for the loses it causes to the
company.
Article 50 Where any shareholder fails to make actual capital contributions acording to the provisions of the
articles of asociation, or the actual value of non-monetary property for actual capital contributions is obviously
lower than the amount of capital contributions subscribed for at the time of establishment of a limited liability
company, other shareholders at the time of the establishment shal bear joint and several liability with such
shareholder to the extent of the insuficient capital contributions.
Article 51 After a limited liability company is established, the board of directors shal verify the capital
contributions of shareholders. If it finds that any shareholder has not made capital contributions on schedule and in
ful amount as provided for in the articles of asociation, the company shal send a writen notice of cal to the
shareholder to cal up capital contributions.
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Where any los is caused to the company due to failure to fulfil the obligations as prescribed in the preceding
paragraph in a timely maner, the responsible director shal make compensation.
Article 52 Where any shareholder fails to make capital contributions on the date of capital contribution as
provided for in the articles of asociation, and a company isues a writen notice of cal for capital contribution
acording to the first paragraph of the preceding Article, it may specify the grace period for the capital contribution,
which shal be not les than 60 days as of the isuance of the notice of cal. If, upon the expiration of the grace
period, the shareholder stil has not fulfiled the obligation of capital contribution, the company may, upon a
resolution of the board of directors, send a notice of forfeiture to the shareholder, and the notice shal be given in
writen form. As of the isuance of the notice, the shareholder shal forfeit its the equities for which the capital
contribution has not ben paid.
The forfeited equities in acordance with the provisions of the preceding paragraph shal be transfered acording
to law, or the registered capital thereof shal be reduced, and the equities shal be writen of. If the equities are not
transfered or writen of within 6 months, other shareholders of the company shal make coresponding capital
contributions in ful amount in proportion to their capital contributions.
If the shareholder has any disent to the forfeiture of rights, it shal file a lawsuit with the people’s court within
30 days as of the receipt of the notice of forfeiture.
Article 53 After a company has ben established, none of the shareholders may ilicitly withdraw the capital
contributions.
In the case of violation of the provisions of the preceding paragraph, the shareholder shal return the capital
contributions withdrawn. If it causes any los to the company, the responsible directors, supervisors and senior
executives shal bear the joint and several liability with the shareholder.
Article 54 Where a company is unable to pay of the due debts, the company or the creditors of the due
credits may request the shareholders who have subscribed for the capital contributions but whose time limit for
capital contributions has not expired to make capital contributions in advance.
Article 55 After a limited liability company is established, it shal isue to the shareholders a capital
contribution certificate, which shal state the folowing maters:
(I) name of the company;
(I) date of establishment of the company;
(I) registered capital of the company;
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(IV) name of the shareholder, amount of capital contributions subscribed for and actualy paid, method and
date of capital contributions; and
(V) serial number and date of isuance of the capital contribution certificate.
The capital contribution certificate shal bear the signature of the legal representative and the seal of the
company.
Article 56 A limited liability company shal prepare a register of shareholders, which shal state the folowing
maters:
(I) name and domicile of each shareholder;
(I) amount of capital contributions subscribed for and actualy paid by shareholders, the form and date of
capital contributions;
(I) serial number of the capital contribution certificate; and
(IV) date for obtaining or losing the shareholder’s qualifications.
The shareholders recorded in the register of shareholders may, in light of the register of shareholders, claim to
exercise the shareholders’ rights.
Article 57 Shareholders are entitled to consult and copy the articles of asociation, register of shareholders,
minutes of shareholders’ metings, resolutions of metings of the board of directors or board of supervisors, as wel
as financial and acounting reports of a company.
The shareholders may request to consult the acounting boks and acounting vouchers of the company. Where a
shareholder requests to aces the acounting boks or acounting vouchers of the company, it shal make a writen
request and state the purposes therefor. If the company, with justifiable reasons, considers that the shareholder’s
request to consult the acounting boks or acounting vouchers has any improper purpose and may damage the
lawful rights and interests of the company, it may reject the request of the shareholder, and shal, within 15 days as
of the day when the shareholder makes the writen request, give the shareholder a writen reply and state the
reasons therefor. If the company refuses to provide aces, the shareholder may bring a lawsuit to a people’s court.
To consult the materials as mentioned in the preceding paragraph, a shareholder may entrust such
intermediaries as an acounting firm or law firm to do so.
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When the shareholder and the acounting firm, law firm or other intermediaries entrusted thereby consult or
copy the relevant materials, they shal comply with the laws and administrative regulations on protecting state
secrets, trade secrets, personal privacy, personal information, etc.
Where a shareholder requests to consult or copy the relevant materials of the wholy-owned subsidiaries of the
company, the provisions of the preceding 4 paragraphs shal aply.
Section 2 Organizational Structure
Article 58 The shareholders’ meting of a limited liability company shal consist of al the shareholders. The
shareholders’ meting is the authority of the company, which shal exercise its functions and powers acording to
this Law.
Article 59 The shareholders’ meting shal exercise the folowing functions and powers:
(I) electing and replacing directors and supervisors and deciding on their remunerations;
(I) deliberating on and aproving the reports of the board of directors;
(I) deliberating on and aproving the reports of the board of supervisors;
(IV) deliberating on and aproving the plans for profit distribution and making up loses of the company;
(V) making resolutions on the increase or decrease of the registered capital of the company;
(VI) making resolutions on the isuance of corporate bonds;
(VI) making resolutions on the merger, split-up, disolution, liquidation or change of corporate form of the
company;
(VI) amending the articles of asociation; and
(IX) other functions and powers as prescribed in the articles of asociation.
The shareholders’ meting may authorize the board of directors to make resolutions on the isuance of
corporate bonds.
If the shareholders unanimously agre in writing to the maters as set forth in the first paragraph of this Article,
they may directly make a decision without convening the shareholders’ meting, and al the shareholders shal afix
their signatures or seals to the decision documents.
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Article 60 A limited liability company with only one shareholder may not set up the shareholders’ meting.
When the shareholder makes a decision on any of the maters as specified in the first paragraph of the preceding
Article, such decision shal be made in writen form and kept in the company after being afixed with the signature
or seal of the shareholder.
Article 61 The shareholder who has made the largest capital contribution shal convene and preside over the
first shareholders’ meting and exercise its functions and powers acording to this Law.
Article 62 The shareholders’ metings are clasified into regular metings and interim metings.
The regular metings shal be held on time acording to the provisions of the articles of asociation. Where it is
proposed by the shareholders representing one tenth or more of the voting rights, or by one third or more of the
directors, or by the board of supervisors, an interim meting shal be held.
Article 63 The shareholders’ meting shal be convened by the board of directors and presided over by the
chairman of the board of directors. If the chairman of the board is unable or fails to perform his/her duties, the
meting shal be presided over by the deputy chairman. If the deputy chairman is unable or fails to perform his/her
duties, the meting shal be presided over by a director jointly elected by more than half of the directors.
If the board of directors is unable or fails to perform the duty of convening the shareholders’ meting, the meting
shal be convened and presided over by the board of supervisors. If the board of supervisors does not convene or
preside over such a meting, the shareholders representing one tenth or more of the voting rights may convene and
preside over such a meting by themselves.
Article 64 When a shareholders’ meting is to be held, al the shareholders shal be notified 15 days before the
meting is held, unles it is otherwise prescribed by the articles of asociation or otherwise agred by al the
shareholders.
The shareholders’ meting shal prepare meting minutes for the decisions on the maters discused. The
shareholders present at the meting shal afix their signatures or seals to the meting minutes.
Article 65 Shareholders shal exercise their voting rights at the shareholders’ meting in proportion to their
capital contributions, unles it is otherwise prescribed by the articles of asociation.
Article 66 The discusion methods and voting procedures of the shareholders’ meting shal be prescribed in
the articles of asociation, unles it is otherwise provided for by this Law.
A resolution made by the shareholders’ meting shal be adopted by the shareholders representing more than half of
the voting rights.
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A resolution made by the shareholders’ meting on modifying the articles of asociation, increasing or
decreasing the registered capital, as wel as merger, division, disolution or change of corporate form of the
company shal be adopted by the shareholders representing two thirds or more of the voting rights.
Article 67 A limited liability company shal set up a board of directors, unles it is otherwise provided for in
Article 75 hereof.
The board of directors shal exercise the folowing functions and powers:
(I) convening the shareholders’ meting and reporting its work to the shareholders’ meting;
(I) executing the resolutions of the shareholders’ meting;
(I) deciding the busines plans and investment scheme of the company;
(IV) formulating the plans for profit distribution and making up for los of the company;
(V) formulating the plan for increasing or decreasing the registered capital, as wel as the plan for isuance of
corporate bonds;
(VI) formulating the plan for merger, division, disolution, or change of corporate form of the company;
(VI) deciding the establishment of the internal management body of the company;
(VI) deciding the apointment or dismisal of the manager of the company and the remuneration thereof, and,
acording to the nomination of the manager, deciding on hiring or dismising deputy managers and financial
director of the company as wel as their remuneration;
(IX) formulating the basic management rules of the company; and
(X) other functions and powers specified in the articles of asociation or granted by the shareholders’ meting.
Any restrictions on the functions and powers of the board of directors set out in the articles of asociation may
not be aserted against any bona fide third party.
Article 68 If the board of directors of a limited liability company has thre or more members, it may include
an employes’ representative of the company. Where a limited liability company has 300 or more employes, the
board of directors shal include the employes’ representatives of the company unles the board of supervisors has
ben established and includes employes’ representatives of the company acording to law. The employes’
representatives in the board of directors shal be democraticaly elected by the employes through the employes’
representative congres, employes’ congres or by other means.
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The board of directors shal have one chairman and may have deputy chairmen. The measures for election of the
chairman and deputy chairmen shal be prescribed in the articles of asociation.
Article 69 A limited liability company may, under the articles of asociation, set up an audit comite
composed of directors in the board of directors, which shal exercise the functions and powers of the board of
supervisors as prescribed by this Law, with no board of supervisors or supervisors established. Employes’
representatives who serve as members of the board of directors may become members of the audit comite.
Article 70 The term of ofice of directors shal be prescribed in the articles of asociation, but each term shal
not exced thre years. After the term of ofice of a director expires, he/she may be relected to serve another term.
Where a director is not relected timely upon expiration of the term of ofice, or the resignation of any director
during his/her term of ofice results in the number of members of the board of directors being les than the quorum,
the original director shal, before a newly elected director takes ofice, perform his/her duties as a director
acording to the laws, administrative regulations and the articles of asociation.
Where a director resigns, he/she shal notify the company in writen form, and the resignation shal become
efective on the day when the company receives the notice. However, under any of the circumstances as mentioned
in the preceding paragraph, the director shal continue performing his/her duties.
Article 71 The shareholders’ meting may adopt a resolution to remove a director, and the removal shal
become efective on the day when the resolution is made.
Where a director is removed prior to the expiration of term of ofice without any justifiable reason, the director may
require the company to make compensation.
Article 72 The metings of the board of directors shal be convened and presided over by the chairman of the
board of directors. Where the chairman is unable or fails to perform his/her duties, the meting shal be convened
and presided over by the deputy chairman. Where the deputy chairman is unable or fails to perform his/her duties,
the meting shal be convened and presided over by a director jointly elected by more than half of the directors.
Article 73 The discusion methods and voting procedures of the board of directors shal be prescribed in the
articles of asociation unles it is otherwise provided for by this Law.
No meting of the board of directors may be held unles more than half of the directors are present. When the board
of directors makes a resolution, it shal require the afirmative votes of more than half of al the directors.
For the voting on a resolution of the board of directors, each director shal have one vote.
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The board of directors shal prepare minutes regarding the decisions on the maters discused at the meting,
which shal be afixed with the signatures of the directors present at the meting.
Article 74 A limited liability company may have a manager, who shal be apointed or removed by the board
of directors.
The manager shal be responsible to the board of directors and exercise his/her functions and powers acording to
the articles of asociation or the authorization of the board of directors. The manager shal atend the metings of
the board of directors as a non-voting member.
Article 75 A limited liability company with a relatively smal scale or a relatively smal number of
shareholders may dispense with the board of directors and may have one director to exercise the functions and
powers of the board as prescribed by this Law. The director may concurently hold the post of the manager of the
company.
Article 76 A limited liability company shal have a board of supervisors, unles it is otherwise provided for in
Articles 69 and 83 hereof.
There are thre or more members in the board of supervisors. The members of the board of supervisors shal
include shareholders’ representatives and an apropriate proportion of employes’ representatives, and the
proportion of the employes’ representatives shal be no les than one third of the total number of the members, the
specific proportion of which shal be provided for in the articles of asociation. The employes’ representatives in
the board of supervisors shal be democraticaly elected by the employes through the employes’ representative
congres, the employes’ congres or by other means.
The board of supervisors shal have one chairman, who shal be elected by more than half of al the
supervisors. The chairman of the board of supervisors shal convene and preside over the metings of the board of
supervisors. If the chairman of the board of supervisors is unable or fails to implement his/her duties, the meting
of the board of supervisors shal be convened and presided over by a supervisor jointly elected by more than half of
the supervisors.
Any director or senior executive shal not concurently act as a supervisor.
Article 77 The term of ofice of a supervisor shal be thre years. Upon expiration of term of ofice, a
supervisor may serve consecutive terms if relected.
If a supervisor fails to be relected timely upon expiration of the term of ofice, or the resignation of a supervisor
during term of ofice results in the number of the members of the board of supervisors being les than the quorum,
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the original supervisor shal, before a newly elected supervisor takes ofice, continue to exercise the duties of the
supervisor acording to the law, administrative regulations and the articles of asociation.
Article 78 The board of supervisors shal exercise the folowing functions and powers:
(I) examining the financial afairs of the company;
(I) supervising the acts of the directors and senior executives in the performance of their duties, and
proposing the removal of the directors and senior executives who have violated laws, administrative regulations,
the articles of asociation or the resolutions of the shareholders’ meting;
(I) requiring the directors and senior executives to corect their acts if such acts damage the interests of the
company;
(IV) proposing to convene interim shareholders’ metings, and convening and presiding over the shareholders’
meting when the board of directors fails to implement the duties to convene and preside over the shareholders’
meting as prescribed in this Law;
(V) presenting proposals to the shareholders’ metings;
(VI) initiating lawsuits against the directors and senior executives acording to Article 189 hereof; and
(VI) other functions and powers provided for in the articles of asociation.
Article 79 A supervisor may atend the metings of the board of directors as a non-voting member and raise
inquiries or sugestions concerning the maters subject to resolutions to be adopted by the board of directors.
If the board of supervisors finds any abnormality in the operation of the company, it may cary out an investigation.
If necesary, it may hire an acounting firm to asist in its work at the expense of the company.
Article 80 The board of supervisors may demand the directors or senior executives to submit reports on the
performance of their duties.
The directors and senior executives shal truthfuly provide relevant information and materials to the board of
supervisors, none of them may impede the exercise of powers by the board of supervisors or supervisors.
Article 81 The meting of the board of supervisors shal be held at least once a year. The supervisors may
propose to convene interim metings of the board of supervisors.
The discusion methods and voting procedures of the board of supervisors shal be specified in the articles of
asociation, unles it is otherwise provided for by this Law.
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The resolution of the board of supervisors shal be adopted by more than half of al the supervisors.
For the voting on a resolution of the board of supervisors, each supervisor shal have one vote.
The board of supervisors shal prepare minutes for the decisions regarding the maters discused, which shal
be signed by the supervisors present at the meting.
Article 82 The expenses necesary for the board of supervisors to exercise its functions and powers shal be
borne by the company.
Article 83 A limited liability company with a smal scale or a relatively smal number of shareholders may
dispense with the board of supervisors and have a supervisor, who shal exercise the functions and powers of the
board of supervisors as provided for in this Law; or it may dispense with the supervisor upon the unanimous
aproval by al of the shareholders.
Chapter IV Transfer of Equities of a Limited Liability Company
Article 84 Shareholders of a limited liability company may transfer al or part of their equities to other
shareholders of the company.
Where a shareholder transfers its equities to a person who is not a shareholder of the company, it shal notify other
shareholders in writing of the quantity of equities to be transfered, transfer price, payment method and the term of
the transfer. The other shareholders shal have a right of first refusal under the equivalent conditions. Where any
shareholder fails to respond within thirty days after the receipt of the writen notice, it shal be demed to have
waived the right of first refusal. If two or more shareholders exercise the right of first refusal, they shal determine
the purchase percentage through negotiation. If no agrement is reached upon negotiation, they shal exercise the
right of first refusal in proportion to their respective capital contributions at the time of equity transfer.
If the equity transfer is otherwise provided for in the articles of asociation, such provisions shal prevail.
Article 85 Where a people’s court transfers the equities held by a shareholder under the enforcement
procedures provided for in laws, it shal notify the company and al the shareholders, and the other shareholders
shal enjoy the right of first refusal under the equivalent conditions. Where any of the other shareholders fails to
exercise the right of first refusal within 20 days after the receipt of the notice of the people’s court, it shal be
demed to have waived the right of first refusal.
Article 86 Where a shareholder transfers its equities, it shal notify the company in writen form and request
to modify the register of shareholders; if it is necesary to go through the modification registration formalities, it
shal request the company to go through the modification registration formalities with the company registration
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authority. If the company refuses to do so or fails to give a reply within a reasonable time limit, the transferor and
the transfere may lodge a lawsuit with the people’s court acording to law.
Where any equity is transfered, the transfere may claim to the company for exercising the shareholder’s rights as
of the time when it is recorded into the register of shareholders.
Article 87 After the equity transfer acording to the present Law, a company shal timely deregister the
capital contribution certificate of the original shareholder, isue a capital contribution certificate to the new
shareholder and modify the records of relevant shareholders and their capital contributions in the articles of
asociation and the register of shareholders acordingly. No vote of the shareholders’ meting is neded for such
modification of the articles of asociation.
Article 88 Where a shareholder transfers the equities for which capital contributions have ben subscribed for
but the time limit for capital contribution has not expired, the transfere shal bear the obligation of making such
capital contribution. If the transfere fails to make a capital contribution on time and in ful amount, the transferor
shal bear the suplementary liability for the overdue capital contribution of the transfere.
If a shareholder, who fails to make capital contribution on the date of capital contribution as prescribed in the
articles of asociation, or whose actual value of the non-monetary property used as capital contribution is clearly
lower than the amount of capital contribution subscribed for, transfers its equities, the transferor and transfere
shal bear joint and several liability to the extent of the insuficient capital contribution. If the transfere is not
aware and ought not to know about the existence of the aforesaid circumstances, the coresponding liability shal be
asumed by the transferor.
Article 89 Under any of the folowing circumstances, a shareholder, who votes against the resolution of the
shareholders’ meting, may require the company to purchase its equities at a reasonable price:
(I) the company has not distributed any profit to the shareholders for five consecutive years, though the company
has made profits for five consecutive years and mets the profit distribution requirements as prescribed in this Law;
(I) the company is merged, split-up or transfers the main property; or
(I) the term of busines operation as prescribed in the articles of asociation expires or any other cause for
disolution as prescribed in the articles of asociation ocurs, or the shareholders’ meting makes the company
continue existing by adopting a resolution to modify the articles of asociation.
Where the shareholder and the company fail to reach an agrement on the purchase of equities within 60 days
after the resolution is made by the shareholders’ meting, such shareholder may lodge a lawsuit to the people’s court
within 90 days after the resolution is made by the shareholders’ meting.
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Where any controling shareholder of the company abuses its shareholder’s right and seriously damages the
interests of the company or other shareholders, other shareholders have the right to require the company to
purchase their equities at a reasonable price.
The equities purchased by the company under any of the circumstances as mentioned in the first or third
paragraph of this Article shal be legaly transfered or deregistered within 6 months.
Article 90 After a natural person shareholder dies, his/her lawful inheritor may inherit the qualification of the
shareholder, unles it is otherwise provided for in the articles of asociation.
Chapter V Establishment and Organizational Structure of a Joint Stock Limited Company
Section 1 Establishment
Article 91 A joint stock limited company may be established by means of promotion or stock floatation.
The term “establishment by means of promotion” means that the promoters establish a company by subscribing for
al the shares that shal be isued at the time of establishment.
The term “establishment by means of stock floatation” means that the promoters establish a company by
subscribing for some of the shares that shal be isued at the time of establishment and ofering the remaining
shares to specific objects or to the general public.
Article 92 To establish a joint stock limited company, there shal be not les than 1 but not more than 200
promoters, more than half of whom shal have their domiciles within the teritory of the People’s Republic of China.
Article 93 Promoters of a joint stock limited company shal undertake the preparatory maters of the company.
The promoters shal conclude an agrement of promoters so as to specify their respective rights and obligations
during the proces of establishing the company.
Article 94 To establish a joint stock limited company, promoters shal jointly draft the articles of asociation.
Article 95 The articles of asociation of a joint stock limited company shal state the folowing maters:
(I) name and domicile of the company;
(I) busines scope of the company;
(I) method of establishment;
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(IV) registered capital, the number of isued shares and the number of isued shares at the time of
establishment of the company, and the amount per share of par value share;
(V) number of shares of each clasified share and the rights and obligations if clasified shares are isued;
(VI) names of the promoters, the number of shares subscribed for, and the form of capital contributions;
(VI) composition, powers and rules of procedure of the board of directors;
(VI) method for the apointment and alteration of the legal representative of the company;
(IX) composition, powers and rules of procedure of the board of supervisors;
(X) method for the profit distribution of the company;
(XI) causes of disolution of the company and liquidation method;
(XI) methods for notices or public anouncements of the company; and
(XI) other maters that the shareholders’ meting believes necesary to be specified.
Article 96 The registered capital of a joint stock limited company shal be the total share capital of the isued
shares as registered with the company registration authority. Before the capital for the shares subscribed for by the
promoters are paid in ful, the company may not ofer any share to others.
Where there is any provision on the minimum amount of the registered capital of a joint stock limited company in
any law, administrative regulation or decision of the State Council, such provision shal prevail.
Article 97 Where a joint stock limited company is to be established by means of promotion, promoters shal
fuly subscribe for the shares that shal be isued at the time of the establishment of the company as provided for in
the articles of asociation.
If a joint stock limited company is to be established by means of stock floatation, the promoters shal subscribed for
not les than 35% of the total shares that shal be isued at the time of the establishment of the company as provided
for in the articles of asociation; however, where laws and administrative regulations provide otherwise, such
provisions shal prevail.
Article 98 Promoters shal make ful payment for the shares they have subscribed for prior to the
establishment of a company.
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The capital contributions by promoters shal be governed by the provisions of Article 48 and paragraph 2 of Article
49 hereof on the capital contributions by the shareholders of a limited liability company.
Article 99 Where any promoter fails to make payment for the shares subscribed for, or the actual value of the
non-monetary property used as capital contributions is obviously lower than the shares subscribed for, other
promoters shal bear several and joint liability with such promoter to the extent of the insuficient capital
contributions.
Article 100 In making a public ofering of shares, promoters shal publish the prospectus and prepare a
subscription warant. The subscription warant shal state the items specified in paragraph 2 and paragraph 3 of
Article 154 hereof, and the subscriber shal fil in the number of shares subscribed for, amount and domicile and
afix his/her signature or seal to the subscription warant. The subscriber shal make ful payment for the shares
subscribed for.
Article 101 After the share capital for a public ofering has ben paid in ful, the capital verification shal be
conducted by a lawfuly established capital verification agency, which shal isue a certification.
Article 102 A joint stock limited company shal make a register of shareholders and kep it in the company.
The register of shareholders shal contain the folowing items:
(I) name and domicile of each shareholder;
(I) clas and number of shares subscribed for by each shareholder;
(I) serial number of shares if the shares are isued in paper form; and
(IV) date for each shareholder to obtain shares.
Article 103 Promoters of a joint stock limited company established by means of stock floatation shal, within
30 days after ful payment has ben made for the shares to be isued at the time of establishment, hold an
establishment meting of the company. The promoters shal notify each subscriber of the date of the meting or
make a public anouncement 15 days before the meting is held. The establishment meting may not be held unles
the subscribers who hold more than half of the voting rights atend the meting.
Where a joint stock limited company is established by means of promotion, the convening and voting procedures
for the establishment meting shal be prescribed by the articles of asociation of the company or the agrement of
the promoters.
Article 104 The establishment meting of a company shal exercise the folowing functions and powers:
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(I) deliberating on the report on the preparations for establishment of the company by promoters;
(I) adopting the articles of asociation;
(I) electing directors and supervisors;
(IV) reviewing the expenses for the establishment of the company;
(V) reviewing the valuations of the non-monetary property contributed by the promoters; and
(VI) where any force majeure or any major change of busines conditions directly afects the establishment of
the company, the resolution of not establishing the company may be made.
The resolutions made at the establishment meting about the maters as mentioned in the preceding paragraph
shal be adopted by the subscribers present at the meting who represent more than half of the voting rights.
Article 105 Where the shares to be isued have not ben fuly subscribed for at the time of the establishment
of a company, or the promoters fail to hold an establishment meting within 30 days after the ful payment has ben
made for the shares to be isued, subscribers may claim against the promoters for refund of the payment for shares
plus the interest on the bank deposits for the same term.
The promoters and subscribers may not withdraw their share capital after they have made payment for the shares or
delivered non-monetary property as capital contributions, except that the shares have not ben fuly subscribed for
within the time limit, the promoters fail to hold the establishment meting on schedule, or the establishment
meting decides not to establish the company.
Article 106 The board of directors shal, within 30 days after the end of the establishment meting of a
company, authorize a representative to file an aplication for registration of establishment with the company
registration authority.
Article 107 The provisions of Article 44, Paragraph 3 of Article 49, Articles 51 through 53 hereof shal aply
to joint stock limited companies.
Article 108 Where a limited liability company is changed into a joint stock limited company, the total amount
of the paid-in capital converted shal not be more than the net asets of the company. Where a limited liability
company is changed into a joint stock limited company and makes a public ofering of shares for increasing its
registered capital, it shal do so acording to law.
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Article 109 A joint stock limited company shal preserve the articles of asociation, register of shareholders,
minutes of shareholders’ metings, minutes of metings of the board of directors and of the board of supervisors,
financial and acounting reports and register of bondholders in the company.
Article 110 Shareholders are entitled to consult or copy the articles of asociation, register of shareholders,
minutes of shareholders’ metings, resolutions of metings of the board of directors and of the board of supervisors
and financial and acounting reports and may bring forward sugestions or raise inquiries about the busines
operation of the company.
Where the shareholders who separately or agregately hold 3% or more of the company’s shares for 180
consecutive days or more request to consult the acounting boks or acounting vouchers of the company, the
provisions of Paragraphs 2 through 4 of Article 57 hereof shal aply. Where the articles of asociation prescribe a
relatively lower proportion of shareholding, such provisions shal prevail.
Where the shareholders request to consult or copy the relevant materials of a wholy-owned subsidiary of the
company, the provisions of the preceding two paragraphs shal aply.
When consulting or copying the relevant materials, shareholders of a listed company shal comply with the
Securities Law of the People’s Republic of China and other laws and administrative regulations.
Section 2 Shareholders’ Meting
Article 111 The shareholders’ meting of a joint stock limited company shal consist of al the shareholders.
The shareholders’ meting is the authority of the company, which shal exercise its functions and powers acording
to this Law.
Article 112 The provisions of Paragraphs 1 and 2 of Article 59 hereof on the functions and powers of the
shareholders’ meting of a limited liability company shal aply to the shareholders’ meting of a joint stock limited
company.
The provision in Article 60 hereof that a limited liability company with only one shareholder may not establish a
shareholders’ meting shal aply to a joint stock limited company with sole shareholder.
Article 113 An anual shareholders’ meting shal be held every year. If any of the folowing circumstances
ocurs, an interim shareholders’ meting shal be held within two months:
(I) where the number of directors is les than two thirds of the number as provided for by this Law or the articles of
asociation;
(I) where the unrecovered loses of the company reach one third of the total capital stock;
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(I) where the shareholders who separately or agregately hold 10% or more of the company’s shares so
request;
(IV) where the board of directors dems it necesary;
(V) where the board of supervisors so proposes; or
(VI) other circumstances as provided for in the articles of asociation.
Article 114 The shareholders’ meting shal be convened by the board of directors and presided over by the
chairman of the board of directors. If the chairman is unable or fails to perform his/her duties, the meting shal be
presided over by the deputy chairman. If the deputy chairman is unable or fails to perform his/her duties, the
meting shal be presided over by a director jointly elected by more than half of the directors.
If the board of directors is unable or fails to perform the duties of convening the shareholders’ meting, the board of
supervisors shal timely convene and preside over the meting. If the board of supervisors fails to convene and
preside over the meting, shareholders who separately or agregately hold 10% or more of the shares of the
company for 90 or more consecutive days may convene and preside over the meting by themselves.
If the shareholders who separately or agregately hold 10% or more of the shares of the company request to
convene an interim shareholders’ meting, the board of directors and the board of supervisors shal, within 10 days
after the receipt of such request, decide whether to hold an interim shareholders’ meting and reply to the
shareholders in writing.
Article 115 The time and place of the meting and the maters to be deliberated shal be notified to each
shareholder 20 days before a shareholders’ meting is held. For an interim shareholders’ meting, a notice shal be
served 15 days in advance.
The shareholders who separately or agregately hold 1% or more of the shares of the company may, 10 days before
a shareholders’ meting is held, submit an interim proposal in writing to the board of directors. The interim
proposal shal contain a clear topic for discusion and specific maters for resolution. The board of directors shal,
within 2 days after it receives such a proposal, notify other shareholders and submit the interim proposal to the
shareholders’ meting for deliberation, unles the interim proposal is in violation of any law, administrative
regulation or the articles of asociation or fails to fal into the scope of functions of the shareholders’ meting. The
company shal not raise the shareholding proportion of the shareholder who brings forward any interim proposal.
A company ofering shares to the public shal make the notices as mentioned in the preceding 2 paragraphs by
way of anouncement.
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The shareholders’ meting shal not make any resolution on any mater not specified in the notice.
Article 116 A shareholder who atends the shareholders’ meting has one vote for each share held by it,
except the shareholders of clasified shares. The company may not have a voting right for the shares it holds.
A resolution made at the shareholders’ meting shal be adopted by more than half of the voting rights held by the
shareholders who atend the meting.
A resolution made at the shareholders’ meting on modifying the articles of asociation, increasing or reducing
the registered capital as wel as merger, split-up, disolution or change of the corporate form shal be adopted by
two thirds or more of the voting rights held by the shareholders who atend the meting.
Article 117 The shareholders’ meting may, in electing the directors or supervisors, adopt a cumulative voting
system acording to the articles of asociation or the resolutions of the shareholders’ meting.
For the purpose of this Law, the “cumulative voting system” means that when the shareholders’ meting elects the
directors or supervisors, each shareholder is entitled to one vote per share, multiplied by the number of candidates
and uses them al for one candidate for director or supervisor.
Article 118 Where a shareholder entrusts an agent to atend the shareholders’ meting, it shal clarify the
maters, power and time limit of the agent. The agent shal present a power of atorney isued by the shareholder to
the company and exercise voting rights within the authorized scope.
Article 119 The minutes of shareholders’ meting shal be made for the decisions about the maters discused
at the meting, which shal be signed by the presider and the directors present. The minutes of the meting shal be
preserved together with the bok of signatures of the shareholders present as wel as the power of atorney thereof.
Section 3 Board of Directors and Managers
Article 120 A joint stock limited company shal set up a board of directors, except it is otherwise provided for
in Article 128 hereof.
The provisions of Article 67, Paragraph 1 of Article 68, Article 70, Article 71 hereof shal aply to joint stock
limited companies.
Article 121 A joint stock limited company may, under the articles of asociation, set up an audit comite
composed of directors in the board of directors, which shal exercise the functions and powers of the board of
supervisors as provided for in this Law. It may not have a board of supervisors or supervisors.
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The audit comite shal be composed of at least 3 members, and more than half of the members shal not asume
any position other than the director in the company and shal not have any relationship with the company that may
afect their independent and objective judgments. Among the members of the board of directors of the company, an
employes’ representative may become a member of the audit comite.
A resolution made by the audit comite shal be adopted by more than half of the members thereof.
For voting on a resolution of the audit comite, each member shal have one vote.
The discusion methods and voting procedures of the audit comite shal be prescribed in the articles of
asociation, unles it is otherwise provided for by this Law.
A company may set up other comites in the board of directors under the articles of asociation.
Article 122 The board of directors shal have one chairman and may have deputy chairmen. The chairman and
deputy chairmen shal be elected by more than half of al the directors.
The chairman shal convene and preside over the metings of the board of directors and check the implementation
of the resolutions of the board of directors. The deputy chairman shal asist the chairman in work. If the chairman
is unable or fails to perform his/her duties, the deputy chairman shal perform such duties. If the deputy chairman is
unable or fails to perform his/her duties, a director jointly elected by more than half of the directors shal perform
such duties.
Article 123 The board of directors shal convene at least two metings every year. Each meting shal be
notified to al directors and supervisors 10 days before it is held.
The shareholders representing one tenth or more of the voting rights, one third or more of the directors, or the board
of supervisors may propose to convene an interim meting of the board of directors. The chairman of the board of
directors shal, within 10 days upon receipt of such a proposal, convene and preside over a meting of the board of
directors.
If the board of directors holds an interim meting, it may separately decide the method and time limit for the
notification on convening metings of the board of directors.
Article 124 No meting of the board of directors may be held unles more than half of the directors are
present. A resolution made by the board of directors shal be adopted by more than half of al the directors.
For voting on a resolution of the board of directors, each director shal have one vote.
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The board of directors shal prepare minutes regarding the decisions on the maters discused at the metings,
which shal be signed by the directors present.
Article 125 The directors shal atend the meting of the board of directors in person. Where any director is
unable to atend the meting for any reason, he/she may, by isuing a writen power of atorney, entrust another
director to atend the meting on his/her behalf. The power of atorney shal indicate the scope of authorization.
The directors shal be responsible for the resolutions made by the board of directors. Where a resolution of the
board of directors is in violation of any law, administrative regulation, article of asociation or resolution of the
shareholders’ meting and causes any serious los to the company, the directors who participate in adopting such
resolution shal be liable for compensation to the company. If a director is proved to have expresed his/her
objection to the voting on such resolution and such objection has ben recorded in the minutes, he/she may be
exempted from liability.
Article 126 A joint stock limited company may have a manager, who shal be apointed or removed as
decided by the board of directors.
The manager shal be responsible to the board of directors and exercise his/her functions and powers acording to
the articles of asociation or the authorization of the board of directors. The manager shal atend the metings of
the board of directors as a non-voting member.
Article 127 The board of directors of a company may decide to apoint a member of the board of directors to
concurently serve as the manager.
Article 128 A joint stock limited company with a relatively smal scale or relatively smal number of
shareholders may dispense with the board of directors and have one director to exercise the functions and powers of
the board of directors as prescribed by this Law. The director may concurently hold the post of the manager of the
company.
Article 129 A company shal regularly disclose to its shareholders the information about remunerations
obtained by the directors, supervisors and senior executives from the company.
Section 4 Board of Supervisors
Article 130 A joint stock limited company shal have a board of supervisors, except it is otherwise provided in
Paragraph 1 of Article 121 and Article 133 hereof.
The board of supervisors shal comprise 3 members or more. The members of the board of supervisors shal include
shareholders’ representatives and an apropriate proportion of employes’ representatives of the company, among
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which the proportion of the employes’ representatives shal not be lower than one third, and the concrete
proportion shal be specified in the articles of asociation. The employes’ representatives who serve as members of
the board of supervisors shal be democraticaly elected by employes through the employes’ representative
congres, employes’ congres or by other means.
The board of supervisors shal have one chairman and may have deputy chairmen. The chairman and deputy
chairmen of the board of supervisors shal be elected by more than half of al the supervisors. The chairman of the
board of supervisors shal convene and preside over the metings of the board of supervisors. If the chairman of the
board of supervisors is unable or fails to perform his/her duties, the deputy chairman of the board of supervisors
shal convene and preside over the meting. If the deputy chairman is unable or fails to perform his/her duties, a
supervisor jointly elected by more than half of the supervisors shal convene and preside over such meting.
No director or senior executive may concurently hold the post of supervisor.
The provisions of Article 77 hereof on the term of ofice of supervisors of a limited liability company shal
aply to that of the supervisors of a joint stock limited company.
Article 131 The provisions of Articles 78 through 80 hereof shal aply to the board of supervisors of a joint
stock limited company.
The expenses necesary for the board of supervisors to exercise its functions and powers shal be borne by the
company.
Article 132 The board of supervisors shal convene at least one meting every 6 months. The supervisors may
propose to convene an interim meting of the board of supervisors.
The discusion methods and voting procedures of the board of supervisors shal be prescribed in the articles of
asociation, unles it is otherwise provided for by this Law.
Resolutions made by the board of supervisors shal be adopted by more than half of al the supervisors.
For voting on a resolution by the board of supervisors, each supervisor shal have one vote.
The board of supervisors shal prepare minutes for the decisions on the maters discused at the meting,
which shal be signed by the supervisors present.
Article 133 A joint stock limited company with a relatively smal scale or relatively smal number of
shareholders may dispense with the board of supervisors, but may have one supervisor, who shal exercise the
functions and powers of the board of supervisors as prescribed by this Law.
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Section 5 Special Provisions on the Organizational Structure of a Listed Company
Article 134 For the purpose of this Law, a “listed company” refers to the joint stock limited company whose
stocks are listed and traded on a stock exchange.
Article 135 Where the amount of any major aset purchased or sold or any guaranty provided to others by a
listed company within one year exceds 30% of the total amount of its asets, a resolution shal be made by the
shareholders’ meting and adopted by the shareholders representing two thirds of the voting rights who are present
at the meting.
Article 136 A listed company shal have independent directors. The specific measures for the administration
of independent directors shal be formulated by the securities regulatory authority of the State Council.
