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Order of the President of the People's Republic of China | | 中华人民共和国主席令 |
(No. 37) | | (第三十七号) |
The Securities Law of the People's Republic of China, as adopted at the 15th Session of the Standing Committee of the Thirteenth National People's Congress of the People's Republic of China on December 28, 2019, is hereby issued, and shall come into force on March 1, 2020. | | 《中华人民共和国证券法》已由中华人民共和国第十三届全国人民代表大会常务委员会第十五次会议于2019年12月28日修订通过,现予公布,自2020年3月1日起施行。 |
Xi Jinping, President of the People's Republic of China | | 中华人民共和国主席 习近平 |
December 28, 2019 | | 2019年12月28日 |
Securities Law of the People's Republic of China | | 中华人民共和国证券法 |
(Adopted at the 6th Session of the Standing Committee of the Ninth National People's Congress on December 29, 1998; amended for the first time in accordance with the Decision to Amend the Securities Law of the People's Republic of China as adopted at the 11th Session of the Standing Committee of the Tenth National People's Congress on August 28, 2004; revised for the first time at the 18th Session of the Standing Committee of the Tenth National People's Congress on October 27, 2005; amended for the second time in accordance with the Decision to Amend Twelve Laws Including the Cultural Relics Protection Law of the People's Republic of China as adopted at the Third Session of the Standing Committee of the Twelfth National People's Congress on June 29, 2013; amended for the third time in accordance with the Decision to Amend Five Laws Including the Insurance Law of the People's Republic of China as adopted at the Tenth Session of the Standing Committee of the Twelfth National People's Congress on August 31, 2014; and revised for the second time at the 15th Session of the Standing Committee of the Thirteenth National People's Congress on December 28, 2019) | | (1998年12月29日第九届全国人民代表大会常务委员会第六次会议通过 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国证券法〉的决定》第一次修正2005年10月27日第十届全国人民代表大会常务委员会第十八次会议第一次修订根据2013年6月29日第十二届全国人民代表大会常务委员会第三次会议《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2019年12月28日第十三届全国人民代表大会常务委员会第十五次会议第二次修订) |
Table of Contents | | 目录 |
Chapter I General Provisions | | 第一章 总则 |
Chapter II Offerings of Securities | | 第二章 证券发行 |
Chapter III Trading in Securities | | 第三章 证券交易 |
Section 1 General Rules | | 第一节 一般规定 |
Section 2 Listing of Securities | | 第二节 证券上市 |
Section 3 Prohibited Transactions | | 第三节 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 Information Disclosure | | 第五章 信息披露 |
Chapter VI Investor Protection | | 第六章 投资者保护 |
Chapter VII Securities Trading Venues | | 第七章 证券交易场所 |
Chapter VIII Securities Companies | | 第八章 证券公司 |
Chapter IX Securities Depository and Clearing Institutions | | 第九章 证券登记结算机构 |
Chapter X Securities Service Institutions | | 第十章 证券服务机构 |
Chapter XI Securities Associations | | 第十一章 证券业协会 |
Chapter XII Securities Regulatory Agencies | | 第十二章 证券监督管理机构 |
Chapter XIII Legal Liability | | 第十三章 法律责任 |
Chapter XIV Supplemental Provisions | | 第十四章 附则 |
Chapter I General Provisions | | 第一章 总则 |
Article 1 This Law is enacted for the purposes of regulating the securities offerings and trading, protecting the lawful rights and interests of investors, maintaining the social and economic order and public interest, and promoting 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 This Law shall apply to the offerings of and trading in stocks, corporate bonds, depositary receipts, and other securities recognized in accordance with the law by the State Council within the territory of the People's Republic of China; and matters not included in this Law shall be governed by the provisions of the Company Law of the People's Republic of China and other relevant laws and administrative regulations. | | 第二条 在中华人民共和国境内,股票、公司债券、存托凭证和国务院依法认定的其他证券的发行和交易,适用本法;本法未规定的,适用《中华人民共和国公司法》和其他法律、行政法规的规定。 |
This Law shall apply to the listing and trading of government bonds and shares of securities investment funds, except as otherwise provided by any other law or administrative regulation. | | 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 the offerings of and trading in asset-backed securities and asset management products shall be developed by the State Council under the principles of this Law. | | 资产支持证券、资产管理产品发行、交易的管理办法,由国务院依照本法的原则规定。 |
Where any offering of or trading in securities outside the People's Republic of China disrupts the order of the domestic market of the People's Republic of China and causes any damage to the lawful rights and interests of domestic investors, it shall be handled, and the violators shall be held legally liable, according to the applicable provisions of this Law. | | 在中华人民共和国境外的证券发行和交易活动,扰乱中华人民共和国境内市场秩序,损害境内投资者合法权益的,依照本法有关规定处理并追究法律责任。 |
Article 3 Securities offerings and trading must comply with the principles of openness, fairness, and justice. | | 第三条 证券的发行、交易活动,必须遵循公开、公平、公正的原则。 |
Article 4 The parties to securities offerings and trading shall have equal legal status, and comply with the principles of free will, onerousness, and good faith. | | 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 Securities offerings and trading must comply with laws and administrative regulations; and fraud, insider trading, and 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 operation and administration of the securities industry shall be separated from that of the banking, trust, and insurance industries, and securities companies shall be formed separately from banking, trust, and insurance business institutions, except as otherwise specified 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 agency of the State Council shall conduct the centralized and unified supervision and administration of the securities market nationwide in accordance with the law. | | 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 agency of the State Council may, as needed, establish field offices, which shall perform their supervisory and administrative duties as authorized. | | 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 The audit authorities of the state shall conduct the auditing of securities trading venues, securities companies, securities depository and clearing institutions, and securities regulatory agencies in accordance with the law to perform their supervisory functions. | | 第八条 国家审计机关依法对证券交易场所、证券公司、证券登记结算机构、证券监督管理机构进行审计监督。 |
Chapter II Offerings of Securities | | 第二章 证券发行 |
Article 9 The public offerings of securities must meet the conditions prescribed by laws and administrative regulations, and be legally registered with the securities regulatory agency of the State Council or the department authorized by the State Council. No entity or individual may conduct a public offering of securities without the legal registration. The specific scope and implementing steps of the securities offering registration system shall be prescribed by the State Council. | | 第九条 公开发行证券,必须符合法律、行政法规规定的条件,并依法报经国务院证券监督管理机构或者国务院授权的部门注册。未经依法注册,任何单位和个人不得公开发行证券。证券发行注册制的具体范围、实施步骤,由国务院规定。 |
An offering is a public offering under any of the following circumstances: | | 有下列情形之一的,为公开发行: |
(1) An offering of securities to unspecific offerees. | | (一)向不特定对象发行证券; |
(2) An offering of securities to more than 200 specific offerees cumulatively, excluding the number of employees under an employee stock ownership plan implemented in accordance with the law. | | (二)向特定对象发行证券累计超过二百人,但依法实施员工持股计划的员工人数不计算在内; |
(3) Other offerings prescribed by laws and administrative regulations. | | (三)法律、行政法规规定的其他发行行为。 |
