-
中华人民共和国证券法
(2005
年修订
)
SECURITIES LAW OF
THE PEOPLE'S REPUBLIC OF CHINA (revised in 2005)
（
199
8
年
12
月
2
9
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》
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修订）
(Adopted
at
the
6th
Meeting
of
the
Standing
Committee
of
the
9th
National
People's
Congress
on December 29, 1998, revised at the
18th Meeting of the Standing Committee of the
Tenth
National
People's
Congress
of
the
People's
Republic
of
China
on
October
27,
2005
according
to the Decision on
Revising the Securities Law of the People's
Republic of China as made
at the 11th
meeting of the Standing Committee of the 10th
People's Congress on August 28,
2004)
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目录
第一章
总
则
...
..................................................
........3
Chapter I General
Provisions
.................
................................3
第二章
证券发行
............
...............................................4
Chapter II Issuance of Securities
............................................ 4
第三章
证券交易
............
.................................................1
3
Chapter III Trading of Securities
..........................................
.13
第一节
一般规定
............
............................................13
Section I General Provisions
............................................13
第二节
证券上市
............
............................................16
Section II Listing of Securities
........................................16
第三节
持续信息公开
..........
..........................................20
Section III On-going Information
Disclosure .............................20
第四节
禁止的交易行为
.........
..........................................24
Section IV Prohibited Trading Acts
......................................24
第四章
上市公司的收购
.........
..............................................28
Chapter IV Acquisition of Listed
Companies ..................................28
第五章
证券交易所
...........
...............................................33
Chapter V Stock Exchanges
..
.................................................3
3
第六章
证券公司
............
.................................................3
7
Chapter VI Securities Companies
............................................ .37
第七章
证券登记结算机构
........
.............................................46
Chapter VII Securities Registration and
Clearing Institutions ...............46
第八章
证券服务机构
..........
..............................................50
Chapter VIII Securities Trading
Service Institutions .......................50
第九章
证券业协会
...........
...............................................51
Chapter IX Securities Industry
Association ..................................51
第十章
证券监督管理机构
........
.............................................52
Chapter X Securities Regulatory Bodies
......................................52
第十一章
法律责任
............
..............................................56
Chapter XI Legal Liabilities
...............................................5 6
第十二章
附
则
...............
...........................................70
Chapter XII Supplementary Articles
.........................................70
。
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第一章
总
则
Chapter I General Provisions
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。
Article
1
The
present
Law
is
formulated
for
the
purpose
of
regulating
the
issuance
and
transaction
of
securities,
protecting
the
lawful
rights
and
interests
of
investors,
safeguarding
the
economic
order
and
public
interests
of
the
society
and
promoting
the
growth
of the socialist
market economy.
第二条
在中华人民共和国境内，
股票、
公司债券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。
证券衍生品种发行、交易的管理办法，由国务院依照本法的原则规定。
Article 2
The present Law
shall be applied to the issuance and transaction
of stocks,
corporate
bonds
as
well
as
any
other
securities
as
lawfully
recognized
by
the
State
Council
within the territory
of the People's Republic of China. Where there is
no such provision
in
the
present
Law,
the
provisions
of
the
Corporation
Law
of
the
People's
Republic
of
China
and other relevant laws and
administrative regulations shall be applied.
Any listed trading of government bonds
and share of securities investment funds shall
be governed by the present Law. Where
there is any special provision in any other law or
administrative regulation, the special
provision shall prevail.
The
measures
for
the
administration
of
issuance
and
transaction
of
securities
derivatives shall
be prescribed by the State Council according to
the principles of the
present Law.
第三条
证券的发行、交易活动，必须实行公开、公平、公正的原则。
Article 3
The issuance and
transaction of securities shall adhere to the
principles
of openness, fairness and
impartiality.
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。
Article
4
The
parties
involved
in
any
issuance
or
transaction
of
securities
shall
have
equal legal status and
shall persist in the principles of free will,
compensation and
integrity and
creditworthy.
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。
Article
5
The
issuance
and
transaction
of
securities
shall
observe
laws
and
administrative regulations. No fraud,
insider trading or manipulation of the securities
market may be permitted.
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、
。
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保险业务机构分别设立。国家另有规定的除外。
Article 6
The divided
operation and management shall be adopted by the
industries of
securities,
banking,
trust
as
well
as
insurance.
The
securities
companies
and
the
business
organs of banks, trust and insurance
shall be established separately, unless otherwise
provided for by the state.
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。
Article 7
The securities
regulatory authority under the State Council shall
adopt a
centralized
and
unified
supervision
and
administration
of
the
national
securities
market.
The securities regulatory authority
under the State Council may, in light of the
relevant
requirements,
establish
dispatched
offices,
which
shall
perform
their
duties
and
functions
of supervision and
administration upon the authorization.
第八条
在
国家对证券发行、
交易活动实行集中统一监督管理的前提下，
依
法设立证券业协会，
实行自律性管理。
Article
8
Under
the
centralized
and
unified
supervision
and
administration
of
the
state
regarding
the
issuance
and
transaction
of
securities,
a
securities
industrial
association
shall be
lawfully established, which shall adopt the self-
regulating administration.
第九条
国家审计机关依法对证券交易
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。
< br>
Article
9
The
auditing
organ
of
the
state
shall
carry
out
auditing
supervision
of
stock
exchanges, securities
companies, securities registration and clearing
institutions and
securities regulatory
bodies.
第二章
证券发行
Chapter II
Issuance of Securities
第十条
公开发行证券，必须符合法
律、行政法规规定的条件，并依法报经国务院证券监督管
理机构或者国务院授权的部门核
准；未经依法核准，任何单位和个人不得公开发行证券。
有下列情形之一的，为公开发行：
Article 10
A public issuance
of securities shall satisfy the requirements of
the
relevant laws and administrative
regulations and shall be reported to the
securities
regulatory
authority
under
the
State
Council
or
a
department
upon
authorization
by
the
State
Council
for
examination
and
approval
according
to
law.
Without
any
examination
and
approval
according to law, no entity or
individual may make a public issuance of any
securities.
It shall be deemed as a
public issuance upon the occurrence of any of the
following
circumstances:
（一）向不特定对象发行证券的；
(1) Making a public issuance of
securities to non-specified objects;
（二）向特定对象发行证券累计超过二百人的；
(2) Making a public issuance of
securities to accumulatively more than 200
specified
objects; or
（三）法律、行政法规规定的其他发行行为。
。
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(3) Making a
public issuance as prescribed by any law or
administrative regulation.
非公开发行证券，不得采用广告、公开劝诱和变相公开方式。
For any securities that are not issued
in a public manner, the means of advertising,
public inducement or public issuance in
any disguised form may not be adopted thereto.
第十一条
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、行政法规规定实行保荐制度的其他证券的，应当聘请具有保荐资格的机构担任保荐
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。
保荐人的资格及其管理办法由国务院证券监督管理机构规定。
Article
11
An
issuer
that
files an
application
for
public issuance
of
stocks
or
convertible
corporate
bonds
by
means
of
underwriting
according
to
law
or
for
public
issuance
of any other
securities, to which a recommendation system is
applied, as is prescribed by
laws and
administrative regulations, shall employ an
institution with the qualification
of
recommendation as its recommendation party.
A recommendation party shall abide by
operational rules and industrial norms and, on
the
basis
of
the
principles
of
being
honesty,
creditworthy,
diligent
and
accountable,
carry
out a prudent
examination of application documents and
information disclosure materials
of
its
issuers
as
well
as
supervise
and
urge
its
issuers
to
operate
in
a
regulative
manner.
The qualification of the recommendation
party as well as the relevant measures for
administration shall be
formulated by
the securities
regulatory authority under the
State
Council.
第十二条
设立股份有限公司公开发行
股票，应当符合《中华人民共和国公司法》规定的条件
和经国务院批准的国务院证券监督
管理机构规定的其他条件，向国务院证券监督管理机构报送募股
申请和下列文件：
Article 12
A public
offer of stocks for establishing a stock-limited
company shall
satisfy the requirements
as prescribed in the Corporation Law of the
People's Republic of
China
as
well
as
any
other
requirements
as
prescribed
by
the
securities
regulatory
authority
under
the
State
Council,
which
have
been
approved
by
the
State
Council.
An
application
for
public
offer
of
stocks
as
well
as
the
following
documents
shall
be
reported
to
the
securities
regulatory authority under the State
Council:
（一）公司章程；
(1) The constitution of the company;
（二）发起人协议；
(2) The
promoter's agreement;
（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；
(3)
The
name
or
title
of
the
promoter,
the
amount
of
shares
as
subscribed
by
the
promoter,
the
category of contributed capital as well as the
capital verification certification;
（四）招股说明书；
(4) The
prospectus;
（五）代收股款银行的名称及地址；
(5) The name and address of the bank
that receives the funds as generated from the
。
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issuance of
stocks on the behalf of the company;
（
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。
(6) The name of the
underwriting organization as well as the relevant
agreements. In
case a recommendation
party shall be employed, as prescribed by the
present Law, the
Recommendation
Letter
of
Issuance
as
produced
by
the
recommendation
party
shall
be
submitted
as well.
< br>法律、行政法规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。
In case the establishment of a company
shall be reported for approval, as prescribed
by
laws
and
administrative
regulations,
the
relevant
approval
documents
shall
be
submitted
as well.
第十三条
公司公开发行新股，应当符合下列条件：
Article 13
An initial public
offer (IPO) of stocks of a company shall satisfy
the
following requirements:
（一）具备健全且运行良好的组织机构；
(1) Having a complete and well-operated
organization;
（二）具有持续盈利能力，财务状况良好；
(2)
Having
the
capability
of
making
profits
successively
and
a
sound
financial
status;
（三）最近三年财务会计文件无虚假记载，
无其他重大违法行为；
(3)
Having
no
false
record
in
its
financial
statements
over
the
latest
3
years
and
having
no other major
irregularity; and
（四）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。
(4)
Meeting
any
other
requirements
as
prescribed
by
the
securities
regulatory
authority
under the State
Council, which has been approved by the State
Council.
上市公司非公开发行新股，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，并
报国务院证券监督管理机构核准。
A listed company that makes any initial
non-public offer of stocks shall satisfy the
requirements
as
prescribed
by
the
securities
regulatory
authority
under
the
State
Council,
which have been
approved by the State Council and shall be
reported to the securities
regulatory
authority under the State Council for examination
and approval.