The articles of asociation of a listed company shal not only specify the maters as prescribed in Article 95 hereof,
but also specify the maters such as the composition and functions and powers of the ad hoc comites of the
board of directors, as wel as the remuneration and apraisal mechanism for directors, supervisors and senior
executives acording to the relevant laws and administrative regulations.
Article 137 Where a listed company sets up an audit comite under the board of directors, any of the
folowing maters shal be subject to the afirmative votes of more than half of al the members of the audit
comite before the board of directors makes a resolution:
(I) hiring or removing the acounting firm that undertakes the audit engagements of the company;
(I) apointing or removing the financial director;
(I) disclosing the financial and acounting reports; and
(IV) any other mater as prescribed by the securities regulatory authority of the State Council.
Article 138 A listed company may have a secretary of the board of directors, who shal be responsible for the
preparations of the shareholders’ metings and metings of the board of directors, the preservation of documents,
the management of the shareholders’ information of the company, the handling of information disclosure, etc.
Article 139 Where any director of a listed company has any related-party relationship with any enterprise or
individual involved in the mater to be decided at the meting of the board of directors, such director shal submit a
writen report to the board of directors in a timely maner. Any director with any related-party relationship shal
not vote on such resolution, nor may he/she vote on behalf of any other director. The meting of the board of
directors shal not be held unles more than half of the unrelated directors are present at the meting. A resolution
made by the board of directors shal require the afirmative votes of more than half of the unrelated directors. If les
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than 3 unrelated directors are present at the meting of the board of directors, the mater shal be submited to the
shareholders’ meting of the listed company for deliberation.
Article 140 A listed company shal disclose the information about its shareholders and actual controlers
acording to law, and the relevant information shal be authentic, acurate and complete.
It is prohibited to hold the stocks of any listed company on an agency basis in violation of laws and administrative
regulations.
Article 141 Any subsidiary controled by a listed company shal not acquire the shares of the aforesaid listed
company.
In case any subsidiary controled by a listed company holds the shares of the listed company due to the merger of
the company or exercise of pledge right, it shal not exercise the voting right coresponding to the shares it holds
and timely dispose of the relevant shares of the listed company.
Chapter VI Isuance and Transfer of Shares of a Joint Stock Limited Company
Section 1 Isuance of Shares
Article 142 The capital of a company shal be divided into shares. Al the shares of the company shal
alternatively be shares with or without par value in acordance with the articles of asociation. Where par value
shares are adopted, al the shares shal be of equal value.
The company may, acording to the articles of asociation, convert al the isued par value shares into no par value
shares, or vice versa.
Where no par value shares are adopted, more than half of the proceds from the isuance of the shares shal be
included in the registered capital.
Article 143 Shares shal be isued under the principle of fairnes and impartiality. The shares of the same
clas shal rank pari pasu.
Shares of the same clas in the same isue shal be isued at the same price and on same conditions. The same price
shal be paid for each share subscribed for by a subscriber.
Article 144 A company may, acording to the articles of asociation, isue the folowing clasified shares,
which have diferent rights from those of the comon shares:
(I) shares with priority or inferior rights to profits or remaining property in distribution;
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(I) shares with more or les voting rights per share than those of the comon shares;
(I) shares whose transfer is subject to the consent of the company and other restrictions; or
(IV) other clasified shares provided for by the State Council.
A company making a public ofering of shares shal not isue any of the clasified shares as prescribed in
Items (I) and (I) of the preceding paragraph, except those isued prior to the public ofering.
Where a company isues the clasified shares as mentioned in Item (I) of Paragraph 1 of the present Article,
the number of voting rights per clasified share shal be the same as that of the comon share for the election and
replacement of the supervisors or the members of the audit comite.
Article 145 A company that isues clasified shares shal state the folowing items in its articles of asociation:
(I) the sequence for the distribution of profits or remaining property of the clasified shares;
(I) the number of voting rights of the clasified shares;
(I) the restriction on the transfer of clasified shares;
(IV) measures for protecting the rights and interests of minority shareholders; and
(V) other maters that the shareholders’ meting believes necesary to be specified.
Article 146 Where any of the maters as prescribed in Paragraph 3 of Article 116 hereof ocurs to a company
that isues clasified shares and may afect the rights of the clasified shareholders, it shal not only be decided by
the shareholders’ meting acording to Paragraph 3 of Article 116, but also be adopted by shareholders representing
two thirds of the voting rights who are present at the clasified shareholders’ meting.
Other maters that ned to be decided at the clasified shareholders’ meting may be provided for in the articles of
asociation of the company.
Article 147 Shares in a company take the form of share certificates. Share certificates are certificates isued
by the company evidencing the shares held by the shareholders.
The shares isued by a company shal be registered shares.
Article 148 The isue price of par value stock may be based on the face value or exced the face value but
shal not be lower than the face value.
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Article 149 A stock shal be in paper form or in any other form prescribed by the securities regulatory
authority of the State Council.
A stock in paper form shal state the folowing main items:
(I) the name of the company;
(I) the date of establishment of the company or the time for the isuance of the stocks; and
(I) the clas and par value of the stock, and the number of shares it represents; the number of shares the stock
represents if any no par value stock is isued.
A stock in paper form shal also state the serial number of the stock, which shal be signed by the legal
representative and sealed by the company.
Stocks isued to promotors in paper form shal bear the words “promoter’s stocks”.
Article 150 A joint stock limited company shal formaly deliver the stocks to the shareholders after its
establishment. No company may deliver any stock to the shareholders before its establishment.
Article 151 Where a company intends to isue new stocks, its shareholders’ meting shal make a resolution
about the folowing maters:
(I) the clas and amount of the new stocks;
(I) the isuing price of the new stocks;
(I) the begining and ending dates for the isuance of the new stocks;
(IV) the clas and amount of the new stocks to be isued to the original shareholders; and
(V) if any no par value stock is isued, the proceds from the isuance of the new stocks shal be included into
the registered capital.
Where a company isues new stocks, it may make the pricing plan in light of its busines operations and
financial status.
Article 152 The articles of asociation or the shareholders’ meting may authorize the board of directors to
decide to isue not more than 50% of the shares that have ben isued within thre years. However, if the capital
contributions are to be made using non-monetary property, they shal be subject to a resolution made by the
shareholders’ meting.
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Where the board of directors decides to isue shares pursuant to the preceding paragraph, and thus results in a
change in the registered capital or the number of isued shares of the company, the voting at the shareholders’
meting may not be neded to revise such item set forth in the articles of asociation of the company.
Article 153 Where the articles of asociation or the shareholders’ meting of a company authorizes the board
of directors to decide on isuing new stocks, a resolution of the board of directors shal be adopted by two thirds of
al the directors.
Article 154 Where a company intends to make public ofering of shares, it shal go through the registration
with the securities regulatory authority of the State Council and anounce the prospectus.
The prospectus shal be atached with the articles of asociation and state the folowing maters:
(I) the total number of shares to be isued;
(I) the par value and isuance price of the par value stocks, or the isuance price of the no par value stocks;
(I) the purposes of proceds;
(IV) the rights and obligations of subscribers;
(V) the varieties of the shares and the rights and obligations thereof; and
(VI) the begining and ending dates of the curent ofering and a statement that the subscribers may withdraw
shares subscribed for if the shares are not fuly ofered within the time limit.
Where the shares are isued at the time of establishment of a company, the number of shares subscribed for by
the promoters shal also be stated.
Article 155 The shares to be ofered to the general public by a company shal be underwriten by a lawfuly
established securities company, with which an underwriting agrement shal be concluded.
Article 156 Where a company intends to ofer shares to the general public, it shal conclude an agrement
with a bank on the colection of share capital on behalf of the company.
The bank entrusted to colect the share capital shal, under the agrement, colect and kep the share capital on
behalf of the company, isue receipts to the subscribers who have made the payments, and shal be obliged to isue
certification of receipt of payments to the relevant authorities.
After the share capital is raised by a company making ofering of shares, an anouncement shal be made.
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Section 2 Transfer of Shares
Article 157 The shares held by a shareholder of a joint stock limited company may be transfered to other
shareholders or to persons other than the shareholders of the company. Where the articles of asociation of the
company have any restriction on the transfer of shares, the transfer shal be caried out in acordance with the
articles of asociation.
Article 158 The share transfer by a shareholder shal be conducted on a lawfuly established stock exchange
or by any other means as prescribed by the State Council.
Article 159 The stocks shal be transfered by a shareholder in the form of endorsement or by any other means
prescribed by the relevant laws or administrative regulations. After the transfer, the company shal record the name
and domicile of the transfere in the register of shareholders.
The register of shareholders shal not be modified within 20 days before any shareholders’ meting is held, or
within 5 days prior to the benchmark date decided by the company for the distribution of dividends. Where it is
otherwise provided for in any law, administrative regulation or by the securities regulatory authority of the State
Council for the modification of the register of shareholders of a listed company, such provisions shal prevail.
Article 160 The shares isued before a company makes a public ofering of shares shal not be transfered
within 1 year as of the day when the stocks of the company are listed and traded on the stock exchange. Where it is
otherwise provided for in any law, administrative regulation or by the securities regulatory authority of the State
Council for the transfer of shares held by the shareholders or actual controlers of a listed company, such provisions
shal prevail.
The directors, supervisors and senior executives of the company shal declare to the company the shares they hold
and the changes thereof. During the term of ofice as determined when they asume the posts, the shares transfered
each year shal not exced 25% of the total shares they hold of the company. The shares of the company held by
them shal not be transfered within 1 year as of the day when the stocks of the company are listed and traded on
the stock exchange. Any of the aforesaid persons shal not transfer the shares of the company held within six
months after he/she leaves ofice. Any other restrictions on the transfer of company shares held by directors,
supervisors or senior executives may be specified in the articles of asociation.
Where the shares are pledged within the time limit for restricted transfer as provided for by laws and
administrative regulations, the pledge may not exercise the pledge right within such restricted period.
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Article 161 Under any of the folowing circumstances, a shareholder, who votes against the resolution of the
shareholders’ meting, may require the company to purchase its shares at a reasonable price, except a company
making public ofering of shares:
(I) the company has not distributed any profit to the shareholder for 5 consecutive years, though the company has
made profits for five consecutive years and mets the profit distribution requirements as prescribed in this Law;
(I) the company has transfered its main property; or
(I) the busines operation term as prescribed in the articles of asociation expires or any other cause for
disolution as prescribed in the articles of asociation ocurs, and the shareholders’ meting makes the company
continue existing by adopting a resolution to modify the articles of asociation.
Where the shareholder fails to reach a share purchase agrement with the company within 60 days as of the
day when the resolution is made by the shareholders’ meting, it may, within 90 days as of the day when the
resolution is made by the shareholders’ meting, lodge a lawsuit in the people’s court.
The shares purchased by the company itself under any of the circumstances as mentioned in the first paragraph
of the present Article shal be transfered or deregistered acording to law within 6 months.
Article 162 No company may purchase its own shares except under any of the folowing circumstances:
(I) where the company’s registered capital is reduced;
(I) where it merges with another company holding its shares;
(I) where its shares are used for employe stock ownership plan or equity incentives;
(IV) where any shareholder, who raises objections to the resolution of the shareholders’ meting on the merger
or split-up of the company, requests the company to purchase its shares;
(V) where its shares are used for converting the corporate bonds into convertible stocks isued by the
company; or
(VI) it is necesary for a listed company to maintain its company value and its shareholders’ equity.
Where a company purchases its own shares under any of the circumstances as mentioned in Items (I) or (I) of
the preceding paragraph, a resolution of the shareholders’ meting shal be adopted. Where a company purchases its
own shares under any of the circumstances as mentioned in Items (I), (V) or (VI) of the preceding paragraph, a
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resolution shal be adopted at the meting of the board of directors with the atendance of not les than two thirds of
the directors, acording to the articles of asociation or the shareholders’ meting of the company.
After the company purchases its own shares acording to the first paragraph of this Article, the shares
purchased shal be writen of within ten days as of the purchase date under the circumstance as mentioned in Item
(I); the shares shal be transfered or writen of within six months under the circumstance as mentioned in Item (I)
or (IV); and the shares held acumulatively by the company shal not exced 10% of the total shares isued and be
transfered or writen of within thre years under any of the circumstances as mentioned in Item (I), (V) or (VI).
Where a listed company purchases its own shares, it shal perform its obligation of information disclosure
acording to the provisions of the Securities Law of the People’s Republic of China. Where a listed company
purchases its own shares due to any of the circumstances as mentioned in Items (I), (V) or (VI) of Paragraph 1 of
this Article, such purchase shal be conducted by way of public centralized trading.
No company may acept the shares of its own as the subject mater of pledge.
Article 163 No company may provide gifts, loans, guarantes or other financial aids for others to obtain the
shares of the company or the parent company thereof unles it caries out an employe stock ownership plan.
For the benefits of the company, the company may, upon a resolution by the shareholders’ meting or by the board
of directors under the articles of asociation or the authorization of the shareholders’ meting, provide financial aids
for others to obtain the shares of the company or the parent company thereof, provided that the total acumulative
amount of the financial aids shal not exced 10% of the total isued share capital. A resolution by the board of
directors shal be adopted by two thirds of al the directors.
Any director, supervisor or senior executive who is liable for any los to the company due to violation of the
provisions of the preceding two paragraphs shal make compensations.
Article 164 Where any stock is stolen, lost or destroyed, a shareholder may request the people’s court to
declare the stock invalid in light of the procedure of public sumons for exhortation prescribed in the Civil
Procedure Law of the People’s Republic of China. After the people’s court has invalidated the stock, the shareholder
may file an aplication with the company for isuance of new stock.
Article 165 The stocks of a listed company shal be listed and traded acording to the relevant laws,
administrative regulations, as wel as the trading rules of the stock exchange.
Article 166 A listed company shal disclose the relevant information in acordance with laws and
administrative regulations.
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Article 167 After a natural person shareholder dies, his/her lawful inheritor may inherit the qualifications of
the shareholder, unles it is otherwise prescribed by the articles of asociation of a joint stock limited company
whose transfer of shares is restricted.
Chapter VI Special Provisions on the Organizational Structure of State-invested Companies
Article 168 The provisions of this Chapter shal aply to the organizational structure of state-invested
companies. Where there is no relevant provision in this Chapter, other provisions of this Law shal aply.
For the purpose of this Law, “state-invested companies” refer to the solely state-owned companies or state-owned
capital holding companies invested by the state, including the limited liability companies and joint stock limited
companies invested by the state.
Article 169 As to the state-invested companies, the State Council or the local people’s governments shal, on
behalf of the state, perform the contributor’s duties and enjoy the contributor’s rights and interests. The State
Council or the local people’s governments may authorize the state-owned asets supervision and administration
agencies or any other departments or organs to perform the contributor’s duties for the state-invested companies on
behalf of the people’s governments at the coresponding level.
The organs and departments that perform the contributor’s duties on behalf of the people’s governments at the
coresponding level are hereinafter refered to colectively as the agencies that perform the contributor’s duties.
Article 170 The organization of the Comunist Party of China in a state-invested company shal play a
leading role in acordance with the Constitution of the Comunist Party of China, study and discus the significant
maters concerning the operation and management of the company and suport the organization of the company in
exercising its functions and powers in acordance with the law.
Article 171 The articles of asociation of a solely state-owned company shal be formulated by the agency
that performs the contributor’s duties.
Article 172 A solely state-owned company shal not set up the shareholders’ meting, and the functions and
powers of the shareholders’ meting shal be exercised by the agency that performs the contributor’s duties. The
agency that performs the contributor’s duties may authorize the board of directors to exercise some of the functions
and powers of the shareholders’ meting, provided that the formulation and modification of the articles of
asociation, merger, division, disolution, aplication for bankruptcy, increase or decrease of registered capital, and
distribution of profits of the company shal be determined by the agency that performs the contributor’s duties.
Article 173 The board of directors of a solely state-owned company shal exercise its functions and powers in
acordance with this Law.
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More than half of the members of the board of directors of a solely state-owned company shal be external directors
and include employes’ representatives of the company.
The members of the board of directors shal be designated by the agency that performs the contributor’s duties.
However, the employes’ representatives in the board of directors shal be elected through the employes’
representative congres of the company.
The board of directors shal have one chairman and may have deputy chairmen. The chairman and deputy
chairmen shal be designated by the agency that performs the contributor’s duties from among the members of the
board of directors.
Article 174 The manager of a solely state-owned company shal be apointed or removed by the board of
directors.
A member of the board of directors may concurently serve as the manager subject to the consent of the agency that
performs the contributor’s duties.
Article 175 No director or senior executive of a solely state-owned company may concurently hold a post in
any other limited liability company, joint stock limited company or any other economic organization without the
consent of the agency that performs the contributor’s duties.
Article 176 Where a solely state-owned company sets up an audit comite composed of directors under the
board of directors to exercise the functions and powers of a board of supervisors as prescribed in this Law, it may
dispense with a board of supervisors or supervisors.
Article 177 A state-invested company shal establish a sound internal supervision and risk control system in
acordance with the law and intensify its internal compliance management.
Chapter VI Qualifications and Obligations of Directors, Supervisors and Senior Executives of a
Company
Article 178 Under any of the folowing circumstances, anyone may not act as a director, supervisor or senior
executive of a company:
(I) having no capacity for civil conduct or having limited capacity for civil conduct;
(I) having ben sentenced to any criminal penalty due to an ofence of coruption, bribery, encroachment of
property, misapropriation of property or disrupting the order of the socialist market economy, or having ben
deprived of political rights due to a crime, where a five-year period has not elapsed since the expiration of
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execution period; If he/she is pronounced for suspension of sentence, a two-year period has not elapsed since the
expiration of the suspension of sentence;
(I) serving as a director, factory director or manager of a company or enterprise which has ben bankrupt and
liquidated and being personaly liable for the bankruptcy of such company or enterprise, where a thre-year period
has not elapsed since the completion of the bankruptcy and liquidation;
(IV) acting as the legal representative of a company or enterprise whose busines license has ben revoked or
which was ordered to close down due to any violation of the law and being personaly liable, where a thre-year
period has not elapsed since the date of revocation of busines license or the order for closure; or
(V) being listed as a dishonest person subject to enforcement by the people’s court due to his/her failure to pay
of a relatively large amount of due debts.
Where the election or apointment of any director or supervisor, or employment of any senior executive is in
violation of the preceding paragraph, it shal be invalidated.
Where any director, supervisor or senior executive, during his/her term of ofice, is under any of the
circumstances set out in the first paragraph of this Article, the company shal remove him/her from ofice.
Article 179 Directors, supervisors and senior executives shal comply with laws, administrative regulations
and the articles of asociation.
Article 180 Directors, supervisors and senior executives shal asume the obligation of loyalty to the company
and take measures to avoid the conflict betwen their own interests and those of the company and may not sek any
improper interests by taking advantage of their powers.
The directors, supervisors and senior executives shal asume the duty of diligence to the company. When
performing their duties, they shal, for the best interests of the company, exercise the reasonable care that shal be
generaly posesed by a manager.
The provisions of the preceding two paragraphs shal aply to the controling shareholder or actual controler
of a company who does not serve as a director but actualy executes the afairs of the company.
Article 181 No director, supervisor or senior executive may have any of the folowing acts:
(I) embezling the property or misapropriating the funds of the company;
(I) depositing the funds of the company into an acount opened in his/her own name or in the name of any
other individual;
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(I) giving bribes or acepting any other ilegal proceds by taking advantage of his/her power;
(IV) taking comisions from the transactions betwen the company and any other person into his/her own
pocket;
(V) unlawfuly disclosing the confidential information of the company; or
(VI) other acts in violation of the obligation of loyalty to the company.
Article 182 Where any director, supervisor or senior executive directly or indirectly concludes a contract or
conducts a transaction with his/her company, he/she shal report the maters relating to the conclusion of the
contract or transaction to the board of directors or shareholders’ meting, which shal be subject to the resolution of
the board of directors or shareholders’ meting acording to the articles of asociation.
Where any of the near relatives of the directors, supervisors or senior executives, or any of the enterprises directly
or indirectly controled by the directors, supervisors or senior executives or any of their near relatives, or any of the
related parties who has any other related-party relationship with the directors, supervisors or senior executives,
concludes a contract or conducts a transaction with the company, the provisions of the preceding paragraph shal
aply.
Article 183 No director, supervisor or senior executive may take advantage of his/her position to sek any
busines oportunity that belongs to the company for himself/herself or any other person except under any of the
folowing circumstances:
(I) where he/she has reported to the board of directors or the shareholders’ meting and has ben aproved by a
resolution of the board of directors or the shareholders’ meting acording to the articles of asociation; or
(I) where the company canot make use of the busines oportunity as stipulated by laws, administrative
regulations or the articles of asociation.
Article 184 Where any director, supervisor or senior executive fails to report to the board of directors or the
shareholders’ meting and obtain an aproval by resolution of the board of directors or the shareholders’ meting
acording to the articles of asociation, he/she may not engage in any busines that is similar to that of the company
where he/she holds ofice for himself/herself or for any other person.
Article 185 When the board of directors makes a resolution on any of the maters as specified in Articles 182
through 184 hereof, the related directors shal not participate in the voting, and their voting rights shal not be
calculated into the total voting rights. If the number of unrelated directors present at the meting of the board of
directors is les than 3, the mater shal be submited to the shareholders’ meting for deliberation.
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Article 186 The incomes derived by any director, supervisor or senior executive in violation of Articles 181
through 184 hereof shal belong to the company.
Article 187 If the shareholders’ meting demands a director, supervisor or senior executive to atend the
meting as a non-voting delegate, he/she shal do so and answer shareholders’ inquiries.
Article 188 Where any director, supervisor or senior executive violates any law, administrative regulation or
the articles of asociation during the performance of duties and causes any los to the company, he/she shal be
liable for compensation.
Article 189 Where any director or senior executive is under the circumstance as mentioned in the preceding
Article, the shareholders of a limited liability company or the shareholders of a joint stock limited company
separately or agregately holding 1% or more of the total shares of the company for 180 consecutive days or more
may request the board of supervisors in writing to initiate a lawsuit in the people’s court. If any supervisor is under
the circumstance in the preceding Article, the aforesaid shareholders may request the board of directors in writing
to file a lawsuit with the people’s court.
Where the board of supervisors or the board of directors refuses to initiate a lawsuit after it receives a writen
request of the shareholders as mentioned in the preceding paragraph, or fails to file a lawsuit within 30 days upon
receipt of the request, or in an emergency, the failure to initiate a lawsuit imediately wil cause ireparable
damage to the interests of the company, the shareholders in the preceding paragraph shal have the right to directly
initiate a lawsuit in the people’s court in their own name for the interests of the company.
If others infringe upon the legitimate rights and interests of a company and cause loses to the company, the
shareholders stipulated in the first paragraph of this Article may initiate a lawsuit in the people’s court in
acordance with the provisions of the preceding two paragraphs.
If a director, supervisor or senior executive of a wholy-owned subsidiary of the company is under the
circumstance specified in the preceding Article, or if the legitimate rights and interests of a wholy-owned
subsidiary of the company are impaired by any other person, thus causing any loses, the shareholders of a limited
liability company or shareholders of a joint stock limited company separately or agregately holding 1% or more of
the total shares of the company for 180 consecutive days or more may request the board of supervisors or the board
of directors of the wholy-owned subsidiary in writen form to initiate a lawsuit in the people’s court or directly files
a lawsuit with the people’s court in their own name.
Article 190 Where any director or senior executive damages the shareholders’ interests by violating any law,
administrative regulation or the articles of asociation, the shareholders may initiate a lawsuit in the people’s court.
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Article 191 Where any director or senior executive causes any damage to any other person in the performance
of duties, the company shal be liable for compensation. If any director or senior executive is intentional or has
gros negligence, he/she shal also be liable for compensation.
Article 192 Where any controling shareholder or actual controler of a company instructs any director or
senior executive to cary out any act damaging the interests of the company or the shareholders, it shal bear joint
and several liability with the director or senior executive.
Article 193 A company may, during the term of ofice of a director, purchase the liability insurance for the
compensation liability to be borne by the director in performing the duties.
After the company purchases liability insurance or renews the insurance for the director, the board of directors shal
report the insured amount, coverage and premium rate etc. of the liability insurance to the shareholders’ meting.
Chapter IX Corporate Bonds
Article 194 For the purpose of this Law, the term “corporate bonds” refers to the negotiable securities isued
by a company that agres to pay principal and interest on schedule.
Corporate bonds can be isued publicly or non-publicly.
The ofering and trading of corporate bonds shal comply with the Securities Law of the People’s Republic of
China and other laws and administrative regulations.
Article 195 A public ofering of a corporate bond shal be registered with the securities regulatory authority of
the State Council and a corporate bond prospectus shal be made.
The corporate bond prospectus shal state the major items as folows:
(I) the company’s name;
(I) the purposes of use of bond proceds;
(I) the total amount and par value of the bond;
(IV) the method for determining the interest rate of the bond;
(V) the term and maner of debt service;
(VI) bond guarantes;
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(VI) the ofering price of the bond, begining and ending dates of the ofering;
(VI) net asets of the company;
(IX) the total amount of outstanding corporate bonds; and
(X) underwriter of the corporate bond.
Article 196 Where a company isues corporate bonds in paper form, it shal specify on the bonds such maters
as the name of the company, the par value of the bonds, the interest rate, the time limit for repayment, etc. The
bonds shal be signed by the legal representative and sealed by the company.
Article 197 Corporate bonds shal be registered.
Article 198 A company isuing corporate bonds shal kep a register of corporate bond holders.
Where corporate bonds are isued, the folowing maters shal be stated in the register of bondholders of the
company:
(I) the name and domicile of the bondholders;
(I) the dates on which the bondholder acquires the bonds and the serial number of the bonds;
(I) the total amount of the bonds, par value, interest rate, time limit and method for repayment of principal
plus interest; and
(IV) the date on which the bonds are isued.
Article 199 The registration and setlement agency for corporate bonds shal establish the systems for bond
registration, depository, interest payment and redemption as wel as other relevant systems.
Article 200 Corporate bonds can be transfered, and the transfer price shal be agred betwen the transferor
and transfere.
The transfer of corporate bonds shal comply with the provisions of laws and administrative regulations.
Article 201 The transfer of corporate bonds shal be efected by the bondholder’s endorsement or other means
prescribed by laws and administrative regulations; after the transfer, the company shal record the name and
domicile of the transfere in the register of holders of corporate bonds.
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Article 202 A joint stock limited company may, under a resolution of the shareholders’ meting, or under a
resolution of the board of directors authorized by the articles of asociation or the shareholders’ meting, isue
corporate bonds convertible into shares and provide for specific conversion methods. The isuance of corporate
bonds convertible into stock by a listed company shal be registered with the securities regulatory authority of the
State Council.
The corporate bonds that can be converted into stock shal be marked with the words “convertible corporate bonds”,
and the number of convertible corporate bonds shal be specified in the register of holders of corporate bonds.
Article 203 Where convertible corporate bonds are isued, the company shal exchange its stock for the bonds
held by the bondholders in the prescribed method of conversion, provided that the bondholders have the option on
whether or not to convert their bonds into stock, except as otherwise prescribed by any law or administrative
regulation.
Article 204 In the case of a public ofering of corporate bonds, a bondholders’ meting shal be established for
the bondholders of the same isue, and procedures for the convening procedures of the bondholders’ meting, the
meting rules and other important maters shal be stipulated in the bond prospectus. The bondholders’ meting may
make resolutions on maters in which the bondholders have an interest.
Unles otherwise agred in the corporate bond prospectus, the resolution of the bondholders’ meting shal be
efective for al bondholders of the same isue.
Article 205 In the case of a public ofering of corporate bonds, the isuer shal engage a bond truste for the
bondholders, who shal handle such maters for the bondholders as receiving payment in liquidation, preservation
of claims, litigation relating to the bonds and participation in the debtor’s bankruptcy procedings.
Article 206 The bond truste shal fulfil its obligations with due diligence, fairly perform the entrusted
management duties, and shal not damage the interests of the bondholders.
Where there is any conflict of interests betwen the bond truste and the bondholders, which may damage the
interests of the bondholders, the bondholders’ meting may make a resolution to replace the bond truste.
The bond truste shal be liable for compensation if it violates laws, administrative regulations or a resolution
of the bondholders’ meting to the detriment of the interests of the bondholders.
Chapter X Financial Afairs and Acounting of a Company
Article 207 A company shal establish its own financial and acounting systems acording to laws,
administrative regulations and provisions of the financial department of the State Council.
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Article 208 A company shal prepare a financial acounting report at the end of each fiscal year and have it
audited by an acounting firm in acordance with the law.
The financial acounting report shal be made in acordance with the laws, administrative regulations and the
provisions of the financial department of the State Council.
Article 209 A limited liability company shal submit a financial acounting report to each shareholder within
the time limit as prescribed in the articles of asociation.
The financial acounting report of a joint stock limited company shal be made available for inspection by the
shareholders at the company not later than twenty days before the anual meting of shareholders; a joint stock
limited company that has publicly isued shares shal anounce its financial acounting report.
Article 210 When a company distributes its after-tax profit for the curent year, 10% of the profit shal be
acrued and included in the company’s statutory reserve. Such acrual is no longer required when the acumulated
amount of the company’s statutory reserve is 50% or more of the company’s registered capital.
Where the acumulative amount of the company’s statutory reserve is not enough to make up for the loses of the
previous year, the curent year’s profits shal first be used to make up for the loses before the statutory reserve is
acrued acording to the provisions of the preceding paragraph.
After having acrued statutory reserve from the after-tax profits, a company can also set aside discretionary
reserve from the after-tax profits upon a resolution made by the shareholders’ meting.
The residual after-tax profits after a company has made up its loses and acrued reserve shal be distributed
by the company (in the case of a limited liability company) in proportion to the capital contribution paid up by its
shareholders, except where al the shareholders have agred not to distribute the profits in acordance with the
proportion of the capital contribution; or such profits shal be distributed by the company (in the case of a joint
stock limited company) in proportion to the shares held by its shareholders, except as otherwise provided for in the
company’s articles of asociation.
Profit shal not be distributed for a company’s shares held by this company.
Article 211 Where a company distributes profits to shareholders in violation of the provisions of this Law, the
shareholders shal refund the profits distributed to the company, and the shareholders and the liable directors,
supervisors and senior executives shal be held liable for compensation if any los is caused to the company.
Article 212 If the shareholders’ meting resolves to distribute profits, the board of directors shal do so within
six months after the resolution is made.
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Article 213 The premiums received by a company from the isuance of shares at an isue price in exces of
the par value of the shares, the amount of share proceds from the isuance of no-par shares that have not ben
credited to the registered capital, and other items required by the financial department of the State Council to be
included in the capital reserve shal be clasified as the capital reserve of the company.
Article 214 The reserve of a company shal be used for making up loses, expanding the production and
busines scale or increasing the registered capital of the company.
Where the reserve of a company is used for making up loses, the discretionary reserve and statutory reserve shal
be firstly used. If loses stil canot be made up, the capital reserve can be used acording to the relevant provisions.
Where the statutory reserve is converted to increase registered capital, the amount of such reserve retained
shal not be les than 25% of the registered capital of the company prior to the conversion.
Article 215 The employment or dismisal of an acounting firm undertaking a company’s auditing busines
shal be decided by the shareholders’ meting, the board of directors or the board of supervisors in acordance with
the provisions of the company’s articles of asociation.
When a company’s shareholders’ meting, board of directors or the board of supervisors votes on the dismisal of
an acounting firm, the acounting firm shal be alowed to state its own opinions.
Article 216 A company shal provide true and complete acounting documents, acounting boks, financial
acounting reports and other acounting information to the acounting firm engaged by it, and shal not refuse,
conceal or misrepresent them.
Article 217 No company may kep any acounting boks other than the statutory acounting boks.
No acount shal be opened in the name of any individual for the deposit of a company’s funds.
Chapter XI A Merger of Companies, and Demerger, Capital Increase and Capital Reduction of a
Company
Article 218 A merger of companies may take the form of merger by absorption or merger by new
establishment.
In the case of a merger by absorption, a company absorbs another company and the absorbed company shal be
disolved. In the case of a merger by new establishment, two or more companies combine together for the
establishment of a new one, and the pre-merger companies shal be disolved.
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Article 219 Where a company merges with another company in which the former holds not les than 90 % of
the shares, the merged company is not required to adopt a resolution at the shareholders’ meting, but shal notify
other shareholders, who have the right to request the company to acquire their equity or shares at a reasonable price.
If the price paid for the merger of the companies is not more than 10 % of the net asets of the company, it is not
required to adopt a resolution at the shareholders’ meting, unles it is otherwise provided for in the articles of
asociation of the company.
For the merger of the companies as provided for in the preceding two paragraphs, a resolution of the board of
directors shal be adopted instead of a resolution of the shareholders’ meting.
Article 220 In the case of a merger of companies, a merger agrement shal be concluded by the merging
parties and a balance shet and an inventory of property shal be prepared. The companies involved shal notify
their creditors within ten days from the date of the resolution on the merger and make an anouncement in
newspaper or on the National Enterprise Credit Information Publicity System within thirty days. The creditors may
request the said companies to setle the debts or provide coresponding guarantes within thirty days from the date
of receipt of the notice or within forty-five days from the date of the anouncement if the notice is not received.
Article 221 In the case of a merger of companies, the claims and debts of the merging parties shal be
suceded by the company that survives the merger or by the newly established company.
Article 222 Where a company is demerged, its property shal be divided corespondingly.
A company shal prepare a balance shet and a list of its property if it is to be demerged. The company shal notify
its creditors within ten days from the date of the resolution on demerger and make an anouncement in the
newspaper or the National Enterprise Credit Information Publicity System within thirty days.
Article 223 Unles otherwise agred in a writen agrement betwen a company and its creditors on the
setlement of debts before a demerger, the debts of the company before the demerger shal be jointly and severaly
liable by the companies after the demerger.
Article 224 When reducing its registered capital, a company shal prepare a balance shet and an inventory of
property.
The company shal notify its creditors within ten days from the date of the resolution of the shareholders’ meting
to reduce the registered capital and make an anouncement in the newspaper or the National Enterprise Credit
Information Publicity System within thirty days. The creditors have the right to demand the company to setle the
debts or provide coresponding guarantes within thirty days from the date of receipt of the notice, or within forty-
five days from the date of the anouncement if the notice has not ben received.
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Where a company reduces its registered capital, it shal reduce the amount of capital contribution or shares in
proport to the capital contribution or shares held by the shareholders, unles it is otherwise prescribed by any law,
or is agred upon by al the shareholders of a limited liability company or is otherwise prescribed by the articles of
asociation of a joint stock limited company.
Article 225 If a company stil has loses after making up for them in acordance with the provisions of
Paragraph 2 of Article 214 of this Law, it may reduce its registered capital to make up for the loses. If the
registered capital is reduced to make up for the los, the company shal not make any distribution to the
shareholders, nor shal the shareholders be exempted from their obligation to pay the capital contribution or the
share capital.
If the registered capital is reduced in acordance with the provisions of the preceding paragraph, the provisions of
the second paragraph of the preceding Article shal not aply, but the resolution to reduce the registered capital
shal be made by the shareholders’ meting within thirty days from the date of the anouncement in the newspapers
or on the National Enterprise Credit Information Publicity System.
After a company reduces its registered capital in acordance with the provisions of the preceding two
paragraphs, it shal not distribute profits until the acumulated amount of statutory reserve and discretionary reserve
reaches 50% of the company’s registered capital.
Article 226 When a company reduces its registered capital in violation of the provisions of this Law, its
shareholders shal refund the funds they have received, and if the capital contributions of the shareholders are
reduced or exempted, such capital contributions shal be restored to the original status; if any los is caused to the
company, the shareholders and the liable directors, supervisors and senior executives shal bear the liability for
compensation.
Article 227 When a limited liability company increases its registered capital, its shareholders shal have the
premptive right to subscribe for the increased capital in proportion to their paid-in capital contribution on the same
terms. However, exceptions aply where al the shareholders agre that the capital contributions are not to be
subscribed for in proportion to their respective capital contributions.
When a joint stock limited company isues new shares to increase its registered capital, its shareholders shal not
have the premptive right, unles it is otherwise provided in the company’s articles of asociation or the
shareholders’ meting resolves that the shareholders enjoy the premptive right.
Article 228 When a limited liability company increases its registered capital, the contribution of its
shareholders to the new capital shal be made in acordance with the relevant provisions of this Law regarding the
payment of capital contributions for the establishment of a limited liability company.
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When a joint stock limited company isues new shares to increase its registered capital, the subscription for new
shares by its shareholders shal be governed by the relevant provisions of this Law regarding the payment of stock
capital for the establishment of a joint stock limited company.
Chapter XI Disolution and Liquidation of a Company
Article 229 A company is disolved for any of the folowing reasons:
(I) the expiration of the busines period stipulated in the company’s articles of asociation or the ocurence of
other causes of disolution stipulated in the company’s articles of asociation;
(I) disolution by a resolution of the shareholders’ meting;
(I) disolution due to merger or demerger of the company;
(IV) suspension of the busines license, being ordered to close down or being revoked in acordance with the
law; or
(V) being disolved by the People’s Court in acordance with the provisions of Article 231 hereof.
If any of the situations as mentioned in the preceding paragraph arises, a company shal publicize the
situations through the National Enterprise Credit Information Publicity System within ten days.
Article 230 Where a company fals under the circumstance as mentioned in Items (I) or (I) of Paragraph 1 of
the preceding Article, and it has not distributed the asets to its shareholders yet, it may survive by modifying its
articles of asociation or upon a resolution of the shareholders’ meting.
To modify its articles of asociation or make a resolution of the shareholders’ meting acording to the provisions
of the preceding paragraph, the consent of the shareholders who hold two thirds or more of the voting rights is
required in the case of a limited liability company, and the consent of two thirds or more of the voting rights of the
shareholders who atend the meting of the shareholders’ meting is required in the case of a joint stock limited
company.
