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Notice by the Shenzhen Stock Exchange of Issuing the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (2025 Revision) [Effective]
深圳证券交易所关于发布《深圳证券交易所创业板股票上市规则(2025年修订)》的通知 [现行有效]
【法宝引证码】
 
  
  
Notice by the Shenzhen Stock Exchange of Issuing the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (2025 Revision) 

深圳证券交易所关于发布《深圳证券交易所创业板股票上市规则(2025年修订)》的通知

(No. 394 [2025] of the Shenzhen Stock Exchange) (深证上〔2025〕394号)

All market participants: 各市场参与人:
For the purposes of thoroughly implementing the newly revised Company Law of the People's Republic of China, propelling listed companies to optimize their corporate governance mechanisms, enhancing their level of standardized operation, and protecting the lawful rights and interests of investors, especially minority investors, the Shenzhen Stock Exchange has revised the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange, which have been approved by the China Securities Regulatory Commission, are hereby issued, and shall take effect on the date of issuance. 为深入贯彻落实新修订的《中华人民共和国公司法》,推动上市公司优化公司治理机制,提高规范运作水平,保护投资者特别是中小投资者合法权益,本所对《深圳证券交易所创业板股票上市规则》进行了修订。经中国证监会批准,现予以发布,自发布之日起施行。
The Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (2024 Revision) (No. 340 [2024], SZSE) issued by the SZSE on April 30, 2024 shall be repealed concurrently. 本所于2024年4月30日发布的《深圳证券交易所创业板股票上市规则(2024年修订)》(深证上〔2024〕340号)同时废止。
The connection arrangements for the application of relevant former and new rules are as follows: 现将新旧规则衔接安排通知如下:
1. In accordance with the Transitional Arrangements for the Implementation of the Supporting Rules of the New Company Law issued by the CSRC, before January 1, 2026, listed companies shall, in accordance with the relevant provisions, provide in their company bylaws for the establishment of an audit committee in the board of directors to exercise the functions and powers of the board of supervisors set out in the Company Law, dispensing with a board of supervisors or supervisors. Before a listed company adjusts its internal supervision structure, the board of supervisors or supervisors shall continue to comply with the provisions of the original systems and rules of the SZSE on the board of supervisors or supervisors. 1.根据中国证监会《关于新〈公司法〉配套制度规则实施相关过渡期安排》,上市公司应当在2026年1月1日前,按照有关规定,在公司章程中规定在董事会中设审计委员会,行使《公司法》规定的监事会职权,不设监事会或者监事。上市公司调整公司内部监督机构设置前,监事会或者监事应当继续遵守本所原有制度规则中关于监事会或者监事的规定。
2. The Notice of Issuing the Rules Governing the Listing of Stocks on the STAR Market of the Shenzhen Stock Exchange (2024 Revision) and relevant rules shall remain applicable to the transitional arrangements regarding listing conditions, risk warnings for a listed company's stocks, termination of listing, and other matters. 2.关于上市条件、上市公司股票风险警示、终止上市等事宜的适用衔接安排仍按照《关于发布〈深圳证券交易所创业板股票上市规则(2024年修订)〉的通知》和相关规定执行。
3. In accordance with the Measures for the Administration of Information Disclosure by Listed Companies and the Provisions on the Administration of Listed Companies' Temporary Suspension of and Exemption from Information Disclosure issued by the CSRC, Articles 5.2.9, 5.2.10, and 5.3.4 of these Rules shall take effect on July 1, 2025. 3.根据中国证监会《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》,本规则第5.2.9条、5.2.10条及5.3.4条自2025年7月1日起实施。
Annexes: 附件:
1. Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (2025 Revision) 1.深圳证券交易所创业板股票上市规则(2025年修订)
2. Explanation of Revising the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (Omitted) 2.《深圳证券交易所创业板股票上市规则》修订说明
Shenzhen Stock Exchange 深圳证券交易所
April 25, 2025 2025年4月25日
Annex 1 附件1
Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange (2025 Revision) 深圳证券交易所创业板股票上市规则(2025年修订)
(Effective as of July 2009, revised for the first time in April 2012, the second time in October 2014, the third time in April 2018, the fourth time in November 2018, the fifth time in June 2020, the sixth time in December 2020, the seventh time in February 2023, the eighth time in August 2023, the ninth time in April 2024, and the tenth time in April 2025) (2009年7月实施;2012年4月第一次修订;2014年10月第二次修订;2018年4月第三次修订;2018年11月第四次修订;2020年6月第五次修订;2020年12月第六次修订;2023年2月第七次修订;2023年8月第八次修订;2024年4月第九次修订;2025年4月第十次修订)
Table of Contents 目录
Chapter I General Rules 第一章 总则
Chapter II Listing and Trading of Stocks and Derivatives Thereon 第二章 股票及其衍生品种上市和交易
Section 1 Listing of IPO Stocks 第一节 首次公开发行的股票上市
Section 2 Offering and Listing of Listed Companies' Stocks and Derivatives Thereon 第二节 上市公司股票及其衍生品种的发行与上市
Section 3 Management of Share Changes 第三节 股份变动管理
Chapter III Listing Sponsorship and Continuous Supervision and Guidance 第三章 上市保荐和持续督导
Section 1 General Rules 第一节 一般规定
Section 2 Performance of Continuous Supervision and Guidance Duties 第二节 持续督导职责的履行
Chapter IV Corporate Governance 第四章 公司治理
Section 1 Shareholders' Meeting, Board of Directors, and Their Specialized Committees 第一节 股东会、董事会及其专门委员会
Section 2 Directors and Senior Executives 第二节 董事和高级管理人员
Section 3 Controlling Shareholder and Actual Controller 第三节 控股股东和实际控制人
Section 4 Differentiated Voting Rights Arrangement 第四节 表决权差异安排
Chapter V General Rules on Information Disclosure 第五章 信息披露一般规定
Section 1 Basic Principles of Information Disclosure 第一节 信息披露基本原则
Section 2 General Requirements for Information Disclosure 第二节 信息披露一般要求
Section 3 Information Disclosure Management Rules and Regulation 第三节 信息披露管理制度及监管
Chapter VI Periodical Reports 第六章 定期报告
Section 1 General Rules 第一节 一般规定
Section 2 Performance Forecast and Performance Briefing 第二节 业绩预告和业绩快报
Chapter VII Transactions That Shall be Disclosed and Affiliated Transactions 第七章 应披露的交易与关联交易
Section 1 Material Transactions 第一节 重大交易
Section 2 Affiliated Transactions 第二节 关联交易
Chapter VIII Other Material Matters 第八章 其他重大事项
Section 1 Abnormal Price Fluctuations and Clarification 第一节 股票交易异常波动和澄清
Section 2 Industry Information and Risk Events 第二节 行业信息及风险事项
Section 3 Material Matters Related to Convertible Bonds 第三节 可转换公司债券涉及的重大事项
Section 4 Equity Incentives 第四节 股权激励
Section 5 Material Asset Restructurings 第五节 重大资产重组
Section 6 Changes in Accounting Policies and Accounting Estimates and Impairment of Assets 第六节 会计政策、会计估计变更和资产减值
Section 7 Other Matters 第七节 其他
Chapter IX Risk Warning 第九章 风险警示
Chapter X Delisting 第十章 退市
Section 1 General Rules 第一节 一般规定
Section 2 Compulsory Delisting for Trading Reasons 第二节 交易类强制退市
Section 3 Compulsory Delisting for Financial Reasons 第三节 财务类强制退市
Section 4 Compulsory Delisting for Compliance Reasons 第四节 规范类强制退市
Section 5 Compulsory Delisting Due to Major Violations of Law 第五节 重大违法强制退市
Section 6 Hearing and Review 第六节 听证与复核
Section 7 Delisting Preparation Period 第七节 退市整理期
Section 8 Voluntary Termination of Listing 第八节 主动终止上市
Section 9 Relisting 第九节 重新上市
Chapter XI Red Chip Enterprises and Coordination between Domestic and Overseas Listings 第十一章 红筹企业和境内外事项的协调
Section 1 Special Provisions on Red Chip Enterprises 第一节 红筹企业特别规定
Section 2 Coordination between Domestic and Overseas Listings 第二节 境内外事项的协调
Chapter XII Routine Regulation and Handling of Regulatory Violations 第十二章 日常监管和违规处理
Chapter XIII Interpretations 第十三章 释义
Chapter XIV Supplemental Provisions 第十四章 附则
Chapter I General Rules 

第一章 总则

1.1 These Rules are developed in accordance with the Company Law of the People's Republic of China (“Company Law”), the Securities Law of the People's Republic of China (“Securities Law”), the Measures for the Continuous Regulation of Companies Listed on ChiNext (for Trial Implementation), and other applicable laws, administrative regulations, departmental rules, and regulatory documents, and the Bylaws of the Shenzhen Stock Exchange for the purposes of regulating the listing of companies' stocks, depositary receipts, corporate bonds convertible into stocks (convertible bonds), and other derivatives (collectively, “stocks and derivatives thereon”), as well as the information disclosure by issuers, listed companies, and relevant parties with information disclosure obligations, improving corporate governance, maintaining the order of the securities market, protecting the lawful rights and interests of investors, increasing returns to investors, driving the improvement of the quality of listed companies, and promoting the sound development of the capital market. 1.1 为了规范公司股票、存托凭证、可转换为股票的公司债券(以下简称可转换公司债券)及其他衍生品种(以下统称股票及其衍生品种)的上市行为,以及发行人、上市公司及相关信息披露义务人的信息披露行为,提升公司治理水平,维护证券市场秩序,保护投资者的合法权益,增强投资者回报,推动提高上市公司质量,促进资本市场健康发展,根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《创业板上市公司持续监管办法(试行)》等法律、行政法规、部门规章、规范性文件及《深圳证券交易所章程》,制定本规则。
1.2 These Rules shall apply to the listing of stocks and their derivatives on ChiNext of the Shenzhen Stock Exchange (“SZSE”) and the continuous regulation thereof; any matters not prescribed in these Rules shall be governed by other relevant rules of the SZSE. 1.2 股票及其衍生品种在本所创业板的上市和持续监管事宜,适用本规则;本规则未作规定的,适用本所其他相关规定。
1.3 An issuer's application for the listing of its stock and derivatives thereon on ChiNext of the SZSE shall be subject to examination and approval by the SZSE. Prior to listing, the issuer shall enter into a listing agreement with the SZSE specifying the rights and obligations of both parties and other relevant matters. 1.3 发行人申请股票及其衍生品种在本所创业板上市,应当经本所审核同意,并在上市前与本所签订上市协议,明确双方的权利、义务和有关事项。
1.4 Issuers, listed companies, and their directors, senior executives, shareholders or depositary receipt holders, actual controllers, acquirers and other parties to equity changes, the relevant parties to material asset restructurings, refinancing, material transactions, and bankruptcy matters, among others, intermediaries providing services to the aforesaid parties and their relevant personnel, and other parties undertaking the obligations relating to listing, information disclosure, trading suspension and resumption, delisting, and other matters as prescribed by laws and regulations shall comply with laws, administrative regulations, departmental rules, regulatory documents, these Rules, as well as detailed rules, guidelines, notices, measures, guides, and other relevant rules issued by the SZSE (“other relevant rules of the SZSE”), be honest and trustworthy, and act with due diligence. 1.4 发行人、上市公司及其董事、高级管理人员、股东或存托凭证持有人、实际控制人,收购人及其他权益变动主体,重大资产重组、再融资、重大交易、破产事项等有关各方,为前述主体提供服务的中介机构及其相关人员,以及法律法规规定的对上市、信息披露、停牌、复牌、退市等事项承担相关义务的其他主体,应当遵守法律、行政法规、部门规章、规范性文件、本规则和本所发布的细则、指引、通知、办法、指南等相关规定(以下简称本所其他相关规定),诚实守信,勤勉尽责。
1.5 The SZSE shall conduct the self-regulation of the parties specified in Article 1.4 in accordance with the applicable laws and administrative regulations, departmental rules, regulatory documents, these Rules, other relevant rules of the SZSE, the listing agreement, and the statements and undertakings made by relevant parties. 1.5 本所依据法律、行政法规、部门规章、规范性文件、本规则、本所其他相关规定和上市协议、相关主体的声明与承诺,对第1.4条规定的主体进行自律监管。
Chapter II Listing and Trading of Stocks and Derivatives Thereon 

第二章 股票及其衍生品种上市和交易

Section 1 Listing of IPO Stocks 

第一节 首次公开发行的股票上市

2.1.1 An issuer that applies for the listing of its stock on ChiNext of the SZSE shall meet the following conditions: 2.1.1 发行人申请在本所创业板上市,应当符合下列条件:
(1) It meets the conditions for stock offering on ChiNext prescribed by the China Securities Regulatory Commission (CSRC). (一)符合中国证券监督管理委员会(以下简称中国证监会)规定的创业板发行条件;
(2) Its total capital stock after offering is not less than 30 million yuan. (二)发行后股本总额不低于3000万元;
(3) It offers 25% or more of its total shares to the public or offers 10% or more of its total shares to the public if its total capital stock exceeds 400 million yuan. (三)公开发行的股份达到公司股份总数的25%以上;公司股本总额超过4亿元的,公开发行股份的比例为10%以上;
(4) Its market capitalization and financial indicators satisfy the criteria specified in these Rules. (四)市值及财务指标符合本规则规定的标准;
(5) It meets other listing conditions prescribed by the SZSE. (五)本所要求的其他上市条件。
If a red chip enterprise offers shares, subparagraph (2) of the preceding paragraph is adjusted as that its total number of shares after offering is not less than 30 million, and subparagraph (3) of the preceding paragraph is adjusted as that the number of publicly offered shares account for 25% or more of the total number of shares of the company, or account for 10% or more if the total number of shares of the company exceeds 400 million. If a red chip enterprise offers a depositary receipt, subparagraph (2) of the preceding paragraph is adjusted as that the total number of shares of the depositary receipt after offering is not less than 30 million, and subparagraph (3) of the preceding paragraph is adjusted as that underlying shares corresponding to the publicly offered depositary receipt account for 25% or more of the total number of shares of the company, or account for 10% or more if the total number of shares of the depositary receipt after offering exceeds 400 million. 红筹企业发行股票的,前款第二项调整为发行后的股份总数不低于3000万股,前款第三项调整为公开发行的股份达到公司股份总数的25%以上;公司股份总数超过4亿股的,公开发行股份的比例为10%以上。红筹企业发行存托凭证的,前款第二项调整为发行后的存托凭证总份数不低于3000万份,前款第三项调整为公开发行的存托凭证对应基础股份达到公司股份总数的25%以上;发行后的存托凭证总份数超过4亿份的,公开发行存托凭证对应基础股份达到公司股份总数的10%以上。
The SZSE may, according to market conditions, adjust listing conditions and specific criteria with the approval of the CSRC. 本所可以根据市场情况,经中国证监会批准,对上市条件和具体标准进行调整。
2.1.2 An issuer that is a domestic enterprise and has no differentiated voting rights (DVR) arrangement shall at least meet one of the following criteria in terms of its market capitalization and financial indicators: 2.1.2 发行人为境内企业且不存在表决权差异安排的,市值及财务指标应当至少符合下列标准中的一项:
(1) Its net profits in the last two years are positive, its cumulative net profit is not less than 100 million yuan, and its net profit in the last year is not less than 60 million yuan. (一)最近两年净利润均为正,累计净利润不低于1亿元,且最近一年净利润不低于6000万元;
(2) Its estimated market capitalization is not less than 1.5 billion yuan, and its net profit is positive and its operating revenue is not less than 400 million yuan in the last year. (二)预计市值不低于15亿元,最近一年净利润为正且营业收入不低于4亿元;
(3) Its estimated market capitalization is not less than five billion yuan, and its operating revenue in the last year is not less than 300 million yuan. (三)预计市值不低于50亿元,且最近一年营业收入不低于3亿元。
2.1.3 A red chip enterprise that complies with the Notice by the General Office of the State Council of Forwarding Several Opinions of the China Securities Regulatory Commission on Launching the Pilot Program for Innovative Enterprises to Offer Stocks or Depositary Receipts within China (No. 21 [2018], General Office of the State Council) and other relevant provisions may apply for the listing of its stock or depositary receipt on ChiNext. 2.1.3 符合《国务院办公厅转发证监会关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》(国办发〔2018〕21号)等相关规定的红筹企业,可以申请其股票或存托凭证在创业板上市。
If an overseas unlisted red chip enterprise that has rapid growth in operating revenue, internationally leading technologies developed upon independent research, and relative competitive edge over its industry peers applies for the listing of its stock on ChiNext, its market capitalization and financial indicators shall at least meet one of the following criteria: 营业收入快速增长,拥有自主研发、国际领先技术,同行业竞争中处于相对优势地位的尚未在境外上市红筹企业,申请在创业板上市的,市值及财务指标应当至少符合下列标准中的一项:
(1) Its estimated market capitalization is not less than 10 billion yuan. (一)预计市值不低于100亿元;
(2) Its estimated market capitalization is not less than five billion yuan, and its operating revenue in the last year is not less than 500 million yuan. (二)预计市值不低于50亿元,且最近一年营业收入不低于5亿元。
For the purposes of the preceding paragraph, “rapid growth in operating revenue” means meeting any of the following criteria: 前款所称营业收入快速增长,指符合下列标准之一:
(1) If its operating revenue in the last year is not less than 500 million yuan, its compound growth rate of operating revenue in the last three years is 10% or more. (一)最近一年营业收入不低于5亿元的,最近三年营业收入复合增长率10%以上;
(2) If its operating revenue in the last year is less than 500 million yuan, its compound growth rate of operating revenue in the last three years is 20% or more. (二)最近一年营业收入低于5亿元的,最近三年营业收入复合增长率20%以上;
(3) If, affected by cyclical fluctuations and other factors in the industry, the industry as a whole is in a downward cycle, the compound growth rate of the issuer's operating revenue in the last three years is higher than the average growth rate of its industry peers in the same period. (三)受行业周期性波动等因素影响,行业整体处于下行周期的,发行人最近三年营业收入复合增长率高于同行业可比公司同期平均增长水平。
The requirement of “rapid growth in operating revenue” shall not apply to red chip enterprises that are in the research and development stage or of great significance to the national innovation-driven development strategy. 处于研发阶段的红筹企业和对国家创新驱动发展战略有重要意义的红筹企业,不适用“营业收入快速增长”的规定。
2.1.4 An issuer with a DVR arrangement shall at least meet one of the following criteria in terms of its market capitalization and financial indicators: 2.1.4 发行人具有表决权差异安排的,市值及财务指标应当至少符合下列标准中的一项:
(1) Its estimated market capitalization is not less than 10 billion yuan. (一)预计市值不低于100亿元;
(2) Its estimated market capitalization is not less than five billion yuan and its operating revenue in the last year is not less than five million yuan. (二)预计市值不低于50亿元,且最近一年营业收入不低于5亿元。
The issuer's qualification as the holder of special voting shares and the specific requirements of company bylaws on the DVR arrangement shall comply with the provisions of Section 4, Chapter IV of these Rules. 发行人特别表决权股份的持有人资格、公司章程关于表决权差异安排的具体要求,应当符合本规则第四章第四节的规定。
2.1.5 For the purposes of this Section, “net profit” means the amount before or after the deduction of non-recurring profit or loss, whichever is lower, and “net profit” and “operating revenue” means the audited value. For the purposes of this Section, “estimated market capitalization” means the total notional value of the issuer's stock calculated by multiplying the total capital stock by the offering price after a public offering of the stock. 2.1.5 本节所称净利润以扣除非经常性损益前后的孰低者为准,所称净利润、营业收入均指经审计的数值。本节所称预计市值,是指股票公开发行后按照总股本乘以发行价格计算出来的发行人股票名义总价值。
2.1.6 An issuer that has completed the IPO of its stock upon the CSRC's approval of the registration of its stock shall submit the following documents to the SZSE when applying for the listing of its stock on the SZSE: 2.1.6 发行人在境内首次公开发行股票经中国证监会予以注册并完成公开发行后,向本所提出上市申请的,应当提交下列文件:
(1) A written application for listing. (一)上市申请书;
(2) The CSRC's decision approving the registration of its stock. (二)中国证监会予以注册的决定;
(3) Documents proving that all shares of the issuer have been registered at China Securities Depository and Clearing Co., Ltd., Shenzhen Branch (“CSDC”) after the completion of its IPO. (三)首次公开发行股票结束后发行人全部股票已经中国证券登记结算有限责任公司深圳分公司(以下简称结算公司)登记的证明文件;
(4) The capital verification report issued after its IPO by an accounting firm that meets the requirements of the Securities Law. (四)首次公开发行结束后,符合《证券法》规定的会计师事务所出具的验资报告;
(5) Certificates, statements, and undertakings issued by the issuer, its controlling shareholder, actual controller, directors, and senior executives in accordance with the requirements of these Rules and other relevant rules of the SZSE. (五)发行人、控股股东、实际控制人、董事和高级管理人员根据本规则及本所其他相关规定要求出具的证明、声明和承诺;
(6) Financial materials and statements on relevant material matters (if applicable) additionally provided as required during the period from its IPO to listing. (六)首次公开发行后至上市前,按照规定新增的财务资料和有关重大事项的说明(如适用);
(7) Other documents required by the SZSE. (七)本所要求的其他文件。
2.1.7 An issuer and its directors and senior executives shall guarantee that the listing application documents are true, accurate, and complete, and have no false records, misleading statements, or material omissions. 2.1.7 发行人及其董事、高级管理人员应当保证上市申请文件真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏。
2.1.8 The SZSE shall decide whether to approve the listing within five trading days of receiving an issuer's complete listing application documents. 2.1.8 本所收到发行人完备的上市申请文件后五个交易日内,作出是否同意上市的决定。
If the issuer has any material matter, which has a significant impact on whether it meets the listing conditions and information disclosure requirements, the SZSE may request the Listing Review Committee (“Listing Committee”) to conduct deliberation, and the time for deliberation shall not be included in the term prescribed in the preceding paragraph. 发行人发生重大事项,对是否符合上市条件和信息披露要求产生重大影响的,本所可提请上市审核委员会(以下简称上市委员会)进行审议,审议时间不计入前款规定期限。
2.1.9 An issuer shall disclose the following documents on the website of the SZSE and in the media that meet the requirements prescribed by the CSRC (collectively, “eligible media”) within five trading days prior to the listing of its stock: 2.1.9 发行人应当于股票上市前五个交易日内,在本所网站和符合中国证监会规定条件的媒体(以下统称符合条件媒体)披露下列文件:
(1) A listing announcement. (一)上市公告书;
(2) Company bylaws. (二)公司章程;
(3) Other documents required by the SZSE. (三)本所要求的其他文件。
2.1.10 After the publication of the preliminary prospectus or the prospectus, the issuer shall pay continuous attention to relevant reports or market rumors (collectively, “rumors”) regarding the company in the media (such as newspapers, websites, stock forums, and we-media) and obtain true information from relevant parties in a timely manner. If the relevant rumor is likely to exert a significant impact on the trading prices of the company's stock and derivatives thereon or on investment decisions, the issuer shall issue a risk warning announcement on the first day of listing, explaining and clarifying relevant issues and warning of the material risks of the company. 2.1.10 刊登招股意向书或者招股说明书后,发行人应当持续关注媒体(包括报纸、网站、股票论坛、自媒体等)对公司的相关报道或者市场传闻(以下统称传闻),及时向有关方面了解真实情况,相关传闻可能对公司股票及其衍生品种交易价格或者投资决策产生较大影响的,应当在上市首日刊登风险提示公告,对相关问题进行说明澄清并提示公司存在的主要风险。
Section 2 Offering and Listing of Listed Companies' Stocks and Derivatives Thereon 