第十四条
公司公开发行新股，应当向
国务院证券监督管理机构报送募股申请和下列文件：
Article
14
A
company
that
makes
an
IPO
of
stocks
shall
apply
for
public
offer
of
stocks
as well as the following documents to
the securities regulatory authority under the
State
Council:
（一）公司营业执照；
(1)
The business license of the company;
（二）公司章程；
(2) The
constitution of the company;
（三）股东大会决议；
(3)
The resolution of the general assemble of
shareholders;
（四）招股说明书；
(4) The prospectus;
。
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（五）财务会计报告；
(5)
The financial statements;
（六）代收股款银行的名称及地址；
(6)
The
name
and
address
of
the
bank
that
receives
the
funds
as
generated
from
the
public
offer
of stocks on the behalf of the company; and
（七）承销机构名称及有关的协议。
(7) The name of the underwriting institution as
well as the relevant agreements.
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。
In
case a recommendation party shall be employed, as
prescribed by the present Law,
the
Recommendation Letter of Issuance as produced by
the recommendation party shall be
submitted as well.
第十五条
公司对公开发行股票所募集
资金，必须按照招股说明书所列资金用途使用。改变招
股说明书所列资金用途，必须经股
东大会作出决议。擅自改变用途而未作纠正的，或者未经股东大
会认可的，不得公开发行
新股。
Article
15
The
funds
as
raised
through
public
offer
of
stocks
as
made
by
a
company
shall
be used according to the purpose as
prescribed in the prospectus. Any alteration of
the
use
of
funds
as
prescribed
in
the
prospectus
shall
be
subject
to
a
resolution
of
the
general
assembly of shareholders. In case a
company fails to correct any unlawful alteration
of
its use of funds or where any
alteration of its use of funds fails to be adopted
by the
general assembly of
shareholders, the relevant company may not make
any IPO of stocks. In
the foregoing
circumstance, a listed company may not make any
non-public offer of stocks.
第十六条
公开发行公司债券，应当符合下列条件：
Article
16
A
public
issuance
of
corporate
bonds
shall
satisfy
the
following
requirements:
（一）股份有限公司的净资产不低于人民币三千万元，有限责任公司的净资产不低于人民币六<
/p>
千万元；
(1) The net
asset of a stock-limited company being no less
than RMB 30 million yuan
and the net
asset of a limited-liability company being no less
than RMB 60 million yuan;
（二）累计债券余额不超过公司净资产的百分之四十；
(2) The accumulated bond balance
constituting no more than 40 % of the net asset of
a company;
（三）最近三年平均可分配利润足以支付公司债券一年的利息；
(3) The average distributable profits
over the latest 3 years being sufficient to pay
the 1-year interests of corporate
bonds;
（四）筹集的资金投向符合国家产业政策；
(4)
The
investment
of
raised
funds
complying
with
the
industrial
policies
of
the
state;
（五）债券的利率不超过国务院限定的利率水平；
(5) The yield rate of bonds not
surpassing the level of interest rate as qualified
by
the State Council; and
（六）国务院规定的其他条件。
(6) Meeting any other requirements as
prescribed by the State Council.
公开发行公
司债券筹集的资金，必须用于核准的用途，不得用于弥补亏损和非生产性支出。
。
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The funds as
raised through public issuance of corporate bonds
shall be used for the
purpose
as
verified
and
may
not
be
used
for
covering
any
deficit
or
non-production
expenditure.
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，还应当符合本
法关
于公开发行股票的条件，并报国务院证券监督管理机构核准。
The
public
issuance
of
convertible
corporate
bonds
as
made
by
a
listed
company
may
not
only
meet
the
requirements
as
provided
for
in
paragraph
1
herein
but
also
meet
the
requirements of the present Law on
public offer of stocks, and shall be reported to
the
securities regulatory authority
under the State Council for examination and
approval.
第十七条
<
/p>
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：
Article
17
With regard to an application for
public issuance of corporate bonds, the
following
documents
shall
be
reported
to
the
department
as
authorized
by
the
State
Council
or the securities regulatory authority
under the State Council:
（一）公司营业执照；
(1)
The business license of the company;
（二）公司章程；
(2) The
constitution of the company;
（三）公司债券募集办法；
(3)
The procedures for issuing corporate bonds;
（四）资产评估报告和验资报告；
(4) An assent appraisal report and an
asset verification report; and
（五）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。
(5)
Any
other
document
as
prescribed
by
the
department
as
authorized
by
the
State
Council
or
by the securities regulatory authority under the
State Council.
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。
In case a
recommendation party shall be employed, as
prescribed by the present Law,
the
Recommendation Letter of Issuance as produced by
the recommendation party shall be
submitted as well.
第十八条
有下列情形之一的，不得再次公开发行公司债券：
Article
18
In
any
of
the
following
circumstances,
no
more
public
issuance
of
corporate
bonds may be
carried out:
（一）前一次公开发行的公司债券尚未募足；
(1) Where the corporate bonds as issued
in the previous public issuance haven't been
fully subscribed;
（二）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；
(2) Where a company has any
default on corporate bonds as publicly issued or
on any
other liabilities, or postpones
the payment of the relevant principal plus
interests, and
such situation is still
continuing; or
（三）违反本法规定，改变公开发行公司债券所募资金的用途。
(3) Where a company violates the
present Law by altering the use of funds as raised
。
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through
public issuance of corporate bonds.
第十九条
发行人依法申请核准发行证
券所报送的申请文件的格式、报送方式，由依法负责核
准的机构或者部门规定。
Article 19
The
formats and reporting ways of application
documents as reported by an
issuer for
examination and approval of securities issuance
according to law shall be
prescribed by
the legally competent organ or department in
charge of examination and
approval.
第二十条
发行人向国务院证券监督管理机构或者国务院授权的部门报送的证券发行申请文
件，必须
真实、准确、完整。
为证券发行出具有关文件的证券服务机构
和人员，必须严格履行法定职责，保证其所出具文件
的真实性、准确性和完整性。
Article 20
The application documents for
securities issuance as reported by an issuer
to
the
securities
regulatory
authority
under
the
State
Council
or
the
department
as
authorized by the State Council shall
be authentic, accurate and integrate.
A securities trading service
institution and its staff that produces the
relevant
documents for securities
issuance shall strictly perform its/his statutory
duties and
functions and guarantee the
authenticity, accuracy and integrity of the
documents as
produced thereby.
第二十一条
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。
Article 21
Where an issuer files an application
for an IPO of stocks, it shall, upon
submitting
the
application
documents,
disclose
the
relevant
application
documents
in
advance
according
to
the
provisions
of
the
securities
regulatory
authority
under
the
State
Council.
第二十二条
国务院证券监督管理机构
设发行审核委员会，依法审核股票发行申请。
发行审核委员会
由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成，
以投票方式
对股票发行申请进行表决，提出审核意见。
发行审核委员会的
具体组成办法、组成人员任期、工作程序，由国务院证券监督管理机构规定。
Article
22
The
securities
regulatory
authority
under
the
State
Council
shall
establish
an
issuance
examination
committee,
which
shall
examine
the
applications
for
stock
issuance
according to law.
The
issuance examination committee shall be composed
of the professionals from the
securities regulatory authority under
the State Council and other relevant experts from
outside
the
said
authority,
adopt
the
means
of
voting
for
the
determination
of
applications
for stock
issuance and set forth the opinions on
examination.
The
specific
formulation
measures,
tenure
of
members
as
well
as
work
procedures
of
the
issuance
examination
committee
shall
be
formulated
by
the
securities
regulatory
authority
under the State
Council.
第二十三条
国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公
。
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开，依法接受监督。
参与审核和核准
股票发行申请的人员，不得与发行申请人有利害关系，不得直接或者间接接受
发行申请人
的馈赠，不得持有所核准的发行申请的股票，不得私下与发行申请人进行接触。
国务院授权的部门对公司债券发行申请的核准，参照前两款的规定执行。
Article
23
The
securities
regulatory
authority
under
the
State
Council
shall
take
charge
of
the
examination
and
approval
of
applications
for
stock
issuance
in
light
of
the
statutory
requirements. The
procedures for examination and approval shall be
publicized and shall
be subject to
supervision according to law.
The
personnel
participating in
the examination
and
verification of stock issuance may
not
have
any
interest
relationship
with
an
issuance
applicant,
may
not
directly
or
indirectly
accept
any
present
of
the
issuance
applicant,
may
not
hold
any
stock
as
verified
for issuance and may not have any
private contact with an issuance applicant.
The department as authorized by the
State Council shall conduct the examination and
approval of applications for issuance
of corporate bonds by referring to the preceding 2
paragraphs herein.
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应当自受理证券发行申请文件之
日起三个月内，
< br>依照法定条件和法定程序作出予以核准或者不予核准的决定，
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；不予核准的，应当说明理由。
< br>
Article
24
The
securities
regulatory
authority
under
the
State
Council
or
the
department
as
authorized
by
the
State
Council
shall,
within
3
months
as
of
acceptance
of
an
application
for securities
issuance, make an decision on approval or
disapproval according to the
statutory
requirements and procedures, whereby the time for
an issuer to supplement or
correct
its application
documents
for
issuance according to the relevant
requirements
may
not be
calculated within the aforesaid term for
examination and approval. In the event of
disapproval, an explanation shall be
given in writing.
第二十五条
证券发行申请经核准，发
行人应当依照法律、行政法规的规定，在证券公开发行
前，公告公开发行募集文件，并将
该文件置备于指定场所供公众查阅。
发行证券的信息依法公开
前，任何知情人不得公开或者泄露该信息。
发行人不得在公告公开发行募集文件前发行证券。
Article
25
Where
an
application
for
securities
issuance
has
been
approved,
the
relevant
issuer shall, in
accordance with the provisions of the relevant
laws and administrative
regulations,
announce
the
relevant
financing
documents
of
public
issuance
before
publicly
issuing
any
securities
and
shall
make
the
aforesaid
documents
available
for
public
reference
in designated places.
Before
the
information
of
securities
issuance
is
publicized
according
to
law,
no
insider
may
publicize or indulge the relevant information.
An
issuer
may
not
issue
any
securities
before
an
announcement
of
the
relevant
financial
documents of
public issuance.