A non-public offering of securities shall not be conducted by advertising or general solicitation or publicly in disguise. | | 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 10 An issuer which applies for a public offering of stock or corporate bonds convertible into stock by means of underwriting in accordance with the law or applies for a public offering of any other security subject to sponsorship as provided by any law or administrative regulation shall appoint a securities company as its sponsor. | | 第十条 发行人申请公开发行股票、可转换为股票的公司债券,依法采取承销方式的,或者公开发行法律、行政法规规定实行保荐制度的其他证券的,应当聘请证券公司担任保荐人。 |
The sponsor shall comply with business rules and industry norms, be honest and trustworthy, act with due diligence, prudentially check the issuer's application documents and information disclosure materials, and supervise and guide the issuer in operating in a well-regulated 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 measures for the administration of sponsors shall be developed by the securities regulatory agency of the State Council. | | 保荐人的管理办法由国务院证券监督管理机构规定。 |
Article 11 A public offering of the stock of a joint-stock company during the formation of the company shall meet the conditions prescribed by the Company Law of the People's Republic of China and other conditions prescribed by the securities regulatory agency of the State Council and approved by the State Council, with an application for the public offering and the following documents submitted to the securities regulatory agency of the State Council: | | 第十一条 设立股份有限公司公开发行股票,应当符合《中华人民共和国公司法》规定的条件和经国务院批准的国务院证券监督管理机构规定的其他条件,向国务院证券监督管理机构报送募股申请和下列文件: |
(1) The bylaws of the company. | | (一)公司章程; |
(2) The pre-incorporation agreement signed by promoters. | | (二)发起人协议; |
(3) A statement including the name of each promoter, the number of shares subscribed for by each promoter, the type of capital contribution, and the capital verification certificate. | | (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) A statement including the name and address of the bank that receives payments for the shares on behalf of the company. | | (五)代收股款银行的名称及地址; |
(6) A statement including the name of each underwriting institution and the relevant agreements. | | (六)承销机构名称及有关的协议。 |
Where a sponsor is appointed according to the provisions of this Law, a sponsor letter for the offering issued by the sponsor shall also be submitted. | | 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 formation of a company must be subject to approval as provided by any law or administrative regulation, the relevant approval documents shall also be submitted. | | 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 12 To undertake an initial public offering (IPO) of new shares, a company shall meet the following conditions: | | 第十二条 公司首次公开发行新股,应当符合下列条件: |
(1) It has a sound and well-functioning organizational structure. | | (一)具备健全且运行良好的组织机构; |
(2) It is a going concern. | | (二)具有持续经营能力; |
(3) Audit reports with an unqualified opinion have been issued for its financial accounting reports for the last three years. | | (三)最近三年财务会计报告被出具无保留意见审计报告; |
(4) The issuer or its controlling shareholder or actual controller has not committed any crime of corruption, bribery, appropriation or misappropriation of property, or disturbance of the order of the socialist market economy in the past three years. | | (四)发行人及其控股股东、实际控制人最近三年不存在贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序的刑事犯罪; |
(5) Other conditions prescribed by the securities regulatory agency of the State Council with the approval of the State Council. | | (五)经国务院批准的国务院证券监督管理机构规定的其他条件。 |
To offer any new shares, a listed company shall meet the conditions prescribed by the securities regulatory agency of the State Council with the approval of the State Council, and the specific measures for administration shall be developed by the securities regulatory agency of the State Council. | | 上市公司发行新股,应当符合经国务院批准的国务院证券监督管理机构规定的条件,具体管理办法由国务院证券监督管理机构规定。 |
To undertake a public offering of depositary receipts, a company shall meet the conditions for an IPO of new shares and other conditions prescribed by the securities regulatory agency of the State Council. | | 公开发行存托凭证的,应当符合首次公开发行新股的条件以及国务院证券监督管理机构规定的其他条件。 |
Article 13 To undertake a public offering of new shares, a company shall submit an application for the public offering and the following documents: | | 第十三条 公司公开发行新股,应当报送募股申请和下列文件: |
(1) The business license of the company. | | (一)公司营业执照; |
(2) The bylaws of the company. | | (二)公司章程; |
(3) The resolution of the shareholders' meeting. | | (三)股东大会决议; |
(4) The prospectus or other public offering documents. | | (四)招股说明书或者其他公开发行募集文件; |
(5) The financial accounting reports. | | (五)财务会计报告; |
(6) A statement including the name and address of the bank that receives payments for the shares on behalf of the company. | | (六)代收股款银行的名称及地址。 |
Where a sponsor is appointed according to the provisions of this Law, a sponsor letter for the offering issued by the sponsor shall also be submitted. If underwriting is conducted according to the provisions of this Law, the name of each underwriting institution and the relevant agreements shall also be submitted. | | 依照本法规定聘请保荐人的,还应当报送保荐人出具的发行保荐书。依照本法规定实行承销的,还应当报送承销机构名称及有关的协议。 |
Article 14 A company must use the proceeds from a public offering of stock for the purposes of offering proceeds set out in the prospectus or other public offering documents; and any change of the purposes of offering proceeds must be subject to a resolution of the shareholders' meeting. If the purposes of offering proceeds are changed, and the change remains uncorrected or is not recognized by the shareholders' meeting, the company shall not undertake any public offering of new shares. | | 第十四条 公司对公开发行股票所募集资金,必须按照招股说明书或者其他公开发行募集文件所列资金用途使用;改变资金用途,必须经股东大会作出决议。擅自改变用途,未作纠正的,或者未经股东大会认可的,不得公开发行新股。 |
Article 15 To undertake a public offering of corporate bonds, a company shall meet the following conditions: | | 第十五条 公开发行公司债券,应当符合下列条件: |
(1) It has a sound and well-functioning organizational structure. | | (一)具备健全且运行良好的组织机构; |
(2) Its average distributable profits in the last three years are sufficient for payment of one-year interest on the corporate bonds. | | (二)最近三年平均可分配利润足以支付公司债券一年的利息; |
(3) Other conditions prescribed by the State Council. | | (三)国务院规定的其他条件。 |
The proceeds from a public offering of corporate bonds must be used for the purposes of offering proceeds set out in the prospectus for the corporate bonds; and any change of the purposes of offering proceeds must be subject to the resolution of the bondholders' meeting. The proceeds from a public offering of corporate bonds shall not be used for covering losses and non-operating expenditures. | | 公开发行公司债券筹集的资金,必须按照公司债券募集办法所列资金用途使用;改变资金用途,必须经债券持有人会议作出决议。公开发行公司债券筹集的资金,不得用于弥补亏损和非生产性支出。 |
To offer corporate bonds convertible into stock, a listed company shall, in addition to meeting the conditions prescribed in paragraph 1 of this article, comply with the provision of paragraph 2 of Article 12 of this Law, unless, according to the prospectus for the corporate bonds, the listed company acquires its own shares for conversion of the corporate bonds. | | 上市公司发行可转换为股票的公司债券,除应当符合第一款规定的条件外,还应当遵守本法第十二条第二款的规定。但是,按照公司债券募集办法,上市公司通过收购本公司股份的方式进行公司债券转换的除外。 |
Article 16 To apply for a public offering of corporate bonds, the applicant shall submit the following documents to the department authorized by the State Council or the securities regulatory agency of the State Council: | | 第十六条 申请公开发行公司债券,应当向国务院授权的部门或者国务院证券监督管理机构报送下列文件: |
(1) The business license of the company. | | (一)公司营业执照; |
(2) The bylaws of the company. | | (二)公司章程; |
(3) The prospectus for the corporate bonds. | | (三)公司债券募集办法; |
