| Order of the State Council of the People's Republic of China | | 中华人民共和国国务院令 |
(No. 112) | |
（第112号） |
The Interim Provisions on the Management of the Issuing and Trading of Stocks are hereby issued and shall come into force as of the date of issuance. | |
现发布《股票发行与交易管理暂行条例》，自发布之日起施行。 |
Premier Li Peng | |
总理 李鹏 |
April 22, 1993 | |
一九九三年四月二十二日 |
INTERIM PROVISIONS ON THE MANAGEMENT OF THE ISSUING AND TRADING OF STOCKS | |
股票发行与交易管理暂行条例 |
| |
|
| CHAPTER ONE GENERAL PROVISIONS | | 第一章 总则 |
| |
|
| Article 1. This set of provisions is formulated with a view to meeting the needs of the development of the socialist market economy and the establishment and development of a unified and highly-efficient national stock market, protecting the legitimate rights and interests of investors and the social and public interests and promoting the development of the national economy. | | 第一条 为了适应发展社会主义市场经济的需要，建立和发展全国统一、高效的股票市场，保护投资者的合法权益和社会公共利益，促进国民经济的发展，制定本条例。 |
| |
|
| Article 2. The issuing and trading of stocks and related activities within the territory of the People's Republic of China shall abide by the provisions. | | 第二条 在中华人民共和国境内从事股票发行、交易及其相关活动，必须遵守本条例。 |
The provisions apply to securities which have the same nature and functions as stocks. | |
本条例关于股票的规定适用于具有股票性质、功能的证券。 |
| |
|
| Article 3. The issuing and trading of stocks shall observe the principle of being open, fair, honest and trustworthy. | | 第三条 股票的发行与交易，应当遵循公开、公平和诚实信用的原则。 |
| |
|
| Article 4. The issuing and trading of stocks shall not impinge the State owned property to safeguard and ensure the principal position of the socialist public ownership. | | 第四条 股票的发行与交易，应当维护社会主义公有制的主体地位，保障国有资产不受侵害。 |
| |
|
| Article 5. The Securities Committee of the State Council (SCSC) is the principal organization to exercise unified management and control of the stock markets in the whole country according to law and provisions. The China Securities Supervision and Management Committee (CSSMC) is the managing hand of the SCSC to exercise supervision and control of the issuing and trading of stocks according to law and regulations. | | 第五条 国务院证券委员会（以下简称“证券委”）是全国证券市场的主管机构，依照法律、法规的规定对全国证券市场进行统一管理。中国证券监督管理委员会（以下简称“证监会”）是证券委的监督管理执行机构，依照法律、法规的规定对证券发行与交易的具体活动进行管理和监督。 |
| |
|
| Article 6. The provisions for the issuing and trading of special stocks in Renminbi shall be formulated separately. | | 第六条 人民币特种股票发行与交易的具体办法另行制定。 |
Issuing and listing of stocks abroad through direct or indirect means by enterprises within the territory of the People's Republic of China shall be examined by and get approval from the SCSC. Specific provisions in this regard shall be worked out separately. | |
境内企业直接或者间接到境外发行股票、将其股票在境外交易，必须经证券委审批，具体办法另行制定。 |
| |
|
| CHAPTER TWO ISSUING OF STOCKS | | 第二章 股票的发行 |
| |
|
| Article 7. Issuers of stocks shall be limited liability companies which have been qualified to issue stocks. | | 第七条 股票发行人必须是具有股票发行资格的股份有限公司。 |
The limited liability companies mentioned above include those which have been already established and which have got the approval to establish. | |
前款所称股份有限公司，包括已经成立的股份有限公司和经批准拟成立的股份有限公司。 |
| |
|
| Article 8. In establishing a limited liability company and applying for issuing stocks to the public, the following requirements shall be met: | | 第八条 设立股份有限公司申请公开发行股票，应当符合下列条件： |
| |
|
| 1. The production and management shall conform to the industrial policies of the State; | | （一）其生产经营符合国家产业政策； |
| |
