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 by the Decision to Amend the Company Law of the

People’s Republic of China adopted at the 13th Sesion of the Standing Comite of the Ninth National

People’s Congres on December 25, 1999; amended for the second time by the Decision to Amend the

Company Law of the People’s Republic of China adopted 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 18th Sesion of

the Standing Comite of the Tenth National People’s Congres on October 27, 2005; amended for the

third time by the Decision to Amend Seven Laws Including the Marine Environment Protection Law of

the People’s Republic of China adopted at the 6th Sesion of the Standing Comite of the Twelfth

National People’s Congres on December 28, 2013; amended for the fourth time by the Decision to

Amend the Company Law of the People’s Republic of China adopted at the 6th Sesion of the Standing

Comite of the Thirtenth 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)

Contents

Chapter I General Provisions

Chapter I Company Registration

Chapter I Formation and Organizational Structure of a Limited Liability Company

Section 1 Formation

Section 2 Organizational Structure

Chapter IV Transfer of Equity in a Limited Liability Company

Chapter V Formation and Organizational Structure of a Corporation

Section 1 Formation

Section 2 Shareholders’ Meting

Section 3 Board of Directors and President

Section 4 Board of Supervisors

Section 5 Special Provisions on Organizational Structure of a Listed Company

Chapter VI Ofering and Transfer of Shares of a Corporation

Section 1 Ofering of Shares

Section 2 Transfer of Shares

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Chapter VI Special Provisions on Organizational Structure of State-Funded Companies

Chapter VI Qualifications and Duties of Directors, Supervisors, and Senior Executives of a Company

Chapter IX Corporate Bonds

Chapter X Financial Afairs and Acounting of a Company

Chapter XI Combination, Division, and Capital Increase or Reduction of a Company

Chapter XI Disolution and Liquidation of a Company

Chapter XI Branches of Foreign Companies

Chapter XIV Legal Liability

Chapter XV Suplemental Provisions

Chapter I General Provisions

Article 1 This Law is enacted in acordance with the Constitution for the purposes of regulating the

organization and conduct of companies, protecting the lawful rights and interests of companies,

shareholders, employes, and creditors, improving the modern enterprise system with Chinese

characteristics, upholding the entrepreneurial spirit, maintaining the socialist economic order, and

promoting the development of the socialist market economy.

Article 2 For the purposes of this Law, “company” means a limited liability company or a corporation

formed in the teritory of the People’s Republic of China in acordance with this Law.

Article 3 A company is an enterprise as a legal person, has independent property as a legal person, and

has property rights as a legal person. A company is liable for its debts with al its property.

The lawful rights and interests of a company are protected by the law, and may not be infringed upon.

Article 4 The shareholders of a limited liability company are liable to the company to the extent of their

respective subscribed capital contributions. The shareholders of a corporation are liable to the

corporation to the extent of their respective subscribed shares.

The shareholders of a company are entitled to return on asets, participation in important decision-

making, and selection of the managers, among others, of the company in acordance with the law.

Article 5 In the formation of a company, the company bylaws (“company bylaws”) shal be developed in

acordance with the law. The company bylaws are binding on the company and its shareholders,

directors, supervisors, and senior executives.

Article 6 A company shal have its own name. The name of a company shal conform to the relevant

provisions isued by the state.

The right to name of a company is protected by the law.

Article 7 A limited liability company formed in acordance with this Law shal include the words

“Limited Liability Company” or “Limited Company” in its name.

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A corporation formed in acordance with this Law shal include the word “Corporation” or “Corp.” in its

name.

Article 8 The domicile of a company is the place of its principal ofice.

Article 9 The busines scope of a company is prescribed in the company bylaws. A company may

modify its busines scope by amending its bylaws.

Where any item in the busines scope of a company is subject to aproval in acordance with a law or

administrative regulation, it shal be legaly aproved.

Article 10 A director or the president of a company who represents the company in executing the afairs

of the company serves as the legal representative of the company in acordance with the company

bylaws.

Where the director or president serving as the legal representative resigns, the director or president is

demed to have concurently resigned from the ofice of the legal representative.

Where the legal representative resigns, the company shal determine a new legal representative within 30

days of resignation of the legal representative.

Article 11 The legal consequences of civil activities performed by the legal representative of a company

in the name of the company shal be asumed by the company.

Any restriction on the power of the legal representative imposed by the company bylaws or the

shareholders’ meting may not be set up against a bona fide oposite party.

Where the legal representative causes any harm to any other person for execution of his or her functions,

the company shal asume civil liability for such harm. The company may, after asuming civil liability,

recover los from the legal representative at fault in acordance with laws or its bylaws.

Article 12 Where a limited liability company is modified into a corporation, it shal met the conditions

set out in this Law for a corporation. Where a corporation is modified into a limited liability company, it

shal met the conditions set out in this Law for a limited liability company.

Where a limited liability company is modified into a corporation or a corporation is modified into a

limited liability company, the company after the modification shal suced to the claims and debts of

the company before the modification.

Article 13 A company may form subsidiaries. A subsidiary has the status of a legal person, and asumes

civil liabilities independently in acordance with the law.

A company may form branches, which do not have the status of a legal person, and their civil liabilities

shal be asumed by the company.

Article 14 A company may invest in other enterprises.

Where a law provides that a company may not become a capital contributor that is jointly and severaly

liable for the debts of the investe, such provision of the law aplies.

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Article 15 A resolution of the board of directors or the shareholders’ meting of a company shal be

adopted in acordance with the company bylaws regarding any investment to be made by the company

in any other enterprise or any security to be provided by the company for others. If the company bylaws

prescribe a limit on the total amount of investment or security or on the amount of a single investment or

security provided each time, the prescribed limit may not be exceded.

A resolution of the shareholders’ meting shal be adopted regarding any security to be provided by the

company for a shareholder or the actual controler of the company.

The shareholder as mentioned in the preceding paragraph or a shareholder dominated by the actual

controler as mentioned in the preceding paragraph may not participate in voting on the mater as

mentioned in the preceding paragraph. The resolution regarding the mater shal be adopted by more

than half of the voting rights of the other shareholders present at the meting.

Article 16 A company shal protect the lawful rights and interests of its employes, enter into labor

contracts with its employes in acordance with the law, participate in social insurance, strengthen labor

protection, and ensure work safety.

A company shal, in multiple forms, strengthen the ocupational education and in-service training of its

employes, to improve the qualities of its employes.

Article 17 The employes of a company shal organize a labor union to cary out union activities and

maintain the lawful rights and interests of the employes in acordance with the Labor Union Law of the

People’s Republic of China. The company shal provide necesary conditions for its labor union to cary

out activities. The labor union shal, on behalf of employes, enter into a colective contract with the

company on the remuneration, working hours, rest and leisure, work safety and health, and insurance

benefits, among others, of employes in acordance with the law.

In acordance with the Constitution and relevant laws, a company shal establish and improve a

democratic management system in the primary form of asembly of representatives of employes, and

implement democratic management through the asembly of representatives of employes or otherwise.

In researching and deciding a systematic transformation, disolution, a petition for bankruptcy, and

major isues related to operations or developing any important rules and regulations, a company shal

hear the opinions of its labor union, and hear the opinions and recomendations of its employes

through the asembly of representatives of employes or otherwise.

Article 18 An organization of the Comunist Party of China shal be formed in a company in

acordance with the Constitution of the Comunist Party of China, to cary out activities of the Party. A

company shal provide necesary conditions for the Party organization to cary out activities.

Article 19 In operations, a company shal comply with laws and regulations, observe social morality and

busines ethics, act in god faith, and acept supervision from the government and the public.

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Article 20 In operations, a company shal fuly consider the interests of its employes, consumers, and

other stakeholders and ecological and environmental protection and other public interests, and asume

social responsibility.

The state encourages a company to participate in public interest activities and disclose its social

responsibility report to the public.

Article 21 A shareholder of a company shal comply with laws, administrative regulations, and the

company bylaws, and exercise shareholder’s rights in acordance with the law, and may not abuse

shareholder’s rights to harm the interests of the company or other shareholders.

A shareholder of a company is liable in damages if any abuse of shareholder’s rights by the shareholder

causes any los to the company or other shareholders.

Article 22 The controling shareholder, actual controler, directors, supervisors, and senior executives of

a company may not take advantage of afiliation to harm the interests of the company.

Those violating the provision of the preceding paragraph and causing any los to the company are liable

in damages.

Article 23 Where a shareholder of a company evades debts by abusing the status of the company as an

independent legal person or a shareholder’s limited liability, seriously damaging the interests of the

creditors to the company, the shareholder is jointly and severaly liable for the debts of the company.

Where a shareholder uses two or more companies under its control to comit the conduct in the

preceding paragraph, each company is jointly and severaly liable for the debts of any of the other

companies.

Where the shareholder of a company that has a single shareholder is unable to prove that the property of

the company is independent from the shareholder’s own property, the shareholder is jointly and severaly

liable for the debts of the company.

Article 24 The holding of a shareholders’ meting, a meting of the board of directors, and a meting of

the board of supervisors of a company and the voting at the metings may be in the maner of electronic

comunication, except as otherwise prescribed in the company bylaws.

Article 25 Any content in violation of a law or administrative regulation of a resolution of the

shareholders’ meting or the board of directors of a company is void.

Article 26 Where the convening procedure or the voting maner for a shareholders’ meting or a meting

of the board of directors of a company is in violation of a law, an administrative regulation, or the

company bylaws or any content of a resolution is in violation of the company bylaws, a shareholder may,

within 60 days of adoption of the resolution, petition a people’s court to revoke the resolution, unles

there is only a minor defect in the convening procedure or the voting maner for the shareholders’

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meting or meting of the board of directors, which does not have any substantive efect on the

resolution.

A shareholder not participating in the shareholders’ meting for not being notified of the meting may,

within 60 days of the day when the shareholder knows or should have known the adoption of the

resolution, petition a people’s court to revoke the resolution; and if the shareholder fails to exercise the

right of revocation within one year of adoption of the resolution, the right of revocation is extinguished.

Article 27 Under any of the folowing circumstances, a resolution of the shareholders’ meting or the

board of directors of a company is not formed:

• ‘ meting or a meting of the board of

directors.

• ‘ meting or a meting of the board of

directors.

(3) The number of persons present at a meting or the number of voting rights held by them is les than

the number of persons or the number of voting rights held as prescribed in this Law or the company

bylaws.

(4) The number of persons voting for the maters to be resolved or the number of voting rights held by

them is les than the number of persons or the number of voting rights held as prescribed in this Law or

the company bylaws.

Article 28 Where a resolution of the shareholders’ meting or the board of directors of a company is

declared void, is revoked, or is confirmed as not formed by a people’s court, the company shal aply to

the company registration authority for revocation of modification registration that has ben undergone

acording to the resolution.

Where a resolution of the shareholders’ meting or the board of directors is declared void, is revoked, or

is confirmed as not formed by a people’s court, it does not afect a civil legal relationship formed

betwen the company and a bona fide oposite party acording to the resolution.

Chapter I Company Registration

Article 29 For the formation of a company, an aplication for formation registration shal be filed with

the company registration authority.

Where a law or administrative regulation provides that the formation of a company must be subject to

aproval, the aproval formalities shal be undergone in acordance with the law before company

registration.

Article 30 For the formation of a company, a writen aplication for formation registration, the company

bylaws, and other documents shal be submited, and the relevant materials submited shal be authentic,

lawful, and valid.

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Where the aplication materials are incomplete or are not in the statutory form, the company registration

authority shal notify the aplicant of the neded aditional materials at one time.

Article 31 Where an aplication for the formation of a company mets the formation conditions set out

in this Law, the company registration authority shal register the company as a limited liability company

or a corporation; otherwise, may not register it as a limited liability company or a corporation.

Article 32 The registration maters of a company include:

• ;

• ;

• ;

• ;

• ; and

(6) personal or busines names of shareholders of a limited liability company or promoters of a

corporation.

A company registration authority shal disclose to the public the registration maters of a company set

out in the preceding paragraph through the National Enterprise Credit Information Publicity System.

Article 33 A company registration authority shal isue a busines license to a legaly formed company.

The date of isuance of the busines license of a company is the date of formation of the company.

The busines license of a company shal state the busines name, domicile, registered capital, busines

scope, and personal name of the legal representative of the company.

A company registration authority may isue electronic busines licenses. An electronic busines license

has the same legal efect as a paper one.

Article 34 Where any registration mater of a company is modified, the modification shal be registered

in acordance with the law.

Where any registration mater or the modification of any registration mater of a company is not

registered, it may not be set up against a bona fide oposite party.

Article 35 A company aplying for modification registration shal submit to the company registration

authority a writen aplication for modification registration signed by the legal representative of the

company, a resolution adopted or a decision made regarding the modification in acordance with the law,

and other documents.

Where the modification of any registration mater of a company involves the amendment of the

company bylaws, the company bylaws as amended shal be submited.

Where a company modifies its legal representative, the aplication for modification registration shal be

signed by the replacement legal representative.

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Article 36 Where any mater recorded in the busines license of a company is modified, the company

registration authority shal reisue a busines license to the company after the company undergoes the

modification registration.

Article 37 Where a company neds to be terminated for disolution, being declared bankrupt, or any

other statutory cause, the company shal aply to the company registration authority for cancelation of

registration in acordance with the law, and the company registration authority shal anounce the

termination of the company.

Article 38 A company that forms a branch shal aply for registration of the branch to the company

registration authority, and colect a busines license of the branch.

Article 39 Where any company formation registration is obtained by falsely reporting registered capital,

submiting any false material, or otherwise fraudulently concealing any material fact, the company

registration authority shal revoke the company formation registration in acordance with laws and

administrative regulations.

Article 40 A company shal, in acordance with the aplicable provisions, disclose to the public the

folowing maters through the National Enterprise Credit Information Publicity System:

• ,

the form of capital contribution, and the date of capital contribution in the case of a limited liability

company or the number of subscribed shares of each promoter in the case of a corporation.

(2) Information on modifications of equity or shares of shareholders in the case of a limited liability

company or promoters in the case of a corporation.

• , modification, and cancelation, among others, of administrative

license.

(4) Other information set out in laws and administrative regulations.

The company shal ensure that the information published under the preceding paragraph is authentic,

acurate, and complete.

Article 41 A company registration authority shal optimize the proces of company registration, improve

the eficiency of company registration, strengthen the development of informatization, promote and

aply online procesing and other convenient and expeditious maners, and raise the level of facilitation

of company registration.

The market regulation department of the State Council develops the specific measures for company

registration in acordance with this Law and the relevant laws and administrative regulations.

Chapter I Formation and Organizational Structure of a Limited Liability Company

Section 1 Formation

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Article 42 A limited liability company is formed by not fewer than one nor more than 50 shareholders

contributing capital to the company.

Article 43 The shareholders of a limited liability company being formed may sign a formation

agrement to specify their respective rights and obligations during the formation of the company.

Article 44 The legal consequences of the civil activities conducted by a shareholder of a limited liability

company being formed for the formation of the company shal be asumed by the company.

Where the formation of a company fails, the legal consequences of the failure shal be asumed by the

shareholder or shareholders of the company being formed, and if the company being formed has two or

more shareholders, they have claims and obligations jointly and severaly.

Where any civil liability arises from the civil activities conducted by a shareholder of a company being

formed in the shareholder’s own name for the formation of the company, a third party may, at its option,

claim that the company or the shareholder of the company being formed asumes the civil liability.

Where a shareholder of a company being formed causes any harm to any other person for performing a

duty in respect of formation of the company, the company or a shareholder not at fault may, after paying

damages, recover los from the shareholder at fault.

Article 45 For the formation of a limited liability company, the shareholders of the company shal jointly

develop the company bylaws.

Article 46 The bylaws of a limited liability company shal state the folowing maters:

(1) The name and domicile of the company.

(2) The busines scope of the company.

(3) The registered capital of the company.

(4) The personal or busines name of each shareholder.

• , form, and date of capital contribution of each shareholder.

• , functions, and rules of

procedure.

(7) The methods of selection and modification of the legal representative of the company.

• ‘ meting considers neded.

The company bylaws shal be signed or sealed by each shareholder.

Article 47 The registered capital of a limited liability company is the amount of subscribed capital

contributions of al the shareholders of the company registered with the company registration authority.

The amount of subscribed capital contributions of al the shareholders shal be fuly paid in acordance

with the company bylaws within five years of formation of the company.

Where a law, an administrative regulation, or a decision of the State Council provides otherwise for the

paid-in registered capital, the minimum amount of registered capital, and the time limits for shareholders

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to contribute capital of a limited liability company, such provision of the law, administrative regulation,

or decision aplies.

Article 48 The shareholders may contribute capital with curency or with non-curency property that

may be apraised in curency and legaly transfered such as contributions in kind or with intelectual

property rights, land use rights, equity, and claims at the apraised value, excluding property that may

not serve as capital contributions as prescribed in a law or administrative regulation.

Non-curency capital contributions shal be apraised and verified, and may not be overvalued or

undervalued. If a law or administrative regulation provides for the apraisal, such provision of the law or

administrative regulation aplies.

Article 49 The shareholders shal fuly pay their respective amounts of subscribed capital contributions

as scheduled as stated in the company bylaws.

A shareholder contributing capital with curency shal deposit the contributed curency in an acount

opened with a bank by the limited liability company, and a shareholder making a non-curency capital

contribution shal undergo the procedure for conveyance of property rights of the shareholder in

acordance with the law.

Where a shareholder fails to fuly contribute capital as scheduled, the shareholder shal fuly contribute

capital to the company, and is liable in damages for any los thus caused to the company.

Article 50 Where, in the formation of a limited liability company, a shareholder fails to actualy

contribute capital in acordance with the company bylaws, or the actual value of the actual non-curency

capital contribution of a shareholder is substantialy lower than the amount of the subscribed capital

contribution, the other shareholders of the company being formed are jointly and severaly liable with

the shareholder to the extent of the deficit of the capital contribution.

Article 51 After the formation of a limited liability company, the board of directors shal check the

capital contributions of the shareholders, and if it discovers that a shareholder fails to fuly contribute as

scheduled the capital prescribed in the company bylaws, the company shal isue a demand for payment

to the shareholder in writing, demanding payment of capital contribution.

Where the failure to perform in a timely maner the obligation in the preceding paragraph causes any

los to the company, the liable directors shal pay damages.

Article 52 Where a shareholder fails to contribute capital acording to the date of capital contribution

prescribed in the company bylaws, and the company isues a demand for payment in writing under

paragraph 1 of the preceding article to demand payment of capital contribution, the company may set a

grace period for payment of capital contribution, which may not be les than 60 days from the date of

isuance of the demand for payment in writing. If a shareholder stil fails to perform its obligation of

capital contribution upon expiry of the grace period, the company may, by a resolution of the board of

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directors, isue a notice of forfeiture to the shareholder in writing. From the date of isuance of the

notice of forfeiture, the shareholder forfeits the equity for which the shareholder has not paid capital

contribution.

The equity forfeited under the preceding paragraph shal be transfered in acordance with the law, or

the registered capital shal be reduced acordingly with the equity canceled; and if the equity is not

transfered or canceled within six months, the other shareholders of the company shal fuly contribute

the capital coresponding to the equity in proportion to their capital contributions.

Where the shareholder raises any objection to the forfeiture, the shareholder shal, within 30 days of

receipt of the notice of forfeiture, institute an action in a people’s court.

Article 53 After the formation of a company, a shareholder may not ilegaly take out any capital

contributed by the shareholder.

A shareholder violating the provision of the preceding paragraph shal return the capital contribution

ilegaly taken out, and if any los is thus caused to the company, a liable director, supervisor, or senior

executive is jointly and severaly liable in damages with the shareholder.

Article 54 Where a company is unable to repay its debts becoming due, the company or a creditor of a

debt becoming due may require the shareholders who have subscribed capital contributions to pay

capital contributions before expiry of the time limit for capital contribution.

Article 55 After the formation of a limited liability company, the company shal isue a capital

contribution certificate to each shareholder, recording the folowing maters:

(1) The name of the company.

(2) The date of formation of the company.

(3) The registered capital of the company.

• , amounts of subscribed and paid-in capital contribution, and form and

date of capital contribution of the shareholder.

(5) The serial number and date of isuance of the capital contribution certificate.

The capital contribution certificate shal be signed by the legal representative of the company and sealed

by the company.

Article 56 A limited liability company shal maintain a shareholder register to record the folowing

maters:

(1) The personal or busines name and domicile of each shareholder.

(2) The amounts of subscribed and paid-in capital contribution and the form and date of capital

contribution of each shareholder.

(3) The serial numbers of capital contribution certificates.

(4) The date of obtaining or losing a shareholder status.

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The shareholders recorded in the shareholder register may, based on the shareholder register, claim

exercise of shareholder’s rights.

Article 57 A shareholder may consult and copy the company bylaws, the shareholder register, the

minutes of shareholders’ metings, the resolutions adopted at the metings of the board of directors, the

resolutions adopted at the metings of the board of supervisors, and the financial acounting reports.

A shareholder may request consultation of the acount boks and acounting vouchers of the company.

A shareholder requesting consultation of the acount boks and acounting vouchers of the company

shal submit a writen request, stating the purpose of consultation. If the company has a reasonable basis

to believe that the shareholder requests consultation of the acount boks and acounting vouchers for

any improper purpose that may harm the lawful interests of the company, the company may decline

provision of consultation, but shal, within 15 days of submision of the writen request by the

shareholder, provide a writen reply to the shareholder with an explanation of the reason. If the company

declines provision of consultation, the shareholder may institute an action in a people’s court.

A shareholder may authorize an acounting firm, a law firm, and other intermediaries to consult the

materials set out in the preceding paragraph.

A shareholder or an acounting firm, a law firm, or any other intermediary authorized by a shareholder

shal comply with the provisions of laws and administrative regulations on the protection of state secrets,

trade secrets, individual privacy, and personal information, among others, in consulting and copying the

relevant materials.

Where a shareholder requests consultation or copying of the relevant materials of a wholy-owned

subsidiary of the company, the provisions of the preceding four paragraphs aply.

Section 2 Organizational Structure

Article 58 The shareholders’ meting of a limited liability company is composed of al the shareholders.

The shareholders’ meting is the power body of the company, and exercises powers in acordance with

this Law.

Article 59 The shareholders’ meting exercises the folowing powers:

(1) Electing and replacing directors and supervisors and deciding maters related to the remuneration of

directors and supervisors.

(2) Deliberating and aproving the reports of the board of directors.

(3) Deliberating and aproving the reports of the board of supervisor.

(4) Deliberating and aproving the profit distribution plan and los coverage plan of the company.

(5) Adopting a resolution regarding the increase or reduction of the registered capital of the company.

(6) Adopting a resolution regarding an ofering of corporate bonds.

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• , division, disolution, liquidation, or modification

of form of the company.

(8) Amending the company bylaws.

(9) Other powers set out in the company bylaws.

The shareholders’ meting may authorize the board of directors to adopt a resolution regarding an

ofering of corporate bonds.

Where the shareholders unanimously consent to any of the maters set out in paragraph 1 of this article

in writing, they may, without convening a shareholders’ meting, directly make a decision, but the

decision shal be signed or sealed by al the shareholders.

Article 60 A limited liability company that has a single shareholder does not have the shareholders’

meting. The shareholder shal make a decision on any of the maters set out in paragraph 1 of the

preceding article in writing, and the decision shal be signed or sealed by the shareholder and placed at

the company.

Article 61 The initial shareholders’ meting shal be convened and presided over by the shareholder

contributing the most capital, and exercise its powers in acordance with this Law.

Article 62 The shareholders’ metings are divided into regular metings and special metings.

Regular metings shal be held in acordance with the provisions of the bylaws of the company. Where a

special meting is proposed by a shareholder or shareholders representing one-tenth or more of the

voting rights, one-third or more of the directors, or the board of supervisors, a special meting shal be

held.

Article 63 A shareholders’ meting shal be convened by the board of directors and presided over by the

chairperson of the board of directors. If the chairperson of the board of directors is unable or fails to

perform his or her functions, the meting shal be presided over by the vice chairperson of the board of

directors. If the vice chairpersons of the board of directors are unable or fail to perform their functions,

the meting shal be presided over by a director jointly recomended by more than half of the directors.

If the board of directors is unable or fails to perform the duty of convening a shareholders’ meting, the

board of supervisors shal convene and preside over the meting. If the board of supervisors fails to

convene and preside over the meting, the shareholder or shareholders representing one-tenth or more of

the voting rights may convene and preside over the meting on its or their own initiative.

Article 64 Al the shareholders shal be notified, 15 days before a shareholders’ meting is held, of the

shareholders’ meting, except as otherwise prescribed in the company bylaws or otherwise agred by al

the shareholders.

The shareholders’ meting shal prepare meting minutes for its decisions on the maters deliberated, and

the meting minutes shal be signed or sealed by the shareholders present at the meting.

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Article 65 The shareholders shal exercise their voting rights at a shareholders’ meting in proportion to

their capital contributions, except as otherwise prescribed in the company bylaws.

Article 66 The maner of deliberation and voting procedures of the shareholders’ meting shal be

prescribed in the bylaws of the company, except as otherwise provided for by this law.

A resolution of the shareholders’ meting shal be adopted with an afirmative vote from a shareholder or

afirmative votes from shareholders representing more than half of the voting rights.

A resolution of the shareholders’ meting regarding amending the company bylaws or increasing or

reducing the registered capital or regarding the combination, division, disolution, or modification of

form of the company shal be adopted with an afirmative vote from a shareholder or afirmative votes

from shareholders representing two-thirds or more of the voting rights.

Article 67 A limited liability company has a board of directors, except as otherwise provided for by

Article 75 of this Law.

The board of directors exercises the folowing powers:

• ‘ meting and reporting work to the shareholders’ meting.

• ‘ meting.

(3) Deciding the busines plans and investment plans of the company.

(4) Formulating the profit distribution plan and los coverage plan of the company.

(5) Formulating the plans on the increase or reduction of the registered capital and an ofering of

corporate bonds of the company.

• , division, disolution, or modification of form of the

company.

(7) Deciding the internal management structure of the company.

(8) Deciding the hiring or dismisal of the president of the company and remuneration of the president

and deciding the hiring or dismisal of the vice presidents and chief financial oficer as nominated by the

president and the remuneration of them.

(9) Developing the basic management system of the company.

• ‘ meting.

Any restriction on the powers of the board of directors imposed by the company bylaws may not be set

up against a bona fide oposite party.

Article 68 The board of directors of a limited liability company consists of thre or more members, who

may include a representative of employes of the company. The board of directors of a limited liability

company that has 300 or more employes shal include a member who is a representative of employes

of the company, unles the company has a board of supervisors in acordance with the law that includes

a representative of employes of the company. A representative of employes on the board of directors

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is democraticaly elected by the employes of the company through the asembly of representatives of

employes or asembly of employes or otherwise.

The board of directors has one chairperson, and may have vice chairpersons. The methods of selection of

the chairperson and vice chairpersons shal be prescribed in the company bylaws.

Article 69 A limited liability company may, in acordance with the company bylaws, have an audit

comite composed of directors under the board of directors to exercise the powers of the board of

supervisors set out in this Law, dispensing with a board of supervisors or supervisors. An employe

representative on the board of directors of the company may become a member of the audit comite.

Article 70 The term of ofice of a director shal be prescribed in the company bylaws, but each term may

not exced thre years. The term of ofice of a director may be renewed after expiry upon re-election of

the director.

Where election is not conducted in a timely maner after expiry of the term of ofice of a director or the

number of members of the board of directors is les than the quorum due to the resignation of a director

during the term of ofice of the director, the original director shal, before the newly elected director

asumes the position, continue performing the functions of a director in acordance with laws,

administrative regulations, and the company bylaws.

Where a director resigns, the director shal notify the company in writing, and the resignation takes

efect on the day when the company receives the notice, but under the circumstances set out in the

preceding paragraph, the director shal continue performing his or her functions.

Article 71 The shareholders’ meting may adopt a resolution to remove a director, and the removal takes

efect on the date of resolution.

Where a director is removed before expiry of his or her term of ofice without god cause, the director

may require the company to pay compensation.

Article 72 A meting of the board of directors shal be convened and presided over by the chairperson of

the board of directors. If the chairperson of the board of directors is unable or fails to perform his or her

functions, the meting shal be convened and presided over by a vice chairperson of the board of

directors. If the vice chairmen of the board of directors are unable or fail to perform their functions, the

meting shal be convened and presided over by a director jointly recomended by more than half of the

directors.

Article 73 The maner of deliberation and voting procedures of the board of directors shal be prescribed

in the company bylaws, except as otherwise provided for by this Law.

A meting of the board of directors may be held only when more than half of the directors are present. A

resolution of the board of directors must be adopted with afirmative votes from more than half of al the

directors.

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In voting on a resolution of the board of directors, each director shal have one vote.

The board of directors shal prepare meting minutes for its decisions on the maters deliberated, and the

meting minutes shal be signed by the directors present at the meting.

Article 74 A limited liability company may have a president, who is hired or dismised upon decision of

the board of directors.

The president is responsible to the board of directors, and exercises powers in acordance with the

company bylaws or as authorized by the board of directors. The president observes a meting of the

board of directors.

Article 75 A limited liability company that is relatively smal or has relatively fewer shareholders may

dispense with a board of directors, but the company shal have one director who exercises the powers of

a board of directors set out in this Law. The director may concurently serve as the president of the

company.