(4) Other documents prescribed by the department authorized by the State Council or the securities regulatory agency of the State Council. | | (四)国务院授权的部门或者国务院证券监督管理机构规定的其他文件。 |
Where a sponsor is appointed according to the provisions of this Law, a sponsor letter for the offering issued by the sponsor shall also be submitted. | | 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 17 Under any of the following circumstances, no public offering of corporate bonds may be undertaken again: | | 第十七条 有下列情形之一的,不得再次公开发行公司债券: |
(1) There is any fact of default on publicly offered corporate bonds or other obligations outstanding or fact of deferred interest payment or repayment of principal, and the fact continues. | | (一)对已公开发行的公司债券或者其他债务有违约或者延迟支付本息的事实,仍处于继续状态; |
(2) The purposes of proceeds from a public offering of corporate bonds are changed in violation of this Law. | | (二)违反本法规定,改变公开发行公司债券所募资金的用途。 |
Article 18 The formats of the application documents submitted by an issuer for a public offering of securities in accordance with the law and the manners of submission shall be prescribed by the agency or department in charge of registration in accordance with the law. | | 第十八条 发行人依法申请公开发行证券所报送的申请文件的格式、报送方式,由依法负责注册的机构或者部门规定。 |
Article 19 The application documents for an offering of securities submitted by an issuer shall fully disclose the requisite information for investors to make value judgments and investment decisions, with the contents being true, accurate, and complete. | | 第十九条 发行人报送的证券发行申请文件,应当充分披露投资者作出价值判断和投资决策所必需的信息,内容应当真实、准确、完整。 |
Securities service institutions and persons that issue relevant documents for an offering of securities must strictly perform their statutory duties, and guarantee the veracity, accuracy, and completeness of the issued documents. | | 为证券发行出具有关文件的证券服务机构和人员,必须严格履行法定职责,保证所出具文件的真实性、准确性和完整性。 |
Article 20 An issuer which applies for an IPO of stock shall, after submitting the application documents, pre-disclose the relevant application documents according to the rules of the securities regulatory agency of the State Council. | | 第二十条 发行人申请首次公开发行股票的,在提交申请文件后,应当按照国务院证券监督管理机构的规定预先披露有关申请文件。 |
Article 21 The securities regulatory agency of the State Council or the department authorized by the State Council shall be responsible for the registration of securities offering applications according to statutory conditions. The specific measures for the registration of public offerings of securities shall be developed by the State Council. | | 第二十一条 国务院证券监督管理机构或者国务院授权的部门依照法定条件负责证券发行申请的注册。证券公开发行注册的具体办法由国务院规定。 |
According to the provisions issued by the State Council, a stock exchange, among others, may examine an application for a public offering of securities, make a judgment on whether the issuer meets the offering conditions and information disclosure requirements, and urge the issuer to improve the content of information disclosure. | | 按照国务院的规定,证券交易所等可以审核公开发行证券申请,判断发行人是否符合发行条件、信息披露要求,督促发行人完善信息披露内容。 |
The persons participating in the registration of a securities offering application according to the provisions of the preceding two paragraphs shall not have any interest in connection with the offering applicant, shall not directly or indirectly accept any gifts from the offering applicant, shall not hold any securities offered in the offering application for registration, and shall not have any private contact with the offering applicant. | | 依照前两款规定参与证券发行申请注册的人员,不得与发行申请人有利害关系,不得直接或者间接接受发行申请人的馈赠,不得持有所注册的发行申请的证券,不得私下与发行申请人进行接触。 |
Article 22 The securities regulatory agency of the State Council or the department authorized by the State Council shall, within three months of accepting the application documents for an offering of securities, make a decision to grant or refuse registration according to statutory conditions and statutory procedures, excluding the time for the issuer to supplement and amend its offering application documents as required. If the registration is refused, the reasons for refusal shall be stated. | | 第二十二条 国务院证券监督管理机构或者国务院授权的部门应当自受理证券发行申请文件之日起三个月内,依照法定条件和法定程序作出予以注册或者不予注册的决定,发行人根据要求补充、修改发行申请文件的时间不计算在内。不予注册的,应当说明理由。 |
Article 23 After a securities offering application is registered, the issuer shall, in accordance with the provisions of laws and administrative regulations, announce the public offering documents before commencing the public offering of securities, and place such documents at a designated place for public inspection. | | 第二十三条 证券发行申请经注册后,发行人应当依照法律、行政法规的规定,在证券公开发行前公告公开发行募集文件,并将该文件置备于指定场所供公众查阅。 |
Before any information on an offering of securities is publicly disclosed in accordance with the law, no insider may publicly disclose or divulge such 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。 |
The issuer shall not offer any securities before announcing the public offering documents. | | 发行人不得在公告公开发行募集文件前发行证券。 |
Article 24 Where the securities regulatory agency of the State Council or the department authorized by the State Council discovers that an offering of securities registered upon its decision fails to meet statutory conditions or statutory procedures, it shall revoke the offering registration decision and order the issuer to cease the offering, if no securities have been offered. If securities have been offered but not been listed, it shall revoke the offering registration decision, and the issuer shall refund the sum of the offering price and the interest thereon calculated at the bank deposit rate over the same period to the holders of securities; and the issuer's controlling shareholder and actual controller and the sponsor shall be jointly and severally liable with the issuer, unless they are able to prove that they have no fault. | | 第二十四条 国务院证券监督管理机构或者国务院授权的部门对已作出的证券发行注册的决定,发现不符合法定条件或者法定程序,尚未发行证券的,应当予以撤销,停止发行。已经发行尚未上市的,撤销发行注册决定,发行人应当按照发行价并加算银行同期存款利息返还证券持有人;发行人的控股股东、实际控制人以及保荐人,应当与发行人承担连带责任,但是能够证明自己没有过错的除外。 |
Where a stock issuer conceals any material fact or falsifies any major content in the prospectus and other securities offering documents, if the stock has been offered and listed, the securities regulatory agency of the State Council may order the issuer to repurchase the securities or order the liable controlling shareholder and actual controller to buy back the securities. | | 股票的发行人在招股说明书等证券发行文件中隐瞒重要事实或者编造重大虚假内容,已经发行并上市的,国务院证券监督管理机构可以责令发行人回购证券,或者责令负有责任的控股股东、实际控制人买回证券。 |
Article 25 After an offering of stock is consummated in accordance with the law, the issuer shall be independently responsible for changes in its operations and earnings; and the investment risks resulting from such changes shall be assumed by investors themselves. | | 第二十五条 股票依法发行后,发行人经营与收益的变化,由发行人自行负责;由此变化引致的投资风险,由投资者自行负责。 |
Article 26 Where the securities offered by an issuer to unspecific offerees shall be underwritten by a securities company as provided by any law or administrative regulation, the issuer shall enter into an underwriting agreement with the securities company. The securities shall be underwritten in the manner of best-efforts underwriting or firm-commitment or standby underwriting. | | 第二十六条 发行人向不特定对象发行的证券,法律、行政法规规定应当由证券公司承销的,发行人应当同证券公司签订承销协议。证券承销业务采取代销或者包销方式。 |
Best-efforts underwriting of securities is a manner of underwriting in which a securities company sells securities on behalf of the issuer and returns all unsold securities to the issuer at the end of the underwriting period. | | 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。 |
Firm-commitment or standby underwriting of securities is a manner of underwriting in which a securities company, under an agreement, purchases all the securities offered by the issuer or purchases all the remaining unsold securities itself at 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 27 In a public offering of securities, the issuer shall have the autonomy to legally select a securities company to underwrite its securities. | | 第二十七条 公开发行证券的发行人有权依法自主选择承销的证券公司。 |
