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Securities Law of the People's Republic of China (2014 Amendment) [Revised]
中华人民共和国证券法(2014修正) [已被修订]
【法宝引证码】

 

Securities Law of the People's Republic of China

 

中华人民共和国证券法

(Adopted at the Sixth Session of the Standing Committee of the Ninth National People's Congress on December 29, 1998; amended for the first time according to the Decision on Amending the Securities Law of the People's Republic of China as adopted at the 11th Session of the Standing Committee of the Tenth People's Congress on August 28, 2004; revised at the 18th Session of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005; amended for the second time in accordance with the Decision of the Standing Committee of the National People's Congress on Amending the Cultural Relics Protection Law of the People's Republic of China and Other Eleven Laws as adopted at the Third Session of the Standing Committee of the Twelfth National People's Congress on June 29, 2013; and amended for the third time in accordance with the Decision of the Standing Committee of the National People's Congress on Amending Five Laws Including the Insurance Law of the People's Republic of China as adopted at the Tenth Session of the Standing Committee of the Twelfth National People's Congress on August 31,2014) (1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国证券法〉的决定》第一次修正 2005年10月27日第十届全国人民代表大会常务委员会第十八次会议修订 根据2013年6月29日第十二届全国人民代表大会常务委员会第三次会议《关于修改〈中华人民共和国文物保护法〉等十二部法律的决定》第二次修正 根据2014年8月31日第十二届全国人民代表大会常务委员会第十次会议《关于修改〈中华人民共和国保险法〉等五部法律的决定》第三次修正)
Table of Contents 目录
Chapter I General Provisions 第一章 总则
Chapter II Issuance of Securities 第二章 证券发行
Chapter III Trading of Securities 第三章 证券交易
Section I General Provisions 第一节 一般规定
Section II Listing of Securities 第二节 证券上市
Section III On-going Disclosure of Information 第三节 持续信息公开
Section IV Prohibited Trading Acts 第四节 禁止的交易行为
Chapter IV Acquisition of Listed Companies 第四章 上市公司的收购
Chapter V Stock Exchanges 第五章 证券交易所
Chapter VI Securities Companies 第六章 证券公司
Chapter VII Securities Registration and Clearing Institutions 第七章 证券登记结算机构
Chapter VIII Securities Trading Service Institutions 第八章 证券服务机构
Chapter IX Securities Industrial Associations 第九章 证券业协会
Chapter X Security Regulatory Bodies 第十章 证券监督管理机构
Chapter XI Legal Liabilities 第十一章 法律责任
Chapter XII Supplementary Provisions 第十二章 附则
 

Chapter I General Provisions 

第一章 总 则

Article 1 The present Law is formulated in order to standardize the issuance and trading of securities, protect the legitimate rights and interests of investors, safeguard the economic order and public interests of the society and promote the development of the socialist market economy.   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 2 The present Law shall apply to the issuance and trading of stocks, corporate bonds as well as any other securities as lawfully recognized by the State Council within the territory of the People's Republic of China. Where there is no such provision in the present Law, the provisions of the Corporation Law of the People's Republic of China and other relevant laws and administrative regulations shall apply.   第二条 在中华人民共和国境内,股票、公司债券和国务院依法认定的其他证券的发行和交易,适用本法;本法未规定的,适用《中华人民共和国公司法》和其他法律、行政法规的规定。
Any listed trading of government bonds and share of securities investment funds shall be governed by the present Law. In case there is any special provision in any other law or administrative Regulation, such special provision shall prevail. 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。
The measures for the administration of issuance and trading of securities derivatives shall be prescribed by the State Council according to the principles of the Present Law. 证券衍生品种发行、交易的管理办法,由国务院依照本法的原则规定。
Article 3 The issuance and trading of securities shall be carried out according to the principles of openness, fairness and impartiality.   第三条 证券的发行、交易活动,必须实行公开、公平、公正的原则。
Article 4 The parties involved in any issuance or transaction of securities shall have equal legal status and shall uphold the principles of free will, compensation, and uprightness and creditworthiness.   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 5 The issuance and trading of securities shall abide by laws and administrative regulations. Any fraud, insider trading or manipulation of the securities market shall be prohibited.   第五条 证券的发行、交易活动,必须遵守法律、行政法规;禁止欺诈、内幕交易和操纵证券市场的行为。
Article 6 The divided operation and management shall be applied to the industries of securities, banking, trust and insurance. The securities companies and the business organs of banks, trust, and insurance shall be separately established, unless it is otherwise provided for by the state.   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 7 The securities regulatory authority under the State Council shall carry out centralized and unified supervision and administration of the national securities market.   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。
The securities regulatory authority under the State Council may, according to the relevant requirements, establish dispatched offices, which shall perform their duties and functions of supervision and administration according to their authorization. 国务院证券监督管理机构根据需要可以设立派出机构,按照授权履行监督管理职责。
Article 8 Under the centralized and unified supervision and administration of the state regarding the issuance and trading of securities, a securities industrial association shall be established according to law, which shall adopt the self-regulating administration.   第八条 在国家对证券发行、交易活动实行集中统一监督管理的前提下,依法设立证券业协会,实行自律性管理。
Article 9 The auditing organs of the state shall carry out auditing supervision of the securities exchanges, securities companies, securities registration and clearing institutions, and securities regulatory bodies.   第九条 国家审计机关依法对证券交易所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。
 

