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Measures for the Supervision and Administration of Unlisted Public Companies | | 非上市公众公司监督管理办法 |
| (Deliberated and adopted at the 17th Chairman's executive meeting of the China Securities Regulatory Commission on September 28, 2012; and amended in accordance with the Decision of the China Securities Regulatory Commission on Amending the Measures for the Supervision and Administration of Unlisted Public Companies on December 26, 2013) | | （2012年9月28日中国证券监督管理委员会第17次主席办公会议审议通过，根据2013年12月26日中国证券监督管理委员会《关于修改＜非上市公众公司监督管理办法＞的决定》修订） |
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| Chapter I General Provisions | | 第一章 总则 |
| Article 1 To regulate the transfer and issue of stock of unlisted public companies, protect the lawful rights and interests of investors, and maintain public interest, these Measures are developed in accordance with the Securities Law, the Company Law, and other relevant laws and regulations. | | 第一条 为了规范非上市公众公司股票转让和发行行为，保护投资者合法权益，维护社会公共利益，根据《证券法》、《公司法》及相关法律法规的规定，制定本办法。 |
| Article 2 For the purposes of these Measures, “unlisted public company” (hereinafter referred to as “public company”) means a joint-stock limited company under either of the following circumstances whose stock is not listed and traded on a stock exchange: | | 第二条 本办法所称非上市公众公司（以下简称公众公司）是指有下列情形之一且其股票未在证券交易所上市交易的股份有限公司： |
| (1) The cumulative number of its shareholders exceeds 200 as a result of a stock issue or stock transfer to specific investors. | | （一）股票向特定对象发行或者转让导致股东累计超过200人； |
| (2) Its stock is transferred publicly. | | （二）股票公开转让。 |
| Article 3 A public company shall maintain a clear equity structure, operate business, establish a sound corporate governance mechanism, and perform its information disclosure obligations, in accordance with laws, administrative regulations, these Measures, and company bylaws. | | 第三条 公众公司应当按照法律、行政法规、本办法和公司章程的规定，做到股权明晰，合法规范经营，公司治理机制健全，履行信息披露义务。 |
| Article 4 The public transfer of stock of a public company shall be conducted on the National Equities Exchange and Quotations (“NEEQ”), and the publicly transferred stock of a public company shall be subject to the centralized registration and deposit with the China Securities Depository and Clearing Company Limited (CSDC). | | 第四条 公众公司公开转让股票应当在全国中小企业股份转让系统进行，公开转让的公众公司股票应当在中国证券登记结算公司集中登记存管。 |
| Article 5 A public company may conduct equity financing, debt financing, asset restructuring, and other activities in accordance with the law. | | 第五条 公众公司可以依法进行股权融资、债权融资、资产重组等。 |
| A public company shall issue preferred shares and other securities in accordance with laws, administrative regulations, and the relevant provisions of the China Securities Regulatory Commission (CSRC). | | 公众公司发行优先股等证券品种，应当遵守法律、行政法规和中国证券监督管理委员会（以下简称中国证监会）的相关规定。 |
| Article 6 Securities companies, law firms, accounting firms, and other securities service institutions which issue special documents for companies shall diligently and honestly perform their functions, carefully perform their obligation of prudential review, issue professional opinions in accordance with legally established business rules, codes of practice, and professional ethics, ensure the truth, accuracy, and integrity of the documents issued, and accept the supervision and administration by the CSRC. | | 第六条 为公司出具专项文件的证券公司、律师事务所、会计师事务所及其他证券服务机构，应当勤勉尽责、诚实守信，认真履行审慎核查义务，按照依法制定的业务规则、行业执业规范和职业道德准则发表专业意见，保证所出具文件的真实性、准确性和完整性，并接受中国证监会的监管。 |
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| Chapter II Corporate Governance | | 第二章 公司治理 |
| Article 7 A public company shall develop its bylaws in accordance with the law. | | 第七条 公众公司应当依法制定公司章程。 |
| The CSRC shall, in accordance with the law, issue specific provisions regarding the required clauses of the bylaws of a public company to regulate the development and amendment of the bylaws of a public company. | | 中国证监会依法对公众公司章程必备条款作出具体规定，规范公司章程的制定和修改。 |
| Article 8 A public company shall establish rules for the shareholders' meeting, board of directors, and board of supervisors in consideration of both the characteristics of the company and the basic requirements of its corporate governance mechanism to specify their respective functions and rules of procedure. | | 第八条 公众公司应当建立兼顾公司特点和公司治理机制基本要求的股东大会、董事会、监事会制度，明晰职责和议事规则。 |
| Article 9 The governance structure of a public company shall ensure that all its shareholders, especially minority shareholders, fully exercise their lawful rights granted by laws, administrative regulations, and company bylaws. | | 第九条 公众公司的治理结构应当确保所有股东，特别是中小股东充分行使法律、行政法规和公司章程规定的合法权利。 |
| The shareholders of a public company shall have the right to know and the right to participate in the major matters of the company prescribed by laws, administrative regulations, and company bylaws. | | 股东对法律、行政法规和公司章程规定的公司重大事项，享有知情权和参与权。 |
