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Securities Law of the People's Republic of China (2019 Revision) [Not Yet Effective]
中华人民共和国证券法(2019修订) [尚未生效]
【法宝引证码】

Order of the President of the People's Republic of China 

中华人民共和国主席令

(No. 37) (第三十七号)

The Securities Law of the People's Republic of China, as adopted at the 15th Session of the Standing Committee of the Thirteenth National People's Congress of the People's Republic of China on December 28, 2019, is hereby issued, and shall come into force on March 1, 2020. 中华人民共和国证券法》已由中华人民共和国第十三届全国人民代表大会常务委员会第十五次会议于2019年12月28日修订通过,现予公布,自2020年3月1日起施行。
Xi Jinping, President of the People's Republic of China 中华人民共和国主席 习近平
December 28, 2019 2019年12月28日
Securities Law of the People's Republic of China 中华人民共和国证券法
(Adopted at the 6th Session of the Standing Committee of the Ninth National People's Congress on December 29, 1998, amended for the first time in accordance with the Decision to Amend the Securities Law of the People's Republic of China adopted at the 11th Session of the Standing Committee of the Tenth National People's Congress on August 28, 2004; amended for the first time at the 18th Session of the Standing Committee of the Tenth National People's Congress on October 27, 2005; amended for the second time in accordance with the Decision to Amend Twelve Laws Including the Cultural Relics Protection Law of the People's Republic of China adopted at the Third Session of the Standing Committee of the Twelfth National People's Congress on June 29, 2013; amended for the third time in accordance with the Decision to Amend Five Laws Including the Insurance Law of the People's Republic of China adopted at the Tenth Session of the Standing Committee of the Twelfth National People's Congress on August 31, 2014; and amended for the second time at the 15th Session of the Standing Committee of the Thirteenth National People's Congress on December 28, 2019) (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
Table of Contents 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
Chapter I General Provisions 《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
Chapter II Securities Offering 《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)
Chapter III Securities Trading 
 目录
Section 1 General Provisions 
 第一章 总则
Section 2 Securities Listing 
 第二章 证券发行
Section 3 Prohibited Trading Acts 
 第三章 证券交易
Chapter IV Acquisition of Listed Companies 
 第一节 一般规定
Chapter V Information Disclosure 
 第二节 证券上市
Chapter VI Investor Protection 
 第三节 禁止的交易行为
Chapter VII Stock Exchanges 
 第四章 上市公司的收购
Chapter VIII Securities Companies 
 第五章 信息披露
Chapter IX Securities Depository and Clearing Institutions 
 第六章 投资者保护
Chapter X Securities Service Institutions 
 第七章 证券交易场所
Chapter XI Securities Associations 
 第八章 证券公司
Chapter XII Security Regulatory Authorities 
 第九章 证券登记结算机构
Chapter XIII Legal Liability 
 第十章 证券服务机构
Chapter XIV Supplemental Provisions 
 第十一章 证券业协会
Chapter I General Provisions 
 第十二章 证券监督管理机构
Article 1 This Law is developed for the purposes of regulating securities offering and trading, protecting the lawful rights and interests of investors, maintaining the social and economic order and safeguarding public interest, and promoting the development of the socialist market economy. 
 第十三章 法律责任
Article 2 This Law shall apply to the offering and trading of stocks, corporate bonds, depositary receipts and other securities lawfully recognized by the State Council within the territory of the People's Republic of China. The matters not provided for in this Law shall be governed by the provisions of the Company Law of the People's Republic of China and other relevant laws and administrative regulations. 
This Law shall apply to the listing and trading of government bonds and shares of securities investment funds. If it is otherwise provided for in any other law or administrative regulation, such provisions shall prevail. 第十四章 附则
The administrative measures for the offering and trading of asset-backed securities and asset management products shall be developed by the State Council under the principles of this Law. 
Where the offering and trading of securities outside the People's Republic of China disrupt the order of the domestic market of the People's Republic of China and infringe upon the lawful rights and interests of domestic investors, the violator shall be punished in accordance with the relevant provisions of this Law and shall be subject to legal liability. 

第一章 总则

Article 3 The offering and trading of securities shall follow the principles of openness, fairness and impartiality.   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 4 The parties to securities offering and trading activities shall have equal legal status and follow the principles of free will, compensation, and good faith.   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。
Article 5 The offering and trading of securities shall comply with laws and administrative regulations. Any fraud, insider trading or manipulation of the securities market shall be prohibited. 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。
Article 6 The operation and administration of the securities industry shall be separated from the operation and administration of banking, trust and insurance industries, and securities companies shall be formed separately from banking, trust and insurance business institutions, except as otherwise provided for by the state. 
   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。
Article 7 The securities regulatory authority of the State Council shall conduct centralized and unified supervision and administration of the national securities market in accordance with the law. 
The securities regulatory authority of the State Council may form local offices as required, and such local offices shall perform their duties of supervision and administration according to authorization.   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 8 The auditing organs of the state shall conduct the auditing supervision of stock exchanges, securities companies, securities depository and clearing institutions, and securities regulatory authorities in accordance with the law.   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。
Chapter II Securities Offering   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。
Article 9 The public offering of securities shall meet the conditions prescribed by laws and administrative regulations, and shall be legally reported to the securities regulatory authority of the State Council or the department authorized by the State Council for registration. No entity or individual may offer securities to the public without legal registration. The specific scope and implementation procedures of the securities offering registration system shall be prescribed by the State Council.   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。
It shall be deemed as a public offering under any of the following circumstances: 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。
(1) Offering of securities to unspecified investors.   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。
(2) Offering of securities to more than 200 specified investors accumulatively, without calculating the number of employees implementing the employee stock ownership plan in accordance with the law. 