第二节 上市公司股票及其衍生品种的发行与上市

2.2.1 Where a listed company offers its stock or convertible bond to unspecific investors in accordance with the law, it shall, according to the relevant rules of the CSRC and the SZSE, promptly issue an announcement on the offering of its new stock or convertible bond, and apply to the SZSE for handling offering matters. 2.2.1 上市公司依法向不特定对象发行股票或者可转换公司债券的,应当按照中国证监会及本所有关规定及时披露涉及新股或者可转换公司债券发行的相关公告,并向本所申请办理发行事宜。
2.2.2 A listed company that has completed the offering and registration of its stock or convertible bond shall, according to the relevant rules of the SZSE, issue the listing announcement and other relevant documents, and apply to the SZSE for handling listing matters. 2.2.2 上市公司股票或者可转换公司债券发行结束完成登记后,应当按照本所有关规定披露上市公告等相关文件,并向本所申请办理上市事宜。
2.2.3 When a listed company applies to the SZSE for the listing of its stock or convertible bond, it shall still meet the corresponding offering conditions. 2.2.3 上市公司申请股票、可转换公司债券在本所上市时仍应当符合相应的发行条件。
2.2.4 After the SZSE approves a company's application for the listing of its new stock or convertible bond, the listed company shall publish the following documents in the eligible media within five trading days prior to the listing thereof: 2.2.4 上市公司在本所同意其新股或者可转换公司债券的上市申请后,应当在新股或者可转换公司债券上市前五个交易日内,在符合条件媒体披露下列文件:
(1) A listing announcement. (一)上市公告书;
(2) A report on change in shares (applicable to the listing of a new stock). (二)股份变动报告书(适用于新股上市);
(3) Other documents required by the SZSE. (三)本所要求的其他文件。
Section 3 Management of Share Changes 

第三节 股份变动管理

2.3.1 The restricted sale and reduction of holdings of shares of a listed company held by its shareholders and senior executives, and other share change matters shall be governed by the Company Law, the Securities Law, the relevant rules of the CSRC, these Rules, other relevant rules of the SZSE, and company bylaws. 2.3.1 上市公司股东以及董事、高级管理人员所持股份的限售、减持及其他股份变动事宜,应当遵守《公司法》《证券法》、中国证监会相关规定、本规则、本所其他相关规定及公司章程。
Shareholders of a listed company may transfer their shares issued before the public offering (pre-IPO shares) through book building and transfer or placement to specific institutional investors. The transfer methods, procedures, price, ratio, subsequent transfer, and other matters shall be prescribed by the SZSE separately and reported to the CSRC for approval and implementation. 上市公司股东可以通过向特定机构投资者询价转让、配售方式转让首次公开发行前已发行的股份(以下简称首发前股份),转让的方式、程序、价格、比例以及后续转让等事项,由本所另行规定,报中国证监会批准后实施。
2.3.2 A company may, before its listing, place pre-IPO shares held by its shareholders under the custody of a sponsor that provides sponsorship services for the listing of IPO stocks, and the sponsor shall supervise and administer the trading instructions of shareholders for reducing their holdings of pre-IPO shares in accordance with the business rules of the SZSE. 2.3.2 上市公司股东持有的首发前股份,可以在公司上市前托管在为公司提供首次公开发行上市保荐服务的保荐机构,并由保荐机构按照本所业务规则的规定,对股东减持首发前股份的交易委托进行监督管理。
2.3.3 The pre-IPO shares held by the shareholders of a company shall not be transferred within 12 months from the date of listing of its stock. 2.3.3 公司股东持有的首发前股份,自发行人股票上市之日起十二个月内不得转让。
2.3.4 The controlling shareholder or actual controller of a listed company or person acting in concert therewith shall comply with the following provisions when reducing its or his holding of the company's pre-IPO shares: 2.3.4 上市公司控股股东、实际控制人及其一致行动人减持本公司首发前股份的,应当遵守下列规定:
(1) It or he shall not, within 36 months from the date of listing of the company's stock, transfer or entrust others to manage pre-IPO shares directly and indirectly held by it or him, and shall not propose the listed company's repurchase of such shares. (一)自公司股票上市之日起三十六个月内,不得转让或者委托他人管理其直接和间接持有的首发前股份,也不得提议由上市公司回购该部分股份;
(2) Other provisions of laws and regulations, rules of the CSRC, these Rules, and business rules of the SZSE regarding the transfer of shares by the controlling shareholder or actual controller. (二)法律法规、中国证监会规定、本规则以及本所业务规则对控股股东、实际控制人股份转让的其他规定。
When an issuer applies to the SZSE for the IPO and listing of its stock, its controlling shareholder or actual controller and persons acting in concert therewith shall undertake to comply with the provisions of the preceding paragraph. 发行人向本所申请其股票首次公开发行并上市时,控股股东、实际控制人及其一致行动人应当承诺遵守前款规定。
If any of the following circumstances occurs 12 months after the date of listing of the issuer's stock, the party making the aforesaid undertaking may be exempted from compliance with the aforesaid undertaking, upon its application and with the approval of the SZSE: 自发行人股票上市之日起十二个月后,出现下列情形之一的,经上述承诺主体申请并经本所同意,可以豁免遵守上述承诺:
(1) Both parties to a transfer have an actual control relationship or are controlled by the same actual controller, and the transferee undertakes to continue to comply with the aforesaid undertaking. (一)转让双方存在实际控制关系,或者均受同一实际控制人所控制,且受让人承诺继续遵守上述承诺;
(2) Since the listed company is in crisis or facing serious financial difficulties, the company bailout plan proposed by a transferee is deliberated and adopted at the shareholders' meeting of the company and approved by the relevant department, and the transferee undertakes to continue to comply with the aforesaid undertaking. (二)因上市公司陷入危机或者面临严重财务困难,受让人提出挽救公司的方案获得该公司股东会审议通过和有关部门批准,且受让人承诺继续遵守上述承诺;
(3) Other circumstances determined by the SZSE. (三)本所认定的其他情形。
If the issuer does not have the controlling shareholder or actual controller, or it is difficult to determine its controlling shareholder or actual controller, the provisions of subparagraph (1) of the preceding paragraph shall apply to shareholders who have undertaken not to transfer their pre-IPO shares within 36 months from the date of listing of the issuer's stock in accordance with relevant provisions. 发行人没有或者难以认定控股股东、实际控制人的,按照相关规定承诺所持首发前股份自发行人股票上市之日起三十六个月内不得转让的股东,适用前款第一项规定。
2.3.5 Where a company is unprofitable at the time of listing, its controlling shareholder or actual controller and the persons acting in concert therewith shall not reduce their holdings of pre-IPO shares within three full fiscal years from the date of listing of the company's stock until the company makes a profit. In the fourth and the fifth full fiscal years from the date of listing of the company's stock, the pre-IPO shares reduced each year shall not exceed 2% of the total number of shares of the company and shall comply with other relevant rules of the SZSE on shareholding reduction. 2.3.5 公司上市时未盈利的,在实现盈利前,控股股东、实际控制人及其一致行动人自公司股票上市之日起三个完整会计年度内,不得减持首发前股份;自公司股票上市之日起第四个和第五个完整会计年度内,每年减持的首发前股份不得超过公司股份总数的2%,并应当符合本所关于减持股份的其他相关规定。
If the company is not profitable at the time of listing, its directors and senior executives shall not reduce their holdings of pre-IPO shares within three full fiscal years from the date of listing of the company's stock until the company makes a profit, and shall continue to comply with the provisions of this paragraph if they leave office within the aforesaid period. 公司上市时未盈利的,在实现盈利前,董事、高级管理人员自公司股票上市之日起三个完整会计年度内,不得减持首发前股份;在前述期间内离职的,应当继续遵守本款规定。
After the company makes a profit, the shareholders specified in the preceding two paragraphs may reduce their holdings of pre-IPO shares from the date immediately after the disclosure of the annual report for that year, provided that it shall comply with other provisions of this Section. 公司实现盈利后,前两款规定的股东可以自当年年度报告披露后次日起减持首发前股份,但应当遵守本节其他规定。
2.3.6 A listed company that applies for the listing of shares subject to restricted sale conditions shall complete the procedures in accordance with the relevant rules of the SZSE and issue a preliminary announcement within three trading days before the listing of shares for trading. 2.3.6 上市公司申请有限售条件的股份上市流通,应当按照本所相关规定办理,并在股份上市流通前三个交易日内披露提示性公告。
2.3.7 Where the controlling shareholder or actual controller of a listed company reduces its or his holding of pre-IPO shares upon the expiration of the lock-up period, the company shall specify and disclose the arrangement for the control of the company for the next 12 months to ensure the continuous and stable operation of the company. 2.3.7 上市公司控股股东、实际控制人在限售期满后减持首发前股份的,应当明确并披露未来十二个月的控制权安排,保证公司持续稳定经营。
2.3.8 The directors and senior executives of a listed company shall, in accordance with the relevant rules of the SZSE, report to the SZSE and apply for lock-up on the shares that they hold in the company. 2.3.8 上市公司董事、高级管理人员应当按照本所有关规定申报并申请锁定其所持的本公司股份。
In case of any change in the shareholding of a director or senior executive (excluding any change arising from dividend distribution and transfer of capital reserve into share capital), he or she shall report the change to the company in a timely manner and the company shall issue an announcement on the website of the SZSE. 公司董事、高级管理人员所持本公司股份发生变动的(因公司派发股票股利和资本公积转增股本导致的变动除外),应当及时向公司报告并由公司在本所网站公告。
2.3.9 Where a listed company may fall under any circumstance requiring the compulsory delisting of its stock due to any major violation of law specified in Chapter X of these Rules, its controlling shareholder or actual controller, directors and senior executives and the persons acting in concert therewith shall not reduce their shareholdings in the company from the date of issuance of an advance notice of administrative penalty or a judicial judgment to the date of occurrence of any of the following circumstances. 2.3.9 上市公司可能触及本规则第十章规定的重大违法强制退市情形的,自相关行政处罚事先告知书或者司法裁判作出之日起至下列任一情形发生前,公司控股股东、实际控制人、董事、高级管理人员,以及上述主体的一致行动人,不得减持公司股份:
(1) The company's stock is terminated from listing and delisted. (一)公司股票终止上市并摘牌;
(2) The company receives the relevant administrative penalty decision or an effective judicial judgment from the people's court, indicating that the company does not fall under any circumstance requiring the compulsory delisting of its stock. (二)公司收到相关行政处罚决定或者人民法院生效司法裁判,显示公司未触及重大违法强制退市情形。
If the company discloses that it has no controlling shareholder or actual controller, its largest shareholder and the actual controller of the largest shareholder shall comply with the provisions of the preceding paragraph. 公司披露无控股股东、实际控制人的,其第一大股东及第一大股东的实际控制人应当遵守前款规定。
2.3.10 Where any change in the equity shares held in a listed company by an investor and the persons acting in concert therewith involves the takeover or change in shares as prescribed in the Securities Law, the Measures for the Administration of the Takeover of Listed Companies, or other relevant provisions, it shall fulfill reporting and announcement obligations in accordance with the applicable provisions and in a timely manner, notify the company to issue a preliminary announcement. 2.3.10 投资者及其一致行动人在上市公司拥有权益的股份变动涉及《证券法》上市公司收购管理办法》等规定的收购或者股份权益变动情形的,应当按照规定履行报告和公告义务,并及时通知公司发布提示性公告。
The company shall issue an announcement in a timely manner after it knows the aforesaid takeover or change in shares. 公司应当在知悉上述收购或者股份权益变动时,及时对外发布公告。
2.3.11 Where a change in the capital stock of a listed company leads to acquisition or change in equity shares held in the company by any investor and persons acting in concert therewith specified in the Securities Law, the Measures for the Administration of the Takeover of Listed Companies, and other provisions, the company shall issue an announcement on the change of investors' rights and interests resulting therefrom within two trading days of completing the capital stock modification registration. 2.3.11 因上市公司股本变动,导致投资者及其一致行动人拥有权益的公司股份达到《证券法》上市公司收购管理办法》等规定的收购或者股份权益变动情形的,公司应当自完成股本变动的变更登记之日起两个交易日内就因此导致的投资者的权益变动情况披露公告。
2.3.12 A controlled subsidiary of a listed company shall not acquire shares issued by the said listed company. If a subsidiary holds such shares for any special reason, such circumstances shall be eliminated within one year. Prior to the elimination of such circumstances, the controlled subsidiary of the listed company shall not exercise voting rights of the shares it holds. 2.3.12 上市公司控股子公司不得取得该上市公司发行的股份。确因特殊原因持有股份的,应当在一年内消除该情形,在消除前,上市公司控股子公司不得对其持有的股份行使表决权。
2.3.13 A contractual fund, trust plan, or asset management plan holding 5% or more of shares of a listed company shall disclose in the equity change document the party holding the voting rights of such shares, and whether such a party has affiliation with the controlling shareholder, actual controller, director, or senior executive of the listed company. 2.3.13 持有上市公司5%以上股份的契约型基金、信托计划或者资产管理计划,应当在权益变动文件中披露支配股份表决权的主体,以及该主体与上市公司控股股东、实际控制人、董事、高级管理人员是否存在关联关系。
If a contractual fund, trust plan, or asset management plan becomes the controlling shareholder, the largest shareholder, or the actual controller of a listed company, in addition that the obligations specified in the preceding paragraph shall be fulfilled, relevant information shall be disclosed to final investors in the equity change document. 契约型基金、信托计划或者资产管理计划成为上市公司控股股东、第一大股东或者实际控制人的,除应当履行前款规定义务外,还应当在权益变动文件中穿透披露至最终投资者。
2.3.14 The provisions of this Section on the controlling shareholder or actual controller shall apply, mutatis mutandis, to the largest shareholder of a listed company and its final controller, if the listed company has no controlling shareholder or actual controller. 2.3.14 上市公司无控股股东、实际控制人的,上市公司第一大股东及其最终控制人应当参照适用本节关于控股股东、实际控制人的规定。
If the special asset management plan established by the issuer's senior executives reduces its holding of shares obtained through strategic placement in the form of call auction or bulk trading, the corresponding information disclosure obligations shall be fulfilled in accordance with the rules of the SZSE on the reduction of holdings of shares by senior executives. 发行人的高级管理人员设立的专项资产管理计划,通过集中竞价、大宗交易减持参与战略配售获配股份的,应当参照本所关于高级管理人员减持股份的规定履行信息披露义务。
Chapter III Listing Sponsorship and Continuous Supervision and Guidance 