第二十六条
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核准证券发行的决
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，撤销发行核准决
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；
。
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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；发行人的控股股东、实际
控制人有过错的，
应当与发行人承担连带责任。
Article
26
The
securities
regulatory
authority
under
the
State
council
or
the
department
as
authorized
by
the
State
Council
shall,
where
finding
any
decision
on
approving
securities
issuance fails to comply with the
relevant statutory requirements and procedures and
if
the
relevant
securities
haven't
been
issued,
revoke
the
decision
on
approval
and
terminate
the issuance. As
to any securities that have been issued but
haven't been listed, the
relevant
decision on approval for issuance shall be
revoked. The relevant issuer shall,
according to the issuing price plus
interests as calculated at the bank deposit rate
for
the
corresponding
period
of
time,
return
the
funds
to
securities
holders.
A
recommendation
party
shall
bear
the
joint
and
several
liabilities
together
with
the
relevant
issuer,
except
for one who is able to prove his
exemption of fault. Where any controlling
shareholder or
actual controller has
any fault, he shall bear the joint and several
liabilities together
with the relevant
issuer.
第二十七条
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。
Article
27
After
a
legal
offer
of
stocks,
an
issuer
shall
be
liable
for
any
alteration
of
its
operation
or
its
profits
by
itself.
The
investment
risk
as
incurred
therefrom
shall
be borne by investors by themselves.
第二十八条
发行人向不特定对象发行的证券，法律、行政法规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。
Article 28 Where an issuer
issues any securities to any non-specified object
and if
the said securities shall be
underwritten by a securities company, as is
provided for by
laws and administrative
regulations, the issuer shall conclude an
underwriting agreement
with
a
securities
company.
The
forms
of
by
proxy
and
sale
shall
be
adopted
for
the underwriting operation of securities.
The term
sells
securities
as
a
proxy
of
the
relevant
issuer
and,
upon
the
conclusion
of
the
underwriting period, returns all the
securities unsold to the relevant issuer.
The
term
sale
refers
to
an
underwriting
form,
whereby
a
securities
company
purchases all of the securities of an
issuer according to the agreement there between or
purchases all of the residing unsold
securities by itself upon the conclusion of the
underwriting period.
第二十九条
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。证券公司不得以不正
当竞争手段招揽证券承销业务。<
/p>
Article 29
An
issuer that makes public issuance of securities
has the right to select
a
securities
company
for
underwriting
according
to
law
at
its
own
will.
A
securities
company
。
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may not
canvass any securities underwriting business by
any unjust competition means.
第三十条
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：
Article 30
Where a
securities company underwrites any securities, it
shall reach an
agreement
with
the
relevant
issuer
on
sale
by
proxy
or
exclusive
sale,
which
shall
indicate
the following
items:
（一）当事人的名称、住所及法定代表人姓名；
(1) The name, domicile as well as the
name of the legal representative of the parties
concerned;
（二）代销、包销证券的种类、数量、金额及发行价格；
(2) The classes, quantity, amount as
well as issuing prices of the securities under
sale by proxy or exclusive sale;
（三）代销、包销的期限及起止日期；
(3) The term of sale by proxy or
exclusive sale as well as the start-stop date;
（四）代销、包销的付款方式及日期；
(4) The means and date of payment for
sale by proxy or exclusive sale;
（五）代销、包销的费用和结算办法；
(5) The expenses for and settlement
methods of sale by proxy or exclusive sale;
（六）违约责任；
(6) The
liabilities of breach; and
（七）国务院证券监督管理机构规定的其他事项。
(7) Any other matter as prescribed by
the securities regulatory authority under the
State Council.
第三十一条
证券公司承销证券，应当
对公开发行募集文件的真实性、准确性、完整性进行核
查；发现有虚假记载、误导性陈述
或者重大遗漏的，不得进行销售活动；已经销售的，必须立即停
止销售活动，并采取纠正
措施。
Article
31
A
securities
company
that
is
engaged
in
the
underwriting
of
securities
shall
carry
out
verification
on
the
authenticity,
accuracy
and
integrity
of
the
financing
documents
of
public
issuance.
Where
any
false
record,
misleading
statement
or
major
omission
is found, no sales activity may be
carried out. Where any securities have been sold
out
under
the
foregoing
circumstances,
the
relevant
sales
activity
shall
be
immediately
terminated and
measures for correction shall be taken.
第三十二条
向不特定对象发行的证券票面总值超过人民币五千万元的，应当由承销团承销。
承销团
应当由主承销和参与承销的证券公司组成。
Article
32
Where
the
total
face
value
of
securities
as
issued
to
non-
specified
objects
is
beyond
RMB
50
million
yuan,
the
said
securities
shall
be
underwritten
by
an
underwriting
syndicate. An underwriting syndicate
shall be composed of securities companies acting
as
principal underwriters and
participant underwriters.
第三十三条
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。
Article 33
The
term for sale by proxy or exclusive sale may not
exceed 90 days at the
。
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most. A
securities company shall, within the term of sale
by proxy or exclusive sale,
guarantee
the priority of the relevant subscribers in
purchasing securities under sale by
proxy or exclusive sale. A securities
company may not reserve in advance any securities
under
sale
by
proxy
thereby
or
purchase
in
advance
and
sustain
any
securities
under
exclusive
sale thereby.
第三十四条
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。
Arti
cle 34
Where any stock is issued at a
premium, the issuing price thereof shall be
agreed on
through
negotiation of the relevant issuer and the
securities company that is engaged in
underwriting.
第三十五条
股票发行采用代销方式，
代销期限届满，向投资者出售的股票数量未达到拟公开
发行股票数量百分之七十的，为发
行失败。
发行人应当按照发行价并加算银行同期存款利息返还
股票认购人。
Article 35
As to a
public offer of stocks through
sale by proxy, when the term of sale
by
proxy expires and if the quantity of stocks fails
to reach 70 % of the planned quantity
in a public offer, it shall be deemed
as a failure.
The
relevant
issuer
shall
return
the
issuing
price
plus
interests
as
calculated
at
the
bank deposit rate for the contemporary
period of time to the subscribers of stocks.
第三十六条
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。
Article 36
In a public offer of stocks, when the
term for sale by proxy or exclusive
sale expires, an issuer shall report
the information on stock issuance to the
securities
regulatory authority under
the State Council for archival purpose within the
prescribed
time. Chapter III
Transaction of Securities.
第三章
证券交易
Chapter III
Trading of Securities
第一节
一般规定
Section I
General Provisions
第三十七条
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。
Article 37
The
securities as purchased and sold by any party who
is involved in any
securities
transaction
shall
be
the
securities
that
have
been
legally
issued
and
delivered.
No
securities that have been illegally issued may be
purchased or sold.
第三十八条
依法发行的股票、公司债
券及其他证券，法律对其转让期限有限制性规定的，在
限定的期限内不得买卖。
Article 38
All
stocks, corporate bonds or any other securities
that have been legally
issued,
where
there
are
any
restrictive
provisions
of
laws
on
the
term
of
transfer
thereof,
。
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may not be
purchased or sold within the restrictive term.
第三十九条
依法公开发行的股票、公司债券及其他证券，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证券交易场所转让。
Article
39
All
stocks,
corporate
bonds
or
any
other
securities
that
have
been
publicly
issued according to
law shall be listed in a stock exchange as legally
established or in
any other places for
securities transaction as approved by the State
Council.
第四十条
<
/p>
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。
Article
40
The
means
of
public
and
centralized
transaction
or
any
other
means
as
approval
by
the
securities
regulatory
authority
under
the
State
Council
shall
be
adopted
for
listed
trading of securities
in stock exchanges.
第四十一条
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。
Article 41
The
securities as purchased or sold by the parties
involved in securities
transaction
may
be
in
paper
form
or
in
any
other
form
as
approved
by
the
securities
regulatory
authority under
the State Council.
第四十二条
证券交易以现货和国务院规定的其他方式进行交易。
Article 42
The securities
transaction shall be carried out in the form of
spot goods
as well as any other form as
prescribed by the State Council.
第四十三条
证券交易所、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，也不得收受他人赠送的股票。
任何人在成为前款
所列人员时，其原已持有的股票，必须依法转让。
Article 43
The practitioners
in stock exchanges, securities companies as well
as
securities
registration
and
clearing
institutions,
the
functionary
of
securities
regulatory bodies
as well as any other personnel who have been
prohibited by laws and
administrative
regulations from engaging in any stock transaction
shall, within their
tenures or the
relevant statutory term, not hold or purchase or
sold any stock directly
or in any
assumed name or in a name of any other person, nor
may they accept any stocks
from any
other person as a present.
Anyone,
when
becoming
any
person
as
prescribed
in
the
preceding
paragraph
herein,
shall
transfer the stocks he has held
according to law.
第四十四条
证券交易所、证券公司、
证券登记结算机构必须依法为客户开立的账户保密。
Article
44
The
stock
exchanges,
securities
companies
as
well
as
securities
registration
and clearing institutions shall keep
secret for the accounts as opened for their
clients
according to law.
第四十五条
为股票发行出具审计报告
、资产评估报告或者法律意见书等文件的证券服务机构
。
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和人员，在该股票承销期内
和期满后六个月内，不得买卖该种股票。
除前款规定外，为上
市公司出具审计报告、资产评估报告或者法律意见书等文件的证券服务机
构和人员，自接
受上市公司委托之日起至上述文件公开后五日内，不得买卖该种股票。
Article 45
A securities
trading service institution and the relevant
personnel that
produce such documents
as auditing reports, asset appraisal reports or
legal opinions for
stock
issuance
may
not
purchase
or
sell
any
of
the
aforesaid
stocks
within
the
underwriting
term of stocks
or within 6 months as of
the
expiration of
the
underwriting term of
stocks.
Except
for
the
provisions
as
prescribed
in
the
preceding
paragraph
herein,
a
securities
trading service
institutions and the relevant personnel that
produce such documents as
auditing
reports, asset appraisal reports or legal opinions
for listed companies may not
purchase
or sell any of the aforesaid stocks within the
period from the day when an
entrustment
of a listed company is accepted to the day when
the aforesaid documents are
publicized.
第四十六条
证券交易的收费必须合理，并公开收费项目、收费标准和收费办法。证券交易的
收费项
目、收费标准和管理办法由国务院有关主管部门统一规定。
Article
46
The
charge
for
securities
transaction
shall
be
reasonable.
The
charging
items,
standards
as
well
as
methods
shall
be
publicized.
The
charging
items,
standards
and
administrative measures
of securities transaction shall be uniformly
formulated by the
relevant
administrative department under the State Council.