Chapter II Issuance of Securities 

第二章 证 券 发 行

Article 10 A public issuance of securities shall meet the requirements of the relevant laws and administrative regulations, and shall be reported to the securities regulatory authority under the State Council or any department as authorized by the State Council for examination and approval according to law. Without any examination and approval according to law, no entity or individual may make a public issuance of any securities.   第十条 公开发行证券,必须符合法律、行政法规规定的条件,并依法报经国务院证券监督管理机构或者国务院授权的部门核准;未经依法核准,任何单位和个人不得公开发行证券。
It shall be deemed as a public issuance under any of the following circumstances: 有下列情形之一的,为公开发行:
(1) Making a public issuance of securities towards unspecified objects; (一)向不特定对象发行证券的;
(2) Making a public issuance of securities to accumulatively more than 200 specified objects; (二)向特定对象发行证券累计超过二百人的;
(3) Making a public issuance as prescribed by any law or administrative regulation. (三)法律、行政法规规定的其他发行行为。
For any securities that are not issued in a public manner, the means of advertising, public inducement or public issuance in any disguised form shall not be adopted thereto. 非公开发行证券,不得采用广告、公开劝诱和变相公开方式。
Article 11 An issuer that applies for the public issuance of stocks or convertible corporate bonds by means of underwriting according to law or for the public issuance of any other securities, which is subject to recommendation as is prescribed by any law or administrative regulation, shall hire an institution with the qualification of recommendation as its recommender.   第十一条 发行人申请公开发行股票、可转换为股票的公司债券,依法采取承销方式的,或者公开发行法律、行政法规规定实行保荐制度的其他证券的,应当聘请具有保荐资格的机构担任保荐人。
A recommender shall observe the operational rules and industrial norms and, based on the principles of being honesty, creditworthy, diligent and accountable, carry out a prudent examination of the application documents and information disclosure materials of its issuers as well as supervise and urge its issuers to operate in a regulative manner. 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。
The qualification requirements of the recommender as well as the relevant measures for administration shall be formulated by the securities regulatory authority under the State Council. 保荐人的资格及其管理办法由国务院证券监督管理机构规定。
Article 12 A public offer of stocks for establishing a joint stock limited company shall meet the requirements as prescribed in the Corporation Law of the People's Republic of China as well as any other requirements as prescribed by the securities regulatory authority under the State Council which have been approved by the State Council. An application for public offer of stocks as well as the following documents shall be reported to the securities regulatory authority under the State Council:   第十二条 设立股份有限公司公开发行股票,应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件,向国务院证券监督管理机构报送募股申请和下列文件:
(1) The constitution of the company; (一)公司章程;
(2) The promoter's agreement; (二)发起人协议;
(3) The name or title of the promoter, the amount of shares as subscribed to by the promoters, the category of contributed capital as well as the capital verification certification; (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;
(4) The prospectus; (四)招股说明书;
(5) The name and address of the bank that receives the funds as generated from the issuance of stocks on the behalf of the company; and (五)代收股款银行的名称及地址;
(6) The name of the underwriting organization as well as the relevant agreements. (六)承销机构名称及有关的协议。
Where a recommender shall be hired, as is prescribed by the present Law, a Recommendation Letter of Issuance as produced by the recommender shall be submitted as well. 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。
Where the establishment of a company shall be reported for approval, as is prescribed by any law or administrative regulation, the relevant approval documents shall be submitted as well. 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。
Article 13 An initial public offer (IPO) of stocks of a company shall meet the following requirements:   第十三条 公司公开发行新股,应当符合下列条件:
(1) Having a complete and well-operated organization; (一)具备健全且运行良好的组织机构;
(2) Having the capability of making profits continuously and a sound financial status; (二)具有持续盈利能力,财务状况良好;
(3) Having no false record in its financial statements over the latest 3 years and having no other major irregularity; and (三)最近三年财务会计文件无虚假记载,无其他重大违法行为;
(4) Meeting any other requirements as prescribed by the securities regulatory authority under the State Council which have been approved by the State Council. (四)经国务院批准的国务院证券监督管理机构规定的其他条件。
A listed company that makes any initial non-public offer of stocks shall meet the requirements as prescribed by the securities regulatory authority under the State Council, which have been approved by the State Council and shall be reported to the securities regulatory authority under the State Council for examination and approval. 上市公司非公开发行新股,应当符合经国务院批准的国务院证券监督管理机构规定的条件,并报国务院证券监督管理机构核准。
Article 14 A company that makes an IPO of stocks shall file an application for public offer of stocks and submit the following documents to the securities regulatory authority under the State Council:   第十四条 公司公开发行新股,应当向国务院证券监督管理机构报送募股申请和下列文件:
(1) The business license of the company; (一)公司营业执照;
(2) The constitution of the company; (二)公司章 程;
(3) The resolution of the general assembly of shareholders; (三)股东大会决议;
(4) The prospectus; (四)招股说明书;
(5) The financial statements; (五)财务会计报告;
(6) The name and address of the bank that receives the funds as generated from the public offer of stocks on the behalf of the company; and (六)代收股款银行的名称及地址;
(7) The name of the underwriting institution as well as the relevant agreements. (七)承销机构名称及有关的协议。
Where a recommender shall be hired, as is prescribed by the present Law, the Recommendation Letter of Issuance as produced by the recommender shall be submitted as well. 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 15 The funds as raised through public offer of stocks made by a company shall be used according to the purpose as prescribed in the prospectus. Any alteration of the use of funds as prescribed in the prospectus shall be subject to a resolution of the general assembly of shareholders. Where the company fails to correct any unlawful alteration of its use of funds or where any alteration of its use of funds fails to be adopted by the general assembly of shareholders, the relevant company shall not make any IPO of stocks. In the foregoing circumstance, a company shall not make any non-public offer of stocks.   第十五条 公司对公开发行股票所募集资金,必须按照招股说明书所列资金用途使用。改变招股说明书所列资金用途,必须经股东大会作出决议。擅自改变用途而未作纠正的,或者未经股东大会认可的,不得公开发行新股。
Article 16 A public issuance of corporate bonds shall meet the following requirements:   第十六条 公开发行公司债券,应当符合下列条件:
(1) The net asset of a joint stock limited company is no less than RMB 30 million yuan and the net asset of a limited-liability company is no less than RMB 60 million yuan; (一)股份有限公司的净资产不低于人民币三千万元,有限责任公司的净资产不低于人民币六千万元;