|
| 2. Only one kind of common stocks to be issued, with equal rights for equal shares; | | （二）其发行的普通股限于一种，同股同权； |
| |
|
| 3. The promoter's stock shall constitute not less than 35 percent of the total stock capital planned to be issued by the company; | | （三）发起人认购的股本数额不少于公司拟发行的股本总额的百分之三十五； |
| |
|
| 4. Of the total stock capital to be issued by a company, the promoter's share shall not be less than RMB30 million, except otherwise provided for by the State; | | （四）在公司拟发行的股本总额中，发起人认购的部分不少于人民币三千万元，但是国家另有规定的除外； |
| |
|
| 5. The part to be issued to the public shall not be less than 25 percent of the total stock capital to be issued and the part to be issued to the staff members and workers of the company shall not exceed 10 percent of the amount to be issued to the public. If the total amount of stocks planned to be issued exceeds RMB400 million, the CSSMC may reduce the proportion to be issued to the public according to provisions, but the minimum proportion shall not be less than 10 percent of the total stocks; | | （五）向社会公众发行的部分不少于公司拟发行的股本总额的百分之二十五，其中公司职工认购的股本数额不得超过拟向社会公众发行的股本总额的百分之十；公司拟发行的股本总额超过人民币四亿元的，证监会按照规定可以酌情降低向社会公众发行的部分的比例，但是最低不少于公司拟发行的股本总额的百分之十； |
| |
|
| 6. The promoter commits no major acts against the law within the last three years; and | | （六）发起人在近三年内没有重大违法行为； |
| |
|
| 7. Other requirements as provided for by the SCSC. | | （七）证券委规定的其他条件。 |
| |
|
| Article 9. Apart from the requirements listed above, an enterprise must also meet the following conditions when applying for changing into a limited liability company and issuing of stocks: | | 第九条 原有企业改组设立股份有限公司申请公开发行股票，除应当符合本条例第八条所列条件外，还应当符合下列条件： |
| |
|
| 1. The net assets account for no less than 30 percent of the total assets and the intangible assets account for no higher than 20 percent of the net assets at the end of the year prior to the stock issuing except otherwise provided for by the SCSC; | | （一）发行前一年末，净资产在总资产中所占比例不低于百分之三十，无形资产在净资产中所占比例不高于百分之二十，但是证券委另有规定的除外； |
| |
|
| 2. The company has been making profits for three years running prior to the stock issuing. | | （二）近三年连续盈利。 |
When a State-owned enterprise is restructured into a limited liability company and applies for issuing stocks publicly, the proportion of shares to be owned by the State in the total stock shall be provided for separately by the State Council or a department authorized by the State Council. | |
国有企业改组设立股份有限公司公开发行股票的，国家拥有的股份在公司拟发行的股本总额中所占的比例由国务院或者国务院授权的部门规定。 |
| |
|
| Article 10. For an increase of equity, a limited liability company must conform to the following conditions apart from those listed in the preceding articles of 8 and 9: | | 第十条 股份有限公司增资申请公开发行股票，除应当符合本条例第八条和第九条所列条件外，还应当符合下列条件： |
| |
|
| 1. The proceeds from the previous stock issue are used profitably in full compliance with what is provided for in the prospectus concerned; | | （一）前一次公开发行股票所得资金的使用与其招股说明书所述的用途相符，并且资金使用效益良好； |
| |
|
| 2. The interval from the previous stock issue shall be no less than 12 months; | | （二）距前一次公开发行股票的时间不少于十二个月； |
| |
|
| 3. The company has committed no major violations of the law since its previous stock issue; and | | （三）从前一次公开发行股票到本次申请期间没有重大违法行为； |
| |
|
| 4. Other requirements as provided for by the SCSC. | | （四）证券委规定的其他条件。 |
| |
|
| Article 11. In raising stocks for fixed purposes, the following conditions shall be met apart from the ones listed in Articles 8 and 9: | | 第十一条 定向募集公司申请公开发行股票，除应当符合本条例第八条和第九条所列条件外，还应当符合下列条件： |
