第七十二条：经营管理制度健全、经营状况较好的大型的国有独资公司，可以由国务院授权行使资产所有者的权利。

Article 72 A large-scaled wholly state-owned company with sound operating and management system and good operating condition may be authorized by the State Council to exercise the proprietor's rights in respect of its assets.

第三章：股份有限公司的设立和组织机构

Chapter Three: Establishment And Organs Of A Joint Stock Limited Company

第一节：设立

Section One Establishment

第七十三条：设立股份有限公司，应当具备下列条件：

Article 73 The establishment of a joint stock limited company is subject to the following conditions:

（一）发起人符合法定人数；

(i) The number of sponsors meets legal requirement;

（二）发起人认缴和社会公开募集的股本达到法定资本最低限额；

(ii) The amount of capital stocks subscribed for by the sponsors and publicly placed reaches the legally-prescribed minimum capital level;

（三）股份发行、筹办事项符合法律规定；

(iii) The issue of its shares and the preparation for its establishment comply with the law;

（四）发起人制订公司章程，并经创立大会通过；

(iv) The sponsors prepare the articles of association, and such articles of association are adopted by the establishment meeting;

（五）有公司名称，建立符合股份有限公司要求的组织机构；

(v) There is a company name, and the organs complying with the requirements for a joint stock limited company are established;

（六）有固定的生产经营场所和必要的生产经营条件。

(vi) There is a permanent place of business and there are necessary conditions for production and operation.

第七十四条：股份有限公司的设立，可以采取发起设立或者募集设立的方式。

Article 74 A joint stock limited company may be established either by sponsorship or public share offer.

发起设立，是指由发起人认购公司应发行的全部股份而设立公司。

Establishment by sponsorship means establishment of the company through subscription by the sponsors for all the shares to be issued by the company.

募集设立，是指由发起人认购公司应发行股份的一部分，其余部分向社会公开募集而设立公司。

Establishment by public share offer means establishment of the company through subscription by sponsors for part of the shares to be issued by the company, and public placement of the remaining shares.

第七十五条：设立股份有限公司，应当有五人以上为发起人，其中须有过半数的发起人在中国境内有住所。

Article 75 In order to establish a joint stock limited company, there shall be not fewer than 5 sponsors, half of whom shall be domiciled in China.

国有企业改建为股份有限公司的，发起人可以少于五人，但应当采取募集设立方式。

In the case of reorganization of a state-owned enterprise into a joint stock limited company, there may be fewer than 5 sponsors, provided that such joint stock limited company shall be established by public share offer.

第七十六条：股份有限公司发起人，必须按照本法规定认购其应认购的股份，并承担公司筹办事务。

Article 76 Sponsors of a joint stock limited company must subscribe for the shares as required and conduct preparations for the establishment of the company in accordance herewith.

第七十七条：股份有限公司的设立，必须经过国务院授权的部门或者省级人民政府批准。

Article 77 Establishment of a joint stock limited company is subject to approval by the department authorized by the State Council, or the People's Government at the provincial level.

第七十八条：股份有限公司的注册资本为在公司登记机关登记的实收股本总额。

Article 78 The registered capital of a joint stock limited company shall be the total amount of share capital which is paid in and registered with the company registration authority.

股份有限公司注册资本的最低限额为人民币一千万元。股份有限公司注册资本最低限额需高于上述所定限额的，由法律、行政法规另行规定。

The minimum registered capital of a joint stock limited company may not be less than Renminbi 10,000,000 Yuan. Where the minimum level of registered capital required for a joint stock limited company exceeds the minimum level prescribed above, such minimum level shall be separately prescribed by the relevant national statutes and administrative regulations.

第七十九条：股份有限公司章程应当载明下列事项：

Article 79 The articles of association of a joint stock limited company shall set forth the following:

（一）公司名称和住所；

(i) its name and domicile;

（二）公司经营范围；

(ii) its business scope;

（三）公司设立方式；

(iii) the method for its establishment;

（四）公司股份总数、每股金额和注册资本；

(iv) the total number of shares of the company, the value of each share, and the registered capital of the company;

（五）发起人的姓名或者名称、认购的股份数；

(v) the names of the sponsors and the number of shares they have subscribed for;

（六）股东的权利和义务；

(vi) the rights and obligations of shareholders;

（七）董事会的组成、职权、任期和议事规则；

(vii) the composition of the board of directors, its authorities, term, and rules of conducting business;

（八）公司法定代表人；

(viii) its legal representative;

（九）监事会的组成、职权、任期和议事规则；

(ix) the composition of the board of supervisors, its authorities, term, and rules of conducting business;

（十）公司利润分配办法；

(x) the method for company profit distribution;

（十一）公司的解散事由与清算办法；

(xi) the causes for its dissolution and the method for its liquidation;

（十二）公司的通知和公告办法；

(xii) the method for giving notice and making public announcement;

（十三）股东大会认为需要规定的其他事项。

(xiii) other matters which the shareholders' general committee deems necessary to provide for.

第八十条：发起人可以用货币出资，也可以用实物、工业产权、非专利技术、土地使用权作价出资。对作为出资的实物、工业产权、非专利技术或者土地使用权，必须进行评估作价，核实财产，并折合为股份。不得高估或者低估作价。土地使用权的评估作价，依照法律、行政法规的规定办理。

Article 80 A sponsor may contribute his share capital in the form of cash, or in the form of tangible goods, industrial property, non-patented technology or land use rights at certain value. If share capital is contributed in the form of tangible goods, industrial property, non-patented technology or land use rights, they must be appraised and the property rights therein must be verified, whereupon the value thereof shall be converted into shares. The contributed items may not be overvalued or undervalued. The appraisal of land use rights shall be carried out in accordance with the provisions of the relevant national statutes and administrative regulations.

发起人以工业产权、非专利技术作价出资的金额不得超过股份有限公司注册资本的百分之二十。

The value of the industrial property and non-patented technology contributed as share capital by the sponsors shall not exceed 20 percent of the total registered capital.

第八十一条：国有企业改建为股份有限公司时，严禁将国有资产低价折股、低价出售或者无偿分给个人。

Article 81 In the case of reorganizing a state-owned enterprise into a joint stock limited company, conversion of state assets into shares through under-valuation, sale of state assets at low price, or distribution of state assets to individuals without compensation are strictly prohibited.

第八十二条：以发起设立方式设立股份有限公司的，发起人以书面认足公司章程规定发行的股份后，应即缴纳全部股款；以实物、工业产权、非专利技术或者土地使用权抵作股款的，应当依法办理其财产权的转移手续。

Article 82 In the case of establishing a joint stock limited company by sponsorship, upon the sponsors' full subscription in writing for the shares to be issued as prescribed in the articles of association, the sponsors shall promptly pay the share proceeds in full; where tangible goods, industrial property, non-patented technology or land use rights are contributed in lieu of money, the property rights therein shall be transferred in accordance with legally prescribed procedures.

发起人交付全部出资后，应当选举董事会和监事会，由董事会向公司登记机关报送设立公司的批准文件、公司章程、验资证明等文件，申请设立登记。

Upon full contribution of the share capital which the sponsors have subscribed for, they shall elect members to the board of directors and the board of supervisors, and the board of directors shall apply for establishment registration by submitting the document approving the establishment of the company, the articles of association, and the capital verification certificate, etc. to the company registration authority.

