KYB CHINA(1993年4月22日中华人民共和国国务院令第112号发布 自发布之日起施行)
(Promulgated by Decree No. 112 of the State Council of the People's Republic of China on April 22, 1993, and effective as of the date of promulgation)
总则
General Provisions
为了适应发展社会主义市场经济的需要，建立和发展全国统一、高效的股票市场，保护投资者的合法权益和社会公共利益，促进国民经济的发展，制定本条例。
These Regulations are formulated to meet the needs of developing a socialist market economy, to establish and develop a nationwide unified and efficient stock market, to protect the legitimate rights and interests of investors and the public interest of society, and to promote the development of the national economy.
在中华人民共和国境内从事股票发行、交易及其相关活动，必须遵守本条例。
Any person engaging in stock issuance, trading, and related activities within the territory of the People's Republic of China must comply with these Regulations.
本条例关于股票的规定适用于具有股票性质、功能的证券。
The provisions of these Regulations regarding stocks shall apply to securities that have the nature and functions of stocks.
股票的发行与交易，应当遵循公开、公平和诚实信用的原则。
Stock issuance and trading shall follow the principles of openness, fairness, and good faith.
股票的发行与交易，应当维护社会主义公有制的主体地位，保障国有资产不受侵害。
Stock issuance and trading shall uphold the dominant position of socialist public ownership and ensure that state-owned assets are not infringed upon.
国务院证券委员会(以下简称“证券委”)是全国证券市场的主管机构，依照法律、法规的规定对全国证券市场进行统一管理。中国证券监督管理委员会(以下简称“证监会”)是证券委的监督管理执行机构，依照法律、法规的规定对证券发行与交易的具体活动进行管理和监督。
The Securities Committee of the State Council (hereinafter referred to as the "Securities Committee") is the competent authority of the national securities market, responsible for unified management of the national securities market in accordance with laws and regulations. The China Securities Regulatory Commission (hereinafter referred to as the "CSRC") is the supervisory and management enforcement body of the Securities Committee, responsible for managing and supervising specific activities of securities issuance and trading in accordance with laws and regulations.
人民币特种股票发行与交易的具体办法另行制定。
Specific measures for the issuance and trading of Renminbi special shares (B shares) shall be formulated separately.
境内企业直接或者间接到境外发行股票、将其股票在境外交易，必须经证券委审批，具体办法另行制定。
Domestic enterprises that directly or indirectly issue stocks abroad or list their stocks for trading abroad must obtain approval from the Securities Committee, and specific measures shall be formulated separately.
股票的发行
Issuance of Stocks
股票发行人必须是具有股票发行资格的股份有限公司。
The issuer of stocks must be a joint stock company qualified to issue stocks.
前款所称股份有限公司，包括已经成立的股份有限公司和经批准拟成立的股份有限公司。
The joint stock company referred to in the preceding paragraph includes an established joint stock company and a joint stock company approved to be established.
设立股份有限公司申请公开发行股票，应当符合下列条件：
An application for public issuance of stocks by a newly established joint stock company shall meet the following conditions:
(一)其生产经营符合国家产业政策；
(1) Its production and operation comply with the national industrial policy;
(二)其发行的普通股限于一种，同股同权；
(2) The common shares it issues are limited to one type, with equal rights for equal shares;
(三)发起人认购的股本数额不少于公司拟发行的股本总额的35%；
(3) The amount of share capital subscribed by the promoters shall not be less than 35% of the total share capital to be issued by the company;
(四)在公司拟发行的股本总额中，发起人认购的部分不少于人民币三千万元，但是国家另有规定的除外；
(4) In the total share capital to be issued by the company, the portion subscribed by the promoters shall not be less than RMB 30 million, unless otherwise provided by the state;
(五)向社会公众发行的部分不少于公司拟发行的股本总额的25%，其中公司职工认购的股本数额不得超过拟向社会公众发行的股本总额的10%；公司拟发行的股本总额超过人民币四亿元的，证监会按照规定可以酌情降低向社会公众发行的部分的比例，但是最低不少于公司拟发行的股本总额的10%；
(5) The portion issued to the public shall not be less than 25% of the total share capital to be issued by the company, of which the amount of share capital subscribed by the company's employees shall not exceed 10% of the total share capital to be issued to the public; if the total share capital to be issued by the company exceeds RMB 400 million, the China Securities Regulatory Commission may, in accordance with regulations, appropriately reduce the proportion issued to the public, but the minimum shall not be less than 10% of the total share capital to be issued by the company;
(六)发起人在近三年内没有重大违法行为；
(6) The promoters have no major illegal acts in the past three years;
(七)证券委规定的其他条件。
(7) Other conditions prescribed by the Securities Commission.
原有企业改组设立股份有限公司申请公开发行股票，除应当符合本条例第八条所列条件外，还应当符合下列条件：
Where an existing enterprise is restructured into a joint stock company and applies for public offering of shares, in addition to meeting the conditions set forth in Article 8 of these Regulations, it shall also meet the following conditions:
(一)发行前一年末，净资产在总资产中所占比例不低于30%，无形资产在净资产中所占比例不高于20%，但是证券委另有规定的除外；
(1) At the end of the year prior to issuance, the net assets account for no less than 30% of total assets, and intangible assets account for no more than 20% of net assets, unless otherwise prescribed by the Securities Commission;
(二)近三年连续盈利。
(2) It has been profitable for the last three consecutive years.
国有企业改组设立股份有限公司公开发行股票的，国家拥有的股份在公司拟发行的股本总额中所占的比例由国务院或者国务院授权的部门规定。
Where a state-owned enterprise is restructured into a joint stock company for public offering of shares, the proportion of state-owned shares in the total proposed share capital of the company shall be prescribed by the State Council or the department authorized by the State Council.
股份有限公司增资申请公开发行股票，除应当符合本条例第八条和第九条所列条件外，还应当符合下列条件：
Where a joint stock company applies for public offering of shares to increase capital, in addition to meeting the conditions set forth in Articles 8 and 9 of these Regulations, it shall also meet the following conditions:
(一)前一次公开发行股票所得资金的使用与其招股说明书所述的用途相符，并且资金使用效益良好；
(1) The use of funds obtained from the previous public offering of shares is consistent with the purposes described in the prospectus, and the funds have been used with good results;
(二)距前一次公开发行股票的时间不少于十二个月；
(2) The time interval from the previous public offering of shares is no less than twelve months;
(三)从前一次公开发行股票到本次申请期间没有重大违法行为；
(3) There have been no major violations of law from the previous public offering of shares to the current application;
(四)证券委规定的其他条件。
(4) Other conditions prescribed by the Securities Commission.
定向募集公司申请公开发行股票，除应当符合本条例第八条和第九条所列条件外，还应当符合下列条件：
A company that has conducted a private placement and applies for a public offering of shares shall, in addition to meeting the conditions set forth in Articles 8 and 9 of these Regulations, also meet the following conditions:
(一)定向募集所得资金的使用与其招股说明书所述的用途相符，并且资金使用效益良好；
(1) The use of funds raised from the private placement is consistent with the purposes described in the prospectus, and the funds have been used with good results;
(二)距最近一次定向募集股份的时间不少于十二个月；
(2) The time elapsed since the most recent private placement of shares is not less than twelve months;
(三)从最近一次定向募集到本次公开发行期间没有重大违法行为；
(3) There have been no major illegal activities during the period from the most recent private placement to this public offering;
(四)内部职工股权证按照规定范围发放，并且已交国家指定的证券机构集中托管；
(4) Internal employee share certificates have been issued within the prescribed scope and have been placed under centralized custody with a securities institution designated by the state;
(五)证券委规定的其他条件。
(5) Other conditions as prescribed by the Securities Commission.