第四十七条
上市公司董事、监事、高级管理人员、持有上市公司股份百分之五以上的股东，
将其持
有的该公司的股票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，证券公司因包销购入售后剩余股票而持有百
分之五以上股份的，卖出该股票不受六个月时间限制。
公司董事会不按照前款规定执行的，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。
Article 47
Where
any director, supervisor and senior manager of a
listed company or
any shareholder who
holds more than 5%
of the shares of a
listed company, sells the stocks
of
the
company
as
held
within
6
months
after
purchase,
or
purchases
any
stock
as
sold
within
6
months
thereafter,
the
proceeds
generated
therefrom
shall
be
incorporated
into
the
profits
of
the
relevant
company.
The
board
of
directors
of
the
company
shall
withdraw
the
proceeds.
However, where a
securities company holds more than 5% of the
shares of a listed company,
which are
the residing stocks after sale by proxy as
purchased thereby, the sale of the
foregoing stocks may not be limited by
a term of 6 months.
Where
the
board
of
directors
of
a
company
fails
to
implement
the
provisions
as
prescribed
in the preceding
paragraph herein, the shareholders concerned have
the right to require
the board of
directors to implement them within 30 days. Where
the board of directors of
a
company
fails
to
implement
them
within
the
aforesaid
term,
the
shareholders
have
the
right
to
directly
file
a
litigation
with
the
people's
court
in
their
own
names
for
the
interests
of
the company.
Where
the
board
of
directors
of
a
company
fail
to
implement
the
provisions
as
prescribed
in
paragraph
1herein,
the
directors
in
charge
shall
bear
the
joint
and
several
liabilities
。
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according to
law.
第二节
证券上市
Section II
Listing of Securities
第四十八条
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。
Article
48
An
application
for
the
listing
of
any
securities
shall
be
filed
with
a
stock
exchange
and
shall
be
subject
to
the
examination
and
approval
of
the
stock
exchange
according
to law and a
listing agreement shall be reached by both
parties.
The stock exchanges shall,
according to the decision of the department as
authorized
by the State Council,
arrange the listing of government bonds.
第四十九条
申请股票、可转换为股票的公司债券或者法律、行政法规规定实行保荐制度的其
他证券
上市交易，应当聘请具有保荐资格的机构担任保荐人。
本法第十一条第二款、第三款的规定适用于上市保荐人。
Article 49
As for an
application for the listing of any stocks,
convertible corporate
bonds or any
other securities, to which a recommendation system
is applied, as prescribed
by
laws
and
administrative
regulations,
an
institution
with
the
qualification
of
recommendation shall be employed as the
recommendation party.
The provisions
of paragraphs 2 and
3 of
Article
11 of
the
present Law shall be applied
to the
recommendation party of listing.
第五十条
股份有限公司申请股票上市，应当符合下列条件：
Article 50
A stock-limited
company that files an application for the listing
of its
stocks shall satisfy the
following requirements:
（一）股票经国务院证券监督管理机构核准已公开发行；
(1)
The
stocks
shall
have
been
subject
to
the
examination
and
approval
of
the
securities
regulatory
authority under the State Council and shall have
been publicly issued;
（二）公司股本总额不少于人民币三千万元；
(2) The total amount of capital stock
shall be no less than RMB 30 million yuan;
（三）公开发行的股份达到公司股份总数的百分之二十五以上；公司股本总额超过人民币四亿
元的，公开发行股份的比例为百分之十以上；
(3) The shares as publicly issued shall
reach more than 25 % of the total amount of
corporate shares; where the total
amount of capital stock of a company exceeds RMB
0.4
billion yuan, the shares as
publicly issued shall be no less than 10% thereof;
and
（四）公司最近三年无重大违法行为，财务会计报告无虚假记载。
(4) The company may not have
any major irregularity over the latest years and
there
is no false record in its
financial statements.
证券交易所可以规定高于前款规定的
上市条件，并报国务院证券监督管理机构批准。
A
stock exchange may prescribe the requirements of
listing that are more strict than
those
as prescribed in the preceding paragraph herein,
which shall be reported to the
securities regulatory authority under
the State Council for approval.
。
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第五十一条
国家鼓励符合产业政策并符合上市条件的公司股票上市交易。
Article 51
The state
encourages the listing of corporate stocks that
comply with the
relevant industrial
policies and fulfill the relevant requirements of
listing.
第五十二条
申请股票上市交易，应当向证券交易所报送下列文件：
Article 52
With regard to an
application for the listing of stocks, the
following
documents shall be reported
to a stock exchange:
（一）上市报告书；
(1)
The listing report;
（二）申请股票上市的股东大会决议；
(2) The resolution of the general
assembly of shareholders regarding the application
for the listing of stocks;
（三）公司章程；
(3) The
constitution of the company;
（四）公司营业执照；
(4)
The business license of the company;
（
五）依法经会计师事务所审计的公司最近三年的财务会计报告；
(5) The financial statements of the
company for the latest years as audited by an
accounting firm according to law;
（六）法律意见书和上市保荐书；
(6) The legal opinions as well as the
Recommendation Letter of Listing;
（七）最近一次的招股说明书；
(7) The latest prospectus; and
（八）证券交易所上市规则规定的其他文件。
(8) Any other document as prescribed by
the listing rules of the stock exchange.
第五十三条
股票上市交易申请经证券交易所审核同意后，签订上市协议的公司应当在规定的
期限内
公告股票上市的有关文件，并将该文件置备于指定场所供公众查阅。
Article 53
Where an
application for the listing of stocks has been
subject to the
examination
and
approval
of
a
stock
exchange,
the
relevant
company
that
has
reached
a
listing
agreement thereon shall announce the
relevant documents for stock listing within the
prescribed period and shall make the
said documents available for public reference in
designated places.
第五十四条
签订上市协议的公司除公
告前条规定的文件外，还应当公告下列事项：
Article 54
A company that
has reached a listing agreement may not only
announce the
documents as prescribed in
the preceding Article herein but also announce the
following
items:
（一）股票获准在证券交易所交易的日期；
(1) The date when the stocks have been
approved to be listed in a stock exchange;
（二）持有公司股份最多的前十名股东的名单和持股数额；
(2) The name list of the top 10
shareholders who hold the largest number of shares
in
the company as well as the amount of
stocks as held thereby;
。
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（三）公司的实际控制人；
(3)
The actual controller of the company; and
（四）董事、监事、高级管理人员的姓名及其持有本公司股票和债券的情况。
(4)
The
names
of
the
directors,
supervisors
and
senior
managers
of
the
company
as
well
as the
relevant information on the stocks and bonds of
the company as held thereby.
第五十五条
上市公司有下列情形之一
的，由证券交易所决定暂停其股票上市交易：
Article 55
Where a listed
company is in any of the following circumstances,
the stock
exchange shall decide to
suspend the listing of its stocks:
（一）公司股本总额、股权分布等发生变化不再具备上市条件；
(1)
Where
the
total
amount
of
capital
stock
or
share
distribution
of
the
company
changes
and thus, fails to
meet the requirements of listing;
（二）公
司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，可能误导投资者；
(2)
Where
the
company
fails
to
publicize
its
financial
status
according
to
the
relevant
provisions or has
any false record in its financial statements,
which may mislead the
investors;
（三）公司有重大违法行为；
(3) Where the company has any major
irregularity;
（四）公司最近三年连续亏损；
(4) Where the company has been
operating at a loss for the latest 3 consecutive
year;
or
（五）证券交易所上市规则规定的其他情形。
(5) Under any other circumstance as
prescribed in the listing rules of the stock
exchange.
第五十六条
上市公司有下列情形之一
的，由证券交易所决定终止其股票上市交易：
Article 56
Where a listed
company is in any of the following circumstances,
the stock
exchange shall decide to
terminate the listing of its stocks:
（
一）公司股本总额、股权分布等发生变化不再具备上市条件，在证券交易所规定的期限内仍
不能达到上市条件；
(1)
Where
the
total
amount
of
capital
stock
or
share
distribution
of
the
company
changes
and thus, fails to
meet the requirements of listing, and where the
company fails again to
meet the
requirements of listing within the period as
prescribed by the stock exchange;
（二）公
司不按照规定公开其财务状况，或者对财务会计报告作虚假记载，且拒绝纠正；
(2)
Where
the
company
fails
to
publicize
its
financial
status
according
to
the
relevant
provisions or has
any false record in its financial statements, and
refuses to make any
correction;
（三）公司最近三年连续亏损，在其后一个年度内未能恢复盈利；
(3) Where the company has been
operating at a loss for the latest 3 consecutive
years
and fails to gain profits in the
year thereafter;
（四）公司解散或者被宣告破产；
(4) Where the company is dissolved or
is announce bankruptcy; or
（五）证券交易所上市规则规定的其他情形。
(5) Under any other circumstance as
prescribed in the listing rules of the stock
。
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exchange.
第五十七条
公司申请公司债券上市交易，应当符合下列条件：
Article 57
A company shall,
when applying for the listing of corporate bonds,
fulfill
the following requirements:
（一）公司债券的期限为一年以上；
(1) The term of corporate bonds shall
be more than 1 year;
（二）公司债券实际发行额不少于人民币五千万元；
(2) The amount of corporate bonds to be
actually issued shall be no less than RMB 50
million yuan; and
（三）公司申请债券上市时仍符合法定的公司债券发行条件。
(3) The company shall meet the
statutory requirements for the issuance of
corporate
bonds when applying for the
listing of its bonds.
第五十八条
申请公司债券上市交易，应当向证券交易所报送下列文件：
Article
58
A
company
shall,
when
filing
an
application
for
the
listing
of
its
corporate
bonds, report the following documents
to a stock exchange:
（一）上市报告书；
(1)
The listing report;
（二）申请公司债券上市的董事会决议；
(2) The resolution as adopted by the
board of directors regarding the application for
listing;
（三）公司章程；
(3) The
constitution of the company;
（四）公司营业执照；
(4)
The business license of the company;
（五）公司债券募集办法；
(5)
The measures for financing through the issuance of
corporate bonds;
（六）公司债券的实际发行数额；
(6) The amount of corporate bonds to be
actually issued; and
（七）证券交易所上市规则规定的其他文件。
(7) Any other document as prescribed in
the listing rules of the stock exchange.
< br>申请可转换为股票的公司债券上市交易，还应当报送保荐人出具的上市保荐书。
With regard to an application for the
listing of convertible corporate bonds, the
Recommendation Letter of Listing as
produced by the relevant recommendation party
shall
be reported.