Article 76 A limited liability company has a board of supervisors, except as otherwise provided for by

Articles 69 and 83 of this Law.

The board of supervisors consists of thre or more members. The members of the board of supervisors

shal include representatives of shareholders and at an apropriate percentage, representatives of

employes of the company, and the percentage of representatives of employes shal not be les than

one-third, with the specific percentage prescribed in the company bylaws. The representatives of

employes on the board of supervisors shal be democraticaly elected by the employes of the company

through the asembly of representatives of employes or asembly of employes or otherwise.

The board of supervisors has one chairperson, who is elected by more than half of al the supervisors.

The chairperson of the board of supervisors convenes and presides over a meting of the board of

supervisors, and if the chairperson of the board of supervisors is unable or fails to perform his or her

functions, a supervisor jointly recomended by more than half of the supervisors shal convene and

preside over a meting of the board of supervisors.

A director or senior executive may not concurently serve as a supervisor.

Article 77 The term of ofice of a supervisor is thre years. The term of ofice of a supervisor may be

renewed after expiry upon re-election of the supervisor.

Where election is not conducted in a timely maner after expiry of the term of ofice of a supervisor, or

the number of members of the board of supervisors is les than the quorum due to the resignation of a

supervisor during the term of ofice of the supervisor, the original supervisor shal, before the newly

elected supervisor asumes the position, continue performing the functions of a supervisor in acordance

with laws, administrative regulations, and the company bylaws.

Article 78 The board of supervisors exercises the folowing powers:

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(1) Conducting inspection on the financial afairs of the company.

(2) Supervising the execution of functions by the directors and senior executives and ofering

recomendations on the removal of directors and senior executives who violate a law, an administrative

regulation, the company bylaws, or a resolution of the shareholders’ meting.

(3) Requiring a director or senior executive whose conduct causes any harm to the interests of the

company to make corection.

• ‘ meting and convening and presiding over a

shareholders’ meting when the board of directors fails to perform the duty of convening and presiding

over a shareholders’ meting as prescribed in this Law.

• ‘ meting.

(6) Instituting actions against directors and senior executives in acordance with Article 189 of this Law.

(7) Other powers and duties set out in the company bylaws.

Article 79 A supervisor may observe a meting of the board of directors, and raise questions or ofer

recomendations regarding the maters to be resolved by the board of directors.

The board of supervisors may, if it discovers any abnormal operations of the company, conduct

investigation, and when necesary, engage an acounting firm, among others, to asist in the

investigation at the expense of the company.

Article 80 The board of supervisors may require directors and senior executives to submit reports on

their execution of functions.

Directors and senior executives shal honestly provide the relevant information and materials to the

board of supervisors, and may not obstruct the board of supervisors or the supervisors from exercising

their powers.

Article 81 The board of supervisors shal hold a meting at least once a year, and a supervisor may

propose the holding of a special meting of the board of supervisors.

The maner of deliberation and voting procedures of the board of supervisors shal be prescribed in the

company bylaws, except as otherwise provided for by this Law.

A resolution of the board of supervisors shal be adopted with afirmative votes from more than half of

al the supervisors.

In voting on a resolution of the board of supervisors, each supervisor shal have one vote.

The board of supervisors shal prepare meting minutes for its decisions on the maters deliberated, and

the meting minutes shal be signed by the supervisors present at the meting.

Article 82 The expenses necesary for the board of supervisors to exercise its powers shal be asumed

by the company.

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Article 83 A limited liability company that is relatively smal or has relatively fewer shareholders may

dispense with a board of supervisors, and have one supervisor who exercises the powers of the board of

supervisors set out in this Law, and may dispense with the supervisor as unanimously agred by al the

shareholders.

Chapter IV Transfer of Equity in a Limited Liability Company

Article 84 A shareholder of a limited liability company may transfer al or part of its equity in the

company to any other shareholder of the company.

Where a shareholder transfers its equity to a person other than a shareholder, the shareholder shal notify

the other shareholders in writing of the quantity, price, and payment method and time limit, among

others, of the equity transfer, and the other shareholders have the right first refusal under the same

conditions. If a shareholder fails to reply within 30 days of receipt of the writen notice, the shareholder

is demed to have forgone the right of first refusal. If two or more shareholders exercise the right of first

refusal, they shal determine their respective purchase ratios through consultation; and if the consultation

fails, they shal exercise the right of first refusal in proportion to their capital contributions at the time of

the transfer.

If the company bylaws provide otherwise for equity transfer, such provision of the bylaws aplies.

Article 85 Where the equity held by a shareholder is transfered in the enforcement procedure of a

people’s court in acordance with the law, the people’s court shal notify the company and al the

shareholders, and the other shareholders have the right of first refusal under the same conditions. If any

other shareholder fails to exercise the right of first refusal within 20 days of notification by the people’s

court, the shareholder shal be demed to have forgone the right of first refusal.

Article 86 A shareholder transfering its equity shal notify the company in writing, and request

modification of the shareholder register; and if modification registration is neded, request the company

to undergo modification registration with the company registration authority. If the company declines or

fails to reply within a reasonable period, the transferor or transfere may institute an action in a people’s

court in acordance with the law.

Where any equity is transfered, the transfere may claim exercise of shareholder’s rights to the company

from the time when the transfere is recorded in the shareholder register.

Article 87 After any equity is transfered in acordance with this Law, the company shal, in a timely

maner, cancel the capital contribution certificate of the original shareholder, isue a capital contribution

certificate to the new shareholder, and amend acordingly the bylaws and the shareholder register

regarding the relevant shareholder and its capital contribution. Such amendment of the company bylaws

does not require voting at a shareholders’ meting.

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Article 88 Where a shareholder transfers its equity for which the shareholder has subscribed capital

contribution before expiry of the time limit for capital contribution, the transfere shal asume the

obligation of payment of the capital contribution, but if the transfere fails to fuly contribute capital as

scheduled, the transferor shal asume suplementary liability for the capital contribution that the

transfere fails to pay as scheduled.

Where a shareholder transfers its equity for which the shareholder fails to contribute capital acording to

the date of capital contribution prescribed in the company bylaws or the actual value of the non-curency

capital contribution of the shareholder is substantialy lower than the subscribed capital contribution, the

transferor and transfere are jointly and severaly liable to the extent of the deficit of the capital

contribution, but if the transfere neither knows nor should have known the existence of the aforesaid

circumstance, the transferor is liable.

Article 89 Under any of the folowing circumstances, a shareholder that votes against a resolution of the

shareholders’ meting may request the company to purchase the shareholder’s equity at a reasonable

price:

• , although it has

earned profits during the five years consecutively, and mets the profit distribution conditions set out in

this Law.

(2) The company is combined or divided or transfers the major property of the company.

(3) When the busines duration prescribed in the company bylaws expires or any other cause of

disolution prescribed in the company bylaws ocurs, a resolution is adopted at a shareholders’ meting

regarding amending the company bylaws to continue the existence of the company.

Where the shareholder and the company fail to reach an agrement on the purchase of equity within 60

days of adoption of the resolution of the shareholders’ meting, the shareholder may institute an action in

a people’s court within 90 days of adoption of the resolution of the shareholders’ meting.

Where the controling shareholder of a company abuses shareholder’s rights, seriously harming the

interests of the company or other shareholders, the other shareholders may request the company to

purchase their equity in the company at a reasonable price.

The equity of a company purchased by the company under the circumstances in paragraphs 1 and 3 of

this article shal be transfered or canceled within six months in acordance with the law.

Article 90 After the death of a natural person shareholder, his or her lawful sucesor may suced to the

shareholder status, unles the company bylaws provide otherwise.

Chapter V Formation and Organizational Structure of a Corporation

Section 1 Formation

Article 91 A corporation may be formed by promotion or flotation.

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Formation by promotion means that a corporation is formed by the promoters subscribing al the shares

that shal be isued at the time of formation of the corporation.

Formation by flotation means that a corporation is formed by the promoters subscribing a portion of the

shares that shal be isued at the time of formation of the corporation with the remaining shares placed to

specific oferes or ofered to the public.

Article 92 For the formation of a corporation, there shal be no fewer than one but no more than 200

promoters, of which half or more shal have a domicile in the teritory of the People’s Republic of China.

Article 93 The promoters of a corporation shal undertake the preparations for the formation of the

corporation.

The promoters shal enter into a promoter agrement to define their respective rights and obligations in

the proces of formation of the corporation.

Article 94 For the formation of a corporation, the promoters shal jointly formulate the company bylaws.

Article 95 The bylaws of a corporation shal state the folowing maters:

(1) The name and domicile of the corporation.

(2) The busines scope of the corporation.

(3) The maner of formation of the corporation.

• , the number of isued shares, the number of shares isued at the time of

formation, and the value per par value share.

• , the number of shares of each particular clas of shares

and the rights and obligations caried by them.

• , the number of subscribed shares, and the form of capital contribution

of each promoter.

• , powers, and rules of procedure of the board of directors.

(8) The methods of selection and modification of the legal representative of the corporation.

• , powers, and rules of procedure of the board of supervisors.

(10) The methods of profit distribution of the corporation.

(11) The causes of disolution and methods of liquidation of the corporation.

(12) The methods of notices and anouncements of the corporation.

• ‘ meting considers neded.

Article 96 The registered capital of a corporation is the total isued share capital registered with the

company registration authority. Before the promoters have fuly paid for their subscribed shares, the

corporation may not ofer shares to others.

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Where a law, an administrative regulation, or a decision of the State Council provides otherwise for the

minimum registered capital of a corporation, such provision of the law, administrative regulation, or

decision aplies.

Article 97 Where a corporation is formed by promotion, the promoters shal fuly subscribe the shares

that shal be isued at the time of formation of the corporation as prescribed in the company bylaws.

Where a corporation is formed by flotation, the shares subscribed by the promoters may not be les than

35 % of the total number of shares that shal be isued at the time of formation of the corporation as

prescribed in the company bylaws, except as otherwise provided for by a law or administrative

regulation.

Article 98 The promoters shal, before the formation of a corporation, fuly pay for the shares subscribed

by them.

The provisions of Article 48 and paragraph 2 of Article 49 of this Law on the capital contributions of

shareholders of a limited liability company aply to the capital contributions of promoters.

Article 99 Where a promoter fails to pay for the shares subscribed by the promoter, or the actual value of

the non-curency capital contribution of a promoter is substantialy lower than the amount of shares

subscribed by the promoter, the other promoters are jointly and severaly liable with the promoter to the

extent of the deficit of the capital contribution.

Article 100 Where any shares are ofered to the public, the promoters shal publish a prospectus, and

prepare share subscription forms. The share subscription form shal contain the maters set out in

paragraphs 2 and 3 of Article 154, and a subscriber shal enter the number and amount of subscribed

shares and domicile of the subscriber into the form, which shal be signed or sealed by the subscriber. A

subscriber shal fuly pay for the shares subscribed by the subscriber.

Article 101 After the shares ofered to the public are fuly paid for, the capital shal be verified by a

legaly formed capital verification institution, which shal isue a certificate.

Article 102 A corporation shal prepare a shareholder register, and place the shareholder register at the

corporation. The shareholder register shal record the folowing maters:

(1) The personal or busines name of each shareholder.

(2) The clas and number of shares subscribed by each shareholder.

• , the serial numbers of stock certificates.

(4) The date of acquisition of shares by each shareholder.

Article 103 The promoters of a corporation formed by flotation shal hold a formation meting of the

corporation within 30 days of ful payment for the shares that shal be isued at the time of formation of

the corporation. The promoters shal notify each subscriber of or anounce the date of the formation

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meting 15 days before it is held. The formation meting may be held only if subscribers holding more

than half of the voting rights are present.

The holding and voting procedures of the formation meting of a corporation formed by promotion shal

be prescribed in the company bylaws or the promoter agrement.

Article 104 The formation meting of a corporation exercises the folowing powers:

(1) Deliberating the report of the promoters on the preparations for the formation of the corporation.

(2) Adopting the bylaw of the corporation.

(3) Electing directors and supervisors.

(4) Examining the expenses incured for the formation of the corporation.

(5) Examining the apraised value of non-curency capital contribution of a promoter.

(6) Deciding not to form the corporation if a force majeure or a material change of the operational

conditions directly afects the formation of the corporation.

A resolution adopted at the formation meting regarding any of the maters in the preceding paragraph

shal be adopted by more than half of the voting rights of the subscribers present at the meting.

Article 105 Where the shares that shal be isued at the time of formation of a corporation are not fuly

subscribed, or the promoters fail to hold a formation meting within 30 days after ful payment for the

shares isued, the subscribers may require the promoters to return their payments for the shares, with

interest calculated at the interest rate for bank deposits over the same period.

After making payments for shares or delivering non-curency capital contributions, the promoters and

subscribers may not withdraw them from the share capital, unles the shares are not fuly subscribed

within the prescribed time limit, the promoters fail to hold the formation meting within the prescribed

time limit, or a resolution not to form the corporation is adopted at the formation meting.

Article 106 The board of directors shal authorize a representative to aply to the company registration

authority for formation registration within 30 days of conclusion of the formation meting of the

corporation.

Article 107 The provisions of Article 44, paragraph 3 of Article 49, and Articles 51, 52, and 53 of this

Law aply to a corporation.

Article 108 Where a limited liability company is modified into a corporation, the total paid-in share

capital upon conversion may not be higher than the net aset value of the corporation. Where a limited

liability company is modified into a corporation, and any shares are ofered to the public for increasing

the registered capital, it shal be conducted in acordance with the law.

Article 109 A corporation shal place the company bylaws, shareholder register, minutes of shareholders’

metings, minutes of the metings of the board of directors, minutes of the metings of the board of

supervisors, financial acounting reports, and bondholder register at the corporation.

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Article 110 A shareholder may consult and copy the company bylaws, shareholder register, minutes of

shareholders’ metings, minutes of the metings of the board of directors, minutes of the metings of the

board of supervisors, and financial acounting reports, and ofer recomendations or raise questions

regarding the operations of the corporation.

Where a shareholder holding alone or shareholders holding in agregate 3% or more of the shares of a

corporation for 180 or more consecutive days requests consultation of the acount boks and acounting

vouchers of the corporation, the provisions of paragraphs 2, 3, and 4 of Article 57 of this Law aply. If

the aforesaid shareholding ratio prescribed in the company bylaws is lower, the company bylaws aply.

Where a shareholder requests consultation or copying of the relevant materials of a wholy-owned

subsidiary of the corporation, the provisions of the preceding two paragraphs aply.

Where a shareholder of a listed company consults or copies the relevant materials, the provisions of the

Securities Law of the People’s Republic of China and other laws and administrative regulations shal be

complied with.

Section 2 Shareholders’ Meting

Article 111 The shareholders’ meting of a corporation is composed of al the shareholders. The

shareholders’ meting is the power body of the corporation, and exercises powers in acordance with this

Law.

Article 112 The provisions of paragraphs 1 and 2 of Article 59 of this Law on the powers of the

shareholders’ meting of a limited liability company aply to the shareholders’ meting of a corporation.

The provision of Article 60 of this Law on the nonexistence of the shareholders’ meting in a limited

liability company that has a single shareholder aplies to a corporation that has a single shareholder.

Article 113 An anual shareholders’ meting shal be held each year. Under any of the folowing

circumstances, a special shareholders’ meting shal be held within two months:

(1) The number of directors is les than two-thirds of the number prescribed in this Law or the number

prescribed in the company bylaws.

(2) The los not covered of the company reaches one-third of the total share capital.

• % or more of the shares of the

corporation request the holding of a special shareholders’ meting.

(4) The board of directors considers it necesary.

• ‘ meting.

(6) Other circumstances set out in the company bylaws.

Article 114 A shareholders’ meting shal be convened by the board of directors and presided over by the

chairperson of the board of directors. If the chairperson of the board of directors is unable or fails to

perform his or her functions, the meting shal be presided over by the vice chairperson of the board of

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directors. If the vice chairpersons of the board of directors are unable or fail to perform their functions,

the meting shal be presided over by a director jointly recomended by more than half of the directors.

Where the board of directors is unable or fails to discharge the duty of convening a shareholders’

meting, the board of supervisors shal convene and preside over the meting in a timely maner. If the

board of supervisors fails to convene and preside over the meting, a shareholder holding alone or

shareholders holding in agregate 10% or more of the shares of the corporation for 90 or more

consecutive days may convene and preside over the meting on its or their own initiative.

Where a shareholder holding alone or shareholders holding in agregate 10% or more of the shares of

the corporation requests the holding of a special shareholders’ meting, the board of directors and the

board of supervisors shal decide whether to hold a special shareholders’ meting within ten days of

receipt of the request, and provide a writen reply to the shareholder or shareholders.

Article 115 Al the shareholders shal be notified, 20 days before a shareholders’ meting is held, of the

time and place of the meting and the maters to be deliberated at the meting, but shal be notified 15

days before a special shareholders’ meting is held.

A shareholder holding alone or shareholders holding in agregate 1% or more of the shares of a

corporation may submit a writen ad hoc proposal to the board of directors ten days before a

shareholders’ meting is held, and the ad hoc proposal shal have a clear topic and specific maters to be

resolved. The board of directors shal notify the other shareholders within two days of receipt of the

proposal, and submit the ad hoc proposal to the shareholders’ meting for deliberation, except for an ad

hoc proposal that violates a law, an administrative regulation, or the company bylaws or does not fal

within the scope of powers of the shareholders’ meting. A corporation may not raise the shareholding

ratio of a shareholder or shareholders submiting an ad hoc proposal.

A corporation that ofers shares to the public shal isue the notices in the preceding two paragraphs in

the form of anouncement.

The shareholders’ meting may not adopt resolutions regarding maters not stated in the notices.

Article 116 A shareholder present at a shareholders’ meting has one voting right per share held by the

shareholder, except for shareholders of a particular clas of shares. The shares of the corporation held by

the corporation do not cary voting rights.

A resolution of the shareholders’ meting must be adopted by more than half of the voting rights of the

shareholders present at the meting.

A resolution of the shareholders’ meting to amend the bylaws or increase or reduce the registered

capital of the corporation or a resolution of the shareholders’ meting to combine, divide, disolve, or

modify the form of the corporation must be adopted by two-thirds or more of the voting rights of the

shareholders present at the meting.

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Article 117 The shareholders’ meting may adopt the cumulative voting system for the election of

directors and supervisors in acordance with the company bylaws or a resolution of the shareholders’

meting.

For the purposes of this Law, “cumulative voting system” means that in the election of directors and

supervisors at a shareholders’ meting, the number of voting rights per share is the same as the number

of directors or supervisors to be elected, and such voting rights of a shareholder may be aplied in a

concentrated maner.

Article 118 Where a shareholder has a proxy present at a shareholders’ meting, the authorized maters,

powers, and duration of the proxy shal be specified, and the proxy shal submit to the corporation a

power of atorney isued by the shareholder, and exercise voting rights within the scope of authorization.

Article 119 The shareholders’ meting shal prepare meting minutes for its decisions on the maters

deliberated, and the meting minutes shal be signed by the presider and the directors present at the

meting. The meting minutes shal be preserved along with the sign-in bok of the shareholders present

at the meting and the powers of atorney held by proxies.

Section 3 Board of Directors and President

Article 120 A corporation has a board of directors, except as otherwise provided for by Article 128 of

this Law .

The provisions of Article 67, paragraph 1 of Article 68, Article 70, and Article 71 of this Law aply to a

corporation.

Article 121 A corporation may, in acordance with the company bylaws, have an audit comite

composed of directors under the board of directors to exercise the powers of a board of supervisors set

out in this Law, dispensing with a board of supervisors or supervisors.

The audit comite consists of thre or more members, more than half of whom shal neither hold any

position other than directorship in the corporation nor have any relationship with the corporation which

may afect his or her independent and objective judgments. An employe representative on the board of

directors of the company may become a member of the audit comite.

A resolution of the audit comite shal be adopted by more than half of the members of the audit

comite.

In voting on a resolution of the audit comite, each member shal have one vote.

The maner of deliberation and voting procedures of the audit comite shal be prescribed in the

bylaws of the company, except as otherwise provided for by this law.

A corporation may have other comites under the board of directors in acordance with the company

bylaws.

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Article 122 The board of directors has one chairperson, and may have vice chairmen. The chairperson

and vice chairpersons shal be elected by more than half of al the directors.

The chairperson of the board of directors shal convene and preside over a meting of the board of

directors, and inspect the implementation of the resolutions of the board of directors. The vice chairmen

of the board of directors shal asist in the work of the chairperson. If the chairperson of the board of

directors is unable or fails to perform his or her functions, a vice chairperson of the board of directors

shal perform the functions. If the vice chairmen of the board of directors are unable or fail to perform

the functions, a director jointly recomended by more than half of the directors shal perform the

functions.

Article 123 The metings of the board of directors shal be held at least twice a year, and al the directors

and supervisors shal be notified of a meting ten days before the meting is held.

A shareholder or shareholders representing one-tenth or more of the voting rights, one-third or more of

the directors, or the board of supervisors may propose the holding of a special meting of the board of

directors. The chairperson of the board of directors shal, within ten days of receipt of the proposal,

convene and preside over the meting of the board of directors.

For a special meting held by the board of directors, the method and time limit for notification of the

convening of the board of directors may be otherwise determined.

Article 124 A meting of the board of directors may be held only when more than half of the directors

are present. A resolution of the board of directors shal be adopted with afirmative votes from more than

half of al the directors.

In voting on a resolution of the board of directors, each director shal have one vote.

The board of directors shal prepare meting minutes for its decisions on the maters deliberated, and the

meting minutes shal be signed by the directors present at the meting.

Article 125 A director shal be present at a meting of the board of directors in person. A director who is

unable to be present at a meting for any reason may authorize in writing any other director to be present

at the meting on his or her behalf, and the power of atorney shal state the scope of authorization.

The directors are responsible for the resolutions of the board of directors. Where a resolution of the

board of directors is in violation of a law, an administrative regulation, the company bylaws, or a

resolution of the shareholders’ meting, causing any serious los to the corporation, the directors

participating in the adoption of the resolution are liable in damages to the corporation, but a director may

be exempted from liability if it is proved that the director expresed his or her disent in voting and the

disent is included in the meting minutes.

Article 126 A corporation has a president, who is hired or dismised upon decision of the board of

directors.

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The president is responsible to the board of directors, and exercises powers in acordance with the

company bylaws or as authorized by the board of directors. The president observes a meting of the

board of directors.

Article 127 The board of directors of a corporation may decide that a member of the board of directors

concurently serves as the president.

Article 128 A corporation that is relatively smal or has relatively fewer shareholders may dispense with

a board of directors, and have one director who exercises the powers of a board of directors set out in

this Law. The director may concurently serve as the president of the corporation.

Article 129 A corporation shal regularly disclose to its shareholders the information on the

remuneration received by its directors, supervisors, and senior executives from the corporation.

Section 4 Board of Supervisors

Article 130 A corporation has a board of supervisors, except as otherwise provided for by paragraph 1 of

Article 121 and Article 133 of this Law.

The board of supervisors consists of thre or more members. The members of the board of supervisors

shal include representatives of shareholders and at an apropriate percentage, representatives of

employes of the corporation, and the percentage of representatives of employes shal not be les than

one-third, with the specific percentage prescribed in the company bylaws. The representatives of

employes on the board of supervisors are democraticaly elected by the employes of the corporation

through the asembly of representatives of employes or asembly of employes or otherwise.

The board of supervisors has one chairperson, and may have vice chairmen. The chairperson and vice

chairmen shal be elected by more than half of al the supervisors. The chairperson of the board of

supervisors convenes and presides over a meting of the board of supervisors; if the chairperson of the

board of supervisors is unable or fails to perform his or her functions, a vice chairperson of the board of

supervisors shal convene and preside over a meting of the board of supervisors; or if the vice

chairpersons of the board of supervisors are unable or fail to perform their powers and duties, a

supervisor jointly recomended by more than half of the supervisors shal convene and preside over a

meting of the board of supervisors.

A director or senior executive may not concurently serve as a supervisor.

The provisions of Article 77 of this Law on the term of ofice of the supervisors of a limited liability

company aply to the supervisors of a corporation.

Article 131 The provisions of Articles 78 through 80 of this Law aply to the board of supervisors of a

corporation.

The expenses necesary for the board of supervisors to exercise its powers shal be asumed by the

corporation.

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Article 132 The board of supervisors shal hold a meting at least once every six months. A supervisor

may propose the holding of a special meting of the board of supervisors.

The maner of deliberation and voting procedures of the board of supervisors shal be prescribed in the

company bylaws, except as otherwise provided for by this Law.

A resolution of the board of supervisors shal be adopted with afirmative votes from more than half of

al the supervisors.

In voting on a resolution of the board of supervisors, each supervisor shal have one vote.

The board of supervisors shal prepare meting minutes for its decisions on the maters deliberated, and

the meting minutes shal be signed by the supervisors present at the meting.

Article 133 A corporation that is relatively smal or has relatively fewer shareholders may dispense with

a board of supervisors, and have one supervisor who exercises the powers of a board of supervisors set

out in this Law.

Section 5 Special Provisions on Organizational Structure of a Listed Company

Article 134 For the purposes of this Law, “listed company” means a corporation whose stock is listed

and traded on a stock exchange.

Article 135 Where a listed company purchases or sels any significant asets or provides any security for

others in a year in an amount exceding 30% of the total asets of the company, a resolution of the

shareholders’ meting regarding it shal be adopted by two-thirds or more of the voting rights of the

shareholders present at the meting.

Article 136 A listed company has independent directors, and the specific administrative measures are

prescribed by the securities regulatory agency of the State Council.

In adition to the maters set out in Article 95 of this Law, the company bylaws of a listed company shal

state the compositions and powers of the specialized comites under the board of directors, the

remuneration asesment mechanisms for directors, supervisors, and senior executives, and other maters

in acordance with laws and administrative regulations.

Article 137 Where a listed company has an audit comite under the board of directors, before a

resolution of the board of directors regarding any of the folowing maters is adopted, the resolution shal

be adopted by more than half of al the members of the audit comite:

(1) Engaging and dismising the acounting firm that undertakes the audit of the company.

(2) Hiring and dismising the chief financial oficer.

(3) Disclosing financial and acounting reports.

(4) Other maters prescribed by the securities regulatory agency of the State Council.

Article 138 A listed company shal have a secretary for the board of directors, who is responsible for

preparations for and preservation of documents of the shareholders’ metings and metings of the board

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of directors and management of shareholder materials and handles information of disclosure and other

afairs of the company.

Article 139 Where a director of a listed company is afiliated to an enterprise or individual involved in a

mater to be resolved at a meting of the board of directors, the director shal submit a writen report to

the board of directors in a timely maner. The afiliated director may neither exercise his or her voting

right on the resolution nor exercise a voting right on behalf of any other director. The meting of the

board of directors may be held when more than half of the unafiliated directors are present at the

meting, and a resolution of the board of directors shal be adopted by more than half of the unafiliated

directors. If the number of unafiliated directors present at the meting of the board of directors is les

than thre, the mater shal be refered to the shareholders’ meting of the listed company for deliberation.

Article 140 A listed company shal disclose information on the shareholders and actual controler in

acordance with the law, and the relevant information shal be authentic, acurate, and complete.

Nomine shareholdings in listed companies in violation of laws and administrative regulations are

prohibited.

Article 141 A non-wholy owned subsidiary of a listed company may not acquire any shares of the listed

company.

Where a non-wholy owned subsidiary of a listed company holds any shares of the listed company for a

company combination, exercise of a pledge, or any other reason, the non-wholy owned subsidiary may

not exercise the voting rights caried by the shares held, and shal dispose of such shares of the listed

company in a timely maner.

Chapter VI Ofering and Transfer of Shares of a Corporation

Section 1 Ofering of Shares

Article 142 The capital of a corporation is divided into shares. Al the shares of a corporation shal be

either par value shares or no-par shares in acordance with the company bylaws. If the shares of a

corporation are par value shares, each share has the same par value.

A corporation may convert al the isued par value shares into no-par shares or vice versa in acordance

with the company bylaws.

If the shares of a corporation are no-par shares, half or more of the ofering proceds shal be included in

the registered capital.

Article 143 Shares shal be ofered under the principles of fairnes and impartiality, and each share of

the same clas shal cary the same rights.

The ofering conditions and price per share shal be the same for the shares of the same clas in an isue;

and the price per share paid by a subscriber for its subscribed shares shal be the same.

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Article 144 A corporation may isue the folowing particular clases of shares carying rights diferent

from those caried by comon shares in acordance with the company bylaws:

(1) Shares with a preferential or subordinated right to distribution of profits or residual property.

(2) Shares each carying voting rights more or les than those caried by comon shares.

• , such as transfer subject to the consent of the corporation.

(4) Other particular clases of shares prescribed by the State Council.

A corporation that ofers shares to the public may not ofer the particular clases of shares set out in

subparagraphs (2) and (3) of the preceding paragraph, except for those ofered before the public ofering.

Where a corporation ofers a particular clas of shares set out in subparagraph (2) of paragraph 1 of this

article, each share of the particular clas caries the same number of voting rights as each comon share

on the election and replacement of supervisors and members of the audit comite.

Article 145 A corporation that ofers any particular clases of shares shal state in the company bylaws

the folowing maters:

(1) The order of distribution of profits or residual property to the particular clases of shares.