(2) The accumulated bond balance constitutes no more than 40 % of the net asset of a company; (二)累计债券余额不超过公司净资产的百分之四十;
(3) The average distributable profits over the latest 3 years are sufficient to pay the 1-year interests of corporate bonds; (三)最近三年平均可分配利润足以支付公司债券一年的利息;
(4) The investment of raised funds complies with the industrial policies of the state; (四)筹集的资金投向符合国家产业政策;
(5) The yield rate of bonds does not surpass the level of interest rate as set by the State Council; and (五)债券的利率不超过国务院限定的利率水平;
(6) Any other requirements as prescribed by the State Council. (六)国务院规定的其他条件。
The funds as raised through public issuance of corporate bonds shall be used for the verified purposes and shall not be used for covering any deficit or non-production expenditure. 公开发行公司债券筹集的资金,必须用于核准的用途,不得用于弥补亏损和非生产性支出。
The public issuance of convertible corporate bonds as made by a listed company shall not only meet the requirements as provided for in paragraph 1 herein but also meet the requirements of the present Law on the public offer of stocks, and shall be reported to the securities regulatory authority under the State Council for examination and approval. 上市公司发行可转换为股票的公司债券,除应当符合第一款规定的条件外,还应当符合本法关于公开发行股票的条件,并报国务院证券监督管理机构核准。
Article 17 As to an application for public issuance of corporate bonds, the following documents shall be reported to the department as authorized by the State Council or the securities regulatory authority under the State Council:   第十七条 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:
(1) The business license of the company; (一)公司营业执照;
(2) The constitution of the company; (二)公司章 程;
(3) The procedures for issuing corporate bonds; (三)公司债券募集办法;
(4) An asset appraisal report and an asset verification report; and (四)资产评估报告和验资报告;
(5) Any other document as prescribed by the department as authorized by the State Council or by the securities regulatory authority under the State Council. (五)国务院授权的部门或者国务院证券监督管理机构规定的其他文件。
Where a recommender shall be hired, as is prescribed by the present Law, the Recommendation Letter of Issuance as produced by the recommender shall be submitted as well. 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 Under any of the following circumstances, no more public issuance of corporate bonds may be carried out:   第十八条 有下列情形之一的,不得再次公开发行公司债券:
(1) Where the corporate bonds as issued in the previous public issuance haven't been fully subscribed; (一)前一次公开发行的公司债券尚未募足;
(2) Where a company has any breach relating to the corporate bonds as publicly issued or any other debts, or has postponed the payment of the relevant principal plus interests, and such situation still exists; or (二)对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实,仍处于继续状态;
(3) Where a company violates the present Law by altering the purpose of use of the funds raised through public issuance of corporate bonds. (三)违反本法规定,改变公开发行公司债券所募资金的用途。
Article 19 The formats and ways of submitting application documents as reported by an issuer for examination and approval of securities issuance according to law shall be prescribed by the competent organ or department in charge of examination and approval.   第十九条 发行人依法申请核准发行证券所报送的申请文件的格式、报送方式,由依法负责核准的机构或者部门规定。
Article 20 The application documents for securities issuance as reported by an issuer to the securities regulatory authority under the State Council or the department as authorized by the State Council shall be authentic, accurate and complete.   第二十条 发行人向国务院证券监督管理机构或者国务院授权的部门报送的证券发行申请文件,必须真实、准确、完整。
A securities trading service institution and its staff that produces the relevant documents for securities issuance shall strictly perform its/his statutory functions and duties and guarantee the authenticity, accuracy and integrity of the documents as produced thereby. 为证券发行出具有关文件的证券服务机构和人员,必须严格履行法定职责,保证其所出具文件的真实性、准确性和完整性。
Article 21 Where an issuer applies for an IPO of stocks, it shall, after submitting the application documents, disclose the relevant application documents in advance according to the provisions of the securities regulatory authority under the State Council.   第二十一条 发行人申请首次公开发行股票的,在提交申请文件后,应当按照国务院证券监督管理机构的规定预先披露有关申请文件。
Article 22 The securities regulatory authority under the State Council shall establish an issuance examination committee, which shall examine the applications for stock issuance according to law.   第二十二条 国务院证券监督管理机构设发行审核委员会,依法审核股票发行申请。
The issuance examination committee shall be composed of professionals from the securities regulatory authority under the State Council and other relevant experts from outside the said authority, cast votes to decide on the applications for stock issuance and give its examination opinions. 发行审核委员会由国务院证券监督管理机构的专业人员和所聘请的该机构外的有关专家组成,以投票方式对股票发行申请进行表决,提出审核意见。
The specific formulation measures, tenure of members as well as work procedures of the issuance examination committee shall be formulated by the securities regulatory authority under the State Council. 发行审核委员会的具体组成办法、组成人员任期、工作程序,由国务院证券监督管理机构规定。
Article 23 The securities regulatory authority under the State Council shall take charge of the examination and approval of the applications for stock issuance according to the statutory requirements. The procedures for examination and approval shall be publicized and shall be subject to supervision according to law.   第二十三条 国务院证券监督管理机构依照法定条件负责核准股票发行申请。核准程序应当公开,依法接受监督。
The personnel participating in the examination and verification of stock issuance shall not have any interest relationship with an issuance applicant, shall not directly or indirectly accept any present of the issuance applicant, not hold any stock as verified for issuance, and shall not have any private contact with an issuance applicant. 参与审核和核准股票发行申请的人员,不得与发行申请人有利害关系,不得直接或者间接接受发行申请人的馈赠,不得持有所核准的发行申请的股票,不得私下与发行申请人进行接触。
The department as authorized by the State Council shall carry out the examination and approval of applications for issuance of corporate bonds by referring to the preceding 2 paragraphs herein. 国务院授权的部门对公司债券发行申请的核准,参照前两款的规定执行。
Article 24 The securities regulatory authority under the State Council or the department as authorized by the State Council shall, within 3 months as of accepting an application for securities issuance, make an decision on approval or disapproval according to the statutory requirements and procedures, but the time for an issuer to supplement or correct its application documents for issuance according to the relevant requirements shall not be calculated in the aforesaid term for examination and approval. In the case of disapproval, an explanation shall be given.   第二十四条 国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内,依照法定条件和法定程序作出予以核准或者不予核准的决定,发行人根据要求补充、修改发行申请文件的时间不计算在内;不予核准的,应当说明理由。
Article 25 Where an application for securities issuance has been approved, the relevant issuer shall, according to the provisions of the relevant laws and administrative regulations, announce the relevant financing documents of public issuance before publicly issuing any securities and shall make the aforesaid documents available for public reference in a designated place.   第二十五条 证券发行申请经核准,发行人应当依照法律、行政法规的规定,在证券公开发行前,公告公开发行募集文件,并将该文件置备于指定场所供公众查阅。