第五十九条
公司债券上市交易申请经
证券交易所审核同意后，签订上市协议的公司应当在规
定的期限内公告公司债券上市文件
及有关文件，并将其申请文件置备于指定场所供公众查阅。
Article 59
Where an
application for the listing of corporate bonds has
been subject
to
the
examination
and
approval
of
the
stock
exchange,
the
company
that
has
reached
a
listing
agreement thereon
shall, within the prescribed
period,
announce
its report on the listing
of
its
corporate
bonds
as
well
as
the
relevant
documents
and
make
its
application
documents
available for public reference in
designated places.
。
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第六十条
公司债券上市交易后，公司
有下列情形之一的，由证券交易所决定暂停其公司债券
上市交易：
Article 60
After any
corporate bonds are listed, where the relevant
company is in any
of the following
circumstances, the stock exchange may decide to
suspend the listing of
its corporate
bonds:
（一）公司有重大违法行为；
(1) Where the company has any major
irregularity;
（二）公司情况发生重大变化不符合公司债券上市条件；
(2)
Where
the
company
has
any
major
change
and
thus
fails
to
meet
the
requirements
for
the listing of corporate bonds;
（三）发行公司债券所募集的资金不按照核准的用途使用；
(3) Where the funds as raised through
the issuance of corporate bonds fail to be used
according to the purpose as verified;
（四）未按照公司债券募集办法履行义务；
(4) Where the company fails to perform
its obligations according to the measures for
financing through the issuance of
corporate bonds; or
（五）公司最近二年连续亏损。
(5)
Where
the
company
has
been
operating
at
a
loss
for
the
latest
2
consecutive
years.
第六十一条
公司有前条第（一）项、第（四）项所列情形之一经查实后果严重的，或者有前
条第（
二）项、第（三）项、第（五）项所列情形之一，在限期内未能消除的，由证券交易所决定
终止其公司债券上市交易。
公司解散或者被宣告破产的，由
证券交易所终止其公司债券上市交易。
Article
61
Where a company is in any of the
circumstances as described in item (1) or
(4) of the preceding Article herein and
the consequences as incurred therefrom have been
verified to be serious, or where a
company is under any of the circumstances as
described
in any of item (2), (3), or
(5) of the preceding Article herein and fails to
eliminate the
relevant consequence
within a specified time limit, the stock exchange
shall decide to
terminate the listing
of corporate bonds of the company.
In
case
a
company
is
dissolved
or
declared
bankrupt,
the
stock
exchange
shall
terminate
the listing of
corporate bonds thereof.
第六十二条
对证券交易所作出的不予
上市、暂停上市、终止上市决定不服的，可以向证券交
易所设立的复核机构申请复核。<
/p>
Article 62
Any
company, which is dissatisfied with a decision of
a stock exchange on
disapproving,
suspending or terminating its listing, may file an
application for a review
with the
review organ established by the stock exchange.
第三节
持续信息公开
Section
III On-going Information Disclosure
第六十三条
发行人、上市公司依法披
露的信息，必须真实、准确、完整，不得有虚假记载、
误导性陈述或者重大遗漏。
Article 63
The
information as disclosed by issuers and listed
companies according to
。
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law
shall
be
authentic,
accurate
and
integrate
and
may
not
have
any
false
record,
misleading
statement or
major omission.
第六十四条
经国务院证券监督管理机
构核准依法公开发行股票，或者经国务院授权的部门核
准依法公开发行公司债券，应当公
告招股说明书、公司债券募集办法。依法公开发行新股或者公司
债券的，还应当公告财务
会计报告。
Article 64
As for the stocks that have been publicly issued
upon the verification of
the
securities
regulatory
authority
under
the
State
Council
or
for
the
corporate
bonds
that
have
been
publicly
issued
upon
the
verification
of
the
department
as
authorized
by
the
State
Council
according
to
law,
the
prospectus
or
the
measures
for
financing
through
the
issuance
of
corporate
bonds
shall
be
announced.
In
an
IPO
of
stocks
or
corporate
bonds,
the
relevant
financial
statements shall be announced as well.
第六十五条
上市公司和公司债券上市交易的公司，应当在每一会计年度的上半年结束之日起
二个月
内，向国务院证券监督管理机构和证券交易所报送记载以下内容的中期报告，并予公告：
Article 65
A company whose
shares or bonds have been listed for trading
shall, within
two
months
as
of
the
end
of
the
first
half
of
each
accounting
year,
submit
to
the
securities
regulatory authority under the State
Council and the stock exchange a midterm report
indicating the following contents and
announce it:
（一）公司财务会计报告和经营情况；
(1) The financial statements and
business situation of the company;
（二）涉及公司的重大诉讼事项；
(2) The major litigation involving the company;
（三）已发行的股票、公司债券变动情况；
(3) The particulars of any change
concerning the shares or corporate bonds thereof
as
already issued;
（四）提交股东大会审议的重要事项；
(4) The important matters as submitted
to the general assembly of shareholders for
deliberation; and
（五）国务院证券监督管理机构规定的其他事项。
(5) Any other matter as prescribed by
the securities regulatory authority under the
State Council.
第六十六条
上市公司和公司债券上市
交易的公司，
应当在每一会计年度结束之日起四个月内，
向国务
院证券监督管理机构和证券交易所报送记载以下内容的年度报告，并予公告：
Article 66
A listed company
whose shares or bonds have been listed for trading
shall,
within
four
months
as
of
the
end
of
each
accounting
year,
submit
to
the
securities
regulatory
authority under
the State Council and the stock exchange an annual
report indicating the
following
contents, and announce it:
（一）公司概况；
(1) A
brief account of the company's general situation;
（二）公司财务会计报告和经营情况；
(2) The financial statement and
business situation of the company;
（三）董事、监事、高级管理人员简介及其持股情况；
。
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(3) A brief
introduction to the directors, supervisors, and
senior managers of the
company well as
the information regarding their shareholdings;
（四）已发行的股票、公司债券情况，包括持有公司股份最多的前十名股东的名单和持股数额
；
(4)
The
information
on
shares
and
corporate
bonds
as
already
issued,
including
the
name
list of
the top 10 shareholders who hold the largest
numbers of shares in the company as
well as the amount of shares as held
thereby;
（五）公司的实际控制人；
(5) The actual controller of the
company; and
（六）国务院证券监督管理机构规定的其他事项。
(6) Any other matter as prescribed by
the securities regulatory authority under the
State Council.
第六十七条
发生可能对上市公司股票
交易价格产生较大影响的重大事件，
投资者尚未得知时，
上市公
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。
下列情况为前款所称重大事件：
Article
67
In
the
event
of
a
major
event
that
may
considerably
affect
the
trading
price
of
a
listed
company's
shares
and
that
is
not
yet
known
to
the
investors,
the
listed
company
shall
immediately
submit
a
temporary
report
regarding
the
said
major
event
to
the
securities
regulatory
authority
under
the
State
Council
and
the
stock
exchange
and
make
an
announcement
to the general public as well, in which
the cause, present situation and possible legal
consequence of the event shall be
indicated:
The term
following circumstances:
（一）公司的经营方针和经营范围的重大变化；
(1) A major change in the business
guidelines or business scope of the company;
（二）公司的重大投资行为和重大的购置财产的决定；
(2) A decision of the company on any
major investment or major asset purchase;
（三）公司订立重要合同，可能对公司的资产、负债、权益和经营成果产生重要影响；
< br>
(3)
An
important
contract
as
concluded
by
the
company,
which
may
have
an
important
effect
on the assets,
liabilities, rights, interests or business
achievements of the company;
（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；
(4) Any incurrence
of a
major
debt in the company or
default on an overdue major debt;
（五）公司发生重大亏损或者重大损失；
(5) Any incurrence of a major deficit
or a major loss in the company;
（六）公司生产经营的外部条件发生的重大变化；
(6)
A
major
change
in
the
external
conditions
for
the
business
operation
of
the
company;
（七）公司的董事、三分之一以上监事或者经理发生变动；
(7) A change concerning directors, no
less than one-third of supervisors or managers
of the company;
（八）持有公司百分之五
以上股份的股东或者实际控制人，其持有股份或者控制公司的情况发
生较大变化；
(8) A considerable change in
the holdings of shareholders or actual controllers
who
each hold or control no less than
5% of the company's shares;
。
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（九）公司减资、合并、分立、解散及申请破产的决定；
(9) A decision of the company on
capital decrease, merger, division, dissolution,
or
application for bankruptcy;
（十）涉及公司的重大诉讼，股东大会、董事会决议被依法撤销或者宣告无效；
(10)
Any
major
litigation
involving
the
company,
or
where
the
resolution
of
the
general
assembly
of
shareholders
or
the
board
of
directors
have
been
cancelled
or
announced
invalid;
< br>（十一）公司涉嫌犯罪被司法机关立案调查，公司董事、监事、高级管理人员涉嫌犯罪被司法
机关采取强制措施；
(11)
Where
the
company
is
involved
in
any
crime,
which
has
been
filed
as
a
case
as
well
as
investigated into by the judicial organ or where
any director, supervisor or senior
manager
of
the
company
is
subject
to
compulsory
measures
as
rendered
by
the
judicial
organ;
or
（十二）国务院证券监督管理机构规定的其他事项。
(12) Any other matter as prescribed by
the securities regulatory authority under the
State Council.
第六十八条
上市公司董事、高级管理
人员应当对公司定期报告签署书面确认意见。
上市公司监事会
应当对董事会编制的公司定期报告进行审核并提出书面审核意见。
上市公司董事、监事、高级管理人员应当保证上市公司所披露的信息真实、准确、完整。
Article 68
The directors
and senor managers of a listed company shall
subscribe their
opinions for
recognition in the periodic report of their
company in written form.
The board of
supervisors of a listed company shall carry out an
examination on the
periodic report of
its company as formulated by the board of
directors and produce the
relevant
examination opinions in writing.
The
directors,
supervisors
and
senior
managers
of
a
listed
company
shall
guarantee
the
authenticity, accuracy
and integrity of the information as disclosed by
their listed
company.