(2) The number of voting rights caried by each share of a particular clas.

(3) Restrictions on the transfer of the particular clases of shares.

(4) Measures for protecting the rights and interests of minority shareholders.

• ‘ meting considers neded.

Article 146 Maters such as those set out in paragraph 3 of Article 116 of this Law of a corporation

ofering any particular clas of shares which may afect the rights of the particular clas of shareholders

of the corporation shal, in adition to being resolved by the shareholders’ meting under paragraph 3 of

Article 116, be resolved by two-thirds or more of the voting rights of the shareholders present at the

particular clas meting.

The company bylaws may provide for other maters requiring a resolution of a particular clas meting.

Article 147 The shares of a corporation are represented in the form of stock certificates. A stock

certificate is a certificate isued by a corporation to certify the shares held by a shareholder.

The stock certificates isued by a corporation shal be registered stock certificates.

Article 148 The ofering price of par value shares of stock may be the par value or exced the par value,

but may not be below the par value.

Article 149 Stock certificates are in paper form or other forms prescribed by the securities regulatory

agency of the State Council.

A stock certificate in paper form shal state the folowing major maters:

(1) The name of the corporation.

(2) The date of formation of the corporation or the time of ofering of shares.

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(3) The clas and par value of shares of stock and the number of shares represented by the stock

certificate or if no-par shares are ofered, the number of shares represented by the stock certificate.

A stock certificate in paper form shal also state the serial number of the stock certificate, and bear the

signature of the legal representative and seal of the corporation.

The stock certificates in paper form held by the promoters shal be marked with the words “stock held by

promoter.”

Article 150 A corporation shal, imediately after its formation, oficialy deliver stock certificates to its

shareholders. A corporation may not deliver stock certificates to its shareholders before its formation.

Article 151 Where a corporation ofers new shares, a resolution of the shareholders’ meting regarding

the folowing maters shal be adopted:

(1) The clas and amount of new shares.

(2) The ofering price of new shares.

(3) The begining and ending dates of the ofering of new shares.

(4) The clas and amount of new shares ofered to original shareholders.

• , the amount of ofering proceds included in the registered capital.

A corporation ofering new shares may determine a pricing scheme based on its operations and financial

condition.

Article 152 The bylaws or the shareholders’ meting of a corporation may authorize the board of

directors to decide within thre years the oferings of shares not exceding 50% of the isued shares, but

if any non-curency capital contribution is made at the apraised value, a resolution of the shareholders’

meting regarding such ofering shal be adopted.

Where an ofering of shares decided by the board of directors under the preceding paragraph causes

changes of the registered capital and the number of isued shares of the corporation, the amendment of

the company bylaws regarding such changes does not require voting at a shareholders’ meting.

Article 153 Where the bylaws or the shareholders’ meting of a corporation authorizes the board of

directors to decide an ofering of new shares, the resolution of the board of directors regarding the

ofering shal be adopted by two-thirds or more of al the directors.

Article 154 Where a corporation ofers shares to the public, the ofering shal be registered with the

securities regulatory agency of the State Council, and a prospectus shal be anounced.

The prospectus, to which the company bylaws shal be atached, shal state the folowing maters:

(1) The total number of shares ofered.

(2) The par value and ofering price of par value shares or the ofering price of no-par shares.

(3) The purposes of ofering proceds.

(4) The rights and obligations of subscribers.

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(5) The clas of shares and the rights and obligations caried by the shares.

(6) The begining and ending dates of the ofering and a statement that the subscribers may withdraw

their subscriptions if the shares ofered are not fuly subscribed after the end of the ofering.

Where a corporation ofers shares at the time of its formation, the number of shares subscribed by its

promoters shal also be stated.

Article 155 Where a corporation ofers shares to the public, the shares shal be underwriten by a legaly

formed securities company, with which an underwriting agrement shal be entered into.

Article 156 A corporation that ofers shares to the public shal enter into an agrement with a bank on

colection of payments for shares on behalf of the corporation.

The bank colecting payments for shares on behalf of the corporation shal colect and hold the payments

for shares on behalf of the corporation acording to the agrement, isue receipts to subscribers who

have paid for shares, and have the obligation to isue a certificate of receipt to the relevant department.

The corporation shal isue an anouncement after the shares ofered are fuly paid for.

Section 2 Transfer of Shares

Article 157 A shareholder of a corporation may transfer its shares of the corporation to the other

shareholders or any person other than the shareholders of the corporation, but shares subject to transfer

restrictions prescribed in the company bylaws shal be transfered in acordance with the company

bylaws.

Article 158 Shareholders shal transfer their shares on a legaly formed securities trading venue or in any

other maner prescribed by the State Council.

Article 159 Shareholders shal transfer their stock certificates by endorsement or in any other maner

prescribed in a law or administrative regulation, and after the transfer, the corporation shal record the

personal or busines names and domiciles of the transferes in the shareholder register.

Within 20 days before a shareholders’ meting is held or within five days before the record date decided

by the corporation for distribution of dividends, the shareholder register may not be modified, except for

the modification of the shareholder register of a listed company as otherwise prescribed by a law, an

administrative regulation, or the securities regulatory agency of the State Council.

Article 160 The isued shares of a corporation before it ofers shares to the public may not be transfered

within one year from the day when the stock of the corporation is listed and traded on a stock exchange,

except for the transfer of shares of a listed company by the shareholders and actual controler of the

listed company as otherwise prescribed by a law, an administrative regulations, or the securities

regulatory agency of the State Council.

A director, supervisor, or senior executive of a corporation shal declare to the corporation the shares of

the corporation held by him or her and changes of the shares, the shares transferable each year during

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his or her term of ofice as determined at the time of taking the ofice may not exced 25% of the total

number of shares of the corporation held by him or her, and the shares of the corporation held by him or

her may not be transfered within one year from the day when the stock of the corporation is listed and

traded on a stock exchange. Within six months after a person above leaves ofice, he or she may not

transfer the shares of the corporation held by him or her. The company bylaws may provide for other

restrictions on the transfer of shares of the corporation held by the directors, supervisors, and senior

executives of the corporation.

Where any shares are pledged during the period of transfer restriction prescribed in a law or

administrative regulation, the pledge may not exercise the pledge during the period of transfer

restriction.

Article 161 Under any of the folowing circumstances, a shareholder that votes against a resolution of

the shareholders’ meting may request the corporation to purchase the shares held by the shareholder in

the corporation at a reasonable price, except for a corporation ofering shares to the public:

• , although it

has earned profits during the five years consecutively, and mets the profit distribution conditions set out

in this Law.

(2) The corporation transfers the major property of the corporation.

(3) When the busines duration prescribed in the company bylaws expires or any other cause of

disolution prescribed in the company bylaws ocurs, a resolution of the shareholders’ meting is

adopted regarding amending the company bylaws to continue the existence of the corporation.

Where the shareholder and the corporation fail to reach an agrement on the purchase of shares within

60 days of adoption of the resolution of the shareholders’ meting, the shareholder may institute an

action in a people’s court within 90 days of adoption of the resolution of the shareholders’ meting.

The shares of the corporation purchased by the corporation under the circumstances in paragraph 1 of

this article shal be transfered or canceled within six months in acordance with the law.

Article 162 A corporation may not purchase its own shares, except under any of the folowing

circumstances:

(1) Reduction of the registered capital of the corporation.

(2) Combination with any other company holding shares of the corporation.

(3) Using the shares for employe stock ownership plans or equity incentives.

(4) Request of a shareholder for the corporation to purchase the shares held by the shareholder in the

corporation, because the shareholder disents on a resolution of the shareholders’ meting regarding the

combination or division of the corporation.

(5) Using the shares for the conversion of the convertible corporate bonds ofered by the corporation.

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(6) Necesity for the corporation as a listed company to maintain the value of the corporation and the

rights and interests of shareholders.

A corporation’s purchase of its own shares under the circumstances set out in subparagraphs (1) and (2)

of the preceding paragraph shal be resolved by the shareholders’ meting; and a corporation’s purchase

of its own shares under the circumstances set forth in subparagraphs (3), (5), and (6) of the preceding

paragraph may, as authorized by the company bylaws or the shareholders’ meting, be resolved at a

meting of the board of directors at which two-thirds or more of the directors are present.

After purchasing its own shares under paragraph 1 of this article, a corporation shal, under the

circumstance set forth in subparagraph (1), cancel the purchased shares within ten days of the purchase;

shal, under the circumstance set forth in subparagraphs (2) and (4), transfer or cancel the purchased

shares within six months; or shal, under the circumstances set out in subparagraphs (3), (5) and (6), hold,

in total, not more than 10% of the total isued shares of the corporation, and transfer or cancel the

purchased shares within thre years.

A listed company purchasing its own shares shal perform information disclosure obligations in

acordance with the Securities Law of the People’s Republic of China. A listed company purchasing its

own shares under the circumstances set forth in subparagraphs (3), (5), and (6) of paragraph 1 of this

article shal purchase the shares in a public and centralized trading maner.

A corporation may not acept its own shares as the subject mater of a pledge.

Article 163 A corporation may not provide any gift, loan, security, or other financial asistance for

others to acquire shares of the corporation or its parent company, unles the corporation implements an

employe stock ownership plan.

A corporation may, in the interest of the corporation, provide financial asistance for others to acquire

shares of the corporation or the parent company of the corporation by a resolution of the shareholders’

meting or a resolution of the board of directors adopted as authorized by the company bylaws or the

shareholders’ meting, but the cumulative total of financial asistance may not exced 10% of the total

isued share capital. The resolution of the board of directors shal be adopted by two-thirds or more of

al the directors.

Where a violation of the provisions of the preceding two paragraphs causes any los to the corporation,

the liable directors, supervisors, and senior executives shal pay damages.

Article 164 A shareholder whose stock certificate is stolen, lost, or destroyed may request a people’s

court to declare invalidation of the stock certificate under the procedure for anouncement to urge

declaration of claims prescribed in the Civil Procedural Law of the People’s Republic of China. After the

people’s court declares invalidation of the stock certificate, the shareholder may aply to the corporation

for reisuance of a stock certificate.

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Article 165 The stocks of listed companies shal be listed and traded in acordance with the relevant

laws, administrative regulations, and trading rules of stock exchanges.

Article 166 A listed company shal disclose the relevant information in acordance with laws and

administrative regulations.

Article 167 After the death of a natural person shareholder, his or her lawful sucesor may suced to

the shareholder status, unles the bylaws of a corporation with share transfer restrictions provide

otherwise.

Chapter VI Special Provisions on Organizational Structure of State-Funded Companies

Article 168 The provisions of this Chapter aply to the organizational structure of a state-funded

company; and the other provisions of this Law aply, if this Chapter is silent.

For the purposes of this Law, “state-funded company” means a wholy state-owned company or a non-

wholy owned state controled company in the form of a limited liability company or corporation to

which the state makes a capital contribution.

Article 169 The State Council or a local people’s government, which represents the state, performs the

duties of and has the rights and interests of a capital contributor of a state-funded company in

acordance with the law. The State Council or a local people’s government may authorize a state-owned

asets supervision and administration body or any other department or body to represent the people’s

government at the level in performing the duties of a capital contributor of a state-funded company.

The bodies and departments representing the people’s governments at the same level in performing the

duties of a capital contributor are hereinafter colectively refered to as institutions performing the duties

of a capital contributor.

Article 170 The organizations of the Comunist Party of China in state-funded companies play a

leading role in acordance with the Constitution of the Comunist Party of China, research and discus

major operational management maters of the companies, and suport the components of the companies

in exercising their powers in acordance with the law.

Article 171 The bylaws of a wholy state-owned company are developed by the institution performing

the duties of a capital contributor.

Article 172 A wholy state-owned company does not have a shareholders’ meting, and the institution

performing the duties of a capital contributor exercises the powers of a shareholders’ meting. The

institution performing the duties of a capital contributor may authorize the board of directors of the

company to exercise certain powers of a shareholders’ meting, but the development and amendment of

the company bylaws, the combination, division, disolution, and bankruptcy petition of the company, the

increase or reduction of the registered capital, and the profit distribution shal be decided by the

institution performing the duties of a capital contributor.

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Article 173 The board of directors of a wholy state-owned company exercises powers in acordance

with this Law.

More than half of the members of the board of directors of a wholy state-owned company shal be

outside directors, and there shal be representatives of employes of the company on the board of

directors.

The members of the board of directors are apointed by the institution performing the duties of a capital

contributor, but the representatives of employes on the board of directors shal be elected at the

asembly of representatives of employes of the company.

The board of directors has one chairperson, and may have vice chairpersons. The chairperson and vice

chairmen are designated by the institution performing the duties of a capital contributor from the

members of the board of directors.

Article 174 The president of a wholy state-owned company is hired or dismised by the board of

directors.

With the consent of the institution performing the duties of a capital contributor, a member of the board

of directors may concurently serve as the president.

Article 175 The directors and senior executives of a wholy state-owned company may not concurently

hold any position in any other limited liability company or corporation or any other economic

organization, without the consent of the institution performing the duties of a capital contributor.

Article 176 A wholy state-owned has an audit comite composed of directors under the board of

directors to exercise the powers of a board of supervisors set out in this Law, dispensing with a board of

supervisors or supervisors.

Article 177 State-funded companies shal establish and improve internal supervision, administration, and

risk control systems in acordance with the law, and strengthen internal compliance management.

Chapter VI Qualifications and Duties of Directors, Supervisors, and Senior Executives of a Company

Article 178 Under any of the folowing circumstances, a person may not serve as a director, supervisor,

or senior executive of a company:

(1) The person is without capacity for civil conduct or with limited capacity for civil conduct.

• ,

bribery, misapropriation of property, or disruption of the order of the socialist market economy or was

deprived of political rights for a crime, and it has not ben five years since completion of execution of

the sentence, or if suspension of the sentence of the person is anounced, it has not ben two years since

completion of probation.

(3) The person was a director or the factory director or president of a company or enterprise that has

ben liquidated for bankruptcy, and was personaly liable for the bankruptcy of the company or

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enterprise, and it has not ben thre years since the date of completion of the bankruptcy liquidation of

the company or enterprise.

(4) The person was the legal representative of a company or enterprise that has forfeited its busines

license or ben ordered to close down for a violation of the law, and was personaly liable for it, and it

has not ben thre years since the date of forfeiture of busines license or order of closedown of the

company or enterprise.

• ‘s court for his or her failure to repay

a relatively large amount of debt that has become due.

Where a director or supervisor is elected or apointed or a senior executive is hired in violation of the

provision of the preceding paragraph, the election, apointment, or hiring is void.

Where any of the circumstances set out in paragraph 1 of this article ocurs to a director, supervisor, or

senior executive during his or her term of ofice, the company shal remove the director, supervisor, or

senior executive from his or her ofice.

Article 179 The directors, supervisors, and senior executives of a company shal comply with laws,

administrative regulations, and the company bylaws.

Article 180 The directors, supervisors, and senior executives of a company have a duty of loyalty to the

company, shal adopt measures to avoid conflicts betwen their own interests and the interests of the

company, and may not take advantage of their powers to sek any improper interests.

The directors, supervisors, and senior executives of a company have a duty of diligence to the company,

and shal exercise the due care that a manager ordinarily exercises in the best interest of the company in

executing their functions.

Where the controling shareholder or actual controler of a company does not serve as a director of the

company but practicaly executes the afairs of the company, the provisions of the preceding two

paragraphs aply.

Article 181 A director, supervisor, or senior executive of a company may not:

• ;

(2) deposit any funds of the company in an acount opened in his or her own name or in the name of any

other individual;

• ;

• ;

• ; and

(6) otherwise violate the duty of loyalty to the company.

Article 182 A director, supervisor, or senior executive of a company who directly or indirectly enters

into a contract or conducts a transaction with the company shal report to the board of directors or the

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shareholders’ meting on the maters related to the contracting or transaction, and a resolution of the

board of directors or the shareholders’ meting regarding the maters shal be adopted in acordance with

the company bylaws.

Where a close relative of a director, supervisor, or senior executive of a company, an enterprise directly

or indirectly controled by a director, supervisor, or senior executive of a company or a close relative of

him or her, or an afiliate that is otherwise afiliated to a director, supervisor, or senior executive of a

company enters into a contract or conducts a transaction with the company, the provision of the

preceding paragraph aplies.

Article 183 A director, supervisor, or senior executive may not take advantage of his or her position to

sek any busines oportunity belonging to the company for himself or herself or any other person,

except under any of the folowing circumstances:

• , supervisor, or senior executive reports it to the board of directors or the shareholders’

meting, and in acordance with the company bylaws, an afirmative resolution of the board of directors

or the shareholders’ meting regarding it is adopted.

• , in acordance with a law, an administrative

regulation, or the company bylaws.

Article 184 A director, supervisor, or senior executive of a company may not engage in the same kind of

busines as the company for his or her own acount or for the acount of any other person without

reporting it to the board of directors or the shareholders’ meting and without a resolution of the board of

directors or the shareholders’ meting regarding it adopted in acordance with the company bylaws.

Article 185 In the adoption of a resolution of the board of directors regarding any mater prescribed in

Articles 182 through 184 of this Law, an afiliated director may not participate in voting, and his or her

voting right is not counted in the total voting rights. If the number of unafiliated directors present at the

meting of the board of directors is les than thre, the mater shal be submited to the shareholders’

meting for deliberation.

Article 186 The revenue of a director, supervisor, or senior executive of a company derived from a

violation of Articles 181 through 184 of this Law shal belong to the company.

Article 187 Where the shareholders’ meting requires a director, supervisor, or senior executive to

observe a meting, the director, supervisor, or senior executive shal observe the meting, and answer

questions from the shareholders.

Article 188 A director, supervisor, or senior executive of a company who violates a law, an

administrative regulation, or the company bylaws in executing his or her functions, causing any los to

the company, is liable in damages.

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Article 189 For a director or senior executive under the circumstance set out in the preceding article, a

shareholder of a limited liability company or a shareholder holding alone or shareholders holding in

agregate 1% or more of the shares of a corporation for 180 or more consecutive days may request in

writing the board of supervisors to institute an action in a people’s court; or for a supervisor under the

circumstance set out in the preceding article, the aforesaid shareholder or shareholders may request in

writing the board of directors to institute an action in a people’s court.

Where the board of supervisors or the board of directors declines to institute an action after receipt of a

writen request in the preceding paragraph or fails to institute an action within 30 days of receipt of the

request or in case of emergency, a failure to imediately institute an action wil cause any hardly

reparable harm to the interests of the company, the shareholder or shareholders in the preceding

paragraph may directly institute an action in a people’s court in the name of the shareholder or

shareholders.

Where any other person infringes upon the lawful rights and interests of a company, causing any los to

the company, the shareholder or shareholders in paragraph 1 of this article may institute an action in a

people’s court under the preceding two paragraphs.

For a director, supervisor, or senior executive of a wholy-owned subsidiary of a company under the

circumstance set out in the preceding article, or any los caused by any other person’s infringement upon

the lawful rights and interests of a wholy-owned subsidiary of a company, a shareholder of the company

in the case of a limited liability company or a shareholder holding alone or shareholders holding in

agregate 1% or more of the shares of the company in the case of a corporation for 180 or more

consecutive days may, under the preceding thre paragraphs, request in writing the board of supervisors

and the board of directors of the wholy-owned subsidiary to institute an action in a people’s court, or

directly institute an action in a people’s court in the name of the shareholder or shareholders.

Article 190 Where a director or senior executive of a company violates a law, an administrative

regulation, or the company bylaws, causing any harm to the interests of shareholders, a shareholder may

institute an action in a people’s court.

Article 191 Where a director or senior executive of a company causes any harm to any other person for

execution of his or her functions, the company is liable in damages, and if the director or senior

executive causes the harm intentionaly or with gros negligence, the director or senior executive is also

liable in damages.

Article 192 Where the controling shareholder or actual controler of a company instructs a director or

senior executive of the company to engage in any conduct harming the interests of the company or

shareholders of the company, the controling shareholder or actual controler is jointly and severaly

liable with the director or senior executive.

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Article 193 A company may take out liability insurance for the compensatory liability of directors

arising from their execution of functions in the company during their terms of ofice.

After the company takes out or renews the liability insurance for directors, the board of directors shal

report to the shareholders’ meting on the insured amount, coverage, and premium rate, among others, of

the liability insurance.

Chapter IX Corporate Bonds

Article 194 For the purposes of this Law, “corporate bonds” means the marketable securities ofered by a

company that, as agred, repays the principal and pays interest as scheduled.

Corporate bonds may be ofered publicly or non-publicly.

The oferings of and trading in 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 corporate bonds shal be registered with the securities regulatory agency

of the State Council, and a prospectus of the corporate bonds shal be anounced.

The prospectus of the corporate bonds shal state the folowing major maters:

(1) The name of the company.

(2) The purposes of proceds from the bond ofering.

(3) The total amount and par value of the bonds.

(4) The method for determination of the interest rate for the bonds.

(5) The time limits and methods for repayment of the principal and payment of interest.

(6) The security provided for the bonds.

(7) The ofering price of the bonds and begining and ending dates of the ofering.

(8) The net aset value of the company.

(9) The total amount of corporate bonds isued but not due.

(10) The underwriter or underwriters of the corporate bonds.

Article 196 Where a company ofers corporate bonds in paper form, the bonds shal state the name of the

company, par value, interest rate, and time limit for repayment, among others, and bear the signature of

the legal representative and seal of the company.

Article 197 Corporate bonds shal be registered bonds.

Article 198 A company ofering corporate bonds shal maintain a bondholder register for corporate

bonds.

A company ofering corporate bonds shal state in the bondholder register for corporate bonds the

folowing maters:

(1) The personal or busines name and domicile of each bondholder.

(2) The date of acquisition of bonds by each bondholder and the serial numbers of bonds.

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• , interest rate, and time limits and methods for repayment

of the principal and payment of interest of bonds.

(4) The ofering date of bonds.

Article 199 The registration and clearing institution for corporate bonds shal establish rules on the

registration, deposit, interest payment, and redemption, among others, of bonds.

Article 200 Corporate bonds may be transfered, at a price agred on by the transferor and transfere.

The transfer of corporate bonds shal comply with the provisions of laws and administrative regulations.

Article 201 Corporate bonds shal be transfered by the bondholders by endorsement or in any other

maner prescribed in a law or administrative regulation, and after transfer, the company ofering

corporate bonds shal record the personal or busines names and domiciles of transferes in the

bondholder register for corporate bonds.

Article 202 A corporation may, by a resolution of the shareholders’ meting or by a resolution of the

board of directors adopted as authorized by the company bylaws or the shareholders’ meting, ofer

corporate bonds that may be converted into stock, and set out the specific method of conversion. An

ofering by a listed company of corporate bonds that may be converted into stock shal be registered

with the securities regulatory agency of the State Council.

The corporate bonds that may be converted into stock shal be marked with the words “convertible

corporate bonds,” and the number of convertible corporate bonds shal be stated in the bondholder

register for corporate bonds.

Article 203 Where a company ofers convertible corporate bonds, the company shal convert the bonds

into stock for the bondholders in its method of conversion, but the bondholders have the option to

convert or not to convert their bonds into stock, except as otherwise provided for by a law or

administrative regulation.

Article 204 Where corporate bonds are ofered to the public, there shal be a bondholders’ meting for

the holders of corporate bonds in the same isue, and the prospectus of the corporate bonds shal

prescribe the procedures for convening a bondholders’ meting, the meting rules, and other important

maters. Maters in which the bondholders have an interest may be resolved at the bondholders’ meting.

Except as otherwise agred in the prospectus of corporate bonds, a resolution of the bondholders’

meting is binding on al the holders of corporate bonds in the same isue.

Article 205 Where corporate bonds are ofered to the public, the isuer shal retain a bond truste for

bondholders, which handles aceptance of debt repayments, protection of claims, bond-related litigation,

participation in a bankruptcy proceding of the debtor, and other maters for bondholders.

Article 206 A bond truste shal diligently and fairly perform its duties as a truste, and may not harm

the interests of bondholders.

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Where there is a conflict of interest betwen a bond truste and bondholders which may harm the

interests of bondholders, the bondholders’ meting may adopt a resolution to modify the bond truste.

Where a bond truste violates a law, administrative regulation, or resolution of the bondholders’ meting,

causing any harm to the interests of bondholders, the bond truste is liable in damages.

Chapter X Financial Afairs and Acounting of a Company

Article 207 A company shal establish its financial afairs and acounting system in acordance with

laws, administrative regulations, and the provisions isued by the finance department of the State

Council.

Article 208 A company shal, at the end of each fiscal year, prepare a financial acounting report, which

shal be audited by an acounting firm in acordance with the law.

The financial acounting report shal be prepared in acordance with laws, administrative regulations,

and the provisions isued by the finance department of the State Council.

Article 209 A limited liability company shal deliver its financial acounting report to each shareholder

within the time limit prescribed in the company bylaws.

The financial acounting report of a corporation shal be placed at the corporation for consultation by the

shareholders 20 days before the anual shareholders’ meting is held; and a corporation ofering shares

to the public shal anounce its financial acounting report.

Article 210 Where a company distributes its after-tax profits of the curent year, it shal set aside ten

percent of the profits as funds of the statutory reserve of the company. The company may discontinue

seting aside funds of the statutory reserve if the cumulative amount of the statutory reserve is 50 percent

or more of the registered capital of the company.

Where the statutory reserve of a company is not suficient to cover los from the previous years of the

company, the profits of the curent year shal be used for covering los before the funds of the statutory

reserve are set aside under the preceding paragraph.

After seting aside funds of the statutory reserve from its after-tax profits, a company may, upon

resolution of the shareholders’ meting, set aside funds of a discretionary reserve from its after-tax

profits.

The remaining after-tax profits after los is covered and reserve funds are set aside may be distributed by

a limited liability company in proportion to the paid-in capital contributions of shareholders, unles al

the shareholders agre that profits are not distributed in proportion to their capital contributions, or may

be distributed by a corporation in proportion to the shares held by the shareholders, except as otherwise

prescribed in the company bylaws.

A company may not distribute profits to its own shares held by the company.

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Article 211 Where a company distributes profits to the shareholders in violation of this Law, the

shareholders shal return the profits so distributed to the company; and if any los is thus caused to the

company, the shareholders and liable directors, supervisors, and senior executives shal pay damages.

Article 212 Where the shareholders’ meting adopts a resolution to distribute profits, the board of

directors shal make distributions within six months of the resolution of the shareholders’ meting.

Article 213 The premium obtained by a company from an ofering of shares at an ofering price above

the par value of stock, the portion of proceds from an ofering of no-par shares which is not included in

the registered capital, and other items included in the capital reserve as prescribed by the finance

department of the State Council shal be listed as the capital reserve of the company.

Article 214 The reserves of a company shal be used for covering los and expanding production and

other operations or be converted to increase the registered capital of the company.

Where reserves are used to cover los of a company, the discretionary and statutory reserves shal be

first used; and if they are insuficient for covering los, the capital reserve may be used acording to the

aplicable provisions.

Where the statutory reserve is converted to increase the registered capital, the remainder of the reserve

may not be les than 25% of the registered capital of the company before the conversion.

Article 215 The engagement or dismisal by a company of an acounting firm undertaking the audit of

the company shal be decided by the shareholders’ meting, board of directors, or board of supervisors in

acordance with the provisions of the company bylaws.

When the shareholders’ meting, board of directors, or board of supervisors votes on the dismisal of the

acounting firm, the acounting firm shal be alowed to present its opinions.

Article 216 A company shal provide the acounting firm engaged with truthful and complete acounting

vouchers, acount boks, financial acounting reports, and other acounting materials, and may not

decline provision, conceal any materials, or provide any false materials.

Article 217 A company may not create any acount boks other than the statutory acount boks.

Company funds may not be deposited in any acount opened in the name of an individual.

Chapter XI Combination, Division, and Capital Increase or Reduction of a Company

Article 218 The combination of companies may be in the form of merger or consolidation.

A merger ocurs, where a company is merged into another company and the merged company is

disolved. A consolidation ocurs, where two or more companies are combined to form a new company

and al the parties to the combination are disolved.

Article 219 Where a company is combined with another company in which it holds a 90% or more stake,

the merged company is not required to obtain a resolution of its shareholders’ meting, but shal notify

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the other shareholders, which may request the company to purchase their equity or shares at a reasonable

price.

Where the price paid by a company for a combination does not exced 10% of the company’s net asets,

a resolution of its shareholders’ meting is not required, except as otherwise prescribed in the company

bylaws.

Where a resolution of the shareholders’ meting of a company is not required regarding a combination of

the company under the preceding two paragraphs, it shal be resolved by the board of directors.

Article 220 Where companies are combined, the parties to the combination shal enter into an agrement

on the combination, and prepare balance shets and lists of property. Each company shal, within ten

days of adoption of a resolution regarding the combination, notify the creditors, and within 30 days,

isue an anouncement in a newspaper or the National Enterprise Credit Information Publicity System.

The creditors may, within 30 days of receipt of the notice or within 45 days of isuance of the

anouncement if they fail to receive the notice, require the company to repay debts or provide

coresponding security.

Article 221 Where companies are combined, the surviving company or the newly formed company shal

suced to the claims and debts of the parties to the combination .

Article 222 Where a company is divided, the property of the company shal be divided acordingly.