第八十三条：以募集设立方式设立股份有限公司的，发起人认购的股份不得少于公司股份总数的百分之三十五，其余股份应当向社会公开募集。

Article 83 In the case of establishing a joint stock limited company by public share offer, the shares subscribed for by the sponsors shall be not less than 35 percent of the total number of shares of the company, and the remaining shares shall be openly offered to the public.

第八十四条：发起人向社会公开募集股份时，必须向国务院证券管理部门递交募股申请，并报送下列主要文件：

Article 84 In offering shares to the public, the sponsors shall deliver an application for public share offer to the securities regulatory authority under the State Council, and submit thereto the following main documents:

（一）批准设立公司的文件；

(i) the document approving the establishment of the company;

（二）公司章程；

(ii) the articles of association;

（三）经营估算书；

(iii) the operating forecast report;

（四）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；

(iv) the names of the sponsors, the number of shares they have subscribed for, the nature of their share capital contribution, and the capital verification certificate;

（五）招股说明书；

(v) the prospectus;

（六）代收股款银行的名称及地址；

(vi) the name and address of the depository bank for the share proceeds;

（七）承销机构名称及有关的协议。

(vii) the name of the underwriter and related agreements.

未经国务院证券管理部门批准，发起人不得向社会公开募集股份。

Without approval by the securities regulatory authority under the State Council, the sponsors my not offer shares to the public.

第八十五条：经国务院证券管理部门批准，股份有限公司可以向境外公开募集股份，具体办法由国务院作出特别规定。

Article 85 Upon approval by the securities regulatory authority under the State Council, a joint stock limited company may offer shares to the public overseas, and the detailed procedure shall be specially prescribed by the State Council.

第八十六条：国务院证券管理部门对符合本法规定条件的募股申请，予以批准；对不符合本法规定的募股申请，不予批准。

Article 86 The securities regulatory authority under the State Council shall approve an application for public share offer which meets the requirements prescribed herein; and shall not approve any application for public share offer which fails to meet the requirements prescribed herein.

对已作出的批准如发现不符合本法规定的，应予撤销。尚未募集股份的，停止募集；已经募集的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。

If it is discovered that an approval given is not in compliance with the requirements prescribed herein, it shall be revoked. Where no share has been placed, such share offer shall be terminated; where shares have been placed, the subscribers may demand that the sponsors return the share proceeds paid, together with the interest thereon as if they have been deposited in a bank for a like period.

第八十七条：招股说明书应当附有发起人制订的公司章程，并载明下列事项：

Article 87 The prospectus shall be accompanied with the articles of association prepared by the sponsors, and shall set forth the following:

（一）发起人认购的股份数；

(i) the number of shares subscribed for by the sponsors;

（二）每股的票面金额和发行价格；

(ii) the par value and issuing price of each share;

（三）无记名股票的发行总数；

(iii) the total number of bearer share certificates issued;

（四）认股人的权利、义务；

(iv) the rights and obligations of the subscribers;

（五）本次募股的起止期限及逾期未募足时认股人可撤回所认股份的说明。

(v) the commencing time and expiration time of the share offer, and a statement that in the event the shares have not be placed in full upon the expiration time, the subscribers may revoke their share subscriptions.

第八十八条：发起人向社会公开募集股份，必须公告招股说明书，并制作认股书。认股书应当载明前条所列事项，由认股人填写所认股数、金额、住所，并签名、盖章。认股人按照所认股数缴纳股款。

Article 88 In a public share offer, the sponsors shall make the prospectus available to the public and prepare the share subscription form. The share subscription form shall contain the items listed in the previous Article, and a subscriber shall fill in the following: the number of shares subscribed for, the amount of share proceeds, and his or her domicile, and shall sign or impress his chop on the form. A subscriber shall pay the share proceeds according to the number of shares he has subscribed for.

第八十九条：发起人向社会公开募集股份，应当由依法设立的证券经营机构承销，签订承销协议。

Article 89 The sponsors' share offer to the public shall be underwritten by a securities underwriter established in accordance with the law, and an underwriting agreement shall be executed.

第九十条：发起人向社会公开募集股份，应当同银行签订代收股款协议。

Article 90 When conducting public share offer, the sponsors shall execute an agreement with a bank for deposit of share proceeds.

代收股款的银行应当按照协议代收和保存股款，向缴纳股款的认股人出具收款单据，并负有向有关部门出具收款证明的义务。

The depository bank shall collect and hold the share proceeds in accordance with the agreement, and issue receipts to subscribers who have paid their share proceeds, and is obligated to provide to the relevant authority a certificate for receipt of share proceeds.

第九十一条：发行股份的股款缴足后，必须经法定的验资机构验资并出具证明。发起人应当在三十日内主持召开公司创立大会。创立大会由认股人组成。

Article 91 After the proceeds from issue of the shares are paid in full, the share capital must be verified by a legally-prescribed capital verification institution and a certificate shall be issued thereby. Within 30 days, the sponsors shall hold and preside over the establishment meeting, which is composed of the subscribers.

发行的股份超过招股说明书规定的截止期限尚未募足的，或者发行股份的股款缴足后，发起人在三十日内未召开创立大会的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。

If the issued shares are not fully placed upon expiration of the time limit prescribed in the prospectus, or the sponsors fail to hold the establishment meeting within 30 days of full payment of the proceeds from issue of the shares, the subscribers may demand that the sponsors return the share proceeds paid, together with the interest thereon as if they have been deposited in a bank for a like period.

第九十二条：发起人应当在创立大会召开十五日前将会议日期通知各认股人或者予以公告。创立大会应有代表股份总数二分之一以上的认股人出席，方可举行。

Article 92 The sponsors shall notify each subscriber of the date of the establishment meeting or make a public announcement for such meeting 15 days in advance. The establishment meeting may not be held unless attended by subscribers representing at least half of the shares.

创立大会行使下列职权：

The establishment meeting shall exercise the following authorities:

（一）审议发起人关于公司筹办情况的报告；

(1) considering the report on pre-establishment activities prepared by the sponsors;

（二）通过公司章程；

(2) adopting the articles of association;

（三）选举董事会成员；

(3) electing members of the board of directors;

（四）选举监事会成员；

(4) electing members of the board of supervisors;

（五）对公司的设立费用进行审核；

(5) verifying expenses incurred for the establishment of the company;

（六）对发起人用于抵作股款的财产的作价进行审核；

(6) verifying the value of the assets contributed by the sponsors in lieu of share proceeds;

（七）发生不可抗力或者经营条件发生重大变化直接影响公司设立的，可以作出不设立公司的决议。

(7) where an event of force majeure or any material change in operating condition affecting the company's establishment has occurred, a resolution not to establish the company may be adopted.

创立大会对前款所列事项作出决议，必须经出席会议的认股人所持表决权的半数以上通过。

A resolution adopted at the establishment meeting on any of the matters mentioned in the previous Paragraph requires affirmative votes by subscribers representing at least half of the votes attending the meeting.

第九十三条：发起人、认股人缴纳股款或者交付抵作股款的出资后，除未按期募足股份、发起人未按期召开创立大会或者创立大会决议不设立公司的情形外，不得抽回其股本。

Article 93 Upon payment of the share proceeds or delivery of the items as contribution of share capital in lieu of share proceeds, the sponsors and subscribers may not withdraw their share capital, except where the shares issued are not fully placed in time, the sponsors fail to hold the establishment meeting in time, or the establishment meeting adopts a resolution not to establish the company.