第六十九条
发行人、上市公司公告的
招股说明书、公司债券募集办法、财务会计报告、上市
报告文件、年度报告、中期报告、
临时报告以及其他信息披露资料，有虚假记载、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，发行人、上市公司应当承担赔偿责任；发行人、
上市公司的董事
、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司，应当与
发行人
、上市公司承担连带赔偿责任，但是能够证明自己没有过错的除外；发行人、上市公司的控
股股东、实际控制人有过错的，应当与发行人、上市公司承担连带赔偿责任。
Article
69
Where
the
prospectus,
measures
for
financing
through
issuance
of
corporate
bonds,
financial
statement,
listing
report,
annual
report,
midterm
report,
temporary
report
or any information as
disclosed that has been announced by an issuer or
a listed company
has any false record,
misleading statement or major omission, and thus
incurs losses to
investors in the
process of securities trading, the issuer or the
listed company shall be
subject to the
liabilities of compensation. Any director,
supervisor, senior manager or
any
other
person
of
the
issuer
or
the
listed
company
directly
responsible
shall
be
subject
to
the
joint
and
several
liabilities
of
compensation,
except
for
anyone
who
is
able
to
prove
his
exemption of any fault. Where any shareholder or
actual controller of an issuer or a
listed company has any fault, he shall
be subject to the joint and several liabilities of
。
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compensation
together with the relevant issuer or listed
company.
第七十条
<
/p>
依法必须披露的信息，应当在国务院证券监督管理机构指定的媒体发布，同时将其
置备于公司住所、证券交易所，供社会公众查阅。
Article 70
The information
as prescribed by law to be disclosed shall be
publicized
through the media as
designated by the securities regulatory authority
under the State
Council
and
shall,
at
the
same
time,
be
made
available
for
public
reference
at
the
company's
domicile and a
stock exchange.
第七十一条
国务院证券监督管理机构
对上市公司年度报告、中期报告、临时报告以及公告的
情况进行监督，对上市公司分派或
者配售新股的情况进行监督，对上市公司控股股东和信息披露义
务人的行为进行监督。<
/p>
证券监督管理机构、证券交易所、保荐人、承销的证券公司及有
关人员，对公司依照法律、行
政法规规定必须作出的公告，在公告前不得泄露其内容。<
/p>
Article
71
The
securities
regulatory
authority
under
the
State
Council
shall
carry
out
supervision over annual reports,
midterm reports, temporary reports of listed
companies
as well as their
announcements, over the distribution or rationing
of new shares of such
listed
companies
and
over
the
controlling
shareholders
and
any
other
obligor
of
information
disclosure of
listed companies.
The securities
regulatory body, stock exchange, recommendation
party or securities
company involving
in underwriting as well as the relevant personnel
thereof shall, before
an announcement
is made by a company according to the provisions
of the relevant laws and
administrative
regulations, divulge any content concerned before
the announcement.
第七十二条
证券交易所决定暂停或者
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。
Article 72
Where a
stock exchange decides to suspend or terminate the
listing of any
securities,
it
shall
announce
the
decision
in
a
timely
manner
and
report
it
to
the
securities
regulatory authority under the State
Council for archival purpose.
第四节
禁止的交易行为
Section
IV Prohibited Trading Acts
第七十三条
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。
Article
73
Any
insider
who
has
access
to
any
insider
information
of
securities
trading
or
who
has
unlawfully
obtained
any
insider
information
is
prohibited
from
taking
advantage
of the insider information as held
thereby to engage in any securities trading.
第七十四条
证券交易内幕信息的知情人包括：
Article 74
The insiders who
have access to insider information of securities
trading
include:
（一）发行人的董事、监事、高级管理人员；
(1) Directors, supervisors, and senior
managers of an issuer;
。
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（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；
(2) Shareholders who
hold no less than 5% of the shares in a company as
well as the
directors,
supervisors,
and
senior
managers
thereof,
or
the
actual
controller
of
a
company
as well as the directors, supervisors,
and senior managers thereof;
（三）发行人控股的公司及其董事、监事、高级管理人员；
(3)
The
holding
company
of
an
issuer
as
well
as
the
directors,
supervisors,
and
senior
managers thereof;
（四）由于所任公司职务可以获取公司有关内幕信息的人员；
(4)
The
personnel
who
may
take
advantage
of
their
posts
in
their
company
to
obtain
any
insider
information
of
the
company
concerning
the
issuance
and
transaction
of
its
securities;
（五）
证券监督管理机构工作人员以及由于法定职责对证券的发行、
交易进行管理的其他人员；
(5)
The
functionary
of
the
securities
regulatory
body,
and
other
personnel
who
administer
the
issuance
and
transaction
of
securities
pursuant
to
their
statutory
functions
and duties;
（六）保荐人、承销的证券公司、
证券交易所、证券登记结算机构、证券服务机构的有关人员；
(6)
The
relevant
personnel
of
recommendation
institutions,
securities
companies
engaging
in
underwriting,
stock
exchanges,
securities
registration
and
clearing
institutions and
securities trading service organizations; and
（七）国务院证券监督管理机构规定的其他人。
(7) Any other person as prescribed by
the securities regulatory authority under the
State Council.
第七十五条
证券交易活动中，涉及公
司的经营、财务或者对该公司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
。
下列信息皆属内幕信息：
Article 75 For the purpose of the
present Law, the term
to the
information that concerns the business or finance
of a company or may have a major
effect
on the market price of the securities thereof and
that hasn't been publicized in
securities
trading.
The
following
information
all
falls
into
the
scope
of
insider
information:
（一）本法第六十七条第二款所列重大事件；
(1) The major events as prescribed in
paragraph 2 of Article 62 of the present Law;
（二）公司分配股利或者增资的计划；
(2) The plan of a company concerning
any distribution of dividends or increase of
capital;
（三）公司股权结构的重大变化；
(3) Any major change in the company's
equity structure;
（四）公司债务担保的重大变更；
(4) Any major change in guaranty of the
company's obligation;
（五）公司营业用主要资产的抵押、
出售或者报废一次超过该资产的百分之三十；
(5)
Where the mortgaged, sold or discarded value of a
major asset as involved in the
business
operation of the company exceeds 30 % of the said
asset in a one-off manner;
。
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（六）公司的董事、监事、
高级管理人员的行为可能依法承担重大损害赔偿责任；
(6)
Where any act as conducted by any director,
supervisor or senior manager of the
company may be rendered liabilities of
major damage and compensation;
（七）上市公司收购的有关方案；
(7) The relevant plan of a listed
company regarding acquisition; and
（八）
国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。
(8)
Any
other
important
information
that
has
been
recognized
by
the
securities
regulatory
authority
under
the
State
Council
as
having
a
marked
effect
on
the
trading
prices
of securities.
第七十六条
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、其他组
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，行为人应当依法承担赔偿责任。
Article
76
Any
insider
who
has
access
to
insider
information
or
has
unlawfully
obtained
any insider
information on securities trading may not purchase
or sell the securities of
the relevant
company, or divulge such information, or advise
any other person to purchase
or sell
such securities.
Where
there
is
any
other
provision
of
the
present
Law
on
governing
the
purchase
of
shares
of a listed company
by a natural person, legal person or any other
organization who holds
or holds with
any other person not less than 5% of the company's
shares by means of an
agreement or any
other arrangement, it shall prevail.
Where any insider trading incurs any
loss to investors, the actor shall be subject to
the liabilities of compensation
according to law.
第七十七条
禁止任何人以下列手段操纵证券市场：
Article 77
Anyone is
prohibited from manipulating the securities market
by any of the
following means:
（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，操
纵证券交易价格或者证券交易量；
(1)
Whether
anyone,
independently
or
in
collusion
with
others,
manipulates
the
trading
price
of securities or trading quantity of securities by
centralizing the advantage in
respect
of funds, shareholding advantage or utilizing
information advantage to trade
jointly
or continuously;
（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，影响证券交易价格或
者证券交易量；
(2) Where anyone collaborates with any
other person to trade securities pursuant to
the
time,
price
and
method
as
agreed
upon
in
advance,
thereby
affecting
the
price
or
quantity
of the securities traded;
（
三）在自己实际控制的账户之间进行证券交易，影响证券交易价格或者证券交易量；
(3) Where anyone trades securities
between the accounts under self-control, thereby
affecting the price or quantity of the
securities traded; or
（四）以其他手段操纵证券市场。
。
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(4) Where
anyone manipulates the securities market by any
other means.
操纵证券市场行为给投资者造成损失的，行为人应当依法
承担赔偿责任。
Where anyone incurs
any loss to investors by manipulating the
securities market, the
actor shall be
subject to the liabilities of compensation
according to law.
第七十八条
禁止国家工作人员、传播
媒介从业人员和有关人员编造、传播虚假信息，扰乱证
券市场。
禁止证券交易所、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。<
/p>
各种传播媒介传播证券市场信息必须真实、客观，禁止误导。
Article 78
It is prohibited
for state functionaries, practitioners of the news
media
as
well
as
other
relevant
personnel
concerned
to
fabricate
or
disseminate
any
false
information, thereby
seriously disturbing the securities market.
It is prohibited for stock exchanges,
securities companies, securities registration
and clearing institutions, securities
trading service institutions and the practitioners
thereof, as well as the securities
industry association, the securities regulatory
body
and their functionaries to make
any false statement or give any misleading
information in
the activities of
securities trading.
The securities
market information as disseminated by any media
shall be authentic and
objective. Any
dissemination of misleading information is
prohibited.
第七十九条
禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为：
Article 79
It is prohibited
for securities companies as well as their
practitioners
to
commit
any
of
the
following
fraudulent
acts
in
the
process
of
securities
trading,
which
may injure the
interests of their clients:
（一）违背客户的委托为其买卖证券；
(1) Violating the entrustment of its
client by purchasing or selling any securities
on the behalf;
（二）不在规定时间内向客户提供交易的书面确认文件；
(2) Failing to provide a client with
written confirmation of a transaction within the
prescribed period of time;
（三）挪用客户所委托买卖的证券或者客户账户上的资金；
(3) Misappropriating the securities as
entrusted by a client for purchase or sale, or
the funds in a client's account;
（四）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；
(4)
Unlawfully
purchasing
or
selling
securities
for
its
client
without
any
authorization,
or
unlawfully
purchasing
or
selling
any
securities
in
the
name
of
a
client;
（五）为牟取佣金收入，诱使客户进行不必要的证券买卖；
(5) Inveigling a client into making any
unnecessary purchase or sale of securities in
order to obtain commissions;
（六）利用传播媒介或者通过其他方式提供、传播虚假或者误导投资者的信息；
(6) Making use
of mass media
or by
any
other means to
provide or disseminate any false
or misleading information to investors;
or
（七）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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(7)
Having
any
other
act
that
goes
against
the
true
intention
as
expressed
by
a
client
and damages the
interests thereof.