| |
|
| 1. The proceeds from the fund raising are use profitably in full compliance with what is provided for in the prospectus concerned; | | （一）定向募集所得资金的使用与其招股说明书所述的用途相符，并且资金使用效益良好； |
| |
|
| 2. The interval from the previous stock issue shall be no less than 12 months; | | （二）距最近一次定向募集股份的时间不少于十二个月； |
| |
|
| 3. The company has committed no major violations of the law since its previous stock issue; | | （三）从最近一次定向募集到本次公开发行期间没有重大违法行为； |
| |
|
| 4. Stock options for staff members and workers of the company shall have been issued according to the prescribed scope and put in the trusteeship of security organizations designated by the State; and | | （四）内部职工股权证按照规定范围发放，并且已交国家指定的证券机构集中托管； |
| |
|
| 5. Other requirements provided for by security organizations. | | （五）证券委规定的其他条件。 |
| |
|
| Article 12. In applying for issuing stocks, the following procedures shall be followed: | | 第十二条 申请公开发行股票，按照下列程序办理： |
| |
|
| 1. Applicants shall firstly invite accountants offices, assets appraisal organizations, lawyers' offices and other professional institutions to examine and appraise their credit status, assets and financial situation and prepare proposals of legal effect and, with the proposals, file applications with the people's governments of provinces, autonomous regions, municipalities under the direct administration of the central government and cities practicing separate plans (hereinafter referred to as "local governments") or central departments in charge of enterprises; | | （一）申请人聘请会计师事务所、资产评估机构、律师事务所等专业性机构，对其资信、资产、财务状况进行审定、评估和就有关事项出具法律意见书后，按照隶属关系，分别向省、自治区、直辖市、计划单列市人民政府（以下简称“地方政府”）或者中央企业主管部门提出公开发行股票的申请； |
| |
|
| 2. According to scales of issues as set by the State, local governments shall conduct examination and approval for local enterprises and the central departments in charge shall conduct examination and approval for central enterprises upon consultation with the local governments in places where the enterprises are located. The local governments and the central departments in charge shall take decisions within 30 work days starting from the date in which applications are received and copy and submit the decisions to the SCSC; and | | （二）在国家下达的发行规模内，地方政府对地方企业的发行申请进行审批，中央企业主管部门在与申请人所在地地方政府协商后对中央企业的发行申请进行审批；地方政府、中央企业主管部门应当自收到发行申请之日起三十个工作日内作出审批决定，并抄报证券委； |
| |
|
| 3. Approvals to the applications shall be sent to the CSSMC for review and the latter shall give results of the review within 20 days after the approvals are received to the SCSC. After consent of the CSSMC, applicants shall file applications with the listing committees of stock exchanges and begin to issue stocks after the listing committees approve to accept their stocks. | | （三）被批准的发行申请，送证监会复审；证监会应当自收到复审申请之日起二十个工作日内出具复审意见书，并将复审意见书抄报证券委；经证监会复审同意的，申请人应当向证券交易所上市委员会提出申请，经上市委员会同意接受上市，方可发行股票。 |
| |
|
| Article 13. In applying for issuing stocks with local governments or central departments in charge, an enterprise shall produce the following documents: | | 第十三条 申请公开发行股票，应当向地方政府或者中央企业主管部门报送下列文件： |
| |
|
| 1. An application; | | （一）申请报告； |
| |
|
| 2. Agreement for the issue made at promoters meetings or the meetings of stock holders; | | （二）发起人会议或者股东大会同意公开发行股票的决议； |
| |
|
| 3. Documents for approving the establishment of a limited liability company; | | （三）批准设立股份有限公司的文件； |
| |
|
| 4. Business license or registration certificate for start up of the company granted by the departments for the administration of industry and commerce; | | （四）工商行政管理部门颁发的股份有限公司营业执照或者股份有限公司筹建登记证明； |