Before the information of securities issuance is publicized according to law, no insider may publicize or divulge relevant information. 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。
An issuer shall not issue any securities before making an announcement of the relevant financing documents of public issuance. 发行人不得在公告公开发行募集文件前发行证券。
Article 26 The securities regulatory authority under the State council or the department as authorized by the State Council shall, where finding any decision on approving securities issuance fails to comply with the relevant statutory requirements and procedures and if the relevant securities haven't been issued, revoke the decision on approval and terminate the issuance. For any securities that have been issued but haven't been listed, the relevant decision on approval for issuance shall be revoked. The relevant issuer shall, according to the issuing price plus interests as calculated at the bank deposit rate for the corresponding period of time, refund the securities holders. A recommender shall bear several and joint liabilities together with the relevant issuer, except for one who is able to prove that he has no fault therein. Where any controlling shareholder or actual controller has any fault, he shall bear several and joint liabilities together with the relevant issuer,   第二十六条 国务院证券监督管理机构或者国务院授权的部门对已作出的核准证券发行的决定,发现不符合法定条件或者法定程序,尚未发行证券的,应当予以撤销,停止发行。已经发行尚未上市的,撤销发行核准决定,发行人应当按照发行价并加算银行同期存款利息返还证券持有人;保荐人应当与发行人承担连带责任,但是能够证明自己没有过错的除外;发行人的控股股东、实际控制人有过错的,应当与发行人承担连带责任。
Article 27 After a legal offer of stocks, an issuer shall be responsible for any flux in its operations or profits by itself. The investment risk as incurred therefrom shall be borne by investors themselves.   第二十七条 股票依法发行后,发行人经营与收益的变化,由发行人自行负责;由此变化引致的投资风险,由投资者自行负责。
Article 28 Where an issuer issues any securities to any non-specified object and if the said securities shall be underwritten by a securities company, as is provided for by any law or administrative regulation, the issuer shall conclude an underwriting agreement with a securities company. The forms of "sale by proxy" or "exclusive sale" shall be adopted for the underwriting of securities.   第二十八条 发行人向不特定对象发行的证券,法律、行政法规规定应当由证券公司承销的,发行人应当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。
The term "sale by proxy" refers to an underwriting form, whereby a securities company sells securities as a proxy of the relevant issuer and, upon the end of the underwriting period, returns all the securities unsold to the relevant issuer. 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。
The term "exclusive sale" refers to an underwriting form, whereby a securities company purchases all of the securities of an issuer according to the agreement there between or purchases all of the remaining unsold securities by itself upon the end of the underwriting period. 证券包销是指证券公司将发行人的证券按照协议全部购入或者在承销期结束时将售后剩余证券全部自行购入的承销方式。
Article 29 An issuer that makes public issuance of securities has the right to select a securities company for underwriting according to law at its own will. A securities company shall not canvass any securities underwriting business by any unjust competition means.   第二十九条 公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。
Article 30 Where a securities company underwrites any securities, it shall conclude an agreement with the relevant issuer on sale by proxy or exclusive sale, which shall indicate the following items:   第三十条 证券公司承销证券,应当同发行人签订代销或者包销协议,载明下列事项:
(1) The name, domicile as well as the name of the legal representative of the parties concerned; (一)当事人的名称、住所及法定代表人姓名;
(2) The classes, quantity, amount as well as issuing prices of the securities under sale by proxy or exclusive sale; (二)代销、包销证券的种类、数量、金额及发行价格;
(3) The term of sale by proxy or exclusive sale as well as the start-stop date; (三)代销、包销的期限及起止日期;
(4) The ways and date of payment for sale by proxy or exclusive sale; (四)代销、包销的付款方式及日期;
(5) The expenses for and settlement methods of sale by proxy or exclusive sale; (五)代销、包销的费用和结算办法;
(6) The liabilities for breach; and (六)违约责任;
(7) Any other matter as prescribed by the securities regulatory authority under the State Council. (七)国务院证券监督管理机构规定的其他事项。
Article 31 A securities company that engages in the underwriting of securities shall carry out verification on the authenticity, accuracy and integrity of the financing documents of public issuance. Where any false record, misleading statement or major omission is found, no sales activity may be carried out. Where any securities have been sold out under the foregoing circumstances, the relevant sales activity shall be immediately terminated and measures for correction shall be taken.   第三十一条 证券公司承销证券,应当对公开发行募集文件的真实性、准确性、完整性进行核查;发现有虚假记载、误导性陈述或者重大遗漏的,不得进行销售活动;已经销售的,必须立即停止销售活动,并采取纠正措施。
Article 32 Where the total face value of securities as issued to non-specified objects exceed RMB 50 million yuan, the said securities shall be underwritten by an underwriting syndicate. An underwriting syndicate shall be composed of a securities company acting as the principal underwriter and other participant underwriters.   第三十二条 向不特定对象发行的证券票面总值超过人民币五千万元的,应当由承销团承销。承销团应当由主承销和参与承销的证券公司组成。
Article 33 The term for sale by proxy or exclusive sale shall not exceed than 90 days at the most.   第三十三条 证券的代销、包销期限最长不得超过九十日。
A securities company shall, within the term of sale by proxy or exclusive sale, guarantee the priority of the relevant subscribers in purchasing securities under sale by proxy or exclusive sale. A securities company shall not reserve in advance any securities under sale by proxy thereby or purchase in advance and sustain any securities under exclusive sale thereby. 证券公司在代销、包销期内,对所代销、包销的证券应当保证先行出售给认购人,证券公司不得为本公司预留所代销的证券和预先购入并留存所包销的证券。
Article 34 Where any stock is issued at a premium, the issuing price thereof shall be determined through negotiation between the relevant issuer and the securities company that engages in the underwriting.   第三十四条 股票发行采取溢价发行的,其发行价格由发行人与承销的证券公司协商确定。
Article 35 As for a public offer of stocks through sale by proxy, when the term of sale by proxy expires and if the number of stocks fails to reach 70 % of the planned number in the public offer, it shall be deemed as a failure. The relevant issuer shall refund the issuing price plus interests as calculated at the bank deposit rate for the contemporary period of time to the subscribers of stocks.   第三十五条 股票发行采用代销方式,代销期限届满,向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的,为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。
Article 36 In a public offer of stocks, when the term for sale by proxy or exclusive sale expires, the issuer shall report the information on stock issuance to the securities regulatory authority under the State Council for archival filing within the prescribed term.   第三十六条 公开发行股票,代销、包销期限届满,发行人应当在规定的期限内将股票发行情况报国务院证券监督管理机构备案。
 