Article 231 Where a company mets any serious dificulty in its operation or management, and the interests
of its shareholders wil be subject to heavy los if the company survives, which canot be solved by any other
means, the shareholders who hold 10% or more of the voting rights of the company may request the people’s court
to disolve the company.
Article 232 Where a company is disolved acording to the provisions of Item (I) (I) (IV) or (V) of
Paragraph 1 of Article 229 hereof, it shal be liquidated. The directors, who are the liquidation obligors of the
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company, shal form a liquidation group to cary out liquidation within 15 days from the date of ocurence of the
cause of disolution.
The liquidation group shal be composed of the directors, unles it is otherwise provided for in the company’s
articles of asociation or it is otherwise elected by the shareholders’ meting.
The liquidation obligors shal be liable for compensation if they fail to fulfil their obligations of liquidation in
a timely maner, and thus any los is caused to the company or the creditors.
Article 233 Where a company shal be liquidated in acordance with the provisions of paragraph 1 of the
preceding Article, and the liquidation group fails to be formed within the time limit or fails to cary out the
liquidation after its formation, any interested party may request the people’s court to designate relevant persons to
form a liquidation group. The people’s court shal acept such request and organize a liquidation group to cary out
the liquidation in a timely maner.
Where a company is disolved acording to Item (IV) of Paragraph 1 of Article 229 hereof, the department or
company registration authority that made the decision to revoke the company’s busines license, ordered the
company to close down or disolved the company may request the people’s court to designate relevant persons to
form a liquidation group for liquidation of the company.
Article 234 The liquidation group may exercise the folowing functions during the period of liquidation:
(I) liquidating the property of the company, preparing a balance shet and an inventory of property, respectively;
(I) notifying the company’s creditors by mail or public anouncement;
(I) handling and liquidating the unfinished busines of the company;
(IV) paying of the taxes overdue by the company and the taxes incured in the proces of liquidation;
(V) liquidation of claims and debts;
(VI) distributing the remaining property after al the debts of the company are paid of; and
(VI) representing the company in civil litigation activities.
Article 235 The liquidation group shal notify the company’s creditors within ten days as of its formation and
shal make a public anouncement in the newspaper or on the National Enterprise Credit Information Publicity
System within 60 days. The creditors shal file their profs of claim with the liquidation group within 30 days as of
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the receipt of the notice or within 45 days as of the isuance of the public anouncement in the case of failing to
receive such notice.
When filing a prof of claim, the creditor shal describe the relevant maters of claim and provide the relevant
evidentiary materials. The liquidation group shal register the prof of claim.
During the period for filing profs of claims, the liquidation group shal not pay of for any of the creditors.
Article 236 The liquidation group shal, after liquidating the property of the company and preparing a balance
shet and an inventory of property, make a plan of liquidation and report the same to the shareholders’ meting or
the people’s court for confirmation.
After paying of the liquidation expenses, wages of employes, social insurance premiums and statutory
compensations, the outstanding taxes and the debts of the company with the property of the company, the
remaining asets may, in the case of a limited liability company, be distributed in proportion to capital
contributions of the shareholders, and in the case of a joint stock limited company, distributed in proportion to the
shares held by the shareholders.
During the period of liquidation, the company survives, but shal not cary out any busines operation
unrelated to the liquidation. The property of the company shal not be distributed to the shareholders until it has
ben liquidated in acordance with the preceding paragraph.
Article 237 Where the liquidation group finds that the property of the company are not suficient for paying
of the debts after liquidating the property of the company and preparing a balance shet and an inventory of
property, it shal file an aplication to a people’s court for bankruptcy liquidation.
After the people’s court acepts the aplication for bankruptcy, the liquidation group shal hand over the liquidation
maters to the bankruptcy administrator designated by the people’s court.
Article 238 The members of the liquidation group performing their duties of liquidation are obliged to loyalty
and diligence.
Any member of the liquidation group who neglects to fulfil his/her liquidation duties, thus causing any los to the
company shal be liable for compensation, and any member of the liquidation group who cause any los to any
creditor due to his/her intentional or gros negligence shal be liable for compensation.
Article 239 Upon completion of the liquidation of the company, the liquidation group shal produce a
liquidation report, report the same to the shareholders’ meting or the people’s court for confirmation, and submit
the same to the company registration authority to aply for deregistration of the company.
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Article 240 Where, during the period of survival, a company has not incured any debts or has paid of al the
debts, the company may, upon a comitment of al the shareholders, be deregistered under the sumary
procedures acording to the relevant provisions.
The deregistration of a company under the sumary procedures shal be anounced through the National
Enterprise Credit Information Publicity System for a period of no les than 20 days. If there is no objection after the
expiry of the anouncement period, the company may aply for deregistration of the company with the company
registration authority within 20 days.
For a company deregistered under the sumary procedures, its shareholders shal be jointly and severaly
liable for the debts incured before the deregistration if they have made an untrue comitment to the contents as
described in Paragraph 1 of this Article.
Article 241 Where, after thre years since the busines license of a company is revoked, or the company is
ordered to close down or is revoked, the company fails to aply for its deregistration with the company registration
authority, the said authority may anounce the company’s deregistration through the National Enterprise Credit
Information Publicity System for a period of no les than 60 days. If there is no objection after the anouncement
period expires, the company registration authority may deregister the company.
The deregistration of a company acording to the provisions of the preceding paragraph wil not afect the liability
of the original shareholders or liquidation obligors.
Article 242 Any company declared bankrupt acording to law shal cary out a bankruptcy liquidation in
acordance with the provisions concerning bankruptcy liquidation.
Chapter XI Branches of Foreign Companies
Article 243 For the purpose of this Law, the term “a foreign company” refers to any company established
outside the teritory of the People’s Republic of China acording to any foreign law.
Article 244 Any foreign company that intents to establish a branch within the teritory of the People’s
Republic of China shal file an aplication with the competent Chinese authority, with its articles of incorporation,
certificate of incorporation isued in its country of domicile, and other suporting documentation submited, and
shal, upon obtaining aproval, fulfil relevant registration procedures with the company registration authority in
acordance with the law, and obtain a busines license.
The measures for the aproval of branches of foreign companies shal be provided by the State Council separately.
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Article 245 When establishing a branch within the teritory of the People’s Republic of China, a foreign
company shal designate a representative or agent within the teritory of the People’s Republic of China to take
charge of the branch, and alocate funds to the branch apropriate to the busines activities in which it is engaged.
Where a minimum amount of operating funds is required for branches of foreign companies, it shal be provided by
the State Council separately.
Article 246 A branch of a foreign company shal indicate in its name the nationality and form of liability of
the foreign company.
A branch of a foreign company shal make the articles of asociation of the foreign company available at its
premises.
Article 247 Any branch of a foreign company established within the teritory of the People’s Republic of
China do not have Chinese legal personality.
A foreign company shal bear civil liability for the busines activities conducted by any of its branches within the
teritory of the People’s Republic of China.
Article 248 In engaging in busines activities within the teritory of the People’s Republic of China, branches
of foreign companies aproved to be established shal abide by Chinese laws and shal not jeopardize the social and
public interests of China, and their lawful rights and interests shal be protected by the laws of China.
Article 249 When closing down a branch within the teritory of the People’s Republic of China, a foreign
company shal fuly setle the debts of the branch in acordance with the law and liquidate it in acordance with the
provisions of this Law relating to the procedure for the liquidation of a company. No property of the branch may be
transfered out of the teritory of the People’s Republic of China before the branch’s debts are fuly setled.
Chapter XIV Legal Liability
Article 250 For any company that, in violation of the provisions of this Law, obtains company registration by
misrepresenting its registered capital, submiting false materials or adopting other fraudulent means to conceal
important facts, the company registration authority shal order it to make rectification and impose a fine of not les
than 5% but not more than 15% of the amount of the misrepresented registered capital on the company that has
misrepresented its registered capital; the company that submits false materials or adopts other fraudulent means to
conceal important facts, the company shal be imposed a fine of not les than 50,000 yuan but not more than 2
milion yuan; and if the circumstances are serious, the company’s busines license shal be revoked; and the directly
responsible supervisory personel and other personel directly liable for the ofence shal be imposed a fine of not
les than 30,000 yuan but not more than 300,000 yuan.
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Article 251 For any company that fails to disclose relevant information in acordance with the provisions of
Article 40 hereof or fails to truthfuly disclose relevant information, the company registration authority shal order
it to make rectification, and may impose a fine of not les than 10,000 yuan and not more than 50,000 yuan on it. If
the circumstances are serious, the company shal impose a fine of not les than 50,000 yuan and not more than
200,000 yuan; and the directly responsible supervisory personel and other personel directly liable for the ofence
shal be imposed a fine of not les than 10,000 yuan but not more than 100,000 yuan.
Article 252 For any promoter or shareholder of a company who makes a false capital contribution or fails to
deliver, or fails to deliver on schedule, monetary or non-monetary property as a capital contribution, the company
registration authority shal order it/him to make rectification, and may impose a fine of not les than 50,000 yuan
and not more than 200,000 yuan on it/him; if the circumstances are serious, the company shal be imposed on a fine
of not les than 5% but not more than 15% of the amount of the false capital contribution or the capital contribution
failed to be made; and the directly responsible supervisory personel and other persons directly liable for the
ofence shal be imposed on a fine of not les than 10,000 yuan and not more than 100,000 yuan.
Article 253 For any promoter or shareholder of a company who, after the establishment of the company,
unlawfuly withdraws its capital contribution, the company registration authority shal order it/him to make
rectification and impose a fine of not les than 5% and not more than 15% of the amount of the withdrawn capital
on it/him; and impose a fine of not les than 30,000 yuan and not more than 300,000 yuan on the supervisors
directly in charge and other persons directly liable for the ofence.
Article 254 For either of the folowing practice, the financial department of the people’s governments at or
above the county level concerned shal impose penalties in acordance with the Acounting Law of the People’s
Republic of China and other laws and administrative regulations:
(I) having any separate acounting boks other than the statutory acounting boks; or
(I) providing any financial acounting report with any false records or important facts concealed.
Article 255 For any company that fails to notify its creditors by way of notice or public anouncement of a
merger, demerger, decrease in registered capital or liquidation of the company, as required by this Law, the
company registration authority shal order it to make corections and impose a fine of not les than 10,000 yuan but
not more than 100,000 yuan on it.
Article 256 For any company that, during its liquidation, conceals any of its property or makes any false
entries in its balance shet or inventory of property, or distributes its property before fuly setling its outstanding
debts, the company registration authority shal order it to make rectification and impose on it a fine of not les than
5% but not more than 10% of the value of the concealed property or the property distributed before ful setlement
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of debts; and shal impose a fine of not les than 10,000 yuan but not more than 100,000 yuan on the directly
responsible supervisory personel and other personel directly liable for the ofence.
Article 257 Any agency undertaking aset apraisal, capital verification, or certification that provides false
materials or submits any report with material omisions shal be subjected to penalties by the relevant authority in
acordance with the Aset Apraisal Law of the People’s Republic of China, the Law of the People’s Republic of
China on Certified Public Acountant and other aplicable administrative regulations.
Any agency undertaking aset apraisal, capital verification, or certification that isues any untrue apraisal results
or certificates of capital verification or certification, resulting in loses to any creditor of a company, shal be liable
for compensation to the extent of the amount of the discrepancy from truth, unles it can prove no fault on its part.
Article 258 For the company registration authority which violates any laws or administrative regulations by
failing to perform its duties or to properly performs its duties, governmental sanctions shal be imposed in
acordance with the law on the responsible leader(s) and directly liable personel.
Article 259 For any busines which is conducted in the name of a limited liability company or joint stock
limited company without registering the relevant entity as such in acordance with the law, or conducted in the
name of a branch of a limited liability company or joint stock limited company without registering the relevant
entity as such in acordance with the law, the company registration authority shal order the entity to make
corection or ban the entity, and may concurently impose a fine of not more than 100,000 yuan on it.
Article 260 For any company that fails to comence busines within six months of establishment or suspends
its busines of its own volition for six consecutive months or more after comencing busines without justified
reason, the company registration authority may revoke is busines license, except where the company has fulfiled
the procedure for busines dormancy in acordance with the law.
Any company that fails to complete the relevant alteration registration in acordance with this Law for any changes
in its registered particulars shal be ordered by the company registration authority to fulfil the procedure within a
specific period, failing which it shal be imposed of a fine of not les than 10,000 yuan but not more than 100,000
yuan.
Article 261 Any foreign company that violates this Law by establishing a branch within the teritory of the
People’s Republic of China without aproval shal be ordered by the company registration authority to make
corections or to close down the branch, and may be imposed a fine of not les than 50,000 yuan but not more than
200,000 yuan.
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Article 262 For any serious ilegal activity engaged in the name of a company that endangers national security
or social or public interests, the busines license of that company shal be revoked.
Article 263 Any company that is liable for civil compensation, any fines or financial penalties for any
violations of this Law shal be first liable for civil compensation if its property is insuficient to cover al the
liabilities.
Article 264 For any violation of this Law that constitutes a criminal ofense, criminal liability shal be
pursued in acordance with the law.
Chapter XV Suplementary Provisions
Article 265 For the purposes of this Law, the terms listed below shal have the folowing definitions:
(I) “Senior executives” refers to the company manager, deputy company manager, head of finance, secretary to the
board of directors of a listed company, and any other persons as specified in the company’s articles of asociation.
(I) “Controling shareholder” refers to a shareholder whose capital contribution exceds 50% of the total
capital in the case of a limited liability company, or a shareholder whose shares exced 50% of the total share
capital in the case of a joint stock limited company, or a shareholder whose capital contribution or share proportion
is les than 50% of the total capital or share capital but whose voting rights are suficient to exert a material
influence on resolutions of the shareholders’ meting.
(I) “Actual controler” refers to any person who can exert actual control over a company through any
investment relationships, agrements, or other arangements.
(IV) “Related-party relationship” refers to any relationship betwen a controling shareholder, actual controler,
director, supervisor, or senior oficer of a company and an enterprise directly or indirectly controled by that person,
as wel as any other relationship that may result in the transfer of any interest in the company. However, state-
controled enterprises do not have a related-party relationship betwen them solely due to being controled by the
state.
Article 266 This Law shal come into force on July 1, 2024.
For the companies already registered for establishment before this Law comes into force, if their capital
contribution period exceds the period stipulated herein, such period shal be gradualy adjusted to within the
period prescribed in this Law, unles otherwise provided by laws, administrative regulations or the State
Council; For the period of capital contribution or the amount of capital contribution that is obviously abnormal, the
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company registration authority may require adjustment in a timely maner in acordance with the law. The specific
implementing methods shal be prescribed by the State Council.
| 发 文 机 关 | ： | 全国人民代表大会常务委员会 |
|---|---|---|
| 发 布 日 期 | ： | 2019.12.28 |
| 生 效 日 期 | ： | 2020.03.01 |
| 时 效 性 | ： | 现行有效 |
| 文 号 | ： | 主席令第三十七号 |
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中华人民共和国证券法（2019修订）
发
发
生
时
文
主席令第三十七号
《中华人民共和国证券法》已由中华人民共和国第十三届全国人民代表大会常务委员会第十五次会议
于2019年12月28日修订通过，现予公布，自2020年3月1日起施行。
中华人民共和国主席 习近平
2019年12月28日
中华人民共和国证券法
（1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过根据2004年8月28日第十
届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国证券法〉的决定》第一次修正
2005年10月27日第十届全国人民代表大会常务委员会第十八次会议第一次修订根据2013年6月29日第
十二届全国人民代表大会常务委员会第三次会议《关于修改〈中华人民共和国文物保护法〉等十二部法律
的决定》第二次修正根据2014年8月31日第十二届全国人民代表大会常务委员会第十次会议《关于修改
〈中华人民共和国保险法〉等五部法律的决定》第三次修正2019年12月28日第十三届全国人民代表大会
常务委员会第十五次会议第二次修订）
第一章 总则
第一条 为了规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和社会公共利益，
促进社会主义市场经济的发展，制定本法。
第二条 在中华人民共和国境内，股票、公司债券、存托凭证和国务院依法认定的其他证券的发行和交
易，适用本法；本法未规定的，适用《中华人民共和国公司法》和其他法律、行政法规的规定。
政府债券、证券投资基金份额的上市交易，适用本法；其他法律、行政法规另有规定的，适用其规
定。
资产支持证券、资产管理产品发行、交易的管理办法，由国务院依照本法的原则规定。
在中华人民共和国境外的证券发行和交易活动，扰乱中华人民共和国境内市场秩序，损害境内投资者
合法权益的，依照本法有关规定处理并追究法律责任。
第三条 证券的发行、交易活动，必须遵循公开、公平、公正的原则。
第四条 证券发行、交易活动的当事人具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。
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第五条 证券的发行、交易活动，必须遵守法律、行政法规；禁止欺诈、内幕交易和操纵证券市场的行
为。
第六条 证券业和银行业、信托业、保险业实行分业经营、分业管理，证券公司与银行、信托、保险业
务机构分别设立。国家另有规定的除外。
第七条 国务院证券监督管理机构依法对全国证券市场实行集中统一监督管理。
国务院证券监督管理机构根据需要可以设立派出机构，按照授权履行监督管理职责。
第八条 国家审计机关依法对证券交易场所、证券公司、证券登记结算机构、证券监督管理机构进行审
计监督。
第二章 证券发行
第九条 公开发行证券，必须符合法律、行政法规定的条件，并依法报经国务院证券监督管理机构或
者国务院授权的部门注册。未经依法注册，任何单位和个人不得公开发行证券。证券发行注册制的具体范
围、实施步骤，由国务院规定。
有下列情形之一的，为公开发行：
（一）向不特定对象发行证券；
（二）向特定对象发行证券累计超过二百人，但依法实施员工持股计划的员工人数不计算在内；
（三）法律、行政法规定的其他发行为。
非公开发行证券，不得采用广告、公开劝诱和变相公开方式。
第十条 发行人申请公开发行股票、可转换为股票的公司债券，依法采取承销方式的，或者公开发行法
律、行政法规定实行保荐制度的其他证券的，应当聘请证券公司担任保荐人。
保荐人应当遵守业务规则和行业规范，诚实守信，勤勉尽责，对发行人的申请文件和信息披露资料进
行审慎核查，督导发行人规范运作。
保荐人的管理办法由国务院证券监督管理机构规定。
第十一条 设立股份有限公司公开发行股票，应当符合《中华人民共和国公司法》规定的条件和经国务
院批准的国务院证券监督管理机构规定的其他条件，向国务院证券监督管理机构报送募股申请和下列文
件：
（一）公司章程；
（二）发起人协议；
（三）发起人姓名或者名称，发起人认购的股份数、出资种类及验资证明；
（四）招股说明书；
（五）代收股款银行的名称及地址；
（六）承销机构名称及有关的协议。
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。
法律、行政法规定设立公司必须报经批准的，还应当提交相应的批准文件。
第十二条 公司首次公开发行新股，应当符合下列条件：
（一）具备健全且运行良好的组织机构；
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（二）具有持续经营能力；
（三）最近三年财务会计报告被出具无保留意见审计报告；
（四）发行人及其控股东、实际控制人最近三年不存在贪污、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；
（五）经国务院批准的国务院证券监督管理机构规定的其他条件。
上市公司发行新股，应当符合经国务院批准的国务院证券监督管理机构规定的条件，具体管理办法由
国务院证券监督管理机构规定。
公开发行存托凭证的，应当符合首次公开发行新股的条件以及国务院证券监督管理机构规定的其他条
件。
第十三条 公司公开发行新股，应当报送募股申请和下列文件：
（一）公司营业执照；
（二）公司章程；
（三）股东大会决议；
（四）招股说明书或者其他公开发行募集文件；
（五）财务会计报告；
（六）代收股款银行的名称及地址。
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。依照本法规定实行承销的，还应
当报送承销机构名称及有关的协议。
第十四条 公司对公开发行股票所募集资金，必须按照招股说明书或者其他公开发行募集文件所列资金
用途使用；改变资金用途，必须经股东大会作出决议。擅自改变用途，未作纠正的，或者未经股东大会认
可的，不得公开发行新股。
第十五条 公开发行公司债券，应当符合下列条件：
（一）具备健全且运行良好的组织机构；
（二）最近三年平均可分配利润足以支付公司债券一年的利息；
（三）国务院规定的其他条件。
公开发行公司债券筹集的资金，必须按照公司债券募集办法所列资金用途使用；改变资金用途，必须
经债券持有人会议作出决议。公开发行公司债券筹集的资金，不得用于弥补亏损和非生产性支出。
上市公司发行可转换为股票的公司债券，除应当符合第一款规定的条件外，还应当遵守本法第十二条
第二款的规定。但是，按照公司债券募集办法，上市公司通过收购本公司股份的方式进行公司债券转换的
除外。
第十六条 申请公开发行公司债券，应当向国务院授权的部门或者国务院证券监督管理机构报送下列文
件：
（一）公司营业执照；
（二）公司章程；
（三）公司债券募集办法；
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（四）国务院授权的部门或者国务院证券监督管理机构规定的其他文件。
依照本法规定聘请保荐人的，还应当报送保荐人出具的发行保荐书。
第十七条 有下列情形之一的，不得再次公开发行公司债券：
（一）对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实，仍处于继续状态；
（二）违反本法规定，改变公开发行公司债券所募资金的用途。
第十八条 发行人依法申请公开发行证券所报送的申请文件的格式、报送方式，由依法负责注册的机构
或者部门规定。
第十九条 发行人报送的证券发行申请文件，应当充分披露投资者作出价值判断和投资决策所必需的信
息，内容应当真实、准确、完整。
为证券发行出具有关文件的证券服务机构和人员，必须严格履行法定职责，保证所出具文件的真实
性、准确性和完整性。
第二十条 发行人申请首次公开发行股票的，在提交申请文件后，应当按照国务院证券监督管理机构的
规定预先披露有关申请文件。
第二十一条 国务院证券监督管理机构或者国务院授权的部门依照法定条件负责证券发行申请的注册。
证券公开发行注册的具体办法由国务院规定。
按照国务院的规定，证券交易所等可以审核公开发行证券申请，判断发行人是否符合发行条件、信息
披露要求，督促发行人完善信息披露内容。
依照前两款规定参与证券发行申请注册的人员，不得与发行申请人有利害关系，不得直接或者间接
受发行申请人的馈赠，不得持有所注册的发行申请的证券，不得私下与发行申请人进行接触。
第二十二条 国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个
月内，依照法定条件和法定程序作出予以注册或者不予注册的决定，发行人根据要求补充、修改发行申请
文件的时间不计算在内。不予注册的，应当说明理由。
第二十三条 证券发行申请经注册后，发行人应当依照法律、行政法规的规定，在证券公开发行前公告
公开发行募集文件，并将该文件置备于指定场所供公众查阅。
发行证券的信息依法公开前，任何知情人不得公开或者泄露该信息。
发行人不得在公告公开发行募集文件前发行证券。
第二十四条 国务院证券监督管理机构或者国务院授权的部门对已作出的证券发行注册的决定，发现不
符合法定条件或者法定程序，尚未发行证券的，应当予以撤销，停止发行。已经发行尚未上市的，撤销发
行注册决定，发行人应当按照发行价并加算银行同期存款利息返还证券持有人；发行人的控股东、实际
控制人以及保荐人，应当与发行人承担连带责任，但是能够证明自己没有过错的除外。
股票的发行人在招股说明书等证券发行文件中隐瞒重要事实或者编造重大虚假内容，已经发行并上市
的，国务院证券监督管理机构可以责令发行人回购证券，或者责令负有责任的控股东、实际控制人买回
证券。
第二十五条 股票依法发行后，发行人经营与收益的变化，由发行人自行负责；由此变化引致的投资风
险，由投资者自行负责。
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第二十六条 发行人向不特定对象发行的证券，法律、行政法规定应当由证券公司承销的，发行人应
当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。
证券代销是指证券公司代发行人发售证券，在承销期结束时，将未售出的证券全部退还给发行人的承
销方式。
证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自
行购入的承销方式。
第二十七条 公开发行证券的发行人有权依法自主选择承销的证券公司。
第二十八条 证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项：
（一）当事人的名称、住所及法定代表人姓名；
（二）代销、包销证券的种类、数量、金额及发行价格；
（三）代销、包销的期限及起止日期；
（四）代销、包销的付款方式及日期；
（五）代销、包销的费用和结算办法；
（六）违约责任；
（七）国务院证券监督管理机构规定的其他事项。
第二十九条 证券公司承销证券，应当对公开发行募集文件的真实性、准确性、完整性进行核查。发现
有虚假记载、误导性陈述或者重大遗漏的，不得进行销售活动；已经销售的，必须立即停止销售活动，并
采取纠正措施。
证券公司承销证券，不得有下列行为：
（一）进行虚假的或者误导投资者的广告宣传或者其他宣传推介活动；
（二）以不正当竞争手段招揽承销业务；
（三）其他违反证券承销业务规定的行为。
证券公司有前款所列行为，给其他证券承销机构或者投资者造成损失的，应当依法承担赔偿责任。
第三十条 向不特定对象发行证券聘请承销团承销的，承销团应当由主承销和参与承销的证券公司组
成。
第三十一条 证券的代销、包销期限最长不得超过九十日。
证券公司在代销、包销期内，对所代销、包销的证券应当保证先行出售给认购人，证券公司不得为本
公司预留所代销的证券和预先购入并留存所包销的证券。
第三十二条 股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定。
第三十三条 股票发行采用代销方式，代销期限届满，向投资者出售的股票数量未达到拟公开发行股票
数量百分之七十的，为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。
第三十四条 公开发行股票，代销、包销期限届满，发行人应当在规定的期限内将股票发行情况报国务
院证券监督管理机构备案。
第三章 证券交易
第一节 一般规定
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第三十五条 证券交易当事人依法买卖的证券，必须是依法发行并交付的证券。
非依法发行的证券，不得买卖。
第三十六条 依法发行的证券，《中华人民共和国公司法》和其他法律对其转让期限有限制性规定的，
在限定的期限内不得转让。
上市公司持有百分之五以上股份的股东、实际控制人、董事、监事、高级管理人员，以及其他持有发
行人首次公开发行前发行的股份或者上市公司向特定对象发行的股份的股东，转让其持有的本公司股份
的，不得违反法律、行政法规和国务院证券监督管理机构关于持有期限、卖出时间、卖出数量、卖出方
式、信息披露等规定，并应当遵守证券交易所的业务规则。
第三十七条 公开发行的证券，应当在依法设立的证券交易所上市交易或者在国务院批准的其他全国性
证券交易场所交易。
非公开发行的证券，可以在证券交易所、国务院批准的其他全国性证券交易场所、按照国务院规定设
立的区域性股权市场转让。
第三十八条 证券在证券交易所上市交易，应当采用公开的集中交易方式或者国务院证券监督管理机构
批准的其他方式。
第三十九条 证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形
式。
第四十条 证券交易场所、证券公司和证券登记结算机构的从业人员，证券监督管理机构的工作人员以
及法律、行政法规定禁止参与股票交易的其他人员，在任期或者法定限期内，不得直接或者以化名、借
他人名义持有、买卖股票或者其他具有股权性质的证券，也不得收受他人赠送的股票或者其他具有股权性
质的证券。
任何人在成为前款所列人员时，其原已持有的股票或者其他具有股权性质的证券，必须依法转让。
实施股权激励计划或者员工持股计划的证券公司的从业人员，可以按照国务院证券监督管理机构的规
定持有、卖出本公司股票或者其他具有股权性质的证券。
第四十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员应当依法为投
资者的信息保密，不得非法买卖、提供或者公开投资者的信息。
证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员不得泄露所知悉的商业秘
密。
第四十二条 为证券发行出具审计报告或者法律意见书等文件的证券服务机构和人员，在该证券承销期
内和期满后六个月内，不得买卖该证券。
除前款规定外，为发行人及其控股东、实际控制人，或者收购人、重大资产交易方出具审计报告或
者法律意见书等文件的证券服务机构和人员，自接受委托之日起至上述文件公开后五日内，不得买卖该证
券。实际开展上述有关工作之日早于接受委托之日的，自实际开展上述有关工作之日起至上述文件公开后
五日内，不得买卖该证券。
第四十三条 证券交易的收费必须合理，并公开收费项目、收费标准和管理办法。
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第四十四条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司持有百分之五以上股
份的股东、董事、监事、高级管理人员，将其持有的该公司的股票或者其他具有股权性质的证券在买入后
六个月内卖出，或者在卖出后六个月内又买入，由此所得收益归该公司所有，公司董事会应当收回其所得
收益。但是，证券公司因购入包销售后剩余股票而持有百分之五以上股份，以及有国务院证券监督管理机
构规定的其他情形的除外。
前款所称董事、监事、高级管理人员、自然人股东持有的股票或者其他具有股权性质的证券，包括其
配偶、父母、子女持有的及利用他人账户持有的股票或者其他具有股权性质的证券。
公司董事会不按照第一款规定执行的，股东有权要求董事会在三十日内执行。公司董事会未在上述期
限内执行的，股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
公司董事会不按照第一款的规定执行的，负有责任的董事依法承担连带责任。
第四十五条 通过计算机程序自动生成或者下达交易指令进行程序化交易的，应当符合国务院证券监督
管理机构的规定，并向证券交易所报告，不得影响证券交易所系统安全或者正常交易秩序。
第二节 证券上市
第四十六条 申请证券上市交易，应当向证券交易所提出申请，由证券交易所依法审核同意，并由双方
签订上市协议。
证券交易所根据国务院授权的部门的决定安排政府债券上市交易。
第四十七条 申请证券上市交易，应当符合证券交易所上市规则规定的上市条件。
证券交易所上市规则规定的上市条件，应当对发行人的经营年限、财务状况、最低公开发行比例和公
司治理、诚信记录等提出要求。
第四十八条 上市交易的证券，有证券交易所规定的终止上市情形的，由证券交易所按照业务规则终止
其上市交易。
证券交易所决定终止证券上市交易的，应当及时公告，并报国务院证券监督管理机构备案。
第四十九条 对证券交易所作出的不予上市交易、终止上市交易决定不服的，可以向证券交易所设立的
复核机构申请复核。
第三节 禁止的交易行为
第五十条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。
第五十一条 证券交易内幕信息的知情人包括：
（一）发行人及其董事、监事、高级管理人员；
（二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董
事、监事、高级管理人员；
（三）发行人控股或者实际控制的公司及其董事、监事、高级管理人员；
（四）由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息的人员；
（五）上市公司收购人或者重大资产交易方及其控股东、实际控制人、董事、监事和高级管理人
员；
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（六）因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登记结算机构、证券服务机
构的有关人员；
（七）因职责、工作可以获取内幕信息的证券监督管理机构工作人员；
（八）因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以获取内
幕信息的有关主管部门、监管机构的工作人员；
（九）国务院证券监督管理机构规定的可以获取内幕信息的其他人员。
第五十二条 证券交易活动中，涉及发行人的经营、财务或者对该发行人证券的市场价格有重大影响的
尚未公开的信息，为内幕信息。
本法第八十条第二款、第八十一条第二款所列重大事件属于内幕信息。
第五十三条 证券交易内幕信息的知情人和非法获取内幕信息的人，在内幕信息公开前，不得买卖该公
司的证券，或者泄露该信息，或者建议他人买卖该证券。
持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、非法人组织收
购上市公司的股份，本法另有规定的，适用其规定。
内幕交易行为给投资者造成损失的，应当依法承担赔偿责任。
第五十四条 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构和其他金融机构的从业
人员、有关监管部门或者行业协会的工作人员，利用因职务便利获取的内幕信息以外的其他未公开的信
息，违反规定，从事与该信息相关的证券交易活动，或者明示、暗示他人从事相关交易活动。
利用未公开信息进行交易给投资者造成损失的，应当依法承担赔偿责任。
第五十五条 禁止任何人以下列手段操纵证券市场，影响或者意图影响证券交易价格或者证券交易量：
（一）单独或者通过合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖；
（二）与他人串通，以事先约定的时间、价格和方式相互进行证券交易；
（三）在自己实际控制的账户之间进行证券交易；
（四）不以成交为目的，频繁或者大量申报并撤销申报；
（五）利用虚假或者不确定的重大信息，诱导投资者进行证券交易；
（六）对证券、发行人公开作出评价、预测或者投资建议，并进行反向证券交易；
（七）利用在其他相关市场的活动操纵证券市场；
（八）操纵证券市场的其他手段。
操纵证券市场行为给投资者造成损失的，应当依法承担赔偿责任。
第五十六条 禁止任何单位和个人编造、传播虚假信息或者误导性信息，扰乱证券市场。
禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员，证券业协会、证券
监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导。
各种传播媒介传播证券市场信息必须真实、客观，禁止误导。传播媒介及其从事证券市场信息报道的