| |
|
| 5. Articles of association or draft articles of association; | | （五）公司章程或者公司章程草案； |
| |
|
| 6. Prospectus; | | （六）招股说明书； |
| |
|
| 7. Feasibility study report on the application of the funds and documents of approval issued by government departments concerned for fixed assets investment projects that needs funds or other conditions provided by the State; | | （七）资金运用的可行性报告；需要国家提供资金或者其他条件的固定资产投资项目，还应当提供国家有关部门同意固定资产投资立项的批准文件； |
| |
|
| 8. Financial reports for the last three years or since its setup, which have been audited by accountants offices and the audit reports signed and sealed by at least two registered accountants and their offices; | | （八）经会计师事务所审计的公司近三年或者成立以来的财务报告和由二名以上注册会计师及其所在事务所签字、盖章的审计报告； |
| |
|
| 9. Proposals of legal effect signed or sealed by at least two lawyers and their office; | | （九）经二名以上律师及其所在事务所就有关事项签字、盖章的法律意见书； |
| |
|
| 10. An asset appraisal report signed and sealed by at least two professional rating personnel and their office, a capital rating report signed and sealed by at least two registered accountants and their office, and the document of confirmation produced by the department for the control of State property if it concerns State assets; | | （十）经二名以上专业评估人员及其所在机构签字、盖章的资产评估报告，经二名以上注册会计师及其所在事务所签字、盖章的验资报告；涉及国有资产的，还应当提供国有资产管理部门出具的确认文件； |
| |
|
| 11. Underwriting plan and underwriting agreement; | | （十一）股票发行承销方案和承销协议； |
| |
|
| 12. Other documents required by local governments or central departments in charge of enterprises. | | （十二）地方政府或者中央企业主管部门要求报送的其他文件。 |
| |
|
| Article 14. In submitting the approved applications for review by the CSSMC, the following documents are required apart from those listed in Article 13: | | 第十四条 被批准的发行申请送证监会复审时，除应当报送本条例第十三条所列文件外，还应当报送下列文件： |
| |
|
| 1. Document of approval issued by local government or central government department in charge of enterprises; and | | （一）地方政府或者中央企业主管部门批准发行申请的文件； |
| |
|
| 2. Other documents as required by the CSSMC. | | （二）证监会要求报送的其他文件。 |
| |
|
| Article 15. The prospectus mentioned in Article 13 should be made according to the requirements by the CSSMC and contain the following items: | | 第十五条 本条例第十三条所称招股说明书应当按照证监会规定的格式制作，并载明下列事项： |
| |
|
| 1. Name and residence of the company; | | （一）公司的名称、住所； |
| |
|
| 2. Brief accounts of the promoter and issuer; | | （二）发起人、发行人简况； |
| |
|
| 3. Purpose of raising funds; | | （三）筹资的目的； |
| |
|
| 4. The total amount of the current stock capital, the category and amount of stocks to be issued, face value and selling price of each share, the net capital value for each stock before the issue and the net capital value of each stock after the issue, and expenses and commissions for the issuing of stocks; | | （四）公司现有股本总额，本次发行的股票种类、总额，每股的面值、售价，发行前的每股净资产值和发行结束后每股预期净资产值，发行费用和佣金； |
| |
|
| 5. The number of stocks subscribed to by the promoter in the first issue, the structure of stock rights and certificate for capital verification; | | （五）初次发行的发起人认购股本的情况、股权结构及验资证明； |
| |
|
| 6. Name of the underwriter, the mode of underwriting and the amount to be underwritten; | | （六）承销机构的名称、承销方式与承销数量； |
| |
|
| 7. Objects, time, location of the issue and the modes of subscription and payment; | | （七）发行的对象、时间、地点及股票认购和股款缴纳的方式； |
| |
|
| 8. Plan for using the funds raised and prediction of gain or loss and risks; | | （八）所筹资金的运用计划及收益、风险预测； |
| |
|