Where a company is divided, the company shal prepare a balance shet and list of property. The

company shal, within ten days of adoption of a resolution regarding the division, notify the creditors,

and within 30 days, isue an anouncement in a newspaper or the National Enterprise Credit Information

Publicity System.

Article 223 The companies after division are jointly and severaly liable for the debts of the company

before division, unles a writen agrement reached before division by the company and the creditors on

debt repayment provides otherwise.

Article 224 A company that reduces its registered capital shal prepare a balance shet and list of

property.

A company shal, within ten days of adoption of a resolution of the shareholders’ meting regarding

reduction of registered capital, notify the creditors, and within 30 days, isue an anouncement in a

newspaper or the National Enterprise Credit Information Publicity System. The creditors may, within 30

days of receipt of the notice or within 45 days of isuance of the anouncement if they fail to receive the

notice, require the company to repay debts or provide coresponding security.

Where a company reduces its registered capital, the company shal reduce the coresponding capital

contributions or shares in proportion to the capital contributions of shareholders or shares held by

shareholders, except as otherwise provided for by a law, as otherwise agred by al the shareholders in

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the case of a limited liability company, or as otherwise prescribed in the company bylaws in the case of a

corporation.

Article 225 Where the los of a company canot be fuly covered under paragraph 2 of Article 214 of

this Law, the company may reduce its registered capital to cover los. If los is covered by reduction of

the registered capital, the company may neither distribute the reduction to the shareholders nor exempt

the shareholders from the obligation of making capital contribution or payment for shares.

The provision of paragraph 2 of the preceding article does not aply to the reduction of registered capital

under the preceding paragraph, but the reduction shal be anounced in a newspaper or the National

Enterprise Credit Information Publicity System within 30 days of adoption of the resolution of the

shareholders’ meting to reduce the registered capital.

After reducing its registered capital under the preceding two paragraphs, a company may not distribute

profits before the cumulative amount of the statutory and discretionary reserves reaches 50% of the

registered capital of the company.

Article 226 Where the registered capital of a company is reduced in violation of this Law, the

shareholders shal return the amounts received by them, and the original state shal be restored if

shareholders are granted exemption from or reduction of capital contribution; and if any los is thus

caused to the company, the shareholders and liable directors, supervisors, and senior executives shal

pay damages.

Article 227 Where a limited liability company increases its registered capital, under the same conditions,

the shareholders have the premptive rights to subscribe capital contributions in proportion to their paid-

in capital contributions, unles al the shareholders agre that they exercise their premptive rights to

subscribe capital contributions not in proportion to their capital contributions.

Where a corporation ofers new shares to increase its registered capital, the shareholders do not have the

premptive rights to subscribe the new shares, except as otherwise prescribed in the company bylaws or

unles the shareholders’ meting adopts a resolution to decide that the shareholders have the premptive

rights to subscribe the new shares.

Article 228 Where a limited liability company increases its registered capital, the provisions of this Law

on the capital contributions in the formation of a limited liability company aply to the capital

contributions of the shareholders for the increase of the registered capital.

Where a corporation ofers new shares for increasing its registered capital, the provisions of this Law on

payment for shares in the formation of a corporation aply to the subscriptions for new shares by the

shareholders.

Chapter XI Disolution and Liquidation of a Company

Article 229 A company is disolved for the folowing causes:

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(1) The busines duration prescribed in the company bylaws expires or any other cause of disolution

prescribed in the company bylaws ocurs.

• ‘ meting adopts a resolution to disolve the company.

(3) The combination or division of the company requires disolution of the company.

• , is ordered to close down, or is abolished in acordance

with the law.

• ‘s court in acordance with Article 231 of this Law.

Where any of the causes of disolution of a company set out in the preceding paragraph ocurs, the

company shal, within ten days, publish the cause of disolution through the National Enterprise Credit

Information Publicity System.

Article 230 Where any of the circumstances in subparagraphs (1) and (2) of paragraph 1 of the preceding

article ocurs to a company, and the company has not distributed property to the shareholders, the

company may continue to exist by amending the company bylaws or by a resolution of the shareholders’

meting.

The amendment of the company bylaws or a resolution of the shareholders’ meting under the preceding

paragraph must be adopted by the shareholders holding two-thirds or more of the voting rights in the

case of a limited liability company or by two-thirds or more of the voting rights of the shareholders

present at a shareholders’ meting in the case of a corporation.

Article 231 Where the operational management of a company encounters any dificulty that is so serious

that the continuous existence of the company wil cause any major los to the interests of the

shareholders, which canot be solved by other means, a shareholder or shareholders holding ten percent

or more of the voting rights of the company may petition a people’s court for disolution of the company.

Article 232 Where a company is disolved under subparagraph (1), (2), (4), or (5) of Article 229 of this

Law, the company shal be liquidated. The directors of the company as the liquidation obligors shal,

within 15 days of ocurence of the cause of disolution, form a liquidation group to conduct liquidation.

The liquidation group are composed of the directors, except as otherwise prescribed in the company

bylaws or unles any other person is apointed to the liquidation group by a resolution of the

shareholders’ meting.

Where the liquidation obligors fail to perform their liquidation obligations in a timely maner, causing

any los to the company or any creditor, the liquidation obligors are liable in damages.

Article 233 Where a company shal be liquidated under paragraph 1 of the preceding article but a

liquidation group fails to be formed within the prescribed time limit or liquidation is not conducted after

the formation of a liquidation group, an interested person may petition a people’s court to designate the

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relevant persons to form a liquidation group to conduct liquidation. The people’s court shal acept the

petition, and organize the liquidation by the liquidation group in a timely maner.

Where a company is disolved under subparagraph (4) of paragraph 1 of Article 229 of this Law, the

department or company registration authority making the decision to impose a forfeiture of busines

license, order closedown, or abolish the company may petition a people’s court to designate the relevant

persons to form a liquidation group to conduct liquidation.

Article 234 The liquidation group exercises the folowing powers during liquidation:

(1) Identifying the property of the company and preparing respectively a balance shet and a list of

property.

(2) Notifying creditors and isuing an anouncement.

(3) Handling the unfinished busines of the company related to liquidation.

(4) Identifying and paying the taxes owed and the taxes arising in the proces of liquidation.

(5) Identifying and disposing of claims and debts.

(6) Distributing residual property after the debts of the company are paid of.

(7) Participating in civil litigation on behalf of the company.

Article 235 The liquidation group shal, within ten days of its formation, notify the creditors, and within

60 days of its formation, isue a public anouncement in a newspaper or the National Enterprise Credit

Information Publicity System. The creditors shal, within thirty days of receipt of the notice or within 45

days of isuance of the anouncement if they fail to receive the notice, declare their claims to the

liquidation group.

In declaring claims, the creditors shal state the relevant maters, and provide the relevant evidentiary

materials. The liquidation group shal register the claims.

In the period of claim declaration, the liquidation group may not repay any creditor.

Article 236 The liquidation group shal, after identifying the property of the company and preparing a

balance shet and a list of property, develop a liquidation plan, and submit the plan to the shareholders’

meting or a people’s court for confirmation.

After the liquidation expenses, wages of employes, social insurance expenses, and statutory indemnities

are paid, the taxes owed are paid, and the debts of the company are repaid, the residual property of the

company may be distributed in proportion to the capital contributions of the shareholders in the case of a

limited liability company or in proportion to the shares held by the shareholders in the case of a

corporation.

During liquidation, the company continues to exist, but may not conduct any operation irelevant to

liquidation. The property of the company may not be distributed to the shareholder before the payment

and repayment under the preceding paragraph.

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Article 237 Where the liquidation group discovers that the property of the company is insuficient for

paying of debts after identifying the property of the company and preparing a balance shet and a list of

property, the liquidation group shal, in acordance with the law, petition a people’s court for bankruptcy

liquidation.

After the people’s court acepts the petition for bankruptcy, the liquidation group shal transfer the

liquidation afairs to the bankruptcy administrator designated by the people’s court.

Article 238 The members of a liquidation group shal, in performing their liquidation duties, have the

duty of loyalty and duty of diligence.

Where the members of the liquidation group are slow to perform their liquidation duties, causing any

los to the company, they are liable in damages. Where the members of the liquidation group cause any

los to the creditors intentionaly or with gros negligence, they are liable in damages.

Article 239 After completion of liquidation of a company, the liquidation group shal prepare a

liquidation report, submit the report to the shareholders’ meting or the people’s court for confirmation,

submit the confirmed report to the company registration authority, and aply for cancelation of

company registration.

Article 240 Where a company has not incured any debt during its existence or has paid of al the debts,

the registration of the company may be canceled through the simplified procedure in acordance with

the aplicable provisions upon undertaking by al the shareholders.

The cancelation of registration of a company through the simplified procedure shal be anounced

through the National Enterprise Credit Information Publicity System, and the period of anouncement

may not be les than 20 days. If there is no objection raised upon expiry of the period of anouncement,

the company may, within 20 days, aply to the company registration authority for cancelation of

registration of the company.

Where the registration of a company is canceled through the simplified procedure, the shareholders

making untrue undertakings regarding the content prescribed in paragraph 1 of this article are jointly and

severaly liable for the debts of the company before the cancelation of registration.

Article 241 Where a company fails to aply to the company registration authority for cancelation of

company registration thre years after its forfeiture of busines license, ordered closedown, or abolition,

the company registration authority may isue an anouncement through the National Enterprise Credit

Information Publicity System, and the period of anouncement shal not be les than 60 days. If there is

no objection raised upon expiry of the period of anouncement, the company registration authority may

cancel the registration of the company.

Where the registration of a company is canceled under the preceding paragraph, the liabilities of the

original shareholders and liquidation obligors of the company are not afected.

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Article 242 Where a company is declared bankrupt in acordance with the law, bankruptcy liquidation

shal be conducted in acordance with the laws on the bankruptcy of enterprises.

Chapter XI Branches of Foreign Companies

Article 243 For the purposes of this Law, “foreign companies” means the companies formed outside the

teritory of the People’s Republic of China under foreign laws.

Article 244 For the formation of a branch in the teritory of the People’s Republic of China, a foreign

company shal file an aplication with the apropriate Chinese authority, together with its company

bylaws, company registration certificate isued in its country, and other relevant documents, and after

the aplication is aproved, register with the company registration authority in acordance with the law

and colect a busines license.

The measures for aproving the branches of foreign companies are aditionaly prescribed by the State

Council.

Article 245 A foreign company forming a branch in the teritory of the People’s Republic of China shal

designate a representative or agent in the teritory of the People’s Republic of China who takes charge of

the branch, and apropriate funds apropriate for the operations of the branch to the branch.

The minimum amounts of the operating funds of the branches of foreign companies if neded are

aditionaly prescribed by the State Council.

Article 246 The name of a branch of a foreign company shal include the nationality and form of liability

of the foreign company.

A branch of a foreign company shal place the bylaws of the foreign company at the branch.

Article 247 Branches formed by a foreign company in the teritory of the People’s Republic of China do

not have the status of a Chinese legal person.

A foreign company is civily liable for the operations in the teritory of the People’s Republic of China

of its branches.

Article 248 In conducting busines activities in the teritory of the People’s Republic of China, branches

of foreign companies formed upon aproval shal comply with Chinese laws, and may not cause any

harm to the public interests in China, and their lawful rights and interests are protected by Chinese laws.

Article 249 Where a foreign company abolishes a branch in the teritory of the People’s Republic of

China, the foreign company shal pay of debts in acordance with the law, and conduct liquidation in

acordance with the provisions of this Law on the liquidation procedures for companies. Before debts

are paid of, the foreign company may not transfer the property of the branch out of the People’s

Republic of China.

Chapter XIV Legal Liability

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Article 250 Where the registration of a company is obtained by falsifying the registered capital,

submiting any false material, or concealing any material fact by any other fraudulent means in violation

of this Law, the company registration authority shal order the company to take corective action, and for

falsification of the registered capital, impose a fine of not les than 5% nor more than 15% of the

falsified registered capital or for submision of any false material or concealing any material fact by any

other fraudulent means, impose a fine of not les than 50,000 yuan nor more than 2 milion yuan on the

company; if the circumstances are serious, shal impose a forfeiture of the busines license of the

company; and shal impose a fine of not les than 30,000 yuan nor more than 300,000 yuan on each of

the directly liable person in charge and other directly liable persons.

Article 251 Where a company fails to publish the relevant information in acordance with Article 40 of

this Law or fails to truthfuly publish the relevant information, the company registration authority shal

order the company to take corective action, and may impose a fine of not les than 10,000 yuan nor

more than 50,000 yuan on the company. If the circumstances are serious, the company registration

authority shal impose a fine of not les than 50,000 yuan nor more than 200,000 yuan on the company

and a fine of not les than 10,000 yuan nor more than 100,000 yuan on each of the directly liable person

in charge and other directly liable persons.

Article 252 Where a promoter or shareholder of a company makes any false capital contribution, failing

to deliver or deliver as scheduled the curency or non-curency capital contribution, the company

registration authority shal order the promoter or shareholder to take corective action, and may impose a

fine of not les than 50,000 yuan nor more than 200,000 yuan on the promoter or shareholder or if the

circumstances are serious, shal impose a fine of not les than 5% nor more than 15% of the false capital

contribution or the capital not contributed; and shal impose a fine of not les than 10,000 yuan nor more

than 100,000 yuan on each of the directly liable person in charge and other directly liable persons.

Article 253 Where, after the formation of a company, a promoter or shareholder of the company ilegaly

takes out any capital contributed by the promoter or shareholder, the company registration authority

shal order the promoter or shareholder to take corective action, and impose a fine of not les than 5%

nor more than 15% of the amount of capital contribution ilegaly taken out; and impose a fine of not

les than 30,000 yuan nor more than 300,000 yuan on each of the directly liable person in charge and

other directly liable persons.

Article 254 For any of the folowing conduct, the finance department of a people’s government at or

above the county level shal impose penalties in acordance with the Acounting Law of the People’s

Republic of China and other laws and administrative regulations:

(1) Creation of any acount boks other than the statutory acount boks.

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(2) Provision of a financial acounting report including any false statement or concealing any material

fact.

Article 255 Where a company fails to notify the creditors or isue an anouncement in acordance with

this Law in the proces of a combination or division, reduction of registered capital, or liquidation, the

company registration authority shal order the company to take corective action, and impose a fine of

not les than 10, 000 yuan nor more than 100, 000 yuan on the company.

Article 256 Where, in the proces of liquidation, a company conceals any property or makes any false

statement in the balance shet or list of property, or distributes any property of the company before

paying of its debts, the company registration authority shal order the company to take corective action,

and impose a fine of not les than 5% nor more than 10% of the amount of the property concealed or the

property distributed before paying of its debts on the company and a fine of not les than 10, 000 yuan

nor more than 100, 000 yuan on each of the directly liable person in charge and other directly liable

persons.

Article 257 Where an institution undertaking aset apraisal, capital verification, or verification provides

any false material or provides a report with any material omision, the relevant department shal impose

penalties in acordance with the Aset Apraisal Law of the People’s Republic of China, the Certified

Public Acountant Law of the People’s Republic of China, and other laws and administrative regulations.

Where the apraisal result or the certificate of capital verification or verification provided by an

institution undertaking aset apraisal, capital verification, or verification is untrue, causing any los to

the creditors of a company, the institution is liable in damages to the extent of the untrue amount in the

apraisal result or certificate, unles the institution is able to prove that the institution is not at fault.

Article 258 Where a company registration authority fails to perform its duties or inapropriately

performs its duties in violation of a law or administrative regulation, the liable leader and directly liable

persons shal be subjected to administrative discipline in acordance with the law.

Article 259 Where an entity not legaly registered as a limited liability company or a corporation

operates falsely in the name of a limited liability company or a corporation or an entity not legaly

registered as a branch of a limited liability company or a corporation operates falsely in the name of a

branch of a limited liability company or a corporation, the company registration authority shal order the

entity to take corective action or prohibit the operation of the entity, and may impose a fine of not more

than 100,000 yuan on the entity.

Article 260 Where a company fails to comence busines six months after its formation without god

cause or suspends busines on its own initiative for six or more consecutive months after comencing

busines, the company registration authority may impose a forfeiture of the busines license of the

company, unles the company has undergo busines suspension formalities in acordance with the law.

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Where any registration item of a company is modified, but the company fails to undergo the relevant

modification registration in acordance with this Law, the company registration authority shal order the

company to register the medication within a prescribed time limit, and if the company fails to register

the medication within the prescribed time limit, impose a fine of not les than 10, 000 yuan nor more

than 100, 000 yuan on the company.

Article 261 Where a foreign company forms a branch in the People’s Republic of China without

aproval in violation of this Law, the company registration authority shal order the foreign company to

take corective action or close down the branch, and may impose a fine of not les than 50,000 yuan nor

more than 200, 000 yuan on the foreign company.

Article 262 Where any serious ilegal conduct endangering the national security or the public interest is

conducted in the name of a company, a forfeiture of the busines license of the company shal be

imposed.

Article 263 Where a company violating this Law shal both asume civil compensatory liability and pay

an administrative or criminal fine, the company shal first pay the civil compensation, if its property is

insuficient for payment.

Article 264 Where a violation of this Law constitutes a crime, the violator shal be held criminaly liable

in acordance with the law.

Chapter XV Suplemental Provisions

Article 265 The folowing terms in this Law shal have the folowing meanings:

• “Senior executive” means the president, vice president, or chief financial oficer of a company, the

secretary for the board of directors of a listed company, or any other person prescribed in the company

bylaws.

• “Controling shareholder” means a shareholder contributing more than 50% of the total capital of a

limited liability company or holding more than 50% of the total share capital of a corporation or a

shareholder with a capital contribution or shareholding ratio of les than 50% whose voting rights

coresponding to its capital contribution or shareholding ratio are, however, suficient to enable the

shareholder to exercise significant influence on the resolutions of the shareholders’ meting.

• “Actual controler” means a person able to actualy dominate the conduct of a company through

investment relations, agrements, or other arangements.

• “Afiliation” means the relationship betwen the controling shareholder, actual controler, directors,

supervisors, and senior executives of a company and the enterprise s directly or indirectly controled by

them respectively and any other relationship that may cause the transfer of any interest of the company.

However, enterprises controled by the state do not have an afiliation simply because they are under

comon control by the state.

---

Article 266 This Law takes efect on July 1, 2024.

For a company registered and formed before this Law takes efect, if the time limit for capital

contribution exceds the time limit prescribed in this Law, except as otherwise prescribed by a law, an

administrative regulations, or the State Council, it shal be gradualy adjusted to conform to the time

limit prescribed in this Law; and if the time limit for capital contribution or the amount of capital

contribution is evidently abnormal, the company registration authority may, in acordance with the law,

require the company to make adjustment in a timely maner. The specific measures are prescribed by

the State Council.

---

－1－

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）

目 录

第一章 总 则

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－2－

第二章 公司登记

第三章 有限责任公司的设立和组织机构

第一节 设 立

第二节 组织机构

第四章 有限责任公司的股权转让

第五章 股份有限公司的设立和组织机构

第一节 设 立

第二节 股东会

第三节 董事会、经理

第四节 监事会

第五节 上市公司组织机构的特别规定

第六章 股份有限公司的股份发行和转让

第一节 股份发行

第二节 股份转让

第七章 国家出资公司组织机构的特别规定

第八章 公司董事、监事、高级管理人员的资格和义务

第九章 公司债券

第十章 公司财务、会计

第十一章 公司合并、分立、增资、减资

第十二章 公司解散和清算

第十三章 外国公司的分支机构

第十四章 法律责任

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－3－

第十五章 附 则

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。

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。

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－4－

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

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－5－

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

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－6－

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。

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

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－7－

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。

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－8－

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。

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。

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－9－

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

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－10－

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。

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－11－

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。

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。

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－12－

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；

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－13－

（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。

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。

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－14－

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

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－15－

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。

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；

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－16－

（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。

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－17－

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

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－18－

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。

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

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－19－

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。

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－20－

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。

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。

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－21－

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，

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－22－

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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－23－

（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；

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－24－

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

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－25－

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。

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。

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－26－

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

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－27－

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；

（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

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－28－

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；

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－29－

（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；

（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

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－30－

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

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－31－

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；

（五）监事会提议召开时；

（六）公司章程规定的其他情形。

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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。

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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

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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。

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

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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。

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－36－

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。

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

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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。

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

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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

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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

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－40－

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；

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（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。

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

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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。

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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。

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

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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。

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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；

（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；

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（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

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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

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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。

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

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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

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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

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－51－

司事务的，适用前两款规定。

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

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－52－

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

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－53－

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。

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、

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－54－

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；

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－55－

（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。

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。

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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。

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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。

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

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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

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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

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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。

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

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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。

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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。

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

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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。

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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。

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

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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

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－66－

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

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－67－

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。

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。

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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

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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。

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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

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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

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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。

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。

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Securities Law of the People’s Republic of China

(Adopted at the 6th Sesion of the Standing Comite of the Ninth National People’s Congres on

December 29, 1998; amended for the first time in acordance with the Decision to Amend the Securities

Law of the People’s Republic of China as adopted 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

second time in acordance with the Decision to Amend Twelve Laws Including the Cultural Relics

Protection Law of the People’s Republic of China as adopted at the Third Sesion of the Standing

Comite of the Twelfth National People’s Congres on June 29, 2013; amended for the third time in

acordance with the Decision to Amend Five Laws Including the Insurance Law of the People’s

Republic of China as adopted at the Tenth Sesion of the Standing Comite of the Twelfth National

People’s Congres on August 31, 2014; and revised for the second time at the 15th Sesion of the

Standing Comite of the Thirtenth National People’s Congres on December 28, 2019)

Table of Contents

Chapter I General Provisions

Chapter I Oferings of Securities

Chapter I Trading in Securities

Section 1 General Rules

Section 2 Listing of Securities

Section 3 Prohibited Transactions

Chapter IV Acquisition of Listed Companies

Chapter V Information Disclosure

Chapter VI Investor Protection

Chapter VI Securities Trading Venues

Chapter VI Securities Companies

Chapter IX Securities Depository and Clearing Institutions

Chapter X Securities Service Institutions

Chapter XI Securities Asociations

Chapter XI Securities Regulatory Agencies

Chapter XI Legal Liability

Chapter XIV Suplemental Provisions

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Chapter I General Provisions

Article 1 This Law is enacted for the purposes of regulating the securities oferings and trading,

protecting the lawful rights and interests of investors, maintaining the social and economic order and

public interest, and promoting the development of the socialist market economy.

Article 2 This Law aplies to the oferings of and trading in stocks, corporate bonds, depositary receipts,

and other securities recognized in acordance with the law by the State Council within the teritory of

the People’s Republic of China; and maters not included in this Law are governed by the provisions of

the Company Law of the People’s Republic of China and other relevant laws and administrative

regulations.

This Law aplies to the listing and trading of government bonds and shares of securities investment

funds, except as otherwise provided by any other law or administrative regulation.

The measures for the administration of the oferings of and trading in aset-backed securities and aset

management products shal be developed by the State Council under the principles of this Law.

Where any ofering of or trading in securities outside the People’s Republic of China disrupts the order

of the domestic market of the People’s Republic of China and causes any damage to the lawful rights and

interests of domestic investors, it shal be handled, and the violators shal be held legaly liable,

acording to the aplicable provisions of this Law.

Article 3 Securities oferings and trading must comply with the principles of openes, fairnes, and

justice.

Article 4 The parties to securities oferings and trading shal have equal legal status, and comply with

the principles of fre wil, onerousnes, and god faith.

Article 5 Securities oferings and trading must comply with laws and administrative regulations; and

fraud, insider trading, and manipulation of the securities market shal be prohibited.

Article 6 The operation and administration of the securities industry shal be separated from that of the

banking, trust, and insurance industries, and securities companies shal be formed separately from

banking, trust, and insurance busines institutions, except as otherwise specified by the state.

Article 7 The securities regulatory agency of the State Council shal conduct the centralized and unified

supervision and administration of the securities market nationwide in acordance with the law.

The securities regulatory agency of the State Council may, as neded, establish field ofices, which shal

perform their supervisory and administrative duties as authorized.

Article 8 The audit authorities of the state shal conduct the auditing of securities trading venues,

securities companies, securities depository and clearing institutions, and securities regulatory agencies in

acordance with the law to perform their supervisory functions.

Chapter I Oferings of Securities

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Article 9 The public oferings of securities must met the conditions prescribed by laws and

administrative regulations, and be legaly registered with the securities regulatory agency of the State

Council or the department authorized by the State Council. No entity or individual may conduct a public

ofering of securities without the legal registration. The specific scope and implementing steps of the

securities ofering registration system shal be prescribed by the State Council.

An ofering is a public ofering under any of the folowing circumstances:

(1) An ofering of securities to unspecific oferes.

• , excluding the number of

employes under an employe stock ownership plan implemented in acordance with the law.

(3) Other oferings prescribed by laws and administrative regulations.

A non-public ofering of securities shal not be conducted by advertising or general solicitation or

publicly in disguise.

Article 10 An isuer which aplies for a public ofering of stock or corporate bonds convertible into

stock by means of underwriting in acordance with the law or aplies for a public ofering of any other

security subject to sponsorship as provided by any law or administrative regulation shal apoint a

securities company as its sponsor.

The sponsor shal comply with busines rules and industry norms, be honest and trustworthy, act with

due diligence, prudentialy check the isuer’s aplication documents and information disclosure

materials, and supervise and guide the isuer in operating in a wel-regulated maner.

The measures for the administration of sponsors shal be developed by the securities regulatory agency

of the State Council.

Article 11 A public ofering of the stock of a joint-stock company during the formation of the company

shal met the conditions prescribed by the Company Law of the People’s Republic of China and other

conditions prescribed by the securities regulatory agency of the State Council and aproved by the State

Council, with an aplication for the public ofering and the folowing documents submited to the

securities regulatory agency of the State Council:

(1) The bylaws of the company.

(2) The pre-incorporation agrement signed by promoters.

• , the number of shares subscribed for by each

promoter, the type of capital contribution, and the capital verification certificate.

(4) The prospectus.

(5) A statement including the name and adres of the bank that receives payments for the shares on

behalf of the company.

(6) A statement including the name of each underwriting institution and the relevant agrements.

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Where a sponsor is apointed acording to the provisions of this Law, a sponsor leter for the ofering

isued by the sponsor shal also be submited.

Where the formation of a company must be subject to aproval as provided by any law or administrative

regulation, the relevant aproval documents shal also be submited.

Article 12 To undertake an initial public ofering (IPO) of new shares, a company shal met the

folowing conditions:

(1) It has a sound and wel-functioning organizational structure.

(2) It is a going concern.

(3) Audit reports with an unqualified opinion have ben isued for its financial acounting reports for the

last thre years.

(4) The isuer or its controling shareholder or actual controler has not comited any crime of

coruption, bribery, apropriation or misapropriation of property, or disturbance of the order of the

socialist market economy in the past thre years.

(5) Other conditions prescribed by the securities regulatory agency of the State Council with the

aproval of the State Council.

To ofer any new shares, a listed company shal met the conditions prescribed by the securities

regulatory agency of the State Council with the aproval of the State Council, and the specific measures

for administration shal be developed by the securities regulatory agency of the State Council.

To undertake a public ofering of depositary receipts, a company shal met the conditions for an IPO of

new shares and other conditions prescribed by the securities regulatory agency of the State Council.

Article 13 To undertake a public ofering of new shares, a company shal submit an aplication for the

public ofering and the folowing documents:

(1) The busines license of the company.

(2) The bylaws of the company.

• ‘ meting.

(4) The prospectus or other public ofering documents.

(5) The financial acounting reports.

(6) A statement including the name and adres of the bank that receives payments for the shares on

behalf of the company.

Where a sponsor is apointed acording to the provisions of this Law, a sponsor leter for the ofering

isued by the sponsor shal also be submited. If underwriting is conducted acording to the provisions of

this Law, the name of each underwriting institution and the relevant agrements shal also be submited.

Article 14 A company must use the proceds from a public ofering of stock for the purposes of ofering

proceds set out in the prospectus or other public ofering documents; and any change of the purposes of

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ofering proceds must be subject to a resolution of the shareholders’ meting. If the purposes of ofering

proceds are changed, and the change remains uncorected or is not recognized by the shareholders’

meting, the company shal not undertake any public ofering of new shares.

Article 15 To undertake a public ofering of corporate bonds, a company shal met the folowing

conditions:

(1) It has a sound and wel-functioning organizational structure.

(2) Its average distributable profits in the last thre years are suficient for payment of one-year interest

on the corporate bonds.

(3) Other conditions prescribed by the State Council.

The proceds from a public ofering of corporate bonds must be used for the purposes of ofering

proceds set out in the prospectus for the corporate bonds; and any change of the purposes of ofering

proceds must be subject to the resolution of the bondholders’ meting. The proceds from a public

ofering of corporate bonds shal not be used for covering loses and non-operating expenditures.

To ofer corporate bonds convertible into stock, a listed company shal, in adition to meting the

conditions prescribed in paragraph 1 of this article, comply with the provision of paragraph 2 of Article

12 of this Law, unles, acording to the prospectus for the corporate bonds, the listed company acquires

its own shares for conversion of the corporate bonds.

Article 16 To aply for a public ofering of corporate bonds, the aplicant shal submit the folowing

documents to the department authorized by the State Council or the securities regulatory agency of the

State Council:

(1) The busines license of the company.

(2) The bylaws of the company.