第九十四条：董事会应于创立大会结束后三十日内，向公司登记机关报送下列文件，申请设立登记：

Article 94 Within 30 days of the completion of the establishment meeting, the board of directors shall apply for establishment registration by submitting to the company registration authority the following:

（一）有关主管部门的批准文件；

(i) the approval document issued by the relevant authority;

（二）创立大会的会议记录；

(ii) the minutes of the establishment meeting;

（三）公司章程；

(iii) the articles of association;

（四）筹办公司的财务审计报告；

(iv) the financial auditing report on pre-establishment activities;

（五）验资证明；

(v) the capital verification certificate;

（六）董事会、监事会成员姓名及住所；

(vi) the names and domiciles of members of the board of directors and the board of supervisors;

（七）法定代表人的姓名、住所。

(vii) the name and domicile of the legal representative.

第九十五条：公司登记机关自接到股份有限公司设立登记申请之日起三十日内作出是否予以登记的决定。对符合本法规定条件的，予以登记，发给公司营业执照；对不符合本法规定条件的，不予登记。

Article 95 The company registration authority shall decide whether to grant registration to the joint stock limited company within 30 days of receipt of the application for establishment registration. Where the application meets the requirements prescribed herein, registration shall be granted and the company shall be issued a business license; where the application fails to meet the requirements prescribed herein, registration shall not be granted.

公司营业执照签发日期，为公司成立日期。公司成立后，应当进行公告。

The date on which the business license is issued shall be the date of the company's establishment. Upon establishment, the company shall make a public announcement.

股份有限公司经登记成立后，采取募集设立方式的，应当将募集股份情况报国务院证券管理部门备案。

If established through public share offer, upon establishment and registration, the joint stock limited company shall submit to the securities regulatory authority under the State Council a report on the share offer activities for filing.

第九十六条：设立股份有限公司的同时设立分公司的，应当就所设分公司向公司登记机关申请登记，领取营业执照。

Article 96 Where a branch company is to be established contemporaneous with the establishment of a joint stock limited company, an application for registration of such branch company shall be submitted to the company registration authority, and it shall be issued a business license.

股份有限公司成立后设立分公司，应当由公司法定代表人向公司登记机关申请登记，领取营业执照。

Where a branch company is to be established after the joint stock limited company's establishment, the company's legal representative shall apply to the company registration authority for registration of such branch company, and it shall be issued a business license.

第九十七条：股份有限公司的发起人应当承担下列责任：

Article 97 The sponsors of a joint stock limited company shall bear liabilities as follows:

（一）公司不能成立时，对设立行为所产生的债务和费用负连带责任；

(i) in the event of failure to establish the company, being jointly and severally liable for the debts and expenses incurred as a result of the pre-establishment activities;

（二）公司不能成立时，对认股人已缴纳的股款，负返还股款并加算银行同期存款利息的连带责任；

(ii) in the event of failure to establish the company, being jointly and severally liable for the return of share proceeds paid by the subscribers, together with the interest thereon as if they have been deposited in a bank for a like period.

（三）在公司设立过程中，由于发起人的过失致使公司利益受到损害的，应当对公司承担赔偿责任。

(iii) if the company's interest is harmed in the course of its establishment due to the negligence of the sponsors, being liable to the company for damages.

第九十八条：有限责任公司变更为股份有限公司，应当符合本法规定的股份有限公司的条件，并依照本法有关设立股份有限公司的程序办理。

Article 98 Where a limited liability company is to be converted into a joint stock limited company, the requirements for establishing a joint stock limited company prescribed herein shall be met, and the conversion shall be carried out in accordance with the procedure for the establishment of a joint stock limited company prescribed herein.

第九十九条：有限责任公司依法经批准变更为股份有限公司时，折合的股份总额应当相等于公司净资产额。有限责任公司依法经批准变更为股份有限公司，为增加资本向社会公开募集股份时，应当依照本法有关向社会公开募集股份的规定办理。

Article 99 Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, the total value of the converted shares shall be equivalent to the company's net assets value. Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, and its shares are offered to the public for the purpose of increasing capital, such share offer shall be carried out in accordance with the provisions herein governing public share offer.

第一百条：有限责任公司依法变更为股份有限公司的，原有限责任公司的债权、债务由变更后的股份有限公司承继。

Article 100 Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, the creditor's rights and liabilities of the original company shall be assumed by the joint stock limited company resulting from the conversion.

第一百零一条：股份有限公司应当将公司章程、股东名册、股东大会会议记录、财务会计报告置备于本公司。

Article 101 A joint stock limited company shall maintain its articles of association, the record of shareholders, the minutes of meetings of shareholders' general committee, and its financial and accounting reports on the company's premises.

第二节：股东大会

Section Two： Shareholders' General Committee

第一百零二条：股份有限公司由股东组成股东大会。股东大会是公司的权力机构，依照本法行使职权。

Article 102 The shareholders' General Committee of a joint stock limited company is composed of all shareholders. The shareholders' general committee is the company's organ of authority, and shall exercise its authorities in accordance herewith.

第一百零三条：股东大会行使下列职权：

Article 103 The shareholder's general committee shall exercise the following authorities:

（一）决定公司的经营方针和投资计划；

(i) determining the company's operational guidelines and investment plans;

（2）选举和更换董事，决定有关董事的报酬事项；

(ii) electing and replacing members of the board of directors, and deciding upon matters relating to their remuneration;

（三）选举和更换由股东代表出任的监事，决定有关监事的报酬事项；

(3) electing and replacing members of the board of supervisors who are the shareholders' representatives, and deciding upon matters relating to the remuneration of the supervisors;

（四）审议批准董事会的报告；

(iv) considering and approving reports by the board of directors;

（五）审议批准监事会的报告；

(v) considering and approving reports by the board of supervisors;

（六）审议批准公司的年度财务预算方案、决算方案；

(vi) considering and approving annual financial budget plans and final accounting plans of the company;

（7）审议批准公司的利润分配方案和弥补亏损方案；

(vii) considering and approving profit distribution plans and plans to cover company losses;

（八）对公司增加或者减少注册资本作出决议；

(viii) adopting resolutions regarding increase or reduction of registered capital by the company;

（9）对发行公司债券作出决议；

(ix) adopting resolutions on the issue of bonds by the company;

（十）对公司合并、分立、解散和清算等事项作出决议；

(x) adopting resolutions on merger, division, change of corporate form, dissolution and liquidation of the company;

（十一）修改公司章程。

(xi) amending the articles of association.

第一百零四条：股东大会应当每年召开一次年会。有下列情形之一的，应当在二个月内召开临时股东大会：

Article 104 The shareholders' general committee shall hold an annual meeting each year. An interim meeting of the shareholders' general committee shall be held within 2 months upon the occurrence of any of the following circumstances:

（一）董事人数不足本法规定的人数或者公司章程所定人数的三分之二时；

(i) The number of directors falls below the number prescribed herein or below two-thirds of the number prescribed in the articles of association;

（二）公司未弥补的亏损达股本总额三分之一时；

(ii) The company's losses which are not covered have reached one-third of the total amount of the share capital;

（三）持有公司股份百分之十以上的股东请求时；

(iii) Shareholders holding at least 10 percent of the company's stocks make a request;

（四）董事会认为必要时；

(iv) The board of directors deems necessary;

（五）监事会提议召开时。

(v) The board of supervisors proposes for such a meeting.