| 9. The short-term development plan of the company and the documents for the prediction of the gains for the next year examined and certified by registered accountants; | | （九）公司近期发展规划和经注册会计师审核并出具审核意见的公司下一年的盈利预测文件； |
| |
|
| 10. Important contracts; | | （十）重要的合同； |
| |
|
| 11. Major law suits concerning the company; | | （十一）涉及公司的重大诉讼事项； |
| |
|
| 12. List and resumes of directors and supervisors of the board; | | （十二）公司董事、监事名单及其简历； |
| |
|
| 13. The situation of production and operations of the past three years or since its establishment and the basic accounts of the development of related businesses; | | （十三）近三年或者成立以来的生产经营状况和有关业务发展的基本情况； |
| |
|
| 14. The financial reports audited by the accountants offices over the past three years or since the establishment of the company and the audit report signed and sealed by at least two registered accountants and the accountants offices to which they belong; | | （十四）经会计师事务所审计的公司近三年或者成立以来的财务报告和由二名以上注册会计师及其所在事务所签字、盖章的审计报告。 |
| |
|
| 15. The application of the funds raised in the previous issue for companies which are to make additional issues; and | | （十五）增资发行的公司前次公开发行股票所筹资金的运用情况； |
| |
|
| 16. Other items required by the CSSMC. | | （十六）证监会要求载明的其他事项。 |
| |
|
| Article 16. It should be noted on the cover of the prospectus that:"The promoter shall guarantee that the prospectus is true, accurate and complete. Any decision made by the government and State securities management departments concerning the current issue does not necessarily show the substantial judgement or guarantee for the value of the stocks to be issued or the gains of investors." | | 第十六条 招股说明书的封面应当载明：“发行人保证招股说明书的内容真实、准确、完整。政府及国家证券管理部门对本次发行所作出的任何决定，均不表明其对发行人所发行的股票的价值或者投资人的收益作出实质性判断或者保证。” |
| |
|
| Article 17. All the promoters or directors of the board and principal underwriters should put their signatures to the prospectus to ensure that the prospectus contains no false and serious misleading statements or major omissions and promise to bear the joint responsibility. | | 第十七条 全体发起人或者董事以及主承销商应当在招股说明书上签字，保证招股说明书没有虚假、严重误导性陈述或者重大遗漏，并保证对其承担连带责任。 |
| |
|
| Article 18. In performing their duties, registered accountants and their offices, professional appraisal personnel and their organizations, lawyers and their offices shall follow their professional standards and ethic norms in producing documents for stock issuers and carry out examination and verification of the truthfulness, accuracy and completeness of the documents produced. | | 第十八条 为发行人出具文件的注册会计师及其所在事务所、专业评估人员及其所在机构、律师及其所在事务所，在履行职责时，应当按照本行业公认的业务标准和道德规范，对其出具文件内容的真实性、准确性、完整性进行核查和验证。 |
| |
|
| Article 19. Before getting the approval for issuing stocks, no one is allowed to reveal the contents of the prospectus in any form. After getting the approval, the issuers should publish the prospectus between two and five work days before the underwriting period begins. | | 第十九条 在获准公开发行股票前，任何人不得以任何形式泄露招股说明书的内容。在获准公开发行股票后，发行人应当在承销期开始前二个至五个工作日期间公布招股说明书。 |
Issuers should provide prospectus to subscribers. Underwriting organizations should place the prospectus in their business sites and are obliged to remind subscribers of reading the prospectus. | |
发行人应当向认购人提供招股说明书。证券承销机构应当将招股说明书备置于营业场所，并有义务提醒认购人阅读招股说明书。 |
The prospectus is valid for six months, starting from the date when the signature of the prospectus is completed. After the prospectus becomes invalid, the issuing of stocks must stop immediately. | |
招股说明书的有效期为六个月，自招股说明书签署完毕之日起计算。招股说明书失效后，股票发行必须立即停止。 |