第三章 上市保荐和持续督导

Section 1 General Rules 

第一节 一般规定

3.1.1 Where an issuer applies to the SZSE for the listing of its IPO stock, depositary receipt, or new shares, depositary receipts, or convertible bonds offered after the IPO, it must have a sponsor for that purpose, unless no sponsor is required according to relevant provisions. 3.1.1 发行人向本所申请其首次公开发行的股票、存托凭证和上市后发行的新股、存托凭证、可转换公司债券在本所上市,应当由保荐机构保荐,根据相关规定无需保荐的除外。
A sponsor shall be a securities company that has both qualifications for sponsorship and the membership of the SZSE. 保荐机构应当为同时具有保荐业务资格和本所会员资格的证券公司。
3.1.2 A sponsor shall enter into a sponsorship agreement with the issuer, specifying the rights and obligations of both parties respectively during the listing application period and the continuous supervision and guidance period in respect of the stock, depositary receipt, or convertible bond issued by the company. 3.1.2 保荐机构应当与发行人签订保荐协议,明确双方在公司发行的股票、存托凭证、可转换公司债券申请上市期间和持续督导期间的权利和义务。
In the case of the IPO of a stock, the continuous supervision and guidance period shall be the remaining period of the year when the stock is listed and the following three full fiscal years. In the case of further issuance of shares or convertible bonds after the IPO, the continuous supervision and guidance period shall be the remaining period of the year when such shares or convertible bonds are listed and the subsequent two full fiscal years. The continuous supervision and guidance period commences from the date of listing of a stock or convertible bond. 首次公开发行股票的,持续督导期间为股票上市当年剩余时间及其后三个完整会计年度;上市后发行新股、可转换公司债券的,持续督导期间为股票、可转换公司债券上市当年剩余时间及其后两个完整会计年度。持续督导期间自股票、可转换公司债券上市之日起计算。
For a company with major defects or regulatory violations in information disclosure, compliant operation, corporate governance, internal control, or other aspects or with high risks such as major changes of the actual controller, the board of directors, or the senior management, the sponsor shall urge the company to resolve relevant problems or eliminate relevant risks. If, upon the expiration of the continuous supervision and guidance period, the relevant problems have not been resolved or relevant risks have not been eliminated, the SZSE may request the sponsor to continue to perform its continuous supervision and guidance duties. 对于在信息披露、规范运作、公司治理、内部控制等方面存在重大缺陷或者违规行为,或者实际控制人、董事会、管理层发生重大变化等风险较大的公司,保荐机构应当督促公司解决相关问题或者消除相关风险。持续督导期届满但相关问题尚未解决或者相关风险尚未消除的,本所可以要求保荐机构继续履行持续督导职责。
3.1.3 When entering into a sponsorship agreement, a sponsor shall designate two sponsor representatives to be specifically responsible for the sponsorship work and serve as the sponsor's designated contact person with the SZSE. 3.1.3 保荐机构应当在签订保荐协议时指定两名保荐代表人具体负责保荐工作,作为保荐机构与本所之间的指定联络人。
3.1.4 A sponsor for the listing of stocks, depositary receipts, or convertible bonds shall submit to the SZSE the sponsorship letter for listing, documents proving that the sponsor has been approved by the CSRC for providing securities underwriting and sponsorship services, and other documents related to listing sponsorship. 3.1.4 保荐机构保荐股票、存托凭证、可转换公司债券上市时,应当向本所提交上市保荐书、保荐机构经中国证监会核准经营证券承销与保荐业务的证明文件,以及与上市保荐工作有关的其他文件。
3.1.5 A sponsor shall establish, improve, and effectively implement the rules for the management of continuous supervision and guidance. During the period of continuous supervision and guidance, the sponsor and sponsor representatives shall make a plan for the performance of all continuous supervision and guidance duties according to the specific circumstances of the listed company, and perform continuous supervision and guidance duties. 3.1.5 保荐机构应当建立健全并有效执行持续督导业务管理制度。保荐机构和保荐代表人在持续督导期间应当针对上市公司的具体情况,制定履行各项持续督导职责的实施方案,履行持续督导职责。
3.1.6 The sponsor and the issuer shall not terminate the sponsorship agreement during the period from the publication of the securities offering prospectus to the completion of the continuous supervision and guidance work, unless there is any justifiable reason. If the issuer appoints another sponsor for the further offering of shares, the sponsorship agreement shall be terminated. If a sponsor is disqualified for the sponsorship business by the CSRC, the issuer shall terminate the sponsorship agreement and appoint another sponsor. 3.1.6 刊登证券发行募集文件以后直至持续督导工作结束,保荐机构和发行人不得终止保荐协议,但存在合理理由的情形除外。发行人因再次申请发行证券另行聘请保荐机构的,应当终止保荐协议。保荐机构被中国证监会撤销保荐业务资格的,发行人应当终止保荐协议并另行聘请保荐机构。
When the sponsor and the issuer terminate the sponsorship agreement, the issuer shall, within five trading days of the termination thereof, make a relevant disclosure to explain the reasons therefor. 保荐机构和发行人终止保荐协议的,发行人应当自终止之日起五个交易日内披露,说明原因。
When the issuer appoints another sponsor, it shall issue an announcement thereon in a timely manner. The newly appointed sponsor shall submit the relevant documents specified in Article 3.1.4 of these Rules to the SZSE in a timely manner. 发行人另行聘请保荐机构的,应当及时公告。新聘请的保荐机构应当及时向本所提交本规则第3.1.4条规定的有关文件。
3.1.7 Where a sponsor changes its sponsor representative, it shall notify the listed company in a timely manner. The listed company shall, in a timely manner, disclose the change of the sponsor representative upon the receipt of the sponsor's notice. 3.1.7 保荐机构更换保荐代表人的,应当及时通知上市公司。上市公司应当在收到通知后及时披露保荐代表人变更事宜。
Section 2 Performance of Continuous Supervision and Guidance Duties 

第二节 持续督导职责的履行

3.2.1 A sponsor shall supervise and guide the listed company in developing, improving, and effectively implementing rules for corporate governance, internal financial control, and information disclosure, and fulfilling the listed company's information disclosure and other relevant obligations according to the provisions of these Rules, review information disclosure documents and other relevant documents, and guarantee that the documents prepared and issued are true, accurate, and complete and have no false records, misleading statements, or material omissions. 3.2.1 保荐机构应当督导上市公司建立健全并有效执行公司治理制度、财务内部控制制度和信息披露制度,以及督导上市公司按照本规则的规定履行信息披露及其他相关义务,审阅信息披露文件及其他相关文件,并保证制作、出具的文件真实、准确、完整,没有虚假记载、误导性陈述或者重大遗漏。
The sponsor and sponsor representatives shall supervise and guide the controlling shareholder, actual controller, directors, and senior executives of the listed company in complying with the relevant provisions of these Rules and other relevant rules of the SZSE and fulfilling their undertakings. 保荐机构和保荐代表人应当督导上市公司的控股股东、实际控制人、董事、高级管理人员遵守本规则及本所其他相关规定,并履行其所作出的承诺。
3.2.2 A sponsor shall complete its review of the relevant documents after the listed company submits information disclosure documents and other documents to the SZSE, or after the listed company fulfills its information disclosure obligations. It shall, in a timely manner, urge the issuer to make corrections or supplements if it finds any problem in its information disclosure documents. 3.2.2 保荐机构应当在上市公司向本所报送信息披露文件及其他文件,或者履行信息披露义务后,完成对有关文件的审阅工作。发现信息披露文件存在问题的,应当及时督促公司更正或者补充。
3.2.3 In case of any significant abnormal fluctuations specified in the business rules of the SZSE in the trading of a listed company's stock, the sponsor and sponsor representatives shall urge the listed company to fulfil information disclosure obligations in a timely manner in accordance with these Rules. 3.2.3 上市公司股票交易出现本所业务规则规定的严重异常波动情形的,保荐机构、保荐代表人应当督促上市公司及时按照本规则履行信息披露义务。
3.2.4 Where any information disclosed in the interim report of a listed company involves material matters such as fundraising, affiliated transactions, entrusted wealth investment, and provision of guarantees or external financial assistance, the sponsor shall issue an opinion in accordance with the relevant rules of the CSRC and the SZSE. 3.2.4 上市公司临时报告披露的信息涉及募集资金、关联交易、委托理财、提供担保、对外提供财务资助等重大事项的,保荐机构应当按照中国证监会和本所相关规定发表意见。
3.2.5 Where a listed company falls under any of the following circumstances in its routine operation, the sponsor shall issue an opinion on the impact of relevant matters on the company's routine operation and whether there are other undisclosed material risks and disclose the following information: 3.2.5 上市公司日常经营出现下列情形的,保荐机构应当就相关事项对公司日常经营的影响以及是否存在其他未披露重大风险发表意见并披露:
(1) Its main business stagnates or any major risk event that may lead to the stagnation of its main business occurs. (一)主要业务停滞或者出现可能导致主要业务停滞的重大风险事件;
(2) Its major assets are placed under seal, impounded, or frozen. (二)主要资产被查封、扣押或冻结;
(3) It fails to pay off any major debt due. (三)未清偿到期重大债务;
(4) Its controlling shareholder or actual controller, or any of its directors or senior executives is subjected to any compulsory measure taken by the judicial authority on suspicion of any crime. (四)控股股东、实际控制人、董事、高级管理人员涉嫌犯罪被司法机关采取强制措施;
(5) Any other circumstance under which the SZSE or the sponsor deems it necessary to issue an opinion. (五)本所或者保荐机构认为应当发表意见的其他情形。
3.2.6 Where a listed company falls under any of the following circumstances that exposes the listed company's core competence to a material risk, its sponsor shall issue an opinion on the impact of relevant matters on the company's core competitiveness and routine operation, and whether the company has other undisclosed material risks and disclose the following information: 3.2.6 上市公司出现下列使公司的核心竞争力面临重大风险情形的,保荐机构应当就相关事项对公司核心竞争力和日常经营的影响以及是否存在其他未披露重大风险发表意见并披露:
(1) The company's core technical team or key technical personnel, among others, who have a significant impact on the company's core competence resign or have any other significant change. (一)公司核心技术团队或者关键技术人员等对公司核心竞争力有重大影响的人员辞职或者发生较大变动;
(2) The license for its important assets or core technologies in use by the company, such as core trademarks, patents, proprietary technology, and franchise rights, expires, or there is any major dispute thereover, its use thereof is restricted, or there is any other significant adverse change relating thereto. (二)公司在用的核心商标、专利、专有技术、特许经营权等重要资产或者核心技术许可到期、出现重大纠纷、被限制使用或者发生其他重大不利变化;
(3) Its major products, core technologies, key equipment, or business model is at risk of being replaced or eliminated. (三)主要产品、核心技术、关键设备、经营模式等面临被替代或者被淘汰的风险;
(4) Any of its main R&D projects fails, is terminated, or is not approved by the relevant authority, or the company waives its continued investment or control over important core technology projects. (四)重要研发项目研发失败、终止、未获有关部门批准,或者公司放弃对重要核心技术项目的继续投资或者控制权;
(5) Any other circumstance where the sponsor's opinion is considered necessary by the SZSE or the sponsor itself. (五)本所或者保荐机构认为应当发表意见的其他情形。
3.2.7 Where a listed company falls under any of the following circumstances, the sponsor and sponsor representatives shall conduct a special on-site inspection within 15 days from the date when they know or should have known the circumstances: 3.2.7 上市公司出现下列情形之一的,保荐机构和保荐代表人应当在知悉或者理应知悉之日起十五日内进行专项现场核查:
(1) It is suspected of having committed any material financial fraud. (一)存在重大财务造假嫌疑;
(2) Its controlling shareholder or actual controller, or any of its directors or senior executives is suspected of having encroaching upon its interests. (二)控股股东、实际控制人、董事、高级管理人员涉嫌侵占上市公司利益;
(3) It may have provided a guarantee for any major regulatory violation. (三)可能存在重大违规担保;
(4) It has any major abnormal circumstance in fund transfer or cash flow. (四)资金往来或者现金流存在重大异常;
(5) Other matters that shall be subject to an on-site inspection in the opinion of the SZSE or the sponsor. (五)本所或者保荐机构认为应当进行现场核查的其他事项。
If the sponsor conducts an on-site inspection, it shall inform the listed company of the on-site inspection result and the matters that should be brought to the attention of the company, and disclose the on-site inspection report within ten trading days of completing the on-site inspection. 保荐机构进行现场核查的,应当告知上市公司现场核查结果及提请公司注意的事项,并在现场核查结束后十个交易日内披露现场核查报告。
3.2.8 During the period of continuous supervision and guidance, the sponsor shall, in accordance with the relevant rules of the CSRC and the SZSE, disclose the tracking report in the eligible media within 15 trading days after the listed company discloses its annual report or semi-annual report. 3.2.8 持续督导期内,保荐机构应当自上市公司披露年度报告、半年度报告后十五个交易日内按照中国证监会和本所相关规定在符合条件媒体披露跟踪报告。
The sponsor shall conduct necessary on-site inspections of the listed company to ensure that there are no false records, misleading statements, or material omissions in the opinions it issued. 保荐机构应当对上市公司进行必要的现场检查,以保证所发表的意见不存在虚假记载、误导性陈述或者重大遗漏。
3.2.9 The opinions issued by a sponsor in performing its sponsorship duties shall be notified to the listed company in a timely manner and recorded in the sponsorship file. 3.2.9 保荐机构履行保荐职责发表的意见应当及时告知上市公司,并记录于保荐工作档案。
A listed company shall, in accordance with the relevant rules of the CSRC and the SZSE, actively cooperate with the sponsor and sponsor representatives in their performance of continuous supervision and guidance duties. If the listed company fails to cooperate with the sponsor and sponsor representatives in their performance of continuous supervision and guidance duties, the sponsor and sponsor representatives shall urge the company to take corrective action and shall report the same to the SZSE in a timely manner. 上市公司应当按照中国证监会及本所相关规定,积极配合保荐机构、保荐代表人履行持续督导职责。上市公司不配合保荐机构、保荐代表人持续督导工作的,保荐机构、保荐代表人应当督促改正,并及时向本所报告。
3.2.10 Where, in the performance of its sponsorship duties, a sponsor has sufficient reason to believe that a listed company may have committed any violation of these Rules, it shall urge the listed company to make an explanation, take corrective action within a prescribed time limit, and shall report the same to the SZSE. 3.2.10 保荐机构在履行保荐职责期间有充分理由确信上市公司可能存在违反本规则规定的行为的,应当督促上市公司作出说明和限期纠正,并向本所报告。
If a sponsor, in accordance with relevant provisions, issues a public statement on the listed company's violation of any law or regulation, it shall submit a written report to the SZSE before the disclosure thereof, and issue an announcement in the eligible media after being reviewed by the SZSE. The SZSE shall conduct a formality review of the aforesaid announcement and shall not be liable for the veracity thereof. 保荐机构按照有关规定对上市公司违法违规事项公开发表声明的,应当于披露前向本所书面报告,经本所审查后在符合条件媒体公告。本所对上述公告进行形式审查,对其内容的真实性不承担责任。
3.2.11 Where a sponsor has sufficient reason to believe that a professional opinion issued by the relevant securities service institution and its signatories may contain false records, misleading statements, or material omissions, or have any other violation of law or regulation or is otherwise inappropriate, it shall issue an opinion in a timely manner and report the same to the SZSE. 3.2.11 保荐机构有充分理由确信相关证券服务机构及其签字人员出具的专业意见可能存在虚假记载、误导性陈述或者重大遗漏等违法违规情形或者其他不当情形的,应当及时发表意见并向本所报告。
3.2.12 Upon the completion of continuous supervision and guidance, the sponsor shall disclose a sponsor summary report within ten trading days from the date of disclosure of the listed company's annual report. 3.2.12 持续督导工作结束后,保荐机构应当在上市公司年度报告披露之日起的十个交易日内披露保荐总结报告书。
3.2.13 Where, upon the expiration of continuous supervision and guidance, the proceeds raised by the listed company have not been used up, the sponsor shall continue to perform its continuous supervision and guidance duties relating to the proceeds and complete other unfinished sponsorship work (if any). 3.2.13 持续督导期届满,上市公司募集资金尚未使用完毕的,保荐机构应继续履行募集资金相关的持续督导职责,如有其他尚未完结的保荐工作,保荐机构应当继续完成。
Chapter IV Corporate Governance 

第四章 公司治理

Section 1 Shareholders' Meeting, Board of Directors and Their Specialized Committees 