Chapter III Trading of Securities
 

第三章 证 券 交 易

Section I General Provisions 

第一节 一 般 规 定

Article 37 The securities as purchased and sold by any party who is involved in any securities trading shall be the securities that have been legally issued and delivered.   第三十七条 证券交易当事人依法买卖的证券,必须是依法发行并交付的证券。
Any securities that have been illegally issued shall not be purchased or sold. 非依法发行的证券,不得买卖。
Article 38 Any stocks, corporate bonds or any other securities that have been legally issued, where there are any restrictive provisions of laws on the term of transfer thereof, shall not be purchased or sold within the restricted term.   第三十八条 依法发行的股票、公司债券及其他证券,法律对其转让期限有限制性规定的,在限定的期限内不得买卖。
Article 39 Any stocks, corporate bonds or any other securities that have been publicly issued according to law shall be listed in a stock exchange as legally established or in any other places for securities trading as approved by the State Council.   第三十九条 依法公开发行的股票、公司债券及其他证券,应当在依法设立的证券交易所上市交易或者在国务院批准的其他证券交易场所转让。
Article 40 The means of public and centralized trading or any other means as approval by the securities regulatory authority under the State Council shall be adopted for the listed trading of securities in stock exchanges.   第四十条 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 The securities as purchased or sold by the parties involved in securities trading may be in paper form or in any other form as approval by the securities regulatory authority under the State Council.   第四十一条 证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。
Article 42 The securities trading shall be carried out in the form of spot goods as well as any other form as prescribed by the State Council.   第四十二条 证券交易以现货和国务院规定的其他方式进行交易。
Article 43 The practitioners in stock exchanges, securities companies and securities registration and clearing institutions, the functionary of securities regulatory bodies, as well as any other personnel who have been prohibited by any law or administrative regulation from engaging in any stock trading shall not, within their tenures or the relevant statutory term, hold or purchase or sell any stock directly or in any assumed name or in the name of any other person, nor may they accept any stocks from any other person as a present.   第四十三条 证券交易所、证券公司和证券登记结算机构的从业人员、证券监督管理机构的工作人员以及法律、行政法规禁止参与股票交易的其他人员,在任期或者法定限期内,不得直接或者以化名、借他人名义持有、买卖股票,也不得收受他人赠送的股票。
Anyone, before becoming any person as prescribed in the preceding paragraph herein, shall transfer the stocks he has held according to law. 任何人在成为前款所列人员时,其原已持有的股票,必须依法转让。
Article 44 The stock exchanges, securities companies, as well as securities registration and clearing institutions shall keep confidential the accounts as opened for their clients according to law.   第四十四条 证券交易所、证券公司、证券登记结算机构必须依法为客户开立的账户保密。
Article 45 A securities trading service institution and the relevant personnel that produce such documents as auditing reports, asset appraisal reports or legal opinions for stock issuance shall not purchase or sell any of the aforesaid stocks within the underwriting term of stocks or within 6 months as of the expiration of the underwriting term of stocks.   第四十五条 为股票发行出具审计报告、资产评估报告或者法律意见书等文件的证券服务机构和人员,在该股票承销期内和期满后六个月内,不得买卖该种股票。
Except for the provisions as prescribed in the preceding paragraph herein, a securities trading service institutions and the relevant personnel that produce such documents as auditing reports, asset appraisal reports or legal opinions for listed companies shall not purchase or sell any of the aforesaid stocks within the period from the day when he accepts the entrustment of the listed company to the day when the aforesaid documents are publicized. 除前款规定外,为上市公司出具审计报告、资产评估报告或者法律意见书等文件的证券服务机构和人员,自接受上市公司委托之日起至上述文件公开后五日内,不得买卖该种股票。
Article 46 The fee charge for securities trading shall be reasonable. The charging items, rates and methods shall be publicized.   第四十六条 证券交易的收费必须合理,并公开收费项目、收费标准和收费办法。
The charging items, rates, and administrative measures of securities trading shall be uniformly formulated by the relevant administrative department of the State Council. 证券交易的收费项目、收费标准和管理办法由国务院有关主管部门统一规定。
Article 47 Where any director, supervisor and senior manager of a listed company or any shareholder who holds more than 5% of the shares of a listed company, sells the stocks of the company as held within 6 months after purchase, or purchases any stock as sold within 6 months thereafter, the proceeds as generated therefrom shall be incorporated into the profits of the relevant company. The board of directors of the company shall take back the proceeds. However, where a securities company holds more than 5% of the shares of a listed company, which are the residual stocks after sale by proxy as purchased thereby, the sale of the foregoing stocks shall not be limited by the term of 6 months.   第四十七条 上市公司董事、监事、高级管理人员、持有上市公司股份百分之五以上的股东,将其持有的该公司的股票在买入后六个月内卖出,或者在卖出后六个月内又买入,由此所得收益归该公司所有,公司董事会应当收回其所得收益。但是,证券公司因包销购入售后剩余股票而持有百分之五以上股份的,卖出该股票不受六个月时间限制。
Where the board of directors of a company fails to implement the provisions as prescribed in the preceding paragraph herein, the shareholders concerned have the right to require the board of directors to implement them within 30 days. Where the board of directors of a company fails to implement them within the aforesaid term, the shareholders shall have the right to directly file a lawsuit with the people's court in their own names for the interests of the company. 公司董事会不按照前款规定执行的,股东有权要求董事会在三十日内执行。公司董事会未在上述期限内执行的,股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
Where the board of directors of a company fails to implement the provisions as prescribed in paragraph 1 herein, the directors in charge shall bear several and joint liabilities according to law. 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。
 