第一百零五条：股东大会会议由董事会依照本法规定负责召集，由董事长主持。董事长因特殊原因不能履行职务时，由董事长指定的副董事长或者其他董事主持。召开股东大会，应当将会议审议的事项于会议召开三十日以前通知各股东。临时股东大会不得对通知中未列明的事项作出决议。

Article 105 A meeting of shareholders general committee shall be called by the board of directors in accordance with herewith, and shall be presided over by the chairman of the board. Where the chairman is unable to perform his duties due to any special reason, the meeting shall be presided over by the vice-chairman appointed by the chairman or another director appointed by the chairman. In order to hold a meeting of shareholders' general committee, notice concerning the matters to be considered at the meeting shall be given to each shareholder 30 days in advance. An interim meeting of shareholders' general committee may not adopt any resolution on matters not stated in the notice.

发行无记名股票的，应当于会议召开四十五日以前就前款事项作出公告。

Where the company has issued bearer share certificates, a public notice concerning matters set forth in the previous Paragraph shall be made 45 days prior to the meeting.

无记名股票持有人出席股东大会的，应当于会议召开五日以前至股东大会闭会时止将股票交存于公司。

When attending a meeting of shareholders' general committee, holders of bearer share certificates shall deposit such certificates at the company from the 5th day prior to the meeting until the closing of the meeting.

第一百零六条：股东出席股东大会，所持每一股份有一表决权。

Article 106 When a shareholder attends the meeting of shareholders' general committee, each share he holds is entitled to one vote.

股东大会作出决议，必须经出席会议的股东所持表决权的半数以上通过。股东大会对公司合并、分立或者解散公司作出决议，必须经出席会议的股东所持表决权的三分之二以上通过。

A resolution adopted by the shareholders' general committee requires affirmative votes by a majority of the votes held by shareholders attending the meeting. The shareholders' general committee's adoption of a resolution for merger, division or dissolution of the company requires affirmative votes by at least two-thirds of the votes held by shareholders attending the meeting.

第一百零七条：修改公司章程必须经出席股东大会的股东所持表决权的三分之二以上通过。

Article 107 An amendment to the articles of association requires affirmative votes by at least two-thirds of the votes held by shareholders attending the meeting of shareholders' general committee.

第一百零八条：股东可以委托代理人出席股东大会，代理人应当向公司提交股东授权委托书，并在授权范围内行使表决权。

Article 108 A shareholder may attend a meeting of shareholders' general committee by proxy, the proxy holder shall present the proxy statement issued by the shareholder to the company, and shall exercise his voting rights to the extent authorized by the proxy.

第一百零九条：股东大会应当对所议事项的决定作成会议记录，由出席会议的董事签名。会议记录应当与出席股东的签名册及代理出席的委托书一并保存。

Article 109 The shareholders' general committee shall prepare minutes regarding the decisions on matters considered at the meeting, which shall be signed by the directors attending the meeting. The minutes shall be maintained together with the record containing signatures of the shareholders attending the meeting and the proxy statements.

第一百一十条：股东有权查阅公司章程、股东大会会议记录和财务会计报告，对公司的经营提出建议或者质询。

Article 110 A shareholder is entitled to inspect the articles of association, the minutes of meetings of shareholders' general committee and the financial and accounting reports of the company, and is entitled to make a proposal or inquiry concerning the company's operation.

第一百一十一条：股东大会、董事会的决议违反法律、行政法规，侵犯股东合法权益的，股东有权向人民法院提起要求停止该违法行为和侵害行为的诉讼。

Article 111 Where a resolution adopted by the shareholders' general committee or the board of directors violates the relevant national statutes or administrative regulations, or infringes on the rights and interests of the shareholders, a shareholder is entitled to bring a suit to the People's Court to enjoin such illegal act or infringing act.

第三节：董事会、经理

Section Three： Board Of Directors And General Manager

第一百一十二条：股份有限公司设董事会，其成员为五人至十九人。

Article 112 A joint stock limited company shall have a board of directors, which shall be composed of not fewer than 5 but not more than 19 members.

董事会对股东大会负责，行使下列职权：

The board of directors is accountable to the shareholders' general committee, and shall exercise the following authorities:

（一）负责召集股东大会，并向股东大会报告工作；

(i) being responsible for calling meetings of shareholders' general committee, and presenting reports thereto;

（二）执行股东大会的决议；

(ii) implementing resolutions adopted by the shareholders' general committee;

（3）决定公司的经营计划和投资方案；

(iii) determining the company's operating plans and investment programs;

（四）制订公司的年度财务预算方案、决算方案；

(iv) preparing annual financial budget plans and final accounting plans of the company;

（5）制订公司的利润分配方案和弥补亏损方案；

(v) preparing the company's profit distribution plans and plans to cover company losses;

（六）制订公司增加或者减少注册资本的方案以及发行公司债券的方案；

(vi) preparing plans for increasing or reducing registered capital by the company, and plans to issue company bonds;

（七）拟订公司合并、分立、解散的方案；

(vii) drafting plans for merger, division or dissolution of the company;

（八）决定公司内部管理机构的设置；

(viii) determining the structure of the company's internal management;

（九）聘任或者解聘公司经理，根据经理的提名，聘任或者解聘公司副经理、财务负责人，决定其报酬事项；

(ix) appointing or removing the general manager of the company; appointing or removing, upon the general manager's recommendation, deputy general managers of the company and the officer in charge of finance; and determining the remuneration for those officers;

（10）制定公司的基本管理制度。

(x) formulating the company's basic management scheme.

第一百一十三条：董事会设董事长一人，可以设副董事长一至二人。董事长和副董事长由董事会以全体董事的过半数选举产生。

Article 113 The board of directors shall have a chairman, and may have one or two vice-chairmen. The chairman and vice-chairman shall be elected by the board of directors through affirmative votes by a majority of the directors.

董事长为公司的法定代表人。

The chairman is the legal representative of the company.

第一百一十四条：董事长行使下列职权：

Article 114 The chairman shall exercise the following authorities:

（一）主持股东大会和召集、主持董事会会议；

(i) presiding over meetings of shareholders' general committee, and calling and presiding over meetings of the board of directors;

（二）检查董事会决议的实施情况；

(ii) supervising the implementation of resolutions adopted by the board of directors;

（三）签署公司股票、公司债券。

(iii) signing the share certificates and bond certificates of the company.

副董事长协助董事长工作，董事长不能履行职权时，由董事长指定的副董事长代行其职权。

The vice-chairman shall assist the chairman in his work. Where the chairman is unable to exercise his authorities, the vice-chairman appointed by the chairman shall exercise such authorities in his capacity.

第一百一十五条：董事任期由公司章程规定，但每届任期不得超过三年。董事任期届满，连选可以连任。

Article 115 The term of directors shall be prescribed by the articles of association, provided that each term shall not exceed 3 years. A director may continue to serve his post if he is re-elected upon the expiration of his term.

董事在任期届满前，股东大会不得无故解除其职务。

Prior to the expiration of a director's term, the shareholders' general committee may not remove him without cause.

第一百一十六条：董事会每年度至少召开二次会议，每次会议应当于会议召开十日以前通知全体董事。

Article 116 The board of directors shall hold meetings at least twice a year, and notice shall be given to all directors 10 days in advance.

董事会召开临时会议，可以另定召集董事会的通知方式和通知时限。

Where an interim meeting of the board of directors is to be held, the method and time limit for notification for calling the interim meeting may be prescribed separately.