申请公开发行股票，按照下列程序办理：
An application for public issuance of shares shall be processed in accordance with the following procedures:
(一)申请人聘请会计师事务所、资产评估机构、律师事务所等专业性机构，对其资信、资产、财务状况进行审定、评估和就有关事项出具法律意见书后，按照隶属关系，分别向省、自治区、直辖市、计划单列市人民政府(以下简称“地方政府”)或者中央企业主管部门提出公开发行股票的申请；
(1) The applicant shall engage professional institutions such as accounting firms, asset appraisal institutions, and law firms to verify and assess its creditworthiness, assets, and financial condition, and to issue legal opinions on relevant matters. Thereafter, the applicant shall submit an application for public issuance of shares to the people's government of the relevant province, autonomous region, municipality directly under the Central Government, or city with independent planning status (hereinafter referred to as the 'local government') or to the competent central enterprise authority, according to its subordinate relationship;
(二)在国家下达的发行规模内，地方政府对地方企业的发行申请进行审批，中央企业主管部门在与申请人所在地地方政府协商后对中央企业的发行申请进行审批；地方政府、中央企业主管部门应当自收到发行申请之日起三十个工作日内作出审批决定，并抄报证券委；
(2) Within the issuance scale approved by the state, the local government shall examine and approve the issuance application of local enterprises, and the competent central enterprise authority shall examine and approve the issuance application of central enterprises after consulting with the local government where the applicant is located. The local government or the competent central enterprise authority shall make a decision on approval or disapproval within thirty working days from the date of receiving the issuance application, and shall submit a copy to the Securities Commission for record;
(三)被批准的发行申请，送证监会复审；证监会应当自收到复审申请之日起二十个工作日内出具复审意见书，并将复审意见书抄报证券委；经证监会复审同意的，申请人应当向证券交易所上市委员会提出申请，经上市委员会同意接受上市，方可发行股票。
(3) The approved issuance application shall be submitted to the China Securities Regulatory Commission (CSRC) for review. The CSRC shall issue a review opinion within twenty working days from the date of receiving the review application, and shall submit a copy of the review opinion to the Securities Commission. If the CSRC approves the application upon review, the applicant shall apply to the listing committee of the stock exchange, and only after the listing committee agrees to accept the listing may the shares be issued.
申请公开发行股票，应当向地方政府或者中央企业主管部门报送下列文件：
An application for public issuance of stocks shall be submitted to the local government or the competent central enterprise department with the following documents:
(一)申请报告；
(1) Application report;
(二)发起人会议或者股东大会同意公开发行股票的决议；
(2) Resolution of the promoters' meeting or shareholders' general meeting approving the public issuance of stocks;
(三)批准设立股份有限公司的文件；
(3) Document approving the establishment of the joint stock limited company;
(四)工商行政管理部门颁发的股份有限公司营业执照或者股份有限公司筹建登记证明；
(4) Business license of the joint stock limited company issued by the administrative department for industry and commerce, or the registration certificate for the preparation of the joint stock limited company;
(五)公司章程或者公司章程草案；
(5) Articles of association or draft articles of association of the company;
(六)招股说明书；
(6) Prospectus;
(七)资金运用的可行性报告；需要国家提供资金或者其他条件的固定资产投资项目，还应当提供国家有关部门同意固定资产投资立项的批准文件；
(7) Feasibility report on the use of funds; for fixed asset investment projects requiring state funding or other conditions, the approval document from the relevant state department for the fixed asset investment project initiation shall also be provided;
(八)经会计师事务所审计的公司近三年或者成立以来的财务报告和由二名以上注册会计师及其所在事务所签字、盖章的审计报告；
(8) Financial reports of the company audited by an accounting firm for the recent three years or since its establishment, and an audit report signed and sealed by two or more certified public accountants and their firm;
(九)经二名以上律师及其所在事务所就有关事项签字、盖章的法律意见书；
(9) Legal opinion signed and sealed by two or more lawyers and their firm on relevant matters;
(十)经二名以上专业评估人员及其所在机构签字、盖章的资产评估报告，经二名以上注册会计师及其所在事务所签字、盖章的验资报告；涉及国有资产的，还应当提供国有资产管理部门出具的确认文件；
(10) An asset appraisal report signed and sealed by two or more professional appraisers and their institution, and a capital verification report signed and sealed by two or more certified public accountants and their firm; if state-owned assets are involved, a confirmation document issued by the state-owned asset management department shall also be provided;
(十一)股票发行承销方案和承销协议；
(11) The stock issuance underwriting plan and underwriting agreement;
(十二)地方政府或者中央企业主管部门要求报送的其他文件。
(12) Other documents required to be submitted by the local government or the central enterprise competent department.
被批准的发行申请送证监会复审时，除应当报送本条例第十三条所列文件外，还应当报送下列文件：
When the approved issuance application is submitted to the CSRC for review, in addition to the documents listed in Article 13 of these Regulations, the following documents shall also be submitted:
(一)地方政府或者中央企业主管部门批准发行申请的文件；
(1) The document approving the issuance application by the local government or the central enterprise competent department;
(二)证监会要求报送的其他文件。
(2) Other documents required by the CSRC.
本条例第十三条所称招股说明书应当按照证监会规定的格式制作，并载明下列事项：
The prospectus referred to in Article 13 of these Regulations shall be prepared in the format prescribed by the CSRC and shall contain the following items:
(一)公司的名称、住所；
(1) The name and domicile of the company;
(二)发起人、发行人简况；
(2) Brief information on the promoters and the issuer;
(三)筹资的目的；
(3) The purpose of the fundraising;
(四)公司现有股本总额，本次发行的股票种类、总额，每股的面值、售价，发行前的每股净资产值和发行结束后每股预期净资产值，发行费用和佣金；
(4) The total existing share capital of the company, the type and total amount of shares to be issued in this offering, the par value and offering price per share, the net asset value per share before issuance and the expected net asset value per share after issuance, issuance expenses and commissions;
(五)初次发行的发起人认购股本的情况、股权结构及验资证明；
(5) For an initial offering, the subscription of shares by the promoters, the equity structure, and the capital verification certificate;
(六)承销机构的名称、承销方式与承销数量；
(6) The name of the underwriting institution, the underwriting method and the underwriting quantity;
(七)发行的对象、时间、地点及股票认购和股款缴纳的方式；
(7) The target, time, place of the offering, and the method of share subscription and payment of proceeds;
(八)所筹资金的运用计划及收益、风险预测；
(8) The plan for use of the funds raised, and the forecast of income and risks;
(九)公司近期发展规划和经注册会计师审核并出具审核意见的公司下一年的盈利预测文件；
(9) The company's near-term development plan and the profit forecast document for the next year reviewed and with an audit opinion issued by a certified public accountant;
(十)重要的合同；
(10) Material contracts;
(十一)涉及公司的重大诉讼事项；
(11) Major litigation matters involving the company;
(十二)公司董事、监事名单及其简历；
(12) The list and resumes of the company's directors and supervisors;
(十三)近三年或者成立以来的生产经营状况和有关业务发展的基本情况；
(13) The production and operation status and basic information on business development in the past three years or since incorporation;
(十四)经会计师事务所审计的公司近三年或者成立以来的财务报告和由二名以上注册会计师及其所在事务所签字、盖章的审计报告。
(14) The company's financial report for the recent three years or since its establishment, audited by an accounting firm, and an audit report signed and sealed by two or more certified public accountants and their firm.
(十五)增资发行的公司前次公开发行股票所筹资金的运用情况；
(15) For companies issuing additional shares, the use of funds raised from the previous public offering;
(十六)证监会要求载明的其他事项。
(16) Other matters required by the Securities Regulatory Commission.
招股说明书的封面应当载明：“发行人保证招股说明书的内容真实、准确、完整。政府及国家证券管理部门对本次发行所作出的任何决定，均不表明其对发行人所发行的股票的价值或者投资人的收益作出实质性判断或者保证。”
The cover of the prospectus shall state: 'The issuer guarantees that the content of the prospectus is true, accurate, and complete. Any decision made by the government or the national securities regulatory authority regarding this issuance does not constitute a substantive judgment or guarantee of the value of the issuer's stocks or the investor's returns.'
全体发起人或者董事以及主承销商应当在招股说明书上签字，保证招股说明书没有虚假、严重误导性陈述或者重大遗漏，并保证对其承担连带责任。
All promoters or directors and the lead underwriter shall sign the prospectus, guaranteeing that the prospectus contains no false, seriously misleading statements or material omissions, and shall bear joint and several liability.
为发行人出具文件的注册会计师及其所在事务所、专业评估人员及其所在机构、律师及其所在事务所，在履行职责时，应当按照本行业公认的业务标准和道德规范，对其出具文件内容的真实性、准确性、完整性进行核查和验证。
Certified public accountants and their firms, professional appraisers and their organizations, and lawyers and their firms that issue documents for the issuer shall, when performing their duties, verify and validate the truthfulness, accuracy, and completeness of the content of the documents they issue in accordance with the generally recognized business standards and ethical norms of their profession.