(3) The prospectus for the corporate bonds.

(4) Other documents prescribed by the department authorized by the State Council or the securities

regulatory agency of the State Council.

Where a sponsor is apointed acording to the provisions of this Law, a sponsor leter for the ofering

isued by the sponsor shal also be submited.

Article 17 Under any of the folowing circumstances, no public ofering of corporate bonds may be

undertaken again:

(1) There is any fact of default on publicly ofered corporate bonds or other obligations outstanding or

fact of defered interest payment or repayment of principal, and the fact continues.

(2) The purposes of proceds from a public ofering of corporate bonds are changed in violation of this

Law.

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Article 18 The formats of the aplication documents submited by an isuer for a public ofering of

securities in acordance with the law and the maners of submision shal be prescribed by the agency or

department in charge of registration in acordance with the law.

Article 19 The aplication documents for an ofering of securities submited by an isuer shal fuly

disclose the requisite information for investors to make value judgments and investment decisions, with

the contents being true, acurate, and complete.

Securities service institutions and persons that isue relevant documents for an ofering of securities

must strictly perform their statutory duties, and guarante the veracity, acuracy, and completenes of

the isued documents.

Article 20 An isuer which aplies for an IPO of stock shal, after submiting the aplication documents,

pre-disclose the relevant aplication documents acording to the rules of the securities regulatory agency

of the State Council.

Article 21 The securities regulatory agency of the State Council or the department authorized by the

State Council shal be responsible for the registration of securities ofering aplications acording to

statutory conditions. The specific measures for the registration of public oferings of securities shal be

developed by the State Council.

Acording to the provisions isued by the State Council, a stock exchange, among others, may examine

an aplication for a public ofering of securities, make a judgment on whether the isuer mets the

ofering conditions and information disclosure requirements, and urge the isuer to improve the content

of information disclosure.

The persons participating in the registration of a securities ofering aplication acording to the

provisions of the preceding two paragraphs shal not have any interest in conection with the ofering

aplicant, shal not directly or indirectly acept any gifts from the ofering aplicant, shal not hold any

securities ofered in the ofering aplication for registration, and shal not have any private contact with

the ofering aplicant.

Article 22 The securities regulatory agency of the State Council or the department authorized by the

State Council shal, within thre months of acepting the aplication documents for an ofering of

securities, make a decision to grant or refuse registration acording to statutory conditions and statutory

procedures, excluding the time for the isuer to suplement and amend its ofering aplication

documents as required. If the registration is refused, the reasons for refusal shal be stated.

Article 23 After a securities ofering aplication is registered, the isuer shal, in acordance with the

provisions of laws and administrative regulations, anounce the public ofering documents before

comencing the public ofering of securities, and place such documents at a designated place for public

inspection.

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Before any information on an ofering of securities is publicly disclosed in acordance with the law, no

insider may publicly disclose or divulge such information.

The isuer shal not ofer any securities before anouncing the public ofering documents.

Article 24 Where the securities regulatory agency of the State Council or the department authorized by

the State Council discovers that an ofering of securities registered upon its decision fails to met

statutory conditions or statutory procedures, it shal revoke the ofering registration decision and order

the isuer to cease the ofering, if no securities have ben ofered. If securities have ben ofered but not

ben listed, it shal revoke the ofering registration decision, and the isuer shal refund the sum of the

ofering price and the interest thereon calculated at the bank deposit rate over the same period to the

holders of securities; and the isuer’s controling shareholder and actual controler and the sponsor shal

be jointly and severaly liable with the isuer, unles they are able to prove that they have no fault.

Where a stock isuer conceals any material fact or falsifies any major content in the prospectus and other

securities ofering documents, if the stock has ben ofered and listed, the securities regulatory agency of

the State Council may order the isuer to repurchase the securities or order the liable controling

shareholder and actual controler to buy back the securities.

Article 25 After an ofering of stock is consumated in acordance with the law, the isuer shal be

independently responsible for changes in its operations and earnings; and the investment risks resulting

from such changes shal be asumed by investors themselves.

Article 26 Where the securities ofered by an isuer to unspecific oferes shal be underwriten by a

securities company as provided by any law or administrative regulation, the isuer shal enter into an

underwriting agrement with the securities company. The securities shal be underwriten in the maner

of best-eforts underwriting or firm-comitment or standby underwriting.

Best-eforts underwriting of securities is a maner of underwriting in which a securities company sels

securities on behalf of the isuer and returns al unsold securities to the isuer at the end of the

underwriting period.

Firm-comitment or standby underwriting of securities is a maner of underwriting in which a

securities company, under an agrement, purchases al the securities ofered by the isuer or purchases

al the remaining unsold securities itself at the end of the underwriting period.

Article 27 In a public ofering of securities, the isuer shal have the autonomy to legaly select a

securities company to underwrite its securities.

Article 28 To underwrite securities, a securities company shal enter into a best-eforts underwriting

agrement or a firm-comitment or standby underwriting agrement with the isuer, specifying the

folowing maters:

• ‘s legal representative.

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• , quantity, amount, and ofering price of securities underwriten on a best-eforts or on a

firm-comitment or standby basis.

(3) The term of best-eforts underwriting or firm-comitment or standby underwriting and the

begining and ending dates.

(4) The methods and date of payment for best-eforts underwriting or firm-comitment or standby

underwriting.

(5) The expenses and setlement methods for best-eforts underwriting or firm-comitment or standby

underwriting.

(6) The liability for a breach of contract.

(7) Other maters prescribed by the securities regulatory agency of the State Council.

Article 29 A securities company which underwrites securities shal check the veracity, acuracy, and

completenes of the public ofering documents. If it discovers any false or misleading statement or

material omision, it shal not conduct any sales activity; and if the securities are being sold, it shal

imediately cease any sales activity, and take corective measures.

A securities company which underwrites securities shal not:

• ;

• ; and

(3) otherwise violate the provisions on securities underwriting.

Where any conduct of a securities company set out in the preceding paragraph causes any los to any

other securities underwriting institution or investors, it shal be liable in damages in acordance with the

law.

Article 30 Where an underwriting syndicate is apointed to underwrite an ofering of securities to

unspecific oferes, the underwriting syndicate shal consist of securities companies as the lead

underwriter and participating underwriters.

Article 31 The term of best-eforts underwriting or firm-comitment or standby underwriting shal not

exced 90 days.

A securities company shal, during the term of best-eforts underwriting or firm-comitment or standby

underwriting, guarante that the securities underwriten are sold first to subscribers, and the securities

company shal not, for itself, reserve any securities underwriten on a best-eforts basis or pre-purchase

and set aside any securities underwriten on a firm-comitment or standby basis.

Article 32 Where any stock is ofered at a premium, the ofering price shal be determined by

consultations betwen the isuer and the securities company underwriting the stock.

Article 33 Where, in the case of a stock ofering on a best-eforts basis, the number of shares of the stock

sold to investors fails to reach 70% of the number of shares of the stock to be ofered to the public after

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the term of best-eforts underwriting expires, the ofering shal be demed a failed ofering. The isuer

shal refund the sum of the ofering price and the interest thereon calculated at the bank deposit rate over

the same period to subscribers for the stock.

Article 34 Upon expiration of the term of best-eforts underwriting or firm-comitment or standby

underwriting of a public ofering of stock, the isuer shal report the stock ofering information to the

securities regulatory agency of the State Council for recordation during the prescribed period.

Chapter I Trading in Securities

Section 1 General Rules

Article 35 The securities legaly purchased and sold by the parties to transactions in securities must be

securities legaly ofered and delivered.

Securities not legaly ofered shal not be purchased or sold.

Article 36 Where the Company Law of the People’s Republic of China or any other law prescribes a

period during which any securities legaly ofered is restricted from being transfered, such securities

shal not be transfered during the prescribed period.

A shareholder holding 5% or more of the shares of stock, the actual controler, a director, a supervisor,

or an oficer of a listed company or any other shareholder holding any shares ofered by the isuer before

its IPO or shares ofered by a listed company to specific oferes which transfers any shares that it holds

in the company shal not violate the provisions of laws and administrative regulations and the provisions

isued by the securities regulatory agency of the State Council on the holding period, time of seling,

number of shares sold, methods of seling, and information disclosure, among others, and shal comply

with the busines rules of the stock exchange.

Article 37 Publicly ofered securities shal be listed and traded on stock exchanges legaly formed or be

traded on other national securities trading venues aproved by the State Council.

Non-publicly ofered securities may be transfered on stock exchanges, other national securities trading

venues aproved by the State Council, and regional equities markets formed acording to the provisions

isued by the State Council.

Article 38 Securities listed on stock exchanges shal be traded in the form of open and centralized

trading or other forms aproved by the securities regulatory agency of the State Council.

Article 39 The securities purchased and sold by the parties to transactions in securities may be in a paper

form or other forms prescribed by the securities regulatory agency of the State Council.

Article 40 Practitioners of securities trading venues, securities companies, and securities depository and

clearing institutions, staf members of securities regulatory agencies, and other persons prohibited by

any law or administrative regulation from participating in stock trading shal not, during their terms of

ofice or the statutory periods, hold, purchase, or sel any stock or other equity securities directly, in any

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asumed name, or in the name of any other person or acept any stock or other equity securities from

any other person as a gift.

Upon becoming a person set out in the preceding paragraph, anyone must transfer in acordance with the

law the shares or other equity securities that he or she holds.

Practitioners of a securities company implementing an equity incentive plan or an employe stock

ownership plan may, acording to the rules of the securities regulatory agency of the State Council, hold

and sel the company’s stock or other equity securities.

Article 41 Securities trading venues, securities companies, securities depository and clearing institutions,

securities service institutions, and their staf members shal kep the information on investors

confidential in acordance with the law, and shal not ilegaly purchase, sel, suply, or disclose

publicly any information on investors.

Securities trading venues, securities companies, securities depository and clearing institutions, securities

service institutions, and their staf members shal not divulge any trade secrets to which they have aces.

Article 42 Securities service institutions and persons that isue documents such as audit reports and legal

opinions for an ofering of securities shal not purchase or sel such securities during the term of

underwriting of such securities and six months after the expiration thereof.

In adition to the provision of the preceding paragraph, securities service institutions and persons that

isue documents such as audit reports and legal opinions for the isuer and its controling shareholder

and actual controler, the acquirer, or the parties to a material aset transaction shal not purchase or sel

such securities from the date of acepting engagement to the fifth day after the aforesaid documents are

disclosed to the public. If the date on which the relevant work aforesaid is actualy caried out is earlier

than the date on which engagement is acepted, they shal not purcxase or sel such securities from the

date on which the relevant work aforesaid is actualy caried out to the fifth day after the aforesaid

documents are disclosed to the public.

Article 43 The charges colected for transactions in securities must be reasonable, and the fe items, fe

rates, and management measures shal be published.

Article 44 Where a shareholder holding 5% or more of the shares of stock, a director, a supervisor, or an

oficer of a listed company or a company with its stock traded on any other national securities trading

venue aproved by the State Council sels any stock or other equity securities that it holds in the

company within six months after its purchase thereof or purchases the stock or other equity securities

within six months after its sale thereof, the profits therefrom shal be owned by the company, and the

board of directors of the company shal take back such profits, except for a securities company holding

5% or more of the shares of stock as a result of purchasing the remaining unsold stock underwriten by it

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on a firm-comitment or standby basis or under any other circumstances prescribed by the securities

regulatory agency of the State Council.

The stock or other equity securities held by a director, a supervisor, an oficer, or a natural person

shareholder as mentioned in the preceding paragraph shal include the stock or other equity securities

held by his or her spouse, parents, and children and held through any other person’s acount.

Where the board of directors of the company fails to take action acording to the provision of paragraph

1 of this article, the shareholders shal have the right to require the board of directors to take action

within 30 days. If the board of directors of the company fails to take action during the aforesaid period, a

shareholder shal have the right to directly institute an action in the people’s court in its own name in the

interest of the company.

Where the board of directors of the company fails to take action acording to the provision of paragraph

1 of this article, the liable directors shal be jointly and severaly liable in acordance with the law.

Article 45 Algorithmic trading executed based on trade orders automaticaly generated or placed by

computer programs shal comply with the rules of the securities regulatory agency of the State Council,

and be reported to the stock exchange, and shal not afect the system security or the normal trading

order of the stock exchange.

Section 2 Listing of Securities

Article 46 For securities to be listed and traded on a stock exchange, an aplication shal be filed with

the exchange, the exchange shal examine and decide whether to grant the aplication in acordance

with the law, and both parties shal enter into a listing agrement.

A stock exchange shal arange for government bonds to be listed and traded on the exchange acording

to the decision of the department authorized by the State Council.

Article 47 An aplication for securities to be listed and traded on a stock exchange shal met the listing

conditions prescribed in the listing rules of the exchange.

The listing conditions prescribed in the listing rules of a stock exchange shal set forth the requirements

for the isuer’s years of operation, financial condition, minimum ratio of public ofering, corporate

governance, and integrity record, among others.

Article 48 Where a security listed and traded on a stock exchange fals under any of the delisting

circumstances prescribed by the stock exchange, the stock exchange shal delist the security acording to

its busines rules.

Where a stock exchange decides to delist a security on the stock exchange, it shal anounce the

delisting in a timely maner, and file a report with the securities regulatory agency of the State Council

for recordation.

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Article 49 An aplication may be filed with the review body formed by a stock exchange for a review of

the stock exchange’s decision to refuse listing or delist.

Section 3 Prohibited Transactions

Article 50 Insiders and persons who have ilegaly obtained insider information are prohibited from

trading in securities based on insider information.

Article 51 Insiders include:

• , supervisors, and oficers;

• % or more of the shares of stock of the company and its directors, supervisors,

and oficers; and the actual controler of the company and its directors, supervisors, and oficers;

(3) a company of which the isuer holds controling shares or over which the isuer exercises actual

control and its directors, supervisors, and oficers;

(4) persons who may obtain insider information on the company by virtue of their positions held in the

company or their busines asociations with the company;

(5) the acquirer of or a party to a material aset transaction with a listed company and its controling

shareholder, actual controler, directors, supervisors, and oficers;

• , securities company, securities depository and

clearing institution, or securities service institution who may obtain insider information by virtue of their

positions or work;

(7) staf members of securities regulatory agencies who may obtain insider information by virtue of their

duties or work;

(8) staf members of the apropriate departments and regulatory agencies who may obtain insider

information in administering the oferings of and trading in securities or administering listed companies

and acquisitions of and material aset transactions with listed companies by virtue of their statutory

duties; and

(9) other persons who may obtain insider information prescribed by the securities regulatory agency of

the State Council.

Article 52 Non-public information relating to an isuer’s operations and finances or having a significant

efect on the market prices of securities of an isuer shal be insider information in securities trading

activities.

Insider information includes the material events set out in paragraph 2 of Article 80 and paragraph 2 of

Article 81 of this Law.

Article 53 Insiders and persons who have ilegaly obtained insider information may not purchase or sel

the securities of the company, divulge such information, or advise any other person to purchase or sel

such securities, before the public disclosure of such insider information.

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Where this Law provides otherwise for the acquisition of the shares of stock of a listed company by a

natural person, a legal person, or an unincorporated organization holding 5% or more of the shares of

stock of the company alone or jointly with others through agrements and other arangements, such

provisions shal prevail.

Whoever trades in securities based on insider information shal be liable in damages in acordance with

the law, if the insider trading causes any los to investors.

Article 54 Practitioners of securities trading venues, securities companies, securities depository and

clearing institutions, securities service institutions, and other financial institutions, as wel as staf

members of the relevant regulatory agencies or industry asociations, shal be prohibited from trading in

securities in conection with any non-public information other than insider information obtained by

taking advantage of their positions or from explicitly or implicitly instructing any other person to

conduct the relevant trading activities in violation of the aplicable provisions.

Whoever trades in securities based on non-public information shal be liable in damages in acordance

with the law, if the trading causes any los to investors.

Article 55 Manipulation of the securities market to afect or atempt to afect the trading price or volume

of securities by any person by any of the folowing means shal be prohibited:

• , concentrating advantages in terms of funds, shareholding, or information to

purchase or sel securities jointly or continuously.

(2) Coluding with any other person to trade in securities mutualy at the time and price and in the

maner as agred upon in advance.

• ‘s actual control.

• , not for the purpose of consumation of

trades.

• , by using false or uncertain material information.

• , forecast, or investment advice on a security or the isuer

but trading in the security in the oposite direction.

(7) Manipulating the securities market by activities on any other relevant market.

(8) Otherwise manipulating the securities market.

Whoever manipulates the securities market shal be liable in damages in acordance with the law, if the

manipulation causes any los to investors.

Article 56 No entity or individual shal fabricate or diseminate false or misleading information to

disrupt the securities market.

Securities trading venues, securities companies, securities depository and clearing institutions, securities

service institutions, and their practitioners, as wel as securities asociations, securities regulatory

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agencies, and their staf members, shal be prohibited from misrepresentation or provision of misleading

information in securities trading activities.

The securities market information diseminated by any comunications media must be true and

objective, and the disemination of misleading information shal be prohibited. The comunications

media and their staf members engaged in the coverage of securities market information shal not

purchase or sel securities with conflicts of interest in conection with their work duties.

Whoever fabricates or diseminates false or misleading information to disrupt the securities market shal

be liable in damages in acordance with the law, if it causes any los to investors.

Article 57 A securities company and its practitioners shal be prohibited from the folowing conduct that

causes damage to clients’ interests:

• ‘s authorization.

(2) Failing to provide a client with trade confirmation documents during the prescribed period.

• ‘s authorization or purchasing or seling

securities in the guise of a client.

(4) Inducing a client to conduct unwaranted purchases and sales of securities in order for comisions

revenue.

• ‘s interests, against the client’s true declaration of intent.

Whoever violates the provision of the preceding paragraph shal be liable in damages in acordance with

the law, if the violation causes any los to a client.

Article 58 No entity or individual shal, in violation of the aplicable provisions, lend the entity’s or

individual’s own securities acount or borow any other person’s securities acount for trading in

securities.

Article 59 The chanels for funds to flow into the securities market shal be broadened in acordance

with the law, and funds shal be prohibited from flowing into the stock market in violation of the

aplicable provisions.

Investors shal be prohibited from using fiscal and bank credit funds to purchase and sel securities in

violation of the aplicable provisions.

Article 60 In purchasing and seling stocks listed and traded on a stock exchange, wholy state-owned

enterprises, wholy state-owned companies, and companies in which the state holds controling shares

must comply with the aplicable provisions isued by the state.

Article 61 Securities trading venues, securities companies, securities depository and clearing institutions,

securities service institutions, and their practitioners shal report any prohibited transactions discovered

in securities trading to the securities regulatory agencies in a timely maner.

Chapter IV Acquisition of Listed Companies

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Article 62 An investor may acquire a listed company by tender ofer, agrement, or other lawful means.

Article 63 Where the ratio of the outstanding voting shares of a listed company held by an investor alone

or jointly with others through agrements and other arangements reaches 5% by securities trading on a

stock exchange, the investor shal, within thre days after the fact ocurs, file a writen report with the

securities regulatory agency of the State Council and the stock exchange, notify the listed company, and

anounce it, and shal no longer purchase or sel the stock of the listed company during the aforesaid

period, except under the circumstances prescribed by the securities regulatory agency of the State

Council.

After the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly

with others through agrements and other arangements reaches 5%, whenever the investor increases or

decreases its holding of the outstanding voting shares of the listed company by 5%, it shal report and

anounce the increase or decrease acording to the provision of the preceding paragraph, and from the

day when the fact ocurs to the third day after its anouncement, shal no longer purchase or sel the

stock of the listed company, except under the circumstances prescribed by the securities regulatory

agency of the State Council.

After the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly

with others through agrements and other arangements reaches 5%, whenever the investor increases or

decreases its holding of the outstanding voting shares of the listed company by 1%, it shal notify the

listed company of and anounce the increase or decrease on the next day after the fact ocurs.

If the investor purchases any voting shares of the listed company in violation of the provision of

paragraph 1 or 2 of this article, it shal not exercise the voting rights atached to the shares in exces of

the prescribed ratio within 36 months after purchasing them.

Article 64 The anouncement made acording to the provisions of the preceding article shal include:

(1) The name and domicile of the stockholder.

(2) The title and number of shares of the stock held.

(3) The date when the shareholding or the increase or decrease in shareholding reaches the statutory ratio

and the source of funds for the increase in shareholding.

(4) The time and maner of change in the voting shares beneficialy owned in the listed company.

Article 65 Where the ratio of the outstanding voting shares of a listed company held by an investor alone

or jointly with others through agrements and other arangements reaches 30% by securities trading on a

stock exchange, and the investor continues to acquire such shares, it shal, in acordance with the law,

make a tender ofer to al the shareholders of the listed company for acquiring al or part of the shares of

the listed company.

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It shal be agred in a tender ofer for acquiring part of the shares of a listed company that if the number

of shares tendered by the shareholders of the target company exceds the number of shares to be

acquired, the acquirer shal acquire the shares on a pro rata basis.

Article 66 To make a tender ofer acording to the provisions of the preceding article, the acquirer must

anounce a report on the acquisition of the listed company, stating:

• ;

• ;

• ;

• ;

• ;

• ;

• ; and

(8) the ratio of the shares of the target company held by the acquirer to the total outstanding shares of the

company when the report on the acquisition of the listed company is anounced.

Article 67 The acquisition period as agred upon in a tender ofer shal not be les than 30 days but not

exced 60 days.

Article 68 Within the tendering period prescribed in a tender ofer, the acquirer may not withdraw its

tender ofer. If the acquirer neds to modify the tender ofer, it shal anounce it in a timely maner,

stating the specific modifications, which, however, shal not contain the folowing circumstances:

(1) Lowering the acquisition price.

(2) Reducing the number of shares to be acquired.

(3) Shortening the acquisition period.

(4) Other circumstances prescribed by the securities regulatory agency of the State Council.

Article 69 The acquisition terms and conditions in a tender ofer shal aply to al the shareholders of the

target company.

Where a listed company has diferent clases of shares outstanding, the acquirer may propose diferent

acquisition conditions for diferent clases of shares.

Article 70 In the case of acquisition by a tender ofer, during the acquisition period, the acquirer shal

neither sel the stock of the target company nor purchase the stock of the target company beyond the

maners and the terms and conditions prescribed in the tender ofer.

Article 71 In the case of acquisition by agrement, the acquirer and the shareholders of the target

company may agre on share transfer in acordance with the provisions of laws and administrative

regulations.

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In the acquisition of a listed company by agrement, the acquirer must, within thre days after the

acquisition agrement is signed, file a writen report on the acquisition agrement with the securities

regulatory agency of the State Council and the stock exchange, and anounce it.

No acquisition agrement may be performed before the aforesaid anouncement is made.

Article 72 In the case of acquisition by agrement, both parties to the agrement may temporarily engage

a securities depository and clearing institution to place the shares transfered by agrement under its

custody, and deposit the funds at the designated bank.

Article 73 In the case of acquisition by agrement, where the ratio of the outstanding voting shares of a

listed company acquired by the acquirer alone or jointly with others through agrements and other

arangement reaches 30%, and the acquirer continues to acquire such shares, it shal, in acordance with

the law, make a tender ofer to al the shareholders of the listed company for acquiring al or part of the

shares of the listed company, unles it is exempted from the tender ofer acording to the rules of the

securities regulatory agency of the State Council.

In the acquisition of the shares of a listed company by a tender ofer acording to the provision of the

preceding paragraph, the acquirer shal comply with the provisions of paragraph 2 of Article 65 and

Articles 66 through 70 of this Law.

Article 74 Where, upon expiration of the acquisition period, the equity distribution of the target

company fails to satisfy the listing and trading requirements prescribed by the stock exchange, the stock

of the listed company shal be delisted by the stock exchange in acordance with the law; and the other

shareholders stil holding the stock of the target company shal have the right to sel their stock to the

acquirer on the same terms and conditions as prescribed in the tender ofer, and the acquirer shal

acquire such stock.

Where, after acquisition is consumated, the target company no longer mets the conditions for a joint-

stock company, its enterprise form shal be modified in acordance with the law.

Article 75 In the acquisition of a listed company, the stock of the target listed company held by the

acquirer shal not be transfered within 18 months after acquisition is consumated.

Article 76 Where, after acquisition is consumated, the acquirer merges with the target company by

disolving the target company, the original shares of the disolved company shal be replaced by the

acquirer in acordance with the law.

After acquisition is consumated, the acquirer shal, within 15 days, file a report on the acquisition with

the securities regulatory agency of the State Council and the stock exchange, and anounce it.

Article 77 The securities regulatory agency of the State Council shal, in acordance with this Law,

develop the specific measures for the acquisition of listed companies.

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Where a listed company is divided or merged into any other company, it shal be reported to the

securities regulatory agency of the State Council and anounced.

Chapter V Information Disclosure

Article 78 An isuer and other persons with information disclosure obligations as prescribed by laws,

administrative regulations, and the rules of the securities regulatory agency of the State Council shal, in

acordance with the law, perform their information disclosure obligations in a timely maner.

The information disclosed by persons with information disclosure obligations shal be true, acurate,

complete, concise, clear, and easy to understand, and shal not contain any false or misleading

statements or material omisions.

Where any securities are publicly ofered and traded both within and outside China, the information

disclosed outside China by persons with information disclosure obligations shal be contemporaneously

disclosed within China.

Article 79 A listed company, a company with its corporate bonds listed and traded on a stock exchange,

or a company with its stock traded on any other national securities trading venue aproved by the State

Council shal prepare periodical reports acording to the contents and formats prescribed by the

securities regulatory agency of the State Council and the trading venue, and file and anounce them

acording to the folowing provisions:

• , in

which dhe anual financial acounting report shal be audited by an acounting firm in compliance with

the provisions of this Law.

(2) Filing and anouncing its semianual report within two months after the end of the first half of each

acounting year.

Article 80 Where any material event that may substantialy afect the trading price of the stock of a listed

company or a company with its stock traded on any other national securities trading venue aproved by

the State Council ocurs without the investors’ knowledge, the company shal imediately file a curent

report on the material event with the securities regulatory agency of the State Council and the trading

venue, and anounce it, stating the cause of the event, curent status, and posible legal consequences.

The folowing maters are the material events as mentioned in the preceding paragraph:

• ‘s busines guidelines or busines scope.

• , the company’s purchase or sale of major asets within

one year exceds 30% of the company’s total asets, or the company’s major operating asets mortgaged,

pledged, sold, or retired at one time exceds 30% of the asets.

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• , provides any material guarante, or conducts any

afiliated transaction, which may have a significant efect on the company’s asets, liabilities, interests,

and results of operations.

(4) The company incurs any major debt or defaults for failing to repay any major debt upon maturity.

(5) The company sufers any major deficit or serious los.

• ‘s production and operations.

• ‘s directors, one third or more of the company’s supervisors or

managers change, or the chairman of the board of directors or managers are unable to perform duties.

• % or more of the

shares of the company or in the actual controler’s control of the company, or there is any substantial

change in the busines of the company’s actual controler and other enterprises controled by it which is

the same as or similar to that of the company.

• , there is any material

change in the company’s equity structure, the company makes a decision on its capital reduction, merger,

division, disolution, or petition for bankruptcy, or in acordance with the law, the company enters

bankruptcy procedings or is ordered to close down.

• , or a resolution of the shareholders’

meting or the board of directors is legaly revoked or declared nul and void.

• , or

the controling shareholder, the actual controler, or any director, supervisor, or oficer of the company is

subjected to any compulsory measure in acordance with the law on suspicion of any crime.

(12) Other maters prescribed by the securities regulatory agency of the State Council.

Where the company’s controling shareholder or actual controler has a significant efect on the

ocurence or progres of any material event, it shal, in a timely maner and in writen form, provide

the relevant information in its knowledge to the company, and coperate with the company in

performing information disclosure obligations.

Article 81 Where any material event that may substantialy afect the trading price of a corporate bond

listed and traded on a stock exchange ocurs without the investors’ knowledge, the company shal

imediately file a curent report on the material event with the securities regulatory agency of the State

Council and the trading venue, and anounce it, stating the cause of the event, its curent status, and

posible legal consequences.

The folowing maters are the material events as mentioned in the preceding paragraph:

• ‘s equity structure or status of production and operations.

(2) The credit rating of the corporate bond changes.

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• , pledged, sold, transfered, or retired.

(4) The company fails to repay any debt upon maturity.

• ‘s new borowings or external guarantes exced 20% of its net asets at the end of the

prior year.

• % of its net asets at the end of the prior

year.

• % of its net asets at the end of the prior year.

• , makes a decision on its capital reduction, merger, division,

disolution, or petition for bankruptcy, or in acordance with the law, enters bankruptcy procedings or

is ordered to close down.

(9) The company is involved in any major litigation or arbitration.

• , or

the controling shareholder, the actual controler, or any director, supervisor, or oficer of the company is

subjected to any compulsory measure in acordance with the law on suspicion of any crime.

(11) Other maters prescribed by the securities regulatory agency of the State Council.

Article 82 An isuer’s directors and oficers shal sign writen confirmation opinions regarding the

securities ofering documents and periodical reports.

The isuer’s board of supervisors shal examine the securities ofering documents and periodical reports

prepared by the board of directors, and isue writen examination opinions. Supervisors shal sign

writen confirmation opinions.