工作人员不得从事与其工作职责发生利益冲突的证券买卖。
编造、传播虚假信息或者误导性信息，扰乱证券市场，给投资者造成损失的，应当依法承担赔偿责
任。
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第五十七条 禁止证券公司及其从业人员从事下列损害客户利益的行为：
（一）违背客户的委托为其买卖证券；
（二）不在规定时间内向客户提供交易的确认文件；
（三）未经客户的委托，擅自为客户买卖证券，或者假借客户的名义买卖证券；
（四）为牟取佣金收入，诱使客户进行不必要的证券买卖；
（五）其他违背客户真实意思表示，损害客户利益的行为。
违反前款规定给客户造成损失的，应当依法承担赔偿责任。
第五十八条 任何单位和个人不得违反规定，出借自己的证券账户或者借用他人的证券账户从事证券交
易。
第五十九条 依法拓宽资金入市渠道，禁止资金违规流入股市。
禁止投资者违规利用财政资金、银行信贷资金买卖证券。
第六十条 国有独资企业、国有独资公司、国有资本控股公司买卖上市交易的股票，必须遵守国家有关
规定。
第六十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中
发现的禁止的交易行为，应当及时向证券监督管理机构报告。
第四章 上市公司的收购
第六十二条 投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。
第六十三条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上
市公司已发行的有表决权股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理
机构、证券交易所作出书面报告，通知该上市公司，并予公告，在上述期限内不得再行买卖该上市公司的
股票，但国务院证券监督管理机构规定的情形除外。
投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之
五后，其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之五，应当依照前款规定进行报
告和公告，在该事实发生之日起至公告后三日内，不得再行买卖该上市公司的股票，但国务院证券监督管
理机构规定的情形除外。
投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之
五后，其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之一，应当在该事实发生的次日
通知该上市公司，并予公告。
违反第一款、第二款规定买入上市公司有表决权的股份的，在买入后的三十六个月内，对该超过规定
比例部分的股份不得行使表决权。
第六十四条 依照前条规定所作的公告，应当包括下列内容：
（一）持股人的名称、住所；
（二）持有的股票的名称、数额；
（三）持股达到法定比例或者持股增减变化达到法定比例的日期、增持股份的资金来源；
（四）在上市公司中拥有表决权的股份变动的时间及方式。
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第六十五条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上
市公司已发行的有表决权股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出
收购上市公司全部或者部分股份的要约。
收购上市公司部分股份的要约应当约定，被收购公司股东承诺出售的股份数额超过预定收购的股份数
额的，收购人按比例进行收购。
第六十六条 依照前条规定发出收购要约，收购人必须公告上市公司收购报告书，并载明下列事项：
（一）收购人的名称、住所；
（二）收购人关于收购的决定；
（三）被收购的上市公司名称；
（四）收购目的；
（五）收购股份的详细名称和预定收购的股份数额；
（六）收购期限、收购价格；
（七）收购所需资金额及资金保证；
（八）公告上市公司收购报告书时持有被收购公司股份数占该公司已发行的股份总数的比例。
第六十七条 收购要约定的收购期限不得少于三十日，并不得超过六十日。
第六十八条 在收购要约确定的承诺期限内，收购人不得撤销其收购要约。收购人需要变更收购要约
的，应当及时公告，载明具体变更事项，且不得存在下列情形：
（一）降低收购价格；
（二）减少预定收购股份数额；
（三）缩短收购期限；
（四）国务院证券监督管理机构规定的其他情形。
第六十九条 收购要约提出的各项收购条件，适用于被收购公司的所有股东。
上市公司发行不同种类股份的，收购人可以针对不同种类股份提出不同的收购条件。
第七十条 采取要约收购方式的，收购人在收购期限内，不得卖出被收购公司的股票，也不得采取要约
规定以外的形式和超出要约的条件买入被收购公司的股票。
第七十一条 采取协议收购方式的，收购人可以依照法律、行政法规的规定同被收购公司的股东以协议
方式进行股份转让。
以协议方式收购上市公司时，达成协议后，收购人必须在三日内将该收购协议向国务院证券监督管理
机构及证券交易所作出书面报告，并予公告。
在公告前不得履行收购协议。
第七十二条 采取协议收购方式的，协议双方可以临时委托证券登记结算机构保管协议转让的股票，并
将资金存放于指定的银行。
第七十三条 采取协议收购方式的，收购人收购或者通过协议、其他安排与他人共同收购一个上市公司
已发行的有表决权股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上
市公司全部或者部分股份的要约。但是，按照国务院证券监督管理机构的规定免除发出要约的除外。
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收购人依照前款规定以要约方式收购上市公司股份，应当遵守本法第六十五条第二款、第六十六条至
第七十条的规定。
第七十四条 收购期限届满，被收购公司股权分布不符合证券交易所规定的上市交易要求的，该上市公
司的股票应当由证券交易所依法终止上市交易；其余仍持有被收购公司股票的股东，有权向收购人以收购
要约的同等条件出售其股票，收购人应当收购。
收购行为完成后，被收购公司不再具备股份有限公司条件的，应当依法变更企业形式。
第七十五条 在上市公司收购中，收购人持有的被收购的上市公司的股票，在收购行为完成后的十八个
月内不得转让。
第七十六条 收购行为完成后，收购人与被收购公司合并，并将该公司解散的，被解散公司的原有股票
由收购人依法更换。
收购行为完成后，收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所，并
予公告。
第七十七条 国务院证券监督管理机构依照本法制定上市公司收购的具体办法。
上市公司分立或者被其他公司合并，应当向国务院证券监督管理机构报告，并予公告。
第五章 信息披露
第七十八条 发行人及法律、行政法规和国务院证券监督管理机构规定的其他信息披露义务人，应当及
时依法履行信息披露义务。
信息披露义务人披露的信息，应当真实、准确、完整，简明清晰，通俗易懂，不得有虚假记载、误导
性陈述或者重大遗漏。
证券同时在境内境外公开发行、交易的，其信息披露义务人在境外披露的信息，应当在境内同时披
露。
第七十九条 上市公司、公司债券上市交易的公司、股票在国务院批准的其他全国性证券交易场所交易
的公司，应当按照国务院证券监督管理机构和证券交易场所规定的内容和格式编制定期报告，并按照以下
规定报送和公告：
（一）在每一会计年度结束之日起四个月内，报送并公告年度报告，其中的年度财务会计报告应当经
符合本法规定的会计师事务所审计；
（二）在每一会计年度的上半年结束之日起二个月内，报送并公告中期报告。
第八十条 发生可能对上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的股票交易
价格产生较大影响的重大事件，投资者尚未得知时，公司应当立即将有关该重大事件的情况向国务院证券
监督管理机构和证券交易场所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律
后果。
前款所称重大事件包括：
（一）公司的经营方针和经营范围的重大变化；
（二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司资产总额百分之三十，或者
公司营业用主要资产的抵押、质押、出售或者报废一次超过该资产的百分之三十；
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（三）公司订立重要合同、提供重大担保或者从事关联交易，可能对公司的资产、负债、权益和经营
成果产生重要影响；
（四）公司发生重大债务和未能清偿到期重大债务的违约情况；
（五）公司发生重大亏损或者重大损失；
（六）公司生产经营的外部条件发生的重大变化；
（七）公司的董事、三分之一以上监事或者经理发生变动，董事长或者经理无法履行职责；
（八）持有公司百分之五以上股份的股东或者实际控制人持有股份或者控制公司的情况发生较大变
化，公司的实际控制人及其控制的其他企业从事与公司相同或者相似业务的情况发生较大变化；
（九）公司分配股利、增资的计划，公司股权结构的重要变化，公司减资、合并、分立、解散及申请
破产的决定，或者依法进入破产程序、被责令关闭；
（十）涉及公司的重大诉讼、仲裁，股东大会、董事会决议被依法撤销或者宣告无效；
（十一）公司涉嫌犯罪被依法立案调查，公司的控股东、实际控制人、董事、监事、高级管理人员
涉嫌犯罪被依法采取强制措施；
（十二）国务院证券监督管理机构规定的其他事项。
公司的控股东或者实际控制人对重大事件的发生、进展产生较大影响的，应当及时将其知悉的有关
情况书面告知公司，并配合公司履行信息披露义务。
第八十一条 发生可能对上市交易公司债券的交易价格产生较大影响的重大事件，投资者尚未得知时，
公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易场所报送临时报告，并予公
告，说明事件的起因、目前的状态和可能产生的法律后果。
前款所称重大事件包括：
（一）公司股权结构或者生产经营状况发生重大变化；
（二）公司债券信用评级发生变化；
（三）公司重大资产抵押、质押、出售、转让、报废；
（四）公司发生未能清偿到期债务的情况；
（五）公司新增借款或者对外提供担保超过上年末净资产的百分之二十；
（六）公司放弃债权或者财产超过上年末净资产的百分之十；
（七）公司发生超过上年末净资产百分之十的重大损失；
（八）公司分配股利，作出减资、合并、分立、解散及申请破产的决定，或者依法进入破产程序、被
责令关闭；
（九）涉及公司的重大诉讼、仲裁；
（十）公司涉嫌犯罪被依法立案调查，公司的控股东、实际控制人、董事、监事、高级管理人员涉
嫌犯罪被依法采取强制措施；
（十一）国务院证券监督管理机构规定的其他事项。
第八十二条 发行人的董事、高级管理人员应当对证券发行文件和定期报告签署书面确认意见。
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发行人的监事会应当对董事会编制的证券发行文件和定期报告进行审核并提出书面审核意见。监事应
当签署书面确认意见。
发行人的董事、监事和高级管理人员应当保证发行人及时、公平地披露信息，所披露的信息真实、准
确、完整。
董事、监事和高级管理人员无法保证券发行文件和定期报告内容的真实性、准确性、完整性或者有
异议的，应当在书面确认意见中发表意见并陈述理由，发行人应当披露。发行人不予披露的，董事、监事
和高级管理人员可以直接申请披露。
第八十三条 信息披露义务人披露的信息应当同时向所有投资者披露，不得提前向任何单位和个人泄
露。但是，法律、行政法规另有规定的除外。
任何单位和个人不得非法要求信息披露义务人提供依法需要披露但尚未披露的信息。任何单位和个人
提前获知的前述信息，在依法披露前应当保密。
第八十四条 除依法需要披露的信息之外，信息披露义务人可以自愿披露与投资者作出价值判断和投资
决策有关的信息，但不得与依法披露的信息相冲突，不得误导投资者。
发行人及其控股东、实际控制人、董事、监事、高级管理人员等作出公开承诺的，应当披露。不履
行承诺给投资者造成损失的，应当依法承担赔偿责任。
第八十五条 信息披露义务人未按照规定披露信息，或者公告的证券发行文件、定期报告、临时报告及
其他信息披露资料存在虚假记载、误导性陈述或者重大遗漏，致使投资者在证券交易中遭受损失的，信息
披露义务人应当承担赔偿责任；发行人的控股东、实际控制人、董事、监事、高级管理人员和其他直接
责任人员以及保荐人、承销的证券公司及其直接责任人员，应当与发行人承担连带赔偿责任，但是能够证
明自己没有过错的除外。
第八十六条 依法披露的信息，应当在证券交易场所的网站和符合国务院证券监督管理机构规定条件的
媒体发布，同时将其置备于公司住所、证券交易场所，供社会公众查阅。
第八十七条 国务院证券监督管理机构对信息披露义务人的信息披露行为进行监督管理。
证券交易场所应当对其组织交易的证券的信息披露义务人的信息披露行为进行监督，督促其依法及
时、准确地披露信息。
第六章 投资者保护
第八十八条 证券公司向投资者销售证券、提供服务时，应当按照规定充分了解投资者的基本情况、财
产状况、金融资产状况、投资知识和经验、专业能力等相关信息；如实说明证券、服务的重要内容，充分
揭示投资风险；销售、提供与投资者上述状况相匹配的证券、服务。
投资者在购买证券或者接受服务时，应当按照证券公司明示的要求提供前款所列真实信息。拒绝提供
或者未按照要求提供信息的，证券公司应当告知其后果，并按照规定拒绝向其销售证券、提供服务。
证券公司违反第一款规定导致投资者损失的，应当承担相应的赔偿责任。
第八十九条 根据财产状况、金融资产状况、投资知识和经验、专业能力等因素，投资者可以分为普通
投资者和专业投资者。专业投资者的标准由国务院证券监督管理机构规定。
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普通投资者与证券公司发生纠纷的，证券公司应当证明其行为符合法律、行政法规以及国务院证券监
督管理机构的规定，不存在误导、欺诈等情形。证券公司不能证明的，应当承担相应的赔偿责任。
第九十条 上市公司董事会、独立董事、持有百分之一以上有表决权股份的股东或者依照法律、行政法
规或者国务院证券监督管理机构的规定设立的投资者保护机构（以下简称投资者保护机构），可以作为征
集人，自行或者委托证券公司、证券服务机构，公开请求上市公司股东委托其代为出席股东大会，并代为
行使提案权、表决权等股东权利。
依照前款规定征集股东权利的，征集人应当披露征集文件，上市公司应当予以配合。
禁止以有偿或者变相有偿的方式公开征集股东权利。
公开征集股东权利违反法律、行政法规或者国务院证券监督管理机构有关规定，导致上市公司或者其
股东遭受损失的，应当依法承担赔偿责任。
第九十一条 上市公司应当在章程中明确分配现金股利的具体安排和决策程序，依法保障股东的资产收
益权。
上市公司当年税后利润，在弥补亏损及提取法定公积金后有盈余的，应当按照公司章程的规定分配现
金股利。
第九十二条 公开发行公司债券的，应当设立债券持有人会议，并应当在募集说明书中说明债券持有人
会议的召集程序、会议规则和其他重要事项。
公开发行公司债券的，发行人应当为债券持有人聘请债券受托管理人，并订立债券受托管理协议。受
托管理人应当由本次发行的承销机构或者其他经国务院证券监督管理机构认可的机构担任，债券持有人会
议可以决议变更债券受托管理人。债券受托管理人应当勤勉尽责，公正履行受托管理职责，不得损害债券
持有人利益。
债券发行人未能按期兑付债券本息的，债券受托管理人可以接受全部或者部分债券持有人的委托，以
自己名义代表债券持有人提起、参加民事诉讼或者清算程序。
第九十三条 发行人因欺诈发行、虚假陈述或者其他重大违法行为给投资者造成损失的，发行人的控股
股东、实际控制人、相关的证券公司可以委托投资者保护机构，就赔偿事宜与受到损失的投资者达成协
议，予以先行赔付。先行赔付后，可以依法向发行人以及其他连带责任人追偿。
第九十四条 投资者与发行人、证券公司等发生纠纷的，双方可以向投资者保护机构申请调解。普通投
资者与证券公司发生证券业务纠纷，普通投资者提出调解请求的，证券公司不得拒绝。
投资者保护机构对损害投资者利益的行为，可以依法支持投资者向人民法院提起诉讼。
发行人的董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定给公司
造成损失，发行人的控股东、实际控制人等侵犯公司合法权益给公司造成损失，投资者保护机构持有该
公司股份的，可以为公司的利益以自己的名义向人民法院提起诉讼，持股比例和持股期限不受《中华人民
共和国公司法》规定的限制。
第九十五条 投资者提起虚假陈述等证券民事赔偿诉讼时，诉讼标的是同一种类，且当事人一方人数众
多的，可以依法推选代表人进行诉讼。
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对按照前款规定提起的诉讼，可能存在有相同诉讼请求的其他众多投资者的，人民法院可以发出公
告，说明该诉讼请求的案件情况，通知投资者在一定期间向人民法院登记。人民法院作出的判决、裁定，
对参加登记的投资者发生效力。
投资者保护机构受五十名以上投资者委托，可以作为代表人参加诉讼，并为经证券登记结算机构确认
的权利人依照前款规定向人民法院登记，但投资者明确表示不愿意参加该诉讼的除外。
第七章 证券交易场所
第九十六条 证券交易所、国务院批准的其他全国性证券交易场所为证券集中交易提供场所和设施，组
织和监督证券交易，实行自律管理，依法登记，取得法人资格。
证券交易所、国务院批准的其他全国性证券交易场所的设立、变更和解散由国务院决定。
国务院批准的其他全国性证券交易场所的组织机构、管理办法等，由国务院规定。
第九十七条 证券交易所、国务院批准的其他全国性证券交易场所可以根据证券品种、行业特点、公司
规模等因素设立不同的市场层次。
第九十八条 按照国务院规定设立的区域性股权市场为非公开发行证券的发行、转让提供场所和设施，
具体管理办法由国务院规定。
第九十九条 证券交易所履行自律管理职能，应当遵守社会公共利益优先原则，维护市场的公平、有
序、透明。
设立证券交易所必须制定章程。证券交易所章程的制定和修改，必须经国务院证券监督管理机构批
准。
第一百条 证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易
所或者近似的名称。
第一百零一条 证券交易所可以自行支配的各项费用收入，应当首先用于保证其证券交易场所和设施的
正常运行并逐步改善。
实行会员制的证券交易所的财产积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其
财产积累分配给会员。
第一百零二条 实行会员制的证券交易所设理事会、监事会。
证券交易所设总经理一人，由国务院证券监督管理机构任免。
第一百零三条 有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担
任证券交易所的负责人：
（一）因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公
司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；
（二）因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服
务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。
第一百零四条 因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券
服务机构的从业人员和被开除的国家机关工作人员，不得招聘为证券交易所的从业人员。
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第一百零五条 进入实行会员制的证券交易所参与集中交易的，必须是证券交易所的会员。证券交易所
不得允许非会员直接参与股票的集中交易。
第一百零六条 投资者应当与证券公司签订证券交易委托协议，并在证券公司实名开立账户，以书面、
电话、自助终端、网络等方式，委托该证券公司代其买卖证券。
第一百零七条 证券公司为投资者开立账户，应当按照规定对投资者提供的身份信息进行核对。
证券公司不得将投资者的账户提供给他人使用。
投资者应当使用实名开立的账户进行交易。
第一百零八条 证券公司根据投资者的委托，按照证券交易规则提出交易申报，参与证券交易所场内的
集中交易，并根据成交结果承担相应的清算交收责任。证券登记结算机构根据成交结果，按照清算交收规
则，与证券公司进行证券和资金的清算交收，并为证券公司客户办理证券的登记过户手续。
第一百零九条 证券交易所应当为组织公平的集中交易提供保障，实时公布证券交易即时行情，并按交
易日制作证券市场行情表，予以公布。
证券交易即时行情的权益由证券交易所依法享有。未经证券交易所许可，任何单位和个人不得发布证
券交易即时行情。
第一百一十条 上市公司可以向证券交易所申请其上市交易股票的停牌或者复牌，但不得滥用停牌或者
复牌损害投资者的合法权益。
证券交易所可以按照业务规则的规定，决定上市交易股票的停牌或者复牌。
第一百一十一条 因不可抗力、意外事件、重大技术故障、重大人为差错等突发性事件而影响证券交易
正常进行时，为维护证券交易正常秩序和市场公平，证券交易所可以按照业务规则采取技术性停牌、临时
停市等处置措施，并应当及时向国务院证券监督管理机构报告。
因前款规定的突发性事件导致证券交易结果出现重大异常，按交易结果进行交收将对证券交易正常秩
序和市场公平造成重大影响的，证券交易所按照业务规则可以采取消交易、通知证券登记结算机构暂缓
交收等措施，并应当及时向国务院证券监督管理机构报告并公告。
证券交易所对其依照本条规定采取措施造成的损失，不承担民事赔偿责任，但存在重大过错的除外。
第一百一十二条 证券交易所对证券交易实行实时监控，并按照国务院证券监督管理机构的要求，对异
常的交易情况提出报告。
证券交易所根据需要，可以按照业务规则对出现重大异常交易情况的证券账户的投资者限制交易，并
及时报告国务院证券监督管理机构。
第一百一十三条 证券交易所应当加强对证券交易的风险监测，出现重大异常波动的，证券交易所可以
按照业务规则采取限制交易、强制停牌等处置措施，并向国务院证券监督管理机构报告；严重影响证券市
场稳定的，证券交易所可以按照业务规则采取临时停市等处置措施并公告。
证券交易所对其依照本条规定采取措施造成的损失，不承担民事赔偿责任，但存在重大过错的除外。
第一百一十四条 证券交易所应当从其收取的交易费用和会员费、席位费中提取一定比例的金额设立风
险基金。风险基金由证券交易所理事会管理。
风险基金提取的具体比例和使用办法，由国务院证券监督管理机构会同国务院财政部门规定。
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证券交易所应当将收存的风险基金存入开户银行专门账户，不得擅自使用。
第一百一十五条 证券交易所依照法律、行政法规和国务院证券监督管理机构的规定，制定上市规则、
交易规则、会员管理规则和其他有关业务规则，并报国务院证券监督管理机构批准。
在证券交易所从事证券交易，应当遵守证券交易所依法制定的业务规则。违反业务规则的，由证券交
易所给予纪律处分或者采取其他自律管理措施。
第一百一十六条 证券交易所的负责人和其他从业人员执行与证券交易有关的职务时，与其本人或者其
亲属有利害关系的，应当回避。
第一百一十七条 按照依法制定的交易规则进行的交易，不得改变其交易结果，但本法第一百一十一条
第二款规定的除外。对交易中违规交易者应负的民事责任不得免除；在违规交易中所获利益，依照有关规
定处理。
第八章 证券公司
第一百一十八条 设立证券公司，应当具备下列条件，并经国务院证券监督管理机构批准：
（一）有符合法律、行政法规定的公司章程；
（二）主要股东及公司的实际控制人具有良好的财务状况和诚信记录，最近三年无重大违法违规记
录；
（三）有符合本法规定的公司注册资本；
（四）董事、监事、高级管理人员、从业人员符合本法规定的条件；
（五）有完善的风险管理与内部控制度；
（六）有合格的经营场所、业务设施和信息技术系统；
（七）法律、行政法规和经国务院批准的国务院证券监督管理机构规定的其他条件。
未经国务院证券监督管理机构批准，任何单位和个人不得以证券公司名义开展证券业务活动。
第一百一十九条 国务院证券监督管理机构应当自受理证券公司设立申请之日起六个月内，依照法定条
件和法定程序并根据审慎监管原则进行审查，作出批准或者不予批准的决定，并通知申请人；不予批准
的，应当说明理由。
证券公司设立申请获得批准的，申请人应当在规定的期限内向公司登记机关申请设立登记，领取营业
执照。
证券公司应当自领取营业执照之日起十五日内，向国务院证券监督管理机构申请经营证券业务许可
证。未取得经营证券业务许可证，证券公司不得经营证券业务。
第一百二十条 经国务院证券监督管理机构核准，取得经营证券业务许可证，证券公司可以经营下列部
分或者全部证券业务：
（一）证券经纪；
（二）证券投资咨询；
（三）与证券交易、证券投资活动有关的财务顾问；
（四）证券承销与保荐；
（五）证券融资融券；
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（六）证券做市交易；
（七）证券自营；
（八）其他证券业务。
国务院证券监督管理机构应当自受理前款规定事项申请之日起三个月内，依照法定条件和程序进行审
查，作出核准或者不予核准的决定，并通知申请人；不予核准的，应当说明理由。
证券公司经营证券资产管理业务的，应当符合《中华人民共和国证券投资基金法》等法律、行政法规
的规定。
除证券公司外，任何单位和个人不得从事证券承销、证券保荐、证券经纪和证券融资融券业务。
证券公司从事证券融资融券业务，应当采取措施，严格防范和控制风险，不得违反规定向客户出借资
金或者证券。
第一百二十一条 证券公司经营本法第一百二十条第一款第（一）项至第（三）项业务的，注册资本最
低限额为人民币五千万元；经营第（四）项至第（八）项业务之一的，注册资本最低限额为人民币一亿
元；经营第（四）项至第（八）项业务中两项以上的，注册资本最低限额为人民币五亿元。证券公司的注
册资本应当是实缴资本。
国务院证券监督管理机构根据审慎监管原则和各项业务的风险程度，可以调整注册资本最低限额，但
不得少于前款规定的限额。
第一百二十二条 证券公司变更证券业务范围，变更主要股东或者公司的实际控制人，合并、分立、停
业、解散、破产，应当经国务院证券监督管理机构核准。
第一百二十三条 国务院证券监督管理机构应当对证券公司净资本和其他风险控制指标作出规定。
证券公司除依照规定为其客户提供融资融券外，不得为其股东或者股东的关联人提供融资或者担保。
第一百二十四条 证券公司的董事、监事、高级管理人员，应当正直诚实、品行良好，熟悉证券法律、
行政法规，具有履行职责所需的经营管理能力。证券公司任免董事、监事、高级管理人员，应当报国务院
证券监督管理机构备案。
有《中华人民共和国公司法》第一百四十六条规定的情形或者下列情形之一的，不得担任证券公司的
董事、监事、高级管理人员：
（一）因违法行为或者违纪行为被解除职务的证券交易场所、证券登记结算机构的负责人或者证券公
司的董事、监事、高级管理人员，自被解除职务之日起未逾五年；
（二）因违法行为或者违纪行为被吊销执业证书或者被取消资格的律师、注册会计师或者其他证券服
务机构的专业人员，自被吊销执业证书或者被取消资格之日起未逾五年。
第一百二十五条 证券公司从事证券业务的人员应当品行良好，具备从事证券业务所需的专业能力。
因违法行为或者违纪行为被开除的证券交易场所、证券公司、证券登记结算机构、证券服务机构的从
业人员和被开除的国家机关工作人员，不得招聘为证券公司的从业人员。
国家机关工作人员和法律、行政法规定的禁止在公司中兼职的其他人员，不得在证券公司中兼任职
务。
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第一百二十六条 国家设立证券投资者保护基金。证券投资者保护基金由证券公司缴纳的资金及其他依
法筹集的资金组成，其规模以及筹集、管理和使用的具体办法由国务院规定。
第一百二十七条 证券公司从每年的业务收入中提取交易风险准备金，用于弥补证券经营的损失，其提
取的具体比例由国务院证券监督管理机构会同国务院财政部门规定。
第一百二十八条 证券公司应当建立健全内部控制度，采取有效隔离措施，防范公司与客户之间、不
同客户之间的利益冲突。
证券公司必须将其证券经纪业务、证券承销业务、证券自营业务、证券做市业务和证券资产管理业务
分开办理，不得混合操作。
第一百二十九条 证券公司的自营业务必须以自己的名义进行，不得假借他人名义或者以个人名义进
行。
证券公司的自营业务必须使用自有资金和依法筹集的资金。
证券公司不得将其自营账户借给他人使用。
第一百三十条 证券公司应当依法审慎经营，勤勉尽责，诚实守信。
证券公司的业务活动，应当与其治理结构、内部控制、合规管理、风险管理以及风险控制指标、从业
人员构成等情况相适应，符合审慎监管和保护投资者合法权益的要求。
证券公司依法享有自主经营的权利，其合法经营不受干涉。
第一百三十一条 证券公司客户的交易结算资金应当存放在商业银行，以每个客户的名义单独立户管
理。
证券公司不得将客户的交易结算资金和证券归入其自有财产。禁止任何单位或者个人以任何形式挪用
客户的交易结算资金和证券。证券公司破产或者清算时，客户的交易结算资金和证券不属于其破产财产或
者清算财产。非因客户本身的债务或者法律规定的其他情形，不得查封、冻结、扣划或者强制执行客户的
交易结算资金和证券。
第一百三十二条 证券公司办理经纪业务，应当置备统一制定的证券买卖委托书，供委托人使用。采取
其他委托方式的，必须作出委托记录。
客户的证券买卖委托，不论是否成交，其委托记录应当按照规定的期限，保存于证券公司。
第一百三十三条 证券公司接受证券买卖的委托，应当根据委托书载明的证券名称、买卖数量、出价方
式、价格幅度等，按照交易规则代理买卖证券，如实进行交易记录；买卖成交后，应当按照规定制作买卖
成交报告单交付客户。
证券交易中确认交易行为及其交易结果的对账单必须真实，保证账面证券余额与实际持有的证券相一
致。
第一百三十四条 证券公司办理经纪业务，不得接受客户的全权委托而决定证券买卖、选择证券种类、
决定买卖数量或者买卖价格。
证券公司不得允许他人以证券公司的名义直接参与证券的集中交易。
第一百三十五条 证券公司不得对客户证券买卖的收益或者赔偿证券买卖的损失作出承诺。
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第一百三十六条 证券公司的从业人员在证券交易活动中，执行所属的证券公司的指令或者利用职务违
反交易规则的，由所属的证券公司承担全部责任。
证券公司的从业人员不得私下接受客户委托买卖证券。
第一百三十七条 证券公司应当建立客户信息查询制度，确保客户能够查询其账户信息、委托记录、交
易记录以及其他与接受服务或者购买产品有关的重要信息。
证券公司应当妥善保存客户开户资料、委托记录、交易记录和与内部管理、业务经营有关的各项信
息，任何人不得隐匿、伪造、篡改或者毁损。上述信息的保存期限不得少于二十年。
第一百三十八条 证券公司应当按照规定向国务院证券监督管理机构报送业务、财务等经营管理信息和
资料。国务院证券监督管理机构有权要求证券公司及其主要股东、实际控制人在指定的期限内提供有关信
息、资料。
证券公司及其主要股东、实际控制人向国务院证券监督管理机构报送或者提供的信息、资料，必须真
实、准确、完整。
第一百三十九条 国务院证券监督管理机构认为有必要时，可以委托会计师事务所、资产评估机构对证
券公司的财务状况、内部控制状况、资产价值进行审计或者评估。具体办法由国务院证券监督管理机构会
同有关主管部门制定。
第一百四十条 证券公司的治理结构、合规管理、风险控制指标不符合规定的，国务院证券监督管理机
构应当责令其限期改正；逾期未改正，或者其行为严重危及该证券公司的稳健运行、损害客户合法权益
的，国务院证券监督管理机构可以区别情形，对其采取下列措施：
（一）限制业务活动，责令暂停部分业务，停止核准新业务；
（二）限制分配红利，限制向董事、监事、高级管理人员支付报酬、提供福利；
（三）限制转让财产或者在财产上设定其他权利；
（四）责令更换董事、监事、高级管理人员或者限制其权利；
（五）撤销有关业务许可；
（六）认定负有责任的董事、监事、高级管理人员为不适当人选；
（七）责令负有责任的股东转让股权，限制负有责任的股东行使股东权利。
证券公司整改后，应当向国务院证券监督管理机构提交报告。国务院证券监督管理机构经验收，治理
结构、合规管理、风险控制指标符合规定的，应当自验收完毕之日起三日内解除对其采取的前款规定的有
关限制措施。
第一百四十一条 证券公司的股东有虚假出资、抽逃出资行为的，国务院证券监督管理机构应当责令其
限期改正，并可责令其转让所持证券公司的股权。
在前款规定的股东按照要求改正违法行为、转让所持证券公司的股权前，国务院证券监督管理机构可
以限制其股东权利。
第一百四十二条 证券公司的董事、监事、高级管理人员未能勤勉尽责，致使证券公司存在重大违法违
规行为或者重大风险的，国务院证券监督管理机构可以责令证券公司予以更换。
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第一百四十三条 证券公司违法经营或者出现重大风险，严重危害证券市场秩序、损害投资者利益的，
国务院证券监督管理机构可以对该证券公司采取责令停业整顿、指定其他机构托管、接管或者撤销等监管
措施。
第一百四十四条 在证券公司被责令停业整顿、被依法指定托管、接管或者清算期间，或者出现重大风
险时，经国务院证券监督管理机构批准，可以对该证券公司直接负责的董事、监事、高级管理人员和其他
直接责任人员采取以下措施：
（一）通知出境入境管理机关依法阻止其出境；
（二）申请司法机关禁止其转移、转让或者以其他方式处分财产，或者在财产上设定其他权利。
第九章 证券登记结算机构
第一百四十五条 证券登记结算机构为证券交易提供集中登记、存管与结算服务，不以营利为目的，依
法登记，取得法人资格。
设立证券登记结算机构必须经国务院证券监督管理机构批准。
第一百四十六条 设立证券登记结算机构，应当具备下列条件：
（一）自有资金不少于人民币二亿元；
（二）具有证券登记、存管和结算服务所必须的场所和设施；
（三）国务院证券监督管理机构规定的其他条件。
证券登记结算机构的名称中应当标明证券登记结算字样。
第一百四十七条 证券登记结算机构履行下列职能：
（一）证券账户、结算账户的设立；
（二）证券的存管和过户；
（三）证券持有人名册登记；
（四）证券交易的清算和交收；
（五）受发行人的委托派发证券权益；
（六）办理与上述业务有关的查询、信息服务；
（七）国务院证券监督管理机构批准的其他业务。
第一百四十八条 在证券交易所和国务院批准的其他全国性证券交易场所交易的证券的登记结算，应当
采取全国集中统一的运营方式。
前款规定以外的证券，其登记、结算可以委托证券登记结算机构或者其他依法从事证券登记、结算业
务的机构办理。
第一百四十九条 证券登记结算机构应当依法制定章程和业务规则，并经国务院证券监督管理机构批
准。证券登记结算业务参与人应当遵守证券登记结算机构制定的业务规则。
第一百五十条 在证券交易所或者国务院批准的其他全国性证券交易场所交易的证券，应当全部存管在
证券登记结算机构。
证券登记结算机构不得挪用客户的证券。
第一百五十一条 证券登记结算机构应当向证券发行人提供证券持有人名册及有关资料。
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证券登记结算机构应当根据证券登记结算的结果，确认证券持有人持有证券的事实，提供证券持有人
登记资料。
证券登记结算机构应当保证券持有人名册和登记过户记录真实、准确、完整，不得隐匿、伪造、篡
改或者毁损。
第一百五十二条 证券登记结算机构应当采取下列措施保证业务的正常进行：
（一）具有必备的服务设备和完善的数据安全保护措施；
（二）建立完善的业务、财务和安全防范等管理制度；
（三）建立完善的风险管理系统。
第一百五十三条 证券登记结算机构应当妥善保存登记、存管和结算的原始凭证及有关文件和资料。其
保存期限不得少于二十年。
第一百五十四条 证券登记结算机构应当设立证券结算风险基金，用于垫付或者弥补因违约交收、技术
故障、操作失误、不可抗力造成的证券登记结算机构的损失。
证券结算风险基金从证券登记结算机构的业务收入和收益中提取，并可以由结算参与人按照证券交易
业务量的一定比例缴纳。
证券结算风险基金的筹集、管理办法，由国务院证券监督管理机构会同国务院财政部门规定。
第一百五十五条 证券结算风险基金应当存入指定银行的专门账户，实行专项管理。
证券登记结算机构以证券结算风险基金赔偿后，应当向有关责任人追偿。
第一百五十六条 证券登记结算机构申请解散，应当经国务院证券监督管理机构批准。
第一百五十七条 投资者委托证券公司进行证券交易，应当通过证券公司申请在证券登记结算机构开立
证券账户。证券登记结算机构应当按照规定为投资者开立证券账户。
投资者申请开立账户，应当持有证明中华人民共和国公民、法人、合伙企业身份的合法证件。国家另
有规定的除外。
第一百五十八条 证券登记结算机构作为中央对手方提供证券结算服务的，是结算参与人共同的清算交
收对手，进行净额结算，为证券交易提供集中履约保障。
证券登记结算机构为证券交易提供净额结算服务时，应当要求结算参与人按照货银对付的原则，足额
交付证券和资金，并提供交收担保。
在交收完成之前，任何人不得动用于交收的证券、资金和担保物。
结算参与人未按时履行交收义务的，证券登记结算机构有权按照业务规则处理前款所述财产。
第一百五十九条 证券登记结算机构按照业务规则收取的各类结算资金和证券，必须存放于专门的清算
交收账户，只能按业务规则用于已成交的证券交易的清算交收，不得被强制执行。
第十章 证券服务机构
第一百六十条 会计师事务所、律师事务所以及从事证券投资咨询、资产评估、资信评级、财务顾问、
信息技术系统服务的证券服务机构，应当勤勉尽责、恪尽职守，按照相关业务规则为证券的交易及相关活
动提供服务。
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从事证券投资咨询服务业务，应当经国务院证券监督管理机构核准；未经核准，不得为证券的交易及
相关活动提供服务。从事其他证券服务业务，应当报国务院证券监督管理机构和国务院有关主管部门备
案。
第一百六十一条 证券投资咨询机构及其从业人员从事证券服务业务不得有下列行为：
（一）代理委托人从事证券投资；
（二）与委托人约定分享证券投资收益或者分担证券投资损失；
（三）买卖本证券投资咨询机构提供服务的证券；
（四）法律、行政法规禁止的其他行为。
有前款所列行为之一，给投资者造成损失的，应当依法承担赔偿责任。
第一百六十二条 证券服务机构应当妥善保存客户委托文件、核查和验证资料、工作底稿以及与质量控
制、内部管理、业务经营有关的信息和资料，任何人不得泄露、隐匿、伪造、篡改或者毁损。上述信息和
资料的保存期限不得少于十年，自业务委托结束之日起算。
第一百六十三条 证券服务机构为证券的发行、上市、交易等证券业务活动制作、出具审计报告及其他
鉴证报告、资产评估报告、财务顾问报告、资信评级报告或者法律意见书等文件，应当勤勉尽责，对所依
据的文件资料内容的真实性、准确性、完整性进行核查和验证。其制作、出具的文件有虚假记载、误导性
陈述或者重大遗漏，给他人造成损失的，应当与委托人承担连带赔偿责任，但是能够证明自己没有过错的
除外。
第十一章 证券业协会
第一百六十四条 证券业协会是证券业的自律性组织，是社会团体法人。
证券公司应当加入证券业协会。
证券业协会的权力机构为全体会员组成的会员大会。
第一百六十五条 证券业协会章程由会员大会制定，并报国务院证券监督管理机构备案。
第一百六十六条 证券业协会履行下列职责：
（一）教育和组织会员及其从业人员遵守证券法律、行政法规，组织开展证券行业诚信建设，督促证
券行业履行社会责任；
（二）依法维护会员的合法权益，向证券监督管理机构反映会员的建议和要求；
（三）督促会员开展投资者教育和保护活动，维护投资者合法权益；
（四）制定和实施证券行业自律规则，监督、检查会员及其从业人员行为，对违反法律、行政法规、
自律规则或者协会章程的，按照规定给予纪律处分或者实施其他自律管理措施；
（五）制定证券行业务规范，组织从业人员的业务培训；
（六）组织会员就证券行业的发展、运作及有关内容进行研究，收集整理、发布证券相关信息，提供
会员服务，组织行业交流，引导行业创新发展；
（七）对会员之间、会员与客户之间发生的证券业务纠纷进行调解；
（八）证券业协会章程规定的其他职责。
第一百六十七条 证券业协会设理事会。理事会成员依章程的规定由选举产生。
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第十二章 证券监督管理机构
第一百六十八条 国务院证券监督管理机构依法对证券市场实行监督管理，维护证券市场公开、公平、
公正，防范系统性风险，维护投资者合法权益，促进证券市场健康发展。
第一百六十九条 国务院证券监督管理机构在对证券市场实施监督管理中履行下列职责：
（一）依法制定有关证券市场监督管理的规章、规则，并依法进行审批、核准、注册，办理备案；
（二）依法对证券的发行、上市、交易、登记、存管、结算等行为，进行监督管理；
（三）依法对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构的证券业务
活动，进行监督管理；
（四）依法制定从事证券业务人员的行为准则，并监督实施；
（五）依法监督检查证券发行、上市、交易的信息披露；
（六）依法对证券业协会的自律管理活动进行指导和监督；
（七）依法监测并防范、处置证券市场风险；
（八）依法开展投资者教育；
（九）依法对证券违法行为进行查处；
（十）法律、行政法规定的其他职责。
第一百七十条 国务院证券监督管理机构依法履行职责，有权采取下列措施：
（一）对证券发行人、证券公司、证券服务机构、证券交易场所、证券登记结算机构进行现场检查；
（二）进入涉嫌违法行为发生场所调查取证；
（三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；
或者要求其按照指定的方式报送与被调查事件有关的文件和资料；
（四）查阅、复制与被调查事件有关的财产权登记、通讯记录等文件和资料；
（五）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会
计资料及其他相关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存、扣押；
（六）查询当事人和与被调查事件有关的单位和个人的资金账户、证券账户、银行账户以及其他具有
支付、托管、结算等功能的账户信息，可以对有关文件和资料进行复制；对有证据证明已经或者可能转移
或者隐匿违法资金、证券等涉案财产或者隐匿、伪造、毁损重要证据的，经国务院证券监督管理机构主要
负责人或者其授权的其他负责人批准，可以冻结或者查封，期限为六个月；因特殊原因需要延长的，每次
延长期限不得超过三个月，冻结、查封期限最长不得超过二年；
（七）在调查操纵证券市场、内幕交易等重大证券违法行为时，经国务院证券监督管理机构主要负责
人或者其授权的其他负责人批准，可以限制被调查的当事人的证券买卖，但限制的期限不得超过三个月；
案情复杂的，可以延长三个月；
（八）通知出境入境管理机关依法阻止涉嫌违法人员、涉嫌违法单位的主管人员和其他直接责任人员
出境。
为防范证券市场风险，维护市场秩序，国务院证券监督管理机构可以采取责令改正、监管谈话、出具
警示函等措施。
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第一百七十一条 国务院证券监督管理机构对涉嫌证券违法的单位或者个人进行调查期间，被调查的当
事人书面申请，承诺在国务院证券监督管理机构认可的期限内纠正涉嫌违法行为，赔偿有关投资者损失，
消除损害或者不良影响的，国务院证券监督管理机构可以决定中止调查。被调查的当事人履行承诺的，国
务院证券监督管理机构可以决定终止调查；被调查的当事人未履行承诺或者有国务院规定的其他情形的，
应当恢复调查。具体办法由国务院规定。
国务院证券监督管理机构决定中止或者终止调查的，应当按照规定公开相关信息。
第一百七十二条 国务院证券监督管理机构依法履行职责，进行监督检查或者调查，其监督检查、调查
的人员不得少于二人，并应当出示合法证件和监督检查、调查通知书或者其他执法文书。监督检查、调查
的人员少于二人或者未出示合法证件和监督检查、调查通知书或者其他执法文书的，被检查、调查的单位
和个人有权拒绝。
第一百七十三条 国务院证券监督管理机构依法履行职责，被检查、调查的单位和个人应当配合，如实
提供有关文件和资料，不得拒绝、阻碍和隐瞒。
第一百七十四条 国务院证券监督管理机构制定的规章、规则和监督管理工作制度应当依法公开。
国务院证券监督管理机构依据调查结果，对证券违法行为作出的处罚决定，应当公开。
第一百七十五条 国务院证券监督管理机构应当与国务院其他金融监督管理机构建立监督管理信息共享
机制。
国务院证券监督管理机构依法履行职责，进行监督检查或者调查时，有关部门应当予以配合。
第一百七十六条 对涉嫌证券违法、违规行为，任何单位和个人有权向国务院证券监督管理机构举报。
对涉嫌重大违法、违规行为的实名举报线索经查证属实的，国务院证券监督管理机构按照规定给予举
报人奖励。
国务院证券监督管理机构应当对举报人的身份信息保密。
第一百七十七条 国务院证券监督管理机构可以和其他国家或者地区的证券监督管理机构建立监督管理
合作机制，实施跨境监督管理。
境外证券监督管理机构不得在中华人民共和国境内直接进行调查取证等活动。未经国务院证券监督管
理机构和国务院有关主管部门同意，任何单位和个人不得擅自向境外提供与证券业务活动有关的文件和资
料。
第一百七十八条 国务院证券监督管理机构依法履行职责，发现证券违法行为涉嫌犯罪的，应当依法将
案件移送司法机关处理；发现公职人员涉嫌职务违法或者职务犯罪的，应当依法移送监察机关处理。
第一百七十九条 国务院证券监督管理机构工作人员必须忠于职守、依法办事、公正廉洁，不得利用职
务便利牟取不正当利益，不得泄露所知悉的有关单位和个人的商业秘密。
国务院证券监督管理机构工作人员在任职期间，或者离职后在《中华人民共和国公务员法》规定的期
限内，不得到与原工作业务直接相关的企业或者其他营利性组织任职，不得从事与原工作业务直接相关的
营利性活动。
第十三章 法律责任
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第一百八十条 违反本法第九条的规定，擅自公开或者变相公开发行证券的，责令停止发行，退还所募
资金并加算银行同期存款利息，处以非法所募资金额百分之五以上百分之五十以下的罚款；对擅自公开
或者变相公开发行证券设立的公司，由依法履行监督管理职责的机构或者部门会同县级以上地方人民政府
予以取缔。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚
款。
第一百八十一条 发行人在其公告的证券发行文件中隐瞒重要事实或者编造重大虚假内容，尚未发行证
券的，处以二百万元以上二千万元以下的罚款；已经发行证券的，处以非法所募资金额百分之十以上一
倍以下的罚款。对直接负责的主管人员和其他直接责任人员，处以一百万元以上一千万元以下的罚款。
发行人的控股东、实际控制人组织、指使从事前款违法行为的，没收违法所得，并处以违法所得百
分之十以上一倍以下的罚款；没有违法所得或者违法所得不足二千万元的，处以二百万元以上二千万元以
下的罚款。对直接负责的主管人员和其他直接责任人员，处以一百万元以上一千万元以下的罚款。
第一百八十二条 保荐人出具有虚假记载、误导性陈述或者重大遗漏的保荐书，或者不履行其他法定职
责的，责令改正，给予警告，没收业务收入，并处以业务收入一倍以上十倍以下的罚款；没有业务收入或
者业务收入不足一百万元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处暂停或者撤销保
荐业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的
罚款。
第一百八十三条 证券公司承销或者销售擅自公开发行或者变相公开发行的证券的，责令停止承销或者
销售，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万
元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处暂停或者撤销相关业务许可。给投资者
造成损失的，应当与发行人承担连带赔偿责任。对直接负责的主管人员和其他直接责任人员给予警告，并
处以五十万元以上五百万元以下的罚款。
第一百八十四条 证券公司承销证券违反本法第二十九条规定的，责令改正，给予警告，没收违法所
得，可以并处五十万元以上五百万元以下的罚款；情节严重的，暂停或者撤销相关业务许可。对直接负责
的主管人员和其他直接责任人员给予警告，可以并处二十万元以上二百万元以下的罚款；情节严重的，并
处以五十万元以上五百万元以下的罚款。
第一百八十五条 发行人违反本法第十四条、第十五条的规定擅自改变公开发行证券所募集资金的用途
的，责令改正，处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予
警告，并处以十万元以上一百万元以下的罚款。
发行人的控股东、实际控制人从事或者组织、指使从事前款违法行为的，给予警告，并处以五十万
元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员，处以十万元以上一百万元以下
的罚款。
第一百八十六条 违反本法第三十六条的规定，在限制转让期内转让证券，或者转让股票不符合法律、
行政法规和国务院证券监督管理机构规定的，责令改正，给予警告，没收违法所得，并处以买卖证券等值
以下的罚款。
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第一百八十七条 法律、行政法规定禁止参与股票交易的人员，违反本法第四十条的规定，直接或者
以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券的，责令依法处理非法持有的股票、其
他具有股权性质的证券，没收违法所得，并处以买卖证券等值以下的罚款；属于国家工作人员的，还应当
依法给予处分。
第一百八十八条 证券服务机构及其从业人员，违反本法第四十二条的规定买卖证券的，责令依法处理
非法持有的证券，没收违法所得，并处以买卖证券等值以下的罚款。
第一百八十九条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司的董事、监事、
高级管理人员、持有该公司百分之五以上股份的股东，违反本法第四十四条的规定，买卖该公司股票或者
其他具有股权性质的证券的，给予警告，并处以十万元以上一百万元以下的罚款。
第一百九十条 违反本法第四十五条的规定，采取程序化交易影响证券交易所系统安全或者正常交易秩
序的，责令改正，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员
给予警告，并处以十万元以上一百万元以下的罚款。
第一百九十一条 证券交易内幕信息的知情人或者非法获取内幕信息的人违反本法第五十三条的规定从
事内幕交易的，责令依法处理非法持有的证券，没收违法所得，并处以违法所得一倍以上十倍以下的罚
款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款。单位从事内幕
交易的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下
的罚款。国务院证券监督管理机构工作人员从事内幕交易的，从重处罚。
违反本法第五十四条的规定，利用未公开信息进行交易的，依照前款的规定处罚。
第一百九十二条 违反本法第五十五条的规定，操纵证券市场的，责令依法处理其非法持有的证券，没
收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处
以一百万元以上一千万元以下的罚款。单位操纵证券市场的，还应当对直接负责的主管人员和其他直接责
任人员给予警告，并处以五十万元以上五百万元以下的罚款。
第一百九十三条 违反本法第五十六条第一款、第三款的规定，编造、传播虚假信息或者误导性信息，
扰乱证券市场的，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得
不足二十万元的，处以二十万元以上二百万元以下的罚款。
违反本法第五十六条第二款的规定，在证券交易活动中作出虚假陈述或者信息误导的，责令改正，处
以二十万元以上二百万元以下的罚款；属于国家工作人员的，还应当依法给予处分。
传播媒介及其从事证券市场信息报道的工作人员违反本法第五十六条第三款的规定，从事与其工作职
责发生利益冲突的证券买卖的，没收违法所得，并处以买卖证券等值以下的罚款。
第一百九十四条 证券公司及其从业人员违反本法第五十七条的规定，有损害客户利益的行为的，给予
警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足十万元
的，处以十万元以上一百万元以下的罚款；情节严重的，暂停或者撤销相关业务许可。
第一百九十五条 违反本法第五十八条的规定，出借自己的证券账户或者借用他人的证券账户从事证券
交易的，责令改正，给予警告，可以处五十万元以下的罚款。
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第一百九十六条 收购人未按照本法规定履行上市公司收购的公告、发出收购要约义务的，责令改正，
给予警告，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警
告，并处以二十万元以上二百万元以下的罚款。
收购人及其控股东、实际控制人利用上市公司收购，给被收购公司及其股东造成损失的，应当依法
承担赔偿责任。
第一百九十七条 信息披露义务人未按照本法规定报送有关报告或者履行信息披露义务的，责令改正，
给予警告，并处以五十万元以上五百万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警
告，并处以二十万元以上二百万元以下的罚款。发行人的控股东、实际控制人组织、指使从事上述违法
行为，或者隐瞒相关事项导致发生上述情形的，处以五十万元以上五百万元以下的罚款；对直接负责的主
管人员和其他直接责任人员，处以二十万元以上二百万元以下的罚款。
信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责令改正，给
予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任人员给予警
告，并处以五十万元以上五百万元以下的罚款。发行人的控股东、实际控制人组织、指使从事上述违法
行为，或者隐瞒相关事项导致发生上述情形的，处以一百万元以上一千万元以下的罚款；对直接负责的主
管人员和其他直接责任人员，处以五十万元以上五百万元以下的罚款。
第一百九十八条 证券公司违反本法第八十八条的规定未履行或者未按照规定履行投资者适当性管理义
务的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接
责任人员给予警告，并处以二十万元以下的罚款。
第一百九十九条 违反本法第九十条的规定征集股东权利的，责令改正，给予警告，可以处五十万元以
下的罚款。
第二百条 非法开设证券交易场所的，由县级以上人民政府予以取缔，没收违法所得，并处以违法所得
一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下
的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚
款。
证券交易所违反本法第一百零五条的规定，允许非会员直接参与股票的集中交易的，责令改正，可以
并处五十万元以下的罚款。
第二百零一条 证券公司违反本法第一百零七条第一款的规定，未对投资者开立账户提供的身份信息进
行核对的，责令改正，给予警告，并处以五万元以上五十万元以下的罚款。对直接负责的主管人员和其他
直接责任人员给予警告，并处以十万元以下的罚款。
证券公司违反本法第一百零七条第二款的规定，将投资者的账户提供给他人使用的，责令改正，给予
警告，并处以十万元以上一百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并
处以二十万元以下的罚款。
第二百零二条 违反本法第一百一十八条、第一百二十条第一款、第四款的规定，擅自设立证券公司、
非法经营证券业务或者未经批准以证券公司名义开展证券业务活动的，责令改正，没收违法所得，并处以
违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千
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万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以
下的罚款。对擅自设立的证券公司，由国务院证券监督管理机构予以取缔。
证券公司违反本法第一百二十条第五款规定提供证券融资融券服务的，没收违法所得，并处以融资融
券等值以下的罚款；情节严重的，禁止其在一定期限内从事证券融资融券业务。对直接负责的主管人员和
其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
第二百零三条 提交虚假证明文件或者采取其他欺诈手段骗取证券公司设立许可、业务许可或者重大事
项变更核准的，撤销相关许可，并处以一百万元以上一千万元以下的罚款。对直接负责的主管人员和其他
直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
第二百零四条 证券公司违反本法第一百二十二条的规定，未经核准变更证券业务范围，变更主要股东
或者公司的实际控制人，合并、分立、停业、解散、破产的，责令改正，给予警告，没收违法所得，并处
以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五
百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给
予警告，并处以二十万元以上二百万元以下的罚款。
第二百零五条 证券公司违反本法第一百二十三条第二款的规定，为其股东或者股东的关联人提供融资
或者担保的，责令改正，给予警告，并处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和
其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。股东有过错的，在按照要求改正
前，国务院证券监督管理机构可以限制其股东权利；拒不改正的，可以责令其转让所持证券公司股权。
第二百零六条 证券公司违反本法第一百二十八条的规定，未采取有效隔离措施防范利益冲突，或者未
分开办理相关业务、混合操作的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以
下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严
重的，并处撤销相关业务许可。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以
上二百万元以下的罚款。
第二百零七条 证券公司违反本法第一百二十九条的规定从事证券自营业务的，责令改正，给予警告，
没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，
处以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可或者责令关闭。对直接负责
的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
第二百零八条 违反本法第一百三十一条的规定，将客户的资金和证券归入自有财产，或者挪用客户的
资金和证券的，责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违
法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款；情节严重的，并处撤销相
关业务许可或者责令关闭。对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五
百万元以下的罚款。
第二百零九条 证券公司违反本法第一百三十四条第一款的规定接受客户的全权委托买卖证券的，或者
违反本法第一百三十五条的规定对客户的收益或者赔偿客户的损失作出承诺的，责令改正，给予警告，没
收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处
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以五十万元以上五百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其
他直接责任人员给予警告，并处以二十万元以上二百万元以下的罚款。
证券公司违反本法第一百三十四条第二款的规定，允许他人以证券公司的名义直接参与证券的集中交
易的，责令改正，可以并处五十万元以下的罚款。
第二百一十条 证券公司的从业人员违反本法第一百三十六条的规定，私下接受客户委托买卖证券的，
责令改正，给予警告，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得的，处以
五十万元以下的罚款。
第二百一十一条 证券公司及其主要股东、实际控制人违反本法第一百三十八条的规定，未报送、提供
信息和资料，或者报送、提供的信息和资料有虚假记载、误导性陈述或者重大遗漏的，责令改正，给予警
告，并处以一百万元以下的罚款；情节严重的，并处撤销相关业务许可。对直接负责的主管人员和其他直
接责任人员，给予警告，并处以五十万元以下的罚款。
第二百一十二条 违反本法第一百四十五条的规定，擅自设立证券登记结算机构的，由国务院证券监督
管理机构予以取缔，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所
得不足五十万元的，处以五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员
给予警告，并处以二十万元以上二百万元以下的罚款。
第二百一十三条 证券投资咨询机构违反本法第一百六十条第二款的规定擅自从事证券服务业务，或者
从事证券服务业务有本法第一百六十一条规定行为的，责令改正，没收违法所得，并处以违法所得一倍以
上十倍以下的罚款；没有违法所得或者违法所得不足五十万元的，处以五十万元以上五百万元以下的罚
款。对直接负责的主管人员和其他直接责任人员，给予警告，并处以二十万元以上二百万元以下的罚款。
会计师事务所、律师事务所以及从事资产评估、资信评级、财务顾问、信息技术系统服务的机构违反
本法第一百六十条第二款的规定，从事证券服务业务未报备案的，责令改正，可以处二十万元以下的罚
款。
证券服务机构违反本法第一百六十三条的规定，未勤勉尽责，所制作、出具的文件有虚假记载、误导
性陈述或者重大遗漏的，责令改正，没收业务收入，并处以业务收入一倍以上十倍以下的罚款，没有业务
收入或者业务收入不足五十万元的，处以五十万元以上五百万元以下的罚款；情节严重的，并处暂停或者
禁止从事证券服务业务。对直接负责的主管人员和其他直接责任人员给予警告，并处以二十万元以上二百
万元以下的罚款。
第二百一十四条 发行人、证券登记结算机构、证券公司、证券服务机构未按照规定保存有关文件和资
料的，责令改正，给予警告，并处以十万元以上一百万元以下的罚款；泄露、隐匿、伪造、篡改或者毁损
有关文件和资料的，给予警告，并处以二十万元以上二百万元以下的罚款；情节严重的，处以五十万元以
上五百万元以下的罚款，并处暂停、撤销相关业务许可或者禁止从事相关业务。对直接负责的主管人员和
其他直接责任人员给予警告，并处以十万元以上一百万元以下的罚款。
第二百一十五条 国务院证券监督管理机构依法将有关市场主体遵守本法的情况纳入证券市场诚信档
案。
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第二百一十六条 国务院证券监督管理机构或者国务院授权的部门有下列情形之一的，对直接负责的主
管人员和其他直接责任人员，依法给予处分：
（一）对不符合本法规定的发行证券、设立证券公司等申请予以核准、注册、批准的；
（二）违反本法规定采取现场检查、调查取证、查询、冻结或者查封等措施的；
（三）违反本法规定对有关机构和人员采取监督管理措施的；
（四）违反本法规定对有关机构和人员实施行政处罚的；
（五）其他不依法履行职责的行为。
第二百一十七条 国务院证券监督管理机构或者国务院授权的部门的工作人员，不履行本法规定的职
责，滥用职权、玩忽职守，利用职务便利牟取不正当利益，或者泄露所知悉的有关单位和个人的商业秘密
的，依法追究法律责任。
第二百一十八条 拒绝、阻碍证券监督管理机构及其工作人员依法行使监督检查、调查职权，由证券监
督管理机构责令改正，处以十万元以上一百万元以下的罚款，并由公安机关依法给予治安管理处罚。
第二百一十九条 违反本法规定，构成犯罪的，依法追究刑事责任。
第二百二十条 违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金、违法所得，违法行为人的财
产不足以支付的，优先用于承担民事赔偿责任。
第二百二十一条 违反法律、行政法规或者国务院证券监督管理机构的有关规定，情节严重的，国务院
证券监督管理机构可以对有关责任人员采取证券市场禁入的措施。
前款所称证券市场禁入，是指在一定期限内直至终身不得从事证券业务、证券服务业务，不得担任证
券发行人的董事、监事、高级管理人员，或者一定期限内不得在证券交易所、国务院批准的其他全国性证
券交易场所交易证券的制度。
第二百二十二条 依照本法收缴的罚款和没收的违法所得，全部上缴国库。
第二百二十三条 当事人对证券监督管理机构或者国务院授权的部门的处罚决定不服的，可以依法申请
行政复议，或者依法直接向人民法院提起诉讼。
第十四章 附则
第二百二十四条 境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易，应当符合国务
院的有关规定。
第二百二十五条 境内公司股票以外币认购和交易的，具体办法由国务院另行规定。
第二百二十六条 本法自2020年3月1日起施行。
| Promulgated by ： Standing Committee of the National People’s Congress |
|---|
| Promulgation Date ： 2019.12.28 |
| Effective Date ： 2020.03.01 |
| Validity Status ： Effective |
| Document No. ： Presidential Decree No. 37 |
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Securities Law of the People’s Republic of China
P
P
E
V
D
Securities Law of the People’s Republic of China (Revised in 2019)