在获准公开发行股票前，任何人不得以任何形式泄露招股说明书的内容。在获准公开发行股票后，发行人应当在承销期开始前二个至五个工作日期间公布招股说明书。
Before approval for public issuance of stocks, no person may disclose the content of the prospectus in any form. After approval for public issuance of stocks, the issuer shall publish the prospectus within two to five working days before the start of the underwriting period.
发行人应当向认购人提供招股说明书。证券承销机构应当将招股说明书备置于营业场所，并有义务提醒认购人阅读招股说明书。
The issuer shall provide the prospectus to subscribers. Securities underwriting institutions shall keep the prospectus available at their business premises and have an obligation to remind subscribers to read the prospectus.
招股说明书的有效期为六个月，自招股说明书签署完毕之日起计算。招股说明书失效后，股票发行必须立即停止。
The prospectus is valid for six months from the date of its completion. After the prospectus becomes invalid, the stock issuance must be immediately stopped.
公开发行的股票应当由证券经营机构承销。承销包括包销和代销两种方式。
Publicly issued stocks shall be underwritten by securities operating institutions. Underwriting includes two methods: firm commitment underwriting and best efforts underwriting.
发行人应当与证券经营机构签署承销协议。承销协议应当载明下列事项：
The issuer shall sign an underwriting agreement with a securities institution. The underwriting agreement shall specify the following matters:
(一)当事人的名称、住所及法定代表人的姓名；
(1) The names, domiciles, and names of legal representatives of the parties;
(二)承销方式；
(2) The underwriting method;
(三)承销股票的种类、数量、金额及发行价格；
(3) The type, quantity, amount, and issuance price of the stocks to be underwritten;
(四)承销期及起止日期；
(4) The underwriting period and its start and end dates;
(五)承销付款的日期及方式；
(5) The date and method of payment for underwriting;
(六)承销费用的计算、支付方式和日期；
(6) The calculation, payment method, and date of underwriting fees;
(七)违约责任；
(7) Liability for breach of contract;
(八)其他需要约定的事项。
(8) Other matters that need to be agreed upon.
证券经营机构收取承销费用的原则，由证监会确定。
The principles for collecting underwriting fees by securities institutions shall be determined by the China Securities Regulatory Commission.
证券经营机构承销股票，应当对招股说明书和其他有关宣传材料的真实性、准确性、完整性进行核查；发现含有虚假、严重误导性陈述或者重大遗漏的，不得发出要约邀请或者要约；已经发出的，应当立即停止销售活动，并采取相应的补救措施。
When underwriting stocks, securities operating institutions shall verify the truthfulness, accuracy, and completeness of the prospectus and other related promotional materials; if they discover any false, seriously misleading statements or material omissions, they shall not make an invitation for offer or an offer; if already made, they shall immediately cease sales activities and take appropriate remedial measures.
拟公开发行股票的面值总额超过人民币三千万元或者预期销售总金额超过人民币五千万元的，应当由承销团承销。
If the total face value of shares to be publicly issued exceeds RMB 30 million or the total expected sales amount exceeds RMB 50 million, the underwriting shall be conducted by an underwriting syndicate.
承销团由二个以上承销机构组成。主承销商由发行人按照公平竞争的原则，通过竞标或者协商的方式确定。主承销商应当与其他承销商签署承销团协议。
An underwriting syndicate shall consist of two or more underwriting institutions. The lead underwriter shall be determined by the issuer through competitive bidding or negotiation based on the principle of fair competition. The lead underwriter shall sign an underwriting syndicate agreement with other underwriters.
拟公开发行股票的面值总额超过人民币一亿元或者预期销售总金额超过人民币一亿五千万元的，承销团中的外地承销机构的数目以及总承销量中在外地销售的数量，应当占合理的比例。
If the total face value of shares to be publicly issued exceeds RMB 100 million or the total expected sales amount exceeds RMB 150 million, the number of non-local underwriting institutions in the syndicate and the quantity of shares sold outside the local area shall account for a reasonable proportion.
前款所称外地是指发行人所在的省、自治区、直辖市以外的地区。
The term 'non-local' as used in the preceding paragraph refers to areas outside the province, autonomous region, or municipality directly under the Central Government where the issuer is located.
承销期不得少于十日，不得超过九十日。
The underwriting period shall not be less than ten days nor exceed ninety days.
在承销期内，承销机构应当尽力向认购人出售其所承销的股票，不得为本机构保留所承销的股票。
During the underwriting period, the underwriting institution shall make every effort to sell the underwritten shares to subscribers and shall not retain the underwritten shares for its own account.
承销期满后，尚未售出的股票按照承销协议约定的包销或者代销方式分别处理。
After the expiration of the underwriting period, unsold shares shall be handled separately according to the firm commitment or best efforts method agreed in the underwriting agreement.
承销机构或者其委托机构向社会发放股票认购申请表，不得收取高于认购申请表印制和发放成本的费用，并不得限制认购申请表发放数量。
When distributing stock subscription application forms to the public, an underwriting institution or its entrusted institution shall not charge fees exceeding the cost of printing and distributing the application forms, and shall not restrict the number of application forms distributed.
认购数量超过拟公开发行的总量时，承销机构应当按照公平原则，采用按比例配售、按比例累退配售或者抽签等方式销售股票。采用抽签方式时，承销机构应当在规定的日期，在公证机关监督下，按照规定的程序，对所有股票认购申请表进行公开抽签，并对中签者销售股票。
When the subscription quantity exceeds the total quantity to be publicly issued, the underwriting institution shall sell the shares by means of proportional allotment, proportional regressive allotment, or lottery drawing in accordance with the principle of fairness. When adopting the lottery drawing method, the underwriting institution shall, on the specified date and under the supervision of a notary public, conduct a public lottery drawing of all stock subscription application forms in accordance with the prescribed procedures, and sell shares to the winners.
除承销机构或者其委托机构外，任何单位和个人不得发放、转售股票认购申请表。
Except for underwriting institutions or their entrusted institutions, no unit or individual may distribute or resell stock subscription application forms.
承销机构应当在承销期满后的十五个工作日内向证监会提交承销情况的书面报告。
The underwriting institution shall submit a written report on the underwriting situation to the Securities Regulatory Commission within fifteen working days after the expiration of the underwriting period.
证券经营机构在承销期结束后，将其持有的发行人的股票向发行人以外的社会公众作出要约邀请、要约或者销售，应当经证监会批准，按照规定的程序办理。
If a securities operating institution, after the conclusion of the underwriting period, makes an invitation for offer, offer, or sale of the issuer's shares held by it to the public other than the issuer, it shall obtain approval from the Securities Regulatory Commission and handle the matter in accordance with the prescribed procedures.
发行人用新股票换回其已经发行在外的股票，并且这种交换无直接或者间接的费用发生的，不适用本章规定。
If an issuer exchanges new shares for its already issued and outstanding shares, and such exchange incurs no direct or indirect expenses, the provisions of this chapter shall not apply.
股票的交易
Trading of Stocks
股票交易必须在经证券委批准可以进行股票交易的证券交易场所进行。
Stock trading must be conducted at a securities trading venue approved by the Securities Committee for stock trading.
股份有限公司申请其股票在证券交易所交易，应当符合下列条件：
A joint stock limited company applying for the trading of its shares on a stock exchange shall meet the following conditions:
(一)其股票已经公开发行；
(1) Its shares have been publicly issued;
(二)发行后的股本总额不少于人民币五千万元；
(2) The total share capital after issuance is not less than RMB 50 million;
(三)持有面值人民币一千元以上的个人股东人数不少于一千人，个人持有的股票面值总额不少于人民币一千万元；
(3) The number of individual shareholders holding shares with a face value of RMB 1,000 or more is not less than 1,000, and the total face value of shares held by individuals is not less than RMB 10 million;
(四)公司有最近三年连续盈利的记录；原有企业改组设立股份有限公司的，原企业有最近三年连续盈利的记录，但是新设立的股份有限公司除外；
(4) The company has a record of continuous profitability for the most recent three years; if an existing enterprise is restructured into a joint stock limited company, the original enterprise has a record of continuous profitability for the most recent three years, except for newly established joint stock limited companies;
(五)证券委规定的其他条件。
(5) Other conditions prescribed by the Securities Commission.