The isuer’s directors, supervisors, and oficers shal ensure that the isuer discloses information in a

timely and fair maner and the information disclosed is true, acurate, and complete.

Directors, supervisors, and oficers who are unable to ensure the veracity, acuracy, and completenes of

the content of securities ofering documents and periodical reports or have raised any objections shal

expres their opinions and state reasons in the writen confirmation opinions, which shal be disclosed by

the isuer. If the isuer fails to make such disclosure, they may directly aply for disclosure.

Article 83 The information disclosed by persons with information disclosure obligations shal be

disclosed contemporaneously to al the investors, and shal not be divulged to any entity or individual in

advance, except as otherwise provided by any law or administrative regulation.

No entity or individual shal ilegaly require persons with information disclosure obligations to provide

information that shal be disclosed in acordance with the law but has not ben disclosed. The aforesaid

information obtained by any entity or individual in advance shal be kept confidential prior to disclosure

in acordance with the law.

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Article 84 In adition to the information that shal be disclosed in acordance with the law, persons with

information disclosure obligations may voluntarily disclose information related to an investor’s value

judgment and investment decision-making, but such information shal not contradict the information

disclosed in acordance with the law or mislead investors.

Where an isuer and its controling shareholder, actual controler, directors, supervisors, and oficers,

among others, make any undertakings publicly, such undertakings shal be disclosed. Those failing to

perform such undertakings shal be liable in damages in acordance with the law, if the failure causes

any los to investors.

Article 85 Where any persons with information disclosure obligations fail to disclose information

acording to the aplicable provisions, or there are any false or misleading statements or material

omisions in the anounced securities ofering documents, periodical reports, curent reports, and other

information disclosure materials, causing any los to investors in securities trading, the persons with

information disclosure obligations shal be liable in damages; and the controling shareholder, actual

controler, directors, supervisors, oficers, and other directly liable persons of the isuer and the sponsor,

underwriting securities company, and their directly liable persons shal be jointly and severaly liable in

damages with the isuer, unles they are able to prove that they have no fault.

Article 86 The information disclosed in acordance with the law shal be published on the websites of

securities trading venues and media meting the conditions prescribed by the securities regulatory

agency of the State Council, and be contemporaneously placed at the domiciles of companies and

trading venues for securities for public inspection.

Article 87 The securities regulatory agency of the State Council shal supervise and administer the

information disclosure conduct of persons with information disclosure obligations.

A securities trading venue shal supervise the information disclosure conduct of persons with

information disclosure obligations on securities traded under its organization, and urge them to legaly

disclose information in a timely and acurate maner.

Chapter VI Investor Protection

Article 88 In seling securities and providing services to investors, a securities company shal, acording

to the aplicable provisions, suficiently gather the basic information on investors and their property

status, financial aset status, investment knowledge and experience, profesional capability, and other

relevant information; truthfuly explain the important content of securities and services, and fuly reveal

investment risks; and sel and provide securities and services comensurate with the aforesaid status of

investors.

In purchasing securities or acepting services, investors shal provide true information set out in the

preceding paragraph acording to the explicit requirements of the securities company. If any investor

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refuses to provide information or fails to provide information as required, the securities company shal

inform the investor of the consequences, and acording to the a`plicable provisions, refuse to sel

securities or provide services to the investor.

A securities company which violates the provision of paragraph 1 of this article shal be liable in

damages corespondingly, if the violation causes any los to investors.

Article 89 Investors may be divided into ordinary investors and profesional investors acording to aset

status, financial aset status, investment knowledge and experience, profesional capability, and other

factors. The criteria for profesional investors shal be prescribed by the securities regulatory agency of

the State Council.

Where any ordinary investor is in dispute with a securities company, the securities company shal prove

that its conduct complies with laws, administrative regulations, and the rules of the securities regulatory

agency of the State Council, without misleading, fraudulent, and other circumstances. The securities

company shal be liable in damages corespondingly, if it is unable to prove it.

Article 90 The board of directors, an independent director, or a shareholder holding 1% or more of the

voting shares of a listed company or an investor protection institution formed in acordance with laws,

administrative regulations, or the rules of the securities regulatory agency of the State Council (“investor

protection institution”) may, as a proxy solicitor, publicly request the shareholders of the listed company

to authorize it to atend a shareholders’ meting and exercise the right to submit proposals, right to vote,

and other rights of shareholders on their behalf, or authorize a securities company or a securities service

institution to solicit proxies on its behalf.

To solicit proxies acording to the provision of the preceding paragraph, the solicitor shal disclose

solicitation documents, and the listed company shal provide coperation.

It shal be prohibited to publicly solicit proxies with payments or in a disguised form of payment.

Where any public proxy solicitation violates any law or administrative regulation or the relevant rules of

the securities regulatory agency of the State Council, causing any los to the listed company or its

shareholders, the violator shal be liable in damages in acordance with the law.

Article 91 A listed company shal include in its bylaws the detailed arangements and decision-making

procedures for the distribution of cash dividends, and in acordance with the law, protect their

shareholders’ right to return on asets.

Where a listed company has a surplus after using its after-tax profit of the curent year to make up los

and set aside legal reserves, it shal distribute cash dividends acording to the provisions of the

company’s bylaws.

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Article 92 In a public ofering of corporate bonds, the bondholders’ meting shal be created, and the

procedures for convening bondholders’ metings, the rules of metings, and other important maters shal

be stated in the prospectus.

In a public ofering of corporate bonds, the isuer shal apoint a bond truste for bondholders, and enter

into a trust indenture. The bond truste shal be the underwriting institution for the ofering or any other

institution recognized by the securities regulatory agency of the State Council, and may be modified by a

resolution of the bondholders’ meting. The bond truste shal act with due diligence, and perform

truste duties in an impartial maner, and shal not cause any damage to the interests of bondholders.

Where a bond isuer fails to repay the principal of a bond and interest thereon as scheduled, the bond

truste may, as authorized by al or part of the bondholders, institute or participate in a civil action or a

liquidation proceding in its own name on behalf of the bondholders.

Article 93 Where an isuer’s fraudulent ofering, misrepresentation, or any other major violation of the

law causes any los to investors, the isuer’s controling shareholder and actual controler and the

relevant securities company may authorize an investor protection institution to enter into an agrement

with the agrieved investors on compensation maters, and make compensation in advance. After

making compensation in advance, they may legaly recover such compensation from the isuer and other

jointly and severaly liable persons.

Article 94 Where any dispute arises betwen an investor and an isuer or a securities company, among

others, both parties may aply to an investor protection institution for mediation. A securities company

shal not refuse an ordinary investor’s request for mediation of a dispute betwen them over any

securities busines.

An investor protection institution may, in acordance with the law, suport an investor in instituting an

action in a people’s court against acts damaging investors’ interests.

Where an isuer’s director, supervisor, or oficer violates the provisions of any law or administrative

regulation or the company’s bylaws in performing corporate duties, causing any los to the company, or

where the isuer’s controling shareholder or actual controler, among others, infringes upon the

company’s lawful rights and interests, causing any los to the company, an investor protection institution

may, if holding shares of the company, institute an action in a people’s court in its own name in the

interest of the company, not subject to the provisions of the Company Law of the People’s Republic of

China regarding the shareholding ratio and holding period.

Article 95 Where investors institute civil actions for damages caused by misrepresentation, among others,

related to securities, they may legaly recomend and select representatives to participate in the actions

if the subject maters of the actions are of the same kind and the parties on one side of the actions are

numerous.

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For actions instituted acording to the provision of the preceding paragraph, if there may be many other

investors who have the same claims, the people’s court may isue an anouncement to state the facts of

the case involving the claims and notify investors that they may register with the people’s court during a

certain period. The judgment or ruling rendered by the people’s court shal be valid for the registered

investors.

An investor protection institution may, as authorized by 50 or more investors, participate in actions as a

representative, and acording to the provision of the preceding paragraph, register right holders

confirmed by the securities depository and clearing institution with the people’s court, except for

investors who have expresly indicated their reluctance to participate in the actions.

Chapter VI Securities Trading Venues

Article 96 Stock exchanges and other national securities trading venues aproved by the State Council

shal provide places and facilities for the centralized trading in securities, organize and supervise

securities trading, conduct self-regulation, be legaly registered, and obtain legal person status.

The formation, modification, and disolution of stock exchanges and other national securities trading

venues aproved by the State Council shal be subject to the decision of the State Council.

The organizational structure and the measures for administration, among others, of other national

securities trading venues aproved by the State Council shal be specified by the State Council.

Article 97 Stock exchanges and other national securities trading venues aproved by the State Council

may establish diferent market tiers acording to the type of securities, industry characteristics, company

scale, and other factors.

Article 98 Regional equities markets formed acording to the provisions isued by the State Council

shal provide places and facilities for the ofering and transfer of non-publicly ofered securities, and the

specific measures for administration shal be developed by the State Council.

Article 99 In performing their self-regulatory functions, stock exchanges shal adhere to the principle of

giving priority to public interest, and maintain fair, orderly, and transparent markets.

For the formation of a stock exchange, the bylaws of the stock exchange must be developed. The

development and revision of the bylaws of a stock exchange must be subject to the aproval of the

securities regulatory agency of the State Council.

Article 100 The words “stock exchange” must be indicated in the name of a stock exchange. No other

entity or individual may use “stock exchange” or a similar name.

Article 101 The revenue of a stock exchange from various fes and charges at its disposal shal first be

used to guarante the normal operation and gradual improvement of its places and facilities for securities

trading.

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The acumulated property of a stock exchange which implements a membership system shal belong to

its members, and the rights and interests in such property shal be jointly owned by its members. No

acumulated property of a stock exchange may be distributed to its members during its period of

existence.

Article 102 A stock exchange implementing a membership system shal have a board of governors and a

board of supervisors.

A stock exchange shal have a president, who shal be apointed and removed by the securities

regulatory agency of the State Council.

Article 103 Whoever fals under a circumstance set out in Article 146 of the Company Law of the

People’s Republic of China or any of the folowing circumstances shal not serve as the person in charge

of a stock exchange:

(1) It has not ben five years since he or she was removed from ofice as the person in charge of a

securities trading venue or a securities depository and clearing institution or a director, supervisor, or

oficer of a securities company for any violation of law or discipline.

(2) It has not ben five years since he or she forfeited his or her practicing certificate or was disqualified

as a lawyer, a certified public acountant, or a profesional of any other securities service institution for

any violation of law or discipline.

Article 104 Practitioners of a securities trading venue, a securities company, a securities depository and

clearing institution, or a securities service institution or staf members of a state authority expeled for

any violation of law or discipline shal not be employed as practitioners of a stock exchange.

Article 105 One that enters a stock exchange implementing a membership system to participate in the

centralized trading must be a member of the stock exchange. A stock exchange shal not alow any non-

member to directly participate in the centralized trading in stocks.

Article 106 An investor shal enter into an agrement with a securities company to authorize it to efect

securities transactions on the investor’s behalf, open an acount with the securities company in the

investor’s legal name, and authorize the securities company to purchase and sel securities on the

investor’s behalf, in writing or via telephone, self-service terminals, and the Internet, among others.

Article 107 A securities company which opens acounts for investors shal verify the identity

information provided by investors acording to the aplicable provisions.

A securities company shal not provide an investor’s acount to any other person for use.

An investor shal use the acounts opened in the investor’s legal name to conduct transactions.

Article 108 As authorized by investors, a securities company shal place trade orders and participate in

the centralized trading on a stock exchange acording to the securities trading rules, and asume the

coresponding clearing and setlement liabilities acording to the execution results. A securities

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depository and clearing institution shal, acording to the execution results and clearing and setlement

rules, conduct the clearing and setlement of securities and funds with the securities company, and

handle the formalities of transfer registration of securities for the clients of the securities company.

Article 109 A stock exchange shal provide safeguards for organizing fair centralized trading, publish

real-time quotes of securities traded on the exchange, and prepare and publish securities market data

tables for each trading day.

The rights and interests in the real-time quotes of securities traded on a stock exchange shal be owned

by the stock exchange in acordance with the law. Without the permision of the stock exchange, no

entity or individual may release real-time quotes of securities traded on the stock exchange.

Article 110 A listed company may aply to the stock exchange on which its stock is listed for the

suspension or resumption of trading in the stock, but shal not abuse the trading suspension or

resumption to damage the lawful rights and interests of investors.

A stock exchange may, acording to the provisions of busines rules, decide on the suspension or

resumption of trading in a stock listed on the stock exchange.

Article 111 Where the normal operation of securities trading is afected by a force majeure, an acident,

a major technical failure, a major human eror, or any other emergency, a stock exchange may, for the

purpose of maintaining the normal order of securities trading and market fairnes, take intervention

measures such as technical suspension of trading and temporary market closure acording to busines

rules, but shal file a report with the securities regulatory agency of the State Council in a timely maner.

Where any emergency set out in the preceding paragraph causes significant abnormalities in the results

of securities transactions, and the setlement acording to such results wil have a significant efect on

the normal order of securities trading and market fairnes, the stock exchange may, acording to

busines rules, take measures such as canceling transactions and notifying the securities depository and

clearing institution of postponement of setlement, but shal file a report with the securities regulatory

agency of the State Council and anounce it in a timely maner.

A stock exchange shal not be civily liable in damages for any los caused by the measures taken by it

acording to the provisions of this article, unles it is at gros fault.

Article 112 A stock exchange shal conduct the real-time monitoring of securities transactions, and file

reports on abnormal transactions as required by the securities regulatory agency of the State Council.

A stock exchange may, as neded, restrict, acording to busines rules, the trading of investors with

major abnormal transactions in their securities acounts, but shal file reports with the securities

regulatory agency of the State Council in a timely maner.

Article 113 A stock exchange shal enhance the risk surveilance of securities trading, and in the case of

any significantly abnormal fluctuation, may take intervention measures such as trading restrictions and

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compulsory suspension of trading acording to busines rules, but shal file a report with the securities

regulatory agency of the State Council; and if the stability of the securities market is seriously afected,

may, acording to busines rules, take intervention measures such as temporary market closure, and

anounce it.

A stock exchange shal not be civily liable in damages for any los caused by the measures taken by it

acording to the provision of this article, unles it is at gros fault.

Article 114 A stock exchange shal establish a risk fund, which is composed of funds drawn at certain

percentages of the transaction fes, membership fes, and seat fes colected by it. The risk fund shal be

administered by the board of governors of the stock exchange.

The specific drawing percentages and the use methods for the risk fund shal be prescribed by the

securities regulatory agency of the State Council in conjunction with the finance department of the State

Council.

A stock exchange shal deposit the risk fund into a special acount opened with the bank that maintains

acounts of the stock exchange, and shal not use it without authorization.

Article 115 A stock exchange shal, in acordance with laws and administrative regulations and the rules

of the securities regulatory agency of the State Council, develop its listing rules, trading rules, member

management rules, and other relevant busines rules, and report them to the securities regulatory agency

of the State Council for aproval.

Whoever conducts securities transactions on a stock exchange shal comply with the busines rules

developed by the stock exchange in acordance with the law. The stock exchange shal take disciplinary

action or other self-regulatory measures against those violating its busines rules.

Article 116 In performing duties related to securities trading, the person in charge of or any other

practitioner of a stock exchange shal withdraw, if he or she or any of his or her family members has any

interest in conection with such duties.

Article 117 The results of transactions conducted acording to trading rules developed in acordance

with the law shal not be changed, except under paragraph 2 of Article 111 of this Law. Whoever is

civily liable for any violation of trading rules in trading shal not be exempt from civil liability; and

gains obtained from trading in violation of trading rules shal be handled acording to the aplicable

provisions.

Chapter VI Securities Companies

Article 118 The formation of a securities company shal met the folowing conditions, and be subject to

the aproval of the securities regulatory agency of the State Council.

(1) It has company bylaws in compliance with the provisions of laws and administrative regulations.

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• , have a god integrity

record, and have no record of any major violation of laws and regulations in the last thre years.

(3) Its registered capital complies with the provisions of this Law.

• , supervisors, oficers, and practitioners met the conditions prescribed by this Law.

(5) It has sound risk management and internal control rules.

• , busines facilities, and information technology systems in compliance with

the aplicable provisions.

• , administrative regulations, and the securities regulatory

agency of the State Council with the aproval of the State Council.

No entity or individual may conduct securities busines activities in the name of a securities company

without the aproval of the securities regulatory agency of the State Council.

Article 119 The securities regulatory agency of the State Council shal, within six months of acepting

an aplication for the formation of a securities company, conduct examination acording to statutory

conditions and procedures under the principle of prudential regulation, make a decision to grant or deny

the aplication, and notify the aplicant of its decision; and if it denies the aplication, explain the

reasons for denial.

If an aplication for the formation of a securities company is granted, the aplicant shal aply to the

company registration authority for formation registration during the prescribed period, and obtain a

busines license.

A securities company shal, within 15 days of obtaining its busines license, aply for a securities

busines permit to the securities regulatory agency of the State Council. Without a securities busines

permit, a securities company shal not engage in securities busines.

Article 120 After obtaining a securities busines permit, a securities company may be engaged in part or

al of the folowing securities busines as confirmed by the securities regulatory agency of the State

Council:

(1) Securities brokerage.

(2) Securities investment consulting.

(3) Financial advisory services related to securities trading and securities investment activities.

(4) Securities underwriting and sponsorship.

(5) Securities margin trading.

(6) Securities market making transactions.

(7) Proprietary securities trading.

(8) Other securities busines.

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The securities regulatory agency of the State Council shal, within thre months of acepting an

aplication for confirmation of maters set out in the preceding paragraph, conduct examination

acording to statutory conditions and procedures, make a decision to grant or deny the aplication, and

notify the aplicant of its decision; and if it denies the aplication, explain the reasons for denial.

Securities companies engaged in 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.

No entity, other than securities companies, or individual shal engage in the busines of securities

underwriting, securities sponsorship, securities brokerage, and securities margin trading.

A securities company engaged in the busines of securities margin trading shal take measures to strictly

prevent and control risks, and shal not lend funds or securities to clients in violation of the aplicable

provisions.

Article 121 The minimum registered capital of a securities company shal be 50 milion yuan, if it is

engaged in the busines in subparagraphs (1) through (3), paragraph 1 of Article 120 of this Law; shal

be 100 milion yuan, if it is engaged in the busines in one of subparagraphs (4) through (8) thereof; or

shal be 500 milion yuan, if it is engaged in the busines in two or more of subparagraphs (4) through (8)

thereof. The registered capital of a securities company shal be paid-in capital.

The securities regulatory agency of the State Council may, acording to the principle of prudential

regulation and the risk degre of busines, adjust the amount of minimum registered capital, which,

however, shal not be les than the limit prescribed in the preceding paragraph.

Article 122 A securities company’s modification of its scope of securities busines, modification of its

principal shareholder or actual controler, merger, division, suspension of busines, disolution, or

bankruptcy shal be subject to the confirmation of the securities regulatory agency of the State Council.

Article 123 The securities regulatory agency of the State Council shal specify the net capital and other

risk control indicators of securities companies.

Except the provision of margin trading services to clients acording to the aplicable provisions, a

securities company shal not provide any financing or guarante to its shareholders or the afiliates of its

shareholders.

Article 124 The directors, supervisors, and oficers of a securities company shal have integrity and

honesty, have god character and conduct, be familiar with the laws and administrative regulations on

securities, and have the busines management capability required for the performance of their duties.

The apointment and removal of directors, supervisors, and oficers of a securities company shal be

reported to the securities regulatory agency of the State Council for recordation.

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Whoever fals under a circumstance in Article 146 of the Company Law of the People’s Republic of

China or any of the folowing circumstances shal not serve as a director, supervisor, or oficer of a

securities company:

(1) It has not ben five years since he or she was removed from ofice as the person in charge of a

securities trading venue or a securities depository and clearing institution or a director, supervisor, or

oficer of a securities company for any violation of law or discipline.

(2) It has not ben five years since he or she forfeited his or her practicing certificate or was disqualified

as a lawyer, a certified public acountant, or a profesional of any other securities service institution for

any violation of law or discipline.

Article 125 Employes of a securities company who are engaged in securities busines shal have god

character and conduct, and have the profesional capability required for engaging in securities busines.

Practitioners of a securities trading venue, a securities company, a securities depository and clearing

institution, or a securities service institution and staf members of a state authority expeled for any

violation of law or discipline shal not be employed as practitioners of a securities company.

Staf members of a state authority and other persons prohibited by any law or administrative regulation

from concurently holding a position in a company shal not concurently hold any position in a

securities company.

Article 126 The state shal establish a securities investor protection fund, which is composed of funds

contributed by securities companies and other funds raised in acordance with the law. The specific

measures for the size, raising, administration, and use of the fund shal be developed by the State

Council.

Article 127 A securities company shal draw a trading risk reserve from its anual busines revenue to

cover its los in securities operations, and the specific drawing percentages shal be prescribed by the

securities regulatory agency of the State Council in conjunction with the finance department of the State

Council.

Article 128 A securities company shal establish and improve its internal control rules, and take efective

segregation measures to prevent the conflicts of interest betwen the company and its clients and

betwen diferent clients.

A securities company must separate its operation of securities brokerage, securities underwriting,

proprietary trading in securities, securities market making, and securities aset management busines,

and shal not conduct mixed operation.

Article 129 A securities company must conduct proprietary trading in its own name, and shal not do so

in the guise of any other person or in the name of an individual.

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A securities company must conduct proprietary trading with its own funds and funds raised in

acordance with the law.

A securities company shal not lend its proprietary trading acounts to others for use.

Article 130 A securities company shal operate prudentialy in acordance with the law, with due

diligence, honesty and creditworthines.

The busines activities of a securities company shal be comensurate with its governance structure,

internal control, compliance management, risk management, and risk control indicators, composition of

practitioners, and other conditions, and comply with the requirements for prudential regulation and

protection of the lawful rights and interests of investors.

A securities company shal have operational autonomy in acordance with the law, and its lawful

operations shal not be interfered with.

Article 131 The trading setlement funds of clients of a securities company shal be deposited with a

comercial bank, and be managed in acounts opened separately in the name of each client.

A securities company shal not include the trading setlement funds and securities of its clients in its own

property. No entity or individual may misapropriate in any form a client’s trading setlement funds and

securities. In the case of bankruptcy or liquidation of a securities company, the trading setlement funds

and securities of its clients are not its bankruptcy property or property for liquidation. The clients’

trading setlement funds and securities shal not be placed under seal, frozen, garnished, or subjected to

enforcement, except for a client’s own debt or under any other circumstance prescribed by any law.

Article 132 In conducting brokerage busines, a securities company shal provide uniform powers of

atorney for securities trading for use by clients. If any other form of authorization is adopted,

authorization must be recorded.

Whether any trade is executed or not upon a client’s authorization for securities trading, the record of

authorization from the client shal be preserved at the securities company during the prescribed period.

Article 133 After acepting an authorization for securities trading, a securities company shal, acording

to the title of securities, amount of purchase or sale, type of order, and price range, among others, as

indicated in the power of atorney, purchase or sel securities on behalf of the client acording to trading

rules, and truthfuly record the transactions; and after a trade is executed, prepare a trade confirmation,

and deliver it to the client, acording to the aplicable provisions.

In securities trading, the reconciliation statements confirming the conduct and results of transactions

must be true, ensuring the consistency betwen the bok balance of securities and the securities actualy

held.

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Article 134 In conducting brokerage busines, a securities company shal not acept an unlimited

authorization from a client to decide the purchase or sale of securities, select the types of securities, or

decide the quantity of purchase or sale or the purchase or seling price of securities.

A securities company shal not alow any other person to directly participate in the centralized trading in

securities in the name of the securities company.

Article 135 A securities company shal not make any undertakings to its clients regarding profits from or

compensation for loses from the purchase or sale of securities.

Article 136 Where, in securities trading activities, any practitioner of a securities company violates

trading rules by executing instructions from the securities company or taking advantage of his or her

position, the securities company shal be fuly liable for the violation.

No practitioner of a securities company may privately acept an authorization from a client to purchase

or sel securities.

Article 137 A securities company shal establish a client information inquiry system to ensure that

clients can inquire about their acount information, authorization records, trading records, and other

important information related to the aceptance of services or purchase of products.

A securities company shal properly preserve clients’ acount opening materials, authorization records,

and trading records, and the information related to its internal management and operations, which may

not be concealed, forged, tampered with, or destroyed by any person. The aforesaid information shal be

preserved for a period of not les than 20 years.

Article 138 A securities company shal submit its operational, financial, and other busines management

information and materials to the securities regulatory agency of the State Council acording to the

aplicable provisions. The securities regulatory agency of the State Council shal have the authority to

require a securities company and its principal shareholders and actual controler to provide the relevant

information and materials during a prescribed period.

The information and materials submited or provided by a securities company and its principal

shareholders and actual controler to the securities regulatory agency of the State Council shal be true,

acurate, and complete.

Article 139 The securities regulatory agency of the State Council may, as it dems necesary, engage an

acounting firm or an aset apraisal institution to audit or apraise the financial condition, internal

controls, and aset value of a securities company. The specific measures shal be developed by the

securities regulatory agency of the State Council in conjunction with the apropriate departments.

Article 140 Where the governance structure, compliance management, and risk control indicators of a

securities company fail to comply with the aplicable provisions, the securities regulatory agency of the

State Council shal order it to take corective action during a prescribed period; and if it fails to take

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corective action during the prescribed period or its conduct seriously compromises the sound operation

of the securities company or damages the lawful rights and interests of its clients, the securities

regulatory agency of the State Council may take the folowing measures against it under diferent

circumstances:

• , ordering it to suspend certain busines, and ceasing to confirm any

new busines of it.

(2) Restricting its distribution of dividends and restricting its payment of remuneration or provision of

benefits to its directors, supervisors, and oficers.

(3) Restricting its transfer of property or creation of other rights on its property.

• , supervisors, and oficers or restricting their rights.

(5) Revoking its relevant busines permit.

• , supervisors, and oficers as unfit.

(7) Ordering its liable shareholders to transfer equities and restricting its liable shareholders from

exercising shareholder’s rights.

A securities company shal, after taking corective action, submit a report to the securities regulatory

agency of the State Council. If, upon inspection, the securities regulatory agency of the State Council

determines that the governance structure, compliance management, and risk control indicators comply

with the aplicable provisions, it shal, within thre days after completion of inspection, remove the

restrictive measures prescribed in the preceding paragraph taken against the securities company.

Article 141 Where a shareholder of a securities company makes false capital contribution or fraudulently

withdraws its capital contribution, the securities regulatory agency of the State Council shal order the

shareholder to take corective action within a prescribed period, and may order the shareholder to

transfer its equity held in the securities company.

Before a shareholder prescribed in the preceding paragraph corects its violation of law and transfers its

equity held in the securities company as required, the securities regulatory agency of the State Council

may restrict its rights as shareholder.

Article 142 Where any director, supervisor or oficer of a securities company fails to act with due

diligence, resulting in the securities company’s major violation of law or regulation or major risk, the

securities regulatory agency of the State Council may order the securities company to replace him or her.

Article 143 Where a securities company has any ilegal operation or major risk, which seriously disrupts

the order of the securities market and damages the interests of investors, the securities regulatory agency

of the State Council may take regulatory measures against the securities company, such as ordering it to

cease busines operation for an overhaul, apointing any other institution as administrator or receiver of

it, or abolishing it.

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Article 144 During the period when a securities company ceases busines operation for an overhaul as

ordered, when it is administered or received by an administrator or receiver legaly apointed, or when it

is liquidated, or where any major risk ocurs, the folowing measures may be taken against the directly

liable directors, supervisors, oficers and other directly liable persons of the securities company with the

aproval of the securities regulatory agency of the State Council:

(1) Notifying the exit-entry administrative authorities that their departures from China shal be prevented

in acordance with the law.

• , asigning, or otherwise

disposing of property or creating other rights over the property.

Chapter IX Securities Depository and Clearing Institutions

Article 145 A securities depository and clearing institution is a legaly registered not-for-profit legal

person that provides centralized registration, depository and setlement services for securities trading.

The formation of a securities depository and clearing institution must be subject to the aproval of the

securities regulatory agency of the State Council.

Article 146 For the formation of a securities depository and clearing institution, the folowing conditions

shal be met:

(1) Its own funds are not les than 200 milion yuan.

• , depository and

setlement services.

(3) Other conditions prescribed by the securities regulatory agency of the State Council.

The words “securities depository and setlement” shal be indicated in the name of a securities

depository and clearing institution.

Article 147 A securities depository and clearing institution shal perform the folowing functions:

(1) The opening of securities acounts and setlement acounts.

(2) The deposit and transfer of securities.

(3) The registration of rosters of securities holders.

(4) The clearing and setlement of securities transactions.

(5) The distribution of security entitlements as authorized by isuers.

(6) The provision of inquiry and information services related to the aforesaid busines.

(7) Other busines aproved by the securities regulatory agency of the State Council.

Article 148 The registration and setlement of securities traded on stock exchanges and other national

securities trading venues aproved by the State Council shal adopt a national centralized and unified

operation mode.

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The registration and setlement of securities other than those prescribed in the preceding paragraph may

be handled by an authorized securities depository and clearing institution or other institution providing

securities registration and setlement services in acordance with the law.

Article 149 A securities depository and clearing institution shal, in acordance with the law, develop its

bylaws and busines rules, which are subject to the aproval of the securities regulatory agency of the

State Council. The participants in the securities depository and clearing busines shal comply with the

busines rules developed by the securities depository and clearing institution.