第一节 股东会、董事会及其专门委员会

4.1.1 A listed company shall establish, improve, and effectively implement internal control rules, establish and improve the rules for independent directors, and have a scientific and effective division of duties and a check and balance mechanism, strengthen internal and external supervision, and guarantee the integrity, reasonableness, and effectiveness of the internal control system. 4.1.1 上市公司应当建立健全并实施有效的内部控制制度,建立完善独立董事制度,形成科学有效的职责分工和制衡机制,强化内部和外部监督,保证内部控制制度的完整性、合理性及有效性。
The company shall ensure the lawful operation and scientific decision-making of the shareholders' meeting, the board of directors and their special committees, and other bodies, specify the rights and obligations of shareholders, directors, and senior executives, guarantee shareholders' full exercise of their lawful rights, respect the basic rights and interests of stakeholders, guarantee the legality and compliance of the company's operation management, the safety of the company's funds and assets, the veracity, accuracy, and completeness of the information disclosed, effectively prevent financial fraud, misappropriation of funds, guarantees in violation of regulations, and other violations of laws and regulations, and safeguard the lawful rights and interests of the company and shareholders. 公司应当确保股东会、董事会及其专门委员会等机构合法运作和科学决策,明确股东、董事和高级管理人员的权利和义务,保障股东充分行使其合法权利,尊重利益相关者的基本权益,保证公司经营管理合法合规、资金资产安全、信息披露真实、准确、完整,切实防范财务造假、资金占用、违规担保等违法违规行为,维护公司及股东的合法权益。
4.1.2 A listed company shall convene the shareholders' meeting in accordance with the applicable laws and regulations and its bylaws. When a shareholder submits a written proposal requesting the convening of the shareholders' meeting, the board of directors of the company shall, within the prescribed time limit, give written feedback without undue delay on whether it agrees to convene the shareholders' meeting. 4.1.2 上市公司应当依据法律法规和公司章程召开股东会。对于股东提议要求召开股东会的书面提案,公司董事会应当在规定期限内提出是否同意召开股东会的书面反馈意见,不得无故拖延。
If shareholders convene a shareholders' meeting on their own, they shall, before giving a notice of the shareholders' meeting, notify the board of directors of the listed company in writing and file the relevant documents with the SZSE. During the period from giving the notice of the shareholders' meeting to the end of the shareholders' meeting, the convening shareholders shall hold not less than 10% of the total amount of shares of the listed company. 股东自行召集股东会的,应当在发出股东会通知前书面通知上市公司董事会并将有关文件报送本所。在发出股东会通知至股东会结束当日期间,召集股东的持股比例不得低于10%。
If shareholders convene a shareholders' meeting on their own initiative in accordance with the law, the board of directors and the secretary of the board of directors (board secretary) of the company shall cooperate, provide necessary support, and fulfill information disclosure obligations in a timely manner. 对于股东依法自行召集的股东会,公司董事会和董事会秘书应当予以配合,提供必要的支持,并及时履行信息披露义务。
4.1.3 When convening a shareholders' meeting, a listed company shall treat all shareholders equally and shall not affect the voting of shareholders by tunneling, exchange of interests, or other means to manipulate voting results to the detriment of the lawful rights and interests of other shareholders. If any material matter that has an impact on the interests of minority investors is deliberated at a shareholders' meeting, the votes of minority shareholders shall be counted separately and disclosed. 4.1.3 上市公司召开股东会应当平等对待全体股东,不得以利益输送、利益交换等方式影响股东的表决,操纵表决结果,损害其他股东的合法权益。股东会审议影响中小投资者利益的重大事项时,应当对中小投资者的表决单独计票并披露。
4.1.4 A listed company shall notify the shareholders by announcement 20 days before its annual shareholders' meeting is convened or 15 days before its special shareholders' meeting is convened. The notice shall specify the time, venue, and form of the meeting as well as the convener, the date of record, and other matters, and fully and completely disclose the details of all the proposals. The company shall also disclose in the eligible media other materials essential for shareholders to make reasonable judgments on the matters to be discussed. 4.1.4 上市公司年度股东会应当于召开二十日前,临时股东会应当于召开十五日前,以公告方式向股东发出股东会通知。股东会通知中应当列明会议召开的时间、地点、方式,以及会议召集人和股权登记日等事项,充分、完整地披露所有提案的具体内容,同时在符合条件媒体披露有助于股东对拟讨论的事项作出合理判断所必需的其他资料。
There shall be a venue for the shareholders' meeting which shall be convened in the form of an on-site meeting and online voting. The time and venue of an on-site meeting shall be selected to make it convenient for shareholders to attend. The venue of the on-site meeting shall not be changed without any justified reason once the notice of convening the meeting is given. If it is indeed necessary to change the venue, the convener shall issue a notice and explain the reasons therefor two trading days before the date when the on-site meeting is convened. 上市公司股东会应当设置会场,以现场会议与网络投票相结合的方式召开。现场会议时间、地点的选择应当便于股东参加。股东会通知发出后,无正当理由的,股东会现场会议召开地点不得变更。确需变更的,召集人应当于现场会议召开日两个交易日前发布通知并说明具体原因。
A listed company shall open the channel of online voting to make it convenient for shareholders to attend the shareholders' meeting. Shareholders attending the shareholders' meeting through the aforesaid means shall be deemed present. 上市公司应当以网络投票的方式为股东参加股东会提供便利。股东通过上述方式参加股东会的,视为出席。
4.1.5 Once the notice of the shareholders' meeting is given, without a justifiable reason, the shareholders' meeting shall not be postponed or canceled, and the proposals specified in such a notice shall not be canceled. In case of postponement or cancellation, the listed company shall give a notice explaining the specific reason therefor two trading days prior to the date originally specified. In the case of postponement, the listed company shall specify the new date of the meeting in the notice. 4.1.5 股东会通知发出后,无正当理由的,不得延期或者取消,股东会通知中列明的提案不得取消。一旦出现延期或者取消的情形,应当于原定召开日两个交易日前发布通知,说明延期或者取消的具体原因。延期召开股东会的,应当在通知中公布延期后的召开日期。
If shareholders put forward an ad hoc proposal prior to the convening of the shareholders' meeting, the convener shall send out a supplementary notice of shareholders' meeting within the prescribed time limit, disclosing the name or title of shareholders who put forward the ad hoc proposal, their shareholding ratio and additional proposal. 股东会召开前股东提出临时提案的,召集人应当在规定时间内发出股东会补充通知,披露提出临时提案的股东姓名或者名称、持股比例和新增提案的内容。
A shareholder holding or shareholders aggregately holding 1% or more of the company's shares (including but not limited to preferred shareholders whose voting rights are restored) have the right to submit the ad hoc proposal. A listed company may not increase the shareholding ratio of a shareholder or shareholders submitting ad hoc proposals. 单独或者合计持有公司1%以上股份(含表决权恢复的优先股等)的股东有权提出临时提案。上市公司不得提高提出临时提案股东的持股比例。
4.1.6 The shareholders' meeting shall appoint a law firm to issue a legal opinion on the lawfulness and validity of the convening, convening procedures, eligibility of the attendees, eligibility of the conveners, voting procedures, results of the meeting, and other matters. 4.1.6 股东会应当聘请律师事务所对会议的召集、召开程序、出席会议人员及召集人的资格、会议的表决程序及结果等事项是否合法有效出具法律意见书。
The resolutions of the shareholders' meeting and legal opinions shall be disclosed in the eligible media on the date when the shareholders' meeting ends. 股东会决议及法律意见书应当在股东会结束当日在符合条件媒体披露。
4.1.7 A listed company shall convene the meeting of the board of directors in accordance with the applicable laws and regulations and its bylaws. If the resolutions of the board of directors relate to any matter that shall be deliberated at the shareholders' meeting or relate to any material matter specified in these Rules, the listed company shall issue an announcement on the resolution of the board of directors and an announcement on the relevant material matter respectively. 4.1.7 上市公司应当依据法律法规和公司章程召开董事会,董事会决议涉及须经股东会审议的事项,或者本规则所述重大事项,上市公司应当分别披露董事会决议公告和相关重大事项公告。
4.1.8 A listed company shall establish an audit committee in the board of directors to exercise the powers and functions of the board of supervisors as prescribed by the Company Law. 4.1.8 上市公司应当在董事会中设置审计委员会,行使《公司法》规定的监事会的职权。
The audit committee shall consist of three or more directors who do not serve as senior executives in the listed company, among whom independent directors shall account for a majority. An employee representative among members of the board of directors of the company may become a member of the audit committee. 审计委员会由三名以上不在上市公司担任高级管理人员的董事组成,其中独立董事应当过半数。公司董事会成员中的职工代表可以成为审计委员会成员。
The convener of the audit committee shall be an independent director and an accounting professional. 审计委员会的召集人应当为独立董事且为会计专业人士。
4.1.9 The audit committee shall be responsible for reviewing the financial information of the company and the disclosure thereof, and supervising and assessing internal and external audits and internal control. The following matters may be subject to deliberation at the meeting of the board of directors with the consent of a majority of all members of the audit committee: 4.1.9 审计委员会应当负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制。下列事项应当经审计委员会全体成员过半数同意后,方可提交董事会审议:
(1) Disclosure of financial accounting reports, financial information in periodical reports, and internal control evaluation reports. (一)披露财务会计报告及定期报告中的财务信息、内部控制评价报告;
(2) Appointment or dismissal of the accounting firm providing audit service for the listed company. (二)聘用、解聘承办上市公司审计业务的会计师事务所;
(3) Appointment or dismissal of the person in charge of financial affairs of the listed company. (三)聘任或者解聘上市公司财务负责人;
(4) Modification of accounting policies or accounting estimates, or correction of material accounting errors due to reasons other than changes in accounting standards. (四)因会计准则变更以外的原因作出会计政策、会计估计变更或者重大会计差错更正;
(5) Other matters prescribed by laws, regulations, rules of the CSRC, relevant rules of the SZSE, and bylaws of the company. (五)法律法规、中国证监会规定、本所有关规定和公司章程规定的其他事项。
4.1.10 The audit committee shall hold at least one meeting every quarter. An ad hoc meeting may be convened upon the proposal of two or more members or when the convener deems it necessary. The meeting of the audit committee must be held only when two-thirds or more of the members are present. 4.1.10 审计委员会每季度至少召开一次会议,两名及以上成员提议,或者召集人认为有必要时,可以召开临时会议。审计委员会会议须有三分之二以上成员出席方可举行。
A resolution of the audit committee shall be adopted by a majority of the members of the audit committee. In voting on a resolution of the audit committee, each member shall have one vote. 审计委员会作出决议,应当经审计委员会成员的过半数通过。审计委员会决议的表决,应当一人一票。
The resolutions of the audit committee shall be recorded in meeting minutes as required, and members of the audit committee attending the meeting shall affix signatures to the meeting minutes. When required by the SZSE, the company shall submit the minutes of meetings of the audit committee. 审计委员会决议应当按规定制作会议记录,出席会议的审计委员会成员应当在会议记录上签名。本所要求提供审计委员会会议记录的,公司应当提供。
The working procedures of the audit committee shall be developed by the board of directors. 审计委员会工作规程由董事会负责制定。
4.1.11 A listed company may establish strategy, nomination, remuneration and assessment, and other special committees in the board of directors, which shall perform their duties in accordance with company bylaws and the authorization of the board of directors. 4.1.11 上市公司可以在董事会中设置战略、提名、薪酬与考核等其他专门委员会,按照公司章程和董事会授权履行职责。
All members of other special committees shall be directors, and independent directors in the nomination committee and the remuneration and assessment committee shall account for a majority thereof, and they shall serve as conveners. If the appropriate department of the State Council otherwise provides for the conveners of special committees, such provisions shall prevail. 其他专门委员会成员全部由董事组成,其中提名委员会、薪酬与考核委员会中独立董事应当过半数并担任召集人。国务院有关主管部门对专门委员会的召集人另有规定的,适用其规定。
The nomination committee and remuneration and assessment committee shall perform their duties in accordance with the applicable laws and regulations, rules of the CSRC, relevant rules of the SZSE, bylaws of the company, and the provisions of the board of directors, and offer recommendations on relevant matters to the board of directors. If the board of directors fails to adopt or fully adopt the relevant recommendations, it shall record the relevant opinions and the specific reasons for its non-adoption in the resolution of the board of directors and disclose them. 提名委员会、薪酬与考核委员会应当按照法律法规、中国证监会规定、本所有关规定、公司章程和董事会的规定履行职责,就相关事项向董事会提出建议。董事会对相关建议未采纳或者未完全采纳的,应当在董事会决议中记载相关意见及未采纳的具体理由,并进行披露。
4.1.12 Where the shareholders' meeting or the meeting of the board of directors or the audit committee cannot be convened normally, there is any abnormal circumstance during the period when the meeting is convened, or there is any dispute over the validity of the resolution, the listed company shall, in a timely manner, disclose relevant matters, the claims of all parties to the dispute, the current status of the company, and other information which is conducive to investors' understanding of the actual situation of the company, as well as the special legal opinion issued by the lawyer. 4.1.12 上市公司股东会、董事会或者审计委员会不能正常召开、在召开期间出现异常情况或者决议效力存在争议的,上市公司应当及时披露相关事项、争议各方的主张、公司现状等有助于投资者了解公司实际情况的信息,以及律师出具的专项法律意见书。
Under any circumstance specified in the preceding paragraph, the board of directors of a listed company shall maintain the normal production and operation order of the company, protect the interests of the company and all its shareholders, and fairly treat all shareholders. 出现前款规定情形的,上市公司董事会应当维护公司正常生产经营秩序,保护公司及全体股东利益,公平对待所有股东。
Section 2 Directors and Senior Executives 