公开发行股票符合前条规定条件的股份有限公司，申请其股票在证券交易所交易，应当向证券交易所的上市委员会提出申请；上市委员会应当自收到申请之日起二十个工作日内作出审批，确定具体上市时间。审批文件报证监会备案，并抄报证券委。
A joint stock limited company that has publicly issued shares and meets the conditions prescribed in the preceding article shall apply to the listing committee of the stock exchange for trading its shares on the stock exchange; the listing committee shall make a decision on approval within twenty working days from the date of receipt of the application and determine the specific listing date. The approval document shall be filed with the Securities Regulatory Commission and copied to the Securities Commission.
股份有限公司申请其股票在证券交易所交易，应当向证券交易所的上市委员会送交下列文件：
A joint stock limited company applying for trading its shares on a stock exchange shall submit the following documents to the listing committee of the stock exchange:
(一)申请书；
(1) An application letter;
(二)公司登记注册文件；
(2) Company registration documents;
(三)股票公开发行的批准文件；
(3) Approval documents for the public offering of shares;
(四)经会计师事务所审计的公司近三年或者成立以来的财务报告和由二名以上的注册会计师及其所在事务所签字、盖章的审计报告；
(4) Financial reports of the company for the most recent three years or since its establishment, audited by an accounting firm, and audit reports signed and sealed by two or more certified public accountants and their firm;
(五)证券交易所会员的推荐书；
(5) Recommendation letter from a member of the stock exchange;
(六)最近一次的招股说明书；
(6) The most recent prospectus;
(七)证券交易所要求的其他文件。
(7) Other documents required by the stock exchange.
股票获准在证券交易所交易后，上市公司应当公布上市公告并将本条例第三十二条所列文件予以公开。
After a stock is approved for trading on a stock exchange, the listed company shall publish a listing announcement and make public the documents listed in Article 32 of these Regulations.
上市公告的内容，除应当包括本条例第十五条规定的招股说明书的主要内容外，还应当包括下列事项：
The contents of the listing announcement shall, in addition to the main contents of the prospectus specified in Article 15 of these Regulations, include the following items:
(一)股票获准在证券交易所交易的日期和批准文号；
(1) The date on which the stock is approved for trading on the stock exchange and the approval document number;
(二)股票发行情况、股权结构和最大的十名股东的名单及持股数额；
(2) The issuance status of the stock, the equity structure, and the list of the ten largest shareholders and their shareholdings;
(三)公司创立大会或者股东大会同意公司股票在证券交易所交易的决议；
(3) The resolution of the company's inaugural meeting or shareholders' meeting approving the trading of the company's stock on the stock exchange;
(四)董事、监事和高级管理人员简历及其持有本公司证券的情况；
(4) The resumes of directors, supervisors, and senior management personnel and their holdings of the company's securities;
(五)公司近三年或者成立以来的经营业绩和财务状况以及下一年的盈利预测文件；
(5) The company's operating performance and financial condition for the past three years or since its establishment, as well as the profit forecast documents for the next year;
(六)证券交易所要求载明的其他事项。
(6) Other matters required to be disclosed by the stock exchange.
为上市公司出具文件的注册会计师及其所在事务所、专业评估人员及其所在机构、律师及其所在事务所，在履行职责时，应当按照本行业公认的业务标准和道德规范，对其出具文件内容的真实性、准确性、完整性进行核查和验证。
Certified public accountants and their firms, professional appraisers and their institutions, and lawyers and their firms that issue documents for listed companies shall, in the performance of their duties, verify and validate the authenticity, accuracy, and completeness of the contents of the documents they issue in accordance with the recognized business standards and ethical norms of their respective professions.
国家拥有的股份的转让必须经国家有关部门批准，具体办法另行规定。
The transfer of shares owned by the state must be approved by the relevant state authorities, and specific measures shall be separately prescribed.
国家拥有的股份的转让，不得损害国家拥有的股份的权益。
The transfer of shares owned by the state shall not harm the rights and interests of the shares owned by the state.
证券交易场所，证券保管、清算、过户、登记机构和证券经营机构，应当保证外地委托人与本地委托人享有同等待遇，不得歧视或者限制外地委托人。
Securities trading venues, securities depository, clearing, transfer, and registration institutions, and securities operating institutions shall ensure that out-of-town principals enjoy the same treatment as local principals, and shall not discriminate against or restrict out-of-town principals.
股份有限公司的董事、监事、高级管理人员和持有公司5%以上有表决权股份的法人股东，将其所持有的公司股票在买入后六个月内卖出或者在卖出后六个月内买入，由此获得的利润归公司所有。
Directors, supervisors, senior management personnel of a joint stock limited company, and legal person shareholders holding 5% or more of the voting shares of the company, who sell the company's shares held by them within six months after purchase or purchase within six months after sale, the profits derived therefrom shall belong to the company.
前款规定适用于持有公司5%以上有表决权股份的法人股东的董事、监事和高级管理人员。
The provisions of the preceding paragraph shall apply to the directors, supervisors, and senior management personnel of legal person shareholders holding 5% or more of the voting shares of the company.
证券业从业人员、证券业管理人员和国家规定禁止买卖股票的其他人员，不得直接或者间接持有、买卖股票，但是买卖经批准发行的投资基金证券除外。
Securities industry practitioners, securities industry management personnel, and other personnel who are prohibited by state regulations from buying and selling stocks shall not directly or indirectly hold or buy or sell stocks, except for buying and selling approved investment fund securities.
为股票发行出具审计报告、资产评估报告、法律意见书等文件的有关专业人员，在该股票承销期内和期满后六个月内，不得购买或者持有该股票。
Relevant professionals who issue audit reports, asset appraisal reports, legal opinions, and other documents for stock issuance shall not purchase or hold such stocks during the underwriting period and within six months after its expiration.
为上市公司出具审计报告、资产评估报告、法律意见书等文件的有关专业人员，在其审计报告、资产评估报告、法律意见书等文件成为公开信息前，不得购买或者持有该公司的股票；成为公开信息后的五个工作日内，也不得购买该公司的股票。
Relevant professionals who issue audit reports, asset appraisal reports, legal opinions, and other documents for listed companies shall not purchase or hold the company's stocks before such documents become public information; nor shall they purchase the company's stocks within five working days after such documents become public information.
未依照国家有关规定经过批准，股份有限公司不得购回其发行在外的股票。
A joint stock limited company shall not repurchase its outstanding shares without approval in accordance with relevant state regulations.
未经证券委批准，任何人不得对股票及其指数的期权、期货进行交易。
Without approval from the Securities Commission, no person shall trade options or futures on stocks or stock indices.
任何金融机构不得为股票交易提供贷款。
No financial institution may provide loans for stock trading.
证券经营机构不得将客户的股票借与他人或者作为担保物。
Securities operating institutions may not lend customers' stocks to others or use them as collateral.
经批准从事证券自营、代理和投资基金管理业务中二项以上业务的证券经营机构，应当将不同业务的经营人员、资金、帐目分开。
A securities operating institution approved to engage in two or more of the businesses of securities proprietary trading, agency trading, and investment fund management shall separate the operating personnel, funds, and accounts for different businesses.
上市公司的收购
Acquisition of Listed Companies
任何个人不得持有一个上市公司5‰以上的发行在外的普通股；超过的部分，由公司在征得证监会同意后，按照原买入价格和市场价格中较低的一种价格收购。但是，因公司发行在外的普通股总量减少，致使个人持有该公司5‰以上发行在外的普通股的，超过的部分在合理期限内不予收购。
No individual may hold more than 5‰ of the outstanding ordinary shares of a listed company; the excess portion shall be purchased by the company, with the consent of the Securities Regulatory Commission, at the lower of the original purchase price and the market price. However, if the total number of outstanding ordinary shares of the company decreases, causing an individual to hold more than 5‰ of the outstanding ordinary shares, the excess portion shall not be purchased within a reasonable period.
外国和香港、澳门、台湾地区的个人持有的公司发行的人民币特种股票和在境外发行的股票，不受前款规定的5‰的限制。
The restriction of 5‰ in the preceding paragraph shall not apply to RMB special shares and shares issued overseas held by individuals from foreign countries and from Hong Kong, Macao, and Taiwan.