第二章 证券发行

(3) Other offering conduct prescribed by laws and administrative regulations.   第九条 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。
Securities shall not be placed privately in such forms as advertisements, public inducement and disclosure in any disguised form. 有下列情形之一的,为公开发行:
Article 10 An issuer that applies for the public offering of a stock or corporate bond with the option to be converted into shares by means of underwriting in accordance with the law or applies for the public offering of other securities subject to sponsorship rules prescribed by any law or administrative regulation shall retain a securities company as its sponsor. (一)向不特定对象发行证券;
The sponsor shall observe business rules and industrial norms, have good faith and act with due diligence, prudentially inspect the issuer's application documents and information disclosure materials and supervise the issuer's standard operation. 
The measures for the administration of sponsors shall be provided for by the securities regulatory authority of the State Council. (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;
Article 11 Whoever applies for the formation of a joint-stock limited company for the public offering of a stock shall meet the conditions prescribed in the Company Law of the People's Republic of China and other conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council, and submit an application for the public offering of the stock and the following documents to the securities regulatory authority of the State Council: (三)法律、行政法规规定的其他发行行为。
 非公开发行证券,不得采用广告、公开劝诱和变相公开方式。
(1) The bylaws of the company. 
   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。
(2) The promoter's agreement. 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。
(3) The name or title of the promoter, the number of shares subscribed for by the promoter, the type of capital contribution and the capital verification certificate. 
   第十一条 设立股份有限公司公开发行股票,应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件,向国务院证券监督管理机构报送募股申请和下列文件:
(4) The prospectus. 
 (一)公司章程;
(5) The name and address of the bank that receives subscription funds as the agent. 
 (二)发起人协议;
(6) The name of the underwriting institution and the relevant agreement. 
Where a sponsor is retained in accordance with the provisions of this Law, the offering sponsorship letter issued by the sponsor shall also be submitted. (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;
Where the formation of a company shall be reported for approval as provided for by any law or administrative regulation, the relevant approval documents shall also be submitted. 
 (四)招股说明书;
Article 12 A company that has an initial public offer (IPO) of a new stock shall meet the following conditions: 
 (五)代收股款银行的名称及地址;
(1) It has a sound and well-functioning organizational structure. 
 (六)承销机构名称及有关的协议。
(2) It has sustainable operation capability. 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。
(3) No audit report with clean opinions on its financial accounting report in the most recent three years has been issued. 
   第十二条 公司首次公开发行新股,应当符合下列条件:
(4) The issuer or its controlling shareholder or actual controller has not committed any crime of corruption, bribery, encroachment upon property, embezzlement of property or disturbance of the socialist market economic order in the most recent three years. 
 (一)具备健全且运行良好的组织机构;
(5) Other conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council. 
A listed company that offers a new stock shall meet the conditions prescribed by the securities regulatory authority of the State Council with the approval of the State Council and the specific administrative measures shall be prescribed by the securities regulatory authority of the State Council. (二)具有持续经营能力;
A company that offers a depositary receipt to the public shall meet the conditions for the IPO of new stocks and other conditions prescribed by the securities regulatory authority of the State Council. 
 (三)最近三年财务会计报告被出具无保留意见审计报告;
Article 13 A company that offers a new stock to the public shall submit an application for the public offering of the stock and the following documents: 
 (四)发行人及其控股股东、实际控制人最近三年不存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪;
(1) The business license of the company. 
 (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。
(2) The bylaws of the company. 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。
(3) The resolution of the shareholders' meeting. 
   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:
(4) The prospectus or other public offering documents. 
 (一)公司营业执照;
(5) The financial accounting report. 
 (二)公司章程;
(6) The name and address of the bank that receives the subscription funds as an agent. 
Where a sponsor is retained in accordance with the provisions of this Law, the offering sponsorship letter issued by the sponsor shall also be submitted. If underwriting is conducted in accordance with the provisions of this Law, the name of the underwriting institution and the relevant agreement shall also be submitted. (三)股东大会决议;
Article 14 A company may use the funds raised through the public offering of a stock according to the purpose set out in the prospectus or other public offering documents. The change of the use of funds shall be subject to a resolution of the shareholders' meeting. If the unlawful change of use of funds is not corrected or not recognized by the shareholders' meeting, the public offering of the new stock is not allowed. (四)招股说明书或者其他公开发行募集文件;
Article 15 A company that offers a corporate bond to the public shall meet the following conditions: (五)财务会计报告;
(1) It has a sound and well-functioning organizational structure. (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。
(2) Its average attributable profits in the most recent three years are sufficient to pay the one-year interest of the corporate bond. 
   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。
(3) Other conditions prescribed by the State Council. 
The funds raised through the public offering of a corporate bond shall be used for the purpose set out in the measures for the offering of corporate bonds. The change in the use of funds shall be subject to a resolution made at the bondholders' meeting. The funds raised through the public offering of a corporate bond shall not be used for covering the deficit or non-production expenditure.   第十五条 公开发行公司债券,应当符合下列条件:
A listed company that offers a corporate bond with the option to be converted into shares shall, in addition to meeting the conditions prescribed in paragraph 1, comply with paragraph 2 of Article 12 of this Law, unless the listed company converts the corporate bond by acquiring the shares of the company according to the measures for the offering of corporate bonds. 
 (一)具备健全且运行良好的组织机构;
Article 16 Whoever applies for the public offering of a corporate bond shall submit the following documents to the department authorized by the State Council or the securities regulatory authority of the State Council: 
 (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;
(1) The business license of the company. 
 (三)国务院规定的其他条件。
(2) The bylaws of the company. 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。
(3) The measures for the offering of corporate bonds. 
   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:
(4) Other documents prescribed by the department authorized by the State Council or the securities regulatory authority of the State Council. 
Where a sponsor is retained in accordance with the provisions of this Law, the Offering Sponsorship Letter issued by the sponsor shall also be submitted. (一)公司营业执照;
Article 17 Under any of the following circumstances, no corporate bond may be offered to the public anew: (二)公司章程;
(1) The company violates the contract on the corporate bond offered to the public or other debts, or has postponed the payment of the relevant principal and interest, and such status still exists. (三)公司债券募集办法;
(2) The company changes the use of funds raised through the public offering of a corporate bond in violation of this Law. (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。
Article 18 The format and ways of submitting application documents by an issuer for the public offering of securities in accordance with the law shall be prescribed by the organ or department in charge of registration in accordance with the law. 
   第十七条 有下列情形之一的,不得再次公开发行公司债券:
Article 19 The application documents for securities offering submitted by an issuer shall fully disclose the information required by investors for making value judgments and investment decisions, and the content shall be true, accurate and complete. 
Securities service institutions and their employees that issue relevant documents for securities offering shall strictly perform their statutory duties and guarantee the veracity, accuracy and completeness of the issued documents. (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;
Article 20 Where an issuer applies for an IPO of a stock, it shall, after submitting application documents, disclose the relevant application documents in advance according to the provisions issued by the securities regulatory authority of the State Council. (二)违反本法规定,改变公开发行公司债券所募资金的用途。
Article 21 The securities regulatory authority of the State Council or the department authorized by the State Council shall be responsible for the registration of securities offering applications according to statutory conditions. The specific measures for the registration of public offering of securities shall be prescribed by the State Council.   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。
According to the provisions of the State Council, a stock exchange, among others, may examine an application for the public offering of securities, judge whether an issuer meets the offering conditions and information disclosure requirements, and urge the issuer to improve the information disclosure content. 
A person participating in the registration of a securities offering application according to the provisions of the preceding two paragraphs shall not be a party of interest of the offering applicant, shall not directly or indirectly accept any gift from the offering applicant, shall not hold the securities involved in the registered offering application, and shall not have any private contact with the offering applicant.   第十九条 发行人报送的证券发行申请文件,应当充分披露投资者作出价值判断和投资决策所必需的信息,内容应当真实、准确、完整。
 为证券发行出具有关文件的证券服务机构和人员,必须严格履行法定职责,保证所出具文件的真实性、准确性和完整性。
Article 22 The securities regulatory authority of the State Council or the department authorized by the State Council shall, within three months as of accepting securities offering application documents, make a decision on whether to approve the registration or not according to statutory conditions and statutory procedures, but the time required for an issuer to supplement or amend its offering application documents according to the relevant requirements shall not be included in the aforesaid period. If the registration is disapproved, the reasons for disapproval shall be stated. 
   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。
Article 23 After a securities offering application is registered, the issuer shall, according to the provisions of laws and administrative regulations, announce the public offering documents before the public offering of securities and place such documents at designated places for public reference. 
Before securities offering information is disclosed in accordance with the law, no insider may disclose or divulge such information.   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。
An issuer shall not offer securities before announcing public offering documents. 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。
Article 24 Where the securities regulatory authority of the State council or the department authorized by the State Council finds that the decision made by it on approving securities offering registration fails to meet statutory conditions or statutory procedures, it shall revoke the offering registration decision and order the issuer to cease the offering, if securities have not been offered; or revoke the offering registration decision if securities have been offered but not been listed. The issuer shall refund funds equivalent to the issue price plus interest calculated at the bank deposit rate for the corresponding period to securities holders. The issuer's controlling shareholder and actual controller and the sponsor shall assume joint and several liability with the issuer, unless they are able to prove that they have no fault. 
Where a stock issuer conceals any important fact or fabricates any major false content in the prospectus or any other securities offering document, if the stock has been offered and listed, the securities regulatory authority of the State Council may order the issuer to repurchase the securities or order the liable controlling shareholder or actual controller to buy back the securities.   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。