Presidential Decre No. 37
The revised Securities Law of the People’s Republic of China pased by the 15th Sesion of the Standing
Comite of the 13th National People’s Congres on 28 December 2019 is hereby promulgated and shal be
implemented with efect from 1 March 2020.
Xi Jinping
President of the People’s Republic of China
28 December 2019
Securities Law of the People’s Republic of China
(Pased by the Sixth Sesion of the Standing Comite of the Ninth National
People’s Congres on 29 December 1998, amended for the first time pursuant to the Decision on Revision of
the Securities Law of the People’s Republic of China pased by the 11th Sesion of the Standing Comite of the
Tenth National People’s Congres on 28 August 2004, revised for the first time by the 18th Sesion of the Standing
Comite of the Tenth National People’s Congres on 27 October 2005, amended for the second time pursuant to
the Decision on Revision of Twelve Laws Including the “Law of the People’s Republic of China on the Protection
of Cultural Relics” pased by the Third Sesion of the Standing Comite of the Twelfth National People’s
Congres on 29 June 2013, amended for the third time pursuant to the Decision on Revision of Five Laws
Including the “Insurance Law of the People’s Republic of China pased by the 10th Sesion of the 12th National
People’s Congres on 31 August 2014, and revised for the second time by the 15th Sesion of the Standing
Comite of the 13th National People’s Congres on 28 December 2019)
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Chapter 1 General Principles
Article 1 This Law is enacted for the purposes of standardising the ofering and trading of securities,
protecting the legal rights and interests of the investors, safeguarding social and economic order and public interest,
and promoting the development of the socialist market economy.
Article 2 The provisions of this Law shal aply to the ofering and trading of shares, corporate bonds,
depository receipts and other securities determined by the State Council pursuant to the law within the teritory of
the People’s Republic of China; for maters not stipulated in this Law, the provisions of the Company Law of the
People’s Republic of China and other laws and administrative regulations shal aply.
The provisions of this Law shal aply to listing and trading of government bonds and securities investment fund
units; where other laws and administrative regulations provide otherwise such provisions shal prevail.
Administrative measures on ofering and trading of aset-backed securities and aset management products
shal be formulated by the State Council in acordance with the principle of this Law.
Ofering and trading of securities outside the People’s Republic of China which disrupt the domestic market
order of the People’s Republic of China and harm the legitimate rights and interests of domestic investors shal be
dealt with pursuant to the relevant provisions of this Law, and legal liability shal be pursued.
Article 3 Ofering and trading of securities shal comply with the principles of transparency, equity and
fairnes.
Article 4 Parties engaging in ofering and trading of securities shal enjoy equal legal status and shal comply
with the principles of voluntary participation, compensation and honesty and trustworthines.
Article 5 Ofering and trading of securities shal comply with the provisions of laws and administrative
regulations; fraud, insider trading and manipulation of the securities market shal be prohibited.
Article 6 The securities industry and banking industry, trust industry and insurance industry shal implement
industry operations and administration separately; securities companies, banks, trust organisations and insurance
organisations shal be established separately, unles otherwise provided by the State.
Article 7 The securities regulatory authority of the State Council shal implement unified supervision and
administration on the securities market nationwide pursuant to the law.
The securities regulatory authority of the State Council may establish representative ofices based on the actual
neds to perform supervision and administration duties as authorised.
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Article 8 State audit authorities shal cary out audit and supervision over stock exchanges, securities
companies, securities registration and setlement organisations and securities regulatory authorities pursuant to the
law.
Chapter 2 Securities Ofering
Article 9 Public ofering of securities shal satisfy the criteria provided in the laws and administrative
regulations and shal be registered pursuant to the law with the securities regulatory authority of the State Council
or the authorities empowered by the State Council. No organisation or individual shal isue securities to the public
without registration pursuant to the law. The detailed scope and implementation workflow for registration of
securities ofering shal be stipulated by the State Council.
Any of the folowing scenarios shal be demed as a public ofering:
- ;
- , excluding the number of employes under an
employe share option scheme implemented pursuant to the law; and
(3) other oferings provided by the laws and administrative regulations.
Private ofering of securities shal not adopt the methods of advertising, open solicitation and disguised
publicity campaigns.
Article 10 Isuers adopting the underwriting method pursuant to the law for public ofering of shares or
corporate bonds which can be converted to shares, or making a public ofering of other securities for which
sponsorship is stipulated by laws and administrative regulations, shal apoint a securities company as the sponsor.
The sponsor shal comply with busines rules and industry norms, be honest, trustworthy, responsible and diligent,
conduct due diligence review on the aplication documents and information disclosure materials of the isuer, and
supervise the conduct of the isuer.
Administrative measures on sponsors shal be formulated by the securities regulatory authorities of the State
Council.
Article 11 Public ofering of shares for the establishment of a company limited by shares shal satisfy the
criteria stipulated in the Company Law of the People’s Republic of China and other requirements stipulated by the
securities regulatory authorities of the State Council; an aplication for share ofering and the folowing documents
shal be submited to the securities regulatory authorities of the State Council:
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- ;
- ‘ agrement;
- , shares subscribed by the promoters, type of capital contribution and capital verification
certificate;
- ;
- ; and
(6) name of underwriter and the relevant agrement.
The sponsor’s leter for ofering isued by the sponsor shal be submited if a sponsor is apointed pursuant to the
provisions of this Law.
Where the laws and administrative regulations stipulate that establishment of the company is subject to
aproval, the relevant aproval documents shal also be submited.
Article 12 An initial public ofering of new shares by a company shal satisfy the folowing criteria:
- ;
- ;
- ‘s financial acounting documents for the
past thre years;
- , actual controling party do not have criminal record during the
past thre years for coruption, bribery, encroachment of asets, misapropriation of asets or disruption of soclalist
market economy order; and
(5) other criteria stipulated by the securities regulatory authority of the State Council aproved by the State
Council.
Ofering of new shares by listed companies shal satisfy the criteria stipulated by the securities regulatory
authorities of the State Council and aproved by the State Council; detailed administrative measures shal be
formulated by the securities regulatory authorities of the State Council.
Public ofering of depository receipts shal satisfy the criteria for initial public ofering of new shares, as wel
as any other criteria stipulated by the securities regulatory authorities of the State Council.
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Article 13 For public ofering of new shares, the company shal submit an aplication for share ofering and
the folowing documents:
- ;
- ;
- ‘ general meting;
- ;
- ; and
(6) name and adres of receiving bank.
The sponsor’s leter for ofering isued by the sponsor shal be also submited if a sponsor is apointed pursuant to
this Law. Where the public ofering is underwriten pursuant to the provisions of this Law, the name of the
underwriter and the relevant agrement shal also be submited.
Article 14 A company shal use the funds raised from a public ofering of shares in acordance with the usage
purpose set out in the prospectus or other public ofering documents; change of fund usage purpose shal be
resolved by a shareholders’ general meting. Where the usage purpose is changed without permision and not
rectified, or not aproved by a shareholders’ general meting, the public ofering of new shares shal not be alowed.
Article 15 A public ofering of corporate bonds by a company shal satisfy the folowing criteria:
- ;
- ‘s interest on the
corporate bonds; and
(3) other criteria stipulated by the State Council.
The funds raised from the public ofering of corporate bonds shal be used in acordance with the usage purpose set
out in the corporate bonds ofering method; change in fund usage purpose shal be resolved by a meting of the
bondholders. The funds raised from the public ofering of corporate bonds shal not be used for making up loses
and payment of non-operational expenditure.
Listed companies isuing convertible corporate bonds shal, in adition to satisfying the criteria stipulated in
the first paragraph, comply with the provisions of the second paragraph of Article 12 of this Law. Exception aplies
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where a list company make swap of corporate bonds through acquisition of the company’s shares in acordance
with the corporate bonds ofering method.
Article 16 For public ofering of corporate bonds, the folowing documents shal be submited to the
authorities empowered by the State Council or the securities regulatory authority of the State Council:
- ;
- ;
- ; and
(4) other documents stipulated by the authorities empowered by the State Council or the securities regulatory
authority of the State Council.
The sponsor’s leter for ofering isued by the sponsor shal be also submited if a sponsor is apointed pursuant to
this Law.
Article 17 Under any of the folowing circumstances, a company shal not make another public ofering of
corporate bonds:
(1) it has defaulted on corporate bonds isued by way of public ofering or other debts or delays in payment of
principal and interest, and such default is stil continuing; or
(2) it has violated the provisions of this Law in changing the usage purpose for the funds raised from a public
ofering of corporate bonds.
Article 18 The format and submision method of the aplication documents for public ofering of securities to
be submited by an isuer shal be stipulated by the authorities or department responsible for registration pursuant
to the law.
Article 19 Aplication documents for securities ofering submited by an isuer shal fuly disclose the
information required for value judgement and investment decision-making by investors, and the contents shal be
true, acurate and complete.
Securities service organisations and personel isuing the relevant documents for securities ofering shal perform
the statutory duties strictly, and ensure that the documents isued are true, acurate and complete.
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Article 20 An isuer aplying for initial public ofering of shares shal, upon submision of the aplication
documents, disclose the relevant aplication documents in advance pursuant to the provisions of the securities
regulatory authorities of the State Council.
Article 21 The securities regulatory authority of the State Council or the authorities empowered by the State
Council shal be responsible for registration of securities ofering aplications in acordance with the statutory
criteria. Detailed measures on registration of public ofering of securities shal be stipulated by the State Council.
Pursuant to the provisions of the State Council, stock exchanges etc. may examine and aprove aplications for
public ofering of securities, determine if the isuer satisfies ofering criteria and information disclosure
requirements, and urge isuers to improve upon information disclosure contents.
Persons participating in registration of a securities ofering aplication pursuant to the provisions of the two
preceding paragraphs shal not be a stakeholder of the aplicant, shal not acept gifts and donations from the
aplicant directly or indirectly, shal not hold securities under the said ofering aplication, and shal not contact the
aplicant privately.
Article 22 The securities regulatory authority of the State Council or the authorities empowered by the State
Council shal decide, within thre months from aceptance of the aplication documents, on aproval or non-
aproval of an aplication in acordance with the statutory requirements and procedures; the time taken by an
isuer to submit suplementary materials or make corection to its aplication documents as instructed shal be
excluded from the thre-month timeframe. Unsucesful aplicants shal be informed of the reason for non-
aproval.
Article 23 Upon registration of the aplication for securities ofering, the isuer shal anounce the public
ofering documents pursuant to the provisions of the laws and administrative regulations prior to the public ofering
of securities and place such documents at a designated venue for public inspection.
Prior to disclosure of information pertaining to securities ofering pursuant to the law, insiders shal not disclose or
divulge such information.
Isuers shal not isue securities prior to anouncement of the public ofering documents.
Article 24 Where the securities regulatory authority of the State Council or an authority empowered by the
State Council discover(s) that a decision for registration of securities ofering does not satisfy the statutory criteria
or statutory procedures and that the ofering is not made yet, it shal revoke the decision and suspend the ofering.
Where the ofering is made but the securities are yet to be listed, the decision for registration of ofering shal be
revoked, and the isuer shal refund the isue price plus interest on bank deposits for the same period to the
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securities holders; the controling shareholder(s), actual controling party and the sponsor(s) shal bear liability with
the isuer jointly and severaly, except where they can prove that they are not at fault.
Where the isuer of the shares conceals important facts or fabricate significant false contents in securities ofering
documents such as the prospectus etc, and the shares are isued and listed, the securities regulatory authority of the
State Council may order the isuer to make a buyback of the securities, or order the acountable controling
shareholder(s) and the actual controling party to make a buyback of the securities.
Article 25 Where there is a change in the busines and profits of the isuer after the share ofering is made
pursuant to the law, the isuer shal bear the responsibility; investment risks arising from such change shal be
borne by the investors.
Article 26 Where the laws and administrative regulations stipulate that an ofering of securities to non-
specific targets by an isuer is to be underwriten by a securities company, the isuer shal enter into an
underwriting agrement with the securities company. Securities underwriting may take the form of best eforts or
firm comitment.
Best eforts underwriting shal refer to the underwriting method under which a securities company sels the
securities on behalf of the isuer and returns al unsold securities to the isuer upon expiry of the underwriting
period.
Firm comitment underwriting shal refer to the underwriting method under which a securities company
purchases al the securities from the isuer based on the agrement or purchases al unsold securities upon expiry of
the underwriting period.
Article 27 An isuer making a public ofering of securities shal have the right to apoint a securities
company of their choice to be the underwriter pursuant to the law.
Article 28 A securities company underwriting securities shal enter into a best eforts agrement or firm
comitment agrement with the isuer, seting out the folowing maters:
- ;
- , quantity, amount and isue price of the securities underwriten on a best eforts or first comitment
basis;
(3) the best eforts underwriting period or firm comitment underwriting period and the date of
comencement and expiry;
- ;
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- ;
- ; and
(7) other maters stipulated by the securities regulatory authorities of the State Council.
Article 29 A securities company underwriting securities shal examine the veracity, acuracy and integrity of
the public ofering documents. Where the documents are found to contain false records, misrepresentation or major
omision, the securities company shal not cary out seling activities; where the seling activities have comenced,
the securities company shal forthwith suspend the seling activities and adopt corection measures.
A securities company underwriting securities shal not comit any of the folowing acts:
- ;
- ; or
(3) any other acts which violate the provisions on securities underwriting.
A securities company which comits any of the acts set out in the preceding paragraph and causes other
securities underwriters or investors to sufer loses shal bear compensation liability pursuant to the law.
Article 30 Where a syndicate of underwriters is apointed for an ofering of securities to non-specific targets,
the syndicate of underwriters shal comprise the lead underwriter and securities companies participating in the
underwriting.
Article 31 The maximum period for best eforts underwriting or firm comitment underwriting shal not
exced 90 days.
A securities company shal ensure that the securities underwriten on a best eforts basis or firm comitment basis
are first sold to subscribers during the best eforts underwriting period or firm comitment underwriting period; a
securities company shal not reserve securities underwriten on a best eforts basis for themselves, or purchase in
advance and retain securities under a firm comitment underwriting.
Article 32 Where the shares in an ofering are isued at a premium, the isue price shal be negotiated and
determined by the isuer and the securities company underwriting the ofering.
Article 33 In a best eforts underwriting of shares, upon expiry of the best eforts underwriting period, the
ofering shal be demed as unsucesful if the number of shares sold to investors is below 70% of the proposed
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size of public share ofering. The isuer shal refund the isue price plus interest on bank deposits for the same
period to the share subscribers.
Article 34 Upon expiry of the best eforts underwriting or firm comitment underwriting period of a public
share ofering, the isuer shal file the outcome of share ofering with the securities regulatory authority of the State
Council within the stipulated period for records.
Chapter 3 Trading of Securities
Section 1 General Provisions
Article 35 Securities traded by the purchaser and seler in a securities transaction shal be securities which are
isued and delivered pursuant to the law.
Securities which are not isued pursuant to the law shal not be traded.
Article 36 Where the Company Law of the People’s Republic of China and other laws stipulate a moratorium
period for transfer of securities isued pursuant to the law, such securities shal not be traded within the stipulated
moratorium period.
Where a shareholders holding more than 5% of the shares of a listed company, the actual controling party, director,
supervisor and senior management personel of a listed company, and any other shareholder of a listed company
who holds shares isued prior to the isuer’s initial public ofering or holds shares isued by the listed company to
specific targets, transfers the company’s shares held by them, the transfer shal not violate laws, administrative
regulations and the provisions of the securities regulatory authority of the State Council on holding period, seling
time, seling quantity, seling method, information disclosure etc, and shal comply with the busines rules of the
stock exchange.
Article 37 Securities in a public ofering shal be listed and traded on stock exchanges established pursuant to
the law or traded on other nationwide securities trading venues aproved by the State Council.
Privately-ofered securities may be transfered on stock exchanges, other nationwide securities trading venues
aproved by the State Council, and regional equity markets established pursuant to the provisions of the State
Council.
Article 38 Listing and trading of securities on a stock exchange shal adopt the open centralised trading
mechanism or other methods aproved by the securities regulatory authority of the State Council.
Article 39 Securities traded by securities trading parties may be in paper form or other forms stipulated by the
securities regulatory authority of the State Council.
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Article 40 Practitioners in the stock exchanges, securities companies and securities registration and setlement
organisations, and staf of the securities regulatory authorities as wel as other personel prohibited by laws and
administrative regulations from participating in shares trading shal not, during their term of apointment or the
statutory period, hold shares, purchase and sel shares or other securities of equity nature, directly or by using a
pseudonym or using other’s name, and shal not acept shares or other securities of equity nature gifted by others.
Prior to taking up an apointment of the aforesaid posts, the aforesaid personel shal transfer pursuant to the law
such shares or other securities of equity nature held by them.
Practitioners of securities companies implementing an equity incentive plan or an employe share option
scheme may hold or sel the company’s shares or other securities of equity nature pursuant to the provisions of the
securities regulatory authority of the State Council.
Article 41 Stock exchanges, securities companies, securities registration and setlement organisations,
securities service organisations and their staf shal kep investor information confidential pursuant to the law, and
shal not purchase and sel, provide or publicise investor information ilegaly.
Stock exchanges, securities companies, securities registration and setlement organisations, securities service
organisations and their staf shal not divulge comercial secrets which have come into their knowledge.
Article 42 A securities service organisation and its personel involved in isuing audit report or legal opinion
etc. for an ofering of securities shal not purchase or sel such securities within the underwriting period of the
shares and within six months from expiry of the underwriting period.
In adition to the provisions in the preceding paragraph, a securities service organisation and its personel which
isue audit report or legal opinion etc for an isuer and its controling shareholder(s) or actual controling party, or
the acquirer or a party in a significant aset transaction shal not purchase or sel the said securities from the date of
aceptance of entrustment to expiry of the five-day period folowing the anouncement of the aforesaid
document(s). Where the work is comenced before aceptance of entrustment, they shal not purchase or sel the
said securities from the date of actual comencement of the aforesaid work to the expiry of the five-day period
folowing the anouncement of the aforesaid document(s).
Article 43 Securities transaction fes shal be reasonable, and the fe items, fe rates and administrative
measures shal be publicised.
Article 44 Where a shareholder holding more than 5% of the shares of a listed company or a company whose
shares are traded on a nationwide stock exchange aproved by the State Council, as wel as a director, supervisor
and senior management personel, , sels the company’s shares or other securities of equity nature that he/she holds
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within six months of purchase or buys again within six months of sale, the gains therefrom shal belong to the
company, and the board of directors of the company shal colect such gains. Exception aplies where a securities
company holds more than 5% of the shares due to purchase of any remaining shares in a best eforts underwriting,
or where there are any other circumstances stipulated by the securities regulatory authority of the State Council.
Shares or other securities of equity nature held by directors, supervisors, senior management personel and natural
person shareholders refered to in the preceding paragraph shal include shares or other securities of equity nature
held by their spouse, parents, child(ren), and held by them using other’s acounts.
Where the board of directors of the company fails to comply with the preceding paragraph, the shareholders
shal have the right to demand that the board of directors comply within 30 days. Where the board of directors of
the company fails to comply within the aforesaid period, the shareholders shal have the right to file a lawsuit
directly in their own name with a people’s court for the benefits of the company.
Where the board of directors of the company fails to comply with the provisions of the first paragraph, the
directors who are acountable shal bear joint liability pursuant to the law.
Article 45 Program trading caried out via auto-generated or placed trading instructions through computer
procedures shal comply with the provisions of the securities regulatory authority of the State Council, and be
reported to the stock exchange, and shal not afect the stock exchange’s system security or the order of normal
trading.
Section 2 Listing of Securities
Article 46 An aplication for listing and trading of securities shal be submited to the stock exchange,
examined and aproved by the stock exchange pursuant to the law, and both parties shal enter into a listing
agrement.
The stock exchange shal arange for listing and trading of government bonds in acordance with the decision of
the authority empowered by the State Council.
Article 47 Aplications for listing and trading of securities shal comply with the listing criteria stipulated in
the listing rules of the stock exchange.
The listing criteria stipulated in the listing rules of the stock exchange shal include requirements on the years of
operation, financial status, minimum public ofering ratio and corporate governance, creditworthines records etc of
the isuer.
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Article 48 Where listed securities fal under the delisting circumstances stipulated by the stock exchange, the
stock exchange shal terminate its listing and trading in acordance with the busines rules.
Where the stock exchange decides on delisting of securities, it shal promptly anounce and file records with the
securities regulatory authority of the State Council.
Article 49 Companies which object to the decision of a stock exchange on non-aproval of listing or
termination of listing and trading may aply to the review organisation established by the stock exchange for a
review.
Section 3 Prohibited Trading Practices
Article 50 Persons privy to insider information and persons who obtain insider information ilegaly shal be
prohibited from making use of insider information to cary out securities trading.
Article 51 Persons privy to insider information of securities transactions shal include:
- , supervisors and senior management personel of the isuer;
- % of the shares in the company, and the directors, supervisors, senior
management personel of such shareholder, as wel as the actual controling party of the company and its directors,
supervisors and senior management personel;
- , supervisors and senior management personel of such
companies;
(4) persons who have aces to the relevant insider information of the company in the course of their work or
busines dealings with the company;
- ‘s acquirer or significant aset transaction party, as wel as its controling shareholder(s),
actual controling party, directors, supervisors and senior management personel;
- , securities companies, securities registration and setlement
organisations and securities services organisations who have aces to insider information in the course of their
duties or work; and
(7) staf of the securities regulatory authorities who have aces to insider information in the course of their
duties or work;
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(8) civil servants of the relevant authorities and regulatory agencies who have aces to insider information
due to administration of ofering and trading of securities or listed companies and the acquisition, significant aset
transactions thereof in the course of their statutory duties; and
(8) other persons stipulated by the securities regulatory authority of the State Council who may have aces to
insider information.