Article 28 To underwrite securities, a securities company shall enter into a best-efforts underwriting agreement or a firm-commitment or standby underwriting agreement with the issuer, specifying the following matters: | | 第二十八条 证券公司承销证券,应当同发行人签订代销或者包销协议,载明下列事项: |
(1) The name and domicile of each party and the name of each party's legal representative. | | (一)当事人的名称、住所及法定代表人姓名; |
(2) The type, quantity, amount, and offering price of securities underwritten on a best-efforts or on a firm-commitment or standby basis. | | (二)代销、包销证券的种类、数量、金额及发行价格; |
(3) The term of best-efforts underwriting or firm-commitment or standby underwriting and the beginning and ending dates. | | (三)代销、包销的期限及起止日期; |
(4) The methods and date of payment for best-efforts underwriting or firm-commitment or standby underwriting. | | (四)代销、包销的付款方式及日期; |
(5) The expenses and settlement methods for best-efforts underwriting or firm-commitment or standby underwriting. | | (五)代销、包销的费用和结算办法; |
(6) The liability for a breach of contract. | | (六)违约责任; |
(7) Other matters prescribed by the securities regulatory agency of the State Council. | | (七)国务院证券监督管理机构规定的其他事项。 |
Article 29 A securities company which underwrites securities shall check the veracity, accuracy, and completeness of the public offering documents. If it discovers any false or misleading statement or material omission, it shall not conduct any sales activity; and if the securities are being sold, it shall immediately cease any sales activity, and take corrective measures. | | 第二十九条 证券公司承销证券,应当对公开发行募集文件的真实性、准确性、完整性进行核查。发现有虚假记载、误导性陈述或者重大遗漏的,不得进行销售活动;已经销售的,必须立即停止销售活动,并采取纠正措施。 |
A securities company which underwrites securities shall not: | | 证券公司承销证券,不得有下列行为: |
(1) conduct any advertising or other publicity or promotional activity that is false or misleads investors; | | (一)进行虚假的或者误导投资者的广告宣传或者其他宣传推介活动; |
(2) solicit any underwriting business by means of unfair competition; and | | (二)以不正当竞争手段招揽承销业务; |
(3) otherwise violate the provisions on securities underwriting. | | (三)其他违反证券承销业务规定的行为。 |
Where any conduct of a securities company set out in the preceding paragraph causes any loss to any other securities underwriting institution or investors, it shall be liable in damages in accordance with the law. | | 证券公司有前款所列行为,给其他证券承销机构或者投资者造成损失的,应当依法承担赔偿责任。 |
Article 30 Where an underwriting syndicate is appointed to underwrite an offering of securities to unspecific offerees, the underwriting syndicate shall consist of securities companies as the lead underwriter and participating underwriters. | | 第三十条 向不特定对象发行证券聘请承销团承销的,承销团应当由主承销和参与承销的证券公司组成。 |
Article 31 The term of best-efforts underwriting or firm-commitment or standby underwriting shall not exceed 90 days. | | 第三十一条 证券的代销、包销期限最长不得超过九十日。 |
A securities company shall, during the term of best-efforts underwriting or firm-commitment or standby underwriting, guarantee that the securities underwritten are sold first to subscribers, and the securities company shall not, for itself, reserve any securities underwritten on a best-efforts basis or pre-purchase and set aside any securities underwritten on a firm-commitment or standby basis. | | 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 32 Where any stock is offered at a premium, the offering price shall be determined by consultations between the issuer and the securities company underwriting the stock. | | 第三十二条 股票发行采取溢价发行的,其发行价格由发行人与承销的证券公司协商确定。 |
Article 33 Where, in the case of a stock offering on a best-efforts basis, the number of shares of the stock sold to investors fails to reach 70% of the number of shares of the stock to be offered to the public after the term of best-efforts underwriting expires, the offering shall be deemed a failed offering. The issuer shall refund the sum of the offering price and the interest thereon calculated at the bank deposit rate over the same period to subscribers for the stock. | | 第三十三条 股票发行采用代销方式,代销期限届满,向投资者出售的股票数量未达到拟公开发行股票数量百分之七十的,为发行失败。发行人应当按照发行价并加算银行同期存款利息返还股票认购人。 |
Article 34 Upon expiration of the term of best-efforts underwriting or firm-commitment or standby underwriting of a public offering of stock, the issuer shall report the stock offering information to the securities regulatory agency of the State Council for recordation during the prescribed period. | | 第三十四条 公开发行股票,代销、包销期限届满,发行人应当在规定的期限内将股票发行情况报国务院证券监督管理机构备案。 |
Chapter III Trading in Securities | | 第三章 证券交易 |
Section 1 General Rules | | 第一节 一般规定 |
Article 35 The securities legally purchased and sold by the parties to transactions in securities must be securities legally offered and delivered. | | 第三十五条 证券交易当事人依法买卖的证券,必须是依法发行并交付的证券。 |
Securities not legally offered shall not be purchased or sold. | | 非依法发行的证券,不得买卖。 |
Article 36 Where the Company Law of the People's Republic of China or any other law prescribes a period during which any securities legally offered is restricted from being transferred, such securities shall not be transferred during the prescribed period. | | 第三十六条 依法发行的证券,《中华人民共和国公司法》和其他法律对其转让期限有限制性规定的,在限定的期限内不得转让。 |
A shareholder holding 5% or more of the shares of stock, the actual controller, a director, a supervisor, or an officer of a listed company or any other shareholder holding any shares offered by the issuer before its IPO or shares offered by a listed company to specific offerees which transfers any shares that it holds in the company shall not violate the provisions of laws and administrative regulations and the provisions issued by the securities regulatory agency of the State Council on the holding period, time of selling, number of shares sold, methods of selling, and information disclosure, among others, and shall comply with the business rules of the stock exchange. | | 上市公司持有百分之五以上股份的股东、实际控制人、董事、监事、高级管理人员,以及其他持有发行人首次公开发行前发行的股份或者上市公司向特定对象发行的股份的股东,转让其持有的本公司股份的,不得违反法律、行政法规和国务院证券监督管理机构关于持有期限、卖出时间、卖出数量、卖出方式、信息披露等规定,并应当遵守证券交易所的业务规则。 |
Article 37 Publicly offered securities shall be listed and traded on stock exchanges legally formed or be traded on other national securities trading venues approved by the State Council. | | 第三十七条 公开发行的证券,应当在依法设立的证券交易所上市交易或者在国务院批准的其他全国性证券交易场所交易。 |
Non-publicly offered securities may be transferred on stock exchanges, other national securities trading venues approved by the State Council, and regional equities markets formed according to the provisions issued by the State Council. | | 非公开发行的证券,可以在证券交易所、国务院批准的其他全国性证券交易场所、按照国务院规定设立的区域性股权市场转让。 |
Article 38 Securities listed on stock exchanges shall be traded in the form of open and centralized trading or other forms approved by the securities regulatory agency of the State Council. | | 第三十八条 证券在证券交易所上市交易,应当采用公开的集中交易方式或者国务院证券监督管理机构批准的其他方式。 |
Article 39 The securities purchased and sold by the parties to transactions in securities may be in a paper form or other forms prescribed by the securities regulatory agency of the State Council. | | 第三十九条 证券交易当事人买卖的证券可以采用纸面形式或者国务院证券监督管理机构规定的其他形式。 |
Article 40 Practitioners of securities trading venues, securities companies, and securities depository and clearing institutions, staff members of securities regulatory agencies, and other persons prohibited by any law or administrative regulation from participating in stock trading shall not, during their terms of office or the statutory periods, hold, purchase, or sell any stock or other equity securities directly, in any assumed name, or in the name of any other person or accept any stock or other equity securities from any other person as a gift. | | 第四十条 证券交易场所、证券公司和证券登记结算机构的从业人员,证券监督管理机构的工作人员以及法律、行政法规规定禁止参与股票交易的其他人员,在任期或者法定限期内,不得直接或者以化名、借他人名义持有、买卖股票或者其他具有股权性质的证券,也不得收受他人赠送的股票或者其他具有股权性质的证券。 |