Article 25 After the offering of a stock in accordance with the law, the issuer shall be responsible for changes in the issuer's business operation and proceeds. The investment risks resulting from such changes shall be borne by investors themselves.   第二十三条 证券发行申请经注册后,发行人应当依照法律、行政法规的规定,在证券公开发行前公告公开发行募集文件,并将该文件置备于指定场所供公众查阅。
 发行证券的信息依法公开前,任何知情人不得公开或者泄露该信息。
Article 26 Where the securities offered by an issuer to unspecific investors shall be underwritten by a securities company as provided for by any law or administrative regulation, the issuer shall enter into an underwriting agreement with the securities company. The form of proxy sale or exclusive sale shall be adopted for the underwriting of securities. 发行人不得在公告公开发行募集文件前发行证券。
“Proxy sale of securities” means an underwriting form, whereby a securities company sells securities on behalf of the issuer and returns all unsold securities to the issuer at the end of the underwriting period. 
“Exclusive sale of securities” means an underwriting form, whereby a securities company purchases all securities of an issuer according to the agreement or purchases all remaining unsold securities by itself at the end of the underwriting period.   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股东、实际控制人买回证券。
Article 27 An issuer that offers securities to the public has the right to legally select a securities company for underwriting at its own will. 
   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。
Article 28 Where a securities company underwrites securities, it shall enter into an agreement on proxy sale or exclusive sale with the issuer, which shall indicate the following matters: 
   第二十六条 发行人向不特定对象发行的证券,法律、行政法规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。
(1) The name and domicile of the party and the name of its legal representative. 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。
(2) The type, quantity, amount and issue price of securities under proxy sale or exclusive sale. 
   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。
(3) The term of proxy sale or exclusive sale and the beginning and ending dates. 
   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:
(4) The methods and date of payment for proxy sale and exclusive sale. 
 (一)当事人的名称、住所及法定代表人姓名;
(5) The expenses for proxy sale or exclusive sale and settlement methods. 
 (二)代销、包销证券的种类、数量、金额及发行价格;
(6) The liability for the breach of contract. 
 (三)代销、包销的期限及起止日期;
(7) Other matters prescribed by the securities regulatory authority of the State Council. 
 (四)代销、包销的付款方式及日期;
Article 29 A securities company that underwrites securities shall inspect the veracity, accuracy and integrity of public offering documents. If it finds any false records, misleading statements or material omissions, it shall not conduct sales activities; and if it has conducted sales activities, it shall immediately cease such activities and take corrective measures. 
A securities company that underwrites securities may not commit any of the following conduct: (五)代销、包销的费用和结算办法;
(1) Conducting advertising or publicity or other publicity and promotion activities that are false or mislead investors. (六)违约责任;
(2) Soliciting the underwriting business by means of unfair competition. (七)国务院证券监督管理机构规定的其他事项。
(3) Committing any other violation of the provisions on securities underwriting.   第二十九条 证券公司承销证券,应当对公开发行募集文件的真实性、准确性、完整性进行核查。发现有虚假记载、误导性陈述或者重大遗漏的,不得进行销售活动;已经销售的,必须立即停止销售活动,并采取纠正措施。
Where a securities company commits any conduct set out in the preceding paragraph and causes any loss to any other securities underwriting institution or investors, it shall assume compensatory liability in accordance with the law. 证券公司承销证券,不得有下列行为:
Article 30 Where an underwriting syndicate is retained to underwrite securities offered to unspecific investors, the underwriting syndicate shall consist of securities companies as the principal underwriter and participants. (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;
Article 31 The term for securities proxy sale or exclusive sale shall not exceed 90 days. (二)以不正当竞争手段招揽承销业务;
A securities company shall, within the period of proxy sale or exclusive sale, guarantee that the securities under proxy sale or exclusive sale are sold to subscribers in priority, the securities company shall not reserve in advance any securities under its proxy sale or purchase in advance and sustain any securities under its exclusive sale. 
 (三)其他违反证券承销业务规定的行为。
Article 32 Where a stock is offered at a premium, the issue price thereof shall be determined through negotiation between the issuer and the securities company that underwrites the stock. 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。
Article 33 Where a stock is offered by proxy sale, and the number of shares sold to investors fails to reach 70% of the number of shares to be offered to the public after the expiration of the period of proxy sale, it shall be deemed as an offering failure. The issuer shall refund funds equivalent to the issue price plus interest calculated at the bank deposit rate for the corresponding period to stock subscribers.   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。
Article 34 In the public offering of a stock, upon the expiration of the period for proxy sale or exclusive sale, the issuer shall report the stock offering information to the securities regulatory authority of the State Council for recordation within the prescribed time limit.   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。
Chapter III Securities Trading 
   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。
Section 1 General Provisions 
   第三十三条 股票发行采用代销方式,代销期限届满,向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的,为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。
Article 35 The securities traded by any party to securities transactions in accordance with the law must be securities offered and delivered in accordance with the law. 
Securities not offered in accordance with the law shall not be traded.   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。
Article 36 Where the Company Law of the People's Republic of China or any other law has restrictive provisions on the period of transfer of securities offered in accordance with the law, such securities shall not be transferred within such a period. 