任何法人直接或者间接持有一个上市公司发行在外的普通股达到5%时，应当自该事实发生之日起三个工作日内，向该公司、证券交易场所和证监会作出书面报告并公告。但是，因公司发行在外的普通股总量减少，致使法人持有该公司5%以上发行在外的普通股的，在合理期限内不受上述限制。
When any legal person directly or indirectly holds 5% of the outstanding ordinary shares of a listed company, it shall, within three working days from the date of occurrence of such fact, make a written report and announcement to the company, the securities trading venue, and the Securities Regulatory Commission. However, if the total number of outstanding ordinary shares of the company decreases, causing a legal person to hold more than 5% of the outstanding ordinary shares, the above restriction shall not apply within a reasonable period.
任何法人持有一个上市公司5%以上的发行在外的普通股后，其持有该种股票的增减变化每达到该种股票发行在外总额的2%时，应当自该事实发生之日起三个工作日内，向该公司、证券交易场所和证监会作出书面报告并公告。
After any legal person holds more than 5% of the outstanding ordinary shares of a listed company, each time the increase or decrease in its holding of such shares reaches 2% of the total outstanding shares of that type, it shall, within three working days from the date of occurrence of such fact, make a written report and announcement to the company, the securities trading venue, and the Securities Regulatory Commission.
法人在依照前两款规定作出报告并公告之日起二个工作日内和作出报告前，不得再行直接或者间接买入或者卖出该种股票。
A legal person shall not directly or indirectly buy or sell such shares within two working days after making the report and announcement in accordance with the preceding two paragraphs and before making the report.
发起人以外的任何法人直接或者间接持有一个上市公司发行在外的普通股达到30%时，应当自该事实发生之日起四十五个工作日内，向该公司所有股票持有人发出收购要约，按照下列价格中较高的一种价格，以货币付款方式购买股票：
When any legal person other than the promoter directly or indirectly holds 30% of the outstanding ordinary shares of a listed company, it shall, within forty-five working days from the date of occurrence of such fact, make a tender offer to all shareholders of the company to purchase shares at the higher of the following prices, with payment in currency:
(一)在收购要约发出前十二个月内收购要约人购买该种股票所支付的最高价格；
(1) The highest price paid by the offeror for such shares during the twelve months prior to the issuance of the tender offer;
(二)在收购要约发出前三十个工作日内该种股票的平均市场价格。
(2) The average market price of such shares during the thirty working days prior to the issuance of the tender offer.
前款持有人发出收购要约前，不得再行购买该种股票。
Before issuing a tender offer, the holder mentioned in the preceding paragraph shall not purchase such shares again.
收购要约人在发出收购要约前应当向证监会作出有关收购的书面报告；在发出收购要约的同时应当向受要约人、证券交易场所提供本身情况的说明和与该要约有关的全部信息，并保证材料真实、准确、完整，不产生误导。
Before issuing a tender offer, the offeror shall submit a written report to the CSRC regarding the acquisition; at the same time as issuing the tender offer, the offeror shall provide the offerees and the securities trading venue with a description of its own situation and all information related to the offer, and ensure that the materials are true, accurate, complete, and not misleading.
收购要约的有效期不得少于三十个工作日，自收购要约发出之日起计算。自收购要约发出之日起三十个工作日内，收购要约人不得撤回其收购要约。
The validity period of a tender offer shall not be less than thirty working days, calculated from the date of issuance of the tender offer. Within thirty working days from the date of issuance of the tender offer, the offeror may not withdraw its tender offer.
收购要约的全部条件适用于同种股票的所有持有人。
All conditions of a tender offer shall apply to all holders of the same type of shares.
收购要约期满，收购要约人持有的普通股未达到该公司发行在外的普通股总数的50%的，为收购失败；收购要约人除发出新的收购要约外，其以后每年购买的该公司发行在外的普通股，不得超过该公司发行在外的普通股总数的5%。
If upon expiration of the tender offer, the common shares held by the offeror do not reach 50% of the total outstanding common shares of the company, the acquisition is deemed to have failed; except for issuing a new tender offer, the offeror's subsequent annual purchases of the company's outstanding common shares shall not exceed 5% of the total outstanding common shares of the company.
收购要约期满，收购要约人持有的普通股达到该公司发行在外的普通股总数的75%以上的，该公司应当在证券交易所终止交易。
If upon expiration of the tender offer, the common shares held by the offeror reach 75% or more of the total outstanding common shares of the company, the company shall be delisted from the stock exchange.
收购要约人要约购买股票的总数低于预受要约的总数时，收购要约人应当按照比例从所有预受收购要约的受要约人中购买该股票。
If the total number of shares the offeror intends to purchase is less than the total number of shares tendered, the offeror shall purchase such shares from all offerees who have accepted the tender offer on a pro rata basis.
收购要约期满，收购要约人持有的股票达到该公司股票总数的90%时，其余股东有权以同等条件向收购要约人强制出售其股票。
If upon expiration of the tender offer, the shares held by the offeror reach 90% of the total shares of the company, the remaining shareholders have the right to compulsorily sell their shares to the offeror on the same terms.
收购要约发出后，主要要约条件改变的，收购要约人应当立即通知所有受要约人。通知可以采用新闻发布会、登报或者其他传播形式。
After a tender offer is issued, if the main terms of the offer change, the offeror shall immediately notify all offerees. The notification may be made by press conference, newspaper publication, or other forms of dissemination.
收购要约人在要约期内及要约期满后三十个工作日内，不得以要约规定以外的任何条件购买该种股票。
During the offer period and within 30 working days after the offer period expires, the offeror shall not purchase such stocks on any terms other than those specified in the offer.
预受收购要约的受要约人有权在收购要约失效前撤回对该要约的预受。
An offeree who has pre-accepted a tender offer has the right to withdraw the pre-acceptance before the tender offer becomes invalid.
保管、清算和过户
Custody, Clearing, and Transfer
股票发行采取记名式。发行人可以发行簿记券式股票，也可以发行实物券式股票。簿记券式股票名册应当由证监会指定的机构保管。实物券式股票集中保管的，也应当由证监会指定的机构保管。
Stock issuance shall be in registered form. Issuers may issue book-entry stocks or physical certificate stocks. The register of book-entry stocks shall be kept by an institution designated by the Securities Regulatory Commission. If physical certificate stocks are centrally kept, they shall also be kept by an institution designated by the Securities Regulatory Commission.
未经股票持有人的书面同意，股票保管机构不得将该持有人的股票借与他人或者作为担保物。
Without the written consent of the stockholder, the stock custody institution shall not lend the stockholder's stocks to others or use them as collateral.
证券清算机构应当根据方便、安全、公平的原则，制定股票清算、交割的业务规则和内部管理规则。
Securities clearing institutions shall formulate business rules and internal management rules for stock clearing and delivery based on the principles of convenience, safety, and fairness.
证券清算机构应当按照公平的原则接纳会员。
Securities clearing institutions shall admit members in accordance with the principle of fairness.
证券保管、清算、过户、登记机构应当接受证监会监管。
Securities custody, clearing, transfer, and registration institutions shall accept supervision by the Securities Regulatory Commission.
上市公司的信息披露
Information Disclosure of Listed Companies
上市公司应当向证监会、证券交易场所提供下列文件：
A listed company shall provide the following documents to the securities regulatory authority and the stock exchange:
(一)在每个会计年度的前六个月结束后六十日内提交中期报告；
(1) Submit an interim report within sixty days after the end of the first six months of each fiscal year;
(二)在每个会计年度结束后一百二十日内提交经注册会计师审计的年度报告。
(2) Submit an annual report audited by a certified public accountant within one hundred and twenty days after the end of each fiscal year.
中期报告和年度报告应当符合国家的会计制度和证监会的有关规定，由上市公司授权的董事或者经理签字，并由上市公司盖章。
The interim report and annual report shall comply with the national accounting system and the relevant regulations of the securities regulatory authority, shall be signed by the authorized director or manager of the listed company, and shall be affixed with the company seal.
本条例第五十七条所列中期报告应当包括下列内容：
The interim report listed in Article 57 of these Regulations shall include the following contents:
(一)公司财务报告；
(1) Company financial report;
(二)公司管理部门对公司财务状况和经营成果的分析；
(2) Analysis by the company's management of the company's financial condition and operating results;
(三)涉及公司的重大诉讼事项；
(3) Major litigation matters involving the company;
(四)公司发行在外股票的变动情况；
(4) Changes in the company's outstanding shares;
(五)公司提交给有表决权的股东审议的重要事项；
(5) Important matters submitted by the company for consideration by shareholders entitled to vote.