Upon becoming a person set out in the preceding paragraph, anyone must transfer in accordance with the law the shares or other equity securities that he or she holds. | | 任何人在成为前款所列人员时,其原已持有的股票或者其他具有股权性质的证券,必须依法转让。 |
Practitioners of a securities company implementing an equity incentive plan or an employee stock ownership plan may, according to the rules of the securities regulatory agency of the State Council, hold and sell the company's stock or other equity securities. | | 实施股权激励计划或者员工持股计划的证券公司的从业人员,可以按照国务院证券监督管理机构的规定持有、卖出本公司股票或者其他具有股权性质的证券。 |
Article 41 Securities trading venues, securities companies, securities depository and clearing institutions, securities service institutions, and their staff members shall keep the information on investors confidential in accordance with the law, and shall not illegally purchase, sell, supply, or disclose publicly any information on investors. | | 第四十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员应当依法为投资者的信息保密,不得非法买卖、提供或者公开投资者的信息。 |
Securities trading venues, securities companies, securities depository and clearing institutions, securities service institutions, and their staff members shall not divulge any trade secrets to which they have access. | | 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其工作人员不得泄露所知悉的商业秘密。 |
Article 42 Securities service institutions and persons that issue documents such as audit reports and legal opinions for an offering of securities shall not purchase or sell such securities during the term of underwriting of such securities and six months after the expiration thereof. | | 第四十二条 为证券发行出具审计报告或者法律意见书等文件的证券服务机构和人员,在该证券承销期内和期满后六个月内,不得买卖该证券。 |
In addition to the provision of the preceding paragraph, securities service institutions and persons that issue documents such as audit reports and legal opinions for the issuer and its controlling shareholder and actual controller, the acquirer, or the parties to a material asset transaction shall not purchase or sell such securities from the date of accepting engagement to the fifth day after the aforesaid documents are disclosed to the public. If the date on which the relevant work aforesaid is actually carried out is earlier than the date on which engagement is accepted, they shall not purcxase or sell such securities from the date on which the relevant work aforesaid is actually carried out to the fifth day after the aforesaid documents are disclosed to the public. | | 除前款规定外,为发行人及其控股股东、实际控制人,或者收购人、重大资产交易方出具审计报告或者法律意见书等文件的证券服务机构和人员,自接受委托之日起至上述文件公开后五日内,不得买卖该证券。实际开展上述有关工作之日早于接受委托之日的,自实际开展上述有关工作之日起至上述文件公开后五日内,不得买卖该证券。 |
Article 43 The charges collected for transactions in securities must be reasonable, and the fee items, fee rates, and management measures shall be published. | | 第四十三条 证券交易的收费必须合理,并公开收费项目、收费标准和管理办法。 |
Article 44 Where a shareholder holding 5% or more of the shares of stock, a director, a supervisor, or an officer of a listed company or a company with its stock traded on any other national securities trading venue approved by the State Council sells any stock or other equity securities that it holds in the company within six months after its purchase thereof or purchases the stock or other equity securities within six months after its sale thereof, the profits therefrom shall be owned by the company, and the board of directors of the company shall take back such profits, except for a securities company holding 5% or more of the shares of stock as a result of purchasing the remaining unsold stock underwritten by it on a firm-commitment or standby basis or under any other circumstances prescribed by the securities regulatory agency of the State Council. | | 第四十四条 上市公司、股票在国务院批准的其他全国性证券交易场所交易的公司持有百分之五以上股份的股东、董事、监事、高级管理人员,将其持有的该公司的股票或者其他具有股权性质的证券在买入后六个月内卖出,或者在卖出后六个月内又买入,由此所得收益归该公司所有,公司董事会应当收回其所得收益。但是,证券公司因购入包销售后剩余股票而持有百分之五以上股份,以及有国务院证券监督管理机构规定的其他情形的除外。 |
The stock or other equity securities held by a director, a supervisor, an officer, or a natural person shareholder as mentioned in the preceding paragraph shall include the stock or other equity securities held by his or her spouse, parents, and children and held through any other person's account. | | 前款所称董事、监事、高级管理人员、自然人股东持有的股票或者其他具有股权性质的证券,包括其配偶、父母、子女持有的及利用他人账户持有的股票或者其他具有股权性质的证券。 |
Where the board of directors of the company fails to take action according to the provision of paragraph 1 of this article, the shareholders shall have the right to require the board of directors to take action within 30 days. If the board of directors of the company fails to take action during the aforesaid period, a shareholder shall have the right to directly institute an action in the people's court in its own name in the interest of the company. | | 公司董事会不按照第一款规定执行的,股东有权要求董事会在三十日内执行。公司董事会未在上述期限内执行的,股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。 |
Where the board of directors of the company fails to take action according to the provision of paragraph 1 of this article, the liable directors shall be jointly and severally liable in accordance with the 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。 |
Article 45 Algorithmic trading executed based on trade orders automatically generated or placed by computer programs shall comply with the rules of the securities regulatory agency of the State Council, and be reported to the stock exchange, and shall not affect the system security or the normal trading order of the stock exchange. | | 第四十五条 通过计算机程序自动生成或者下达交易指令进行程序化交易的,应当符合国务院证券监督管理机构的规定,并向证券交易所报告,不得影响证券交易所系统安全或者正常交易秩序。 |
Section 2 Listing of Securities | | 第二节 证券上市 |
Article 46 For securities to be listed and traded on a stock exchange, an application shall be filed with the exchange, the exchange shall examine and decide whether to grant the application in accordance with the law, and both parties shall enter into a listing agreement. | | 第四十六条 申请证券上市交易,应当向证券交易所提出申请,由证券交易所依法审核同意,并由双方签订上市协议。 |
A stock exchange shall arrange for government bonds to be listed and traded on the exchange according to the decision of the department authorized by the State Council. | | 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 47 An application for securities to be listed and traded on a stock exchange shall meet the listing conditions prescribed in the listing rules of the exchange. | | 第四十七条 申请证券上市交易,应当符合证券交易所上市规则规定的上市条件。 |
The listing conditions prescribed in the listing rules of a stock exchange shall set forth the requirements for the issuer's years of operation, financial condition, minimum ratio of public offering, corporate governance, and integrity record, among others. | | 证券交易所上市规则规定的上市条件,应当对发行人的经营年限、财务状况、最低公开发行比例和公司治理、诚信记录等提出要求。 |
Article 48 Where a security listed and traded on a stock exchange falls under any of the delisting circumstances prescribed by the stock exchange, the stock exchange shall delist the security according to its business rules. | | 第四十八条 上市交易的证券,有证券交易所规定的终止上市情形的,由证券交易所按照业务规则终止其上市交易。 |
Where a stock exchange decides to delist a security on the stock exchange, it shall announce the delisting in a timely manner, and file a report with the securities regulatory agency of the State Council for recordation. | | 证券交易所决定终止证券上市交易的,应当及时公告,并报国务院证券监督管理机构备案。 |
Article 49 An application may be filed with the review body formed by a stock exchange for a review of the stock exchange's decision to refuse listing or delist. | | 第四十九条 对证券交易所作出的不予上市交易、终止上市交易决定不服的,可以向证券交易所设立的复核机构申请复核。 |