欺诈客户行为给客户造成损失的，行为人应
当依法承担赔偿责任。
Where anyone
practices any trickery and thus incurs any loss to
the relevant clients,
the actor shall
be subject to the liabilities of compensation
according to law.
第八十条
禁止法人非法利用他人账户
从事证券交易；
禁止法人出借自己或者他人的证券账户。
Article 80
It's prohibited
for any legal person to unlawfully make use of any
other
person's
account
to
undertake
any
securities
trading.
It's
prohibited
for
any
legal
person
to lend its or any
other's securities account.
第八十一条
依法拓宽资金入市渠道，禁止资金违规流入股市。
Article 81
The channel for
capital to go into the stock market shall be
broadened
according
to
law.
It's
prohibited
for
any
unqualified
capital
to
go
into
the
stock
market.
第八十二条
禁止任何人挪用公款买卖证券。
Article 82
It's prohibited
for any person to misappropriate any public fund
to trade
securities.
第八十三条
国有企业和国有资产控股
的企业买卖上市交易的股票，必须遵守国家有关规定。
Article 83
The state-owned
enterprises and state-holding enterprises that
engage in
any transaction of listed
stocks shall observe the relevant provisions of
the state.
第八十四条
证券交易所、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。
Article
84
When stock exchanges, securities
companies, securities registration and
clearing
institutions,
securities
trading
service
organizations
as
well
as
their
functionaries
discover
any
prohibited
activities
in
securities
trading,
they
shall
report
such
activities to the securities regulation body in
time.
第四章
上市公司的收购
Chapter
IV Acquisition of Listed Companies
第八十五条
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。
Article
85
An investor may purchase a listed
company by means of tender offer or
agreement as well as by any other legal
means.
第八十六条
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股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监
督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告；在上述期限内，不得再
行买
卖该上市公司的股票。
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股份达到百分之五
后，
其所持该上市公司已发行的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。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。
。
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Article 86
Where an investor, through securities
trading at a stock exchange, comes
to
hold or holds with any other person 5 % of the
shares as issued by a listed company by
means of agreement or any other
arrangement, the investor shall, within three days
as of
the date when such shareholding
becomes a fact, submit a written report to the
securities
regulatory authority under
the State Council and the stock exchange, notify
the relevant
listed
company
and
announce
the
fact
to
the
general
public.
Within
the
aforesaid
prescribed
period, the investor may not purchase
or sell any more shares of the listed company.
In case an investor holds or holds with
any other person 5% of the shares as issued
by a listed company by means of
agreement or any other arrangement, he shall,
pursuant to
the provisions of the
preceding paragraph herein, make report and
announcement of each 5%
increase or
decrease in the proportion of the issued shares of
the said company he holds
through
securities
trading
at
a
stock
exchange.
Within
the
reporting
period
as
well
as
two
days after
the relevant report and announcement are made, the
investor may not purchase
or sell any
more shares of the listed company.
第八十七条
依照前条规定所作的书面报告和公告，应当包括下列内容：
Article 87
The written
report and announcement as made according to the
provisions of
the preceding Article
herein shall include the following contents:
（一）持股人的名称、住所；
(1) The name and domicile of the
shareholder;
（二）持有的股票的名称、数额；
(2) The description and amount of the
shares as held; and
（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。
(3)
The
date
on
which
the
shareholding
or
any
increase
or
decrease
in
the
shareholding
reaches the
statutory percentage.
第八十八条
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收购要约应当
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。
Article 88
Where an investor holds or holds with any other
person 30% of the stocks
as issued by a
listed company by means of agreement or any other
arrangement through
securities trading
at a stock exchange and if the purchase is
continued, he shall issue
a tender
offer to all the shareholders of the said listed
company to purchase all of or
part of
the shares of the listed company.
It
shall be stipulated
in a tender
offer as
issued to
a listed
company that, where
the
share amount as promised to be sold
by the shareholders of the target company exceeds
the
scheduled amount of stocks for
purchase, the purchaser shall carry out the
acquisition
according to the relevant
percentage.
第八十九条
依照前条规定发出收购要
约，收购人必须事先向国务院证券监督管理机构报送上
市公司收购报告书，并载明下列事
项：
Article
89
Before
any
tender
offer
is
issued
pursuant
to
the
provisions
in
the
preceding
。
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Article
herein,
the
relevant
purchaser
shall
submit
a
report
on
the
acquisition
of
a
listed
company to the
securities regulatory authority under the State
Council beforehand, which
shall
indicate the following items:
（一）收购人的名称、住所；
(1) The name and domicile of the
purchaser;
（二）收购人关于收购的决定；
(2) The decision of the purchaser on
acquisition;
（三）被收购的上市公司名称；
(3) The name of the target listed
company;
（四）收购目的；
(4) The purpose of acquisition;
（五）收购股份的详细名称和预定收购的股份数额；
(5) The detailed description of the
shares to be purchased and the amount of shares
to be purchased in schedule;
（六）收购期限、收购价格；
(6) The term and price of the
acquisition;
（七）收购所需资金额及资金保证；
(7) The amount and warranty of the funds as
required by the acquisition; and
（八）报送
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。
(8)
The
proportion
of
the
amount
of
shares
of
the
target
company
as
held
by
the
purchaser
in the total amount of shares of the
target company as issued, when the report on the
acquisition of the listed company is
reported.
收购人还应当将上市公司收购报告书同时提交证券交易所。
A
purchaser
shall
concurrently
submit
to
the
stock
exchange
a
report
on
the
acquisition
of the relevant
company.
第九十条
<
/p>
收购人在依照前条规定报送上市公司收购报告书之日起十五日后，
公告其收购要约。
在上述期限内，国务院证券监督管理机构发现上市公司收购报告书不符
合法律、行政法规规定的，
应当及时告知收购人，收购人不得公告其收购要约。
收购要约约定的收购期限不得少于三十日，并不得超过六十日。
Article 90
A purchaser
shall, after 15 days as of the day when the report
on the
acquisition of a listed company
is submitted pursuant to the preceding Article
herein,
announce its tender offer.
Within the aforesaid term, where the securities
regulatory
authority under the State
Council finds that any report in the acquisition
of a listed
company
fails
to
satisfy
the
provisions
of
the
relevant
laws
and
administrative
regulations,
it shall notify the relevant purchaser
in a timely manner. The relevant purchaser may not
announce its tender offer.
The
term
for
acquisition
as
stipulated
in
a
tender
offer
shall
be
not
less
than
30
days
but not more than 60
days.
第九十一条
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，必须事先向国务院证券监督管理机构及证券交易所提出报告，经批准后，予以公告。
Article 91
Within
the acceptance term as prescribed in a tender
offer, no purchaser
may revoke its
tender offer. Where a purchaser requests for
altering its tender offer, it
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shall submit
a report to the securities regulatory authority
under the State Council and
the stock
exchange in advance and announce the alteration
upon the approval thereby.
第九十二条
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。
Article 92
All the terms of
acquisition as stipulated in a tender offer shall
apply
to all the shareholders of a
target company.
第九十三条
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。
Article
93
In the event of an acquisition by
tender offer, a purchaser shall, within
the term for acquisition, not sell any
share of the target company, nor shall it buy any
share of the target company by any
other means that hasn't been stipulated by
provisions
of its tender offer or that
oversteps the terms as stipulated in its tender
offer.
第九十四条
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。
Article
94
In
the
event
of
an
acquisition
by
agreement,
a
purchaser
may
carry
out
share
transfer with the shareholders of the
target company by means of agreement according to
the provisions of the relevant laws and
administrative regulations.
In
the
case
of
an
acquisition
of
a
listed
company
by
agreement,
a
purchaser
shall,
within
three days after the
acquisition agreement is reached, submit a written
report on the
acquisition agreement to
the securities regulatory authority under the
State Council and
the stock exchange as
well as announce it to the general public.
No acquisition agreement may be
performed before the relevant announcement.
第九十五条
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。
Article
95
In the event of an acquisition by
agreement, both parties to the agreement
may temporarily entrust a securities
registration and clearing institution to keep the
stocks as transferred and deposit the
relevant funds in a designated bank.
第九十六条
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
上市公司已发行的股份达到百分之
三十时，继续进行收购的，应当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，经国务院证券监督管理机构免除发出要约的除外。
< br>收购人依照前款规定以要约方式收购上市公司股份，应当遵守本法第八十九条至第九十三条的
规定。
Article
96
In
the
event
of
an
acquisition
by
agreement,
where
a
purchaser
has
purchased,
held or held with
any other person 30% of the shares as issued by a
listed company through
agreement
or
any
other
arrangement
and
if
the
acquisition
is
continued,
the
purchaser
shall
issue an offer to all of the
shareholders of the target listed company for
purchasing all
of
or
part
of
the
company's
shares,
unless
a
tender
offer
is
been
exempted
from
being
issued
。
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by the
securities regulatory authority under the State
Council.
A purchaser that purchases
the shares of a listed company by means of tender
offer
according
to
the
provisions
of
the
preceding
paragraph
herein
shall
abide
by
the
provisions
of
Articles 89~93 of the present Law.
第九十七条
收购期限届满，被收购公
司股权分布不符合上市条件的，该上市公司的股票应当
由证券交易所依法终止上市交易；
其余仍持有被收购公司股票的股东，有权向收购人以收购要约的
同等条件出售其股票，收
购人应当收购。
收购行为完成后，被收购公司不再具备股份有
限公司条件的，应当依法变更企业形式。
Article
97
Upon
the
expiration
of
a
term
for
acquisition,
where
the
share
distribution
of an target
company fails to fulfill the requirements of
listing, the listing of stocks
of
the
said
listed
company
shall
be
terminated
by
the
stock
exchange
according
to
law.
The
shareholders
that
still
hold
the
shares
of
the
target
company
have
the
right
to
sell
their
shares
pursuant
to
the
equal
terms
as
stipulated
in
the
relevant
tender
offer.
The
purchaser
shall make the
purchase.
When an acquisition is
concluded, if a target company fails to meet the
requirements
of
being
a
stock-limited
company
any
more,
its
form
of
enterprise
shall
be
altered
according
to law.