(六)证监会要求载明的其他内容。
(6) Other contents as required by the Securities Regulatory Commission.
本条例第五十七条所列年度报告应当包括下列内容：
The annual report listed in Article 57 of these Regulations shall include the following contents:
(一)公司简况；
(1) A brief introduction of the company;
(二)公司的主要产品或者主要服务项目简况；
(2) A brief introduction of the company's main products or main services;
(三)公司所在行业简况；
(3) A brief introduction of the industry in which the company operates;
(四)公司所拥有的重要的工厂、矿山、房地产等财产简况；
(4) A brief introduction of the important factories, mines, real estate and other properties owned by the company;
(五)公司发行在外股票的情况，包括持有公司5%以上发行在外普通股的股东的名单及前十名最大的股东的名单；
(5) Information on the company's outstanding shares, including the list of shareholders holding more than 5% of the company's outstanding common shares and the list of the top ten largest shareholders;
(六)公司股东数量；
(6) The number of shareholders of the company;
(七)公司董事、监事和高级管理人员简况、持股情况和报酬；
(7) A brief introduction of the company's directors, supervisors and senior management, their shareholdings and remuneration;
(八)公司及其关联人一览表和简况；
(8) A list and brief introduction of the company and its related parties.
(九)公司近三年或者成立以来的财务信息摘要；
(9) A summary of the company's financial information for the past three years or since its establishment;
(十)公司管理部门对公司财务状况和经营成果的分析；
(10) The company's management analysis of the company's financial condition and operating results;
(十一)公司发行在外债券的变动情况；
(11) Changes in the company's outstanding bonds;
(十二)涉及公司的重大诉讼事项；
(12) Major litigation matters involving the company;
(十三)经注册会计师审计的公司最近二个年度的比较财务报告及其附表、注释；该上市公司为控股公司的，还应当包括最近二个年度的比较合并财务报告；
(13) Comparative financial reports for the most recent two fiscal years audited by certified public accountants, along with schedules and notes; if the listed company is a holding company, it shall also include comparative consolidated financial reports for the most recent two fiscal years;
(十四)证监会要求载明的其他内容。
(14) Other content required by the CSRC to be disclosed.
发生可能对上市公司股票的市场价格产生较大影响、而投资人尚未得知的重大事件时，上市公司应当立即将有关该重大事件的报告提交证券交易场所和证监会，并向社会公布，说明事件的实质。但是，上市公司有充分理由认为向社会公布该重大事件会损害上市公司的利益，且不公布也不会导致股票市场价格重大变动的，经证券交易场所同意，可以不予公布。
When a major event occurs that may have a significant impact on the market price of a listed company's stock and that investors have not yet become aware of, the listed company shall immediately submit a report on the major event to the securities trading venue and the CSRC, and disclose it to the public, explaining the substance of the event. However, if the listed company has sufficient reason to believe that disclosing the major event to the public would harm the company's interests, and that non-disclosure would not cause a significant change in the stock market price, it may refrain from disclosure with the consent of the securities trading venue.
前款所称重大事件包括下列情况：
The term 'major event' as mentioned in the preceding paragraph includes the following situations:
(一)公司订立重要合同，该合同可能对公司的资产、负债、权益和经营成果中的一项或者多项产生显著影响；
(1) The company enters into an important contract that may have a significant impact on one or more of the company's assets, liabilities, equity, and operating results;
(二)公司的经营政策或者经营项目发生重大变化；
(2) A major change in the company's business policy or business projects;
(三)公司发生重大的投资行为或者购置金额较大的长期资产的行为；
(3) The company engages in a major investment activity or acquires long-term assets of a significant amount;
(四)公司发生重大债务；
(4) The company incurs a major debt;
(五)公司未能归还到期重大债务的违约情况；
(5) The company fails to repay a major debt when due, constituting a default;
(六)公司发生重大经营性或者非经营性亏损；
(6) The company suffers a major operating or non-operating loss;
(七)公司资产遭受重大损失；
(7) The company's assets suffer a major loss;
(八)公司生产经营环境发生重要变化；
(8) The company's production or operating environment undergoes a significant change;
(九)新颁布的法律、法规、政策、规章等，可能对公司的经营有显著影响；
(9) Newly enacted laws, regulations, policies, or rules may have a significant impact on the company's operations;
(十)董事长、30%以上的董事或者总经理发生变动；
(10) The chairman of the board, more than 30% of the directors, or the general manager changes;
(十一)持有公司5%以上的发行在外的普通股的股东，其持有该种股票的增减变化每达到该种股票发行在外总额的2%以上的事实；
(11) A shareholder holding more than 5% of the outstanding common shares experiences an increase or decrease in their holdings that reaches 2% of the total outstanding shares of that class;
(十二)涉及公司的重大诉讼事项；
(12) A major litigation matter involving the company;
(十三)公司进入清算、破产状态。
(13) The company enters into liquidation or bankruptcy.
在任何公共传播媒介中出现的消息可能对上市公司股票的市场价格产生误导性影响时，该公司知悉后应当立即对该消息作出公开澄清。
When information appearing in any public communication medium may have a misleading impact on the market price of a listed company's stock, the company shall, upon becoming aware of it, immediately make a public clarification of such information.
上市公司的董事、监事和高级管理人员持有该公司普通股的，应当向证监会、证券交易场所和该公司报告其持股情况；持股情况发生变化的，应当自该变化发生之日起十个工作日内向证监会、证券交易场所和该公司作出报告。
Directors, supervisors, and senior management personnel of a listed company who hold ordinary shares of the company shall report their shareholding status to the CSRC, the securities trading venue, and the company; if the shareholding status changes, they shall report to the CSRC, the securities trading venue, and the company within ten working days from the date of such change.
前款所列人员在辞职或者离职后六个月内负有依照本条规定作出报告的义务。
The persons listed in the preceding paragraph shall have the obligation to make reports in accordance with this Article within six months after resignation or departure.
上市公司应当将要求公布的信息刊登在证监会指定的全国性报刊上。
A listed company shall publish the information required to be disclosed in a national newspaper designated by the CSRC.
上市公司在依照前款规定公布信息的同时，可以在证券交易场所指定的地方报刊上公布有关信息。
While publishing information in accordance with the preceding paragraph, a listed company may also publish relevant information in a local newspaper designated by the securities trading venue.
证监会应当将上市公司及其董事、监事、高级管理人员和持有公司5%以上的发行在外的普通股的股东所提交的报告、公告及其他文件及时向社会公开，供投资人查阅。
The CSRC shall promptly make publicly available for investors' inspection the reports, announcements, and other documents submitted by listed companies and their directors, supervisors, senior management personnel, and shareholders holding more than 5% of the outstanding ordinary shares of the company.
证监会要求披露的全部信息均为公开信息，但是下列信息除外：
All information required to be disclosed by the CSRC is public information, except for the following information:
(一) 法律、法规予以保护并允许不予披露的商业秘密；
(1) Trade secrets protected by laws and regulations and allowed not to be disclosed;
(二) 证监会在调查违法行为过程中获得的非公开信息和文件；
(2) Non-public information and documents obtained by the CSRC during the investigation of illegal activities.
(三) 根据有关法律、法规规定可以不予披露的其他信息和文件。
(3) Other information and documents that may be exempted from disclosure according to relevant laws and regulations.
股票持有人可以授权他人代理行使其同意权或者投票权。但是，任何人在征集二十五人以上的同意权或者投票权时，应当遵守证监会有关信息披露和作出报告的规定。
A stockholder may authorize another person to exercise his consent or voting rights on his behalf. However, any person soliciting consent or voting rights from 25 or more persons shall comply with the provisions of the Securities Regulatory Commission on information disclosure and reporting.
上市公司除应当向证监会、证券交易场所提交本章规定的报告、公告、信息及文件外，还应当按照证券交易场所的规定提交有关报告、公告、信息及文件，并向所有股东公开。
In addition to submitting the reports, announcements, information and documents specified in this Chapter to the Securities Regulatory Commission and the securities trading venue, a listed company shall also submit relevant reports, announcements, information and documents in accordance with the provisions of the securities trading venue, and make them public to all shareholders.
本条例第五十七条至第六十五条的规定，适用于已经公开发行股票，其股票并未在证券交易场所交易的股份有限公司。
The provisions of Articles 57 to 65 of these Regulations apply to joint stock limited companies that have publicly issued shares but whose shares are not traded on a securities trading venue.