第二节 董事和高级管理人员

4.2.1 The directors and senior executives of a listed company shall, before the listing of the company's IPO stock, and new directors and senior executives shall, within one month after holding the position, sign the Statements and Letter of Undertakings of Directors (Senior Executives) and file the same with the SZSE and the board of directors of the company. 4.2.1 上市公司的董事、高级管理人员应当在公司首次公开发行股票上市前,新任董事、高级管理人员应当在其任命后一个月内,签署《董事(高级管理人员)声明及承诺书》,并向本所和公司董事会报备。
The aforesaid persons shall sign the Statements and Letter of Undertakings of Directors (Senior Executives) in the presence of attorneys who shall be responsible for explaining the documents. The aforesaid persons shall affix their signatures and seals to the documents after they have fully understood the contents of such documents and guarantee that the matters they declare in the Statements and Letter of Undertakings of Directors (Senior Executives) are true, accurate, and complete and have no false records, misleading statements, or material omissions. 上述人员在签署《董事(高级管理人员)声明及承诺书》时,应当由律师见证,由律师解释该文件的内容,在充分理解后签字盖章,并保证《董事(高级管理人员)声明及承诺书》中声明事项的真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏。
In case of significant changes in any matter declared (excluding changes in shareholdings), the aforesaid persons shall update such matters within five trading days and file the same with the SZSE and the board of directors of the company. 声明事项发生重大变化(持股情况除外)的,上述人员应当在五个交易日内更新,并向本所和公司董事会报备。
4.2.2 The directors and senior executives of a listed company have a duty of loyalty to the company, shall take measures to avoid conflicts between their own interests and the interests of the company, and may not take advantage of their powers to seek illicit benefits. The directors and senior executives of a listed company have a duty of diligence to the company, and shall exercise the due care that a manager ordinarily exercises in the best interest of the company in performing their duties. 4.2.2 上市公司董事、高级管理人员对公司负有忠实义务,应当采取措施避免自身利益与公司利益冲突,不得利用职权牟取不正当利益;上市公司董事、高级管理人员对公司负有勤勉义务,执行职务应当为公司的最大利益尽到管理者通常应有的合理注意。
A director of a listed company shall fulfill the following obligations of loyalty and diligence: 上市公司董事应当履行下列忠实义务和勤勉义务:
(1) The director shall fairly treat all shareholders. (一)公平对待所有股东。
(2) The director shall protect the safety and integrity of the company's assets, and shall not take advantage of his or her position to damage the company's interests for the benefit of the company's actual controller, shareholders, employees, himself or herself, or any other third party. (二)保护公司资产的安全、完整,不得利用职务之便为公司实际控制人、股东、员工、本人或者其他第三方的利益而损害公司利益。
(3) The director shall not directly or indirectly enter into a contract or transaction with the company without reporting to the board of directors or the shareholders' meeting or adoption by resolution of the board of directors or shareholders' meeting in accordance with the bylaws and these Rules. (三)未向董事会或者股东会报告,并按照章程、本规则规定经董事会或者股东会决议通过,不得直接或间接与公司订立合同或者进行交易。
(4) The director shall not take advantage of his or her position to seek business opportunities belonging to the company for himself or herself or others, except if the matter is reported to the board of directors or the shareholders' meeting and adopted by the resolution of the shareholders' meeting, or if the company is unable to take advantage of such business opportunities in accordance with laws, administrative regulations, or the provisions of its bylaws. (四)不得利用职务便利,为自己或者他人谋取本应属于公司的商业机会,但向董事会或者股东会报告并经股东会决议通过,或者公司根据法律、行政法规或者章程规定,不能利用该商业机会的除外。
(5) The director shall not engage in the business of the same type as that of the company on his or her own or for others without reporting to the board of directors or the shareholders' meeting and adoption by resolution at the shareholders' meeting. (五)未向董事会或者股东会报告,并经股东会决议通过,不得自营或者为他人经营与公司同类的业务。
(6) The director shall keep confidential trade secrets, shall not divulge material information that has not been disclosed by the company, shall not use insider information to obtain illegal benefits, and shall fulfill the non-competition obligation agreed upon with the company after leaving office. (六)保守商业秘密,不得泄露公司尚未披露的重大信息,不得利用内幕信息获取不正当利益,离职后应当履行与公司约定的竞业禁止义务。
(7) The director shall guarantee that he or she has sufficient time and energy to participate in the affairs of the listed company. In principle, the director shall attend the meeting of the board of directors in person, and if the director authorizes any other director to attend the meeting on behalf thereof for any reason, he or she shall prudently select the trustee, specify the authorized matters and decision-making intention, and shall not grant discretionary authority. (七)保证有足够的时间和精力参与上市公司事务,原则上应当亲自出席董事会,因故不能亲自出席董事会的,应当审慎地选择受托人,授权事项和决策意向应当具体明确,不得全权委托。
(8) The director shall prudently judge the risks and benefits that may be incurred in the matters deliberated by the board of directors of the company and express explicit opinions on the matters deliberated. If the director votes against or abstains from voting at the meeting of the board of directors of the company, the director shall explicitly disclose the reasons and basis for the voting intention and improvement recommendations or measures. (八)审慎判断公司董事会审议事项可能产生的风险和收益,对所议事项表达明确意见;在公司董事会投反对票或者弃权票的,应当明确披露投票意向的原因、依据、改进建议或者措施。
(9) The director shall diligently read all operating and financial reports of and rumors on the company, promptly obtain the information on and pay continuous attention to the operation management conditions of the company, the material matters of the company that have occurred or may occur and their impacts, report the problems existing in the company's operations to the board of directors in a timely manner, and shall not shirk his or her responsibilities on the ground that he or she does not directly engage in the operation management of the company or has no knowledge thereof. (九)认真阅读上市公司的各项经营、财务报告和有关公司的传闻,及时了解并持续关注公司业务经营管理状况和公司已发生或者可能发生的重大事项及其影响,及时向董事会报告公司经营活动中存在的问题,不得以不直接从事经营管理或者不知悉、不熟悉为由推卸责任。
(10) The director shall pay attention to whether the affiliates or potential affiliates misappropriate funds or otherwise embezzle the interests of the company, and report to the board of directors in a timely manner on any abnormal conditions, if discovered, and take corresponding measures. (十)关注公司是否存在被关联人或者潜在关联人占用资金等公司利益被侵占问题,如发现异常情况,及时向董事会报告并采取相应措施。
(11) The director shall diligently read the financial accounting reports of the company, pay attention to whether there are material errors or omissions in the preparation of financial accounting reports, whether there are significant fluctuations in major accounting data and financial indicators, and whether the explanation on the reasons for large fluctuations is reasonable; and voluntarily conduct an investigation or require the board of directors to provide additional required materials or information, if he or she has any doubt about the financial accounting reports. (十一)认真阅读公司财务会计报告,关注财务会计报告是否存在重大编制错误或者遗漏,主要会计数据和财务指标是否发生大幅波动及波动原因的解释是否合理;对财务会计报告有疑问的,应当主动调查或者要求董事会补充提供所需的资料或者信息。
(12) The director shall actively promote the company's standard operation, urge the company to fulfill its information disclosure obligations in accordance with the applicable laws and regulations, correct and report the company's regulatory violation in a timely manner, and support the company's fulfillment of social responsibility. (十二)积极推动公司规范运行,督促公司依法依规履行信息披露义务,及时纠正和报告公司的违规行为,支持公司履行社会责任。
(13) The director shall fulfill other loyalty and diligence obligations prescribed by laws and regulations, these Rules, other rules of the SZSE, and company bylaws. (十三)法律法规、本规则及本所其他相关规定、公司章程要求的其他忠实义务和勤勉义务。
The senior executives of the listed company shall perform their duties according to the aforesaid requirements, mutatis mutandis. 上市公司高级管理人员应当参照前款规定履行职责。
If a close relative of a director or senior executive, an enterprise directly or indirectly controlled by a director or senior executive or a close relative of him or her, or an affiliate that is otherwise affiliated to a director or senior executive enters into a contract or conducts transactions with the company, the provision of subparagraph (3), paragraph 2 of this article shall apply. 董事、高级管理人员的近亲属,董事、高级管理人员或者其近亲属直接或者间接控制的企业,以及与董事、高级管理人员有其他关联关系的关联人,与公司订立合同或者进行交易,适用本条第二款第三项规定。
4.2.3 A listed company shall, at the latest when issuing a notice of convening the shareholders' meeting for the election of independent directors, file with the SZSE all the relevant materials of independent director candidates (including but not limited to the nominees' statements and undertakings, the candidates' statements and undertakings, and the candidates' curricula vitae), and guarantee that the submitted materials are true, accurate, and complete. The nominator shall undertake in the statements and undertakings that the nominee has no interest relations with him or her or does not fall under any other circumstance that may affect the nominee's independent performance of duties. 4.2.3 上市公司最迟应当在发布召开关于选举独立董事的股东会通知公告时,将所有独立董事候选人的有关材料(包括提名人声明与承诺、候选人声明与承诺、独立董事履历表等)报送本所,并保证报送材料的真实、准确、完整。提名人应当在声明与承诺中承诺,被提名人与其不存在利害关系或者其他可能影响被提名人独立履职的情形。
If the board of directors of the company has any objection to the information of any independent director candidate, the company shall submit a written opinion of its board of directors at the same time. 公司董事会对独立董事候选人的有关情况有异议的,应当同时报送董事会的书面意见。
When a shareholders' meeting is convened to elect independent directors, the board of directors of the company shall explain whether the SZSE has any objection to any independent director candidate. For any independent director candidate to whom the SZSE has any objection, the listed company shall not submit the materials of the candidate to the shareholders' meeting for election. 在召开股东会选举独立董事时,公司董事会应当对独立董事候选人是否被本所提出异议的情况进行说明。对于本所提出异议的独立董事候选人,上市公司不得提交股东会选举。
4.2.4 Independent directors shall maximize their role of fully participating in decision-making, checks and balances, and providing professional advice in the board of directors, and shall perform the following duties in accordance with the applicable laws and regulations, rules of the CSRC, and company bylaws. 4.2.4 独立董事应当在董事会中充分发挥参与决策、监督制衡、专业咨询作用,按照法律法规、中国证监会和公司章程的规定,履行下列职责:
(1) Participating in the decision-making of the board of directors and offering specific opinions on the deliberated matters. (一)参与董事会决策并对所议事项发表明确意见;
(2) Supervising issues concerning potential material conflicts of interest between the listed company and its controlling shareholder, actual controller, directors, and senior executives, urging the board of directors to make decisions in line with the overall interests of the company, and protecting the lawful rights and interests of minority shareholders in accordance with the relevant provisions of the Measures for the Administration of Independent Directors of Listed Companies. (二)按照《上市公司独立董事管理办法》的有关规定,对上市公司与其控股股东、实际控制人、董事、高级管理人员之间的潜在重大利益冲突事项进行监督,促使董事会决策符合公司整体利益,保护中小股东的合法权益;
(3) Providing professional and objective recommendations on the operation and development of the listed company and promoting the enhancement of the decision-making capacity of the board of directors. (三)对上市公司经营发展提供专业、客观的建议,促进提升董事会决策水平;
(4) Performing other duties prescribed by laws and regulations, rules of the CSRC, other relevant rules of the SZSE, and bylaws of the company. (四)法律法规、中国证监会规定、本所其他相关规定和公司章程规定的其他职责。
An independent director shall perform his or her duties in an independent and impartial manner, and shall not be affected by the listed company, or any of its principal shareholders, actual controller, or any other entity or individual. 独立董事应当独立、公正地履行职责,不受上市公司及其主要股东、实际控制人等单位或者个人的影响。
4.2.5 Independent directors may exercise the following special functions and powers: 4.2.5 独立董事行使下列特别职权:
(1) Independently engaging intermediaries to audit, consult, or inspect specific matters of the listed company. (一)独立聘请中介机构,对上市公司具体事项进行审计、咨询或者核查;
(2) Proposing the convening of a special shareholders' meeting to the board of directors. (二)向董事会提请召开临时股东会;
(3) Proposing the convening of a meeting of the board of directors. (三)提议召开董事会会议;
(4) Publicly soliciting shareholders' rights from shareholders in accordance with the law. (四)依法公开向股东征集股东权利;
(5) Giving independent opinions on matters that may damage the rights and interests of the listed company or minority shareholders. (五)对可能损害上市公司或者中小股东权益的事项发表独立意见;
(6) Exercising other functions and powers prescribed by laws, regulations, rules of the CSRC, and bylaws of the company. (六)法律法规、中国证监会和公司章程规定的其他职权。
An independent director's exercise of functions and powers specified in subparagraphs (1) through (3) of the preceding paragraph shall be subject to the consent of a majority of all independent directors. 独立董事行使前款第一项至第三项职权的,应当经全体独立董事过半数同意。
If an independent director exercises the functions and powers specified in paragraph 1 of this article, the listed company shall make disclosure in a timely manner. If the independent director cannot normally exercise the aforesaid functions and powers, the company shall disclose the specific circumstances and reasons therefor. 独立董事行使本条第一款所列职权的,上市公司应当及时披露。上述职权不能正常行使的,公司应当披露具体情况和理由。
4.2.6 The following matters shall be subject to deliberation at the meeting of the board of directors with the consent of a majority of all independent directors of a listed company: 4.2.6 下列事项应当经上市公司全体独立董事过半数同意后,提交董事会审议:
(1) Affiliated transactions that shall be disclosed. (一)应当披露的关联交易;
(2) The plans of the listed company and the relevant parties for the modification or waiver of their undertakings. (二)上市公司及相关方变更或者豁免承诺的方案;
(3) The decisions made and measures taken by the board of directors of the target listed company regarding the acquisition. (三)被收购上市公司董事会针对收购所作出的决策及采取的措施;
(4) Other matters prescribed by laws and regulations, rules of the CSRC, other relevant rules of the SZSE, and bylaws of the company. (四)法律法规、中国证监会规定、本所其他相关规定和公司章程规定的其他事项。
4.2.7 A listed company shall establish a special meeting system for independent directors, convene meetings attended solely by independent directors on a periodical or unscheduled basis to deliberate on relevant matters specified in subparagraphs (1) through (3), paragraph 1 of Article 4.2.5 and Article 4.2.6 of these Rules. 4.2.7 上市公司应当建立独立董事专门会议制度,定期或者不定期召开全部由独立董事参加的会议,对本规则第4.2.5条第一款第一项至第三项、第4.2.6条规定的相关事项进行审议。
The special meetings of independent directors may study and discuss other matters of a company if necessary. 独立董事专门会议可以根据需要研究讨论公司其他事项。
The special meetings of independent directors shall be convened and presided over by an independent director jointly elected by a majority of the independent directors. If the convener fails to or is unable to perform his or her duties, two or more independent directors may, on their initiative, convene a meeting and elect a representative to preside over the meeting. 独立董事专门会议应当由过半数独立董事共同推举一名独立董事召集和主持;召集人不履职或者不能履职时,两名及以上独立董事可以自行召集并推举一名代表主持。
The company shall facilitate and support the convening of special meetings of independent directors. 公司应当为独立董事专门会议的召开提供便利和支持。
4.2.8 The director of a listed company shall be elected or replaced at a shareholders' meeting, and may be removed from his or her post at the shareholders' meeting before the expiration of his or her term of office. A director's term of office shall not exceed three years and a director may be eligible for re-election upon the expiration of his or her term of office. 4.2.8 上市公司董事由股东会选举或更换,并可在任期届满前由股东会解除其职务。董事每届任期不得超过三年,任期届满可连选连任。
4.2.9 A listed company shall appoint a board secretary to serve as the designated contact person between the company and the SZSE. 4.2.9 上市公司应当设立董事会秘书,作为公司与本所之间的指定联络人。
The company shall establish an information disclosure affairs department which shall be managed by the board secretary. 公司应当设立信息披露事务部门,由董事会秘书负责管理。
4.2.10 In principle, a listed company shall appoint the board secretary within three months since the listing of its IPO stock or within three months since the former secretary leaves office. During the vacancy of the board secretary, the board of directors shall, in a timely manner, designate a director or senior executive to perform the duties of the board secretary on behalf thereof. If the position is vacant for over three months, the chairman of the board of directors shall perform the duties of the board secretary on behalf thereof, and the appointment of the board secretary shall be completed within six months of the performance. 4.2.10 上市公司原则上应当在首次公开发行股票上市后三个月内或者原任董事会秘书离职后三个月内聘任董事会秘书。董事会秘书空缺期间,董事会应当指定一名董事或者高级管理人员代行董事会秘书的职责,空缺超过三个月的,董事长应当代行董事会秘书职责,并在代行后的六个月内完成董事会秘书的聘任工作。
4.2.11 A listed company shall appoint a securities affairs representative to assist the board secretary in performing his or her duties. When the board secretary is unable to perform his or her duties, the securities affairs representative shall exercise his or her rights and perform his or her duties on behalf of the secretary, and during this period, the board secretary shall not be naturally exempt from his or her responsibilities for the information disclosure affairs of the company. 4.2.11 上市公司应当聘任证券事务代表,协助董事会秘书履行职责。在董事会秘书不能履行职责时,由证券事务代表行使其权利并履行其职责,在此期间,并不当然免除董事会秘书对公司信息披露事务负有的责任。
4.2.12 A listed company shall establish and improve management rules for the resignation of directors and senior executives and regulate the resignation of directors and senior executives. The responsibilities that a director or senior executive shall assume in the performance of duties during his or her term of office shall not be waived or terminated upon leaving office. If there is any violation of the relevant undertaking or any other act that damages the interests of the listed company, the board of directors shall adopt necessary means to hold the relevant personnel liable and effectively protect the rights and interests of the listed company and minority investors. 4.2.12 上市公司应当建立健全董事、高级管理人员离职管理制度,规范董事、高级管理人员离职行为。董事、高级管理人员在任职期间因执行职务而应承担的责任,不因离任而免除或者终止,存在违反相关承诺或者其他损害上市公司利益行为的,董事会应当采取必要手段追究相关人员责任,切实维护上市公司和中小投资者权益。
4.2.13 Where the controlling shareholder or actual controller of a listed company does not serve as a director of the company but actually executes the affairs of the company, the provisions of this Section regarding the duty of loyalty and diligence of directors shall apply. 4.2.13 上市公司的控股股东、实际控制人不担任公司董事但实际执行公司事务的,适用本节关于董事忠实义务和勤勉义务的规定。
Section 3 Controlling Shareholder and Actual Controller 

第三节 控股股东和实际控制人

4.3.1 The controlling shareholder or actual controller of a listed company shall, before the listing of the company's IPO stock or within one month after the completion of the change in control, sign the Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller, and file the same with the SZSE and the board of directors of the company. 4.3.1 上市公司的控股股东、实际控制人应当在公司首次公开发行股票上市前,或者控制权变更完成后一个月内,签署《控股股东、实际控制人声明及承诺书》,并向本所和公司董事会报备。
The controlling shareholder or actual controller shall sign the Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller in the presence of attorneys after the attorneys who shall be responsible for explaining the documents. The controlling shareholder or actual controller shall affix signature and seal to the documents after it or he has fully understood the contents of such documents and guarantee that the matters they declare in the Statements and Letter of Undertaking of the Controlling Shareholder or Actual Controller are true, accurate, and complete and have no false records, misleading statements, or material omissions. 控股股东、实际控制人在签署《控股股东、实际控制人声明及承诺书》时,应当由律师见证,由律师解释该文件的内容,在充分理解后签字盖章,并保证《控股股东、实际控制人声明及承诺书》中声明事项的真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏。
In case of significant changes in any matter declared (excluding changes in shareholdings), the controlling shareholder or actual controller shall update such matters within five trading days and file the same with the SZSE and the board of directors of the company. 声明事项发生重大变化(持股情况除外)的,控股股东、实际控制人应当在五个交易日内更新,并向本所和公司董事会报备。
4.3.2 The controlling shareholder or actual controller of a listed company shall be honest and trustworthy, exercise shareholders' rights in accordance with the law, shall not abuse the right to control to the detriment of the interest of the company or any other shareholder, and shall comply with the following requirements: 4.3.2 上市公司控股股东、实际控制人应当诚实守信,依法行使股东权利,不滥用控制权损害公司或者其他股东的利益,遵守下列要求:
(1) Complying with and urging the company to comply with the laws and administrative regulations of the state, departmental rules, regulatory documents, these Rules, other relevant rules of the SZSE, and the bylaws of the company, and accepting the regulation of the SZSE. (一)遵守并促使公司遵守国家法律、行政法规、部门规章、规范性文件、本规则和本所其他相关规定、公司章程,接受本所监管;
(2) Exercising shareholders' rights in accordance with the law, not abusing the right to control or using their affiliation to damage the lawful rights and interests of the company or other shareholders. (二)依法行使股东权利,不滥用控制权或者利用关联关系损害公司或者其他股东的合法权益;
(3) Strictly performing its public statements and various undertakings, and not modifying or rescinding them without authorization. (三)严格履行所作出的公开声明和各项承诺,不擅自变更或者解除;
(4) Fulfilling information disclosure obligations in strict accordance with relevant provisions, actively cooperating with the company in effectively conducting information disclosure, and promptly informing the company of material matters that have occurred or are about to occur. (四)严格按照有关规定履行信息披露义务,积极主动配合公司做好信息披露工作,及时告知公司已发生或者拟发生的重大事项;
(5) Not misappropriating the funds of the company by any means. (五)不得以任何方式占用公司资金;
(6) Not forcing, instructing, or requiring the company and relevant personnel to provide guarantees in violation of any law or regulation. (六)不得强令、指使或者要求公司及相关人员违法违规提供担保;
(7) Not seeking benefits by using undisclosed material information of the company, not divulging undisclosed material information of the company by any means, not engaging in insider trading, short-swing trading, market manipulation, or any other violation of law or regulation. (七)不得利用公司未公开重大信息牟取利益,不得以任何方式泄露公司的未公开重大信息,不得从事内幕交易、短线交易、操纵市场等违法违规行为;
(8) Not damaging the lawful rights and interests of the company and other shareholders by unfair affiliated transactions, profit distribution, asset restructuring, external investment, or any other means. (八)不得通过非公允的关联交易、利润分配、资产重组、对外投资等任何方式损害公司和其他股东的合法权益;
(9) Guaranteeing the integrity of assets of the company and the independence of its personnel, finance, organization, and business, and not affecting the company's independence in any way. (九)保证公司资产完整、人员独立、财务独立、机构独立和业务独立,不得以任何方式影响公司的独立性;
(10) Performing other duties that shall be fulfilled as required by the SZSE. (十)本所认为应当履行的其他职责。
4.3.3 The controlling shareholder or actual controller of a listed company shall fulfill information disclosure obligations and guarantee that the information is disclosed in a truthful, accurate, complete, timely, and fair manner, and the disclosed information shall not contain any false records, misleading statements, or material omissions. 4.3.3 上市公司控股股东、实际控制人应当履行信息披露义务,并保证所披露信息的真实、准确、完整、及时、公平,不得有虚假记载、误导性陈述或者重大遗漏。
The controlling shareholder or actual controller of a company falling under any of the following circumstances shall notify the company in a timely manner and cooperate with the company in fulfilling information disclosure obligations: 公司控股股东、实际控制人出现下列情形之一的,应当及时告知公司,并配合公司履行信息披露义务:
(1) Significant changes or intended significant changes in the shareholding thereof or in the control of the company. (一)持股情况或者控制公司的情况发生或者拟发生较大变化;
(2) Significant changes in the business, which is identical or similar to that of the company, undertaken by the actual controller or any other entity under the control of the actual controller. (二)公司的实际控制人及其控制的其他主体从事与公司相同或者相似业务的情况发生较大变化;
(3) The court renders a ruling to prohibit the controlling shareholder or actual controller from transferring shares it holds in the company. (三)法院裁决禁止转让其所持股份;
(4) Not less than 5% of shares of the company held by any shareholder are pledged, frozen, marked, or auctioned off by the judicial authority, kept in custody, held in trust, or the voting rights of such shares are restricted in accordance with the law, or carry the risk of forced transfer. (四)所持公司5%以上股份被质押、冻结、司法标记、司法拍卖、托管、设定信托或者被依法限制表决权等,或者出现被强制过户风险;
(5) A material asset restructuring, debt restructuring, or business restructuring is intended for the company. (五)拟对公司进行重大资产重组、债务重组或者业务重组;
(6) The company enters into bankruptcy or dissolution proceedings due to the deterioration of operating conditions. (六)因经营状况恶化进入破产或者解散程序;
(7) There are rumors related to the controlling shareholder or actual controller, which may have a significant impact on the trading prices of the company's stock and derivatives thereon. (七)出现与控股股东、实际控制人有关传闻,对公司股票及其衍生品种交易价格可能产生较大影响;
(8) The controlling shareholder or actual controller has been subjected to any criminal punishment, or is under formal investigation in a case filed by the CSRC for any suspected violation of law or regulation, or receives any administrative sanctioning from the CSRC, or a material administrative sanctioning from another appropriate authority. (八)受到刑事处罚,涉嫌违法违规被中国证监会立案调查或者受到中国证监会行政处罚,或者受到其他有权机关重大行政处罚;
(9) The controlling shareholder or actual controller is suspected of any serious violation of the discipline or law, or a duty-related crime, or is subjected to detention measures by the disciplinary inspection and supervision authority, affecting the performance of his or her duties. (九)涉嫌严重违纪违法或者职务犯罪被纪检监察机关采取留置措施且影响其履行职责;
(10) The controlling shareholder or actual controller is subject to compulsory measures on suspicion of crime. (十)涉嫌犯罪被采取强制措施;
(11) Other circumstances that may have a significant impact on the trading prices of the company's stock and derivatives thereon. (十一)其他可能对上市公司股票及其衍生品种交易价格产生较大影响的情形。
If there is any material progress or change in the matters specified in the preceding paragraph, the controlling shareholder or actual controller shall notify the company in writing of the relevant information to which it or he has access, and cooperate with the company in fulfilling information disclosure obligations. 前款规定的事项出现重大进展或者变化的,控股股东、实际控制人应当将其知悉的有关情况书面告知公司,并配合公司履行信息披露义务。
Upon the receipt of an inquiry from the company, the controlling shareholder or actual controller shall promptly obtain the relevant information and give a reply, and guarantee that the content of the reply is true, accurate, and complete. 控股股东、实际控制人收到公司问询的,应当及时了解情况并回复,保证回复内容真实、准确和完整。
4.3.4 The controlling shareholder of a listed company shall prudently pledge the company's shares held by it or him, rationally use the funds obtained from the pledge, and maintain the control of the company and the stability of its production and operation. 4.3.4 上市公司控股股东应当审慎质押所持公司股份,合理使用融入资金,维持公司控制权和生产经营稳定。
4.3.5 A listed company shall determine the ownership of control in an objective and prudent manner based on its equity structure, the nomination, appointment and removal of directors, and other internal governance information. 4.3.5 上市公司应当根据股权结构、董事的提名任免以及其他内部治理情况,客观、审慎地认定控制权归属。
If a concerted action agreement is signed to jointly control a company, the joint control arrangement and mechanism for the termination of joint control shall be specified in the agreement. 签署一致行动协议共同控制公司的,应当在协议中明确共同控制安排及解除机制。
Section 4 Differential Voting Rights Arrangement 