Article 52 In securities trading, undisclosed information which involve an isuer’s operation, finance or have a
significant impact on the market price of an isuer’s securities are insider information.
Significant events set out in the second paragraph of Article 80 and the second paragraph of Article 81 hereof shal
fal under the scope of insider information.
Article 53 Persons who are privy to insider information of securities trading and persons who obtain insider
information ilegaly shal not before the insider information is made public, purchase or sel securities of the
company, or divulge such information, or procure others to purchase or sel such securities.
Where a natural person, legal person, non-legal person organisation that holds more than 5% of the company’s
shares, solely or jointly with others through agrements or other arangements purchases the shares of a listed
company, if this Law stipulates otherwise, such provisions shal prevail.
Where an act of insider trading causes the investors to sufer loses, the doer shal bear compensation liability
pursuant to the law.
Article 54 Practitioners of stock exchanges, securities companies, securities registration and setlement
organisations, securities service organisations and other financial institutions, as wel as staf of the relevant
regulatory authorities or industry asociations, are prohibited from making use of non-public information other than
insider information they obtained in the course of work, so to engage in securities trading which relates to such
information, or to instruct others explicitly or implicitly to cary out related transactions.
Where the use of undisclosed information in securities trading causes investors to sufer loses, the doer shal bear
compensation liability pursuant to the law.
Article 55 Prohibit anyone from manipulating the securities market by any of the folowing means so as to
influence or atempt to influence the price or volume of securities:
- , or aces to information to make joint or
sucesive transactions, either independently or through conspiracy;
- , price and method;
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- ; and
(4) make frequent or mas declarations and cancelation of declarations which are not meant for trading
purpose;
(5) make use of false or uncertain significant information to induce investors into carying out securities
trading;
- , forecast or investment recomendations on securities and isuers openly and cary out
reverse securities trading;
- ; and
(8) other means of manipulating the securities market.
Where the manipulation of the securities market causes the investors to sufer loses, the doer shal bear
compensation liability pursuant to the law.
Article 56 No organisation or individual shal fabricate or distribute fraudulent information to disrupt the
order of the securities market.
Stock exchanges, securities companies, securities registration and setlement organisations, securities services
organisations and their practitioners, as wel as the securities industry asociation, securities regulatory authorities
and their staf, shal be prohibited from making fraudulent representation or misleading information in securities
trading.
Al media shal diseminate securities market information in a truthful and objective maner and shal be
prohibited from diseminating misleading information. Al media and their staf reporting securities market
information shal not engage in securities trading which has a conflict of interest with their job duties.
Anyone who fabricates, diseminates false information or misleading information to disrupt the securities
market and causes investors to sufer loses shal bear compensation liability pursuant to the law.
Article 57 Securities companies and their practitioners are prohibited from engaging in the folowing
activities which are harmful to the interests of their clients:
- /her instruction;
- ;
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- ‘s instruction or use a client’s name
fraudulently to cary out securities transactions.
- ; and
(5) other acts against the true intention of a client and harmful to the interests of a client.
Whoever violates the provisions of the preceding paragraph resulting in damages sufered by a client shal bear
compensation liability pursuant to the law.
Article 58 No organisation or individual shal violate the provisions to lend their securities acount or borow
other’s securities acount to cary out securities transactions.
Article 59 Widening of financing chanels for listing shal be conducted pursuant to the law, and ilegal
capital inflow into the stock market are prohibited.
Investors are prohibited from trading securities with fiscal funds or bank credit funds in violation of regulations.
Article 60 Wholy State-owned enterprises, wholy State-owned companies and State-owned capital holding
companies purchasing and seling listed shares shal comply with the relevant State provisions.
Article 61 Upon discovery of any prohibited trading behaviour in securities transactions, stock exchanges,
securities companies, securities registration and setlement organisations, securities service organisations and their
practitioners shal promptly report to the securities regulatory authorities.
Chapter 4 Acquisition of Listed Companies
Article 62 Investors may acquire a listed company by way of takeover bid, a scheme of arangement and any
other legitimate means.
Article 63 Where the shares, held by an investor through securities transactions on a stock exchange or jointly
with others through an agrement or other arangements, atain 5% of the isued voting rights shares of a listed
company, the investor shal submit a writen report to the securities regulatory authority of the State Council and
the stock exchange within thre days, notify the listed company and make an anouncement; the investor shal not
purchase or sel the shares of the listed company within the aforesaid period, except under the circumstances
stipulated by the securities regulatory authority of the State Council.
After an investor holds 5% of the isued voting rights shares of a listed company or jointly with others through an
agrement or other arangements, whenever the investor’s voting rights shares in the said listed company are
increased or reduced by 5%, the investor shal report and anounce pursuant to the provisions of the preceding
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paragraph, and shal not purchase or sel the shares of the said listed company from the date of such ocurence to
expiry of the thre-day period folowing the anouncement, except under the circumstances stipulated by the
securities regulatory authority of the State Council.
After an investor holds 5% of the isued voting rights shares of a listed company or jointly with others through
an agrement or other arangements, whenever the investor’s voting rights shares in the said listed company are
increased or reduced by 1%, the investor shal notify the listed company on the day folowing such ocurence, and
make an anouncement.
For voting rights shares purchased against the provisions of the first paragraph and the second paragraph, the
shareholder shal not exercise the voting rights of such shares which exced the stipulated ratio within 36 months
from the purchase.
Article 64 An anouncement made pursuant to the provisions of the preceding article shal include the
folowing contents:
- ;
- ; and
- , and the source of
funds for increase in shareholding; and
(4) the timing and method of change in holding of voting rights shares in the listed company.
Article 65 Where the shares, held solely by an investor through securities transactions on a stock exchange or
jointly with others through an agrement or other arangements, atain 30% of the isued voting rights shares of a
listed company, if the investor continues to cary out acquisition, the investor shal make a ful or partial ofer to al
shareholders of the listed company pursuant to the law.
A partial ofer for the shares of a listed company shal state that when the amount of shares undertaken to be sold
by the shareholders of the target company exceds the proposed number of shares to be acquired, the acquirer shal
make an acquisition based on the ratio.
Article 66 An acquirer who makes a takeover ofer pursuant to the provisions of the preceding Article shal
anounce the listed company takeover report, stating the folowing information:
- ;
- ;
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- ;
- ;
- , and the proposed number of shares to be acquired;
- ;
- ; and
- , at the time of
anouncement of the acquisition report.
Article 67 The ofer period for a takeover ofer shal not be les than 30 days and shal not exced 60 days.
Article 68 The acquirer shal not retract its takeover ofer during the comited period specified in the
takeover ofer. Where it is necesary to change the takeover ofer, the acquirer shal promptly make an
anouncement, stating details of the change, and shal not comit the folowing acts:
- ;
- ;
- ; and
(4) any other acts stipulated by the securities regulatory authority of the State Council.
Article 69 The terms of a takeover ofer shal aply to al the shareholders of the target company.
Where the listed company isues diferent types of shares, the acquirer may propose diferent terms of takeover
ofer for diferent types of shares.
Article 70 For an acquisition by way of takeover bid, the acquirer shal not sel shares of the target company
during the acquisition period, and shal not purchase shares of the target company in any form other than the form
stipulated in the ofer and at terms which exced the ofer.
Article 71 For an acquisition by way of a scheme of arangement, the acquirer may cary out share transfers
with shareholders of the target company by way of arangement pursuant to the provisions of laws and
administrative regulations.
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For an acquisition of a listed company by way of a scheme of arangement, the acquirer shal submit a writen
report within thre days from conclusion of the acquisition arangement to the securities regulatory authority of the
State Council and the stock exchange, and make an anouncement.
The acquisition agrement shal not be performed prior to the anouncement.
Article 72 For an acquisition by way of a scheme of arangement, both parties to the arangement may
temporarily entrust a securities registration and setlement organisation with custody of the shares under the
arangement and deposit the funds with a designated bank.
Article 73 For an acquisition by way of a scheme of arangement, when the shares acquired by the acquirer
solely or acquired jointly with others through an agrement or other arangements atain 30% of the voting rights
shares of a listed company, and the acquirer continues to acquire shares, the oferor shal make a ful or partial ofer
to al the shareholders of the listed company. Exception aplies where the securities regulatory authority of the
State Council waives the requirement for making an ofer.
For a takeover bid made pursuant to the provisions of the preceding paragraph, the acquirer shal comply with the
provisions of the second paragraph of Article 65, Article 66 to Article 70 of this Law.
Article 74 Upon expiry of the acquisition period, if the equity distribution
of the target company no longer satisfies the listing requirements stipulated by the stock exchange, the shares of the
said listed company shal be delisted by the stock exchange pursuant to the law; other shareholders who stil hold
shares of the target company shal have the right to sel their shares to the acquirer under the terms of the
acquisition ofer, and the acquirer shal acquire such shares.
Upon completion of takeover, where the target company no longer satisfies the conditions of a company
limited by shares, it shal change its enterprise form pursuant to the law.
Article 75 In the acquisition of a listed company, the shares in the target listed company held by the acquirer
shal not be transfered within 18 months from completion of the acquisition.
Article 76 Upon completion of acquisition, where the acquirer and the target company are merged, and the
target company is disolved, the original shares of the disolved company shal be replaced by the acquirer pursuant
to the law.
The acquirer shal submit a report on the takeover status to the securities regulatory authority of the State Council
and the stock exchange within 15 days from completion of takeover, and make an anouncement.
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Article 77 The securities regulatory authority of the State Council shal formulate the detailed measures on
acquisition of listed companies pursuant to this Law.
For division of a listed company or merger with another company, the listed company shal report to the securities
regulatory authority of the State Council, and make an anouncement.
Chapter 5 Information Disclosure
Article 78 Isuers and other information disclosure obligors stipulated by laws, administrative regulations and
the securities regulatory authority of the State Council shal promptly perform information disclosure obligation
pursuant to the law.
Information disclosed by information disclosure obligors shal be true, acurate and complete, concise and clear,
easy to understand, and shal not contain false records, misrepresentation or major omision.
For securities which are isued and traded simultaneously in China and overseas, information disclosed
overseas by the information disclosure obligors shal be disclosed simultaneously in China.
Article 79 Listed companies, companies whose corporate bonds are listed and traded, and companies whose
shares are traded on other nationwide securities trading venues aproved by the State Council shal formulate
regular reports in acordance with the contents and format stipulated by the securities regulatory authority of the
State Council and the stock exchange, and submit and anounce the regular reports pursuant to the folowing
provisions:
- ,
and anual financial acounting reports therein shal be audited by an acounting firm which complies with the
provisions of this Law; and
(2) ad hoc reports shal be submited and anounced within two months from end of the first half year of each
acounting year.
Article 80 Upon ocurence of a significant event which may have a relatively significant impact on the share
trading price of a listed company or a company whose shares are traded on any other nationwide securities trading
venues aproved by the State Council, if the investors are yet to be informed, the company shal forthwith submit
an ad hoc report on information of the said significant event to the securities regulatory authority of the State
Council and the securities trading venues, and make an anouncement, stating the cause of the event, the curent
status and the posible legal consequences.
Significant events refered to in the preceding paragraph shal include:
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- ;
- , the significant asets purchased and sold by the company within a
year which exced 30% of the company’s total asets, or a one-time mortgage, pledge, disposal or scraping of key
asets used in the company’s operation which exceds 30% of such asets;
- , provides significant guarante or enters into related party
transactions, which may have a significant impact on the company’s asets, liabilities, rights and interests and
busines performance;
- ;
- ;
- ‘s busines operation;
- ‘s directors or in more than one-third of the supervisors or managers, and
the Chairman or the managers is/are unable to perform the duties;
- % of the company’s shares
or the actual controling party, and relatively significant change in busineses undertaken by the company’s actual
controling party and other enterprises it controls which are identical or similar to the company’s busineses;
- ‘s plan for profit distribution and capital increase, significant change in the company’s equity
structure, the company’s decision on capital reduction, merger, division, disolution and aplication for bankruptcy,
or where the company is in bankruptcy procedings or ordered to close down pursuant to the law;
- , and a resolution pased by the company’s
shareholders’ general meting or board of directors is revoked or declared invalid pursuant to the law;
- , and the
company’s controling shareholders, actual controling party, directors, supervisors or senior management personel
are subject to enforcement measures pursuant to the law for an aleged criminal ofence; and
(12) any other maters stipulated by the securities regulatory authority of the State Council.
Where the company’s controling shareholder(s) or actual controling party has/have a relatively significant
impact on the ocurence or progres of a significant event, they shal promptly notify the company in writing of
the relevant information, and coperate with the company in performance of information disclosure obligation.
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Article 81 Upon ocurence of a significant event which may have a significant impact on the trading price of
listed corporate bonds and the investors are yet to be informed, the company shal forthwith submit an ad hoc report
on information of the said significant event to the securities regulatory authority of the State Council and the stock
exchange, and make an anouncement, stating the cause of the event, the curent status and the posible legal
consequences.
Significant events refered to in the preceding paragraph shal refer to:
- ‘s equity structure or production and busines status;
- ;
- , pledge, sale, transfer or scraping of the company’s significant asets;
- ;
- ‘s aditional borowings or guarante to external parties exced 20% of the net asets as at end
of the preceding year;
- ‘s rights or asets waived by the company exced 10% of the net asets as at end of the
preceding year;
- % of the net asets as at end of the preceding year;
- , merger, division, disolution
and bankruptcy aplication, or the company is in bankruptcy procedings or ordered to close down pursuant to the
law;
- ;
- , and the company’s
controling shareholder(s), actual controling party, directors, supervisors and senior management personel are
subject to enforcement measures pursuant to the law for an aleged criminal ofence; and
(11) any other maters stipulated by the securities regulatory authority of the State Council.
Article 82 The directors and senior management personel of the isuer shal sign the writen confirmation
opinion for securities ofering documents and regular reports.
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The board of supervisors of the isuer shal examine the securities ofering documents and regular reports
formulated by the board of directors and isue a writen examination opinion. The supervisors shal sign the writen
confirmation opinion.
The directors, supervisors and senior management personel of the isuer shal ensure that the isuer discloses
information promptly and fairly, and that the information disclosure is true, acurate and complete.
Where the directors, supervisors and senior management personel are unable to asure the veracity, acuracy
and integrity of the contents of the securities ofering documents and regular reports or have objection thereto, they
shal expres their opinion in the writen confirmation opinion and state the reason, and the isuer shal disclose.
Where the isuer does not disclose, the directors, supervisors and senior management personel may aply for
disclosure directly.
Article 83 Information disclosed by information disclosure obligors shal be disclosed to al investors at the
same time and shal not be disclosed beforehand to any organisation or individual, unles otherwise stipulated by
laws and administrative regulations.
No organisation or individual shal ilegaly require an information disclosure obligor to provide information which
are required to be disclosed by law but yet to be disclosed. Any organisation and individual that are aware of the
aforesaid information beforehand shal kep the information confidential before the information is disclosed
pursuant to the law.
Article 84 In adition to the information which are required to be disclosed by law,
information disclosure obligors may voluntarily disclose information which relates to value judgement and
investment decision-making by investors, but such information shal not contradict the information which are
required to be disclosed by law, and shal not mislead investors.
An isuer and its controling shareholders, actual controling party, directors, supervisors, senior management
personel etc. making public comitments shal disclose. Where non-performance of comitment causes investors
to sufer loses, they shal bear compensation liability pursuant to the law.
Article 85 Where an Information disclosure obligor fails to disclose information pursuant to the provisions, or
the anounced securities ofering documents, regular reports, ad hoc reports and other information disclosure
materials contain false records, misrepresentation or material omision, causing investors to sufer loses in
securities trading, the information disclosure obligor shal bear compensation liability; the isuer’s controling
shareholder(s), actual controling party, directors, supervisors, senior management personel and other directly
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acountable personel, as wel as the sponsor, the underwriter and their directly acountable personel shal bear
compensation liability jointly and severaly with the isuer, except where they can prove that they are not at fault.
Article 86 Information which are required to be disclosed by law shal be published on the stock exchange’s
website and media which satisfy the criteria stipulated by the securities regulatory authority of the State Council,
and simultaneously placed at the domicile of the company and the stock exchange for public inspection.
Article 87 The securities regulatory authority of the State Council shal supervise and manage the information
disclosure activities of information disclosure obligors.
Stock exchanges shal supervise information disclosure by information disclosure obligors who trade securities
organised by the stock exchange and urge them to disclose information in a timely and acurate maner pursuant to
the law.
Chapter 6 Investor Protection
Article 88 When a securities company sels securities and provides services to an investor, it shal, pursuant to
the provisions, fuly understand the basic information, property conditions, conditions of financial asets,
investment knowledge and experience, profesional expertise etc. of the investor; explain the key contents of the
securities and services truthfuly, and fuly disclose investment risks; sel and provide securities and services which
match the aforesaid conditions of the investor.
At the time of purchasing securities or acepting services, the investor shal provide the information set out in the
preceding paragraph truthfuly in acordance with the expres requirements stipulated by the securities company.
Where the investor refuses to provide or does not provide information in acordance with the requirements, the
securities company shal inform the investor of the consequences, and refuse to sel securities and provide services
pursuant to the provisions.
Where the securities company violates the provisions of the first paragraph and causes investors to sufer
loses, it shal bear the coresponding compensation liability.
Article 89 Investors may be divided into normal investors and profesional investors based on property
conditions, financial aset conditions, investment knowledge and experience, profesional expertise etc. The
standards for profesional investors shal be stipulated by the securities regulatory authority of the State Council.
Where there is a dispute betwen a normal investor and a securities company, the securities company shal prove
that its action complies with laws, administrative regulations and the provisions of the securities regulatory
authority of the State Council. Where the securities company is unable to prove, it shal bear the coresponding
compensation liability.
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Article 90 An investor protection organisation (hereinafter refered to as the “investor protection
organisation”) established by the board of directors, independent directors or shareholders holding more than 1% of
the voting rights shares of a listed company or established pursuant to laws, administrative regulations or the
provisions of the securities regulatory authority of the State Council may act as a solicitor, either by itself or by
entrusting a securities company or a securities service organisation, to openly request the shareholders of the listed
company to entrust the investor protection organisation to atend a shareholders’ general meting on their behalf,
and to exercise shareholder’s rights such as the right to propose a motion and to vote etc. on their behalf.
When the solicitor colects shareholder’s rights pursuant to the provisions of the preceding paragraph, it shal
disclose the colection documents, and the listed company shal coperate.
It is prohibited to solicit shareholder’s rights publicly in a paid or disguised paid maner.
Where the solicitation of shareholder’s rights violates laws, administrative regulations or the relevant
provisions of the securities regulatory authority of the State Council, causing the listed company or other
shareholders to sufer loses, compensation liability shal be borne pursuant to the law.
Article 91 Listed companies shal specify in their articles of asociation the detailed arangements and
decision-making procedures for distributing cash dividends and protect the shareholders’ rights to return on asets
pursuant to the law.
Where a listed company has a profit after making up loses and acrual of statutory reserve from the curent year’s
profit after tax, it shal distribute cash dividends in acordance with the provisions of the company’s articles of
asociation.
Article 92 For public ofering of corporate bonds, a meting of bondholders shal be established, and the
convening procedures, rules of procedure and other significant maters of metings of bondholders shal be stated
in the prospectus.
For public ofering of corporate bonds, the isuer shal engage a bond truste for the bondholders and enter into a
bond truste management agrement with the bond truste. The bond truste shal be the underwriter of the curent
ofering, or an organisation recognised by the securities regulatory authority of the State Council; the meting of
bondholders may resolve on change of bond truste. The bond truste shal be diligent and responsible, perform
entrusted management duties equitably, and shal not harm the interests of bondholders.
Where the isuer of bonds fails to pay the principal and interest of the bonds on schedule, the bond truste may
be entrusted by al or some of the bondholders, to initiate or participate in a civil lawsuit or liquidation procedings
on behalf of the bondholders in his/her own name.
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Article 93 Where an isuer comits fraudulent ofering, misrepresentation or any other major legal violation,
thus causing investors to sufer loses, the isuer’s controling shareholder(s), actual controling party and the
relevant securities company may entrust the investor protection organisation to reach an agrement on
compensation maters with the investors who have sufered loses, and make compensation first. After making
compensation in advance, they may sek recourse from the isuer and other parties who are jointly and severaly
liable.
Article 94 Where there is a dispute betwen an investor and the isuer or the securities company etc, both
parties may aply to the investor protection organisation for mediation. Where there is a dispute betwen a normal
investor and a securities company over a securities transaction, and the normal investor requests for mediation, the
securities company shal not refuse.
The investor protection organisation may suport the investors pursuant to the law to file a lawsuit with a people’s
court against an act which harms the interests of investors.
Where the isuer’s directors, supervisors, senior management personel violates laws, administrative
regulations or the provisions of the company’s articles of asociation in the performance of corporate duties and
causes the company to sufer loses, or where the isuer’s controling shareholder(s) or actual controling party etc
infringes upon the company’s legitimate rights and interests and causes the company to sufer loses, if the investor
protection organisation holds the shares of the said company, it may file a lawsuit with a People’s Court in its own
name for the company’s interests, and the shareholding ratio and shareholding period shal not be subject to
restrictions stipulated in the Company Law of the People’s Republic of China.
Article 95 When an investor files a securities civil compensation lawsuit pertaining to misrepresentation etc,
if the litigation subject mater is the same type and there are multiple persons in one party, a representative may be
apointed for the lawsuit pursuant to the law.
In a lawsuit filed pursuant to the provisions of the preceding paragraph, where there may be many other investors
who have the same litigation request, the People’s Court may make an anouncement, state the information of the
case of the said litigation request, and notify the investors to register with the People’s Court within a certain period.
The judgment or ruling of the People’s Court are binding on the investors who participate in the registration.
An investor protection organisation entrusted by more than 50 investors may participate in the lawsuit as a
representative, and register with a People’s Court pursuant to the provisions of the preceding paragraph for rights
holders who are confirmed by a securities registration and setlement organisation, except where the investors
clearly state that they are unwiling to participate in the lawsuit.
Chapter 7 Stock Trading Venues
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Article 96 Stock exchanges and other nationwide securities trading venues aproved by the State Council
shal provide the venue and facilities for centralised trading of securities, organise and supervise securities trading,
implement self-regulatory administration, complete registration pursuant to the law, and obtain legal person status.
Establishment, change and disolution of stock exchanges and other nationwide securities trading venues aproved
by the State Council shal be determined by the State Council.
The organisation, administrative measures etc for other nationwide securities trading venues aproved by the
State Council shal be stipulated by the State Council.
Article 97 Stock exchanges and other nationwide securities trading venues aproved by the State Council may
establish diferent market tiers in acordance with factors such as type of securities, industry characteristics, scale
of company etc.
Article 98 Regional equity markets established pursuant to the provisions of the State Council shal provide
the premises and facilities for ofering and transfer of privately-ofered securities; detailed administrative measures
shal be stipulated by the State Council.
Article 99 Stock exchanges shal perform self-regulatory administrative duties, comply with the principle of
prioritising public interest, and safeguard market fairnes, order and transparency.
A set of articles of asociation shal be formulated for establishment of a stock exchange. Formulation and
amendment of the articles of asociation of a stock exchange shal be subject to aproval of the securities
regulatory authority of the State Council.
Article 100 The words “stock exchange” shal be included in the name of a stock exchange. Other
organisation or individual shal not use the name of a stock exchange or a similar name.
Article 101 The disposable revenue of a stock exchange from various fes shal first be used to ensure the
normal operation and gradual improvement of the exchange’s securities trading venues and facilities.
The aset acumulation of a stock exchange that implements a membership system is owned by the exchange’s
members, and its rights and interests are shared by the members. During its existence, the property acumulation
shal not be distributed to members.
Article 102 Stock exchanges which implement a membership system shal establish a council and a board of
supervisors.
A stock exchange shal apoint a general manager who is apointed and removed by the securities regulatory
authority of the State Council.
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Article 103 Under the circumstances specified in Article 146 of the Company Law of the People’s Republic of
China or one of the folowing circumstances, a person shal not be apointed as the person-in-charge of a stock
exchange:
- , or a director,
supervisor or senior manager of a securities company who was dismised due to an ilegal act or disciplinary
violation comited, and a five-year period has not elapsed since the date of dismisal; and
- , a certified public acountant or a profesional staf member of a securities service organisation
whose practice certificate was revoked or whose qualifications were canceled due to an ilegal act or disciplinary
violation comited, and a period of five years has not elapsed since the date of revocation of practice certificate or
cancelation of qualification.
Article 104 Practitioners of a stock exchange, securities registration and setlement organisation, securities
service organisation or securities company who were dismised due to an ilegal act or disciplinary violation
comited, as wel as civil servants of State agencies who were dismised, shal not be employed by a stock
exchange.
Article 105 Participants of centralised trading on a stock exchange which implements a membership system
shal be limited to members of the stock exchange. The stock exchange shal not alow non-members to participate
directly in centralised trading of shares.
Article 106 An investor shal enter into a securities trading entrustment agrement with a securities company,
and open a real-name securities trading acount with the securities company, and instruct the securities company to
purchase and sel securities on his/her behalf in writing, via telephone instruction, self-service terminal instruction
or online instruction etc.
Article 107 Securities companies opening acounts for investors shal, pursuant to the provisions, verify the
identity information provided by the investor.
Securities companies shal not provide the acount of an investor for others to use.
Investors shal use their real-name acounts for trading.
Article 108 Securities companies shal submit a declaration of securities transaction in acordance with the
instruction of the investor and pursuant to the securities trading rules, participate in centralised trading on the stock
exchange, and asume the coresponding liability for setlement and delivery based on the trading outcome.
Securities registration and setlement organisations shal cary out setlement and delivery of securities and funds
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with the securities companies based on the trading outcome and in acordance with the setlement and delivery
rules, and handle registration and transfer formalities for the clients of the securities companies.
Article 109 Stock exchanges shal provide guarante for the organization of centralised trading in a fair
maner, anounce real time market information for securities trading, formulate and publish a market chart for
trading day.
The right and interests of real time market information of securities transactions shal belong to the stock exchange
pursuant to the law. No organisation or individual shal publish real time market information of securities
transactions without the consent of the stock exchange.
Article 110 A listed company may aply to the stock exchange for suspension of trading or resumption of
trading for its listed shares but shal not abuse the suspension of trading or resumption of trading to harm the
legitimate rights and interests of investors.
The stock exchange may decide on suspension of trading or resumption of trading of listed shares pursuant to the
provisions of the busines rules.
Article 111 Where the ocurence of an emergency such as force majeure, acident, major technical
breakdown, serious human eror etc afects the normal conduct of securities trading, to safeguard the normal order
of securities trading and maintain market fairnes, the stock exchange may adopt technical measures such as
technical suspension, stock halt etc in acordance with the busines rules, and shal promptly report to the securities
regulatory authority of the State Council.
Where the ocurence of an emergency stipulated in the preceding paragraph causes significant unusual securities
trading outcome, if delivery of securities in acordance with the trading outcome has a significant impact on the
normal order of securities trading and market fairnes, the stock exchange may take measures such as canceling
transactions and notifying securities registration and setlement organisation to suspend setlement in acordance
with busines rules, and shal promptly report to the securities regulatory authority of the State Council and make
an anouncement.
The stock exchange shal not bear civil compensation liability for loses incured as a result of the measures it
has taken pursuant to the provisions of this Article, except where there is a major fault.
Article 112 Stock exchanges shal implement real time monitoring of securities transactions, and report
abnormal transactions in acordance with the requirements of the securities regulatory authority of the State
Council.
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The stock exchange may, based on the neds and in acordance with the busines rules, restrict trading by investors
whose securities acounts show significant abnormal transactions, and promptly report to the securities regulatory
authority of the State Council.
Article 113 Stock exchanges shal strengthen risk monitoring for securities trading, and where there is
significant unusual fluctuation, the stock exchange may, in acordance with the busines rules, adopt measures such
as restriction of trading, mandatory suspension of trading etc., and report to the securities regulatory authority of
the State Council; where the stability of securities market is seriously compromised, the stock exchange may, in
acordance with the busines rules, adopt measures such as stock halt and make an anouncement.
The stock exchange shal not bear civil compensation liability for loses incured due to measures adopted pursuant
to the provisions of this Article, except where there is a major fault.
Article 114 Stock exchanges shal acrue a certain percentage of trading fes, membership fes and seat fes
colected to establish a risk fund. The risk fund shal be managed by the council of the stock exchange.
The specific ratio for acruals to the risk fund and the method of use thereof shal be formulated by the securities
regulatory authority of the State Council jointly with the finance department of the State Council.
Stock exchanges shal deposit their risk fund into a designated bank acount and shal not use the risk fund
arbitrarily.
Article 115 Stock exchanges shal formulate listing rules, trading rules, member management rules and other
relevant busines rules pursuant to laws, administrative regulations and the provisions of the securities regulatory
authority of the State Council, and submit such rules to the securities regulatory authority of the State Council for
aproval.
Securities trading on a stock exchange shal comply with the busines rules formulated pursuant to the law by the
stock exchange. Violation of the busines rules shal be subject to disciplinary action or other self-regulatory
measures imposed by the stock exchange.
Article 116 The person-in-charge and other practitioners of a stock exchange shal abstain from handling a
securities transaction in which he/she or any of his/her relatives is an interested party.
Article 117 The trading outcome of a securities transaction caried out in acordance with the trading rules
formulated pursuant to the law shal not be varied, except under the circumstances stipulated in the second
paragraph of Article 111. The civil liability of the parties to an ilegal transaction shal not be waived; gains on
ilegal transactions shal be handled pursuant to the relevant provisions.
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Chapter 8 Securities Companies
Article 118 Establishment of a securities company shal be subject to examination and aproval by the
securities regulatory authority of the State Council.
(1) the articles of asociation of the securities company shal comply with the provisions of laws and
administrative regulations;
(2) the key shareholder(s) and the actual controling party of the company shal have god financial status and
creditworthines records, and have no record of major violation during the past thre years;
- ;
- , supervisors, senior management personel and practitioners shal satisfy the criteria
stipulated in this Law;
- ;
- , busines facilities and information technology system satisfy the criteria; and
- , administrative regulations and the securities regulatory
authority of the State Council.
Without aproval of the securities regulatory authority of the State Council, no organisation or individual shal
cary out securities busines activities in the name of a securities company.
Article 119 The securities regulatory authority of the State Council shal, within six months from aceptance
of an aplication for establishment of securities company, examine the aplication in acordance with statutory
criteria and statutory procedures and the principle of prudential supervision, decide on aproval or non-aproval,
and notify the aplicant; where the aplication is not aproved, the reason shal be stated.
Where an aplication for establishment of securities company is aproved, the aplicant shal complete
establishment registration with the company registration authority within the stipulated period and obtain a busines
licence.
Securities companies shal aply to the securities regulatory authority of the State Council for a securities
busines permit within 15 days from obtaining the busines licence. Securities companies which have not obtained
a securities busines permit shal not operate securities busines.
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Article 120 Subject to aproval of the securities regulatory authority of the State Council, a securities
company may engage in al or some of the folowing busineses:
- ;
- ;
- ;
- ;
- ;
- ;
- ; and
(8) other securities busineses.
The securities regulatory authority of the State Council shal, within thre months from the date of aceptance of an
aplication for a mater stipulated in the preceding paragraph, examine the aplication in acordance with statutory
criteria and procedures, decide on aproval or non-aproval, and notify the aplicant; where the aplication is not
aproved, the reason shal be stated.
Securities companies operating securities aset management busines shal comply with the provisions of the
Securities Investment Fund Law of the People’s Republic of China and other laws and administrative regulations.
Except for securities companies, no organisation or individual shal engage in securities underwriting,
securities sponsorship, securities brokerage and securities margin trading and short-seling busineses.
Securities companies engaging in securities margin trading and short-seling busines shal adopt measures to
prevent and control risks stringently and shal not violate the provisions to lend funds or securities to their clients.
Article 121 For securities companies operating busineses set out in item (1) to item (3) of the first paragraph
of Article 120 of this Law, the minimum registered capital shal be RMB50 milion; for securities companies
operating any of the busineses set out in item (4) to item (8), the minimum registered capital shal be RMB100
milion; for securities companies operating two or more busineses set out in item (4) to item (8), the minimum
registered capital shal be RMB500 milion. The registered capital of securities companies shal be fuly paid-up.
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The securities regulatory authority of the State Council may adjust the minimum amount of registered capital based
on the principle of prudential supervision and the risk extent of the busines, however the adjusted amount shal not
be lower than the relevant amount provided in the preceding paragraph.
Article 122 Change of scope of securities busines, change of key shareholders or the company’s actual
controling party, merger, division, closure, disolution and bankruptcy of a securities company shal be subject to
aproval by the securities regulatory authority of the State Council.
Article 123 The securities regulatory authority of the State Council shal stipulate net capital and other risk
control indicators for securities companies.
Securities companies shal not provide financing or guarante for their shareholders or related parties of the
shareholders.
Article 124 The directors, supervisors and senior management personel of securities companies shal be
honest, moraly upright, be familiar with the provisions of securities laws and administrative regulations and
poses busines management abilities to perform their duties. Apointment and removal of directors, supervisors
and senior management personel of securities company shal be filed with the securities regulatory authority of the
State Council.
The folowing persons or persons stated in Article 146 of the Company Law of the People’s Republic of China shal
not be apointed as a director, supervisor or senior management personel of a securities company:
- , or a director,
supervisor or senior manager of a securities company was dismised for an ilegal act or disciplinary violation
comited, and a period of five years has not elapsed since the date of dismisal; and
- , a certified public acountant or a profesional staf member of a securities service organisation
whose practice license has ben revoked or disqualified for an ilegal act or disciplinary violation comited, and a
period of five years has not elapsed from the date on which their practice license was revoked or disqualified.
Article 125 Securities practitioners of securities companies shal be moraly upright, and poses the
profesional expertise required for conducting securities busines.
Practitioners of a stock exchange, securities registration and setlement organisation, securities service organisation
or securities company who were dismised for an ilegal act or disciplinary violation, as wel as civil servants of
State agencies who were dismised, shal not be employed by a stock exchange.
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Civil servants of State agencies and other personel prohibited by the laws and administrative regulations to
hold concurent position in a company shal not hold concurent position in a securities company.
Article 126 A securities investors protection fund shal be established by the State. The securities investors
protection fund shal comprise funds contributed by the securities companies and other funds raised pursuant to the
law. Detailed measures on fund scale, fundraising, management and usage shal be formulated by the State Council.
Article 127 Securities companies shal acrue a trading risk reserve from their anual busines revenue, to be
used for recovery of securities trading loses; the specific acrual ratio shal be stipulated by the securities
regulatory authority of the State Council jointly with the finance department of the State Council.
Article 128 Securities companies shal establish a proper internal control system and adopt efective
separation measures to prevent conflict of interests betwen the company and its clients and among the clients.
Securities companies shal separate their securities brokerage busines, securities underwriting busines, securities
proprietary busines, securities market making and securities aset management busines; mixed operations shal
not be alowed.
Article 129 The proprietary busines of a securities company shal be conducted in its own name and shal not
be conducted in the name of others or in the name of an individual.
The proprietary busines of a securities company shal use its own funds and funds raised pursuant to the law.
Securities companies shal not lend their proprietary acount to others for use.
Article 130 Securities companies shal cary out busines prudently pursuant to the law, be diligent and
responsible, honest and trustworthy.
The busines activities of a securities company shal corespond to its governance structure, internal control,
compliance management as wel as risk control indicators, practitioners’ composition etc, and comply with the
requirements of prudent supervision and protection of legitimate rights and interests of investors.
Securities companies shal have the rights to operate independently pursuant to the law and their legitimate
operations shal not be interfered with.
Article 131 The trading setlement funds of the clients of a securities company shal be deposited with a
comercial bank and shal be managed under a separate acount opened in the name of each client.
Securities companies shal not clasify the trading setlement funds and securities of their clients as their own asets.
No organisation or individual shal misapropriate the trading setlement funds and securities of their clients in any
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form. Where a securities company is bankrupt or under liquidation, the trading setlement funds and securities of
their clients shal not be clasified under bankruptcy asets or liquidation asets. The trading setlement funds and
securities of a client shal not be seized, frozen, deducted or enforced, unles for the client’s own debts or under
other circumstances provided by the laws.
Article 132 Securities companies engaging in brokerage busines shal provide a standardised leter of
entrustment for securities trading for use by the principals. Entrustment records shal be kept for other forms of
entrustment.
Regardles of whether the client’s securities trading entrustment is completed or not, its entrustment records shal
be kept in the securities company for the stipulated period.
Article 133 A securities company being entrusted to trade securities shal trade on behalf of the client in
acordance with the trading rules and based on the description, purchase or sel quantity, price ofering method and
price range etc. set out in the leter of entrustment, and shal kep proper records of trading; upon completion of a
deal, a trading slip shal be produced and delivered to the client in acordance with the regulations.
The reconciliation statement which confirms a transaction and the trading outcome for each transaction shal be
truthful, to ensure consistency betwen the balance of the securities on the boks and actual holding of the
securities.
Article 134 Securities companies engaging in brokerage busines shal not acept discretionary orders of the
clients to decide on securities trading, select the types of securities or decide on purchasing or seling quantity or
purchasing or seling price.
Securities companies shal not alow others to participate in centralised trading directly in the name of the securities
company.
Article 135 Securities companies shal not give undertaking to the clients in respect of gains on securities
trading or compensation of securities trading loses.
Article 136 Where a practitioner of a securities company violates trading rules in securities trading activities
when executing instructions of the securities company or making use of his/her work capacity, the securities
company shal bear ful liability.