调查和处罚
Investigation and Penalties
对违反本条例规定的单位和个人，证监会有权进行调查或者会同国家有关部门进行调查；重大的案件，由证券委组织调查。
For any unit or individual that violates the provisions of these Regulations, the Securities Regulatory Commission has the authority to investigate or conduct an investigation jointly with relevant state departments; for major cases, the Securities Committee shall organize the investigation.
证监会可以对证券经营机构的业务活动进行检查。
The Securities Regulatory Commission may inspect the business activities of securities operating institutions.
股份有限公司违反本条例规定，有下列行为之一的，根据不同情况，单处或者并处警告、责令退还非法所筹股款、没收非法所得、罚款；情节严重的，停止其发行股票资格：
If a joint stock limited company violates the provisions of these Regulations and commits any of the following acts, depending on the circumstances, it shall be given a warning, ordered to return the illegally raised share funds, confiscated illegal gains, or fined, either singly or concurrently; if the circumstances are serious, its qualification to issue shares shall be suspended:
(一)未经批准发行或者变相发行股票的；
(1) Issuing shares without approval or issuing shares in a disguised form;
(二)以欺骗或者其他不正当手段获准发行股票或者获准其股票在证券交易场所交易的；
(2) Obtaining approval to issue shares or to have its shares traded on a securities trading venue by deception or other improper means;
(三)未按照规定方式、范围发行股票，或者在招股说明书失效后销售股票的；
(3) Failing to issue stocks in accordance with the prescribed manner and scope, or selling stocks after the prospectus has become invalid;
(四)未经批准购回其发行在外的股票的。
(4) Repurchasing its outstanding stocks without approval.
对前款所列行为负有直接责任的股份有限公司的董事、监事和高级管理人员，给予警告或者处以三万元以上三十万元以下的罚款。
Directors, supervisors, and senior management personnel of a joint stock limited company who are directly responsible for the acts listed in the preceding paragraph shall be given a warning or fined not less than 30,000 yuan but not more than 300,000 yuan.
证券经营机构违反本条例规定，有下列行为之一的，根据不同情况，单处或者并处警告、没收非法获取的股票和其他非法所得、罚款；情节严重的，限制、暂停其证券经营业务或者撤销其证券经营业务许可：
Where a securities institution violates these Regulations by committing any of the following acts, depending on the circumstances, a warning shall be given alone or concurrently, illegal gains from stocks and other illegal income shall be confiscated, and a fine shall be imposed; if the circumstances are serious, its securities business shall be restricted or suspended, or its securities business license shall be revoked:
(一)未按照规定的时间、程序、方式承销股票的；
(1) Failing to underwrite stocks in accordance with the prescribed time, procedures, and manner;
(二)未按照规定发放股票认购申请表的；
(2) Failing to distribute stock subscription application forms in accordance with the regulations;
(三)将客户的股票借与他人或者作为担保物的；
(3) Lending a client's stocks to others or using them as collateral;
(四)收取不合理的佣金和其他费用的；
(4) Charging unreasonable commissions and other fees;
(五)以客户的名义为本机构买卖股票的；
(5) Buying or selling stocks in the name of a client for the institution's own account;
(六)挪用客户保证金的；
(6) Misappropriating a client's margin.
(七)在代理客户买卖股票活动中，与客户分享股票交易的利润或者分担股票交易的损失，或者向客户提供避免损失的保证的；
(7) Sharing profits or losses from stock transactions with clients in the course of acting as an agent for client stock trading, or providing guarantees to clients to avoid losses;
(八)为股票交易提供融资的。
(8) Providing financing for stock trading.
对前款所列行为负有责任的证券经营机构的主管人员和直接责任人员，给予警告或者处以三万元以上三十万元以下的罚款。
For the responsible supervisory personnel and directly responsible personnel of securities operating institutions who are liable for the acts listed in the preceding paragraph, a warning shall be given or a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed.
内幕人员和以不正当手段获取内幕信息的其他人员违反本条例规定，泄露内幕信息、根据内幕信息买卖股票或者向他人提出买卖股票的建议的，根据不同情况，没收非法获取的股票和其他非法所得，并处以五万元以上五十万元以下的罚款。
Where an insider or any other person who has obtained inside information by improper means violates these Regulations by disclosing inside information, buying or selling stocks based on inside information, or recommending others to buy or sell stocks, depending on the circumstances, the illegally obtained stocks and other illegal gains shall be confiscated, and a fine of not less than 50,000 yuan but not more than 500,000 yuan shall be imposed.
证券业从业人员、证券业管理人员和国家规定禁止买卖股票的其他人员违反本条例规定，直接或者间接持有、买卖股票的，除责令限期出售其持有的股票外，根据不同情况，单处或者并处警告、没收非法所得、五千元以上五万元以下的罚款。
Where securities industry practitioners, securities industry management personnel, and other persons prohibited by state regulations from buying or selling stocks violate these Regulations by directly or indirectly holding or buying or selling stocks, in addition to being ordered to sell the stocks they hold within a specified period, depending on the circumstances, a warning, confiscation of illegal gains, and/or a fine of not less than 5,000 yuan but not more than 50,000 yuan shall be imposed.
会计师事务所、资产评估机构和律师事务所违反本条例规定，出具的文件有虚假、严重误导性内容或者有重大遗漏的，根据不同情况，单处或者并处警告、没收非法所得、罚款；情节严重的，暂停其从事证券业务或者撤销其从事证券业务许可。
Where an accounting firm, asset appraisal institution, or law firm violates these Regulations by issuing documents with false, seriously misleading content, or material omissions, depending on the circumstances, a warning, confiscation of illegal gains, and/or a fine shall be imposed; if the circumstances are serious, its securities business shall be suspended or its securities business permit shall be revoked.
对前款所列行为负有直接责任的注册会计师、专业评估人员和律师，给予警告或者处以三万元以上三十万元以下的罚款；情节严重的，撤销其从事证券业务的资格。
For the certified public accountants, professional appraisers, and lawyers directly responsible for the acts listed in the preceding paragraph, a warning shall be given or a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed; if the circumstances are serious, their qualifications to engage in securities business shall be revoked.
任何单位和个人违反本条例规定，有下列行为之一的，根据不同情况，单处或者并处警告、没收非法获取的股票和其他非法所得、罚款：
Where any unit or individual violates these Regulations by committing any of the following acts, depending on the circumstances, a warning, confiscation of illegally obtained stocks and other illegal gains, and/or a fine shall be imposed:
(一)在证券委批准可以进行股票交易的证券交易场所之外进行股票交易的；
(1) Conducting stock trading outside the securities trading venues approved by the Securities Commission for stock trading;
(二)在股票发行、交易过程中，作出虚假、严重误导性陈述或者遗漏重大信息的；
(2) Making false, seriously misleading statements or omitting material information during the process of stock issuance or trading;
(三)通过合谋或者集中资金操纵股票市场价格，或者以散布谣言等手段影响股票发行、交易的；
(3) Manipulating stock market prices through collusion or concentration of funds, or affecting stock issuance or trading by spreading rumors or other means;
(四)为制造股票的虚假价格与他人串通，不转移股票的所有权或者实际控制，虚买虚卖的；
(4) Colluding with others to create false stock prices by buying and selling without transferring ownership or actual control, i.e., fictitious trading;
(五)出售或者要约出售其并不持有的股票，扰乱股票市场秩序的；
(5) Selling or offering to sell stocks that one does not hold, thereby disrupting stock market order;
(六)利用职权或者其他不正当手段，索取或者强行买卖股票，或者协助他人买卖股票的；
(6) Using official position or other improper means to demand or forcibly buy or sell stocks, or to assist others in buying or selling stocks;
(七)未经批准对股票及其指数的期权、期货进行交易的；
(7) Trading in options or futures on stocks or stock indices without approval;
(八)未按照规定履行有关文件和信息的报告、公开、公布义务的；
(8) Failing to fulfill the obligation to report, disclose, or publish relevant documents and information as required;
(九)伪造、篡改或者销毁与股票发行、交易有关的业务记录、财务帐簿等文件的；
(9) Forging, altering, or destroying business records, financial books, or other documents related to stock issuance or trading;
(十)其他非法从事股票发行、交易及其相关活动的。
(10) Other illegal activities related to stock issuance, trading, or related activities.