第四节 表决权差异安排

4.4.1 Where an issuer has a DVR arrangement before the listing of its IPO stock, such an arrangement shall be adopted by two-thirds or more of voting rights held by the shareholders attending the shareholders' meeting. 4.4.1 发行人首次公开发行上市前设置表决权差异安排的,应当经出席股东会的股东所持表决权的三分之二以上通过。
If the issuer has no DVR arrangement before the listing of its IPO stock, it may not adopt such an arrangement thereafter in any way. 发行人在首次公开发行上市前未设置表决权差异安排的,不得在首次公开发行上市后以任何方式设置此类安排。
4.4.2 Except for differences in voting rights specified in company bylaws, shareholders holding ordinary shares shall have exactly the same rights as those holding special voting shares. 4.4.2 除公司章程规定的表决权差异外,普通股份与特别表决权股份具有的其他股东权利应当完全相同。
4.4.3 A shareholder holding special voting shares of a listed company shall be a person who has made significant contributions to the development of the listed company and has continuously served as a director of the company before or after the listing of the company or a shareholding entity actually controlled by such a person. 4.4.3 持有特别表决权股份的股东应当为对上市公司发展作出重大贡献,并且在公司上市前以及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。
The total equity shares of the listed company held by shareholders holding special voting shares shall account for 10% or more of all outstanding voting shares of the company. 持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份的10%以上。
4.4.4 The bylaws of a listed company shall specify the number of voting rights of each special voting share. The number of voting rights of each special voting share shall be the same and shall not exceed 10 times the number of voting rights of each ordinary share. 4.4.4 上市公司章程应当规定每份特别表决权股份的表决权数量。每份特别表决权股份的表决权数量应当相同,且不得超过每份普通股份的表决权数量的10倍。
4.4.5 Upon the listing of its stock on the SZSE, a listed company shall not offer special voting shares at home or abroad or increase the ratio of special voting rights, except for rights issue in equal proportion, transfer of capital reserves into share capital, and distribution of share dividends. 4.4.5 上市公司股票在本所上市后,除同比例配股、转增股本、分配股票股利情形外,不得在境内外发行特别表决权股份,不得提高特别表决权比例。
If the ratio of special voting rights may be increased as a result of share repurchase or due to any other reason, the listed company shall take such measures as converting a corresponding number of special voting shares into ordinary shares to guarantee that the ratio of special voting rights is not higher than the original level. 上市公司因股份回购等原因,可能导致特别表决权比例提高的,应当同时采取将相应数量特别表决权股份转换为普通股份等措施,保证特别表决权比例不高于原有水平。
For the purposes of these Rules, the ratio of special voting rights means the ratio of the number of voting rights of all special voting shares of a listed company to that of all outstanding voting shares of the company. 本规则所称特别表决权比例,是指全部特别表决权股份的表决权数量占上市公司全部已发行股份表决权数量的比例。
4.4.6 A listed company shall guarantee that the ratio of ordinary voting rights is not less than 10%. A shareholder who holds or shareholders who hold 10% or more of the company's shares (including preferred shares of which the voting rights are restored) shall have the right to propose the convening of a special shareholders' meeting. A shareholder who holds or shareholders who hold 1% or more of the company's shares (including preferred shares of which the voting rights are restored) shall have the right to offer proposals at the shareholders' meeting. 4.4.6 上市公司应当保证普通表决权比例不低于10%;单独或者合计持有公司10%以上股份(含表决权恢复的优先股等)的股东有权提议召开临时股东会;单独或者合计持有公司1%以上股份(含表决权恢复的优先股等)的股东有权提出股东会议案。
For the purposes of these Rules, “ratio of ordinary voting rights” means the ratio of the number of voting rights of all ordinary shares of a listed company to that of all outstanding voting shares of the company. 本规则所称普通表决权比例,是指全部普通股份的表决权数量占上市公司全部已发行股份表决权数量的比例。
4.4.7 Special voting shares may not be traded in the secondary market but may be transferred in accordance with the relevant rules of the SZSE. 4.4.7 特别表决权股份不得在二级市场进行交易,但可以按照本所有关规定进行转让。
4.4.8 Under any of the following circumstances, special voting shares shall be converted into ordinary shares at a ratio of 1:1: 4.4.8 出现下列情形之一的,特别表决权股份应当按照1:1的比例转换为普通股份:
(1) The shareholder holding special voting shares no longer meets the eligibility and minimum shareholding requirements specified in Article 4.4.3 of these Rules, or becomes incapable of performing his or her duties, leaves office, or dies. (一)持有特别表决权股份的股东不再符合本规则第4.4.3条规定的资格和最低持股要求,或者丧失相应履职能力、离任、死亡;
(2) The shareholder who actually holds special voting shares loses actual control over the relevant shareholding entity. (二)实际持有特别表决权股份的股东失去对相关持股主体的实际控制;
(3) The shareholder holding special voting shares transfers such shares to any other person or entrusts any other person to exercise voting rights of special voting shares, unless such shares or voting rights are transferred or entrusted to a party actually controlled by such a shareholder. (三)持有特别表决权股份的股东向他人转让所持有的特别表决权股份,或者将特别表决权股份的表决权委托他人行使,但转让或者委托给受该特别表决权股东实际控制的主体除外;
(4) There is a change in the control of the company. (四)公司的控制权发生变更。
Under the circumstance specified in subparagraph (4) of the preceding paragraph, all outstanding special voting shares that have been offered by the listed company shall be converted into ordinary shares. 发生前款第四项情形的,上市公司已发行的全部特别表决权股份应当转换为普通股份。
4.4.9 When a shareholder of a listed company exercises voting rights on the following matters, the number of voting rights of each special voting share shall be the same as that of each ordinary share: 4.4.9 上市公司股东对下列事项行使表决权时,每一特别表决权股份享有的表决权数量应当与每一普通股份的表决权数量相同:
(1) Amendments to company bylaws. (一)修改公司章程;
(2) Change in the number of voting rights of special voting shares. (二)改变特别表决权股份享有的表决权数量;
(3) Appointment or dismissal of independent directors. (三)聘请或者解聘独立董事;
(4) Appointment or dismissal of members of the audit committee. (四)聘请或者解聘审计委员会成员;
(5) Appointment or dismissal of an accounting firm that issues audit opinions on the periodical reports of the listed company. (五)聘请或者解聘为上市公司定期报告出具审计意见的会计师事务所;
(6) The company's division, split, business combination, dissolution, or liquidation. (六)公司分立、分拆、合并、解散和清算。
4.4.10 The bylaws of a listed company shall prescribe that resolutions on the following matters shall be adopted at the shareholders' meeting, which shall be subject to the approval of two-thirds or more of the voting rights held by all the shareholders attending the meeting. 4.4.10 上市公司章程应当规定,股东会应当对下列事项作出决议,并经出席会议的股东所持表决权的三分之二以上通过:
(1) Amendments to company bylaws. (一)修改公司章程;
(2) Change of the number of voting rights enjoyed by special voting shares, unless that the corresponding number of special voting shares are converted into ordinary shares in accordance with the provisions of Articles 4.4.5 and 4.4.8. (二)改变特别表决权股份享有的表决权数量,但根据第4.4.5条、第4.4.8条的规定,将相应数量特别表决权股份转换为普通股份的除外;
(3) Making resolutions on the increase or decrease of registered capital. (三)增加或者减少注册资本;
(4) The company's division, split, business combination, dissolution, or liquidation. (四)公司分立、分拆、合并、解散和清算;
(5) The amount of major assets purchased or sold or guarantees provided to others within a year exceeds 30% of the audited total assets of the company of the last period. (五)公司在一年内购买、出售重大资产或者向他人提供担保的金额超过公司最近一期经审计总资产百分之三十的;
(6) Equity incentive plans. (六)股权激励计划;
(7) Other matters which may have a significant impact on the company and require adoption by special resolutions as specified by any law, administrative regulation, or company bylaws or as determined in ordinary resolutions of the shareholders' meeting. (七)法律、行政法规或公司章程规定的,以及股东会以普通决议认定会对公司产生重大影响的、需要以特别决议通过的其他事项。
It shall also be prescribed in company bylaws that the matters as mentioned in subparagraphs (1), (3), and (4) of the preceding paragraph and matters specified by the CSRC that may affect the rights of shareholders with special voting rights shall also be subject to adoption by shareholders with two thirds or more of the voting rights held by the shareholders attending the shareholders' meeting with special voting rights. 涉及前款第一项、第三项、第四项及中国证监会规定的可能影响持有特别表决权股份的股东权利事项的,公司章程还应当规定,须经出席特别表决权股东会会议的股东所持表决权的三分之二以上通过。
4.4.11 Where a listed company has a DVR arrangement, it shall disclose in its periodical report the details of the implementation of such an arrangement, any change in shares, and resumption of voting rights and the exercise thereof during the reporting period, especially the information on risks or corporate governance, among others, and the details of the implementation of measures for protecting the lawful rights and interests of investors under such an arrangement. 4.4.11 上市公司具有表决权差异安排的,应当在定期报告中披露该等安排在报告期内的实施、股份变动、表决权恢复及行使情况等,特别是风险、公司治理等信息,以及该等安排下保护投资者合法权益有关措施的实施情况。
4.4.12 Upon the occurrence of any of the following circumstances, the relevant shareholder shall immediately notify the listed company and the company shall make disclosure in a timely manner: 4.4.12 出现下列情形之一的,相关股东应当立即通知上市公司,公司应当及时披露:
(1) Special voting rights are converted into ordinary shares. (一)特别表决权股份转换成普通股份;
(2) The special voting shares held by any shareholder are pledged, frozen, auctioned off by judicial authorities, kept in custody, held in trust, or the voting rights of such shares are restricted in accordance with the law. (二)股东所持有的特别表决权股份被质押、冻结、司法拍卖、托管、设定信托或者被依法限制表决权;
(3) Other material changes or adjustments. (三)其他重大变化或者调整。
The relevant announcement shall include the specific circumstances, the time of occurrence, the number of special voting shares converted into ordinary shares, the number of remaining special voting shares, and other content. 相关公告应当包含具体情形、发生时间、转换为普通股份的特别表决权股份数量、剩余特别表决权股份数量等内容。
4.4.13 During the period of continuous supervision and guidance, the sponsor shall fulfill the obligations of continuous supervision and guidance with respect to the DVR matters of the listed company, and offer opinions on the following matters in the annual sponsorship work report: 4.4.13 持续督导期内,保荐机构应当对上市公司特别表决权事项履行持续督导义务,在年度保荐工作报告中对下列事项发表意见:
(1) whether its shareholders holding special voting shares continuously satisfy the requirements of Article 4.4.3; (一)持有特别表决权股份的股东是否持续符合第4.4.3条的要求;
(2) whether special voting shares fall under the circumstances specified in Article 4.4.8 and are converted into ordinary shares in a timely manner; (二)特别表决权股份是否出现第4.4.8条规定的情形并及时转换为普通股份;
(3) whether the ratio of special voting rights continuously complies with the provisions of these Rules; (三)特别表决权比例是否持续符合本规则的规定;
(4) whether any shareholder holding special voting shares abuses its or his special voting rights or otherwise damages the lawful rights and interests of investors; and (四)持有特别表决权股份的股东是否存在滥用特别表决权或者其他损害投资者合法权益的情形;
(5) the compliance of the listed company and shareholders holding special voting shares with other provisions of this Section. (五)上市公司及持有特别表决权股份的股东遵守本节其他规定的情况。
During the period of continuous supervision and guidance, if the sponsor finds that any shareholder abuses the special voting rights or otherwise damages the lawful rights and interests of investors, the sponsor shall, in a timely manner, urge the relevant shareholder to take corrective action and report the same to the SZSE. 保荐机构在持续督导期间发现股东存在滥用特别表决权或者其他损害投资者合法权益情形时,应当及时督促相关股东改正,并向本所报告。
4.4.14 A listed company shall specify in the notice of the shareholders' meeting the shareholders holding special voting shares, the number of special voting shares held and the number of voting rights of such shares, whether the proposal of the shareholders' meeting involves matters prescribed in Articles 4.4.9 and 4.4.10, and other information. 4.4.14 上市公司应当在股东会通知中列明持有特别表决权股份的股东、所持特别表决权股份数量以及对应的表决权数量、股东会议案是否涉及第4.4.9条、第4.4.10条规定事项等情况。
4.4.15 Shareholders holding special voting shares shall exercise their rights in accordance with the applicable laws, regulations, and company bylaws, shall not abuse their special voting rights, and shall not use their special voting rights to damage the lawful rights and interests of investors. 4.4.15 持有特别表决权股份的股东应当按照所适用的法律法规以及公司章程行使权利,不得滥用特别表决权,不得利用特别表决权损害投资者的合法权益。
If any circumstance prescribed in the preceding paragraph occurs, which damages investors' lawful rights and interests, the SZSE may require the company or shareholders holding special voting shares to take corrective action. 出现前款情形,损害投资者合法权益的,本所可以要求公司或者持有特别表决权股份的股东予以改正。
4.4.16 A listed company or shareholders holding special voting shares shall, in accordance with the relevant rules of the SZSE and China Securities Depository and Clearing Co., Ltd. (CSDC), handle the registration of special voting shares and ordinary shares converted therefrom. 4.4.16 上市公司或者持有特别表决权股份的股东应当按照本所及结算公司的有关规定,办理特别表决权股份登记和转换成普通股份登记事宜。
Chapter V General Rules on Information Disclosure 