第一百一十七条：董事会会议应由二分之一以上的董事出席方可举行。董事会作出决议，必须经全体董事的过半数通过。

Article 117 A meeting of the board of directors may not be held unless attended by at least half of the directors. A resolution adopted by the board of directors requires affirmative votes by a majority of all the directors.

第一百一十八条：董事会会议，应由董事本人出席。董事因故不能出席，可以书面委托其他董事代为出席董事会，委托书中应载明授权范围。

Article 118 A meeting of the board of directors shall be attended by each director in person. Where a director is unable to attend the meeting for cause, he may issue a written proxy entrusting another director to attend in his behalf, and the proxy shall set forth the scope of authorization.

董事会应当对会议所议事项的决定作成会议记录，出席会议的董事和记录员在会议记录上签名。

The board of directors shall prepare minutes regarding the decisions on matters considered at the meeting, which shall be signed by the directors attending the meeting and the person preparing the minutes.

董事应当对董事会的决议承担责任。董事会的决议违反法律、行政法规或者公司章程，致使公司遭受严重损失的，参与决议的董事对公司负赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的，该董事可以免除责任。

The directors shall be responsible for resolutions adopted by the board of directors. Where a resolution of the board violates any national statutes, administrative regulations or the articles of association, and causes the company to incur serious loss, those directors participating in the adoption of the resolution are liable to the company for damages. Provided, however, if a director is proven to have dissented at the vote adopting such resolution and such dissension was noted in the minutes, then the director may be exempt from liability.

第一百一十九条：股份有限公司设经理，由董事会聘任或者解聘。经理对董事会负责，行使下列职权：

Article 119 A joint stock limited company shall have a general manager, to be appointed or removed by the board. The general manager is accountable to the board and shall exercise the following authorities:

（1）主持公司的生产经营管理工作，组织实施董事会决议；

(i) being in charge of managing the company's production and operation, and organizing the implementation of resolutions adopted by the board;

（二）组织实施公司年度经营计划和投资方案；

(ii) organizing the implementation of annual operating plans and investment programs of the company;

拟订公司内部管理机构设置方案；

(iii) drafting the plan for the structure of the company's internal management;

拟订公司的基本管理制度；

(iv) drafting the basic management scheme of the company;

制定公司的具体规章；

(v) formulating detailed rules of the company;

提请聘任或者解聘公司副经理、财务负责人；

(vi) recommending for appointment or removal of the deputy general managers and the officer in charge of finance;

（七）聘任或者解聘除应由董事会聘任或者解聘以外的负责管理人员；

(vii) appointing and removing officers of the company other than those to be appointed or removed by the board;

公司章程和董事会授予的其他职权。

(viii) other authorities prescribed by the articles of association and delegated by the board.

经理列席董事会会议。

The general manager shall be present at board meetings.

第一百二十条：公司根据需要，可以由董事会授权董事长在董事会闭会期间，行使董事会的部分职权。

Article 120 In light of the needs of the company, the board of directors may authorize the chairman to exercise part of the authorities of the board when it is not in session.

公司董事会可以决定，由董事会成员兼任经理。

The board of directors of the company may decide that a board member is to serve concurrently as the general manager.

第一百二十一条：公司研究决定有关职工工资、福利、安全生产以及劳动保护、劳动保险等涉及职工切身利益的问题，应当事先听取公司工会和职工的意见，并邀请工会或者职工代表列席有关会议。

Article 121 When a company considers and decides upon matters which affect the personal interests of its workers, such as workers' wages, benefits, production safety and labor protection, or labor insurance, it shall first hear the opinions of the labor union and the workers of the company, and invite representatives of the labor union or the workers to be present at related meetings.

第一百二十二条：公司研究决定生产经营的重大问题、制定重要的规章制度时，应当听取公司工会和职工的意见和建议。

Article 122 When a company considers and decides upon major matters relating to its production and operation, or formulates important rules and standards, it shall hear the opinions and suggestions of the labor union and the workers.

第一百二十三条：董事、经理应当遵守公司章程，忠实履行职务，维护公司利益，不得利用在公司的地位和职权为自己谋取私利。

Article 123 The directors and the general manager shall abide by the articles of association, faithfully perform their duties, and safeguard the interests of the company, and may not abuse their positions and authorities at the company for private gain.

本法第五十七条至第六十三条有关不得担任董事、经理的规定以及董事、经理义务、责任的规定，适用于股份有限公司的董事、经理。

The provisions from Article 57 to Article 63 hereof setting forth the circumstances in which a person may not serve as a director or the general manager, and the obligations and responsibilities of the directors and the general manager shall apply to the directors and general manager of a joint stock limited company.

第四节：监事会

Section Four： Board Of Supervisors

第一百二十四条：股份有限公司设监事会，其成员不得少于三人。监事会应在其组成人员中推选一名召集人。

Article 124 A joint stock limited company shall have a board of supervisors, which shall be composed of not fewer than 3 members. The board of supervisors shall elect one member to serve as the person responsible for calling meetings.

监事会　由股东代表和适当比例的公司职工代表组成，具体比例由公司章程规定。监事会中的职工代表由公司职工民主选举产生。

The board of supervisors shall be composed of the shareholders' representative(s) and representative(s) of the workers of the company in an appropriate ratio to be prescribed by the articles of association. The workers' representative(s) on the board of supervisors shall be democratically elected by the workers of the company.

董事、经理　及财务负责人不得兼任监事。

A director, the general manager and the officer in charge of finance may not serve concurrently as a supervisor.

第一百二十五条：监事的任期每届为三年。监事任期届满，连选可以连任。

Article 125 Each term of a supervisor shall be three years, and a supervisor may continue to serve his post at the expiration of his term if he is re-elected.

第一百二十六条：监事会行使下列职权：

Article 126 The board of supervisors shall exercise the following authorities:

（一）检查公司的财务；

(i) reviewing the financial affairs of the company;

对董事、经理执行公司职务时违反法律、法规或者公司章程的行为进行监督；

(ii) monitoring the acts of the directors or the general manager to guard against violation of national statutes, administrative regulations or the articles of association in the course their performance of duties;

当董事和经理的行为损害公司的利益时，要求董事和经理予以纠正；

(iii) requiring the directors or the general manager to make rectification when any act thereof harms company interests;

（四）提议召开临时股东大会；

(iv) proposing for interim meetings of shareholders' general committee.

（五）公司章程规定的其他职权。

(v) other authorities prescribed by the articles of association.

监事列席董事会会议。

The supervisors shall be present at board meetings.

第一百二十七条：监事会的议事方式和表决程序由公司章程规定。

Article 127 The method for conducting business and voting procedure for the board of supervisors shall be prescribed by the articles of association.

第一百二十八条：监事应当依照法律、行政法规、公司章程，忠实履行监督职责。

Article 128 A supervisor shall perform his supervisory duties faithfully in accordance with the provisions of national statutes, administrative regulations, and the articles of association.

本法第五十七条至第五十九条、第六十二条至第六十三条有关不得担任监事的规定以及监事义务、责任的规定，适用于股份有限公司的监事。

The provisions from Article 57 to Article 59 hereof and from Article 62 to Article 63 hereof setting forth the circumstances in which a person may not serve as a supervisor, and the obligations and responsibilities of supervisors shall apply to the supervisors of a joint stock limited company.

股份有限公司的股份发行和转让

Issue And Transfer Of Shares Of A Joint Stock Limited Company

第一节：股份发行

Section One： Issue Of Shares

第一百二十九条：股份有限公司的资本划分为股份，每一股的金额相等。

Article 129 The capital of a joint stock limited company shall be divided into shares, and all the shares shall be of equal value.