Article 150 Securities traded on stock exchanges or other national securities trading venues aproved by

the State Council shal be al deposited with securities depository and clearing institutions.

A securities depository and clearing institution may not misapropriate the securities of its clients.

Article 151 A securities depository and clearing institution shal provide the rosters of securities holders

and the relevant materials to securities isuers.

A securities depository and clearing institution shal, acording to the result of securities registration and

setlement, confirm the fact that securities holders hold securities, and provide the registration materials

of securities holders.

A securities depository and clearing institution shal guarante the authenticity, acuracy, and

completenes of the rosters of securities holders as wel as registration and transfer records, and shal not

conceal, forge, tamper with, or destroy such materials.

Article 152 A securities depository and clearing institution shal take the folowing measures to

guarante the normal operation of its busines:

(1) It has necesary service equipment and adequate and efective data security protection measures.

• , financial, security protection and other

management rules.

(3) It has established an adequate and efective risk management system.

Article 153 A securities depository and clearing institution shal properly preserve the original

registration, depository and setlement vouchers as wel as the relevant documents and materials, for not

les than 20 years.

Article 154 A securities depository and clearing institution shal establish a securities setlement risk

fund, for making advances for or covering any los incured by the securities depository and clearing

institution from any default at delivery, technical failure, operational failure or force majeure.

The securities setlement risk fund shal be from the busines revenue and gains of the securities

depository and clearing institution, and may include contributions made by clearing participants at a

certain percentage of securities trading volume.

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The measures for raising and managing the securities setlement risk fund shal be developed by the

securities regulatory agency of the State Council in conjunction with the finance department of the State

Council.

Article 155 The securities setlement risk fund shal be deposited into a special acount with a

designated bank, and be subject to special management.

A securities depository and clearing institution shal, after making compensation with the securities

setlement risk fund, recover it from the relevant liable person.

Article 156 A securities depository and clearing institution’s aplication for its disolution shal be

subject to the aproval of the securities regulatory agency of the State Council.

Article 157 An investor that authorizes a securities company to conduct securities transactions on behalf

of the investor shal aply for opening a securities acount at the securities depository and clearing

institution through the securities company. The securities depository and clearing institution shal open

securities acounts for investors acording to the aplicable provisions.

An investor that aplies for opening an acount shal hold credentials legaly proving the investor’s

identity as a citizen, legal person, or partnership of the People’s Republic of China, except as otherwise

specified by the state.

Article 158 Where a securities depository and clearing institution provides securities setlement services

as the central counterparty, it is the comon clearing and setlement counterparty of the clearing

participants, conducts neting, and provides centralized performance guarante for securities transactions.

A securities depository and clearing institution shal, when providing neting services for securities

transactions, require the clearing participants to deliver securities and funds in ful amount and provide

colateral for setlement under the principle of delivery versus payment.

Before the completion of setlement, no one may use the securities, funds or colateral for setlement.

Where a clearing participant fails to perform its setlement obligations on schedule, the securities

depository and clearing institution shal have the right to dispose of the property prescribed in the

preceding paragraph acording to busines rules.

Article 159 Al clearing funds and securities colected by a securities depository and clearing institution

acording to busines rules must be deposited into a special acount for clearing and setlement, may

only be used for the clearing and setlement of executed securities transactions acording to busines

rules, and shal not be subject to enforcement.

Chapter X Securities Service Institutions

Article 160 Acounting firms, law firms, and securities service institutions engaged in securities

investment consulting, aset apraisal, credit rating, financial advisory, and information technology

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system services shal act with due diligence, adhere to their duties, and provide services for securities

transactions and related activities acording to the relevant busines rules.

Whoever is engaged in securities investment consulting services shal be subject to the confirmation of

the securities regulatory agency of the State Council. Without such confirmation, no one shal provide

services for securities trading and relevant activities. Whoever is engaged in other securities services

shal undergo recordation formalities with the securities regulatory agency of the State Council and the

apropriate departments of the State Council.

Article 161 A securities investment consulting institution and its practitioners engaged in securities

services shal not comit the folowing conduct:

(1) Making securities investment on behalf of a client.

(2) Agreing with a client on sharing the gains or loses from securities investment.

(3) Purchasing or seling securities for which the securities investment consulting institution provides

services.

(4) Any other conduct prohibited by a law or administrative regulation.

Whoever comits any of the conduct prescribed in the preceding paragraph, causing any los to

investors, shal be liable in damages in acordance with the law.

Article 162 A securities service institution shal properly preserve clients’ authorization documents,

check and verification materials, working papers, and information and materials related to quality

control, internal management and busines operation, and no one may divulge, conceal, forge, tamper

with, or destroy them. The aforesaid information and materials shal be preserved for not les than 10

years, comencing from the date of ending of authorization.

Article 163 A securities service institution that prepares and isues documents such as audit reports and

other asurance reports, aset apraisal reports, financial advisory reports, credit rating reports, or legal

opinions for securities ofering, listing, or trading and other securities busines activities shal act with

due diligence, and check and verify the veracity, acuracy and completenes of the contents of

documents and materials as the basis. If the documents prepared and isued by it contain any false or

misleading statements or material omisions, causing any los to any other person, it shal be jointly and

severaly liable in damages with the client, unles it is able to prove that it has no fault.

Chapter XI Securities Asociations

Article 164 A securities asociation is a self-regulatory organization of the securities industry, and is a

social group with the status of a legal person.

A securities company shal join a securities asociation.

The power organ of a securities asociation is the members’ asembly composed of al members.

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Article 165 The bylaws of a securities asociation shal be developed by the members’ asembly and be

filed with the securities regulatory agency of the State Council.

Article 166 A securities asociation shal perform the folowing duties:

(1) Educating and organizing its members and their practitioners on compliance with securities laws and

administrative regulations, organizing integrity construction in the securities industry, and urging the

securities industry to perform social responsibility.

• , and submiting

sugestions and demands of members to the securities regulatory agencies.

(3) Urging its members to conduct investor education and protection activities and protecting the lawful

rights and interests of investors.

• , supervising and

inspecting the conduct of its members and their practitioners, and taking disciplinary actions or other

self-regulatory measures acording to aplicable provisions against violations of laws, administrative

regulations, self-regulatory rules, or bylaws of the asociation.

(5) Developing busines rules of the securities industry and organizing the busines training of

practitioners.

(6) Organizing research on the development and operation of the securities industry and the relevant

content by its members, colecting, organizing and releasing securities-related information, providing

member services, organizing industrial exchanges, and guiding the inovative development of the

industry.

(7) Mediating securities busines disputes betwen members or betwen a member and its clients.

(8) Performing other duties prescribed in the bylaws of the securities asociation.

Article 167 A securities asociation shal have a board of governors. The members of the board of

governors shal be elected acording to the provisions of its bylaws.

Chapter XI Securities Regulatory Agencies

Article 168 The securities regulatory agency of the State Council shal conduct the supervision and

administration of the securities market in acordance with the law, maintain the open, fair and just

securities market, prevent systemic risks, protect the lawful rights and interests of investors, and promote

the sound development of the securities market.

Article 169 The securities regulatory agency of the State Council shal perform the folowing duties in

the supervision and administration of the securities market:

(1) Developing departmental rules and other norms on the supervision and administration of the

securities market in acordance with the law, conducting aproval, confirmation and registration in

acordance with the law, and handling recordation.

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• , listing, trading, registration,

deposit, setlement and other conduct in acordance with the law.

(3) Conducting the supervision and administration of the securities busines activities of securities

isuers, securities companies, securities service institutions, securities trading venues, and securities

depository and clearing institutions in acordance with the law.

(4) Developing the codes of conduct for persons engaged in securities busines in acordance with the

law and supervising the implementation thereof.

• , listing and trading in

acordance with the law.

(6) Guiding and supervising the self-regulatory activities of securities asociations in acordance with

the law.

• , preventing and disposing of risks in the securities market in acordance with the law.

(8) Conducting investor education in acordance with the law.

(9) Investigating and punishing securities-related violations of law in acordance with the law.

(10) Performing other duties prescribed by laws and administrative regulations.

Article 170 The securities regulatory agency of the State Council shal have the power to take the

folowing measures in its performance of duties in acordance with the law:

• , securities companies, securities service

institutions, securities trading venues, and securities depository and clearing institutions.

(2) Entering the place where a suspected violation of law has ocured to conduct investigation and

colect evidence.

(3) Interviewing the parties or any entity or individual related to the event under investigation and

requiring them to provide explanations on maters related to the event under investigation; or requiring

them to submit documents and materials related to the event under investigation in the designated

maners.

• , such as

property right registrations and comunication records.

• , registration and transfer records, financial

acounting materials and other relevant documents and materials of the parties and any entity or

individual related to the event under investigation; and sealing for preservation or impounding the

documents and materials that may be transfered, concealed or destroyed.

• , securities acounts, bank acounts and other

acounts with payment, custodial, setlement and other functions of the parties and any entity or

individual related to the event under investigation and duplicating the relevant documents and materials;

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and if there is any evidence that any property involved in the case such as ilegal funds and securities has

ben or may be transfered or concealed or any important evidence has ben or may be concealed,

forged or destroyed, frezing or placing under seal the same with the aproval of the primary person in

charge of the securities regulatory agency of the State Council or any other person in charge authorized

by it. The period of the freze or placement under seal shal be six months, and each extension of the

period, as neded for any special reason, shal not exced thre months, with the maximum period of the

freze or placement under seal not exceding two years.

(7) When investigating any major securities-related violation of law such as manipulation of securities

market and insider trading, with the aproval of the primary person in charge of the securities regulatory

agency of the State Council or any other person in charge authorized by him or her, restricting the

buying and seling of securities by the subject of investigation. The restriction period shal not exced

thre months; and if the case is complicated, the restriction period may be extended by thre months.

(8) Notifying the exit-entry administrative authorities that the departures from China of the persons

suspected of any violation of law and the executives in charge and other directly liable persons of an

entity suspected of any violation of law shal be prevented in acordance with the law.

For the purposes of preventing the risks in the securities market and maintaining the market order, the

securities regulatory agency of the State Council may take measures such as ordering corective action,

holding regulatory interview and isuing a leter of caution.

Article 171 Where, during the period when the securities regulatory agency of the State Council

investigates an entity or individual suspected of any securities-related violation of law, the subject of

investigation submits a writen aplication under which it undertakes to corect the suspected violation

of law during a period recognized by the securities regulatory agency of the State Council, compensate

the relevant investors for loses, and eliminate damage or adverse efects, the securities regulatory

agency of the State Council may decide to suspend the investigation. If the subject of investigation has

fulfiled its undertaking, the securities regulatory agency of the State Council may decide to terminate

the investigation; or if the subject of investigation fails to fulfil its undertaking or fals under any other

circumstance set out by the State Council, the investigation shal be resumed. The specific measures

shal be developed by the State Council.

Where the securities regulatory agency of the State Council decides to suspend or terminate the

investigation, it shal publish the relevant information as required.

Article 172 Where the securities regulatory agency of the State Council conducts supervisory inspection

or investigation in performing its duties in acordance with the law, there shal be at least two

supervisory inspectors or investigators, who shal show their lawful credentials and the notice of

supervisory inspection or investigation or other law enforcement documents. If there are fewer than two

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supervisory inspectors or investigators or they fail to show their lawful credentials and the notice of

supervisory inspection or investigation or other law enforcement documents, the entities and individuals

under inspection or investigation shal have the right to refuse it.

Article 173 Where the securities regulatory agency of the State Council performs its duties in acordance

with the law, the entities and individuals under inspection or investigation shal coperate with it and

honestly provide the relevant documents and materials, and shal not refuse to do so or comit

obstruction or concealment.

Article 174 The departmental rules, norms, and regulatory work protocols developed by the securities

regulatory agency of the State Council shal be published in acordance with the law.

The decisions made by the securities regulatory agency of the State Council to punish securities-related

violations of law acording to the investigation results shal be published.

Article 175 The securities regulatory agency of the State Council shal, in conjunction with other

financial regulatory authorities of the State Council, establish a regulatory information sharing

mechanism.

Where the securities regulatory agency of the State Council conducts supervisory inspection or

investigation in performing its duties in acordance with the law, the relevant departments shal

coperate with it.

Article 176 Any entity or individual shal have the right to report any suspected securities-related

violation of law or regulation to the securities regulatory agency of the State Council.

Where any tip on a suspected major violation of law or regulation, as reported in the maner of

identifying the tipster’s legal name, is substantiated, the securities regulatory agency of the State Council

shal reward the tipster acording to the relevant provisions.

The securities regulatory agency of the State Council shal kep a tipster’s identity information

confidential.

Article 177 The securities regulatory agency of the State Council may establish a regulatory coperation

mechanism with the securities regulatory agencies of other countries or regions to conduct cros-border

supervision and administration.

The overseas securities regulatory agencies shal not directly conduct investigation, evidence colection,

and other activities in the teritory of the People’s Republic of China. Without the consent of the

securities regulatory agency of the State Council and the apropriate departments of the State Council,

no entity or individual may provide documents and materials related to securities busines activities to

any overseas parties.

Article 178 In performing its duties in acordance with the law, if the securities regulatory agency of the

State Council discovers that any securities-related violation of law is suspected of any crime, it shal, in

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acordance with the law, transfer the case to the judicial authority for handling; or if it discovers that any

public oficial is suspected of any violation of law or crime for malfeasance in ofice, it shal, in

acordance with the law, transfer the case to the oversight authority for handling.

Article 179 The staf members of the securities regulatory agency of the State Council must diligently

perform their duties, handle afairs in acordance with the law, and adhere to fairnes and integrity, shal

not take advantage of their positions to sek ilicit benefits, and shal not divulge the trade secrets of the

relevant entities and individuals to which they have aces.

A staf member of the securities regulatory agency of the State Council shal not hold a position in an

enterprise or any other for-profit organization directly related to, or engage in for-profit activities

directly related to, his or her work tasks during his or her term of ofice or his or her former work tasks

during the period set out in the Civil Servant Law of the People’s Republic of China after his or her

resignation.

Chapter XI Legal Liability

Article 180 Where any securities are ofered publicly without permision or are ofered publicly in

disguise, in violation of Article 9 of this Law, the ofering shal be ordered to cease, the ofering

proceds shal be refunded plus interest thereon calculated at the bank deposit rate over the same period,

and the violator shal be fined not les than 5% nor more than 50% of the ilegal ofering proceds; and a

company formed by a public ofering of securities without permision or in disguise shal be closed

down by the agency or department that performs the duties of supervision and administration in

acordance with the law, in conjunction with the local people’s government at or above the county level.

The directly liable executive in charge and other directly liable persons shal be warned and each be

fined not les than 500,000 yuan nor more than five milion yuan.

Article 181 An isuer that conceals any material fact or falsifies any major content in the securities

ofering documents anounced shal be fined not les than two milion yuan nor more than 20 milion

yuan if it has not ofered securities; or be fined not les than 10% of nor more than one times the ilegal

ofering proceds if the isuer has ofered securities. The directly liable executive in charge and other

directly liable persons shal each be fined not les than one milion yuan nor more than 10 milion yuan.

Where the isuer’s controling shareholder or actual controler organizes or instigates the comision of

any violation of law prescribed in the preceding paragraph, it shal be fined not les than 10% of nor

more than one times its ilegal income therefrom, which shal be confiscated, or if there is no such ilegal

income or the ilegal income is les than 20 milion yuan, be fined not les than two milion yuan nor

more than 20 milion yuan. The directly liable executive in charge and other directly liable persons shal

be fined not les than one milion yuan nor more than 10 milion yuan.

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Article 182 Where a sponsor isues a sponsor leter containing any false or misleading statement or

material omision, or fails to perform other statutory duties, it shal be ordered to take corective action,

warned, and fined not les than one nor more than ten times its busines revenue therefrom, which shal

be confiscated, or if there is no such busines revenue or the busines revenue is les than one milion

yuan, fined not les than one milion yuan nor more than 10 milion yuan; and if the circumstances are

serious, its sponsorship busines permit shal be suspended or revoked. The directly liable executive in

charge and other directly liable persons shal be warned and each be fined not les than 500,000 yuan

nor more than five milion yuan.

Article 183 Where a securities company underwrites or sels any securities ofered publicly without

permision or in disguise, it shal be ordered to cease the underwriting or sale and fined not les than one

nor more than ten times its ilegal income therefrom, which shal be confiscated, or if there is no such

ilegal income or the ilegal income is les than one milion yuan, fined not les than one milion yuan

nor more than 10 milion yuan; and if the circumstances are serious, its relevant busines permit shal be

suspended or revoked. If it causes any los to investors, the securities company shal be jointly and

severaly liable in damages with the isuer. The directly liable executive in charge and other directly

liable persons shal be warned and each be fined not les than 500,000 yuan nor more than five milion

yuan.

Article 184 Where a securities company underwrites securities in violation of Article 29 of this Law, it

shal be ordered to take corective action and warned, with any ilegal income therefrom confiscated, and

may be fined not les than 500,000 yuan nor more than five milion yuan; and if the circumstances are

serious, its relevant busines permit shal be suspended or revoked. The directly liable executive in

charge and other directly liable persons shal be warned, and may each be fined not les than 200,000

yuan nor more than two milion yuan; and if the circumstance are serious, shal each be fined not les

than 500,000 yuan nor more than five milion yuan.

Article 185 An isuer that changes without permision the purposes of the proceds from a public

ofering of securities, in violation of the provision of Article 14 or 15 of this Law, shal be ordered to

take corective action and fined not les than 500,000 yuan nor more than five milion yuan; and the

directly liable executive in charge and other directly liable persons shal be warned and each be fined not

les than 100,000 yuan nor more than one milion yuan.

The isuer’s controling shareholder or actual controler that comits, or organizes or instigates the

comision of, any violation of law set out in the preceding paragraph shal be warned and fined not

les than 500,000 yuan nor more than five milion yuan; and the directly liable executive in charge and

other directly liable persons shal each be fined not les than 100,000 yuan nor more than one milion

yuan.

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Article 186 Whoever transfers securities during the transfer restriction period or transfers stock in

noncompliance with the provisions of any law or administrative regulation or the provisions isued by

the securities regulatory agency of the State Council, in violation of Article 36 of this Law, shal be

ordered to take corective action and warned, the violator’s ilegal income shal be confiscated, and the

violator shal be fined not more than the equivalent value of the securities purchased or sold.

Article 187 Where any person prohibited by any law or administrative regulation from participating in

stock trading holds, purchases, or sels any stock or other equity securities directly, in any asumed name,

or in the name of any other person, in violation of Article 40 of this Law, the person shal be ordered to

dispose of the ilegaly held stock or other equity securities in acordance with the law, with any ilegal

income therefrom confiscated, and be fined not more than the equivalent value of the securities

purchased or sold; and if the person is an employe of the state, disciplinary action shal be taken against

him or her in acordance with the law.

Article 188 Where a securities service institution or any of its practitioners purchases or sels securities

in violation of Article 42 of this Law, the violator shal be ordered to dispose of the ilegaly held

securities in acordance with the law, with any ilegal income therefrom confiscated, and be fined not

more than the equivalent value of the securities purchased or sold.

Article 189 Where any director, supervisor, or oficer or any shareholder holding 5% or more of the

shares of stock of a listed company or a company with its stock traded on any other national securities

trading venue aproved by the State Council purchases or sels the company’s stock or other equity

securities in violation of Article 44 of this Law, the violator shal be warned and fined not les than

100,000 yuan nor more than one milion yuan.

Article 190 Where the system security or the normal trading order of a stock exchange is afected by any

algorithmic trading in violation of Article 45 of this Law, the violator shal be ordered to take corective

action and fined not les than 500,000 yuan nor more than five milion yuan. The directly liable

executive in charge and other directly liable persons shal be warned and each be fined not les than

100,000 yuan nor more than one milion yuan.

Article 191 Where any insider or person who has ilegaly obtained insider information conducts insider

trading in violation of Article 53 of this Law, the person shal be ordered to dispose of the ilegaly held

securities in acordance with the law and fined not les than one nor more than ten times its ilegal

income therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income

is les than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion yuan. If an entity

conducts insider trading, the directly liable executive in charge and other directly liable persons shal

also be warned and each be fined not les than 200,000 yuan nor more than two milion yuan. If any staf

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member of the securities regulatory agency of the State Council conducts insider trading, a heavier

punishment in the range shal be imposed on the staf member.

Whoever conducts any transaction by using non-public information in violation of Article 54 of this Law

shal be punished under the preceding paragraph.

Article 192 Whoever manipulates the securities market in violation of Article 55 of this Law shal be

ordered to dispose of the ilegaly held securities in acordance with the law and fined not les than one

nor more than ten times its ilegal income therefrom, which shal be confiscated, or if there is no such

ilegal income or the ilegal income is les than one milion yuan, fined not les than one milion yuan

nor more than 10 milion yuan. If an entity manipulates the securities market, the directly liable

executive in charge and other directly liable persons shal also be warned and each be fined not les than

500,000 yuan nor more than five milion yuan.

Article 193 Where any person fabricates or diseminates any false or misleading information to disrupt

the securities market, in violation of paragraph 1 or 3 of Article 56 of this Law, the violator shal be

fined not les than one nor more than ten times its ilegal income therefrom, which shal be confiscated,

or if there is no such ilegal income or the ilegal income is les than 200,000 yuan, fined not les than

200,000 yuan nor more than two milion yuan.

Whoever makes misrepresentation or provides misleading information in securities trading activities, in

violation of paragraph 2 of Article 56 of this Law, shal be ordered to take corective action and fined

not les than 200,000 yuan nor more than two milion yuan; and if the violator is an employe of the

state, disciplinary action shal be taken against him or her in acordance with the law.

Where any comunications media or any of its staf members engaged in the coverage of securities

market information purchases or sels securities with conflicts of interest in conection with the work

duties thereof, in violation of paragraph 3 of Article 56 of this Law, any ilegal income therefrom shal

be confiscated, and the violator shal be fined not more than the equivalent value of the securities

purchased or sold.

Article 194 Where the conduct of a securities company or any of its practitioners causes damage to

clients’ interests, in violation of Article 57 of this Law, the violator shal be warned and fined not les

than one nor more than ten times its ilegal income therefrom, which shal be confiscated, or if there is

no such ilegal income or the ilegal income is les than 100,000 yuan, fined not les than 100,000 yuan

nor more than one milion yuan; and if the circumstances are serious, the violator’s relevant busines

permit shal be suspended or revoked.

Article 195 Whoever lends its own securities acount or borows the securities acount of any other

person for trading in securities, in violation of Article 58 of this Law, shal be ordered to take corective

action and warned, and may be fined not more than 500,000 yuan.

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Article 196 An acquirer that fails to perform its obligations to anounce the acquisition of a listed

company and make a tender ofer in acordance with this Law shal be ordered to take corective action,

warned, and fined not les than 500,000 yuan nor more than five milion yuan. The directly liable

executive in charge and other directly liable persons shal be warned and each be fined not les than

200,000 yuan nor more than two milion yuan.

An acquirer or its controling shareholder or actual controler that, by taking advantage of the acquisition

of a listed company, causes any los to the target company and its shareholders shal be liable in

damages in acordance with the law.

Article 197 A person with information disclosure obligations that fails to file the relevant report or

perform its information disclosure obligation in acordance with this Law shal be ordered to take

corective action, warned, and fined not les than 500,000 yuan nor more than five milion yuan; and the

directly liable executive in charge and other directly liable persons shal each be warned and fined not

les than 200,000 yuan nor more than two milion yuan. If the isuer’s controling shareholder or actual

controler organizes or instigates the comision of the aforesaid violation of law, or conceals the

relevant maters, resulting in the ocurence of either of the aforesaid circumstances, the controling

shareholder or actual controler shal be fined not les than 500,000 yuan nor more than five milion

yuan; and the directly liable executive in charge and other directly liable persons shal each be fined not

les than 200,000 yuan nor more than two milion yuan.

Where a report filed or the information disclosed by a person with information disclosure obligations

contains any false or misleading statement or material omision, the person shal be ordered to take

corective action, warned, and fined not les than one milion yuan nor more than ten milion yuan; and

the directly liable executive in charge and other directly liable persons shal be warned and each be fined

not les than 500,000 yuan nor more than five milion yuan. If the isuer’s controling shareholder or

actual controler organizes or instigates the comision of the aforesaid violation of law, or conceals the

relevant maters, resulting in the ocurence of any of the aforesaid circumstances, the controling

shareholder or actual controler shal be fined not les than one milion yuan nor more than ten milion

yuan; and the directly liable executive in charge and other directly liable persons shal each be fined not

les than 500,000 yuan nor more than five milion yuan.

Article 198 Where a securities company fails to perform, or fails to perform as required, its investor

suitability management obligations, in violation of Article 88 of this Law, it shal be ordered to take

corective action, warned, and fined not les than 100,000 yuan nor more than one milion yuan. The

directly liable executive in charge and other directly liable persons shal be warned and fined not more

than 200,000 yuan.

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Article 199 Whoever solicits a proxy from shareholders in violation of Article 90 of this Law shal be

ordered to take corective action and warned, and may be fined not more than 500,000 yuan.

Article 200 Any securities trading venue ilegaly formed shal be closed down by the people’s

government at or above the county level, and the violator shal be fined not les than one nor more than

ten times its ilegal income therefrom, which shal be confiscated, or if there is no such ilegal income or

the ilegal income is les than one milion yuan, fined not les than one milion yuan nor more than 10

milion yuan. The directly liable executive in charge and other directly liable persons shal be warned

and each be fined not les than 200,000 yuan nor more than two milion yuan.

Any stock exchange that alows any non-member to directly participate in the centralized trading in

stocks in violation of Article 105 of this Law shal be ordered to take corective action, and may be fined

not more than 500,000 yuan.

Article 201 A securities company that fails to verify the identity information provided by investors for

opening an acount, in violation of paragraph 1 of Article 107 of this Law, shal be ordered to take

corective action, warned, and fined not les than 50,000 yuan nor more than 500,000 yuan. The directly

liable executive in charge and other directly liable persons shal be warned and each be fined not more

than 100,000 yuan.

Where a securities company provides an investor’s acount to any other person for use, in violation of

paragraph 2 of Article 107 of this Law, it shal be ordered to take corective action, warned, and fined

not les than 100,000 yuan nor more than one milion yuan. The directly liable executive in charge and

other directly liable persons shal be warned and each be fined not more than 200,000 yuan.

Article 202 Whoever forms a securities company without aproval, is ilegaly engaged in securities

busines, or conducts securities busines activities in the name of a securities company without aproval,

in violation of Article 118 or paragraph 1 or 4 of Article 120 of this Law, shal be ordered to take

corective action and fined not les than one nor more than ten times its ilegal income therefrom, which

shal be confiscated, or if there is no such ilegal income or the ilegal income is les than one milion

yuan, fined not les than one milion yuan nor more than 10 milion yuan. The directly liable executive

in charge and other directly liable persons shal be warned and each be fined not les than 200,000 yuan

nor more than two milion yuan. The securities company formed without aproval shal be closed down

by the securities regulatory agency of the State Council.

Where a securities company provides securities margin trading services in violation of paragraph 5 of

Article 120 of this Law, its ilegal income therefrom shal be confiscated, and it shal be fined not more

than the equivalent value of the funds or securities lent; and if the circumstances are serious, it shal be

prohibited from being engaged in the busines of securities margin trading during a certain period. The

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directly liable executive in charge and other directly liable persons shal be warned and each be fined not

les than 200,000 yuan nor more than two milion yuan.

Article 203 Where a formation permit, a busines permit, or a confirmation of modification of any

material mater of a securities company is obtained by the filing of false suporting documents or any

other fraudulent means, the relevant permit shal be revoked, and the violator shal be fined not les than

one milion yuan nor more than 10 milion yuan. The directly liable executive in charge and other

directly liable persons shal be warned and each be fined not les than 200,000 yuan nor more than two

milion yuan.

Article 204 Where, without confirmation, a securities company modifies its scope of securities busines,

modifies its principal shareholder or actual controler, or undergoes a merger, a division, suspension of

busines, disolution, or bankruptcy, in violation of Article 122 of this Law, it shal be ordered to take

corective action, warned, and fined not les than one nor more than ten times its ilegal income

therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income is les

than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion yuan; and if the

circumstances are serious, its relevant busines permit shal be revoked. The directly liable executive in

charge and other directly liable persons shal be warned and each be fined not les than 200,000 yuan

nor more than two milion yuan.

Article 205 A securities company that provides any financing or guarante to its shareholders or the

afiliates of its shareholders in violation of paragraph 2 of Article 123 of this Law shal be ordered to

take corective action, warned, and fined not les than 500,000 yuan nor more than five milion yuan.

The directly liable executive in charge and other directly liable persons shal be warned and each be

fined not les than 100,000 yuan nor more than one milion yuan. If the shareholders are at fault, the

securities regulatory agency of the State Council may restrict their rights as shareholders before they

take corective action as required; and if they refuse to take corective action, they may be ordered to

transfer their equities held in the securities company.