第五章 信息披露一般规定

Section 1 Basic Principles of Information Disclosure 

第一节 信息披露基本原则

5.1.1 A listed company and relevant parties with information disclosure obligations shall, in accordance with the applicable laws and administrative regulations, departmental rules, regulatory documents, these Rules, and other relevant rules of the SZSE, disclose in a timely and fair manner all the information or matters that are likely to exert a significant impact on the trading prices of the company's stock and derivatives thereon or on investment decisions (material information, material event, or material matter) and guarantee that the information disclosed is true, accurate, complete, concise, clear and understandable and have no false records, misleading statements, or material omissions. 5.1.1 上市公司及相关信息披露义务人应当根据法律、行政法规、部门规章、规范性文件、本规则及本所其他相关规定,及时、公平地披露所有可能对公司股票及其衍生品种交易价格或者投资决策产生较大影响的信息或事项(以下简称重大信息、重大事件或者重大事项),并保证所披露的信息真实、准确、完整,简明清晰,通俗易懂,不得有虚假记载、误导性陈述或者重大遗漏。
5.1.2 The directors and senior executives of a listed company shall guarantee that information is disclosed in a truthful, accurate, complete, timely, and fair manner, and if it cannot guarantee the veracity, accuracy, and completeness of the disclosed information, it shall make corresponding statements in the announcement and explain the reason therefor. 5.1.2 上市公司董事、高级管理人员应当保证公司所披露的信息真实、准确、完整、及时、公平,不能保证披露的信息内容真实、准确、完整的,应当在公告中作出相应声明并说明理由。
5.1.3 For the purposes of these Rules, “truthfully” means that a listed company and relevant parties with information disclosure obligations shall disclose information based on objective facts or facts-based judgments and opinions, truthfully reflect objective circumstances, and shall not have false records and misleading statements. 5.1.3 本规则所称真实,是指上市公司及相关信息披露义务人披露的信息应当以客观事实或者具有事实基础的判断和意见为依据,如实反映客观情况,不得有虚假记载和不实陈述。
5.1.4 For the purposes of these Rules, “accurately” means that a listed company and relevant parties with information disclosure obligations shall make unambiguous and precise statements and that the information disclosed shall be concise and understandable. The contents shall be easy to comprehend and shall not contain any promotional, advertising, flattering, or exaggerating words or any misleading statements. 5.1.4 本规则所称准确,是指上市公司及相关信息披露义务人披露的信息应当使用明确、贴切的语言和简明扼要、通俗易懂的文字,内容应易于理解,不得含有任何宣传、广告、恭维或者夸大等性质的词句,不得有误导性陈述。
The company shall disclose forecast information and other information relating to its future operation and financial status in a reasonable, prudential, and objective manner, fully disclose the risk factors involved in the relevant information, and remind investors of the potential risks and uncertainties with explicit warnings. 公司披露预测性信息及其他涉及公司未来经营和财务状况等信息时,应当合理、谨慎、客观,并充分披露相关信息所涉及的风险因素,以明确的警示性文字提示投资者可能出现的风险和不确定性。
5.1.5 For the purposes of these Rules, “completely” means that the information disclosed by a listed company and relevant parties with information disclosure obligations shall be complete in content and in the format satisfying the prescribed requirements, with all the relevant documents available and no material omissions. 5.1.5 本规则所称完整,是指上市公司及相关信息披露义务人披露的信息应当内容完整、文件齐备,格式符合规定要求,不得有重大遗漏。
5.1.6 For the purposes of these Rules, “timely” means that a listed company and relevant parties with information disclosure obligations shall disclose material information within the time limit prescribed in these Rules. 5.1.6 本规则所称及时,是指上市公司及相关信息披露义务人应当在本规则规定的期限内披露重大信息。
5.1.7 For the purposes of these Rules, “fairly” means that a listed company and relevant parties with information disclosure obligations shall disclose material information to all investors at the same time to ensure that all investors have equal access to the same information, and shall not treat investors differently or disclose, reveal, or divulge undisclosed material information to any specific investor privately in advance. 5.1.7 本规则所称公平,是指上市公司及相关信息披露义务人应当同时向所有投资者公开披露重大信息,确保所有投资者可以平等地获取同一信息,不得实行差别对待政策,不得提前向特定对象单独披露、透露或者泄露未公开重大信息。
Section 2 General Requirements for Information Disclosure 

第二节 信息披露一般要求

5.2.1 The information disclosed by a listed company includes periodical reports and interim reports. 5.2.1 上市公司披露的信息包括定期报告和临时报告。
The company and relevant parties with information disclosure obligations shall, in a timely manner, submit the announcements and relevant reference documents to the SZSE through the online service section on the website of the SZSE or by other means recognized by the SZSE, and the submitted documents shall satisfy the requirements of the SZSE. 公司及相关信息披露义务人应当通过本所上市公司网上业务专区和本所认可的其他方式,将公告文稿和相关备查文件及时报送本所,报送文件应当符合本所要求。
The announcements and relevant reference documents submitted by the company and relevant parties with information disclosure obligations shall be prepared in Chinese. If the Chinese version is accompanied by a foreign language version, the parties with information disclosure obligations shall ensure the consistency between the two versions. In the case of any discrepancy between the two versions, the Chinese version shall prevail. 公司及相关信息披露义务人报送的公告文稿和相关备查文件应当采用中文文本,同时采用外文文本的,信息披露义务人应当保证两种文本的内容一致。两种文本发生歧义时,以中文文本为准。
5.2.2 The announcements of a listed company shall be issued to the public through the eligible media. The announcements of a listed company shall bear the official seal of the board of directors and be filed with the SZSE. 5.2.2 上市公司公告文件应当通过符合条件媒体对外披露。上市公司公告应当加盖董事会公章并向本所报备。
If the company fails to make disclosure as scheduled, or the contents of the documents disclosed in the eligible media are inconsistent with those that have been submitted to and registered with the SZSE, the company shall immediately report the same to the SZSE and make disclosure. 公司未能按照既定时间披露,或者在符合条件媒体披露的文件内容与报送本所登记的文件内容不一致的,应当立即向本所报告并披露。
5.2.3 Information disclosure by a listed company includes direct disclosure (review after disclosure) and indirect disclosure (review before disclosure). 5.2.3 上市公司信息披露采用直通披露(事后审查)和非直通披露(事前审查)两种方式。
In principle, information shall be disclosed in the form of direct disclosure, and the SZSE may adjust the scope of companies eligible for direct disclosure according to the quality of companies' information disclosure and their compliant operations, among others. 信息披露原则上采用直通披露方式,本所可以根据公司信息披露质量、规范运作情况等,调整直通披露公司范围。
The scope of an express disclosure announcement shall be determined and may be adjusted as needed by the SZSE. 直通披露的公告范围由本所确定,本所可以根据业务需要进行调整。
5.2.4 The information disclosed by a listed company shall be consistent. Financial information must be mutually articulated and non-financial information must be mutually corroborated without any contradiction. In case of any material discrepancy between the information being disclosed and that disclosed previously, it shall fully disclose the reasons therefor and provide reasonable explanations. 5.2.4 上市公司披露的信息应当前后一致,财务信息应当具有合理的勾稽关系,非财务信息应当能相互印证,不存在矛盾。如披露的信息与已披露的信息存在重大差异的,应当充分披露原因并作出合理解释。
5.2.5 The announcement of a listed company shall highlight key points, be logical, avoid using a large number of terminologies, highly obscure expressions, foreign languages and their abbreviations, and avoid ambiguous, empty, stereotyped, redundant, and repetitive information. 5.2.5 上市公司的公告文稿应当重点突出、逻辑清晰,避免使用大量专业术语、过于晦涩的表达方式和外文及其缩写,避免模糊、空洞、模板化和冗余重复的信息。
5.2.6 In addition to the information required to be disclosed in accordance with the law, a listed company and relevant parties with information disclosure obligations may voluntarily disclose the information relating to investors' value judgments and investment decisions. 5.2.6 除依法需要披露的信息外,上市公司及相关信息披露义务人可以自愿披露与投资者作出价值判断和投资决策有关的信息。
If a company and relevant parties with information disclosure obligations voluntarily disclose information, they shall observe the principle of fair information disclosure, maintain the completeness, continuity, and consistency of information disclosure, and avoid selective information disclosure. Such disclosure shall not be in conflict with the information disclosed in accordance with the law and shall not mislead investors.If any significant change in the information disclosed may affect investment decisions, they shall issue announcements of the progress in a timely manner until such a matter no longer exists. 公司及相关信息披露义务人进行自愿性信息披露的,应当遵守公平信息披露原则,保持信息披露的完整性、持续性和一致性,避免选择性信息披露,不得与依法披露的信息相冲突,不得误导投资者。已披露的信息发生重大变化,有可能影响投资决策的,应当及时披露进展公告,直至该事项完全结束。
If a company or relevant party with information disclosure obligations discloses information in accordance with the preceding paragraph, when any similar event occurs, it shall disclose relevant information according to the same standards. 公司及相关信息披露义务人按照前款规定披露信息的,在发生类似事件时,应当按照同一标准予以披露。
5.2.7 A listed company shall fulfill its information disclosure obligations in a timely manner when any of the following material matters occurs, whichever first: 5.2.7 上市公司应当在涉及的重大事项最先触及下列任一时点后及时履行披露义务:
(1) its board of directors makes a resolution; (一)董事会作出决议时;
(2) a letter of intent or agreement (whether or not subject to an additional condition or term) is signed; (二)签署意向书或者协议(无论是否附加条件或者期限)时;
(3) when the company (including any director or senior executive) knows or should have known the occurrence of any material matter; or (三)公司(含任一董事或者高级管理人员)知悉或者理应知悉重大事项发生时;
(4) when the matter under planning is difficult to be kept confidential, divulged, or has led to abnormal fluctuations in the price of the company's stock and derivatives thereon. (四)筹划阶段事项难以保密、发生泄露、引起公司股票及其衍生品种交易异常波动时。
5.2.8 Where a listed company plans a material matter for a long period, it shall disclose the progress in stages, warn of relevant risks in a timely manner, and shall not refuse to make such disclosure merely for the reason that the outcome of such matter is uncertain. 5.2.8 上市公司筹划重大事项,持续时间较长的,应当分阶段披露进展情况,及时提示相关风险,不得仅以相关事项结果不确定为由不予披露。
If any significant change in a disclosed matter may have a significant impact on the trading prices of the company's stock and derivatives thereon or on investment decisions, the company shall issue an announcement on the progress thereof in a timely manner. 已披露的事项发生重大变化,可能对公司股票及其衍生品种交易价格或者投资决策产生较大影响的,公司应当及时披露进展公告。
5.2.9 Where a listed company and relevant parties with information disclosure obligations have concrete and sufficient evidence to prove that the information to be disclosed involves any state secret or the disclosure of other matters may result in the violation of confidentiality provisions and management requirements of the state, they shall be exempted from disclosure in accordance with the law. 5.2.9 上市公司及相关信息披露义务人有确实充分的证据证明拟披露的信息涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项,应当豁免披露。
A listed company and relevant parties with information disclosure obligations shall comply with the laws of the state on secrency, effectively fulfill the obligation of keeping state secrets confidential, and shall not divulge state secrets in any form such as information disclosure, investor questions and answers, news release, and interviews, and shall not publicize their business by claiming that the information is confidential. 上市公司及相关信息披露义务人应当遵守国家保密法律制度,履行保密义务,不得通过信息披露、投资者互动问答、新闻发布、接受采访等任何形式泄露国家秘密,不得以信息涉密为名进行业务宣传。
5.2.10 Where any information to be disclosed by a listed company or relevant party with information disclosure obligations involving a trade secret or confidential business information (collectively, “trade secrets”) falls under any of the following circumstances and has not been publicized or divulged, the disclosure of such information may be postponed or exempted: 5.2.10 上市公司及相关信息披露义务人拟披露的信息涉及商业秘密或者保密商务信息(以下统称商业秘密),符合下列情形之一,且尚未公开或者泄露的,可以暂缓或者豁免披露:
(1) The information falls under core technical information, among others, the disclosure of which may lead to unfair competition. (一)属于核心技术信息等,披露后可能引致不正当竞争的;
(2) The information falls under the company's own business information or the business information of others such as customers and suppliers, the disclosure of which may infringe upon the trade secret of the company or others or seriously damage the interests of the company or others. (二)属于公司自身经营信息,客户、供应商等他人经营信息,披露后可能侵犯公司、他人商业秘密或者严重损害公司、他人利益的;
(3) Any other circumstance under which the disclosure of such information may seriously damage the interests of the company or others. (三)披露后可能严重损害公司、他人利益的其他情形。
If any of the following circumstances occurs after a listed company or any relevant party with information disclosure obligations postpones or is exempted from the disclosure of any trade secret, the company or party shall disclose such information in a timely manner and explain the main reasons for determining such information as a trade secret, the internal review procedures, and trading in the stock of the listed company by the relevant insider during the non-disclosure period, among others: 上市公司及相关信息披露义务人暂缓、豁免披露商业秘密后,出现下列情形之一的,应当及时披露,并说明该信息认定为商业秘密的主要理由、内部审核程序以及未披露期间相关内幕信息知情人买卖上市公司股票情况等:
(1) The reason for the postponement of or exemption from disclosure ceases to exist. (一)暂缓、豁免披露原因已消除;
(2) It is difficult to keep the relevant information confidential. (二)有关信息难以保密;
(3) The relevant information has been divulged or there is any rumor in the market. (三)有关信息已经泄露或者市场出现传闻。
5.2.11 A listed company and relevant parties with information disclosure obligations shall not replace information disclosure with other forms such as press releases and Q&A with media reporters or divulge any undisclosed material information. 5.2.11 上市公司及相关信息披露义务人不得以新闻发布或者答记者问等其他形式代替信息披露或者泄露未公开重大信息。
If it is indeed necessary, the listed company or the relevant party with information disclosure obligations may release to the public the information that shall be disclosed during non-trading sessions in such forms as press conferences, media interviews, the company's website, and online We media, provided that the company shall issue an announcement thereon before the next trading session commences. 上市公司及相关信息披露义务人确有需要的,可以在非交易时段通过新闻发布会、媒体专访、公司网站、网络自媒体等方式对外发布应披露的信息,但公司应当于下一交易时段开始前披露相关公告。
5.2.12 A listed company and relevant parties with information disclosure obligations shall not provide any material information that has not been disclosed by the company when communicating with any specific party through performance briefings, analyst meetings, roadshows, and accepting investors' investigation and research. 5.2.12 上市公司及相关信息披露义务人通过股东会、业绩说明会、分析师会议、路演、接受投资者调研等形式,与特定对象沟通时,不得提供公司未公开重大信息。
If a listed company submits any document involving any undisclosed material information to any shareholder, the actual controller, or any other third party, the company shall disclose such information in accordance with these Rules. 上市公司向股东、实际控制人及其他第三方报送文件,涉及未公开重大信息的,应当依照本规则披露。
5.2.13 Where the application of relevant information disclosure requirements of the SZSE to a listed company and relevant parties with information disclosure obligations may make it difficult to reflect the actual circumstances of its operation or difficult to satisfy industry regulatory requirements or the relevant provisions of the place of registration of the company, it may apply to the SZSE for adjusting the application of such requirements or provisions, provided that it shall explain the reason therefor and provide an alternative plan. 5.2.13 上市公司及相关信息披露义务人适用本所相关信息披露要求,可能导致其难以反映经营活动的实际情况、难以符合行业监管要求或者公司注册地有关规定的,可以向本所申请调整适用,但应当说明原因和替代方案。
If the SZSE deems such adjustment inappropriate, the listed company and relevant parties with information disclosure obligations shall implement the relevant rules of the SZSE. 本所认为不应当调整适用的,上市公司及相关信息披露义务人应当执行本所相关规定。
5.2.14 Any material matter specified in these Rules that occurs in relation to any controlled subsidiary of a listed company shall be deemed as a material matter of the listed company itself and shall be governed by the provisions of these Rules. 5.2.14 上市公司控股子公司发生本规则规定的重大事项,视同上市公司发生的重大事项,适用本规则的规定。
If any material matter prescribed in these Rules occurs in a company where the listed company holds non-controlling shares, in principle, the provisions of these Rules shall apply to the calculation of the relevant data according to the shareholding ratio of the listed company in the company. If any material matter of a company where the listed company holds non-controlling shares as prescribed in these Rules may have a significant impact on the trading prices of the listed company's stock and derivatives thereon or on investment decisions, these Rules shall apply, mutatis mutandis, to the listed company's fulfillment of information disclosure obligations. 上市公司参股公司发生本规则规定的重大事项,原则上按照上市公司在该参股公司的持股比例计算相关数据适用本规则的规定;上市公司参股公司发生的重大事项虽未达到本规则规定的标准但可能对上市公司股票及其衍生品种交易价格或者投资决策产生重大影响的,应当参照本规则的规定履行信息披露义务。
5.2.15 A listed company may apply to the SZSE for the suspension and resumption of trading in its stock and derivatives thereon in accordance with these Rules and other relevant rules of the SZSE. 5.2.15 上市公司可以根据本规则及本所其他相关规定向本所申请其股票及其衍生品种停牌和复牌。
The SZSE may decide to suspend or resume the trading in its stock and derivatives thereon in accordance with these Rules and other relevant rules of the SZSE. 本所可以根据本规则及本所其他相关规定决定对公司股票及其衍生品种实施停牌或者复牌。
The company shall maintain the continuity of securities trading, prudently apply for trading suspension, and shall not substitute trading suspension for the information confidentiality obligation observed by the company and relevant parties in the process of planning material matters, or abuse trading suspension and resumption to damage the lawful rights and interests of investors. 公司应当维护证券交易的连续性,谨慎申请停牌,不得以停牌代替公司及有关各方在筹划重大事项过程中的信息保密义务,不得滥用停牌或者复牌损害投资者的合法权益。
If case of any extremely abnormal trading on the securities market, the SZSE may suspend its handling of the trading suspension application of the listed company according to the decision of the CSRC or actual conditions of the market, maintain the continuity and liquidity of market transactions, and protect the lawful trading rights of investors. 证券市场交易出现极端异常情况的,本所可以根据中国证监会的决定或者市场实际情况,暂停办理上市公司停牌申请,维护市场交易的连续性和流动性,维护投资者正当的交易权利。
5.2.16 Where a listed company falls under any of the following circumstances, the SZSE may decide to suspend and resume trading in the company's stock and derivatives thereon as the case may be: 5.2.16 上市公司出现下列情形的,本所可以视情况决定公司股票及其衍生品种的停牌和复牌:
(1) It seriously violates any law or regulation, these Rules, or other relevant rules of the SZSE, and refuses to take corrective action as required within the prescribed time limit. (一)严重违反法律法规、本规则及本所其他相关规定,且在规定期限内拒不按要求整改;
(2) There are material omissions or misleading statements in the information disclosed by the company, and the company refuses to correct, explain, or supplement the relevant information as required. (二)信息披露存在重大遗漏或者误导性陈述,且拒不按照要求就有关内容进行更正、解释或者补充;
(3) It is under investigation by the relevant authority since it is suspected of violating any law or regulation, these Rules, or other relevant rules of the SZSE in its operations and information disclosure, and the circumstances are serious. (三)公司运作和信息披露方面涉嫌违反法律法规、本规则或者本所其他相关规定,情节严重而被有关部门调查;
(4) It is unable to guarantee effective contact with the SZSE or refuses to fulfill its information disclosure obligation. (四)无法保证与本所的有效联系,或者拒不履行信息披露义务;
(5) Any other circumstance where the SZSE deems that trading shall be suspended or resumed. (五)其他本所认为应当停牌或者复牌的情形。
5.2.17 Where the acquirer of a listed company makes an offer for fulfilling tender offer obligations, trading in the company's stock and derivatives thereon shall be suspended during the period from the expiration of the tender offer period to the announcement of the tender offer result. 5.2.17 上市公司收购人履行要约收购义务,要约收购期限届满至要约收购结果公告前,公司股票及其衍生品种应当停牌。
If the tender offer result indicates that the equity structure of the target listed company still meets listing conditions, trading in the company's stock and derivatives thereon shall be resumed when trading resumes on the date of announcement of the tender offer results. If the date of announcement falls on a non-trading day, trading in the company's stock and derivatives thereon shall be resumed from the next trading day. 根据收购结果,被收购上市公司股权分布仍符合上市条件的,公司股票及其衍生品种应当于要约收购结果公告日复牌。公告日为非交易日的,自次一交易日起复牌。
If the tender offer result indicates that the equity structure of the target listed company no longer meets the listing conditions and the acquirer has made the offer for the purpose of terminating the listing status of the target listed company, trading in the company's stock and derivatives thereon shall continue to be suspended on the date of announcement of the tender offer result, in which case, the relevant provisions of Section 8, Chapter X of these Rules shall apply. If the acquirer has made the offer for purposes other than terminating the listing status of the company, trading in the company's stock and derivatives thereon shall continue to be suspended on the date of announcement of tender offer result, in which case, the procedures specified in subparagraph (7) of Article 10.4.1 of these Rules shall apply mutatis mutandis. 根据收购结果,被收购上市公司股权分布不再符合上市条件,且收购人以终止公司上市地位为收购目的的,公司股票及其衍生品种应当于要约收购结果公告日继续停牌,并依照本规则第十章第八节有关规定执行;收购人不以终止公司上市地位为收购目的的,公司股票及其衍生品种应当于要约收购结果公告日继续停牌,并参照本规则第10.4.1条第七项情形相应的程序执行。
Section 3 Information Disclosure Management Rules and Regulation 