| A public company shall establish and improve rules for investor relationship management to protect the lawful rights and interests of investors. | | 公众公司应当建立健全投资者关系管理，保护投资者的合法权益。 |
| Article 10 A public company shall comply with the provisions of laws, administrative regulations, and its bylaws regarding the convening of a shareholders' meeting or a meeting of the board of directors or board of supervisors, deliberation of proposals, time of notice, convening procedure, proxy solicitation, voting, and resolution, among others, and complete meeting minutes shall be safely preserved. | | 第十条 公众公司股东大会、董事会、监事会的召集、提案审议、通知时间、召开程序、授权委托、表决和决议等应当符合法律、行政法规和公司章程的规定；会议记录应当完整并安全保存。 |
| Proposals shall be deliberated at a shareholders' meeting under prescribed procedures, and shareholders' right to know, right to participate, right to inquiry, and right to vote shall be protected. The board of directors shall, within the extent of its functions and the extent as authorized by the shareholders' meeting, make resolutions on the deliberated matters, and may not make resolutions in place of the shareholders' meeting on matters beyond the extent of its functions and the extent authorized. | | 股东大会的提案审议应当符合程序，保障股东的知情权、参与权、质询权和表决权；董事会应当在职权范围和股东大会授权范围内对审议事项作出决议，不得代替股东大会对超出董事会职权范围和授权范围的事项进行决议。 |
| Article 11 The board of directors of a public company shall fully discuss and evaluate whether the company's corporate governance mechanism has provided appropriate protection and equal rights, among others, for all its shareholders. | | 第十一条 公众公司董事会应当对公司的治理机制是否给所有的股东提供合适的保护和平等权利等情况进行充分讨论、评估。 |
| Article 12 A public company shall strengthen internal management, and establish an accounting system and financial management, risk control, and other rules according to the relevant provisions, to ensure true and reliable financial reports and compliance with laws and regulations. | | 第十二条 公众公司应当强化内部管理，按照相关规定建立会计核算体系、财务管理和风险控制等制度，确保公司财务报告真实可靠及行为合法合规。 |
| Article 13 A public company shall conduct affiliated transactions under the principles of equality, free will, and consideration at equal value, ensure fair and just transactions, protect its lawful rights and interests, and, in accordance with laws, administrative regulations, the provisions of the CSRC, and its bylaws, perform the corresponding deliberation procedures. | | 第十三条 公众公司进行关联交易应当遵循平等、自愿、等价、有偿的原则，保证交易公平、公允，维护公司的合法权益，根据法律、行政法规、中国证监会的规定和公司章程，履行相应的审议程序。 |
| Article 14 A public company shall take effective measures to prevent its shareholders and their affiliated parties from taking possession of or transferring funds, assets, and other resources of the company in various forms. | | 第十四条 公众公司应当采取有效措施防止股东及其关联方以各种形式占用或者转移公司的资金、资产及其他资源。 |
| Article 15 In implementing a merger, acquisition, or restructuring, a public company shall, in accordance with laws, administrative regulations, the provisions of the CSRC, and its bylaws, perform corresponding decision-making procedures, and employ a securities company and relevant securities service institutions to issue professional opinions. | | 第十五条 公众公司实施并购重组行为，应当按照法律、行政法规、中国证监会的规定和公司章程，履行相应的决策程序并聘请证券公司和相关证券服务机构出具专业意见。 |
| No entity or individual may take advantage of a merger, acquisition, or restructuring to damage the lawful rights and interests of a public company and its shareholders. | | 任何单位和个人不得利用并购重组损害公众公司及其股东的合法权益。 |
| Article 16 To acquire a public company, the acquirer or its actual controller shall have a sound corporate governance mechanism and a good integrity record. The acquirer shall neither obtain any financial assistance from the acquired company in any form, nor take advantage of the acquisition to damage the lawful rights and interests of the acquired company and its shareholders. | | 第十六条 进行公众公司收购，收购人或者其实际控制人应当具有健全的公司治理机制和良好的诚信记录。收购人不得以任何形式从被收购公司获得财务资助，不得利用收购活动损害被收购公司及其股东的合法权益。 |
| In the acquisition of a public company, the acquirer may not transfer its shares in the acquired company within 12 months after the acquisition is completed. | | 在公众公司收购中，收购人持有的被收购公司的股份，在收购完成后12个月内不得转让。 |
| Article 17 Where a public company conducts a material asset restructuring, the titles to the relevant restructured assets shall be clear, the prices for the relevant restructured assets shall be fair, and the restructured public company shall have a sound corporate governance mechanism, without any damage caused to the lawful rights and interests of the public company and its shareholders. | | 第十七条 公众公司实施重大资产重组，重组的相关资产应当权属清晰、定价公允，重组后的公众公司治理机制健全，不得损害公众公司和股东的合法权益。 |
| Article 18 A public company shall, in accordance with the law and in consideration of its actual circumstances, include a voting disqualification system in its bylaws. | | 第十八条 公众公司应当按照法律的规定，同时结合公司的实际情况在章程中约定建立表决权回避制度。 |