Section II Listing of Securities 

第二节 证券上市

Article 48 An application for the listing of any securities shall be filed with a stock exchange and shall be subject to the examination and approval of the stock exchange according to law, and a listing agreement shall be concluded by both parties.   第四十八条 申请证券上市交易,应当向证券交易所提出申请,由证券交易所依法审核同意,并由双方签订上市协议。
Stock exchanges shall, according to the decision of the department as authorized by the State Council, arrange for the listing of government bonds. 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 For an application for the listing of any stocks, convertible corporate bonds or any other securities, which are subject to recommendation as is prescribed by any law or administrative regulation, an institution with the qualification of recommendation shall be hired as the recommender.   第四十九条 申请股票、可转换为股票的公司债券或者法律、行政法规规定实行保荐制度的其他证券上市交易,应当聘请具有保荐资格的机构担任保荐人。
The provisions of paragraphs 2 and 3 of Article 11 of the present Law shall apply to the recommender of stock listing. 本法第十一条第二款、第三款的规定适用于上市保荐人。
Article 50 A joint stock limited company that applies for the listing of its stocks shall meet the following requirements:   第五十条 股份有限公司申请股票上市,应当符合下列条件:
(1) The stocks shall have been publicly issued upon the approval of the securities regulatory authority under the State Council; (一)股票经国务院证券监督管理机构核准已公开发行;
(2) The total amount of capital stock of the company shall be no less than RMB 30 million yuan; (二)公司股本总额不少于人民币三千万元;
(3) The shares as publicly issued shall reach more than 25 % of the total amount of corporate shares; where the total amount of capital stock of a company exceeds RMB 0.4 billion yuan, the shares as publicly issued shall be no less than 10% thereof; and (三)公开发行的股份达到公司股份总数的百分之二十五以上;公司股本总额超过人民币四亿元的,公开发行股份的比例为百分之十以上;
(4) The company shall not have any major irregularity over the latest three years and there is no false record in its financial statements. (四)公司最近三年无重大违法行为,财务会计报告无虚假记载。
A stock exchange may prescribe the requirements of listing that are more strict than those as prescribed in the preceding paragraph herein, which shall be reported to the securities regulatory authority under the State Council for approval. 证券交易所可以规定高于前款规定的上市条件,并报国务院证券监督管理机构批准。
Article 51 The state encourages the listing of corporate stocks that comply with the relevant industrial policies and meet the relevant requirements of listing.   第五十一条 国家鼓励符合产业政策并符合上市条件的公司股票上市交易。
Article 52 As to an application for the listing of stocks, the following documents shall be submitted to a stock exchange:   第五十二条 申请股票上市交易,应当向证券交易所报送下列文件:
(1) The listing report; (一)上市报告书;
(2) The resolution of the general assembly of shareholders regarding the application for the listing of stocks; (二)申请股票上市的股东大会决议;
(3) The constitution of the company; (三)公司章 程;
(4) The business license of the company; (四)公司营业执照;
(5) The financial statements of the company for the latest three years as audited by an accounting firm according to law; (五)依法经会计师事务所审计的公司最近三年的财务会计报告;
(6) The legal opinions as well as the Recommendation Letter of Listing; (六)法律意见书和上市保荐书;
(7) The latest prospectus; and (七)最近一次的招股说明书;
(8) Any other document as prescribed by the listing rules of the stock exchange. (八)证券交易所上市规则规定的其他文件。
Article 53 Where an application for the listing of stocks have been approved by the stock exchange, the relevant company that has concluded a listing agreement thereon shall announce the relevant documents for stock listing within the prescribed period and shall make the said documents available for public reference in designated places.   第五十三条 股票上市交易申请经证券交易所审核同意后,签订上市协议的公司应当在规定的期限内公告股票上市的有关文件,并将该文件置备于指定场所供公众查阅。
Article 54 A company that has concluded a listing agreement shall not only announce the documents as prescribed in the preceding Article herein but also announce the following items:   第五十四条 签订上市协议的公司除公告前条规定的文件外,还应当公告下列事项:
(1) The date when the stocks have been approved to be listed in a stock exchange; (一)股票获准在证券交易所交易的日期;
(2) The name list of the top 10 shareholders who hold the largest number of shares in the company as well as the amount of stocks they hold; (二)持有公司股份最多的前十名股东的名单和持股数额;
(3) The actual controller of the company; and (三)公司的实际控制人;
(4) The names of the directors, supervisors and senior managers of the company as well as the relevant information on the stocks and bonds of the company they hold. (四)董事、监事、高级管理人员的姓名及其持有本公司股票和债券的情况。
Article 55 Where a listed company is under any of the following circumstances, the stock exchange shall decide to suspend the listing of its stocks:   第五十五条 上市公司有下列情形之一的,由证券交易所决定暂停其股票上市交易:
(1) Where the total amount of capital stock or share distribution of the company changes and thus fails to meet the requirements for listing; (一)公司股本总额、股权分布等发生变化不再具备上市条件;
(2) Where the company fails to publicize its financial status according to the relevant provisions or has any false record in its financial statements, which may mislead the investors; (二)公司不按照规定公开其财务状况,或者对财务会计报告作虚假记载,可能误导投资者;
(3) Where the company has any major irregularity; (三)公司有重大违法行为;
(4) Where the company has been operating at a loss for the latest 3 consecutive years; or (四)公司最近三年连续亏损;
(5) Under any other circumstance as prescribed in the listing rules of the stock exchange. (五)证券交易所上市规则规定的其他情形。
Article 56 Where a listed company is under any of the following circumstances, the stock exchange shall decide to terminate the listing of its stocks:   第五十六条 上市公司有下列情形之一的,由证券交易所决定终止其股票上市交易:
(1) Where the total amount of capital stock or share distribution of the company changes and thus fails to meet the requirements of listing, and where the company fails again to meet the requirements of listing within the period as prescribed by the stock exchange; (一)公司股本总额、股权分布等发生变化不再具备上市条件,在证券交易所规定的期限内仍不能达到上市条件;
(2) Where the company fails to publicize its financial status according to the relevant provisions or has any false record in its financial statements, and refuses to make any correction; (二)公司不按照规定公开其财务状况,或者对财务会计报告作虚假记载,且拒绝纠正;
(3) Where the company has been operating at a loss for the latest 3 consecutive years and fails to gain profits in last year; (三)公司最近三年连续亏损,在其后一个年度内未能恢复盈利;
(4) Where the company is dissolved or is declared bankrupt; or (四)公司解散或者被宣告破产;
(5) Under any other circumstance as prescribed in the listing rules of the stock exchange. (五)证券交易所上市规则规定的其他情形。
Article 57 A company shall, when applying for the listing of corporate bonds, meet the following requirements:   第五十七条 公司申请公司债券上市交易,应当符合下列条件:
(1) The term of corporate bonds shall be more than 1 year; (一)公司债券的期限为一年以上;
(2) The amount of corporate bonds to be actually issued shall be no less than RMB 50 million yuan; and (二)公司债券实际发行额不少于人民币五千万元;
(3) The company shall meet the statutory requirements for the issuance of corporate bonds when applying for the listing of its bonds. (三)公司申请债券上市时仍符合法定的公司债券发行条件。
Article 58 A company shall, when applying for the listing of its corporate bonds, report the following documents to the stock exchange:   第五十八条 申请公司债券上市交易,应当向证券交易所报送下列文件:
(1) The listing report; (一)上市报告书;
(2) The resolution as adopted by the board of directors regarding the application for listing; (二)申请公司债券上市的董事会决议;
(3) The constitution of the company; (三)公司章 程;
(4) The business license of the company; (四)公司营业执照;
(5) The measures for financing through the issuance of corporate bonds; (五)公司债券募集办法;
(6) The amount of corporate bonds to be actually issued; and (六)公司债券的实际发行数额;
(7) Any other document as prescribed in the listing rules of the stock exchange. (七)证券交易所上市规则规定的其他文件。
As to an application for the listing of convertible corporate bonds, the Recommendation Letter of Listing as produced by the relevant recommender shall be submitted. 申请可转换为股票的公司债券上市交易,还应当报送保荐人出具的上市保荐书。
Article 59 Where an application for the listing of corporate bonds has been approved by the stock exchange, the company that has concluded a listing agreement thereon shall, within the prescribed period, announce its report on the listing of its corporate bonds as well as the relevant documents, and make its application documents available for public reference in designated places.   第五十九条 公司债券上市交易申请经证券交易所审核同意后,签订上市协议的公司应当在规定的期限内公告公司债券上市文件及有关文件,并将其申请文件置备于指定场所供公众查阅。
Article 60 After any corporate bonds are listed, where the relevant company is under any of the following circumstances, the stock exchange may decide to suspend the listing of its corporate bonds:   第六十条 公司债券上市交易后,公司有下列情形之一的,由证券交易所决定暂停其公司债券上市交易:
(1) Where the company has any major irregularity; (一)公司有重大违法行为;
(2) Where the company has any major change and thus fails to meet the requirements for the listing of corporate bonds; (二)公司情况发生重大变化不符合公司债券上市条件;
(3) Where the funds as raised through the issuance of corporate bonds fail to be used according to the verified purposes of use; (三)发行公司债券所募集的资金不按照核准的用途使用;
(4) Where the company fails to perform its obligations according to the measures for financing through the issuance of corporate bonds; or (四)未按照公司债券募集办法履行义务;
(5) Where the company has been operating at a loss for the latest 2 consecutive years. (五)公司最近二年连续亏损。
Article 61 Where a company is under any of the circumstances as described in item (1) or (4) of the preceding Article and the consequences as incurred therefrom have been verified to be serious, or where a company is under any of the circumstances as described in item (2), (3), or (5) of the preceding Article and fails to eliminate the relevant consequences within a specified time limit, the stock exchange shall decide to terminate the listing of corporate bonds of the company.   第六十一条 公司有前条第(一)项、第(四)项所列情形之一经查实后果严重的,或者有前条第(二)项、第(三)项、第(五)项所列情形之一,在限期内未能消除的,由证券交易所决定终止其公司债券上市交易。
Where a company is dissolved or declared bankrupt, the stock exchange shall terminate the listing of the corporate bonds thereof. 公司解散或者被宣告破产的,由证券交易所终止其公司债券上市交易。
Article 62 Any company, which is dissatisfied with the decision of the stock exchange on disapproving, suspending or terminating its listing, may apply to the review organ as established by the stock exchange for review.   第六十二条 对证券交易所作出的不予上市、暂停上市、终止上市决定不服的,可以向证券交易所设立的复核机构申请复核。
 