Section 3 Prohibited Transactions | | 第三节 禁止的交易行为 |
Article 50 Insiders who have access to insider information in securities trading activities or persons who have illegally obtained insider information shall be prohibited from trading in securities based on insider information. | | 第五十条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。 |
Article 51 Insiders who have access to insider information in connection with securities trading shall include: | | 第五十一条 证券交易内幕信息的知情人包括: |
(1) the issuer and its directors, supervisors, and officers; | | (一)发行人及其董事、监事、高级管理人员; |
(2) a shareholder holding 5% or more of the shares of stock of the company and its directors, supervisors, and officers; and the actual controller of the company and its directors, supervisors, and officers; | | (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) a company of which the issuer holds controlling shares or over which the issuer exercises actual control and its directors, supervisors, and officers; | | (三)发行人控股或者实际控制的公司及其董事、监事、高级管理人员; |
(4) persons who may obtain insider information on the company by virtue of their positions held in the company or their business associations with the company; | | (四)由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息的人员; |
(5) the acquirer of or a party to a material asset transaction with a listed company and its controlling shareholder, actual controller, directors, supervisors, and officers; | | (五)上市公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、监事和高级管理人员; |
(6) the relevant persons of a securities trading venue, securities company, securities depository and clearing institution, or securities service institution who may obtain insider information by virtue of their positions or work; | | (六)因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登记结算机构、证券服务机构的有关人员; |
(7) staff members of securities regulatory agencies who may obtain insider information by virtue of their duties or work; | | (七)因职责、工作可以获取内幕信息的证券监督管理机构工作人员; |
(8) staff members of the appropriate departments and regulatory agencies who may obtain insider information in administering the offerings of and trading in securities or administering listed companies and acquisitions of and material asset transactions with listed companies by virtue of their statutory duties; and | | (八)因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以获取内幕信息的有关主管部门、监管机构的工作人员; |
(9) other persons who may obtain insider information prescribed by the securities regulatory agency of the State Council. | | (九)国务院证券监督管理机构规定的可以获取内幕信息的其他人员。 |
Article 52 Non-public information relating to an issuer's operations and finances or having a significant effect on the market prices of securities of an issuer shall be insider information in securities trading activities. | | 第五十二条 证券交易活动中,涉及发行人的经营、财务或者对该发行人证券的市场价格有重大影响的尚未公开的信息,为内幕信息。 |
Insider information includes the material events set out in paragraph 2 of Article 80 and paragraph 2 of Article 81 of this Law. | | 本法第八十条第二款、第八十一条第二款所列重大事件属于内幕信息。 |
Article 53 Insiders who have access to insider information in securities trading activities or persons who have illegally obtained insider information may not purchase or sell the securities of the company, divulge such information, or advise any other person to purchase or sell such securities, before the public disclosure of such insider information. | | 第五十三条 证券交易内幕信息的知情人和非法获取内幕信息的人,在内幕信息公开前,不得买卖该公司的证券,或者泄露该信息,或者建议他人买卖该证券。 |
Where this Law provides otherwise for the acquisition of the shares of stock of a listed company by a natural person, a legal person, or an unincorporated organization holding 5% or more of the shares of stock of the company alone or jointly with others through agreements and other arrangements, such provisions 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、非法人组织收购上市公司的股份,本法另有规定的,适用其规定。 |
Whoever trades in securities based on insider information shall be liable in damages in accordance with the law, if the insider trading causes any loss to investors. | | 内幕交易行为给投资者造成损失的,应当依法承担赔偿责任。 |
Article 54 Practitioners of securities trading venues, securities companies, securities depository and clearing institutions, securities service institutions, and other financial institutions, as well as staff members of the relevant regulatory agencies or industry associations, shall be prohibited from trading in securities in connection with any non-public information other than insider information obtained by taking advantage of their positions or from explicitly or implicitly instructing any other person to conduct the relevant trading activities in violation of the applicable provisions. | | 第五十四条 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构和其他金融机构的从业人员、有关监管部门或者行业协会的工作人员,利用因职务便利获取的内幕信息以外的其他未公开的信息,违反规定,从事与该信息相关的证券交易活动,或者明示、暗示他人从事相关交易活动。 |
Whoever trades in securities based on non-public information shall be liable in damages in accordance with the law, if the trading causes any loss to investors. | | 利用未公开信息进行交易给投资者造成损失的,应当依法承担赔偿责任。 |
Article 55 Manipulation of the securities market to affect or attempt to affect the trading price or volume of securities by any person by any of the following means shall be prohibited: | | 第五十五条 禁止任何人以下列手段操纵证券市场,影响或者意图影响证券交易价格或者证券交易量: |
(1) Alone or by conspiracy, concentrating advantages in terms of funds, shareholding, or information to purchase or sell securities jointly or continuously. | | (一)单独或者通过合谋,集中资金优势、持股优势或者利用信息优势联合或者连续买卖; |
(2) Colluding with any other person to trade in securities mutually at the time and price and in the manner as agreed upon in advance. | | (二)与他人串通,以事先约定的时间、价格和方式相互进行证券交易; |
(3) Trading in securities between accounts under the person's actual control. | | (三)在自己实际控制的账户之间进行证券交易; |
(4) Placing and canceling orders frequently or in large numbers, not for the purpose of consummation of trades. | | (四)不以成交为目的,频繁或者大量申报并撤销申报; |
(5) Inducing investors to trade in securities, by using false or uncertain material information. | | (五)利用虚假或者不确定的重大信息,诱导投资者进行证券交易; |
(6) Providing the public with any evaluation, forecast, or investment advice on a security or the issuer but trading in the security in the opposite direction. | | (六)对证券、发行人公开作出评价、预测或者投资建议,并进行反向证券交易; |
(7) Manipulating the securities market by activities on any other relevant market. | | (七)利用在其他相关市场的活动操纵证券市场; |
(8) Otherwise manipulating the securities market. | | (八)操纵证券市场的其他手段。 |
Whoever manipulates the securities market shall be liable in damages in accordance with the law, if the manipulation causes any loss to investors. | | 操纵证券市场行为给投资者造成损失的,应当依法承担赔偿责任。 |
Article 56 No entity or individual shall fabricate or disseminate false or misleading information to disrupt the securities market. | | 第五十六条 禁止任何单位和个人编造、传播虚假信息或者误导性信息,扰乱证券市场。 |
Securities trading venues, securities companies, securities depository and clearing institutions, securities service institutions, and their practitioners, as well as securities associations, securities regulatory agencies, and their staff members, shall be prohibited from misrepresentation or provision of misleading information in securities trading activities. | | 禁止证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员,证券业协会、证券监督管理机构及其工作人员,在证券交易活动中作出虚假陈述或者信息误导。 |
The securities market information disseminated by any communications media must be true and objective, and the dissemination of misleading information shall be prohibited. The communications media and their staff members engaged in the coverage of securities market information shall not purchase or sell securities with conflicts of interest in connection with their work duties. | | 各种传播媒介传播证券市场信息必须真实、客观,禁止误导。传播媒介及其从事证券市场信息报道的工作人员不得从事与其工作职责发生利益冲突的证券买卖。 |