| Article 19 A public company shall include a dispute resolution mechanism in its bylaws. Its shareholders may protect their lawful rights and interests by arbitration, a civil action, or any other legal means in accordance with the provisions of laws, administrative regulations, and company bylaws. | | 第十九条 公众公司应当在章程中约定纠纷解决机制。股东有权按照法律、行政法规和公司章程的规定，通过仲裁、民事诉讼或者其他法律手段保护其合法权益。 |
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| Chapter III Information Disclosure | | 第三章 信息披露 |
| Article 20 A company and other parties with information disclosure obligations shall, in accordance with laws, administrative regulations, and the provisions of the CSRC, disclose true, accurate, complete, and timely information, and ensure that the information disclosed contains no false records, misleading statements, or major omissions. A company and other parties with information disclosure obligations shall publicly disclose information to all investors at the same time. | | 第二十条 公司及其他信息披露义务人应当按照法律、行政法规和中国证监会的规定，真实、准确、完整、及时地披露信息，不得有虚假记载、误导性陈述或者重大遗漏。公司及其他信息披露义务人应当向所有投资者同时公开披露信息。 |
| The directors, supervisors, and senior executives of a company shall faithfully and diligently perform their functions, and ensure that true, accurate, complete, and timely information is disclosed by the company. | | 公司的董事、监事、高级管理人员应当忠实、勤勉地履行职责，保证公司披露信息的真实、准确、完整、及时。 |
| Article 21 The documents to be disclosed shall mainly include a public transfer prospectus, a private transfer statement, a private placement memorandum, an issue result report, periodic reports, and ad hoc reports. The specific content and format, preparation rules, and disclosure requirements shall be developed additionally by the CSRC. | | 第二十一条 信息披露文件主要包括公开转让说明书、定向转让说明书、定向发行说明书、发行情况报告书、定期报告和临时报告等。具体的内容与格式、编制规则及披露要求，由中国证监会另行制定。 |
| Article 22 A public company offering its stock for public transfer or conducting a private placement shall disclose its semi-annual report and annual report. The financial accounting report in its annual report shall be audited by an accounting firm qualified for the relevant securities and futures business. | | 第二十二条 股票公开转让与定向发行的公众公司应当披露半年度报告、年度报告。年度报告中的财务会计报告应当经具有证券期货相关业务资格的会计师事务所审计。 |
| A public company whose cumulative number of shareholders exceeds 200 as a result of transfer of its stock to specific investors shall disclose its annual report. The financial accounting report in its annual report shall be audited by an accounting firm. | | 股票向特定对象转让导致股东累计超过200人的公众公司，应当披露年度报告。年度报告中的财务会计报告应当经会计师事务所审计。 |
| Article 23 The directors and senior executives of a public company shall sign written confirmation opinions on a periodic report, and those raising any objection to any content of the report shall provide their reasons respectively, which shall be disclosed along with the periodic report. No public company may delay the disclosure of a periodic report on the excuse of any objection raised by its directors and senior executives to any content of the report. | | 第二十三条 公众公司董事、高级管理人员应当对定期报告签署书面确认意见；对报告内容有异议的，应当单独陈述理由，并与定期报告同时披露。公众公司不得以董事、高级管理人员对定期报告内容有异议为由不按时披露定期报告。 |
| The board of supervisors of a public company shall review a periodic report prepared by the board of directors, and provide a written review opinion, explaining whether the preparation of the periodic report by the board of directors and the review procedure comply with laws, administrative regulations, the provisions of the CSRC, and company bylaws and whether the report reflects the actual condition of the company in a true, accurate, and complete manner. | | 公众公司监事会应当对董事会编制的定期报告进行审核并提出书面审核意见，说明董事会对定期报告的编制和审核程序是否符合法律、行政法规、中国证监会的规定和公司章程，报告的内容是否能够真实、准确、完整地反映公司实际情况。 |
| Article 24 The documents issued by securities companies, law firms, accounting firms, and other securities service institutions and other relevant important documents shall be disclosed as reference documents. | | 第二十四条 证券公司、律师事务所、会计师事务所及其他证券服务机构出具的文件和其他有关的重要文件应当作为备查文件，予以披露。 |
| Article 25 Where any major event of a public company occurs, which may have a significant impact on the stock price and is unknown by the investors, the public company shall immediately submit an ad hoc report on the event, and issue a public announcement, explaining the cause of the event, current state, and possible consequences. | | 第二十五条 发生可能对股票价格产生较大影响的重大事件，投资者尚未得知时，公众公司应当立即将有关该重大事件的情况报送临时报告，并予以公告，说明事件的起因、目前的状态和可能产生的后果。 |
Article 26 Where a public company implements a merger, acquisition, or restructuring, the relevant parties with information disclosure obligations shall perform their obligation of issuing public announcement in strict accordance with the law, notify the public company of the relevant information in a timely and accurate manner, and assist the public company in making timely, accurate, and complete information disclosure.
．．．．．． | | 第二十六条 公众公司实施并购重组的，相关信息披露义务人应当依法严格履行公告义务，并及时准确地向公众公司通报有关信息，配合公众公司及时、准确、完整地进行披露。
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