第三节 信息披露管理制度及监管

5.3.1 A listed company shall establish and strictly implement rules for the management of information disclosure affairs. The rules for the management of information disclosure affairs shall be deliberated by the board of directors and be disclosed. 5.3.1 上市公司应当制定并严格执行信息披露事务管理制度。信息披露事务管理制度应当经董事会审议并披露。
5.3.2 A listed company shall develop internal rules for the release of information by its directors, senior executives, and other relevant personnel to specify the procedures and methods of information release and the circumstances where information may not be released to the public without the approval of the board of directors. 5.3.2 上市公司应当制定董事、高级管理人员以及其他相关人员对外发布信息的内部规范制度,明确发布程序、方式和未经董事会许可不得对外发布的情形等事项。
5.3.3 A listed company shall establish and improve insider registration management rules, keep confidential undisclosed material information in the process of internal circulation, minimize the scope of insiders, and prevent the leakage of undisclosed material information. 5.3.3 上市公司应当建立健全内幕信息知情人登记管理制度,加强未公开重大信息内部流转过程中的保密工作,尽量缩小知情人员范围,防止泄露未公开重大信息。
Before the publication of material information, insiders shall not buy or sell the company's stock, divulge insider information, or advise others to buy or sell the company's stock. 内幕信息知情人在重大信息公开前,不得买卖公司股票、泄露内幕信息或者建议他人买卖公司股票。
5.3.4 A listed company shall not entrust a company or institution, other than a securities company or securities service institution permitted to prepare or review information disclosure documents according to the applicable provisions, with the preparation or review of information disclosure documents on behalf thereof. The listed company shall not consult a company or institution, other than a securities company or securities service institution, on matters such as preparing and publicizing information disclosure documents. 5.3.4 除按规定可以编制、审阅信息披露文件的证券公司、证券服务机构外,上市公司不得委托其他公司或者机构代为编制或者审阅信息披露文件。上市公司不得向证券公司、证券服务机构以外的公司或者机构咨询信息披露文件的编制、公告等事项。
5.3.5 The shareholders, actual controller, acquirers, and other relevant parties with information disclosure obligations of a listed company shall fulfill information disclosure obligations in accordance with the relevant provisions, promptly inform the company of any material matter that has occurred or will occur, and take the initiative to cooperate with the company in effectively disclosing information. 5.3.5 上市公司股东、实际控制人、收购人等相关信息披露义务人,应当按照有关规定履行信息披露义务,及时告知公司已发生或者拟发生的重大事项,主动配合公司做好信息披露工作。
5.3.6 A listed company and relevant parties with information disclosure obligations shall pay close attention to rumors of the company and trading in the company's stock and derivatives thereon, and ascertain facts from relevant parties in a timely manner. 5.3.6 上市公司及相关信息披露义务人应当密切关注媒体关于公司的传闻,以及公司股票及其衍生品种的交易情况,及时向有关方面了解真实情况。
5.3.7 The SZSE shall, in accordance with the relevant laws, administrative regulations, departmental rules, regulatory documents, these Rules, and other relevant rules of the SZSE, conduct a formal review of the information disclosed by listed companies and relevant parties with information disclosure obligations and shall not be liable for the veracity thereof. 5.3.7 本所根据有关法律、行政法规、部门规章、规范性文件、本规则以及本所其他相关规定,对上市公司及相关信息披露义务人披露的信息进行形式审查,对其内容的真实性不承担责任。
The SZSE may make an inquiry to a listed company if it deems upon examination that there is any problem in the company's information disclosure documents. The company and relevant parties with information disclosure obligations shall truthfully give replies to the inquiries of the SZSE within the prescribed time limit, and make an announcement of such matters in a timely, true, accurate, and complete manner in accordance with the provisions of these Rules and the requirements of the SZSE. They shall not breach their obligations of reporting, announcing, and giving replies to the inquiries of the SZSE under the excuse that such matters are uncertain or confidential. If a listed company and the relevant parties with information disclosure obligations fail to give replies to the inquiries of the SZSE or issue the relevant announcement within the prescribed time limit, or when the SZSE deems necessary, the SZSE may make a public explanation in such forms as an announcement of the stock exchange. 本所经审查认为信息披露文件存在问题的,可以提出问询。公司及相关信息披露义务人应当在规定期限内如实回复本所问询,并按照本规则的规定和本所要求及时、真实、准确、完整地就相关情况作出公告,不得以有关事项存在不确定性或者需要保密等为由不履行报告、公告和回复本所问询的义务;未在规定期限内回复或披露有关公告的,或者本所认为必要的,本所可以采取交易所公告等形式向市场说明有关情况。
5.3.8 A sponsor and its sponsor representatives and securities service institutions and their relevant persons shall prepare working papers in a timely manner, and keep complete records of the securities business activities of issuers, listed companies, and relevant parties with information disclosure obligations, as well as relevant materials. 5.3.8 保荐机构及其保荐代表人、证券服务机构及其相关人员应当及时制作工作底稿,完整保存发行人、上市公司及相关信息披露义务人的证券业务活动记录及相关资料。
5.3.9 The SZSE may access and inspect the working papers, the records of securities business activities, and relevant materials according to regulatory needs, and relevant parties shall provide active cooperation. 5.3.9 本所可以根据监管需要调阅、检查工作底稿、证券业务活动记录及相关资料,相关主体应当积极配合。
Chapter VI Periodical Reports 

第六章 定期报告

Section 1 General Rules 

第一节 一般规定

6.1.1 The periodical reports that shall be disclosed by a listed company include annual reports, semi-annual reports, and quarterly reports. 6.1.1 上市公司应当披露的定期报告包括年度报告、半年度报告和季度报告。
A company shall prepare and disclose periodical reports in accordance with the relevant rules of the CSRC and the SZSE. 公司应当按照中国证监会及本所有关规定编制并披露定期报告。
6.1.2 A listed company shall disclose its annual reports within four months from the end of each fiscal year, disclose its semi-annual reports within two months from the end of the first half of each fiscal year, and disclose its quarterly reports within one month from the end of the first three months and nine months of each fiscal year, respectively. 6.1.2 上市公司应当在每个会计年度结束之日起四个月内披露年度报告,在每个会计年度的上半年结束之日起两个月内披露半年度报告,在每个会计年度的前三个月、前九个月结束后的一个月内披露季度报告。
The first-quarter report of the company shall be disclosed no earlier than the time of disclosure of the annual report of the previous year. 公司第一季度报告的披露时间不得早于上一年度的年度报告披露时间。
If it is expected that a company is unable to disclose its periodical report within the prescribed time limit, it shall report the same to the SZSE in a timely manner and announce the reasons for the failure to disclose the periodical report on time, the solution, and the deadline for a delayed disclosure. 公司预计不能在规定期限内披露定期报告的,应当及时向本所报告,并公告不能按期披露的原因、解决方案及延期披露的最后期限。
6.1.3 A listed company shall agree with the SZSE on the time of disclosure of its periodical reports, and the SZSE will work out an overall arrangement on the order of disclosure of periodical reports by all companies under the principle of balanced pace of disclosure. 6.1.3 上市公司应当与本所约定定期报告的披露时间,本所根据均衡披露原则统筹安排各公司定期报告披露顺序。
The company shall disclose periodical reports at the time set by the SZSE. The company that needs to change the disclosure time for any reason shall, at least five trading days in advance, file a written application with the SZSE stating the reason for modification and specify the new date for disclosure. The SZSE will decide whether or not to adjust the disclosure time as the case may be. In principle, the SZSE only accepts one modification application. 公司应当按照本所安排的时间办理定期报告披露事宜。因故需变更披露时间的,应当提前五个交易日向本所提出书面申请,陈述变更理由,并明确变更后的披露时间,本所视情形决定是否予以调整。本所原则上只接受一次变更申请。
6.1.4 The board of directors of a listed company shall ensure the disclosure of periodical reports on schedule. If the periodical report has not been deliberated or fails to be adopted through deliberation by the board of directors, or the relevant resolution of the board of directors cannot be formed due to any reason, the company shall disclose the specific reason therefor and existing risks and a special statement of the board of directors. 6.1.4 上市公司董事会应当确保公司定期报告按时披露。定期报告未经董事会审议、董事会审议未通过或者因故无法形成有关董事会决议的,公司应当披露具体原因和存在的风险、董事会的专项说明。
The financial information in the periodical report shall be subject to review by the audit committee and submitted to the board of directors for deliberation after approval by a majority of all members of the audit committee. The company may not disclose any periodical report that has not been deliberated and adopted by the board of directors. 定期报告中的财务信息应当经审计委员会审核,由审计委员会全体成员过半数同意后提交董事会审议。公司不得披露未经董事会审议通过的定期报告。
6.1.5 The directors and senior executives of a listed company shall, in accordance with the law, sign their written confirmation opinions on the periodical report of the company, stating whether the procedures for the board of directors to prepare and review the periodical report comply with the applicable laws and regulations, and the relevant rules of the CSRC and the SZSE, and whether the content of the periodical report reflects the actual condition of the company in a true, accurate, and complete manner. 6.1.5 上市公司董事、高级管理人员应当依法对公司定期报告签署书面确认意见,说明董事会对定期报告的编制和审核程序是否符合法律法规、中国证监会和本所的规定,报告的内容是否真实、准确、完整地反映公司的实际情况。
If any director is unable to guarantee the veracity, accuracy, and completeness of the content of the periodical report or has any objection thereto, he or she shall vote against or abstain from voting when the board of directors deliberates on the periodical report. 董事无法保证定期报告内容的真实性、准确性、完整性或者有异议的,应当在董事会审议定期报告时投反对票或者弃权票。
If any member of the audit committee is unable to guarantee the veracity, accuracy, and completeness of the financial information in the periodical report or has any objection thereto, he or she shall vote against or abstain from voting when the audit committee deliberates on the periodical report. 审计委员会成员无法保证定期报告中财务信息的真实性、准确性、完整性或者有异议的,应当在审计委员会审核定期报告时投反对票或者弃权票。
If any director or senior executive is unable to guarantee the veracity, accuracy, and completeness of the periodical report or has any objection thereto, he or she shall give his or her written opinion and state the reason therefor. The listed company shall disclose such opinion and reason, otherwise the director or senior executive may directly apply for the disclosure thereof. 董事、高级管理人员无法保证定期报告内容的真实性、准确性、完整性或者有异议的,应当在书面意见中发表意见并陈述理由,上市公司应当披露。上市公司不予披露的,董事、高级管理人员可以直接申请披露。
A director or senior executive shall follow the principle of prudence in offering opinions according to the provisions of the preceding paragraph, the reasons for filing objections raised by the director or senior executive of the company shall be specific, concrete, and relevant to the content disclosed in the periodical report, and his or her responsibility to guarantee the veracity, accuracy, and completeness of the content of the periodical report shall not be exempted only because he or she offers his or her opinions. 董事、高级管理人员按照前款规定发表意见,应当遵循审慎原则,异议理由应当明确、具体,与定期报告披露内容具有相关性,其保证定期报告内容的真实性、准确性、完整性的责任不仅因发表意见而当然免除。
6.1.6 Any director or senior executive of a listed company shall not, for any reason, refuse to sign his or her opinion on the periodical report, thus affecting the disclosure thereof in a timely manner. 6.1.6 上市公司的董事、高级管理人员,不得以任何理由拒绝对公司定期报告签署书面意见,影响定期报告的按时披露。
6.1.7 An accounting firm appointed by a listed company to provide financial accounting report auditing, net assets verification, and other relevant services shall comply with the provisions of the Securities Law. 6.1.7 上市公司聘请的为其提供财务会计报告审计、净资产验证及其他相关服务的会计师事务所应当符合《证券法》的规定。
The company's appointment or dismissal of an accounting firm shall be decided by the shareholders' meeting. The board of directors shall not entrust an accounting firm before a decision is made at the shareholders' meeting. 公司聘请或者解聘会计师事务所必须由股东会决定,董事会不得在股东会决定前委任会计师事务所。
A company shall notify the accounting firm before the dismissal or non-renewal of the appointment. When the dismissal of the accounting firm is voted on at the shareholders' meeting, the accounting firm may state its opinion. The accounting firm that intends to resign shall explain to the shareholders' meeting as to whether the company has committed any misconduct. 公司解聘或者不再续聘会计师事务所时,应当事先通知会计师事务所。公司股东会就解聘会计师事务所进行表决时,会计师事务所可以陈述意见。会计师事务所提出辞聘的,应当向股东会说明公司有无不当情形。
6.1.8 The financial report contained in the annual report of a listed company shall be audited by an accounting firm. A company may not disclose its annual report if it has not been audited. 6.1.8 上市公司年度报告中的财务会计报告应当经会计师事务所审计。未经审计的,公司不得披露年度报告。
A company which engages an accounting firm to conduct annual audit shall require an accounting firm to audit and issue an audit report on the effectiveness of the internal control of financial reporting, except as otherwise provided for by laws and regulations. 公司在聘请会计师事务所进行年度审计的同时,应当要求会计师事务所对财务报告内部控制的有效性进行审计并出具审计报告,法律法规另有规定的除外。
The financial accounting report contained in the company's semi-annual report may be exempt from audit. However, a company shall appoint an accounting firm to conduct auditing if: 公司半年度报告中的财务会计报告可以不经审计,但有下列情形之一的,公司应当聘请会计师事务所进行审计:
(1) the company plans to distribute profits (excluding cash-only dividends), transfer capital reserve into share capital, or use the reserve to offset its losses based on its semi-annual report; or (一)拟依据半年度报告进行利润分配(仅进行现金分红的除外)、公积金转增股本或者弥补亏损的;
(2) it falls under any other circumstance where auditing is required by the CSRC or the SZSE. (二)中国证监会或者本所认为应当进行审计的其他情形。
The financial information contained in the company's quarterly report is not required to be audited, except as otherwise prescribed by the CSRC or the SZSE. 公司季度报告中的财务资料无须审计,但中国证监会或者本所另有规定的除外。
6.1.9 Where a certified public accountant has issued a nonstandard audit opinion on the financial accounting report of a listed company, the company shall, in accordance with the provisions of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public No. 14—Nonstandard Audit Opinion and the Handling of the Matters Involved issued by the CSRC, submit the following documents to the SZSE when it submits its periodical reports: 6.1.9 上市公司的财务会计报告被注册会计师出具非标准审计意见的,公司应当按照中国证监会《公开发行证券的公司信息披露编报规则第14号——非标准审计意见及其涉及事项的处理》(以下简称第14号编报规则)的规定,在报送定期报告的同时向本所提交下列文件:
(1) Specific explanation made by the board of directors in accordance with the Preparation Rules No. 14 on the matters addressed in the audit opinion, including the opinions of the board of directors and its audit committee on the matters and the materials that serve as the basis. (一)董事会针对该审计意见涉及事项所出具的符合第14号编报规则要求的专项说明,包括董事会及其审计委员会对该事项的意见以及所依据的材料;
(2) Special statement issued in accordance with the requirements of the Preparation Rules No. 14 by the accounting firm and the certified public accountant responsible for the audit. (二)负责审计的会计师事务所及注册会计师出具的符合第14号编报规则要求的专项说明;
(3) Other documents required by the CSRC and the SZSE. (三)中国证监会和本所要求的其他文件。
6.1.10 Where a listed company falls under the circumstance specified in Article 6.1.9 of these Rules that the matters addressed in a nonstandard audit opinion evidently violate the Accounting Standards for Business Enterprises and relevant information disclosure provisions, the company shall correct relevant matters and disclose in a timely manner the corrected financial accounting materials, audit reports or special authentication reports issued by the certified public accountant, and other relevant materials. 6.1.10 上市公司出现本规则第6.1.9条所述非标准审计意见涉及事项如属于明显违反企业会计准则及相关信息披露规定的,公司应当对有关事项进行纠正,并及时披露纠正后的财务会计资料和会计师出具的审计报告或者专项鉴证报告等有关资料。
If the company fails to make disclosure in a timely manner or fails to take measures to eliminate relevant matters and their effects, the SZSE may take regulatory measures or disciplinary actions against the company or report the case to the CSRC for investigation and handling. 公司未及时披露、采取措施消除相关事项及其影响的,本所可以对其采取监管措施或纪律处分,或者报中国证监会调查处理。
6.1.11 Where the certified public accountant issues an audit report with an adverse opinion or a disclaimer of opinion on the financial accounting report of a listed company in the last fiscal year, the company shall disclose in its subsequent first semi-annual report and third-quarter report whether the circumstance resulting in the issuance of an adverse opinion or a disclaimer of opinion ceases to exist. 6.1.11 上市公司最近一个会计年度的财务会计报告被注册会计师出具否定或者无法表示意见的审计报告,应当于其后披露的首个半年度报告和三季度报告中说明导致否定或者无法表示意见的情形是否已经消除。
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