Article 206 Where a securities company fails to take efective segregation measures to prevent conflicts

of interest, fails to separate its operation of relevant lines of busines, or conducts mixed operation, in

violation of Article 128 of this Law, it shal be ordered to take corective action, warned, and fined not

les than one nor more than ten times its ilegal income therefrom, which shal be confiscated, or if there

is no such ilegal income or the ilegal income is les than 500,000 yuan, fined not les than 500,000

yuan nor more than five milion yuan; and if the circumstances are serious, its relevant busines permit

shal be revoked. The directly liable executive in charge and other directly liable persons shal be warned

and each be fined not les than 200,000 yuan nor more than two milion yuan.

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Article 207 Where a securities company engages in proprietary trading in violation of Article 129 of this

Law, it shal be ordered to take corective action, warned, and fined not les than one nor more than ten

times its ilegal income therefrom, which shal be confiscated, or if there is no such ilegal income or the

ilegal income is les than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion

yuan; and if the circumstances are serious, its relevant busines permit shal be revoked, or it shal be

ordered to close down. The directly liable executive in charge and other directly liable persons shal be

warned and each be fined not les than 200,000 yuan nor more than two milion yuan.

Article 208 Where a securities company includes its client’s funds and securities in its own property or

misapropriates its client’s funds and securities, in violation of Article 131 of this Law, it shal be

ordered to take corective action, warned, and fined not les than one nor more than ten times its ilegal

income therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income

is les than one milion yuan, fined not les than one milion yuan nor more than 10 milion yuan; and if

the circumstances are serious, its relevant busines permit shal be revoked, or it shal be ordered to close

down. The directly liable executive in charge and other directly liable persons shal be warned and each

be fined not les than 500,000 yuan nor more than five milion yuan.

Article 209 Where a securities company acepts an unlimited authorization from a client to purchase or

sel securities, in violation of paragraph 1 of Article 134 of this Law, or makes any undertakings to its

clients regarding profits or compensation for loses, in violation of Article 135 of this Law, it shal be

ordered to take corective action, warned, and fined not les than one nor more than ten times its ilegal

income therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income

is les than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion yuan; and if the

circumstances are serious, its relevant busines permit shal be revoked. The directly liable executive in

charge and other directly liable persons shal be warned and each be fined not les than 200,000 yuan

nor more than two milion yuan.

A securities company that alows any other person to directly participate in the centralized trading in

securities in the name of the securities company, in violation of paragraph 2 of Article 134 of this Law,

shal be ordered to take corective action, and may be fined not more than 500,000 yuan.

Article 210 A practitioner of a securities company who privately acepts an authorization from a client

to purchase or sel securities, in violation of Article 136 of this Law, shal be ordered to take corective

action, warned, and fined not les than one nor more than ten times his or her ilegal income therefrom,

which shal be confiscated, or if there is no such ilegal income, fined not more than 500,000 yuan.

Article 211 Where a securities company or its principal shareholder or actual controler fails to submit or

provide information and materials, or submits or provides information and materials containing any false

or misleading statement or material omisions, in violation of Article 138 of this Law, the violator shal

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be ordered to take corective action, warned, and fined not more than one milion yuan; and if the

circumstances are serious, its relevant busines permit shal be revoked. The directly liable executive in

charge and other directly liable persons shal be warned and each be fined not more than 500,000 yuan.

Article 212 Where a securities depository and clearing institution is formed without aproval in violation

of Article 145 of this Law, it shal be closed down by the securities regulatory agency of the State

Council, and the violator shal be fined not les than one nor more than ten times its ilegal income

therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income is les

than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion yuan. The directly liable

executive in charge and other directly liable persons shal be warned and each be fined not les than

200,000 yuan nor more than two milion yuan.

Article 213 Where a securities investment consulting institution engages in securities services without

confirmation in violation of paragraph 2 of Article 160 of this Law, or a securities investment consulting

institution engaged in securities services comits any conduct prescribed in Article 161 of this Law, it

shal be ordered to take corective action and fined not les than one nor more than ten times its ilegal

income therefrom, which shal be confiscated, or if there is no such ilegal income or the ilegal income

is les than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion yuan. The directly

liable executive in charge and other directly liable persons shal be warned and each be fined not les

than 200,000 yuan nor more than two milion yuan.

Where an acounting firm, a law firm, or an institution engaged in aset apraisal, credit rating, financial

advisory, or information technology system services engages in securities services without undergoing

recordation formalities, in violation of paragraph 2 of Article 160 of this Law, it shal be ordered to take

corective action, and may be fined not more than 200,000 yuan.

Where a securities service institution fails to act with due diligence, and the documents prepared and

isued by it contain any false or misleading statement or material omision, in violation of Article 163 of

this Law, it shal be ordered to take corective action and fined not les than one nor more than ten times

its busines revenue therefrom, which shal be confiscated, or if there is no such busines revenue or its

busines revenue is les than 500,000 yuan, fined not les than 500,000 yuan nor more than five milion

yuan; and if the circumstances are serious, it shal be suspended or prohibited from engaging in

securities services. The directly liable executive in charge and other directly liable persons shal be

warned and each be fined not les than 200,000 yuan nor more than two milion yuan.

Article 214 Where an isuer, a securities depository and clearing institution, a securities company, or a

securities service institution fails to preserve the relevant documents and materials acording to the

aplicable provisions, it shal be ordered to take corective action, warned, and fined not les than

100,000 yuan nor more than one milion yuan; or where it divulges, conceals, forges, tempers with, or

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destroys the relevant documents and materials, it shal be warned and fined not les than 200,000 yuan

nor more than two milion yuan; and if the circumstances are serious, it shal be fined not les than

500,000 yuan nor more than five milion yuan, and its relevant busines permit shal be suspended or

revoked, or it shal be prohibited from engaging in the relevant busines. The directly liable executive in

charge and other directly liable persons shal be warned and each be fined not les than 100,000 yuan

nor more than one milion yuan.

Article 215 The securities regulatory agency of the State Council shal include the relevant market

participants’ compliance with this Law in the securities market integrity files in acordance with the law.

Article 216 Where the securities regulatory agency of the State Council or the department authorized by

the State Council fals under any of the folowing circumstances, disciplinary action shal be taken

against the directly liable oficial in charge and other directly liable persons in acordance with the law.

• , registration, or aproval to an aplication for an ofering of securities or

formation of a securities company, among others, in noncompliance with the provisions of this Law.

• , such as on-site inspection, investigation and evidence colection, inquiry, freze, or

placement under seal, in violation of the provisions of this Law.

(3) Taking regulatory measures against the relevant institution or person in violation of the provisions of

this Law.

(4) Imposing administrative punishment on the relevant institution or person in violation of the

provisions of this Law.

(5) Otherwise failing to perform duties in acordance with the law.

Article 217 Where any staf member of the securities regulatory agency of the State Council or the

department authorized by the State Council fails to perform the duties prescribed by this Law, abuses

power, neglects duty, takes advantage of his or her position to sek any ilicit benefits, or divulges any

trade secret of the relevant entity or individual to which he or she has aces, the staf member shal be

held legaly liable in acordance with the law.

Article 218 Whoever refuses or obstructs the performance of supervisory inspection or investigation

function by the securities regulatory authority or its staf members shal be ordered to take corective

action and fined not les than 100,000 yuan nor more than one milion yuan by the securities regulatory

authority, and be punished by the public security authority in public security administration in

acordance with the law.

Article 219 Where any violation of this Law is criminaly punishable, the ofender shal be held

criminaly liable in acordance with the law.

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Article 220 Where anyone shal be liable in civil damages, pay any administrative or criminal fine, and

surender ilegal income for any violation of this Law, if the violator’s property is insuficient for

payment of the aforesaid, the property shal be first used for payment of civil damages.

Article 221 Where the circumstances of a violation of the relevant provisions of any law or

administrative regulation or isued by the securities regulatory agency of the State Council are serious,

the securities regulatory agency of the State Council may take the measure of prohibition of the relevant

liable persons from aces to the securities market.

For the purposes of the preceding paragraph, prohibition from aces to the securities market means that

a person may not engage in any securities busines or securities services for a certain period or even for

life, may not serve as a director, supervisor, or oficer of a securities isuer, or may not trade in securities

on a stock exchange or any other national securities trading venue aproved by the State Council during

a certain period.

Article 222 The fines colected and ilegal income confiscated in acordance with this Law shal be al

turned over to the State Treasury.

Article 223 Against the punishment decision made by the securities regulatory authority or the

department authorized by the State Council, a party may aply for administrative reconsideration in

acordance with the law, or directly institute an action in a people’s court in acordance with the law.

Chapter XIV Suplemental Provisions

Article 224 Where a domestic enterprise directly or indirectly ofers securities abroad or has its

securities listed and traded abroad, the relevant provisions isued by the State Council shal be complied

with.

Article 225 The specific measures for the subscription for and trading in stocks of domestic companies

in foreign curencies shal be developed aditionaly by the State Council.

Article 226 This Law takes efect on March 1, 2020.

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－1－

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）

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－2－

目 录

第一章 总则

第二章 证券发行

第三章 证券交易

第一节 一般规定

第二节 证券上市

第三节 禁止的交易行为

第四章 上市公司的收购

第五章 信息披露

第六章 投资者保护

第七章 证券交易场所

第八章 证券公司

第九章 证券登记结算机构

第十章 证券服务机构

第十一章 证券业协会

第十二章 证券监督管理机构

第十三章 法律责任

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－3－

第十四章 附则

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。

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－4－

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。

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

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－5－

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

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－6－

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；

（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

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－7－

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。

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－8－

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：

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－9－

（一）公司营业执照；

（二）公司章程；

（三）公司债券募集办法；

（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

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－10－

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

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－11－

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。

第二十六条 发行人向不特定对象发行的证券，法律、行政

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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

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－13－

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

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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

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

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－15－

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

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－16－

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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－17－

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。

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－18－

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

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－19－

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；

（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

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－20－

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

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－21－

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

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－22－

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。

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。

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－23－

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

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－24－

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；

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－25－

（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。

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；

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－26－

（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。

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－27－

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。

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

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－28－

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。

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－29－

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：

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－30－

（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；

（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；

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－31－

（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；

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－32－

（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。

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

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－33－

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

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－34－

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

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－35－

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。

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。

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－36－

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

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－37－

法行为给投资者造成损失的，发行人的控股东、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。

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

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－38－

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

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－39－

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

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－40－

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。

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。

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－41－

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

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－42－

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

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－43－

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。

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

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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。

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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；

（六）证券做市交易；

（七）证券自营；

（八）其他证券业务。

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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

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－47－

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。

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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。

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。

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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。

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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。

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。

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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

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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

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的，国务院证券监督管理机构可以责令证券公司予以更换。

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

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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。

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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。

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。

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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。

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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

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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。

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

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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：

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（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；

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（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

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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。

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。

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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

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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

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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

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

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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，

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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。

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。

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－69－

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。

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－70－

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

---

－71－

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。

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

---

－72－

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。

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－73－

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

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－74－

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

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－75－

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

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－76－

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

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，

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－77－

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

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－78－

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。

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；

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－79－

（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。

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－80－

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。

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－81－

第二百二十六条 本法自2020年3月1日起施行。

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Trial Administrative Measures of Overseas Securities Ofering and Listing by

Domestic Companies

Chapter I General Provisions

Article 1 These Measures are developed in acordance with the Securities Law of the People’s

Republic of China and other laws for the purposes of regulating the relevant activities of direct or

indirect overseas securities ofering and listing by enterprises in the teritory of the People’s

Republic of China (hereinafter refered to as “overseas ofering and listing”), and promoting the

standardized and sound development of domestic enterprises by utilizing overseas capital markets in

acordance with laws and regulations.

Article 2 Direct overseas ofering and listing by a domestic enterprise refers to overseas ofering and

listing by a joint-stock company registered and formed in China.

Indirect overseas ofering and listing by a domestic enterprise refers to overseas ofering and listing

by an enterprise in the name of an overseas registered company, whereas the enterprise’s main

busines activities are in China and such ofering and listing is based on the equity, asets, earnings

or other similar rights and interests of a domestic enterprise.

For the purposes of these Measures, the term “securities” refers to the stocks, depositary receipts,

corporate bonds convertible into stocks or other equity securities that are directly or indirectly

ofered and listed overseas by domestic enterprises.

Article 3 Domestic enterprises shal comply with laws, administrative regulations and relevant rules

of the state on foreign investment, state-owned aset management, industrial regulation, and

overseas investment in their overseas ofering and listing activities, and shal not disturb the

domestic market order, or harm state or public interest or the legitimate rights and interests of

domestic investors.

Article 4 The supervision and administration of overseas ofering and listing activities of domestic

enterprises shal comply with the lines, principles, policies, decisions and arangements of the Party

and the state, and cordinate the development and security.

The China Securities Regulatory Comision (“CSRC”) shal, in acordance with law, exercise

supervision and administration over the overseas ofering and listing activities of domestic

enterprises. The CSRC and the relevant competent department under the State Council shal, within

the scope of their respective functions and duties and acording to the law, exercise supervision and

administration over domestic enterprises conducting overseas ofering and listing as wel as

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securities companies and securities service institutions that provide coresponding domestic services

for them.

The CSRC shal, in conjunction with the relevant competent department under the State Council,

establish a supervision and administration cordination mechanism for overseas ofering and listing

by domestic enterprises, to strengthen the coherence betwen policies and rules, supervision and

administration cordination and information sharing.

Article 5 The CSRC and the relevant competent department under the State Council shal, under the

principle of reciprocity, strengthen coperation in supervision and administration with overseas

securities regulatory institutions and relevant competent departments to implement cros-border

supervision and administration.

Chapter I Overseas Ofering and Listing

Article 6 Domestic enterprises conducting overseas ofering and listing shal, in acordance with the

Company Law of the People’s Republic of China, the Acounting Law of the People’s Republic of

China and other laws, administrative regulations and relevant rules of the state, develop bylaws,

improve the internal control system, and standardize corporate governance and financial and

acounting behaviors.

Article 7 Domestic enterprises conducting overseas ofering and listing shal comply with the legal

system of the state for confidentiality, and take necesary measures to fulfil the confidentiality

responsibility, and shal not disclose state secrets or work secrets of state organs.

Where a domestic enterprise’s overseas ofering and listing involves provision of personal

information and important data to overseas parties, it shal comply with the laws, administrative

regulations and relevant rules of the state.

Article 8 No overseas ofering and listing shal be conducted under any of the folowing

circumstances:

• , administrative regulations or relevant

rules of the state.

(2) The overseas ofering and listing may endanger national security as determined by the relevant

competent department under the State Council after examination acording to the law.

(3) A domestic enterprise or its controling shareholder or actual controler has comited a criminal

crime of coruption, bribery, embezlement, misapropriation of property or disrupting the

economic order of the socialist market in the last thre years.

(4) A domestic enterprise is under formal investigation acording to the law for being suspected of

any crime or major violation of laws and regulations, but no clear conclusions have ben made.

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(5) There is a major dispute over ownership of the equity held by the controling shareholder or a

shareholder controled by the controling shareholder or the actual controler.

Article 9 In the overseas ofering and listing activities, domestic enterprises shal strictly comply

with the laws, administrative regulations and relevant rules of the state on national security in such

aspects as foreign investment, network security, and data security, and efectively fulfil the

obligation of safeguarding national security. Where safety review is involved, relevant safety review

procedures shal be undergone acording to the law before an aplication for ofering and listing is

filed with an overseas securities regulatory institution or trading venue.

Domestic enterprises conducting overseas ofering and listing shal, in acordance with the

requirements of the relevant competent department under the State Council, take such measures as

timely rectification, undertaking and divestiture of busines asets to eliminate or avoid the impact of

overseas ofering and listing on national security.

Article 10 Target investors of overseas ofering and listing by a domestic enterprise shal be overseas

investors, except as compliance with the provisions of paragraph 2 of this article or otherwise

prescribed by the state.

A domestic enterprise directly conducting overseas ofering and listing that implements equity

incentive or purchases asets by ofering securities may ofer securities to specific domestic

investors that met the requirements of the CSRC.

A domestic state-owned enterprise ofering securities to specific domestic investors in acordance

with the provisions of the preceding paragraph shal comply with the relevant provisions on the

administration of state-owned asets.

Article 11 A domestic enterprise conducting overseas ofering and listing may raise funds and pay

dividends in a foreign curency or RMB.

The use and investment of the funds raised by a domestic enterprise by ofering securities overseas

shal comply with laws, administrative regulations and relevant rules of the state.

The exchange and cros-border flow of funds related to overseas ofering and listing by domestic

enterprises shal comply with the rules of the state on cros-border investment and financing, foreign

exchange administration and cros-border RMB administration, among others.

Article 12 Securities companies, securities service institutions and personel engaged in the busines

of overseas ofering and listing by domestic enterprises shal comply with the laws, administrative

regulations and relevant rules of the state, folow the busines standards and ethical norms

recognized in the industry, strictly perform legal duties, and ensure the authenticity, acuracy and

completenes of the documents they produce and isue, and shal not, in the documents they produce

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or isue, make any coments in a maner that distorts or derogates the laws and policies of the state,

the busines environment and the judicial situation, among others.

Chapter I Requirements for Recordation

Article 13 A domestic enterprise conducting overseas ofering and listing shal, in acordance with

these Measures, undergo the recordation formalities with the CSRC, submit the recordation report,

legal opinions and other relevant materials, and truthfuly, acurately and completely explain the

information on shareholders.

Article 14 Where a domestic enterprise directly conducts overseas ofering and listing, the isuer

shal undergo the recordation formalities with the CSRC.

Where a domestic enterprise indirectly conducts overseas ofering and listing, the isuer shal

designate a major domestic operating entity as the domestic responsible person who shal undergo

the recordation formalities with the CSRC.

Article 15 Any overseas ofering and listing conducted by an isuer that concurently mets the

folowing conditions shal be determined as indirect overseas ofering and listing by a domestic

enterprise:

• , total profits, total asets or net asets of the domestic enterprise in

the most recent fiscal year, any index acounts for over 50% of the relevant data in the audited

consolidated financial statements of the isuer for the same period.

(2) The main parts of the busines activities of the isuer are caried out in China or the main

busines places are located in China, or most of the senior executives in charge of busines operation

are Chinese citizens, or their habitual residences are located in China.

The determination of indirect overseas ofering and listing by domestic enterprises shal folow the

principle of substance over form.

Article 16 An isuer conducting overseas initial public ofering or listing shal undergo the

recordation formalities with the CSRC within thre working days after the aplication documents for

ofering and listing are submited overseas.

Where an isuer ofers securities in the same overseas market after overseas ofering and listing, it

shal undergo the recordation formalities with the CSRC within thre working days after completion

of ofering.

An isuer that conducts ofering and listing in other overseas markets after conducting overseas

ofering and listing shal undergo the recordation formalities in acordance with the provisions of

paragraph 1 of this article.

Article 17 Where asets of a domestic enterprise are directly or indirectly listed overseas through

single or multiple acquisitions, stock swaps, transfers and other transaction arangements, the

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domestic enterprise shal undergo the recordation formalities in acordance with the provisions of

paragraph 1 of Article 16. If submision of aplication documents overseas is not involved, it shal

undergo the recordation formalities within thre working days from the date when the listed

company anounces the specific transaction arangements for the first time.

Article 18 Where a domestic enterprise directly conducts overseas ofering and listing, a shareholder

holding its domestic unlisted shares that aplies for conversion of such shares into overseas listed

shares for listing and circulation on overseas trading venues shal comply with the relevant rules of

the CSRC and authorize the domestic enterprise to undergo recordation with the CSRC on its behalf.

For the purposes of the preceding paragraph, the term “domestic unlisted shares” means shares

isued by a domestic enterprise but not listed or quoted for trading on any domestic trading venues.

Domestic unlisted shares shal be centraly registered and deposited at domestic securities

registration and clearing institutions. The registration and clearing arangement of overseas listed

shares shal be governed by the rules of overseas listing places.

Article 19 Where the recordation materials are complete and in compliance with the provisions, the

CSRC shal complete recordation within 20 working days from the date of receiving the recordation

materials, and publicize the recordation information on its website.

Where the recordation materials are incomplete or do not satisfy the requirements, the CSRC shal,

within five working days upon receipt of the recordation materials, notify the isuer of the

suplements . An isuer shal suplement the materials within 30 working days. If, during the

proces of recordation, an isuer may fal under any of the circumstances as prescribed in Article 8

of these Measures, the CSRC may request opinions of the relevant competent department under the

State Council. The time for suplementing materials and requesting opinions shal not be counted in

the time limit for recordation.

The CSRC shal, in acordance with these Measures, develop the guidelines for recordation,

specifying the requirements for recordation operation, the content and format of recordation

materials and the documents to be atached.

Article 20 The recordation materials for overseas ofering and listing by domestic enterprises shal

be authentic, acurate and complete, without any false record, misleading statement or major

omision. Domestic enterprises and their controling shareholders, actual controlers, directors,

supervisors and senior executives shal fulfil the obligations of information disclosure in acordance

with the law, act in god faith and perform duties with due diligence, and ensure that the recordation

materials are authentic, acurate and complete.

Securities companies and law firms shal fuly check and verify the recordation materials, and ensure

that none of the folowing circumstances ocurs:

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(1) The recordation materials contain conflicting contents or the descriptions of the same fact are

inconsistent and materialy diferent.

• , which

seriously afects understanding.

(3) The recordation materials fail to fuly demonstrate whether the enterprise mets the

determination standards of Article 15 of these Measures.

(4) Major events fail to be reported or specified in a timely maner.

Article 21 Where an overseas securities company acts as the sponsor or lead underwriter for

overseas ofering and listing by domestic enterprises, it shal undergo the recordation formalities

with the CSRC within 10 working days from the date of signing the busines agrement for the first

time, and submit the report on its busines activities in the previous year in relation to overseas

ofering and listing by domestic enterprises to the CSRC before January 31 of each year.

Where an overseas securities company has entered into a busines agrement before these Measures

come into force and is acting as the sponsor or the lead underwriter for overseas ofering and listing

by domestic enterprises, it shal undergo the recordation formalities within 30 working days from the

date when these Measures come into force.

Chapter IV Supervision and Administration

Article 22 An isuer shal report the specific circumstances of the folowing major events after

overseas ofering and listing, if any, to the CSRC within thre working days after the ocurence and

anouncement of the relevant event:

(1) Change of control.

• , punishment and other measures adopted by an overseas securities regulatory

institution or relevant competent department.

(3) Change of the listing status or transfer of listing market.

(4) Voluntary or mandatory delisting.

Where an isuer has major changes in its major busines operations after its overseas ofering and

listing and no longer fals under the scope of recordation, it shal, within thre working days from the

ocurence of the relevant changes, submit a special report and a legal opinion isued by a domestic

law firm to the CSRC to explain the relevant circumstances.

Article 23 The CSRC and relevant competent department under the State Council shal, acording to

the division of functions and duties, conduct supervisory inspections or investigations of domestic

enterprises conducting overseas ofering and listing, as wel as the busines activities caried out in

China by securities companies and securities service institutions in relation to overseas ofering and

listing by domestic enterprises.

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Article 24 For the purpose of maintaining the market order, the CSRC and the relevant competent

department under the State Council may, acording to the division of duties and depending on the

seriousnes of the circumstances, adopt measures such as ordering corective action, holding

regulatory talks and isuing warning leters against domestic enterprises conducting overseas

ofering and listing in violation of these Measures, as wel as securities companies, securities service

institutions and their relevant practitioners providing services to such overseas ofering and listing

from China.

Article 25 Where a domestic enterprise fals under any of the circumstances listed in Article 8 of

these Measures before its overseas ofering and listing, it shal suspend or terminate its overseas

ofering and listing and report to the CSRC and the relevant competent department under the State

Council in a timely maner.

Article 26 Where a domestic enterprise violates these Measures in overseas ofering and listing, or

an overseas securities company violates the provisions of Article 21 of these Measures, the CSRC

may notify the overseas securities regulatory institution through the cros-border supervision and

administration coperation mechanism.

Where an overseas securities regulatory institution caries out investigation and evidence colection

regarding overseas ofering and listing by a domestic enterprise and relevant activities, and makes a

request to the CSRC for asistance in investigation under the cros-border supervision and

administration coperation mechanism, the CSRC may provide necesary asistance acording to the

law. A domestic entity or individual providing relevant documents and materials in acordance with

the requirements of the overseas securities regulatory institution for investigation and colection of

evidence shal obtain the consent of the CSRC and the relevant competent department under the

State Council.

Chapter V Legal Liability

Article 27 Where a domestic enterprise fails to undergo the recordation procedures in violation of

the provisions of Article 13 of these Measures, or conducts overseas ofering and listing in violation

of the provisions of Articles 8 and 25 of these Measures, the CSRC shal order it to take corective

action, give a warning to it, and impose a fine of not les than 1 milion yuan nor more than 10

milion yuan. A warning shal be given to and a fine of not les than 500,000 yuan nor more than 5

milion yuan shal be imposed upon the directly liable person in charge and other directly liable

persons.

Where the controling shareholder or actual controler of a domestic enterprise organizes or

instigates the aforesaid ilegal acts, a fine of not les than 1 milion yuan nor more than 10 milion

---

yuan shal be imposed thereupon. A fine of not les than 500,000 yuan nor more than 5 milion yuan

shal be imposed upon the directly liable person in charge and other directly liable persons.

Where a securities company or securities service institution fails to urge an enterprise to comply

with the provisions of Articles 8, 13 and 25 of these Measures acording to its duties, it shal be

given a warning and be subject to a fine of not les than 500,000 yuan nor more than 5 milion yuan.

A warning shal be given to and a fine of not les than 200,000 yuan nor more than 2 milion yuan

shal be imposed upon the directly liable person in charge and other directly liable persons.

Article 28 Where there are false records, misleading statements or major omisions in the

recordation materials of a domestic enterprise, the CSRC shal order it to take corective action, give

a warning to it, and impose a fine of not les than 1 milion yuan nor more than 10 milion yuan

upon it. A warning shal be given to and a fine of not les than 500,000 yuan nor more than 5 milion

yuan shal be imposed upon the directly liable person in charge and other directly liable persons.

Where the controling shareholder or actual controler of a domestic enterprise organizes or

instigates the ilegal acts as prescribed in the preceding paragraph, or conceals relevant maters and

causes the circumstances as prescribed in the preceding paragraph, a fine of not les than 1 milion

yuan nor more than 10 milion yuan shal be imposed thereupon. A fine of not les than 500,000

yuan nor more than 5 milion yuan shal be imposed upon the directly liable person in charge and

other directly liable persons.

Article 29 Where a securities company or securities service institution fails to perform duties with

due diligence, and there are false records, misleading statements or major omisions in the

documents produced and isued acording to the laws, administrative regulations and relevant rules

of the state, or there are false records, misleading statements or major omisions in the documents

produced and isued acording to the rules of the overseas listing places, which disturbs the

domestic market order and impairs the lawful rights and interests of domestic investors, the CSRC or

the relevant competent department under the State Council shal order it to take corective action,

give a warning to it, and impose a fine of not les than one time nor more than 10 times the busines

income upon it; and where there is no busines income or the busines income is les than 500,000

yuan, a fine of not les than 500,000 yuan nor more than 5 milion yuan shal be imposed upon it. A

warning shal be given to and a fine of not les than 200,000 yuan nor more than 2 milion yuan shal

be imposed upon the directly liable person in charge and other directly liable persons.

Article 30 Whoever violates other relevant provisions of these Measures shal be subject to

punishment acording to the provisions on punishment in the relevant laws and administrative

regulations, if any.

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Article 31 In the case of serious violation of these Measures or other laws and administrative

regulations, the CSRC may impose a ban on aces to the securities market upon relevant

responsible persons. If such violation constitutes a crime, the violator shal be held criminaly liable

in acordance with the law.

Article 32 The CSRC shal, in acordance with the law, incorporate relevant market entities’

compliance with these Measures into the integrity archives of the securities market and share them

on the national credit information sharing platform, strengthen information sharing in conjunction

with relevant departments, and impose punishments acording to the law and regulations.

Chapter VI Suplementary Provisions

Article 33 Where a domestic enterprise held or actualy controled by a domestic listed company

conducts overseas ofering and listing or a domestic listed company ofers depositary receipts

convertible into domestic securities overseas on the basis of domestic securities, it shal concurently

comply with other relevant rules of the CSRC and undergo the recordation formalities in acordance

with these Measures.

Article 34 For the purposes of these Measures, the term “domestic enterprises” refers to enterprises

registered and formed in the teritory of the People’s Republic of China, including domestic joint-

stock companies directly conducting overseas ofering and listing and domestic operating entities of

entities indirectly conducting overseas ofering and listing.

For the purposes of these Measures, the term “securities companies and securities service

institutions” refers to domestic and foreign securities companies and securities service institutions

that are engaged in the busines in relation to overseas ofering and listing by domestic enterprises.

Article 35 These Measures shal come into force on March 31, 2023, upon which the Notice of

Implementing the Esential Clauses of Bylaws of Companies to Be Listed Overseas shal be

repealed.

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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

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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。

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；

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（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

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

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

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

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

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

个工作日内告知发行人需要补充的材料。发行

人应当在

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。

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

个工作日内向中国证监会备案，并应当于每年

月

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

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

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

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

万元以上

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

万元以上

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

违法行为的，处以

万元以上

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

万元以

上

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

万元以上

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

万元以上

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

万元以上

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

万元以

上

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

---

万元以上

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

万元以上

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

倍以上

倍以下的罚款；没有业务收入或

者业务收入不足

万元的，处以

万元以上

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

万元以上

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

年

月

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。