Whoever fabricates or disseminates false or misleading information to disrupt the securities market shall be liable in damages in accordance with the law, if it causes any loss to investors. | | 编造、传播虚假信息或者误导性信息,扰乱证券市场,给投资者造成损失的,应当依法承担赔偿责任。 |
Article 57 A securities company and its practitioners shall be prohibited from the following conduct that causes damage to clients' interests: | | 第五十七条 禁止证券公司及其从业人员从事下列损害客户利益的行为: |
(1) Purchasing or selling securities for a client in violation of the client's authorization. | | (一)违背客户的委托为其买卖证券; |
(2) Failing to provide a client with trade confirmation documents during the prescribed period. | | (二)不在规定时间内向客户提供交易的确认文件; |
(3) Purchasing or selling securities for a client without the client's authorization or purchasing or selling securities in the guise of a client. | | (三)未经客户的委托,擅自为客户买卖证券,或者假借客户的名义买卖证券; |
(4) Inducing a client to conduct unwarranted purchases and sales of securities in order for commissions revenue. | | (四)为牟取佣金收入,诱使客户进行不必要的证券买卖; |
(5) Otherwise causing any damage to a client's interests, against the client's true declaration of intent. | | (五)其他违背客户真实意思表示,损害客户利益的行为。 |
Whoever violates the provision of the preceding paragraph shall be liable in damages in accordance with the law, if the violation causes any loss to a client. | | 违反前款规定给客户造成损失的,应当依法承担赔偿责任。 |
Article 58 No entity or individual shall, in violation of the applicable provisions, lend the entity's or individual's own securities account or borrow any other person's securities account for trading in securities. | | 第五十八条 任何单位和个人不得违反规定,出借自己的证券账户或者借用他人的证券账户从事证券交易。 |
Article 59 The channels for funds to flow into the securities market shall be broadened in accordance with the law, and funds shall be prohibited from flowing into the stock market in violation of the applicable provisions. | | 第五十九条 依法拓宽资金入市渠道,禁止资金违规流入股市。 |
Investors shall be prohibited from using fiscal and bank credit funds to purchase and sell securities in violation of the applicable provisions. | | 禁止投资者违规利用财政资金、银行信贷资金买卖证券。 |
Article 60 In purchasing and selling stocks listed and traded on a stock exchange, wholly state-owned enterprises, wholly state-owned companies, and companies in which the state holds controlling shares must comply with the applicable provisions issued by the state. | | 第六十条 国有独资企业、国有独资公司、国有资本控股公司买卖上市交易的股票,必须遵守国家有关规定。 |
Article 61 Securities trading venues, securities companies, securities depository and clearing institutions, securities service institutions, and their practitioners shall report any prohibited transactions discovered in securities trading to the securities regulatory agencies in a timely manner. | | 第六十一条 证券交易场所、证券公司、证券登记结算机构、证券服务机构及其从业人员对证券交易中发现的禁止的交易行为,应当及时向证券监督管理机构报告。 |
Chapter IV Acquisition of Listed Companies | | 第四章 上市公司的收购 |
Article 62 An investor may acquire a listed company by tender offer, agreement, or other lawful means. | | 第六十二条 投资者可以采取要约收购、协议收购及其他合法方式收购上市公司。 |
Article 63 Where the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly with others through agreements and other arrangements reaches 5% by securities trading on a stock exchange, the investor shall, within three days after the fact occurs, file a written report with the securities regulatory agency of the State Council and the stock exchange, notify the listed company, and announce it, and shall no longer purchase or sell the stock of the listed company during the aforesaid period, except under the circumstances prescribed by the securities regulatory agency of the State Council. | | 第六十三条 通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五时,应当在该事实发生之日起三日内,向国务院证券监督管理机构、证券交易所作出书面报告,通知该上市公司,并予公告,在上述期限内不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。 |
After the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly with others through agreements and other arrangements reaches 5%, whenever the investor increases or decreases its holding of the outstanding voting shares of the listed company by 5%, it shall report and announce the increase or decrease according to the provision of the preceding paragraph, and from the day when the fact occurs to the third day after its announcement, shall no longer purchase or sell the stock of the listed company, except under the circumstances prescribed by the securities regulatory agency of the State Council. | | 投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后,其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之五,应当依照前款规定进行报告和公告,在该事实发生之日起至公告后三日内,不得再行买卖该上市公司的股票,但国务院证券监督管理机构规定的情形除外。 |
After the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly with others through agreements and other arrangements reaches 5%, whenever the investor increases or decreases its holding of the outstanding voting shares of the listed company by 1%, it shall notify the listed company of and announce the increase or decrease on the next day after the fact occurs. | | 投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之五后,其所持该上市公司已发行的有表决权股份比例每增加或者减少百分之一,应当在该事实发生的次日通知该上市公司,并予公告。 |
If the investor purchases any voting shares of the listed company in violation of the provision of paragraph 1 or 2 of this article, it shall not exercise the voting rights attached to the shares in excess of the prescribed ratio within 36 months after purchasing them. | | 违反第一款、第二款规定买入上市公司有表决权的股份的,在买入后的三十六个月内,对该超过规定比例部分的股份不得行使表决权。 |
Article 64 The announcement made according to the provisions of the preceding article shall include: | | 第六十四条 依照前条规定所作的公告,应当包括下列内容: |
(1) The name and domicile of the stockholder. | | (一)持股人的名称、住所; |
(2) The title and number of shares of the stock held. | | (二)持有的股票的名称、数额; |
(3) The date when the shareholding or the increase or decrease in shareholding reaches the statutory ratio and the source of funds for the increase in shareholding. | | (三)持股达到法定比例或者持股增减变化达到法定比例的日期、增持股份的资金来源; |
(4) The time and manner of change in the voting shares beneficially owned in the listed company. | | (四)在上市公司中拥有有表决权的股份变动的时间及方式。 |
Article 65 Where the ratio of the outstanding voting shares of a listed company held by an investor alone or jointly with others through agreements and other arrangements reaches 30% by securities trading on a stock exchange, and the investor continues to acquire such shares, it shall, in accordance with the law, make a tender offer to all the shareholders of the listed company for acquiring all or part of the shares of the listed company. | | 第六十五条 通过证券交易所的证券交易,投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的有表决权股份达到百分之三十时,继续进行收购的,应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。 |
It shall be agreed in a tender offer for acquiring part of the shares of a listed company that if the number of shares tendered by the shareholders of the target company exceeds the number of shares to be acquired, the acquirer shall acquire the shares on a pro rata basis. | | 收购上市公司部分股份的要约应当约定,被收购公司股东承诺出售的股份数额超过预定收购的股份数额的,收购人按比例进行收购。 |
Article 66 To make a tender offer according to the provisions of the preceding article, the acquirer must announce a report on the acquisition of the listed company, stating: | | 第六十六条 依照前条规定发出收购要约,收购人必须公告上市公司收购报告书,并载明下列事项: |
(1) the name and domicile of the acquirer; | | (一)收购人的名称、住所; |
(2) the acquisition decision of the acquirer; | | (二)收购人关于收购的决定; |
(3) the name of the listed company to be acquired; | | (三)被收购的上市公司名称; |
(4) the purposes of acquisition; | | (四)收购目的; |
(5) the detailed name of the shares to be acquired and the number of shares to be acquired; | | (五)收购股份的详细名称和预定收购的股份数额; |
(6) the acquisition period and price; | | (六)收购期限、收购价格; |
(7) the amount of funds required for the acquisition and the guarantee of funds; and | | (七)收购所需资金额及资金保证; |