公司的股份采取股票的形式。股票是公司签发的证明股东所持股份的凭证。

Shares of the company are represented by share certificates. A share certificate is a certificate issued by the company certifying the share held by a shareholder.

第一百三十条：股份的发行，实行公开、公平、公正的原则，必须同股同权，同股同利。

Article 130 When shares are issued, the principles of openness, fairness, and equity shall be followed, and each share in the same class must have the same rights and receive the same interests.

同次发行的股票，每股的发行条件和价格应当相同。任何单位或者个人所认购的股份，每股应当支付相同价额。

For shares issued at the same time, each share shall be issued on the same conditions and at the same price. All entities or individuals subscribing for shares shall pay the same price for each share.

第一百三十一条：股票发行价格可以按票面金额，也可以超过票面金额，但不得低于票面金额。

Article 131 The issuing price per share may be at par value, or above par value, but may not be below par value.

以超过票面金额为股票发行价格的，须经国务院证券管理部门批准。

The pricing of shares issued at above par value is subject to approval by the securities regulatory authority under the State Council.

以超过票面金额发行股票所得溢价款列入公司资本公积金。

The premium resulting from issuance of shares at a price above par value shall be allocated to the company's capital reserve fund.

股票溢价发行的具体管理办法由国务院另行规定。

The detailed regulatory measures concerning issuance of shares at a premium shall be prescribed by the State Council separately.

第一百三十二条：股票采用纸面形式或者国务院证券管理部门规定的其他形式。

Article 132 A share certificate shall be in paper form or in other forms prescribed by the securities regulatory authority under the State Council.

股票应当载明下列主要事项：

A share certificate shall set forth the following major items:

（一）公司名称；

(i) the name of the company;

（二）公司登记成立的日期；

(ii) the company's date of registration and establishment;

（三）股票种类、票面金额及代表的股份数；

(iii) the class and par value of the shares and the number of shares represented;

（四）股票的编号。

(iv) the serial number of the share certificate.

股票由董事长签名，公司盖章。

The share certificate shall be signed by the chairman of the board, and the company's chop shall be impressed thereon.

发起人的股票，应当标明发起人股票字样。

Share certificates held by the sponsors shall be marked with the words Sponsors' Share.

第一百三十三条：公司向发起人、国家授权投资的机构、法人发行的股票，应当为记名股票，并应当记载该发起人、机构或者法人的名称，不得另立户名或者以代表人姓名记名。

Article 133 Share certificates issued by the company to its sponsors, state authorized investment institutions, or legal persons shall be registered share certificates bearing the names of such sponsors, institutions, or legal persons, and may not be registered under any other names or in the names of their legal representatives.

对社会公众发行的股票，可以为记名股票，也可以为无记名股票。

Share certificates issued to the public may be in the form of either registered share certificates or bearer share certificates.

第一百三十四条：公司发行记名股票的，应当置备股东名册，记载下列事项：

Article 134 A company issuing registered share certificates shall maintain a record of shareholders, which shall set forth the following:

股东的姓名或者名称及住所；

(i) the name and domicile of each shareholder;

（二）各股东所持股份数；

(ii) the number of shares held by each shareholder;

（三）各股东所持股票的编号；

(iii) the serial numbers of share certificates held by each shareholder;

（四）各股东取得其股份的日期。

(iv) the date on which each shareholder acquired his shares.

发行无记名股票的，公司应当记载其股票数量、编号及发行日期。

A company issuing bearer share certificates shall record the number of such share certificates, their serial numbers and their issuing dates.

第一百三十五条：国务院可以对公司发行本法规定的股票以外的其他种类的股票，另行作出规定。

Article 135 The State Council may make separate stipulations relating to a company's issuance of shares of classes other than those prescribed herein.

第一百三十六条：股份有限公司登记成立后，即向股东正式交付股票。公司登记成立前不得向股东交付股票。

Article 136 Upon registration and establishment, a joint stock limited company shall promptly deliver the share certificates to its shareholders officially. Prior to registration and establishment, the company may not deliver any share certificate to its shareholders.

第一百三十七条：公司发行新股，必须具备下列条件：

Article 137 Issuance of new shares by a company is subject to the following conditions:

（一）前一次发行的股份已募足，并间隔一年以上；

(i) Previously issued shares have been fully subscribed for, and at least one year has passed since the previous share issue;

（二）公司在最近三年内连续盈利，并可向股东支付股利；

(ii) The company has been profitable consecutively for the most recent three years, and is able to pay dividends to its shareholders;

（三）公司在最近三年内财务会计文件无虚假记载；

(iii) The financial and accounting documents of the company contain no misrepresentation for the most recent three years;

（四）公司预期利润率可达同期银行存款利率。

(iv) the company's projected profit rate reaches the interest rate of bank deposits for a like period.

公司以当年利润分派新股，不受前款第（二）项限制。

Where the company distributes its current year profit in the form of new shares, issuance of such shares are exempt from the restriction prescribed in Item (ii) of the previous Paragraph.

第一百三十八条：公司发行新股，股东大会应当对下列事项作出决议：

Article 138 Where a company is to issue new shares, the shareholder's general committee shall adopt a resolution concerning the following:

（一）新股种类及数额；

(i) the classes and number of the new shares;

（二）新股发行价格；

(ii) the issuing price of the new shares;

（三）新股发行的起止日期；

(iii) the commencing and ending dates of issuance of the new shares;

（四）向原有股东发行新股的种类及数额。

(iv) the classes and number of new shares issued to the existing shareholders.

第一百三十九条：股东大会作出发行新股的决议后，董事会必须向国务院授权的部门或者省级人民政府申请批准。属于向社会公开募集的，须经国务院证券管理部门批准。

Article 139 Upon adoption of a resolution by the shareholders' general committee to issue new shares, the board of directors shall apply to the department authorized by the State Council or the People's Government at the provincial level for approval. Where the new shares are offered to the public, approval by the securities regulatory authority is required.

第一百四十条：公司经批准向社会公开发行新股时，必须公告新股招股说明书和财务会计报表及附属明细表，并制作认股书。

Article 140 When a company is approved to issue new shares to the public, it shall make public the prospectus for the issue of new shares, its financial and accounting statements and subsidiary statements, and shall prepare the subscription form.

公司向社会公开发行新股，应当由依法设立的证券经营机构承销，签订承销协议。

If the company offers new shares to the public, such share offer shall be underwritten by a lawfully established securities underwriter, and the company shall execute an underwriting agreement therewith.

第一百四十一条：公司发行新股，可根据公司连续盈利情况和财产增值情况，确定其作价方案。

Article 141 In issuing new shares, a company may determine the pricing scheme in light of the sustainable profitability of the company and the appreciation of the company's assets.

第一百四十二条：公司发行新股募足股款后，必须向公司登记机关办理变更登记，并公告。

Article 142 Upon full receipt of the share proceeds from the company's newly issued shares, the company shall carry out amendment registration with the company registration authority and shall make a public announcement.

第二节：股份转让

Section Two： Assignment Of Shares

第一百四十三条：股东持有的股份可以依法转让。

Article 143 Shares held by a shareholder may be assigned in accordance with the law.

第一百四十四条：股东转让其股份，必须在依法设立的证券交易场所进行。

Article 144 Assignment of shares by a shareholder must be carried out at a lawfully established securities exchange.