第三章 证券交易

The transfer of a company's shares held by shareholders holding 5% or more of shares of a listed company, the actual controller, directors, supervisors and senior executives, as well as other shareholders holding shares offered by the issuer prior to the IPO or shares offered by a listed company to specific investors shall not violate any laws, administrative regulations, and the provisions issued by the securities regulatory authority of the State Council on the holding period, sale time, number of shares sold, sale methods, and information disclosure, among others, and shall comply with the business rules of the stock exchange. 
 

第一节 一般规定

Article 37 Securities offered to the public shall be listed and traded on a stock exchange formed in accordance with the law or traded on any other national stock trading place approved by the State Council. 
Securities placed privately may be transferred on a stock exchange, any other national stock trading place approved by the State Council, or the regional equity market formed according to the provisions of the State Council.   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。
Article 38 Securities shall be listed and traded on the stock exchange in the form of open and centralized trading or other forms approved by the securities regulatory authority of the State Council. 
   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。
Article 39 Securities may be traded by the parties to securities transactions in a paper form or other forms prescribed by the securities regulatory authority of the State Council. 上市公司持有百分之五以上股份的股东、实际控制人、董事、监事、高级管理人员,以及其他持有发行人首次公开发行前发行的股份或者上市公司向特定对象发行的股份的股东,转让其持有的本公司股份的,不得违反法律、行政法规和国务院证券监督管理机构关于持有期限、卖出时间、卖出数量、卖出方式、信息披露等规定,并应当遵守证券交易所的业务规则。
Article 40 An employee of a stock exchange, securities company or securities depository and clearing institution, a staff member of a securities regulatory authority, as well as any other person prohibited by any law or administrative regulation from participating in stock trading shall not, within his or her term of office or the statutory period, hold or trade in a stock or other securities of the equity nature directly or in any assumed name or in the name of any other person, or accept any stock or other securities of the equity nature from any other person as the gift.   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。
The shares or other securities of the equity nature held by anyone before he or she becomes a person set out in the preceding paragraph must be transferred in accordance with the law. 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。
Employees of a securities company implementing an equity incentive plan or an employee stock ownership plan may, according to the provisions of the securities regulatory authority of the State Council, hold or sell the company's stock or other securities of the equity nature. 
   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。
Article 41 Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall keep confidential the information on investors in accordance with the law, and shall not trade in, provide or disclose the information on investors in an illegal manner. 
Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall not divulge trade secrets to which they have access.   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。
Article 42 A securities service institution and its employees that produce such documents as audit reports and legal opinions for the offering of securities shall not trade in such securities within the underwriting term of such securities or within six months after the expiration of the underwriting term of such securities.   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。
Except as otherwise prescribed in the preceding paragraph, the securities service institution and its employees that produce such documents as audit reports and legal opinions for the issuer and its controlling shareholder, actual controller or the acquirer or the party to material asset transactions shall not trade in such securities from the date of accepting the entrustment to five days after the aforesaid documents are disclosed to the public. If the date on which the aforesaid work is actually carried out is earlier than the date on which the entrustment is accepted, such securities shall not be traded from the date on which the aforesaid work is actually carried out to the fifth day after the aforesaid documents are disclosed to the public. 任何人在成为前款所列人员时,其原已持有的股票或者其他具有股权性质的证券,必须依法转让。
 实施股权激励计划或者员工持股计划的证券公司的从业人员,可以按照国务院证券监督管理机构的规定持有、卖出本公司股票或者其他具有股权性质的证券。
Article 43 The fee charge for securities transactions shall be reasonable, and the charging items, fee rates and administrative measures shall be publicized. 
   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。
Article 44 Where any shareholder holding 5% or more of shares, director, supervisor or senior executive of a listed company or a company of which the stock is traded on any other national stock trading place approved by the State Council sells the stock or other securities of the equity nature of the company held thereby within six months after the purchase thereof, or purchases the stock or other securities within six months after sale, the proceeds generated therefrom shall be owned by the company. The board of directors of the company shall take back the proceeds, unless the securities company holds 5% or more of shares for purchasing remaining after-sale shares in exclusive sale, and under any other circumstance prescribed by the securities regulatory authority of the State Council. 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。
The stock or other securities of the equity nature held by a director, supervisor, senior executive or a natural person shareholder as mentioned in the preceding paragraph shall include the stock or other securities of the equity nature held by his or her spouse, parents or children and by making use of any other person's account. 
Where the board of directors of a company fails to implement the provisions of paragraph 1, the shareholders shall have the right to require the board of directors to implement such provisions within 30 days. If the board of directors of a company fails to implement such provisions within the aforesaid period, the shareholders shall have the right to directly file a lawsuit with the people's court in their own names for the interests of the company.   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。
Where the board of directors of a company fails to implement the provisions of paragraph 1, the liable directors shall assume several and joint liability in accordance with the law. 除前款规定外,为发行人及其控股股东、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。
Article 45 Program trading automatically generated by computer programs or conducted based on assigned trading orders shall comply with the provisions issued by the securities regulatory authority of the State Council and be reported to a stock exchange, and shall not affect the system security or the normal trading order of the stock exchange.   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。
Section 2 Securities Listing   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。
Article 46 Whoever applies for securities listing and trading shall file an application with the stock exchange, which shall be subject to the examination and approval of the stock exchange according to the law, and a listing agreement shall be entered into by both parties. 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。
The stock exchange shall arrange for the listing and trading of a government bond according to the decision of the department authorized by the State Council. 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 Whoever applies for securities listing and trading shall meet the listing conditions prescribed in the listing rules of the stock exchange.   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。
The listing conditions prescribed in the listing rules of a stock exchange shall provide for the number of years of operation, financial status, minimum public offering ratio, corporate governance and credit records, among others, of the issuer. 
 