A securities company and its practitioners shal not acept clients’ entrustment for securities trading in private.
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Article 137 Securities companies shal establish a client information enquiry system, to ensure that their
clients can enquire into acount information, entrustment records, trading records as wel as other important
information which relates to aceptance of services or purchase of products.
Securities companies shal retain al information on acount opening, entrustment records, trading records, internal
management and busines operations properly; no one shal conceal, forge, tamper with or destroy such
information. The aforesaid information shal be retained for a period of not les than 20 years.
Article 138 Securities companies shal submit their busines and financial information and materials to the
securities regulatory authority of the State Council pursuant to the provisions. The securities regulatory authority of
the State Council shal have the right to require a securities company and its shareholders and actual controling
party to provide the relevant information and materials within a stipulated period.
Information and materials submited by securities companies and their shareholders and actual controling party to
the securities regulatory authority of the State Council shal be true, acurate and complete.
Article 139 The securities regulatory authority of the State Council may, where it dems necesary, apoint
an acounting firm, an aset valuation organisation to conduct an audit of the financial status, internal control status,
and valuation of the asets of a securities company. Detailed measures shal be formulated by the securities
regulatory authority of the State Council jointly with the relevant authorities.
Article 140 Where the governance structure, compliance management, risk control indicators of a securities
company do not comply with the provisions, the securities regulatory authority of the State Council shal order the
securities company to make corection within a stipulated period; where corection is not made within the
stipulated period or the non-compliance has a serious impact on the steady operations of the securities company or
the rights and interests of the clients, the securities regulatory authority of the State Council may adopt the
folowing measures based on the circumstances:
- , order it to suspend some busineses, and cease aproval for new busineses;
- , and restrict payment of remuneration and provision of incentives to its
directors, supervisors and senior management personel;
- , or create other rights on the asets;
- , supervisors and senior management personel, or
impose restrictions on their rights;
- ;
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- , supervisors or senior management personel as inapropriate
candidates; and
(7) order acountable shareholders to transfer their shares or restricting acountable shareholders from
exercising shareholder’s rights.
Upon corection by the securities company, it shal submit a report to the securities regulatory authority of the State
Council. The securities regulatory authority of the State Council shal, upon examination and aceptance, lift the
relevant restrictive measure(s) stipulated in the preceding paragraph within thre days from the date of examination
and aceptance, if the governance structure, compliance management and risk control indicators met the
requirements.
Article 141 Where a shareholder of a securities company makes false capital contribution or withdraws
capital contribution, the securities regulatory authority of the State Council shal order it to make corection within
a time limit, and may order the shareholder to transfer the shareholding in the securities company.
Prior to corection of the ilegal act or transfer of shareholding by the aforesaid shareholder stipulated in the
preceding paragraph, the securities regulatory authority of the State Council may restrict his/her shareholder’s rights.
Article 142 Where a director, supervisor or senior manager of a securities company fails to perform due
diligence, causing the securities company to comit a major violation of law or regulation or be exposed to
significant risks, the securities regulatory authority of the State Council may order the company to replace the
director, supervisor or senior manager.
Article 143 Where a securities company comits ilegal operations or is exposed to significant risks which
seriously compromises securities market order and harms the interests of investors, the securities regulatory
authority of the State Council may order the securities company to suspend operations for corection, apoint a
receiver for the securities company or revoke the securities company etc.
Article 144 During the period where a securities company is ordered to suspend busines operation for
corection, placed under receivership pursuant to the law or being liquidated, or where the securities company is
exposed to significant risks, upon aproval by the securities regulatory authority of the State Council, the folowing
measures may be imposed on the directors, supervisors and senior management personel and other directly
acountable personel:
- ; and
(2) aply to the judicial authorities to prohibit removal or transfer of asets or disposal of asets via other
means or create other rights on the asets.
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Chapter 9 Securities Registration and Setlement Organisations
Article 145 Securities registration and setlement organisations provide centralised registration, custody and
setlement services for securities trading, shal not be profit-orientated, and shal be registered pursuant to the law
and obtain legal person status.
Establishment of securities registration and setlement organisation shal be subject to aproval of the securities
regulatory authority of the State Council.
Article 146 Establishment of a securities registration and setlement organisation shal satisfy the folowing
criteria:
- ‘s own funds shal not be les than RMB200 milion;
- , custody and setlement
services; and
(3) other criteria stipulated by the securities regulatory authority of the State Council.
The wording “securities registration and setlement” shal be stated in the name of a securities registration and
setlement organisation.
Article 147 Securities registration and setlement organisations shal perform the folowing duties:
- ;
- ;
- ;
- ;
- ;
- , information services; and
(7) other busineses aproved by the securities regulatory authority of the State Council.
Article 148 The registration and setlement of securities traded on the stock exchanges and other nationwide
securities trading venues aproved by the State Council shal adopt a centralised and unified operation method
acros the country.
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For securities other than those specified in the preceding paragraph, the registration and setlement of securities
may be entrusted to a securities registration and setlement institution or other institutions that engage in securities
registration and setlement busines acording to law.
Article 149 A securities registration and setlement organisation shal formulate articles of asociation and
busines rules pursuant to the law and submit to the securities regulatory authority of the State Council for aproval.
Participants of securities registration and setlement busines shal comply with the busines rules formulated by
the securities registration and setlement organisation.
Article 150 Securities traded on a stock exchange or any other nationwide securities trading venues aproved
by the State Council shal be deposited with a securities registration and setlement organisation.
Securities registration and setlement organisations shal not misapropriate the securities of their clients.
Article 151 Securities registration and setlement organisations shal provide the register of securities holders
and the relevant information to the securities isuer.
Securities registration and setlement organisations shal, based on the outcome of securities registration and
setlement, confirm the fact of securities holding by a securities holder, and provide registration information of a
securities holder.
Securities registration and setlement organisations shal ensure that the records in the register of securities
holders and register of transfers are true, acurate and complete, and shal not be conceal, forge, tamper with or
destroy the records.
Article 152 Securities registration and setlement organisations shal adopt the folowing measures to ensure
normal conduct of busines:
- ;
- , financial and security management systems; and
(3) implement a proper risk management system.
Article 153 Securities registration and setlement organisations shal kep the original certificates and the
relevant documents and materials on registration, custody and setlement properly. The retention period is not les
than 20 years.
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Article 154 Securities registration and setlement organisations shal set up a securities setlement risk fund to
be used for making advance payment or making up of loses of the securities registration and setlement
organisation arising from a default on delivery, technical fault, operational malfunction or a force majeure event.
The securities setlement risk fund shal be acrued from the busines revenue and gains of the securities
registration and setlement organisation and may be contributed by the setlement participants in acordance with a
certain percentage of the securities trading volume.
The measures on fundraising and management of the securities setlement risk fund shal be formulated by the
securities regulatory authority of the State Council jointly with the finance department of the State Council.
Article 155 The securities setlement risk fund shal be deposited into a designated bank acount and be
subject to specific administration.
Upon making compensation using the risk fund, the securities registration and setlement organisation shal sek
recourse from the party liable.
Article 156 The aplication for disolution of a securities registration and setlement organisation shal be
subject to aproval of the securities regulatory authorities of the State Council.
Article 157 Investors entrusting a securities company to cary out securities trading shal open and maintain a
securities acount at a securities registration and setlement organisation through the securities company. The
securities registration and setlement organisation shal open securities acounts for investors pursuant to the
provisions.
Investors aplying for opening of securities acount shal hold legal documents proving the identity of a citizen,
legal person or partnership enterprise of the People’s Republic of China, unles otherwise stipulated by the State.
Article 158 Where a securities registration and setlement organisation provides securities setlement services
as a central counterparty, it shal be the comon clearing and setlement counterparty of the setlement participants,
cary out net setlement, and provide centralised performance guarante for securities transactions.
Securities registration and setlement organisations providing net setlement services for securities transactions
shal require the setlement participants to deliver the securities and funds in ful based on the principle of delivery
versus payment and provide delivery guarante.
Prior to completion of delivery, the securities, no person shal have aces to the funds and colateral used for
delivery.
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Where a setlement participant fails to perform delivery obligations on time, the securities registration and
setlement organisation shal have the right to deal with the asets refered to in the preceding paragraph in
acordance with the busines rules.
Article 159 Setlement funds and securities colected by the securities registration and setlement
organisations in acordance with the busines rules shal be deposited in designated setlement and delivery
acounts, shal only be used for setlement and delivery for completed securities transactions in acordance with the
busines rules, and shal not be enforced.
Chapter 10 Securities Services Organisations
Article 160 Acounting firms, law firms as wel as securities service organisations providing securities
investment advisory, aset valuation, credit rating, financial advisory, information technology system services shal
be diligent and responsible, perform their duties with dedication, and provide services pertaining to securities
trading and the relevant activities in acordance with the relevant busines rules.
Organisations engaging in securities investment advisory service busines shal be subject to aproval by the
securities regulatory authority of the State Council; without aproval, they shal not provide services for securities
trading and the relevant activities. Organisations engaging in other securities service busineses shal file records
with the securities regulatory authority of the State Council and the relevant State Council departments.
Article 161 Investment advisory organisations and their practitioners providing securities services shal not
comit the folowing acts:
- ;
- ;
- ; or
(4) engage in other activities prohibited by laws and administrative regulations.
Where any of the aforesaid acts causes the investors to sufer loses, compensation liability shal be borne pursuant
to the law.
Article 162 Securities service organisations shal kep client entrustment documents properly, examine and
verify materials, working drafts as wel as information and materials relating to quality control, internal
management and busines operation; no one shal divulge, conceal, forge, tamper with or mutilate such documents,
information and materials. The aforesaid information and materials shal be retained for not les than 10 years,
comencing from the date of completion of busines entrustment.
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Article 163 Securities service organisations producing and isuing audit reports and other asurance reports,
aset valuation reports, financial advisory reports, credit rating reports or legal opinions for securities busines
activities such as ofering, listing and trading of securities etc shal practice care and diligence to check and verify
the veracity, acuracy and integrity of the contents of the documents they relied on. Where the document produced
and isued by a securities service organisation contains false records, misrepresentation or major omision which
causes others to sufer loses, the securities service organisation shal bear liability with the client jointly and
severaly, except where it can prove that it is not at fault.
Chapter 11 Securities Industry Asociation
Article 164 The securities industry asociation is a self-regulatory organisation of the securities industry and a
social organisation legal person.
Securities companies shal join the securities industry asociation.
The authority of the securities industry asociation shal be the members’ congres comprising al members.
Article 165 The articles of asociation of the securities industry asociation shal be formulated by the
members’ congres and filed with the securities regulatory authority of the State Council for records.
Article 166 The securities industry asociation shal perform the folowing duties:
(1) educate and organise the members as wel as practitioners to comply with the provisions of laws and
administrative regulations, organise and cary out development of securities industry creditworthines, supervise
performance of social responsibilities in the securities industry;
- , and provide fedback on
proposals and requests of the members to the securities regulatory authorities;
- , and safeguard legitimate rights
and interests of investors;
- , supervise and inspect conduct of
members and their practitioners, and impose disciplinary action or other self-regulatory measures pursuant to the
provisions on personel who violate laws, administrative regulations, self-governance rules or the industry’s articles
of asociation.
- , and organise busines training for practitioners;
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- , operation of securities industry and the relevant
contents in this regard, colect, sort and publish securities-related information, provide member services, organise
industry exchange, and guide industry inovative development;
- , betwen members and their clients; and
(8) other duties provided in the articles of asociation of the securities industry asociation.
Article 167 The securities industry asociation shal establish a council. Members of the council shal be
elected in acordance with the provisions of the articles of asociation.
Chapter 12 Securities Regulatory Authorities
Article 168 The securities regulatory authority of the State Council shal cary out supervision and
administration of the securities market pursuant to the law, safeguard the transparency, fairnes and equitablenes
of securities market, prevent systemic risks, protect the legitimate rights and interests of investors, and promote
healthy development of the securities market.
Article 169 The securities regulatory authority of the State Council shal perform the folowing duties in the
course of supervision and administration of the securities market:
(1) formulate the relevant rules and regulations on supervision and administration of the securities market
pursuant to the law, proces examination and aproval, verification and registration pursuant to the law, and
proces filing;
- , listing, trading, registration, custody and setlement
of securities pursuant to the law;
- , securities
companies, securities service organisations, stock exchanges and securities registration and setlement
organisations pursuant to the law;
- , and supervise the
implementation thereof;
- , listing and trading of securities pursuant to the
law;
(6) provide guidance and supervision for self-regulatory administration of the securities industry asociation
pursuant to the law;
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- , prevent and deal with securities market risks pursuant to the law;
- ;
- ; and
(10) perform any other duties stipulated by the laws and administrative regulations.
Article 170 The securities regulatory authority of the State Council shal perform its duties pursuant to the law
and shal have the right to adopt the folowing measures:
- , securities companies, securities service organisations, stock
exchanges and securities registration and setlement organisations;
- , to investigate and colect evidence;
- ,
and request them to provide relevant information on the investigation mater; or request them to submit documents
and materials in relation to the investigation mater in acordance with the designated method;
(4) inspect and make copies of documents and materials related to the investigation mater such as property
right registration and corespondence records;
- , transfer registration records, financial acounting
materials and other relevant documents and materials of the party(ies) concerned and organisation(s) and
individual(s) related to the investigation mater; and may seal up documents and materials which could be removed,
concealed or destroyed;
- , securities acounts and bank acounts of the party(ies) concerned and
organisation(s) and individual(s) related to the investigation mater; where there is evidence that the ilegal funds or
securities involved in the investigation mater have ben or could be removed or concealed or there is sign of
concealment, forgery or destruction of important evidence, such ilegal funds or securities or important evidence
may be frozen or seized with aproval of the person-in-charge of the securities regulatory authority of the State
Council for six months; where the period neds to be extended due to special reason, each extension shal not
exced thre months, and the maximum period for frezing or sealing of evidence shal not exced two years;
(7) during the investigation of major securities violations such as manipulation of securities market or insider
trading etc, the securities transactions of the party under investigation may be restricted with aproval of the
person-in-charge of the securities regulatory authority of the State Council, however the restriction period shal not
exced thre months; where the case is complicated, the restriction period may be extended by thre months.
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- , persons-in-charge of
suspected ofending and other directly acountable personel from leaving China pursuant to the law.
For the purposes of preventing securities market risks, safeguard market order, the securities regulatory authority of
the State Council may take measures such as ordering to make corection, holding a regulatory talk, isuing a leter
of warning etc.
Article 171 During the period when the securities regulatory authority of the State Council investigates into
an organisation or individual suspected of comiting a securities violation, where the party under investigation
aplies in writing and undertakes to rectify the aleged violation within a period agred by the securities regulatory
authority of the State Council, compensate the loses of the relevant investors, and eliminate the damages or
adverse consequences, the securities regulatory authority of the State Council may decide to suspend the
investigation. Where the investigated party performs the undertaking, the securities regulatory authority of the State
Council may decide to terminate investigation; where the party under investigation fails to perform the undertaking
or fals under other circumstances stipulated by the State Council, investigation shal be resumed. Detailed
measures shal be stipulated by the State Council.
Where the securities regulatory authority of the State Council decides to suspend or terminate an investigation, it
shal disclose relevant information in acordance with regulations.
Article 172 The securities regulatory authority of the State Council shal cary out supervision, inspection or
investigation pursuant to the law; the number of supervision, inspection and investigation personel shal not be
les than two persons; they shal present their legal credentials and the notice of supervision, inspection or
investigation or other law enforcement documents. Where there are les than two personel asigned for
supervision, inspection or investigation or where they fail to produce their credentials and the notice of supervision,
inspection or investigation or other law enforcement documents, the organisation subject to inspection or
investigation shal have the right to refuse inspection or investigation.
Article 173 The securities regulatory authority of the State Council shal perform their duties pursuant to the
law, and the organisations and individuals subject to inspection or investigation shal coperate and provide the
relevant documents and information truthfuly, and shal not refuse to do so, or comit obstruction or concealment.
Article 174 The rules, regulations and regulatory work systems formulated by the securities regulatory
authority of the State Council shal be made public pursuant to the law.
The securities regulatory authority of the State Council shal, based on the investigation results, make public its
punishment decision on securities ilegal acts.
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Article 175 The securities regulatory authority of the State Council shal establish a regulatory information
sharing mechanism with the other financial regulatory authorities of the State Council.
When the securities regulatory authority of the State Council caries out supervision, inspection or investigation
pursuant to the law, the relevant departments shal coperate.
Article 176 Any organisation or individual shal have the right to report an aleged securities violation to the
securities regulatory authority of the State Council.
Where a real-name report or lead for an aleged serious ilegal act or violation is verified and found to be true, the
securities regulatory authority of the State Council shal reward the person who submits the report or lead pursuant
to the provisions.
The securities regulatory authority of the State Council shal kep confidentiality of the identity information of
persons who submit a report or a lead.
Article 177 The securities regulatory authority of the State Council may establish a regulatory coperation
mechanism with the securities regulatory authorities of another country or region, to implement cros-border
supervision and administration.
Overseas securities regulatory authorities shal not cary out investigation and evidence colection etc. directly in
the People’s Republic of China. Without the consent of the securities regulatory authority of the State Council and
the relevant State Council department(s), no organisation or individual may provide the documents and materials
relating to securities busines activities to overseas parties arbitrarily.
Article 178 Where the securities regulatory authority of the State Council discovers during performance of
duties pursuant to the law, that a securities violation is suspected of a crime, it shal forward the case to the judicial
authorities for handling; where a civil servant is suspected of violating the law or comiting a crime in his/her
work, it shal refer the case to the supervisory authorities for handling.
Article 179 Civil servants of the securities regulatory authority of the State Council shal act with loyalty and
in acordance with the law, be impartial and incoruptible, and shal not make use of oficial powers to sek
improper gains, and shal not divulge comercial secrets of the relevant organisations and individuals which have
come into their knowledge.
Civil servants of the securities regulatory authority of the State Council shal not, during their term of ofice or
within the post-apointment period stipulated in the Civil Servants Law of the People’s Republic of China, be
employed by an enterprise or any other profit-oriented organisation which relates directly to their former work, and
shal not engage in profit-oriented activities which relate directly to their former work.
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Chapter 13 Legal Liability
Article 180 Isuers making a public ofering of securities arbitrarily or in disguise which violate the
provisions of Article 9 of this Law shal be ordered to stop the ofering and return the proceds plus interest on
bank deposits for the same period, and be subject to a fine ranging from 1% to 5% of the amount of the ilegaly
raised proceds; Companies which make a public ofering of securities arbitrarily or in disguise shal be closed
down by the relevant supervision and administration authorities and the local people’s government of county level
or above. The person-in-charge and other personel who are directly acountable shal be isued a warning and be
subject to a fine ranging from RMB500,000 to RMB5 milion simultaneously.
Article 181 Where an isuer conceals important facts or fabricates significant false contents in its anounced
securities ofering documents, if the securities are yet to be isued, it shal be subject to a fine ranging from RMB2
milion to RMB20 milion; where the securities are isued, it shal be subject to a fine ranging from 10% to 100%
of the ilegaly raised funds. The directly acountable person(s)-in-charge and other directly acountable personel
shal be subject to a fine ranging from RMB1 milion to RMB10 milion.
Where the controling shareholder(s) or actual controling party of the isuer organises and instigates the ilegal act
stipulated in the preceding paragraph, ilegal income shal be confiscated and a fine ranging from 10% to 100% of
the ilegal income shal be imposed simultaneously; where there is no ilegal income or the amount of ilegal
income is les than RMB20 milion, a fine ranging from RMB2 milion to RMB20 milion shal be imposed. The
directly acountable person(s)-in-charge and other directly acountable personel shal be given a warning shal be
subject to a fine ranging from RMB1 milion to RMB10 milion.
Article 182 Where a sponsor isues a sponsor leter which contains false records, misrepresentation or major
omision, or does not perform other statutory duties, it shal be ordered to make corection and given a warning, the
busines income shal be confiscated, and a fine ranging from one time to 10 times the busines income shal be
imposed simultaneously; where there is no busines income or the amount of busines income is les than RMB1
milion, a fine ranging from RMB1 milion to RMB10 milion shal be imposed; in serious cases, the sponsor
busines permit shal be suspended or revoked simultaneously. The directly acountable person(s)-in-charge and
other directly acountable personel shal be given a warning and be subject to a fine ranging from RMB500,000 to
RMB5 milion simultaneously.
Article 183 Where a securities company underwrites or sels securities isued arbitrarily in a public ofering
directly or under any pretext, it shal be ordered to stop underwriting or seling, ilegal income shal be confiscated,
and a fine ranging from one time to 10 times the amount of ilegal income shal be imposed simultaneously; where
there is no ilegal income or the amount of ilegal income is les than RMB1 milion, a fine ranging from RMB1
milion to RMB10 milion shal be imposed; in serious cases, the relevant busines permit shal be suspended or
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revoked simultaneously. Where the investors sufer loses as a result thereof, the securities company shal bear
compensation liability jointly and severaly with the isuer. The directly acountable person(s)-in-charge and other
directly acountable personel shal be given a warning and be subject to a fine ranging from RMB500,000 to
RMB5 milion simultaneously.
Article 184 Where a securities company underwrites securities in violation of the provisions of Article 29 of
this Law, it shal be ordered to make corection, given a warning, ilegal income shal be confiscated and a fine
ranging from RMB500,000 to RMB5 milion may be imposed simultaneously;
in serious cases, the relevant busines permit shal be suspended or revoked. The directly acountable person(s)-in-
charge and other directly acountable personel shal be given a warning and may be subject to a fine ranging from
RMB200,000 to RMB2 milion simultaneously; in serious cases, a fine ranging from RMB500,000 to RMB5
milion may be imposed simultaneously.
Article 185 Where an isuer violates the provisions of Article 14 and Article 15 of this Law in arbitrarily
changing the usage purpose for proceds from the public ofering of securities, it shal be ordered to make
corection and be subject to a fine ranging from RMB500,000 to RMB5 milion; the directly acountable person(s)-
in-charge and other directly acountable personel shal be given a warning and be subject to a fine ranging from
RMB100,000 to RMB1 milion simultaneously.
Where the controling shareholder(s) or actual controling party of the isuer engages in or organises or instigates
the ilegal act stipulated in the preceding paragraph, they shal be given a warning and be subject to a fine ranging
from RMB500,000 to RMB5 milion simultaneously; the directly acountable person(s)-in-charge and other
directly acountable personel shal be subject to a fine ranging from RMB100,000 to RMB1 milion.
Article 186 Persons who violate the provisions of Article 36 of this Law in transfering securities within the
moratorium period, or whose share transfer does not comply with laws, administrative regulations and the
provisions of the securities regulatory authority of the State Council shal be ordered to make corection, be given a
warning, ilegal income shal be confiscated, and a fine of les than the equivalent value of the securities purchased
or sold shal be imposed simultaneously.
Article 187 Where a person prohibited by laws, administrative regulations from participating in share trading
violates the provisions of Article 40 of this Law in holding, purchasing and seling shares or other securities of
equity nature directly or using a pseudonym or in other’s name, he/she shal be ordered to dispose of the ilegaly
held shares or securities of equity nature pursuant to the law, ilegal income shal be confiscated and be subject to a
fine of les than the equivalent value of the securities purchased or sold simultaneously; where the person is a civil
servant, he/she shal also be punished pursuant to the law.
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Article 188 Securities service organisations and their practitioners purchasing and seling securities in
violation of the provisions of Article 42 of this Law shal be ordered to dispose of the ilegaly held securities
pursuant to the law, ilegal income shal be confiscated and a fine of les than the equivalent value of the securities
purchased or sold shal be imposed simultaneously.
Article 189 Where the directors, supervisors, senior management personel of a listed company or a company
whose shares are traded on a nationwide securities trading venue aproved by the State Council, as wel as
shareholders holding more than 5% of the said company, violate the provisions of Article 44 of this Law in
purchasing or seling the shares or other securities of equity nature of the said company, they shal be given a
warning and be subject to a fine ranging from RMB100,000 to RMB1 milion simultaneously.
Article 190 Persons who violate the provisions of Article 45 of this Law in adopting program trading to afect
the stock exchange’s system security or the order of normal trading shal be ordered to make corection and be
subject to a fine ranging from RMB500,000 to RMB5 milion simultaneously. The directly acountable person(s)-
in-charge and other directly acountable personel shal be given a warning and be subject to a fine ranging from
RMB100,000 to RMB1 milion simultaneously.
Article 191 Persons privy to insider information of securities trading or persons who obtained insider
information ilegaly who violate the provisions of Article 53 of this Law in engaging in insider trading shal be
ordered to dispose of the ilegaly held securities pursuant to the law, ilegal income shal be confiscated, and they
shal be subject to a fine ranging from one time to 10 times the amount of ilegal income simultaneously; where
there is no ilegal income or the amount of ilegal income is les than RMB500,000, a fine ranging from
RMB500,000 to RMB5 milion shal be imposed. Where an organisation engages in insider trading, the directly
acountable person(s)-in-charge and other directly acountable personel shal also be given a warning and be
subject to a fine ranging from RMB200,000 to RMB2 milion simultaneously. Civil servants of the securities
regulatory authority of the State Council who engage in insider trading shal be subject to heftier punishment.
Persons who violate the provisions of Article 54 of this Law in making use of undisclosed information for trading
shal be punished pursuant to the provisions of the preceding paragraph.
Article 192 Persons who violate the provisions of Article 55 of this Law in manipulating the securities market
shal be ordered to dispose of the ilegaly held securities pursuant to the law, ilegal income shal be confiscated
and a fine ranging from one time to 10 times the amount of ilegal income shal be imposed simultaneously; where
there is no ilegal income or the amount of ilegal income is les than RMB1 milion, a fine ranging from RMB1
milion to RMB10 milion shal be imposed. Where an organisation manipulates the securities market, the directly
acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to
a fine ranging from RMB500,000 to RMB5 milion simultaneously.
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Article 193 For persons who violate the provisions of the first paragraph and the third paragraph of Article 56
of this Law in fabricating and diseminating false information or misleading information to disrupt the securities
market, ilegal income shal be confiscated and a fine ranging from one time to 10 times the amount of ilegal
income shal be imposed simultaneously; where there is no ilegal income or the amount of ilegal income is les
than RMB200,000, a fine ranging from RMB200,000 to RMB2 milion shal be imposed.
Persons who violate the provisions of the second paragraph of Article 56 of this Law in making false or
misrepresentation in securities trading shal be ordered to make corection and be subject to a fine ranging from
RMB200,000 to RMB2 milion; civil servants who comit such ofence shal also be punished pursuant to the law.
Where a mas media and its staf engaging in the reporting of securities market information violate the
provisions of the third paragraph of Article 56 of this Law to engage in the sale and purchase of securities that
conflict with their job responsibilities, the ilegal income shal be confiscated and a fine of les than the equivalent
value of securities purchased and sold shal be imposed simultaneously.
Article 194 Securities companies and their practitioners that violate Article 57 of this Law and harm the
interests of their clients shal be given a warning, the ilegal income shal be confiscated, and a fine ranging from
one time to 10 times the amount of ilegal income shal be imposed simultaneously; where there is no ilegal
income or the amount of ilegal income is les than RMB100,000, a fine ranging from RMB100,000 to RMB1
milion shal be imposed; in serious cases, the relevant busines permit shal be suspended or revoked.
Article 195 Persons who violate the provisions of Article 58 of this Law in lending their securities acount or
making use of other’s securities acount to trade in securities shal be ordered to make corection, be given a
warning, and may be subject to a fine of les than RMB500,000.
Article 196 Where an acquirer does not perform the obligations of anouncing takeover of listed company,
making of takeover ofer pursuant to the provisions of this Law, it shal be ordered to make corection, be given a
warning and be subject to a fine ranging from RMB500,000 to RMB5 milion simultaneously. The directly
acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to
a fine ranging from RMB200,000 to RMB2 milion simultaneously.
Where an acquirer and its controling shareholders, actual controling party make use of acquisition of listed
company to cause the target company and its shareholders to sufer loses, compensation liability shal be borne
pursuant to the law.
Article 197 Information disclosure obligors who do not submit the relevant reports or perform information
disclosure obligations pursuant to the provisions of this Law shal be ordered to make corection, be given a
warning and be subject to a fine ranging from RMB500,000 to RMB5 milion simultaneously; the directly
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acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to
a fine ranging from RMB200,000 to RMB2 milion simultaneously. Where the controling shareholder(s) or actual
controling party of an isuer organises or instigates the aforesaid ilegal act, or conceal the relevant mater and
causes the aforesaid circumstances to ocur, a fine ranging from RMB500,000 to RMB5 milion shal be
imposed; the directly acountable person(s)-in-charge and other directly acountable personel shal be subject to a
fine ranging from RMB200,000 to RMB2 milion.
Information disclosure obligors submiting reports or disclosing information which contain false records,
misrepresentation or major omision shal be ordered to make corection, be given a warning and be subject to a
fine ranging from RMB1 milion to RMB10 milion simultaneously; the directly acountable person(s)-in-charge
and other directly acountable personel shal be given a warning and be subject to a fine ranging from
RMB500,000 to RMB5 milion simultaneously. Where the controling shareholder(s) or actual controling party of
an isuer organises or instigates the aforesaid ilegal act or conceal the relevant mater and causes the aforesaid
circumstances to ocur, a fine ranging from RMB1 milion to RMB10 milion shal be imposed; the directly
acountable person(s)-in-charge and other directly acountable personel shal be subject to a fine ranging from
RMB500,000 to RMB5 milion.
Article 198 Where a securities company violates the provisions of Article 88 of this Law in non-performance
of investor suitability management obligations or failing to perform investor suitability management obligations
pursuant to the provisions, it shal be ordered to make corection, be given a warning and be subject to a fine
ranging from RMB100,000 to RMB1 milion simultaneously. The directly acountable person(s)-in-charge and
other directly acountable personel shal be given a warning and be subject to a fine of les than RMB200,000
simultaneously.
Article 199 Persons who violate the provisions of Article 90 of this Law in colecting shareholder’s rights
shal be ordered to make corection, be given a warning and may be subject to a fine of les than RMB500,000.
Article 200 Any ilegaly established securities trading venue wil be closed down by a People’s Government
of county level or above, ilegal income wil be confiscated and a fine ranging from one time to 10 times the
amount of ilegal income wil be imposed simultaneously; where there is no ilegal income or the amount of ilegal
income is les than RMB1 milion, a fine ranging from RMB1 milion to RMB10 milion wil be imposed.
The directly acountable person(s)-in-charge and other directly acountable personel shal be given a warning and
be subject to a fine ranging from RMB200,000 to RMB2 milion simultaneously.
Where a stock exchange violates the provisions of Article 105 of this Law in alowing non-members to
participate directly in centralised trading of shares, it shal be ordered to make corection and may be subject to a
fine of les than RMB500,000 simultaneously.
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Article 201 Where a securities company violates the provisions of the first paragraph of Article 107 of this
Law in failing to verify identity information provided by investors for acount opening, it shal be
ordered to make corection, be given a warning and be subject to a fine ranging from RMB50,000 to RMB500,000
simultaneously. The directly acountable person(s)-in-charge and other directly acountable personel shal be
given a warning and be subject to a fine of les than RMB100,000 simultaneously.
Where a securities company violates the provisions of the second paragraph of Article 107 of this Law in
providing an investor acount to others for use shal be ordered to make corection, be given a warning and be
subject to a fine ranging from RMB100,000 to RMB1 milion simultaneously. The directly acountable person(s)-
in-charge and other directly acountable personel shal be given a warning and be subject to a fine of les than
RMB200,000 simultaneously.
Article 202 Persons who violate the provisions of the first paragraph of Article 118, the fourth paragraph of
Article 120 of this Law in establishing a securities company arbitrarily, operating securities busines ilegaly or
carying out securities busines activities in the name of a securities company without aproval shal be ordered to
make corection, ilegal income shal be confiscated and a fine ranging from one time to 10 times the amount of
ilegal income shal be imposed simultaneously; where there is no ilegal income or the amount of ilegal income is
les than RMB1 milion, a fine ranging from RMB1 milion to RMB10 milion shal be imposed simultaneously.
The directly acountable person(s)-in-charge and other directly acountable personel shal be given a warning and
be subject to a fine ranging from RMB200,000 to RMB2 milion. Securities companies established arbitrarily shal
be closed down by the securities regulatory authorities of the State Council.
Where a securities company violates the provisions of the fifth paragraph of Article 120 of this Law in providing
securities margin trading and short-seling services, its ilegal income shal be confiscated and a fine of les than the
equivalent value of margin trading and short-seling shal be imposed simultaneously; where the case is serious, the
securities company shal be baned from securities margin trading and short-seling within a certain period. The
directly acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be
subject to a fine ranging from RMB200,000 to RMB2 milion simultaneously.
Article 203 Where the establishment permit, busines permit or aproval for change in significant event of a
securities company is obtained by providing false prof documents or adopting other fraudulent means, the relevant
permit shal be revoked and a fine ranging from RMB1 milion to RMB10 milion shal be imposed simultaneously.
The directly acountable person(s)-in-charge and other directly acountable personel shal be given a warning and
be subject to a fine ranging from RMB200,000 to RMB2 milion simultaneously.
Article 204 Where a securities company violates the provisions of Article 122 of this Law in change of scope
of securities busines, change of key shareholders or actual controling party, merger, division, closure, disolution
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or bankruptcy without aproval, it shal be ordered to make corection and be given a warning, ilegal income shal
be confiscated and a fine ranging from one time to 10 times the amount of ilegal income shal be imposed
simultaneously; where there is no ilegal income or the amount of ilegal income is les than RMB500,000, a fine
ranging from RMB500,000 to RMB5 milion shal be imposed; in serious cases, the relevant busines permit shal
also be revoked simultaneously. The directly acountable person(s)-in-charge and other directly acountable
personel shal be given a warning and be subject to a fine ranging from RMB200,000 to RMB2 milion
simultaneously.
Article 205 Where a securities company violates the provisions of the second paragraph of Article 123 of this
Law in providing financing or guarante for its shareholders or a shareholder’s related party, it shal be ordered to
make corection, be given a warning, and be subject to a fine ranging from RMB500,000 to RMB5 milion
simultaneously. The directly acountable person(s)-in-charge and other directly acountable personel shal be
given a warning and be subject to a fine ranging from RMB100,000 to RMB1 milion simultaneously. Where the
shareholder is at fault and has yet to make corection as required, the securities regulatory authority of the State
Council may restrict its shareholder’s rights; where the shareholder refuses to make corection, it may be ordered to
transfer its shareholding in the securities company.
Article 206 Where a securities company violates the provisions of Article 128 of this Law in failing to adopt
efective isolation measures to prevent conflict of interests, or failing to separate the relevant busineses or mix the
operation, it shal be ordered to make corection and be given a warning, ilegal income shal be confiscated and a
fine ranging from one time to 10 times the amount of ilegal income shal be imposed simultaneously; where there
is no ilegal income or the amount of ilegal income is les than RMB500,000, a fine ranging from RMB500,000 to
RMB5 milion shal be imposed; in serious cases, the relevant busines permit shal also be revoked. The directly
acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to
a fine ranging from RMB200,000 to RMB2 milion simultaneously.
Article 207 Where a securities company violates the provisions of Article 129 of this Law in carying out
proprietary securities busines, it shal be ordered to make corection and be given a warning, ilegal income shal
be confiscated and a fine ranging from one time to 10 times the amount of ilegal income shal be imposed
simultaneously; where there is no ilegal income or the amount of ilegal income is les than RMB500,000, a fine
ranging from RMB500,000 to RMB5 milion shal be imposed; in serious cases, the relevant busines permit shal
also be revoked or the securities company shal be ordered to close down simultaneously. The directly acountable
person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to a fine
ranging from RMB200,000 to RMB2 milion simultaneously.
Article 208 Where a securities company violates the provisions of Article 131 of this Law in including funds
and securities of its clients into its own asets or misapropriation of funds and securities of its clients, it shal be
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ordered to make corection and be given a warning, ilegal income shal be confiscated and a fine ranging from one
time to 10 times the amount of ilegal income shal be imposed simultaneously; where there is no ilegal income or
the amount of ilegal income is les than RMB1 milion, a fine ranging from RMB1 milion to RMB10 milion
shal be imposed; in serious cases, the relevant busines permit shal also be revoked or the securities company
shal be ordered to close down simultaneously. The directly acountable person(s)-in-charge and other directly
acountable personel shal be given a warning and be subject to a fine ranging from RMB500,000 to RMB5
milion simultaneously.
Article 209 Where a securities company violates the provisions of the first paragraph of Article 134 of this
Law in acepting discretionary orders from clients for purchasing and seling of securities, or violates the
provisions of Article 135 of this Law in giving undertaking of gains or compensation of loses to clients, it shal be
ordered to make corection and be given a warning, ilegal income shal be confiscated and a fine ranging from one
time to 10 times the amount of ilegal income shal be imposed simultaneously; where there is no ilegal income or
the amount of ilegal income is les than RMB500,000, a fine ranging from RMB500,000 to RMB5 milion shal be
imposed; in serious cases, the relevant busines permit shal be revoked simultaneously. The directly acountable
person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to a fine
ranging from RMB200,000 to RMB2 milion simultaneously.
Where a securities company violates the provisions of the second paragraph of Article 134 of this Law in alowing
others to participate directly in centralised trading of securities in the name of the securities company, it shal be
ordered to make corection and may be subject to a fine of les than RMB500,000 simultaneously.
Article 210 Practitioners of securities companies who violate the provisions of Article 136 of this Law in
acepting entrustment from clients privately to purchase and sel securities shal be ordered to make corection and
be given a warning, the ilegal income shal be confiscated, and a fine ranging from one time to 10 times the
amount of ilegal income shal be imposed simultaneously; where there is no ilegal income, a fine of les than
RMB500,000 shal be imposed.