Section III On-going Disclosure of Information 

第三节 持续信息公开

Article 63 The information as disclosed by issuers and listed companies according to law shall be authentic, accurate and complete and shall not have any false record, misleading statement or major omission.   第六十三条 发行人、上市公司依法披露的信息,必须真实、准确、完整,不得有虚假记载、误导性陈述或者重大遗漏。
Article 64 For the stocks that have been publicly issued upon the verification of the securities regulatory authority under the State Council or for the corporate bonds that have been publicly issued upon the verification of the department as authorized by the State Council according to law, the prospectus or the measures for financing through the issuance of corporate bonds shall be announced. In an IPO of stocks or corporate bonds, the relevant financial statements shall be announced as well.   第六十四条 经国务院证券监督管理机构核准依法公开发行股票,或者经国务院授权的部门核准依法公开发行公司债券,应当公告招股说明书、公司债券募集办法。依法公开发行新股或者公司债券的,还应当公告财务会计报告。
Article 65 A company whose shares or bonds have been listed for trading shall, within two months as of the end of the first half of each accounting year, submit to the securities regulatory authority under the State Council and the stock exchange a midterm report indicating the following contents and make a public announcement for it:   第六十五条 上市公司和公司债券上市交易的公司,应当在每一会计年度的上半年结束之日起二个月内,向国务院证券监督管理机构和证券交易所报送记载以下内容的中期报告,并予公告:
(1) The financial statements and business situation of the company; (一)公司财务会计报告和经营情况;
(2) The major litigation the company is involved in; (二)涉及公司的重大诉讼事项;
(3) The particulars of any change concerning the shares or corporate bonds thereof it has already issued; (三)已发行的股票、公司债券变动情况;
(4) The important matters as submitted to the general assembly of shareholders for deliberation; and (四)提交股东大会审议的重要事项;
(5) Any other matter as prescribed by the securities regulatory authority under the State Council. (五)国务院证券监督管理机构规定的其他事项。
Article 66 A listed company whose shares or bonds have been listed for trading shall, within four months as of the end of each accounting year, submit to the securities regulatory authority under the State Council and the stock exchange an annual report indicating the following contents, and make a public announcement for it:   第六十六条 上市公司和公司债券上市交易的公司,应当在每一会计年度结束之日起四个月内,向国务院证券监督管理机构和证券交易所报送记载以下内容的年度报告,并予公告:
(1) A brief account of the company's general situation; (一)公司概况;
(2) The financial statement and business situation of the company; (二)公司财务会计报告和经营情况;
(3) A brief introduction to the directors, supervisors, and senior managers of the company well as the information regarding their shareholdings; (三)董事、监事、高级管理人员简介及其持股情况;
(4) The information on the shares and corporate bonds it has already issued, including a name list of the top 10 shareholders who hold the largest number of shares in the company as well as the amount of shares each of them holds; and (四)已发行的股票、公司债券情况,包括持有公司股份最多的前十名股东的名单和持股数额;
(5) The actual controller of the company; and (五)公司的实际控制人;
(6) Any other matter as prescribed by the securities regulatory authority under the State Council. (六)国务院证券监督管理机构规定的其他事项。
Article 67 In the case of a major event that may considerably affect the trading price of a listed company's shares and that is not yet known to the investors, the listed company shall immediately submit a temporary report regarding the said major event to the securities regulatory authority under the State Council and the stock exchange, and make an announcement to the general public as well, in which the cause, present situation, and possible legal consequence of the event shall be indicated:   第六十七条 发生可能对上市公司股票交易价格产生较大影响的重大事件,投资者尚未得知时,上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所报送临时报告,并予公告,说明事件的起因、目前的状态和可能产生的法律后果。
The term "major event" as mentioned in the preceding paragraph herein refers to any of the following circumstances: 下列情况为前款所称重大事件:
(1) A major change in the business guidelines or business scope of the company; (一)公司的经营方针和经营范围的重大变化;
(2) A decision of the company on any major investment or major asset purchase; (二)公司的重大投资行为和重大的购置财产的决定;
(3) An important contract as concluded by the company, which may have an important effect on the assets, liabilities, rights, interests or business achievements of the company; (三)公司订立重要合同,可能对公司的资产、负债、权益和经营成果产生重要影响;
(4) The incurrence of any major debt in the company or default on any major debt that is due; (四)公司发生重大债务和未能清偿到期重大债务的违约情况;
(5) The incurrence of any major deficit or a major loss in the company; (五)公司发生重大亏损或者重大损失;
(6) A major change in the external conditions for the business operation of the company; (六)公司生产经营的外部条件发生的重大变化;
(7) A change concerning directors, no less than one-third of supervisors or managers of the company; (七)公司的董事、三分之一以上监事或者经理发生变动;
(8) A considerable change in the holdings of shareholders or actual controllers each of whom holds or controls no less than 5% of the company's shares; (八)持有公司百分之五以上股份的股东或者实际控制人,其持有股份或者控制公司的情况发生较大变化;
(9) A decision of the company on capital decrease, merger, division, dissolution, or application for bankruptcy; (九)公司减资、合并、分立、解散及申请破产的决定;
(10) Any major litigation in which the company is involved, or where the resolution of the general assembly of shareholders or the board of directors have been cancelled or announced invalid; (十)涉及公司的重大诉讼,股东大会、董事会决议被依法撤销或者宣告无效;
(11) Where the company is involved in any crime, which has been filed as a case as well as investigated into by the judicial organ or where any director, supervisor or senior manager of the company is subject to compulsory measures as rendered by the judicial organ; or (十一)公司涉嫌犯罪被司法机关立案调查,公司董事、监事、高级管理人员涉嫌犯罪被司法机关采取强制措施;
(12) Any other matter as prescribed by the securities regulatory authority under the State Council. (十二)国务院证券监督管理机构规定的其他事项。
Article 68 The directors and senor managers of a listed company shall produce written opinions to confirm the periodic reports of the company.   第六十八条 上市公司董事、高级管理人员应当对公司定期报告签署书面确认意见。
The board of supervisors of a listed company shall carry out an examination on the periodic report of its company as formulated by the board of directors and produce the relevant examination opinions in written form. 上市公司监事会应当对董事会编制的公司定期报告进行审核并提出书面审核意见。
The directors, supervisors and senior managers of a listed company shall guarantee the authenticity, accuracy and integrity of the information as disclosed by the listed company. 上市公司董事、监事、高级管理人员应当保证上市公司所披露的信息真实、准确、完整。
Article 69 Where any of the prospectus, measures for financing through the issuance of corporate bonds, financial statements, listing reports, annual reports, midterm reports, temporary reports or any disclosed information that has been announced by an issuer or listed company has any false record, misleading statement or major omission, and thus incurs losses to investors in the process of securities trading, the issuer or the listed company shall bear the liabilities of compensation. Any director, supervisor, senior manager or any other person of the issuer or the listed company as held to be directly responsible shall take several and joint liabilities of compensation, unless he is able to prove that he has no fault therein. Where any shareholder or actual controller of an issuer or a listed company has any fault, he or it shall bear several and joint liabilities of compensation together with the relevant issuer or listed company.   第六十九条 发行人、上市公司公告的招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告以及其他信息披露资料,有虚假记载、误导性陈述或者重大遗漏,致使投资者在证券交易中遭受损失的,发行人、上市公司应当承担赔偿责任;发行人、上市公司的董事、监事、高级管理人员和其他直接责任人员以及保荐人、承销的证券公司,应当与发行人、上市公司承担连带赔偿责任,但是能够证明自己没有过错的除外;发行人、上市公司的控股股东、实际控制人有过错的,应当与发行人、上市公司承担连带赔偿责任。
Article 70 The information which must be disclosed as prescribed by law shall be publicized through the media as designated by the securities regulatory authority under the State Council and shall, at the same time, be made available for public reference at the company's domicile and the stock exchange.   第七十条 依法必须披露的信息,应当在国务院证券监督管理机构指定的媒体发布,同时将其置备于公司住所、证券交易所,供社会公众查阅。
Article 71 The securities regulatory authority under the State Council shall carry out supervision over the annual reports, midterm reports, temporary reports of listed companies as well as their announcements, over the distribution or rationing of new shares of such listed companies, and over the controlling shareholders and information disclosure obligors of the listed companies.   第七十一条 国务院证券监督管理机构对上市公司年度报告、中期报告、临时报告以及公告的情况进行监督,对上市公司分派或者配售新股的情况进行监督,对上市公司控股股东和信息披露义务人的行为进行监督。
The securities regulatory body, stock exchange, recommender or securities company involved in underwriting as well as the relevant personnel thereof shall not, before an announcement is made by the company according to the provisions of the relevant laws and administrative regulations, divulge any content concerned before making the announcement. 证券监督管理机构、证券交易所、保荐人、承销的证券公司及有关人员,对公司依照法律、行政法规规定必须作出的公告,在公告前不得泄露其内容。
Article 72 Where a stock exchange decides to suspend or terminate the listing of any securities, it shall announce the decision in a timely manner and report it to the securities regulatory authority under the State Council for archival filing.   第七十二条 证券交易所决定暂停或者终止证券上市交易的,应当及时公告,并报国务院证券监督管理机构备案。
 