第二节 证券上市

Article 48 Where a stock listed for trading falls under any circumstance where the listing thereof shall be terminated as prescribed by the stock exchange, the stock exchange shall terminate the listing and trading of the stock according to its business rules. 
Where a stock exchange decides to terminate securities listing and trading, it shall make an announcement in a timely manner and file a report with the securities regulatory authority of the State Council for recordation.   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。
Article 49 Any entity may apply to the review organ formed by the stock exchange for the review of the listing and trading disapproval and listing and trading termination decision made by the stock exchange. 
   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。
Section 3 Prohibited Trading Acts 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。
Article 50 Any insider who has access to inside information on securities trading or who has unlawfully obtained inside information is prohibited from using such inside information to conduct securities trading activities.   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。
Article 51 The insiders who have access to inside information on securities trading include: 
   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。
(1) the issuer and its directors, supervisors, and senior executives; 
 

第三节 禁止的交易行为

(2) shareholders holding 5% or more of shares of the company and their directors, supervisors, and senior executives, and the actual controller of the company and its directors, supervisors, and senior executives; 
   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。
(3) the company of which the controlling shares are held or which is actually controlled by the issuer and its directors, supervisors, and senior executives; 
   第五十一条 证券交易内幕信息的知情人包括:
(4) the personnel who have access to the inside information of the company in virtue of their positions held in the company or their business exchange with the company; 
 (一)发行人及其董事、监事、高级管理人员;
(5) the acquirer of a listed company or parties to material asset transactions, and their controlling shareholders, actual controllers, directors, supervisors and senior executives; 
 (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;
(6) the relevant personnel of stock exchanges, securities companies, securities depository and clearing institutions and securities service institutions who may have access to inside information by virtue of their positions or work; 
 (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;
(7) staff members of securities regulatory authorities who may have access to inside information by virtue of their duties or work; 
 (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;
(8) staff members of competent departments and regulatory authorities who may have access to inside information in their performance of statutory duties of administering securities offering and trading or listed companies and their acquisitions and material asset transactions; and 
 (五)上市公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、监事和高级管理人员;
(9) other personnel who may have access to inside information as provided for by the securities regulatory authority of the State Council. 
 (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;
Article 52 “Inside information” means undisclosed information relating to the issuer's business or financial affairs, or may have a significant impact on the market price of securities of the issuer in securities trading activities. 
The major events set out in paragraph 2 of Article 80 and paragraph 2 of Article 81 of this Law fall under inside information. (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;
Article 53 Any insider who has access to inside information on securities trading or has unlawfully obtained inside information may not trade in the securities of the relevant company, or divulge such information, or advise any other person to trade in such securities prior to the disclosure of such inside information. (八)因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以获取内幕信息的有关主管部门、监管机构的工作人员;
Where the acquisition of shares of a listed company by a natural person, legal person or an unincorporated organization holding 5% or more of shares of the company individually or jointly with others through agreements or other arrangements is otherwise provided for in this Law, such provisions shall prevail. 
Whoever conducts insider trading, causing any loss to investors, shall assume compensatory liability in accordance with the law. (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。
Article 54 The employees of stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and other financial institutions as well as the personnel of the relevant regulatory departments or industry associations shall be prohibited from using any undisclosed information other than inside information to which they have access by virtue of their positions to conduct securities trading activities relating to such information in violation of the relevant provisions, or explicitly or implicitly instructing any other person to conduct the relevant trading activities.   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。
Whoever uses undisclosed information to conduct trading, causing any loss to investors, shall assume compensatory liability in accordance with the law. 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。
Article 55 No one is allowed to manipulate the securities market by any of the following means, so as to affect the securities trading price or securities trading volume:   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。
(1) Concentrating independently or by collusion the advantages in capital or the advantages in shareholding or the advantage in information so as to carry out colluded or continuous transactions. 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。
(2) Colluding with any other person to carry out securities transactions with each other according to the time, price or ways as agreed to in advance.   第五十四条 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构和其他金融机构的从业人员、有关监管部门或者行业协会的工作人员,利用因职务便利获取的内幕信息以外的其他未公开的信息,违反规定,从事与该信息相关的证券交易活动,或者明示、暗示他人从事相关交易活动。
 利用未公开信息进行交易给投资者造成损失的,应当依法承担赔偿责任。
(3) Conducting securities trading among the accounts under the actual control of his or her own. 
   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:
(4) Placing frequent or large orders and canceling orders not for the purpose of concluding transactions. 
 (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;
(5) Inducing investors to conduct securities trading by using false or uncertain significant information. 
 (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;
(6) Offering public evaluation, forecast or investment advice on securities or the issuer, and conducts securities transactions contrary to the evaluation, forecast or investment advice. 
 (三)在自己实际控制的账户之间进行证券交易;
(7) Conducting activities on any other relevant market so as to manipulate the securities market. 
 (四)不以成交为目的,频繁或者大量申报并撤销申报;
(8) Manipulating the securities market by other means. 
Whoever manipulates the securities market, causing any loss to investors, shall assume compensatory liability in accordance with the law. (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;
Article 56 No entity or individual is allowed to fabricate or disseminate false information or misleading information, so as to disrupt the securities market. (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;
Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees, as well as securities associations, securities regulatory authorities and their staff members are prohibited from making false statements or giving misleading information in securities trading activities. 
The securities market information disseminated by any media must be true and objective, and the dissemination of misleading information is prohibited. The media and their staff members engaged in the reporting of securities market information may not conduct securities trading in conflict with their duties. (七)利用在其他相关市场的活动操纵证券市场;
Whoever fabricates or disseminates false information or misleading information, which disrupts the securities market and causes any loss to investors, shall assume compensatory liability in accordance with the law. 
 (八)操纵证券市场的其他手段。
Article 57 A securities company and its employees are prohibited from committing any of the following conduct that damages clients' interests: 操纵证券市场行为给投资者造成损失的,应当依法承担赔偿责任。
(1) Trading securities for any client against the entrustment thereof.   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。
(2) Failing to provide any client with trading confirmation documents within the prescribed period of time. 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。
(3) Trading securities for any client without the entrustment thereof, or trading securities under the guise of any client's name. 
   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:
(4) Inducing any client to conduct unnecessary securities trading in order to charge commissions. 
 (一)违背客户的委托为其买卖证券;
(5) Committing any other conduct against the expression of the client's true intention, which damages the client's interests. 
Whoever violates the provisions of the preceding paragraph, causing any loss to clients, shall assume compensatory liability in accordance with the law. (二)不在规定时间内向客户提供交易的确认文件;
Article 58 No entity or individual is allowed to lend the securities account thereof or borrow any other person's securities account to conduct securities trading in violation of the relevant provisions. (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;
Article 59 The channels for the flow of funds to the market shall be broadened in accordance with the law, and the flow of funds to the stock market in violation of any provision is prohibited. (四)为牟取佣金收入,诱使客户进行不必要的证券买卖;
Investors are prohibited from using fiscal funds and bank credit funds to trade in securities in violation of any provision. 
 (五)其他违背客户真实意思表示,损害客户利益的行为。
Article 60 Solely state-owned enterprises, solely state-owned enterprises and companies in which the state has a controlling stake that trade in stocks listed for trading shall comply with the relevant provisions of the state. 违反前款规定给客户造成损失的,应当依法承担赔偿责任。
Article 61 Stock exchanges, securities companies, securities depository and clearing institutions, securities service institutions and their employees shall report any prohibited trading acts discovered in securities trading to the securities regulatory authority in a timely manner.   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。
Chapter IV Acquisition of Listed Companies   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。
Article 62 An investor may acquire a listed company by means of tender offer or agreement and other legal means. 
   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。
Article 63 When the voting shares offered by a listed company as held by an investor through securities trading on the stock exchange or jointly with others through agreements or other arrangements reach 5%, the investor shall, within three days after the event occurs, submit a written report to the securities regulatory authority of the State Council and the stock exchange, notify the relevant listed company and make an announcement thereon. The investor may not trade in the stock of the listed company within the aforesaid period, unless under any circumstance prescribed by the securities regulatory authority of the State Council. 
After the voting shares offered by a listed company as held by an investor or jointly with others through agreements or other arrangements reach 5%, the investor shall, according to the provisions of the preceding paragraph, make a report and announcement each time when the proportion of voting shares offered by the said company increases or decreases by 5%. From the day when the event occurs to the end of three days after the announcement is made, the investor may not trade in the stock of the listed company, unless under any circumstance prescribed by the securities regulatory authority of the State Council.   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。
After the voting shares offered by a listed company as held by an investor or jointly with others through agreements or other arrangements reach 5%, each time when the proportion of voting shares offered by the said company increases or decreases by 1%, the investor shall notify the listed company and make an announcement thereon on the day immediately after the event occurs. 
Whoever purchases the voting shares of a listed company in violation of paragraph 1 or 2 shall not exercise the voting right of the shares that exceed the prescribed ratio within 36 months after purchasing them. 