第九十八条
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
的十二
个月内不得转让。
Article
98
In an acquisition of a listed
company, the stocks of the target company as
held by a purchaser may not be
transferred within 12 months after the acquisition
is
concluded.
第九十九条
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。
Article 99
When
an acquisition is concluded, if the purchaser
merges with the target
company by
dissolving the target company, the original shares
of the company as dissolved
shall be
changed by the purchaser according to law.
第一百条
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。
Article
100
Where
an
acquisition
is
concluded,
a
purchaser
shall,
within
15
days,
report
the
acquisition
to
the
securities
regulatory
authority
under
the
State
Council
and
the
stock
exchange as well as
announce it.
第一百零一条
收购上市公司中由国家
授权投资的机构持有的股份，应当按照国务院的规定，
经有关主管部门批准。
国务院证券监督管理机构应当依照本法的原则制定上市公司收购的具体办
法。
Article 101
The purchase of the shares of a listed company as
held by an organization
that has been
authorized by the state for investment shall be
subject to the approval of
the
relevant administrative departments
according
to the provisions of the
State Council.
The
securities
regulatory
authority
under
the
State
Council
shall
formulate
the
。
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specific
measures for acquisition of listed companies in
light of the principles of the
present
Law.
第五章
证券交易所
Chapter V
Stock Exchanges
第一百零二条
证券交易所是为证券集
中交易提供场所和设施，组织和监督证券交易，实行自
律管理的法人。
< br>
证券交易所的设立和解散，由国务院决定。
Article 102
For the purpose
of the present Law, the term
a
legal
person
that
provides
the
relevant
place
and
facilities
for
concentrated
securities
trading,
organizes and supervises the securities trading
and applies a self-regulating
administration.
The
establishment
and
dissolution
of
a
stock
exchange
shall
be
subject
to
the
decision
of the State Council.
第一百零三条
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。
Article
103
A
constitution
shall
be
formulated
for
the
establishment
of
a
stock
exchange.
The formulation
and revision of the constitution of a stock
exchange shall be subject
to the
approval of the securities regulatory authority
under the State Council.
第一百零四条
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。
Article
104
The
words
exchange
shall
be
indicated
in
the
name
of
a
stock
exchange.
No other entity or individual may use
the name of
第一百零五条
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。<
/p>
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。
Article
105
The
income
that
is
at
the
discretion
of
a
stock
exchange,
as
generated
from
various commissions, shall first be
used to guarantee the normal operation of the
place
and facilities of the stock
exchange as well as the gradual improvement
thereof.
The
gains
as
accumulated
by
a
stock
exchange
that
adopts
a
membership
system
shall
belong
to
its members. The rights and interests of a stock
exchange shall be jointly shared by
its
members.
No
accumulated
gains
of
a
stock
exchange
may
be
distributed
to
any
member
within
the holding term.
第一百零六条
证券交易所设理事会。
Article 106
A stock exchange
shall have a council.
第一百零七条
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。
。
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Article
107
There
shall
be
a
general
manager
in
a
stock
exchange,
who
shall
be
subject
to the appointment and dismissal of the
securities regulatory authority under the State
Council.
第一百零八条
有
《中华人民共和国公司法》
第一百四十七条规定的情形或者下列情形之一的，
不得担任证券交易所的负责人：
Article
108
Anyone,
under
the
circumstance
as
prescribed
in
Article
147
of
the
Corporation
Law
of
the
People's
Republic
of
China
or
under
any
of
the
following
circumstances,
may not
assume the post of person-in-charge of a stock
exchange:
（一）因违法行为或者违纪行为被解除职务的证券交易所、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；
(1)
Where
a
person-in-charge
of
a
stock
exchange
or
securities
registration
and
clearing
institution or any director, supervisor
or senior manager of a securities company who has
been removed from his post for his
irregularity or disciplinary breach and if it has
been
within 5 years as of the day when
he is removed from his post; or
（二）因违法
行为或者违纪行为被撤销资格的律师、注册会计师或者投资咨询机构、财务顾问
机构、资
信评级机构、资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。
(2) Where a professional of a law firm,
accounting firm or investment consulting
organization,
financial
advising
organization,
credit
rating
institution,
asset
appraisal
institution
or
asset
verification
institution
who
has
been
disqualified
for
his
irregularity or
disciplinary breach and if it' has been within 5
years as of the day when
he is removed
from his post.
第一百零九条
因违法行为或者违纪行
为被开除的证券交易所、证券登记结算机构、证券服务
机构、证券公司的从业人员和被开
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。
Article 109
A practitioner
of a stock exchange, securities registration and
clearing
institution,
securities
trading
service
organization
or
securities
company
or
any
functionary
of
the
state
organ,
who
has
been
dismissed
for
his
irregularity
or
disciplinary
breach, may not
be employed as a practitioner of a stock exchange.
第一百一十条
进入证券交易所参与集中交易的，必须是证券交易所的会员。
Article
110
Only
a
member
of
a
stock
exchange
may
enter
into
a
stock
exchange
to
engage
in the centralized
trading of securities.
第一百一十一条
投资者应当与证券公
司签订证券交易委托协议，并在证券公司开立证券交易
账户，以书面、电话以及其他方式
，委托该证券公司代其买卖证券。
Article
111
An investor shall conclude an
entrustment agreement with a securities
company
on
securities
trading,
open
an
account
of
securities
trading
in
a
securities
company
and
entrust
the
securities
company
to
purchase
or
sell
securities
on
the
behalf
in
writing,
by
telephone or any other means.
第一百一十二条
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
。
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户手续。
Article
112
A securities company shall, based
on the entrustment of its investors,
declare orders and engage in the
centralized trading at a stock exchange according
to the
rules
of
securities
trading
and
shall,
based
on
trading
results,
bear
the
relevant
liabilities
of
settlement
and
delivery.
A
securities
registration
and
clearing
institution
shall,
on
the
basis
of
trading
results
and
according
to
the
rules
of
settlement
and
delivery,
conduct settlement
and delivery of securities and capital with the
relevant securities
company and handle
the formalities of transfer registration of
securities for clients of
the relevant
securities company.
第一百一十三条
证券交易所应当为组
织公平的集中交易提供保障，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。
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。
Article
113
A stock exchange shall guarantee a
fair centralized trading, announce
up-
to-the-minute quotations of securities trading,
formulate the quotation tables of the
securities market on the basis of
trading days as well as announce it.
Without permission of a stock exchange,
no entity or individual may announce any
up-to-the-minute quotations of
securities trading.
第一百一十四条
因突发性事件而影响
证券交易的正常进行时，证券交易所可以采取技术性停
牌的措施；因不可抗力的突发性事
件或者为维护证券交易的正常秩序，证券交易所可以决定临时停
市。
证券交易所采取技术性停牌或者决定临时停市，必须及时报告国务院证券监督管理
机构。
Article
114
Where
any
normal
trading
of
securities
is
disturbed
by
an
emergency,
a
stock
exchange may take the
measures of a technical suspension of trading. In
the event of an
emergency of force
majeure or with a view to preserving the normal
order of securities
trading, a stock
exchange may decide a temporary speed bump.
Where
a
stock
exchange
adopts
the
measure
of
a
technical
suspension
of
trading
or
decides
a temporary speed
bump, it shall report it to the securities
regulatory authority under
the State
Council in a timely manner.
第一百一十五条
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。
证券交易所应当对上市公司及相关信息披露义务人披露信息进
行监督，督促其依法及时、准确
地披露信息。
证券交易所根据需要，可以对出现重大异常交易情况的证券账户限制交易，并报国务院证券监
督管理机构备案。
Article
115
A
stock
exchange
shall
exercise
a
real-
time
monitoring
of
securities
trading
and shall, according to
the
requirements
of the
securities
regulatory
authority under the
State Council,
report any abnormal trading thereto.
A
stock exchange shall carry out supervision over
the information as disclosed by a
listed
company
or
the
relevant
obligor
of
information
disclosure,
supervise
and
urge
it/him
to
disclose information in a timely and accurate
manner according to law.
A stock
exchange may, when it requires so, restrict the
trading through a securities
。
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account
where there is any major abnormal trading and
shall report it to the securities
regulatory authority under the State
Council for archival filing.
第一百一十六条
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。
Article 116
A stock exchange
shall withdraw a certain proportion of funds from
the
transaction
fees,
membership
fees
and
seat
fees
as
charged
thereby
to
establish
a
risk
fund.
The
risk
fund
shall
be
subject
to
the
administration
of
the
council
of
the
stock
exchange.
The specific
withdrawal proportion and use of risk fund shall
be provided for by the
securities
regulatory authority under the State Council in
collaboration with the fiscal
department of the State Council.
第一百一十七条
< br>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。
Article
117
A
stock
exchange
shall
deposit
its
risk
fund
into
a
special
account
of
its
opening
bank and may not unlawfully misuse it.
第一百一十八条
< br>证券交易所依照证券法律、行政法规制定上市规则、交易规则、会员管理规
则和其
他有关规则，并报国务院证券监督管理机构批准。
Article 118
A stock exchange
shall, pursuant to laws and administrative
regulations
of securities, formulate
the rules on listing, trading and membership
administration as
well as any other
relevant rules, and shall report them to the
securities regulatory
authority under
the State Council for approval.
第一百一十九条
证券交易所的负责人
和其他从业人员在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。
Article 119
Any person-in-charge and any other practitioner of
a stock exchange that
has any interest
relationship or any of his relatives has any
interest relationship with
the
performance of his duties relating to securities
trading shall withdraw.
第一百二十条
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。对交易中违规交
易者应负的民事责任不得免除；在
违规交易中所获利益，依照有关规定处理。
Article
120
Any
trading
result
of
a
transaction,
which
has
been
conducted
in
accordance
with the trading
rules as formulated according to law, may not be
altered. A trader who
has conducted any
rule-breaking trading may not be exempted from
civil liabilities. The
proceeds as
generated from any rule-breaking trading shall be
dealt with pursuant to the
relevant
regulations.
第一百二十一条
在证券交易所内从事
证券交易的人员，违反证券交易所有关交易规则的，由
证券交易所给予纪律处分；对情节
严重的，撤销其资格，禁止其入场进行证券交易。
Article 121
Where any staff
of a stock exchange who is engaged in securities
trading
violates any trading rule of
the stock exchange, the stock exchange shall
impose him
disciplinary sanctions.
Under any serious circumstances, the qualification
thereof shall
be revoked and the
violator shall be prohibited from entering into
the stock exchange to
。
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