Article 211 Where a securities company as wel as its key shareholders and actual controling party violate the
provisions of Article 138 of this Law in failing to submit or provide information and materials, or submiting or
providing the information and materials which contain false records, misrepresentation or major omision, they
shal be ordered to make corection, be given a warning and be subject to a fine of les than RMB1 milion
simultaneously; in serious cases, the relevant busines permit shal be revoked simultaneously. The directly
acountable person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to
a fine of les than RMB500,000 simultaneously.
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Article 212 Securities registration and setlement organisations established arbitrarily in violation of the
provisions of Article 145 of this Law shal be closed down by the securities regulatory authorities of the State
Council, ilegal income shal be confiscated, and a fine ranging from one time to 10 times the amount of ilegal
income shal be imposed simultaneously; where there is no ilegal income or the amount of ilegal income is les
than RMB500,000, a fine ranging from RMB500,000 to RMB5 milion shal be imposed. The directly acountable
person(s)-in-charge and other directly acountable personel shal be given a warning and be subject to a fine
ranging from RMB200,000 to RMB2 milion simultaneously.
Article 213 Securities investment advisory organisations which violate the provisions of the second paragraph
of Article 160 of this Law in carying out securities service busines arbitrarily, or comit an act stipulated in
Article 161 of this Law when engaging in securities service busines shal be ordered to make corection, the ilegal
income shal be confiscated, and a fine ranging from one time to 10 times the amount of ilegal income shal be
imposed simultaneously; where there is no ilegal income or the amount of ilegal income is les than RMB500,000,
and a fine ranging from RMB500,000 to RMB5 milion shal be imposed. The directly acountable person(s)-in-
charge and other directly acountable personel shal be given a warning and be subject to a fine ranging from
RMB200,000 to RMB2 milion simultaneously.
Where acounting firms and law firms, as wel as organisations providing aset valuation, credit rating, financial
advisory and information technology services, violate the provisions of the second paragraph of Article 160 of this
Law in carying out securities service busines without completing filing formalities, they shal be ordered to make
corection and may be subject to a fine of les than RMB200,000.
Where securities service organisations violate the provisions of Article 163 of this Law in failing to act
responsibly and diligently, producing and isuing documents which contain false records, misrepresentation or
major omision, they shal be ordered to make corection, busines income shal be confiscated, and a fine ranging
from one time to 10 times the amount of busines income shal be imposed simultaneously; where there is no
busines income or the amount of busines income is les than RMB500,000, a fine ranging from RMB500,000 to
RMB5 milion shal be imposed; in serious cases, the securities service busines of the securities service
organisation shal be suspended or prohibited simultaneously. The directly acountable person(s)-in-charge and
other directly acountable personel shal be given a warning and be subject to a fine ranging from RMB200,000 to
RMB2 milion simultaneously.
Article 214 Isuers, securities registration and setlement organisations, securities companies, securities
service organisations which fail to retain the relevant documents and materials pursuant to the provisions shal be
ordered to make corection, be given a warning and be subject to a fine ranging from RMB100,000 to RMB1
milion simultaneously; such entities guilty of divulging, concealing, forging, tampering with or mutilating the
relevant documents and materials shal be given a warning and be subject to a fine ranging from RMB200,000 to
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RMB2 milion simultaneously; in serious cases, a fine ranging from RMB500,000 to RMB5 milion shal be
imposed, and simultaneously the relevant busines permit shal be suspended or revoked, or the entity shal be
prohibited from engaging in the relevant busines. The directly acountable person(s)-in-charge and other directly
acountable personel shal be given a warning and be subject to a fine ranging from RMB100,000 to RMB1
milion simultaneously.
Article 215 The securities regulatory authority of the State Council shal, pursuant to the law, include
information on compliance with this Law by the relevant market entities in the securities market creditworthines
files.
Article 216 Where the securities regulatory authority of the State Council or the authorities empowered by the
State Council comit any of the folowing acts, the directly acountable person(s)-in-charge and other directly
acountable personel shal be punished pursuant to the law:
- , registration or aproval for aplications for ofering of securities or establishment
of securities company which do not comply with the provisions of this Law;
- , investigation and evidence colection, enquiry, frezing or
seizure etc. in violation of the provisions of this Law;
(3) imposing regulatory measures on the relevant organisations and personel in violation of the provisions of
this Law;
(4) implementing administrative punishment on the relevant organisations and personel in violation of the
provisions of this Law; or
(5) other acts of non-performance of job duties pursuant to the law.
Article 217 Where the civil servants of the securities regulatory authority of the State Council or the
authorities empowered by the State Council are guilty of non-performance of duties stipulated in this Law, abusing
oficial powers and dereliction of duties, making use of oficial capacity to sek improper gains, or divulging
comercial secrets of the relevant organisations and individuals which have come into their knowledge, their legal
liability shal be pursued in acordance with the law.
Article 218 For refusing or obstructing supervision and inspection, investigation caried out pursuant to the
law by the securities regulatory authorities and their civil servants, the securities regulatory authorities shal order
ofenders to make corection and impose a fine ranging from RMB100,000 to RMB1 milion, and the public
security authorities shal impose security punishment pursuant to the law.
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Article 219 Where a violation of the provisions of this Law constitutes a criminal ofence, criminal liability
shal be pursued in acordance with the law.
Article 220 Ofenders of the provisions of this Law shal bear civil compensation liability and pay fines and
penalties, and hand over the ilegal income; where the asets of the ofenders are inadequate for payment, the asets
shal first be used for fulfiling civil compensation liability.
Article 221 For violation of laws, administrative regulations or the relevant provisions of the securities
regulatory authority of the State Council, if the case is serious, the securities regulatory authority of the State
Council may ban the relevant acountable personel from entering the securities market.
“Ban from securities market” refered to in the preceding paragraph shal mean a system which prohibits a person
from engaging in securities busines and securities service busines for a certain period of time or permanently, or
prohibits a person from serving as director, supervisor or senior management personel of an isuer, or prohibits a
person from trading securities on a stock exchange or any other nationwide securities trading venues aproved by
the State Council for a certain period of time.
Article 222 Fines colected and ilegal income confiscated pursuant to this law shal be turned over fuly to
the State Treasury.
Article 223 A party concerned which disagres with the punishment decision of the securities regulatory
authorities or the authorities empowered by the State Council may aply for administrative review pursuant to the
law or file a lawsuit directly with a People’s Court pursuant to the law.
Chapter 14 Suplementary Provisions
Article 224 Domestic enterprises isuing securities overseas directly or indirectly or listing their securities
overseas shal comply with the relevant provisions of the State Council.
Article 225 For subscription and trading of shares of domestic companies using foreign curencies, detailed
measures shal be stipulated by the State Council separately.
Article 226 This Law shal be implemented with efect from 1 March 2020.
| 发 文 机 关 | ： | 中国证券监督管理委员会 |
|---|---|---|
| 发 布 日 期 | ： | 2023.02.17 |
| 生 效 日 期 | ： | 2023.03.31 |
| 时 效 性 | ： | 现行有效 |
| 文 号 | ： | 中国证券监督管理委员会公告〔2023〕43号 |
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境内企业境外发行证券和上市管理试行办法
63/194
境内企业境外发行证券和上市管理试行办法
发
发
生
时
文
中国证券监督管理委员会公告〔2023〕43号
经国务院批准，现公布《境内企业境外发行证券和上市管理试行办法》，自2023年3月31日起施
行。
中国证监会
2023年2月17日
境内企业境外发行证券和上市管理试行办法
第一章 总则
第一条 为规范中华人民共和国境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易
（以下简称境外发行上市）相关活动，促进境内企业依法合规利用境外资本市场实现规范健康发展，根据
《中华人民共和国证券法》等法律，制定本办法。
第二条 境内企业直接境外发行上市，是指在境内登记设立的股份有限公司境外发行上市。
境内企业间接境外发行上市，是指主要经营活动在境内的企业，以在境外注册的企业的名义，基于境
内企业的股权、资产、收益或其他类似权益境外发行上市。
本办法所称证券，是指境内企业直接或者间接在境外发行上市的股票、存托凭证、可转换为股票的公
司债券或者其他具有股权性质的证券。
第三条 境内企业境外发行上市活动，应当遵守外商投资、国有资产管理、行业监管、境外投资等法
律、行政法规和国家有关规定，不得扰乱境内市场秩序，不得损害国家利益、社会公共利益和境内投资者
合法权益。
第四条 境内企业境外发行上市活动的监督管理，应当贯彻党和国家路线方针政策、决策部署，统筹发
展和安全。
中国证券监督管理委员会（以下简称中国证监会）依法对境内企业境外发行上市活动实施监督管理。
中国证监会、国务院有关主管部门依法在各自职责范围内，对境外发行上市的境内企业以及在境内为其提
供相应服务的证券公司、证券服务机构实施监督管理。
中国证监会同国务院有关主管部门建立境内企业境外发行上市监督管理协调机制，加强政策规则衔
接、监督管理协调和信息共享。
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第五条 中国证监会、国务院有关主管部门按照对等互惠原则，加强与境外证券监督管理机构、有关主
管部门的监督管理合作，实施跨境监督管理。
第二章 境外发行上市
第六条 境外发行上市的境内企业应当依照《中华人民共和国公司法》《中华人民共和国会计法》等法
律、行政法规和国家有关规定制定章程，完善内部控制度，规范公司治理和财务、会计行为。
第七条 境外发行上市的境内企业应当遵守国家保密法律制度，采取必要措施落实保密责任，不得泄露
国家秘密和国家机关工作秘密。
境内企业境外发行上市涉及向境外提供个人信息和重要数据等的，应当符合法律、行政法规和国家有
关规定。
第八条 存在下列情形之一的，不得境外发行上市：
（一）法律、行政法规或者国家有关规定明确禁止上市融资的；
（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；
（三）境内企业或者其控股东、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；
（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；
（五）控股东或者受控股东、实际控制人支配的股东持有的股权存在重大权属纠纷的。
第九条 境内企业境外发行上市活动，应当严格遵守外商投资、网络安全、数据安全等国家安全法律、
行政法规和有关规定，切实履行维护国家安全的义务。涉及安全审查的，应当在向境外证券监督管理机
构、交易场所等提交发行上市申请前依法履行相关安全审查程序。
境外发行上市的境内企业应当根据国务院有关主管部门要求，采取及时整改、作出承诺、剥离业务资
产等措施，消除或者避免境外发行上市对国家安全的影响。
第十条 境内企业境外发行上市的发行对象应当为境外投资者，但符合本条第二款规定或者国家另有规
定的除外。
直接境外发行上市的境内企业实施股权激励或者发行证券购买资产的，可以向符合中国证监会规定的
境内特定对象发行证券。
境内国有企业依照前款规定向境内特定对象发行证券的，应当同时符合国有资产管理的相关规定。
第十一条 境内企业境外发行上市的，可以外币或者人民币募集资金、进行分红派息。
境内企业境外发行证券所募资金的用途和投向，应当符合法律、行政法规和国家有关规定。
境内企业境外发行上市相关资金的汇兑及跨境流动，应当符合国家跨境投融资、外汇管理和跨境人民
币管理等规定。
第十二条 从事境内企业境外发行上市业务的证券公司、证券服务机构和人员，应当遵守法律、行政法
规和国家有关规定，遵循行业公认的业务标准和道德规范，严格履行法定职责，保证所制作、出具文件的
真实性、准确性和完整性，不得以对国家法律政策、营商环境、司法状况等进行歪曲、贬损的方式在所制
作、出具的文件中发表意见。
第三章 备案要求
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第十三条 境外发行上市的境内企业，应当依照本办法向中国证监会备案，报送备案报告、法律意见书
等有关材料，真实、准确、完整地说明股东信息等情况。
第十四条 境内企业直接境外发行上市的，由发行人向中国证监会备案。
境内企业间接境外发行上市的，发行人应当指定一家主要境内运营实体为境内责任人，向中国证监会
备案。
第十五条 发行人同时符合下列情形的，认定为境内企业间接境外发行上市：
（一）境内企业最近一个会计年度的营业收入、利润总额、总资产或者净资产，任一指标占发行人同
期经审计合并财务报表相关数据的比例超过50%；
（二）经营活动的主要环节在境内开展或者主要场所位于境内，或者负责经营管理的高级管理人员多
数为中国公民或者经常居住地位于境内。
境内企业间接境外发行上市的认定，遵循实质重于形式的原则。
第十六条 发行人境外首次公开发行或者上市的，应当在境外提交发行上市申请文件后3个工作日内向
中国证监会备案。
发行人境外发行上市后，在同一境外市场发行证券的，应当在发行完成后3个工作日内向中国证监会
备案。
发行人境外发行上市后，在其他境外市场发行上市的，应当按照本条第一款规定备案。
第十七条 通过一次或者多次收购、换股、划转以及其他交易安排实现境内企业资产直接或者间接境外
上市，境内企业应当按照第十六条第一款规定备案，不涉及在境外提交申请文件的，应当在上市公司首次
公告交易具体安排之日起3个工作日内备案。
第十八条 境内企业直接境外发行上市的，持有其境内未上市股份的股东申请将其持有的境内未上市股
份转换为境外上市股份并到境外交易场所上市流通，应当符合中国证监会有关规定，并委托境内企业向中
国证监会备案。
前款所称境内未上市股份，是指境内企业已发行但未在境内交易场所上市或者挂牌交易的股份。境内
未上市股份应当在境内证券登记结算机构集中登记存管。境外上市股份的登记结算安排等适用境外上市地
的规定。
第十九条 备案材料完备、符合规定的，中国证监会自收到备案材料之日起20个工作日内办结备案，
并通过网站公示备案信息。
备案材料不完备或者不符合规定的，中国证监会在收到备案材料后5个工作日内告知发行人需要补充
的材料。发行人应当在30个工作日内补充材料。在备案过程中，发行人可能存在本办法第八条规定情形
的，中国证监会可以征求国务院有关主管部门意见。补充材料和征求意见的时间均不计算在备案时限内。
中国证监会依据本办法制定备案指引，明确备案操作要求、备案材料内容、格式和应当附具的文件
等。
第二十条 境内企业境外发行上市的备案材料应当真实、准确、完整，不得有虚假记载、误导性陈述或
者重大遗漏。境内企业及其控股东、实际控制人、董事、监事、高级管理人员应当依法履行信息披露义
务，诚实守信、勤勉尽责，保证备案材料真实、准确、完整。
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证券公司、律师事务所应当对备案材料进行充分核查验证，不得存在下列情形：
（一）备案材料内容存在相互矛盾或者同一事实表述不一致且有实质性差异；
（二）备案材料内容表述不清、逻辑混乱，严重影响理解；
（三）未对企业是否符合本办法第十五条认定标准进行充分论证；
（四）未及时报告或者说明重大事项。
第二十一条 境外证券公司担任境内企业境外发行上市业务保荐人或者主承销商的，应当自首次签订业
务协议之日起10个工作日内向中国证监会备案，并应当于每年1月31日前向中国证监会报送上年度从事
境内企业境外发行上市业务情况的报告。
境外证券公司在本办法施行前已经签订业务协议，正在担任境内企业境外发行上市业务保荐人或者主
承销商的，应当自本办法施行之日起30个工作日内进行备案。
第四章 监督管理
第二十二条 发行人境外发行上市后发生下列重大事项，应当自相关事项发生并公告之日起3个工作日
内向中国证监会报告具体情况：
（一）控制权变更；
（二）被境外证券监督管理机构或者有关主管部门采取调查、处罚等措施；
（三）转换上市地位或者上市板块；
（四）主动终止上市或者强制终止上市。
发行人境外发行上市后主要业务经营活动发生重大变化，不再属于备案范围的，应当自相关变化发生
之日起3个工作日内，向中国证监会提交专项报告及境内律师事务所出具的法律意见书，说明有关情况。
第二十三条 中国证监会、国务院有关主管部门按照职责分工，依法对境外发行上市的境内企业，以及
证券公司、证券服务机构在境内开展的境内企业境外发行上市业务进行监督检查或者调查。
第二十四条 为维护市场秩序，中国证监会、国务院有关主管部门可以按照职责分工，视情节轻重，对
违反本办法的境外发行上市的境内企业以及在境内为其提供相应服务的证券公司、证券服务机构及其相关
执业人员采取责令改正、监管谈话、出具警示函等措施。
第二十五条 境内企业境外发行上市前存在本办法第八条所列情形的，应当暂缓或者终止境外发行上
市，并及时向中国证监会、国务院有关主管部门报告。
第二十六条 境内企业境外发行上市违反本办法，或者境外证券公司违反本办法第二十一条规定的，中
国证监会可以通过跨境监督管理合作机制通报境外证券监督管理机构。
境外证券监督管理机构对境内企业境外发行上市及相关活动进行调查取证，根据跨境监督管理合作机
制向中国证监会提出协查请求的，中国证监会可以依法提供必要协助。境内单位和个人按照境外证券监督
管理机构调查取证要求提供相关文件和资料的，应当经中国证监会和国务院有关主管部门同意。
第五章 法律责任
第二十七条 境内企业违反本办法第十三条规定未履行备案程序，或者违反本办法第八条、第二十五条
规定境外发行上市的，由中国证监会责令改正，给予警告，并处以100万元以上1000万元以下的罚款。
对直接负责的主管人员和其他直接责任人员给予警告，并处以50万元以上500万元以下的罚款。
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境内企业的控股东、实际控制人组织、指使从事前款违法行为的，处以100万元以上1000万元以
下的罚款。对直接负责的主管人员和其他直接责任人员，处以50万元以上500万元以下的罚款。
证券公司、证券服务机构未按照职责督促企业遵守本办法第八条、第十三条、第二十五条规定的，给
予警告，并处以50万元以上500万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警
告，并处以20万元以上200万元以下的罚款。
第二十八条 境内企业的备案材料存在虚假记载、误导性陈述或者重大遗漏的，由中国证监会责令改
正，给予警告，并处以100万元以上1000万元以下的罚款。对直接负责的主管人员和其他直接责任人员
给予警告，并处以50万元以上500万元以下的罚款。
境内企业的控股东、实际控制人组织、指使从事前款违法行为，或者隐瞒相关事项导致发生前款情
形的，处以100万元以上1000万元以下的罚款。对直接负责的主管人员和其他直接责任人员，处以50万
元以上500万元以下的罚款。
第二十九条 证券公司、证券服务机构未勤勉尽责，依据境内法律、行政法规和国家有关规定制作、出
具的文件存在虚假记载、误导性陈述或者重大遗漏，或者依据境外上市地规则制作、出具的文件存在虚假
记载、误导性陈述或者重大遗漏扰乱境内市场秩序，损害境内投资者合法权益的，由中国证监会、国务院
有关主管部门责令改正，给予警告，并处以业务收入1倍以上10倍以下的罚款；没有业务收入或者业务
收入不足50万元的，处以50万元以上500万元以下的罚款。对直接负责的主管人员和其他直接责任人员
给予警告，并处以20万元以上200万元以下的罚款。
第三十条 违反本办法的其他有关规定，有关法律、行政法规有处罚规定的，依照其规定给予处罚。
第三十一条 违反本办法或者其他法律、行政法规，情节严重的，中国证监会可以对有关责任人员采取
证券市场禁入的措施。构成犯罪的，依法追究刑事责任。
第三十二条 中国证监会依法将有关市场主体遵守本办法的情况纳入证券市场诚信档案并共享至全国信
用信息共享平台，会同有关部门加强信息共享，依法依规实施惩戒。
第六章 附则
第三十三条 境内上市公司控股或者实际控制的境内企业境外发行上市，以及境内上市公司以境内证券
为基础在境外发行可转换为境内证券的存托凭证等证券品种，应当同时符合中国证监会的其他相关规定，
并按照本办法备案。
第三十四条 本办法所称境内企业，是指在中华人民共和国境内登记设立的企业，包括直接境外发行上
市的境内股份有限公司和间接境外发行上市主体的境内运营实体。
本办法所称证券公司、证券服务机构，是指从事境内企业境外发行上市业务的境内外证券公司、证券
服务机构。
第三十五条 本办法自2023年3月31日起施行。《关于执行〈到境外上市公司章程必备条款〉的通
知》同时废止。
| Promulgated by ： China Securities Regulatory Commission |
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| Promulgation Date ： 2023.02.17 |
| Effective Date ： 2023.03.31 |
| Validity Status ： Effective |
| Document No. ： CSRC Announcement [2023] No. 43 |
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Trial Administrative Measures of Overseas Securities Ofering and
Listing by Domestic Companies
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CSRC Anouncement [2023] No. 43
Upon aproval by the State Council, the CSRC hereby releases the Trial Administrative Measures of Overseas
Securities Ofering and Listing by Domestic Companies, which wil come into efect on 31 March 2023.
China Securities Regulatory Comision
17 February 2023
Trial Administrative Measures of Overseas Securities Ofering and Listing by Domestic Companies
Chapter I General Provisions
Article 1 This Measures is formulated to regulate overseas securities ofering and listing activities by
domestic companies, either in direct or indirect form (hereinafter colectively refered to as overseas ofering and
listing), and promote lawful use of overseas capital markets by domestic companies to achieve regulated and sound
development, in acordance with statutes including the Securities Law of the People’s Republic of China.
Article 2 Direct overseas ofering and listing by domestic companies refers to such overseas ofering and
listing by a joint-stock company incorporated domesticaly.
Indirect overseas ofering and listing by domestic companies refers to such overseas ofering and listing by a
company in the name of an overseas incorporated entity, whereas the company’s major busines operations are
located domesticaly and such ofering and listing is based on the underlying equity, asets, earnings or other
similar rights of a domestic company.
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For the purpose of this Measures, securities refer to equity shares, depository receipts, corporate bonds
convertible to equity shares, and other equity securities that are ofered and listed overseas, either directly or
indirectly, by domestic companies.
Article 3 Overseas ofering and listing by domestic companies shal abide by laws, administrative regulations
and relevant state rules concerning foreign investment in China, state-owned aset administration, industry
regulation and outbound investment. Such overseas ofering and listing shal not disrupt domestic market order,
harm state or public interest or undermine the lawful rights and interests of domestic investors.
Article 4 Overseas ofering and listing by domestic companies shal be supervised and regulated in
acordance with the lines, principles, policies, decisions and plans of the Party and the state, ensuring both
development and security.
China Securities Regulatory Comision (the “CSRC”) shal exercise supervision and regulation over the overseas
ofering and listing activities by domestic companies acording to law. The CSRC and competent authorities under
the State Council shal, to the extent of their respective mandate and acording to law, exercise supervision and
regulation over domestic companies that ofer and list securities in overseas markets, and securities companies and
securities service providers that provide domestic services to such activities.
The CSRC shal set up a supervisory and regulatory cordination mechanism with competent authorities under
the State Council, with a view to strengthening policy cohesivenes, regulatory cordination and cros-agency
information sharing.
Article 5 The CSRC and competent authorities under the State Council wil, under the principle of reciprocity,
step up supervisory and regulatory coperation with overseas securities regulatory agencies and competent
authorities to implement cros-border supervision and regulation.
Chapter I Overseas Ofering and Listing
Article 6 A domestic company that seks to ofer and list securities in overseas markets shal abide by
aplicable laws, including the Company Law of the People’s Republic of China and the Acounting Law of the
People’s Republic of China, administrative regulations and relevant state rules, and formulate articles of asociation,
improve internal control system, enhance corporate governance, and promote compliance in corporate finance and
acounting practices.
Article 7 A domestic company that seks to ofer and list securities in overseas markets shal abide by
national secrecy laws and relevant provisions and take necesary measures to fulfil confidentiality obligations.
Divulgence of state secrets or working secrets of government agencies is strictly prohibited.
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Provision of personal information, important data and etc. to overseas parties in relation to overseas ofering and
listing of domestic companies shal be in compliance with aplicable laws, administrative regulations and relevant
state rules.
Article 8 No overseas ofering and listing shal be made under any of the folowing circumstances:
- , administrative
regulations and relevant state rules;
(2) where the intended securities ofering and listing may endanger national security as reviewed and
determined by competent authorities under the State Council in acordance with law;
- , or its controling
shareholders and the actual controler, have comited crimes such as coruption, bribery, embezlement,
misapropriation of property or undermining the order of the socialist market economy during the latest thre years;
(4) where the domestic company intending to make the securities ofering and listing is suspected of
comiting crimes or major violations of laws and regulations, and is under investigation acording to law, and no
conclusion has yet ben made thereof;
- ‘s controling
shareholder or by other shareholders that are controled by the controling shareholder and/or actual controler.
Article 9 Overseas ofering and listing by domestic companies shal be made in strict compliance with
relevant laws, administrative regulations and rules concerning national security in spheres of foreign investment,
cybersecurity, data security and etc., and duly fulfil their obligations to protect national security. If the intended
overseas ofering and listing necesitates a national security review, relevant security review procedures shal be
completed acording to law before the aplication for such ofering and listing is submited to any overseas parties
such as securities regulatory agencies and trading venues.
A domestic company that seks to ofer and list securities in overseas markets shal, as per requirement by
competent authorities under the State Council, take such measures as timely rectification, comitment and
divestiture of relevant busines and asets, to eliminate or avert any impact on national security resulting from such
overseas ofering and listing.
Article 10 Target investors of overseas ofering and listing by domestic companies shal be overseas investors,
unles prescribed in the folowing paragraph or otherwise stipulated by the state.
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A domestic company that seks to ofer and list securities in overseas markets for the purpose of implementing
equity incentive plans or financing aset acquisitions may ofer securities to eligible domestic investors that met
the standards prescribed by the CSRC.
A domestic state-owned company that seks to ofer securities to eligible domestic investors as prescribed in
the preceding paragraphs shal also comply with relevant regulations of state-owned asets administration.
Article 11 A company that ofers and lists securities on overseas markets may raise funds and pay dividends
in a foreign curency or the Chinese Yuan (RMB).
Proceds from the company’s overseas securities ofering shal be used and invested for purposes in compliance
with laws, administrative regulations and relevant state rules.
Curency conversion and cros-border remitance of funds in relation to overseas ofering and listing by
domestic companies shal comply with state regulations concerning cros-border investment and financing, foreign
exchange administration, and cros-border RMB administration.
Article 12 Securities companies, securities service providers and practitioners engaged in overseas ofering
and listing by domestic companies shal abide by laws, administrative regulations and relevant state rules, observe
industry-acepted profesional standards and ethical norms, and rigorously fulfil statutory duties to ensure the
truthfulnes, acuracy and completenes of the documents that they produce and isue. Securities companies,
securities service providers and practitioners engaged in overseas ofering and listing by domestic companies shal
not, in the document they produce and isue, make any coments in a maner that misrepresents or disparages
laws and policies, busines environment and judicial situation, etc. of the state.
Chapter I Filing Requirements
Article 13 A domestic company that seks to ofer and list securities in overseas markets shal fulfil the filing
procedure with the CSRC as per requirement of this Measures, submit relevant materials that contain a filing report
and a legal opinion, and provide truthful, acurate and complete information on the shareholders and etc.
Article 14 Where a domestic company seks to directly ofer and list securities in overseas markets, the isuer
shal file with the CSRC.
Where a domestic company seks to indirectly ofer and list securities in overseas markets, the isuer shal
designate a major domestic operating entity, which shal, as the domestic responsible entity, file with the CSRC.
Article 15 Any overseas ofering and listing made by an isuer that mets both the folowing conditions wil
be determined as indirect:
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- % or more of the isuer’s operating revenue, total profit, total asets or net asets as documented in its
audited consolidated financial statements for the most recent acounting year is acounted for by domestic
companies; and
- ‘s busines activities are conducted in the Chinese Mainland, or its main places
of busines are located in the Chinese Mainland, or the senior managers in charge of its busines operation and
management are mostly Chinese citizens or domiciled in the Chinese Mainland.
The determination as to whether or not an overseas ofering and listing by domestic companies is indirect, shal be
made on a substance over form basis.
Article 16 Initial public oferings or listings in overseas markets shal be filed with the CSRC within 3
working days after the relevant aplication is submited overseas.
Subsequent securities oferings of an isuer in the same overseas market where it has previously ofered and listed
securities shal be filed with the CSRC within 3 working days after the ofering is completed.
Subsequent securities oferings and listings of an isuer in other overseas markets than where it has ofered
and listed shal be filed pursuant to provisions in the first paragraph of this Article.
Article 17 A domestic company that seks to directly or indirectly list its domestic asets in overseas markets
through single or multiple acquisitions, share swaps, transfers of shares or other means, shal fulfil the filing
procedure as prescribed in the first paragraph of Article 16 herein. Where overseas aplication documents are not
required, the filing shal be made within 3 working days after the first public disclosure of the specifics of the
transaction is made by the listed company.
Article 18 For a domestic company directly ofering and listing overseas, shareholders of its domestic
unlisted shares aplying to convert such shares into shares listed and traded on an overseas trading venue shal
conform to relevant regulations promulgated by the CSRC, and authorize the domestic company to file with the
CSRC on their behalf.
The term “domestic unlisted shares” in the preceding paragraph refers to shares ofered by a domestic company but
not listed or quoted for trading on any domestic trading venues. Domestic unlisted shares shal be centraly
registered and deposited at a domestic securities depository and setlement agency. The registration and setlement
of overseas listed shares is subject to aplicable rules in overseas markets.
Article 19 Where the filing documents are complete and in compliance with stipulated requirements, the
CSRC wil, within 20 working days after receiving the filing documents, conclude the filing procedure and publish
the filing results on the CSRC website.
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Where the filing documents are incomplete or do not conform to stipulated requirements, the CSRC shal request
suplementation and amendment thereto within 5 working days after receiving the filing documents. The isuer
should then complete suplementation and amendment within 30 working days. During the filing proces, where
the isuer may be involved in circumstances prescribed in Article 8 herein, the CSRC may consult with competent
authorities under the State Council. Time taken for filing document suplementation and the CSRC consultation
shal not be counted in the time limit for filing.
The CSRC may formulate filing guidelines based on this Measures to ilustrate specific requirements for the
format, content and atachments of filing documents.
Article 20 Filing documents for overseas ofering and listing by domestic companies shal be truthful,
acurate and complete. No misrepresentation, misleading statement or major omision is alowed. The domestic
company and its controling shareholders, actual controlers, board directors, supervisors, and senior executives
shal fulfil their information disclosure obligations acording to law, practice with integrity and due diligence in
ensuring the truthfulnes, acuracy and completenes of the filing documents.
Securities companies and law firms should make thorough examination and verification of filing documents, and
ensure none of the circumstances specified below ocurs:
(1) the filing documents contain conflicting or inconsistent and materialy diferent descriptions of the same
facts;
- ;
(3) the filing documents fail to prove whether the company mets the conditions prescribed in Article 15
herein;
(4) failure to report material events timely as required.
Article 21 An overseas securities company that serves as a sponsor or lead underwriter for overseas securities
ofering and listing by domestic companies shal file with the CSRC within 10 working days after signing its first
engagement agrement for such busines, and submit to the CSRC, no later than January 31 each year, an anual
report on its busines activities in the previous year asociated with overseas securities ofering and listing by
domestic companies.
An overseas securities company that has entered into engagement agrements before the efectuation of this
Measures and is serving in practice as a sponsor or lead underwriter for overseas securities ofering and listing by
domestic companies shal file with the CSRC within 30 working days after this Measures takes efect.
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Chapter IV Supervision and Regulation
Article 22 Upon the ocurence of any of the material events specified below after an isuer has ofered and
listed securities in an overseas market, the isuer shal submit a report thereof to CSRC within 3 working days after
the ocurence and public disclosure of the event:
- ;
(2) investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent
authorities;
- ;
(4) voluntary or mandatory delisting.
Where an isuer’s main busines undergoes material changes after overseas ofering and listing, and is therefore
beyond the scope of busines stated in the filing documents, such isuer shal submit to the CSRC an ad hoc report
and a relevant legal opinion isued by a domestic law firm within 3 working days after ocurence of the changes.
Article 23 The CSRC and competent authorities under the State Council shal, to the extent of their respective
mandate and acording to law, cary out supervisory inspections or investigations of domestic companies whose
securities are ofered and listed overseas, and of the related busines undertakings caried out by securities
companies and securities service providers in the Chinese Mainland.
Article 24 For violations of this Measures by domestic companies ofering and listing overseas, and securities
companies, securities service providers and relevant practitioners providing service to such overseas ofering and
listing from the Chinese Mainland, the CSRC and competent authorities under the State Council may, for the
purpose of maintaining market integrity and to the extent of their respective mandate, impose administrative
regulatory measures including order for corection, regulatory talks and warning leters, proportionate to the
severity of the violations.
Article 25 A domestic company found in violation of Article 8 herein prior to an overseas ofering and listing
shal postpone or terminate the intended overseas ofering and listing, and report to the CSRC and competent
authorities under the State Council in a timely maner.
Article 26 Where the overseas ofering and listing by a domestic company is in violation of this Measures, or
where a foreign securities company is in violation of Article 21 herein, the CSRC may inform its regulatory
counterparts in the overseas jurisdictions via cros-border securities regulatory coperation mechanisms.
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Where an overseas securities regulatory agency intends to cary out investigation and evidence colection regarding
overseas ofering and listing activities by a domestic company, and request asistance of the CSRC under relevant
cros-border securities regulatory coperation mechanisms, the CSRC may provide necesary asistance in
acordance with law. Any domestic entity or individual providing documents and materials requested by an
overseas securities regulatory agency out of investigative or evidence colection purposes, shal not provide such
information without prior aproval from the CSRC and competent authorities under the State Council.
Chapter V Legal Liabilities
Article 27 Where a domestic company fails to fulfil filing procedure as stipulated by Article 13 herein, or
ofers and lists securities in an overseas market in violation of Articles 8 and 25 herein, the CSRC shal order
rectification, isue warnings to such domestic company, and impose a fine of betwen RMB 1,000,000 yuan and
RMB 10,000,000 yuan. Directly liable persons-in-charge and other directly liable persons shal be warned and each
imposed a fine of betwen RMB 500,000 yuan and RMB 5,000,000 yuan.
Controling shareholders and actual co trolers of the domestic company that organize or instruct the
aforementioned violations shal be imposed a fine of RMB 1,000,000 yuan and RMB 10,000,000 yuan. Directly
liable persons-in-charge and other directly liable persons shal be each imposed a fine of betwen RMB 500,000
yuan and RMB 5,000,000 yuan.
Securities companies and securities service providers that fail to duly urge compliance by the domestic
company with Articles 8, 13 and 25 herein shal be warned and imposed a fine of betwen RMB 500,000 yuan and
RMB 5,000,000 yuan. Directly liable persons-in-charge and other directly liable persons shal be warned and each
imposed a fine of betwen RMB 200,000 yuan and RMB 2,000,000 yuan.
Article 28 Where the filing documents submited by a domestic company contains misrepresentation,
misleading statement or material omision, the CSRC shal isue corection orders and warnings, and impose a fine
of betwen RMB 1,000,000 yuan and RMB 10,000,000 yuan. Directly liable persons-in-charge and other directly
liable persons shal be warned and each imposed a fine of betwen RMB 500,000 yuan and RMB 5,000,000 yuan.
Controling shareholders and actual controlers of the domestic company that organize or instruct the
aforementioned violations, or enable the aforementioned violations by concealing relevant maters, shal be
imposed a fine of RMB 1,000,000 yuan and RMB 10,000,000 yuan. Directly liable persons-in-charge and other
directly liable persons shal be each imposed a fine of betwen RMB 500,000 yuan and RMB 5,000,000 yuan.
Article 29 Where a securities company or securities service provider, failing to practice with due diligence,
either: 1) makes misrepresentation, misleading statement or material omision in documents produced and isued in
compliance with domestic laws, administrative regulations or relevant rules promulgated by the state, or; 2) makes
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misrepresentation, misleading statement or material omision in documents produced and isued in compliance
with rules of the overseas listing market, and thereby disrupts domestic market order and undermines lawful rights
and interests of domestic investors, the CSRC and competent authorities under the State Council shal isue
corection orders and warnings, and impose a fine of betwen one and ten times of the revenue if any, or of
betwen RMB 500,000 yuan and RMB 5,000,000 yuan in the absence of a revenue therefrom or if the revenue was
les than RMB 500,000 yuan. Directly liable persons-in-charge and other directly liable persons shal be warned
and each imposed a fine of betwen RMB 200,000 yuan and RMB 2,000,000 yuan.
Article 30 Violations of other articles of this Measures that are penalizable under other laws or administrative
regulations shal be penalized acordingly.
Article 31 For cases of severe violations of this Measures or other laws and administrative regulations, the
CSRC may impose a ban on entering into the securities market upon the relevant responsible persons. Any such
violation that constitutes a crime shal be investigated for criminal liability acording to law.
Article 32 The CSRC shal, in acordance with law, incorporate the compliance status of relevant market
participants with this Measures into the Securities Market Integrity Archives and upload the record to the National
Credit Information Sharing Platform, with a view to strengthening cros-agency information sharing through
concerted eforts with competent authorities, and enforcing punishment and deterence in acordance with laws and
regulations.
Chapter VI Suplementary Provisions
Article 33 Overseas ofering and listing by subordinate companies majority-owned by or under the actual
control of a domesticaly listed company, and overseas isuance by domesticaly listed companies of securities such
as depository receipts that are based on and convertible into domestic securities shal also comply with other
aplicable rules and regulations promulgated by the CSRC, and be filed in acordance with this Measures.
Article 34 For the purpose of this Measures, domestic companies herein refers to companies incorporated
within the Chinese Mainland, including domestic joint-stock companies whose securities are directly ofered and
listed overseas and the domestic operating entities of companies whose securities are indirectly ofered and listed
overseas.
For the purpose of this Measures, securities companies and securities service providers herein refers to securities
companies and securities service providers, both domestic and overseas, that undertake busines in relation to
overseas ofering and listing by domestic companies.
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Article 35 This Measures shal come into efect on 31 March 2023. The Notice on Implementing “Esential
Clauses of Articles of Asociation for Companies Seking to List Overseas” shal be simultaneously invalidated.