第一百四十五条：记名股票，由股东以背书方式或者法律、行政法规规定的其他方式转让。

Article 145 Assignment of registered share certificates is effected by the shareholder's endorsement thereof or by other methods prescribed by the relevant national statutes or administrative regulations.

记名股票的转让，由公司将受让人的姓名或者名称及住所记载于股东名册。

In the case of assignment of registered share certificates, the company shall record the assignee's name and domicile on the record of shareholders.

股东大会召开前三十日内或者公司决定分配股利的基准日前五日内，不得进行前款规定的股东名册的变更登记。

Recording change of shareholders on the record of shareholders referred to in the previous Paragraph may not be carried out for a period of 30 days prior to the holding of a meeting of shareholders' general committee, or 5 days prior to the record date for the purpose of dividend distribution determined by the company.

第一百四十六条：无记名股票的转让，由股东在依法设立的证券交易场所将该股票交付给受让人后即发生转让的效力。

Article 146 Assignment of bearer share certificates takes effect upon delivery thereof by the shareholder to the assignee at a lawfully established securities exchange.

第一百四十七条：发起人持有的本公司股份，自公司成立之日起三年内不得转让。

Article 147 Shares of a company held by its sponsors may not be assigned for a period of 3 years commencing from the date of the company's establishment.

公司董事、监事、经理应当向公司申报所持有的本公司的股份，并在任职期间内不得转让。

The directors, supervisors and general manager of the company shall report to the company the number of the company's shares held thereby, and may not assign such shares while they are in office.

第一百四十八条：国家授权投资的机构可以依法转让其持有的股份，也可以购买其他股东持有的股份。转让或者购买股份的审批权限、管理办法，由法律、行政法规另行规定。

Article 148 A state authorized investment institution may assign shares held by it in accordance with the law, and may also purchase shares held by other shareholders. The authority of approval for, and regulatory measures concerning, such assignment or purchase of shares shall be separately prescribed by the relevant national statutes or administrative regulations.

第一百四十九条：公司不得收购本公司的股票，但为减少公司资本而注销股份或者与持有本公司股票的其他公司合并时除外。

Article 149 A company may not purchase its own shares, except in the case of share cancellation for the purpose of reducing the company's capital, or in the case of merger with another company holding shares of the company.

公司依照前款规定收购本公司的股票后，必须在十日内注销该部分股份，依照法律、行政法规办理变更登记，并公告。

Upon repurchase of its shares pursuant to the previous Paragraph, the company shall cancel such shares within 10 days, and carry out amendment registration in accordance with the relevant national statutes or administrative regulations, and shall make a public announcement.

公司不得接受本公司的股票作为抵押权的标的。

The company may not accept its own shares as the collateral under a security arrangement.

第一百五十条：记名股票被盗、遗失或者灭失，股东可以依照民事诉讼法规定的公示催告程序，请求人民法院宣告该股票失效。

Article 150 If a registered share certificate is stolen, lost or destroyed, the shareholder may petition a People's Court for the invalidation thereof through the public notice procedure prescribed in the Civil Procedural Law of the People's Republic of China.

依照公示催告程序，人民法院宣告该股票失效后，股东可以向公司申请补发股票。

After the People's Court has invalidated such share certificate through the public notice procedure, the shareholder may apply to the company for re-issuance of a certificate for the share.

第三节：上市公司

Section Three： Listed Companies

第一百五十一条：本法所称上市公司是指所发行的股票经国务院或者国务院授权证券管理部门批准在证券交易所上市交易的股份有限公司。

Article 151 A Listed company referred to herein means a joint stock limited company whose issued shares have been approved by the State Council or the securities regulatory authority authorized by the State Council to be listed and traded on a securities exchange.

第一百五十二条：股份有限公司申请其股票上市必须符合下列条件：

Article 152 A joint stock limited company applying for listing of its shares shall meet the following requirements:

（一）股票经国务院证券管理部门批准已向社会公开发行；

(i) The company's shares have been issued to the public with approval by the securities regulatory authority under the State Council;

（二）公司股本总额不少于人民币五千万元；

(ii) The amount of total share capital of the company is at least Renminbi 50,000,000 Yuan;

（三）开业时间在三年以上，最近三年连续盈利；原国有企业依法改建而设立的，或者本法实施后新组建成立，其主要发起人为国有大中型企业的，可连续计算；

(iii) The company has been in operation for at least three years, and has been profitable consecutively for the most recent three years; where the company is reorganized from a former state-owned enterprise in accordance with the law, or newly established after the implementation hereof, with its principal sponsor being a large-scaled or medium-scaled state-owned enterprise, the required period may be counted continuously;

（四）持有股票面值达人民币一千元以上的股东人数不少于一千人，向社会公开发行的股份达公司股份总数的百分之二十五以上；公司股本总额超过人民币四亿元的，其向社会公开发行股份的比例为百分之十五以上；

(iv) There are at least 1,000 shareholders each of whom holds shares with face value of not less than Renminbi 1,000 Yuan, and the shares issued to the public amount to at least 25 percent of the total number of shares of the company; and where the amount of total share capital of the company exceeds Renminbi 400,000,000 Yuan, the shares issued to the public amount to at least 15 percent of the total number of shares of the company;

（五）公司在最近三年内无重大违法行为，财务会计报告无虚假记载；

(v) The company has not engaged in any material illegal act for the most recent three consecutive years, and the financial and accounting reports thereof contain no misrepresentation;

国务院规定的其他条件。

(vi) Other requirements prescribed by the State Council.

第一百五十三条：股份有限公司申请其股票上市交易，应当报经国务院或者国务院授权证券管理部门批准，依照有关法律、行政法规的规定报送有关文件。

Article 153 The application by a joint stock limited company for listing of its shares shall be submitted to the State Council or the securities regulatory authority authorized thereby for approval, and the relevant documents shall be submitted in accordance with the applicable national statutes and administrations regulations.

国务院或者国务院授权证券管理部门对符合本法规定条件的股票上市交易申请，予以批准；对不符合本法规定条件的，不予批准。

The State Council or the securities regulatory authority authorized thereby shall approve an application for listing of shares which meets the requirements prescribed herein; and shall not approve any application which fails to meet the requirements prescribed herein.

股票上市交易申请经批准后，被批准的上市公司必须公告其股票上市报告，并将其申请文件存放在指定的地点供公众查阅。

Upon approval of its application for listing of shares, the company approved for listing shall make public its share listing report, and shall maintain its application documents at a designated place for inspection by the public.

第一百五十四条：经批准的上市公司的股份，依照有关法律、行政法规上市交易。

Article 154 The shares of a company approved for listing shall be listed in accordance with the provisions of applicable national statutes and administrative regulations.

第一百五十五条：经国务院证券管理部门批准，公司股票可以到境外上市，具体办法由国务院作出特别规定。

Article 155 Upon approval by the securities regulatory authority under the State Council, the shares of a company may be listed abroad, and the detailed measures shall be specially prescribed by the State Council.

第一百五十六条：上市公司必须按照法律、行政法规的规定，定期公开其财务状况和经营情况，在每会计年度内半年公布一次财务会计报告。

Article 156 A listed company shall make public its financial conditions and operating conditions at regular intervals in accordance with the relevant national statutes and administrative regulations, and shall make public its financial and accounting reports semiannually in each fiscal year.