| |
|
| Article 20. Stocks to be issued to the public shall be underwritten by securities management organizations. Underwriting may be conducted by way of contract or by acting as an agent. | | 第二十条 公开发行的股票应当由证券经营机构承销。承销包括包销和代销两种方式。 |
Issuers should sign an underwriting agreement with the securities management organizations and the agreement should contain the following: | |
发行人应当与证券经营机构签署承销协议。承销协议应当载明下列事项： |
| |
|
| 1. Name, residence and legal representatives of the parties concerned; | | （一）当事人的名称、住所及法定代表人的姓名； |
| |
|
| 2. Mode of underwriting; | | （二）承销方式； |
| |
|
| 3. Categories, quantities and amount and selling prices of stocks to be underwritten. | | （三）承销股票的种类、数量、金额及发行价格； |
| |
|
| 4. The starting and ending dates of underwriting; | | （四）承销期及起止日期； |
| |
|
| 5. The date and mode of payment for underwriting; | | （五）承销付款的日期及方式； |
| |
|
| 6. Calculation, mode of payment and date of expenses for underwriting; | | （六）承销费用的计算、支付方式和日期； |
| |
|
| 7. Responsibilities for breach of contract; and | | （七）违约责任； |
| |
|
| 8. Other matters named to be agreed upon. | | （八）其他需要约定的事项。 |
The principles for collecting underwriting fees shall be fixed by the CSSMC. | |
证券经营机构收取承销费用的原则，由证监会确定。 |
| |
|
| Article 21. In contracting for underwriting, the securities management organizations should verify the truthfulness, accuracy and completeness of the prospectus and other related publicity materials. If the documents are found to contain false and seriously misleading statements or major omission, they should not issue offer invitation or offers. If the offers have been issued, the selling activities must be stopped immediately and at the same time remedial measures shall be taken. | | 第二十一条 证券经营机构承销股票，应当对招股说明书和其他有关宣传材料的真实性、准确性、完整性进行核查；发现含有虚假、严重误导性陈述或者重大遗漏的，不得发出要约邀请或者要约；已经发出的，应当立即停止销售活动，并采取相应的补救措施。 |
| |
|
| Article 22. If the total face value of stocks to be issued to the public has exceeded RMB30 million or the total amount to be sold is expected to exceed RMB50 million, the issue shall be underwritten by an underwriting group. | | 第二十二条 拟公开发行股票的面值总额超过人民币三千万元或者预期销售总金额超过人民币五千万元的，应当由承销团承销。 |
An underwriting group is made of at least two underwriting organizations. The principal underwriter shall be determined by the issuer through competitive bidding or consultation according to the principle of fair competition. The principal underwriter should sign an underwriting group agreement with other sub-underwriters. | |
承销团由二个以上承销机构组成。主承销商由发行人按照公平竞争的原则，通过竞标或者协商的方式确定。主承销商应当与其他承销商签署承销团协议。 |
| |
|
| Article 23. If the total face value of stocks to be issued to the public has exceeded RMB100 million or the total amount to be sold is expected to exceed RMB150 million, the number of underwriters of place other than the locality in the underwriting group and the quantities to be sold elsewhere should take a rational proportion. | | 第二十三条 拟公开发行股票的面值总额超过人民币一亿元或者预期销售总金额超过人民币一亿五千万元的，承销团中的外地承销机构的数目以及总承销量中在外地销售的数量，应当占合理的比例。 |
Elsewhere mentioned in the preceding paragraph is referred to places outside the province, autonomous region and municipalities under the administration of the central government in which the issuer is located. | |
前款所称外地是指发行人所在的省、自治区、直辖市以外的地区。 |
| |
|
| Article 24. The period of underwriting shall not be less than ten days or exceed 90 days. | | 第二十四条 承销期不得少于十日，不得超过九十日。 |