(8) the ratio of the shares of the target company held by the acquirer to the total outstanding shares of the company when the report on the acquisition of the listed company is announced. | | (八)公告上市公司收购报告书时持有被收购公司股份数占该公司已发行的股份总数的比例。 |
Article 67 The acquisition period as agreed upon in a tender offer shall not be less than 30 days but not exceed 60 days. | | 第六十七条 收购要约约定的收购期限不得少于三十日,并不得超过六十日。 |
Article 68 Within the tendering period prescribed in a tender offer, the acquirer may not withdraw its tender offer. If the acquirer needs to modify the tender offer, it shall announce it in a timely manner, stating the specific modifications, which, however, shall not contain the following circumstances: | | 第六十八条 在收购要约确定的承诺期限内,收购人不得撤销其收购要约。收购人需要变更收购要约的,应当及时公告,载明具体变更事项,且不得存在下列情形: |
(1) Lowering the acquisition price. | | (一)降低收购价格; |
(2) Reducing the number of shares to be acquired. | | (二)减少预定收购股份数额; |
(3) Shortening the acquisition period. | | (三)缩短收购期限; |
(4) Other circumstances prescribed by the securities regulatory agency of the State Council. | | (四)国务院证券监督管理机构规定的其他情形。 |
Article 69 The acquisition terms and conditions in a tender offer shall apply to all the shareholders of the target company. | | 第六十九条 收购要约提出的各项收购条件,适用于被收购公司的所有股东。 |
Where a listed company has different classes of shares outstanding, the acquirer may propose different acquisition conditions for different classes of shares. | | 上市公司发行不同种类股份的,收购人可以针对不同种类股份提出不同的收购条件。 |
Article 70 In the case of acquisition by a tender offer, during the acquisition period, the acquirer shall neither sell the stock of the target company nor purchase the stock of the target company beyond the manners and the terms and conditions prescribed in the tender offer. | | 第七十条 采取要约收购方式的,收购人在收购期限内,不得卖出被收购公司的股票,也不得采取要约规定以外的形式和超出要约的条件买入被收购公司的股票。 |
Article 71 In the case of acquisition by agreement, the acquirer and the shareholders of the target company may agree on share transfer in accordance with the provisions of laws and administrative regulations. | | 第七十一条 采取协议收购方式的,收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股份转让。 |
In the acquisition of a listed company by agreement, the acquirer must, within three days after the acquisition agreement is signed, file a written report on the acquisition agreement with the securities regulatory agency of the State Council and the stock exchange, and announce it. | | 以协议方式收购上市公司时,达成协议后,收购人必须在三日内将该收购协议向国务院证券监督管理机构及证券交易所作出书面报告,并予公告。 |
No acquisition agreement may be performed before the aforesaid announcement is made. | | 在公告前不得履行收购协议。 |
Article 72 In the case of acquisition by agreement, both parties to the agreement may temporarily engage a securities depository and clearing institution to place the shares transferred by agreement under its custody, and deposit the funds at the designated bank. | | 第七十二条 采取协议收购方式的,协议双方可以临时委托证券登记结算机构保管协议转让的股票,并将资金存放于指定的银行。 |
Article 73 In the case of acquisition by agreement, where the ratio of the outstanding voting shares of a listed company acquired by the acquirer alone or jointly with others through agreements and other arrangement reaches 30%, and the acquirer continues to acquire such shares, it shall, in accordance with the law, make a tender offer to all the shareholders of the listed company for acquiring all or part of the shares of the listed company, unless it is exempted from the tender offer according to the rules of the securities regulatory agency of the State Council. | | 第七十三条 采取协议收购方式的,收购人收购或者通过协议、其他安排与他人共同收购一个上市公司已发行的有表决权股份达到百分之三十时,继续进行收购的,应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。但是,按照国务院证券监督管理机构的规定免除发出要约的除外。 |
In the acquisition of the shares of a listed company by a tender offer according to the provision of the preceding paragraph, the acquirer shall comply with the provisions of paragraph 2 of Article 65 and Articles 66 through 70 of this Law. | | 收购人依照前款规定以要约方式收购上市公司股份,应当遵守本法第六十五条第二款、第六十六条至第七十条的规定。 |
Article 74 Where, upon expiration of the acquisition period, the equity distribution of the target company fails to satisfy the listing and trading requirements prescribed by the stock exchange, the stock of the listed company shall be delisted by the stock exchange in accordance with the law; and the other shareholders still holding the stock of the target company shall have the right to sell their stock to the acquirer on the same terms and conditions as prescribed in the tender offer, and the acquirer shall acquire such stock. | | 第七十四条 收购期限届满,被收购公司股权分布不符合证券交易所规定的上市交易要求的,该上市公司的股票应当由证券交易所依法终止上市交易;其余仍持有被收购公司股票的股东,有权向收购人以收购要约的同等条件出售其股票,收购人应当收购。 |
Where, after acquisition is consummated, the target company no longer meets the conditions for a joint-stock company, its enterprise form shall be modified in accordance with the law. | | 收购行为完成后,被收购公司不再具备股份有限公司条件的,应当依法变更企业形式。 |
Article 75 In the acquisition of a listed company, the stock of the target listed company held by the acquirer shall not be transferred within 18 months after acquisition is consummated. | | 第七十五条 在上市公司收购中,收购人持有的被收购的上市公司的股票,在收购行为完成后的十八个月内不得转让。 |
Article 76 Where, after acquisition is consummated, the acquirer merges with the target company by dissolving the target company, the original shares of the dissolved company shall be replaced by the acquirer in accordance with the law. | | 第七十六条 收购行为完成后,收购人与被收购公司合并,并将该公司解散的,被解散公司的原有股票由收购人依法更换。 |
After acquisition is consummated, the acquirer shall, within 15 days, file a report on the acquisition with the securities regulatory agency of the State Council and the stock exchange, and announce it. | | 收购行为完成后,收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所,并予公告。 |
Article 77 The securities regulatory agency of the State Council shall, in accordance with this Law, develop the specific measures for the acquisition of listed companies. | | 第七十七条 国务院证券监督管理机构依照本法制定上市公司收购的具体办法。 |
Where a listed company is divided or merged into any other company, it shall be reported to the securities regulatory agency of the State Council and announced. | | 上市公司分立或者被其他公司合并,应当向国务院证券监督管理机构报告,并予公告。 |
Chapter V Information Disclosure | | 第五章 信息披露 |
Article 78 An issuer and other persons with information disclosure obligations as prescribed by laws, administrative regulations, and the rules of the securities regulatory agency of the State Council shall, in accordance with the law, perform their information disclosure obligations in a timely manner. | | 第七十八条 发行人及法律、行政法规和国务院证券监督管理机构规定的其他信息披露义务人,应当及时依法履行信息披露义务。 |
The information disclosed by persons with information disclosure obligations shall be true, accurate, complete, concise, clear, and easy to understand, and shall not contain any false or misleading statements or material omissions. | | 信息披露义务人披露的信息,应当真实、准确、完整,简明清晰,通俗易懂,不得有虚假记载、误导性陈述或者重大遗漏。 |
Where any securities are publicly offered and traded both within and outside China, the information disclosed outside China by persons with information disclosure obligations shall be contemporaneously disclosed within China. | | 证券同时在境内境外公开发行、交易的,其信息披露义务人在境外披露的信息,应当在境内同时披露。 |
Article 79 A listed company, a company with its corporate bonds listed and traded on a stock exchange, or a company with its stock traded on any other national securities trading venue approved by the State Council shall prepare periodical reports according to the contents and formats prescribed by the securities regulatory agency of the State Council and the trading venue, and file and announce them according to the following provisions: | | 第七十九条 上市公司、公司债券上市交易的公司、股票在国务院批准的其他全国性证券交易场所交易的公司,应当按照国务院证券监督管理机构和证券交易场所规定的内容和格式编制定期报告,并按照以下规定报送和公告: |
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