第一百五十七条：上市公司有下列情形之一的，由国务院证券管理部门决定暂停其股票上市：

Article 157 The securities regulatory authority under the State Council shall suspend the trading of a listed company in any of the following circumstances:

（一）公司股本总额、股权分布等发生变化不再具备上市条件；

(i) Matters such as the total share capital or the composition of equity ownership of the company have changed so that the company no longer meets the requirements for listing;

（二）公司不按规定公开其财务状况，或者对财务会计报告作虚假记载；

(ii) The company fails to make public its financial condition as required, or has made misrepresentations in its financial and accounting reports;

（三）公司有重大违法行为；

(iii) The company has engaged in material illegal act;

（四）公司最近三年连续亏损。

(iv) The company has been suffering losses for the most recent three consecutive years.

第一百五十八条：上市公司有前条第（二）项、第（三）项所列情形之一经查实后果严重的，或者有前条第（一）项、第（四）项所列情形之一，在限期内未能消除，不具备上市条件的，由国务院证券管理部门决定终止其股票上市。

Article 158 Where a listed company is in a circumstance set forth in either Item (ii) or (iii) of the previous Article, and after investigation, it is confirmed that the circumstance is serious, or the listed company is in a circumstance set forth in either Item (i) or (iv) and has not been able to eliminate such circumstance within a prescribed time limit, and hence no longer meets the requirements for listing, the securities regulatory authority under the State Council shall issue a decision to de-list its shares.

公司决议解散、被行政主管部门依法责令关闭或者被宣告破产的，由国务院证券管理部门决定终止其股票上市。

Where the company is to be dissolved pursuant to a resolution, is ordered to cease its operation by the relevant authority in charge in accordance with the law, or is declared bankrupt, the securities regulatory authority under the State Council shall issue a decision to de-list its shares.

第五章：公司债券

Chapter Five: Company Bonds

第一百五十九条：股份有限公司、国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司，为筹集生产经营资金，可以依照本法发行公司债券。

Article 159 For the purpose of financing production and operation, a joint stock limited company, a wholly state-owned company or a limited liability company established through investment by two or more state-owned enterprises or two or more state authorized investment entities may issue company bonds in accordance herewith.

第一百六十条：本法所称公司债券是指公司依照法定程序发行的、约定在一定期限还本付息的有价证券。

Article 160 Company bonds referred to herein means a form of security which is issued by a company in accordance with legally prescribed procedure, and which provides that the principal thereof and interest thereon shall be paid at specified times.

第一百六十一条：发行公司债券，必须符合下列条件：

Article 161 In order to issue company bonds, the following requirements must be met:

（一）股份有限公司的净资产额不低于人民币三千万元，有限责任公司的净资产额不低于人民币六千万元；

(i) The net assets of the company shall be not less than Renminbi 30,000,000 Yuan in the case of a joint stock limited company, and not less than Renminbi 60,000,000 Yuan in the case of a limited liability company;

（二）累计债券总额不超过公司净资产额的百分之四十；

(ii) The cumulative value of company bonds shall not exceed 40 percent of the company's net assets;

（三）最近三年平均可分配利润足以支付公司债券一年的利息；

(iii) The average distributable profit for the most recent three years is sufficient to pay one year's interest on the company bonds;

（四）筹集的资金投向符合国家产业政策；

(iv) The proceeds received shall be invested in a manner consistent with state industrial policy;

（五）债券的利率不得超过国务院限定的利率水平；

(v) The interest rate on the bonds shall not exceed the level of interest rate set by the State Council;

（六）国务院规定的其他条件。

(vi) Other requirements prescribed by the State Council.

发行公司债券筹集的资金，必须用于审批机关批准的用途，不得用于弥补亏损和非生产性支出。

The proceeds from issuance of company bonds shall be used for the purpose approved by the approval authority, and may not be used to cover losses and non-operating expenditures.

第一百六十二条：凡有下列情形之一的，不得再次发行公司债券：

Article 162 No additional company bonds may be issued in any of the following circumstances:

（一）前一次发行的公司债券尚未募足的；

(i) Company bonds previously issued have not been fully subscribed for;

（二）对已发行的公司债券或者其债务有违约或者延迟支付本息的事实，且仍处于继续状态的。

(ii) The fact that the company is in default of any of the previously issued company bonds or company debt or is late in payment of principal and interest has occurred, and is currently existing.

第一百六十三条：股份有限公司、有限责任公司发行公司债券，由董事会制订方案，股东会作出决议。

Article 163 Where a joint stock limited company or limited liability company is to issue company bonds, its board of directors shall prepare a plan and the shareholders' committee shall adopt a resolution on such matter.

国有独资公司发行公司债券，应由国家授权投资的机构或者国家授权的部门作出决定。

Where a wholly state-owned company is to issue company bonds, the decision shall be made by the state authorized investment entity or state authorized department.

依照前二款规定作出决议或者决定后，公司应当向国务院证券管理部门报请批准。

After a resolution has been adopted or a decision has been made pursuant to the previous two Paragraphs, the company shall apply to the securities regulatory authority under the State Council for approval.

第一百六十四条：公司债券的发行规模由国务院确定。国务院证券管理部门审批公司债券的发行，不得超过国务院确定的规模。

Article 164 The overall volume of company bonds issue shall be determined by the State Council. In examining and approving application for company bonds issue, the securities regulatory authority under the State Council may not extend its approval beyond the volume set by the State Council.

国务院证券管理部门对符合本法规定的发行公司债券的申请，予以批准；对不符合本法规定的申请，不予批准。

The securities regulatory authority under the State Council shall approve an application for company bonds issue which complies with the provisions hereof, and shall not approve an application which fails to comply with the provisions hereof.

对已作出的批准如发现不符合本法规定的，应予撤销。尚未发行公司债券的，停止发行；已经发行公司债券的，发行的公司应当向认购人退还所缴款项并加算银行同期存款利息。

Where it has been discovered that an approval given for company bonds issue is not in compliance with the provisions hereof, such approval shall be revoked. If the company bonds have not been issued, the issue shall be terminated; if the company bonds have been issued, the issuing company shall return the proceeds paid by the subscribers together with the interest thereon as if they have been deposited in a bank for a like period.

第一百六十五条：：公司向国务院证券管理部门申请批准发行公司债券，应当提交下列文件：

Article 165 For an application to the securities regulatory authority under the State Council for company bonds issue, the following documents shall be submitted:

（一）公司登记证明；

(i) the company's registration certificate;

（二）公司章程；

(ii) the articles of association of the company;

（三）公司债券募集办法；

(iii) the plan for company bonds offer;

（四）资产评估报告和验资报告。

(iv) the assets appraisal report and capital verification report.

第一百六十六条：发行公司债券的申请经批准后，应当公告公司债券募集办法。

Article 166 Upon approval of an application for company bonds issue, the plan for company bonds offer shall be made public.

公司债券募集办法中应当载明下列主要事项：

The plan for company bonds offer shall set forth the following major items:

（一）公司名称；

(i) the name of the company;

（二）债券总额和债券的票面金额；

(ii) the total value of the bonds and the par value of each bond;

（三）债券的利率；

(iii) the rate of interest on the bonds;

（四）还本付息的期限和方式；

(iv) the time limit and method for payment of the principal of and interest on the bonds;

（五）债券发行的起止日期；

(v) the commencing and ending date of the bonds issue;

（六）公司净资产额；

(vi) the net assets value of the company;

（七）已发行的尚未到期的公司债券总额；

(vii) the total value of issued and outstanding company bonds;

（八）公司债券的承销机构。

(viii) the underwriter of the company bonds.