股份有限公司有前款所列行为，情节严重的，可以停止其发行股票的资格；证券经营机构有前款所列行为，情节严重的，可以限制、暂停其证券经营业务或者撤销其证券经营业务许可。
If a joint stock limited company commits any of the acts listed in the preceding paragraph, and the circumstances are serious, its qualification to issue stocks may be suspended; if a securities institution commits any of the acts listed in the preceding paragraph, and the circumstances are serious, its securities business may be restricted or suspended, or its securities business license may be revoked.
本条例第七十条、第七十一条、第七十二条、第七十四条规定的处罚，由证券委指定的机构决定；重大的案件的处罚，报证券委决定。本条例第七十三条规定的处罚，由有关部门在各自的职权范围内决定。
The penalties provided in Articles 70, 71, 72, and 74 of these Regulations shall be determined by the institution designated by the Securities Committee; penalties for major cases shall be reported to the Securities Committee for determination. The penalties provided in Article 73 of these Regulations shall be determined by the relevant departments within their respective authorities.
上市公司和证券交易所或者其他证券业自律性管理组织的会员及其工作人员违反本条例规定，除依照本条例规定给予行政处罚外，由证券交易所或者其他证券业自律性管理组织根据章程或者自律准则给予制裁。
Where a listed company, a stock exchange or other securities industry self-regulatory organization, or their members or staff violate these Regulations, in addition to administrative penalties imposed in accordance with these Regulations, the stock exchange or other securities industry self-regulatory organization shall impose sanctions in accordance with its articles of association or self-regulatory rules.
违反本条例规定，给他人造成损失的，应当依法承担民事赔偿责任。
Any person who violates these Regulations and causes losses to others shall bear civil liability for compensation in accordance with the law.
违反本条例规定，构成犯罪的，依法追究刑事责任。
Any violation of these Regulations that constitutes a crime shall be investigated for criminal liability in accordance with the law.
争议的仲裁
Arbitration of Disputes
与股票的发行或者交易有关的争议，当事人可以按照协议的约定向仲裁机构申请调解、仲裁。
For disputes related to the issuance or trading of stocks, the parties may apply to an arbitration institution for mediation or arbitration in accordance with the agreement between the parties.
证券经营机构之间以及证券经营机构与证券交易场所之间因股票的发行或者交易引起的争议，应当由证券委批准设立或者指定的仲裁机构调解、仲裁。
Disputes arising between securities business institutions or between securities business institutions and securities trading venues due to the issuance or trading of stocks shall be mediated or arbitrated by an arbitration institution approved or designated by the Securities Committee.
附则
Supplementary Provisions
本条例下列用语的含义：
The meanings of the following terms in these Regulations are:
(一)“股票”是指股份有限公司发行的、表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。
(1) "Stock" refers to a transferable written certificate issued by a joint stock limited company, representing the rights and obligations of its shareholders in proportion to their shareholdings.
“簿记券式股票”是指发行人按照证监会规定的统一格式制作的、记载股东权益的书面名册。
"Book-entry share" refers to a written register of shareholders' rights and interests produced by the issuer in a unified format prescribed by the Securities Regulatory Commission.
“实物券式股票”是指发行人在证监会指定的印制机构统一印制的书面股票。
"Physical share certificate" refers to a written stock uniformly printed by the issuer through a printing institution designated by the China Securities Regulatory Commission.
(二)“发行在外的普通股”是指公司库存以外的普通股。
(2) "Outstanding common stock" refers to common stock other than treasury stock.
(三)“公开发行”是指发行人通过证券经营机构向发行人以外的社会公众就发行人的股票作出的要约邀请、要约或者销售行为。
(3) "Public offering" refers to an invitation for offer, offer, or sale behavior made by an issuer through a securities operating institution to the public other than the issuer regarding the issuer's stock.
(四)“承销”是指证券经营机构依照协议包销或者代销发行人所发行股票的行为。
(4) "Underwriting" refers to the behavior of a securities operating institution to underwrite or sell on a commission basis the stock issued by an issuer in accordance with an agreement.
(五)“承销机构”是指以包销或者代销方式为发行人销售股票的证券经营机构。
(5) "Underwriting institution" refers to a securities operating institution that sells stock for an issuer by way of underwriting or selling on a commission basis.
(六)“包销”是指承销机构在发行期结束后将未售出的股票全部买下的承销方式。
(6) "Underwriting" (firm commitment) refers to an underwriting method in which the underwriting institution purchases all unsold stock after the issuance period ends.
(七)“代销”是指承销机构代理发售股票，在发行期结束后，将未售出的股票全部退还给发行人或者包销人的承销方式。
(7) "Selling on a commission basis" (best efforts) refers to an underwriting method in which the underwriting institution acts as an agent to sell stock, and after the issuance period ends, returns all unsold stock to the issuer or the underwriter.
(八)“公布”是指将本条例规定应当予以披露的文件刊载在证监会指定的报刊上的行为。
(8) "Publication" refers to the behavior of publishing documents that should be disclosed as stipulated in these Regulations in newspapers and periodicals designated by the China Securities Regulatory Commission.
(九)“公开”是指将本条例规定应当予以披露的文件备置于发行人及其证券承销机构的营业地和证监会，供投资人查阅的行为。
(9) "Disclosure" refers to the behavior of making documents that should be disclosed as stipulated in these Regulations available at the business premises of the issuer and its securities underwriting institution and at the China Securities Regulatory Commission for investors to consult.
(十)“要约”是指向特定人或者非特定人发出购买或者销售某种股票的口头的或者书面的意思表示。
(10) "Offer" refers to an oral or written expression of intent to purchase or sell a certain stock made to specific or non-specific persons.
(十一)“要约邀请”是指建议他人向自己发出要约的意思表示。
(11) "Solicitation" means an expression of intent suggesting that another person make an offer to the person expressing the intent.
(十二)“预受”是指受要约人同意接受要约的初步意思表示，在要约期满前不构成承诺。
(12) "Pre-acceptance" means a preliminary expression of intent by the offeree to accept the offer, which does not constitute acceptance before the expiration of the offer period.
(十三)“上市公司”是指其股票获准在证券交易场所交易的股份有限公司。
(13) "Listed company" means a joint stock limited company whose shares are approved for trading on a securities trading venue.
(十四)“内幕人员”是指任何由于持有发行人的股票，或者在发行人或者与发行人有密切联系的企业中担任董事、监事、高级管理人员，或者由于其会员地位、管理地位、监督地位和职业地位，或者作为雇员、专业顾问履行职务，能够接触或者获取内幕信息的人员。
(14) "Insider" means any person who, by virtue of holding shares of the issuer, or serving as a director, supervisor, or senior manager in the issuer or an enterprise closely related to the issuer, or due to their membership, management, supervisory, or professional position, or as an employee or professional advisor performing duties, has access to or obtains inside information.
(十五)“内幕信息”是指有关发行人、证券经营机构、有收购意图的法人、证券监督管理机构、证券业自律性管理组织以及与其有密切联系的人员所知悉的尚未公开的可能影响股票市场价格的重大信息。
(15) "Inside information" means material information that is known to the issuer, securities operating institution, legal person with acquisition intent, securities regulatory authority, securities industry self-regulatory organization, or persons closely related to them, which has not been disclosed and may affect the market price of stocks.
(十六)“证券交易场所”是指经批准设立的、进行证券交易的证券交易所和证券交易报价系统。
(16) "Securities trading venue" means a stock exchange or a securities trading quotation system established with approval for securities trading.
(十七)“证券业管理人员”是指证券管理部门和证券业自律性管理组织的工作人员。
(17) "Securities administrative personnel" means staff members of securities regulatory authorities and securities industry self-regulatory organizations.
(十八)“证券业从业人员”是指从事证券发行、交易及其他相关业务的机构的工作人员。
(18) "Securities industry practitioners" means staff members of institutions engaged in securities issuance, trading, and other related businesses.
证券经营机构和证券交易所的管理规定，另行制定。
Administrative regulations for securities operating institutions and stock exchanges shall be formulated separately.
公司内部职工持股不适用本条例。
The internal employee stock ownership of a company shall not be governed by these Regulations.
本条例由证券委负责解释。
These Regulations shall be interpreted by the Securities Commission.
本条例自发布之日起施行。
These Regulations shall come into force as of the date of promulgation.