Section IV Prohibited Trading Acts 

第四节 禁止的交易行为

Article 73 Any insider who has access to any insider information of securities trading or who has unlawfully obtained any insider information is prohibited from taking advantage of the insider information he holds to engage in any securities trading.   第七十三条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。
Article 74 The insiders who have access to insider information of securities trading include:   第七十四条 证券交易内幕信息的知情人包括:
(1) Directors, supervisors, and senior managers of an issuer; (一)发行人的董事、监事、高级管理人员;
(2) Shareholders who hold more than 5% of the shares of a company as well as the directors, supervisors, and senior managers thereof, or the actual controller of a company as well as the directors, supervisors, and senior managers thereof; (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;
(3) The holding company of an issuer as well as the directors, supervisors, and senior managers thereof; (三)发行人控股的公司及其董事、监事、高级管理人员;
(4) The personnel who may take advantage of their posts in their company to obtain any insider information of the company concerning the issuance and trading of its securities; (四)由于所任公司职务可以获取公司有关内幕信息的人员;
(5) The functionaries of the securities regulatory body, and other personnel who administer the issuance and trading of securities pursuant to their statutory functions and duties; (五)证券监督管理机构工作人员以及由于法定职责对证券的发行、交易进行管理的其他人员;
(6) The relevant personnel of the recommendation institutions, securities companies engaging in underwriting, stock exchanges, securities registration and clearing institutions, and securities trading service organizations; and (六)保荐人、承销的证券公司、证券交易所、证券登记结算机构、证券服务机构的有关人员;
(7) Any other person as prescribed by the securities regulatory authority under the State Council. (七)国务院证券监督管理机构规定的其他人。
Article 75 The term "insider information" refers to the information that concerns the business or finance of a company or may have a major effect on the market price of the securities thereof and that hasn't been publicized in securities trading.   第七十五条 证券交易活动中,涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息,为内幕信息。
All of the following information falls into the scope of insider information: 下列信息皆属内幕信息:
(1) The major events as prescribed in paragraph 2 of Article 67 of the present Law; (一)本法第六十七条第二款所列重大事件;
(2) The plan of a company concerning any distribution of dividends or increase of capital; (二)公司分配股利或者增资的计划;
(3) Any major change in the company's equity structure; (三)公司股权结构的重大变化;
(4) Any major change in the guaranty of the company's debt; (四)公司债务担保的重大变更;
(5) Where the mortgaged, sold or discarded value of any major asset as involved in the business operation of the company exceeds 30 % of the said asset at a single time; (五)公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十;
(6) Where any act as conducted by any director, supervisor or senior manager of the company may be rendered to be responsible for any major damage and compensation; (六)公司的董事、监事、高级管理人员的行为可能依法承担重大损害赔偿责任;
(7) The relevant plan of a listed company regarding acquisition; and (七)上市公司收购的有关方案;
(8) Any other important information that has been recognized by the securities regulatory authority under the State Council as having a marked effect on the trading prices of securities. (八)国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。
Article 76 Any insider who has access to insider information or has unlawfully obtained any insider information on securities trading may not purchase or sell the securities of the relevant company, or divulge such information, or advise any other person to purchase or sell such securities.   第七十六条 证券交易内幕信息的知情人和非法获取内幕信息的人,在内幕信息公开前,不得买卖该公司的证券,或者泄露该信息,或者建议他人买卖该证券。
Where there is any other provision of the present Law on governing the purchase of shares of a listed company by a natural person, legal person or any other organization who individually holds or holds with any other person no less than 5% of the company's shares by means of an agreement or any other arrangement, such provision shall prevail. 持有或者通过协议、其他安排与他人共同持有公司百分之五以上股份的自然人、法人、其他组织收购上市公司的股份,本法另有规定的,适用其规定。
Where any insider trading incurs any loss to investors, the actor shall make compensations according to law.
......
 内幕交易行为给投资者造成损失的,行为人应当依法承担赔偿责任。
......

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