第四章 上市公司的收购

Article 64 The announcement made in accordance with the provisions of the preceding Article shall cover the following content:   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。
(1) The name and domicile of the shareholder.   第六十三条 通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时,应当在该事实发生之日起三日内,向国务院证券监督管理机构、证券交易所作出书面报告,通知该上市公司,并予公告,在上述期限内不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。
 投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后,其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之五,应当依照前款规定进行报告和公告,在该事实发生之日起至公告后三日内,不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。
(2) The name of the stock and the number of shares held. 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。
(3) The date when the shareholding or the increase or decrease in the shareholding reaches the statutory ratio, and the source of funds for the increase in shareholding. 
   第六十四条 依照前条规定所作的公告,应当包括下列内容:
(4) The time when the voting shares of a listed company change and the methods of change. 
 (一)持股人的名称、住所;
Article 65 Where an investor continues to purchase shares when the voting shares offered by a listed company as held by an investor through securities trading on the stock exchange or jointly with others through agreements or other arrangements reach 30%, the investor shall, in accordance with the law, make a tender offer to all shareholders of the listed company for acquiring all or part of the shares of the listed company. 
It shall be agreed upon in a tender offer for acquiring part of the shares of a listed company that, if the number of shares the shareholders of the target company promise to sell exceeds the number of shares intended to be acquired, the acquirer shall carry out the acquisition on a pro rata basis. (二)持有的股票的名称、数额;
Article 66 The acquirer shall, before making a tender offer according to the provisions of the preceding Article, announce the report on the acquisition of a listed company, which shall indicate the following matters: (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;
(1) The name and domicile of the acquirer. (四)在上市公司中拥有有表决权的股份变动的时间及方式。
(2) The acquisition decision of the acquirer. 土豪我们做朋友好不好  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。
(3) The name of the listed company to be acquired. 
   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:
(4) The purpose of acquisition. 
 (一)收购人的名称、住所;
(5) The detailed description of the shares to be acquired and the number of shares intended to be acquired. 
 (二)收购人关于收购的决定;
(6) The term and price of the acquisition. 
 (三)被收购的上市公司名称;
(7) The amount of funds required for the acquisition and fund guarantee. 
 (四)收购目的;
(8) The proportion of the number of shares of the target company held by the acquirer to the outstanding shares of the company, when the report on the acquisition of the listed company is announced. 
 (五)收购股份的详细名称和预定收购的股份数额;
Article 67 The acquisition period as specified in a tender offer shall be not less than 30 days but not more than 60 days. 
 (六)收购期限、收购价格;
Article 68 Within the period of acceptance as specified in the tender offer, the acquirer may not withdraw its tender offer. If an acquirer needs to modify a tender offer, it shall make an announcement in a timely manner, indicating the specific modification matters, and it shall not fall under any of the following circumstances: 
 (七)收购所需资金额及资金保证;
(1) Lowering the acquisition price. 
 (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。
(2) Reducing the number of shares intended to be acquired. 
   第六十七条 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。
(3) Shortening the acquisition period. 
   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:
(4) Other circumstances prescribed by the securities regulatory authority of the State Council. 
 (一)降低收购价格;
Article 69 All the terms and conditions of acquisition in a tender offer shall apply to all shareholders of the target company. 
Where a listed company offers different types of shares, the acquirer may propose different acquisition conditions for different types of shares. (二)减少预定收购股份数额;
Article 70 In the case of acquisition by tender offer, during the acquisition period, the acquirer may not sell the stock of the target company, or purchase the stock of the target company beyond the forms and terms as specified in the tender offer. (三)缩短收购期限;
Article 71 In the case of acquisition by agreement, the acquirer may effect share transfer with shareholders of the target company by agreement according to the provisions of laws and administrative regulations. (四)国务院证券监督管理机构规定的其他情形。
Where a listed company is acquired by agreement, the acquirer shall, within three days after the acquisition agreement is signed, submit a written report on the acquisition agreement to the securities regulatory authority of the State Council and the stock exchange, and make an announcement thereon. 
No acquisition agreement may be performed before the relevant announcement is made.   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。
Article 72 In the case of acquisition by agreement, both parties to the agreement may temporarily entrust a securities depository and clearing institution to take into custody the shares transferred under the agreement and deposit funds at the designated bank. 
   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。
Article 73 In the case of acquisition by agreement, if the acquirer continues to purchase shares when the voting shares offered by a listed company as purchased by the acquirer or jointly with others through agreements or other arrangement reach 30%, it shall make a tender offer to all shareholders of the listed company for acquiring all of or part of the company's shares in accordance with the law, unless the tender offer is exempted by the securities regulatory authority of the State Council. 
The acquirer that purchases the shares of a listed company by tender offer according to the provisions of the preceding paragraph shall comply with the provisions of paragraph 2 of Article 65 and Articles 66 through 70 of this Law.   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。
Article 74 Where, upon the expiration of the acquisition period, the equity distribution of the target company fails to satisfy the requirements for listing and trading prescribed by the stock exchange, the listing and trading of the listed company's stock shall be terminated by the stock exchange in accordance with the law. The shareholders that still hold the stock of the target company have the right to sell their stock to the acquirer on the equal terms and conditions as prescribed in the relevant tender offer, and the acquirer shall purchase such stock. 在公告前不得履行收购协议。
Where, after the completion of the acquisition, the target company is no longer qualified as a joint-stock limited company, its enterprise form shall be modified in accordance with the law. 
   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。
Article 75 In the acquisition of a listed company, the stock of the target listed company held by the acquirer shall not be transferred within 18 months after the completion of acquisition. 
   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。
Article 76 Where, after the completion of acquisition, the acquirer merges with the target company by dissolving the target company, the original shares of the dissolved company shall be exchanged by the acquirer in accordance with the law. 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。
After the completion of acquisition, the acquirer shall, within 15 days, report the acquisition information to the securities regulatory authority of the State Council and the stock exchange, and shall make an announcement thereon. 
   第七十四条 收购期限届满,被收购公司股权分布不符合证券交易所规定的上市交易要求的,该上市公司的股票应当由证券交易所依法终止上市交易;其余仍持有被收购公司股票的股东,有权向收购人以收购要约的同等条件出售其股票,收购人应当收购。
Article 77 The securities regulatory authority of the State Council shall develop specific measures for the acquisition of listed companies in accordance with this Law. 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。
The division of a listed company or the merger thereof by any other company shall be reported to the securities regulatory authority of the State Council and shall be announced. 
   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。
Chapter V Information Disclosure 
   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。
Article 78 The issuer and other parties with information disclosure obligations provided for by laws, administrative regulations and the provisions issued by the securities regulatory authority of the State Council shall legally perform the information disclosure obligation in a timely manner. 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。
The information disclosed by the parties with information disclosure obligations shall be true, accurate and complete, concise and clear, easy to understand, and shall not contain any false records, misleading statements or material omissions. 
Where securities are offered to the public and traded both at home and abroad, the information disclosed abroad by the parties with information disclosure obligations shall be disclosed within China at the same time.   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。
Article 79 A listed company, a company of which the corporate bond is listed for trading, or a company of which the stock is traded on any other national stock trading place approved by the State Council shall prepare periodical reports according to the content and format prescribed by the securities regulatory authority of the State Council and the stock exchange, and submit them and make an announcement thereon according to the following provisions: 
 

第五章 信息披露

(1) Submitting and announcing its annual report within four months after the end of each accounting year, of which the annual financial accounting report shall be audited by an accounting firm in compliance with the provisions of this Law. 
   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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