Within the underwriting period, the underwriters shall try to sell out the stocks underwritten and shall not be allowed to retain stock underwritten. | |
在承销期内，承销机构应当尽力向认购人出售其所承销的股票，不得为本机构保留所承销的股票。 |
Upon the expiry of the underwriting period, the stocks remaining unsold shall be disposed of according to the underwriting agreement by way of contract or by acting as an agent. | |
承销期满后，尚未售出的股票按照承销协议约定的包销或者代销方式分别处理。 |
| |
|
| Article 25. In issuing applications for shares to the public, underwriting organizations or organizations they have entrusted are not allowed to collect fees higher than the cost for the printing and issuing of the application forms or limit the qualities of application forms to be issued. | | 第二十五条 承销机构或者其委托机构向社会发放股票认购申请表，不得收取高于认购申请表印制和发放成本的费用，并不得限制认购申请表发放数量。 |
When the subscribed amount has exceeded the total quantities planned to be issued to the public, the underwriting organizations shall adopt the proportional sales, or rationed sales according to fixed proportions or selling by drawing lots according to the principle of fairness. In drawing lots, the underwriting organizations should carry out the lot drawing publicly in the prescribed date, under the supervision by notary organizations and according to the prescribed procedures and sell the stocks to winners. | |
认购数量超过拟公开发行的总量时，承销机构应当按照公平原则，采用按比例配售、按比例累退配售或者抽签等方式销售股票。采用抽签方式时，承销机构应当在规定的日期，在公证机关监督下，按照规定的程序，对所有股票认购申请表进行公开抽签，并对中签者销售股票。 |
No units or individuals other than the underwriting organizations or organizations they have entrusted are allowed to issue or resell application forms for shares. | |
除承销机构或者其委托机构外，任何单位和个人不得发放、转售股票认购申请表。 |
| |
|
| Article 26. Underwriting organizations should submit written reports on the underwriting to the CSSMC within 15 days after the expiry of the underwriting period. | | 第二十六条 承销机构应当在承销期满后的十五个工作日内向证监会提交承销情况的书面报告。 |
| |
|
| Article 27. In issuing offer invitations or offers or selling the stocks of the issuers in their own hands to the public other than the issuers after the underwriting period, the securities management organizations shall get the approval of the CSSMC and conduct it in prescribed procedures. | | 第二十七条 证券经营机构在承销期结束后，将其持有的发行人的股票向发行人以外的社会公众作出要约邀请、要约或者销售，应当经证监会批准，按照规定的程序办理。 |
| |
|
| Article 28. If the issuer uses the new stocks to trade back the stocks already issued and such trading does not involve, directly or indirectly, the occurrence of expenses, this set of provisions do not apply. | | 第二十八条 发行人用新股票换回其已经发行在外的股票，并且这种交换无直接或者间接的费用发生的，不适用本章规定。 |
| |
|
| CHAPTER THREE TRADING OF STOCKS | | 第三章 股票的交易 |
| |
|
| Article 29. Trading of stocks shall be conducted at stock exchanges approved for stock trading by the CSSMC. | | 第二十九条 股票交易必须在经证券委批准可以进行股票交易的证券交易场所进行。 |
| |
|
Article 30. For listing of stocks, a limited liability company must meet the following requirements:
．．．．．． | | 第三十条 股份有限公司申请其股票在证券交易所交易，应当符合下列条件：
．．．．．． |
|
Dear visitor, as a premium member of this database, you will get complete access to all content.Please go premium and get more.
1. To become a premium member, please call 400-810-8266 Ext. 171.
2. Binding to the account with access to this database.
3. Apply for a trial account.
4. To get instant access to a document, you can Pay Amount 【￥1400.00】 for your single purchase. | |
您好：您现在要进入的是北大法宝英文库会员专区。
如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户；您可通过网上支付进行单篇购买，支付成功后即可立即查看本篇内容。
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail:info@chinalawinfo.com
|
| | | |
| | | |