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Order of China Securities Regulatory Commission
(No. 40)
The Administrative Measures for the Disclosure of Information of Listed Companies, which were deliberated and adopted at the executive meeting of the 196th chairmen's meeting of China Securities Regulatory Commission on December 13, 2006, are hereby promulgated and shall come into force as of the date of promulgation.
Shang Fulin Chairman of China Securities Regulatory Commission
January 30, 2007
Administrative Measures for the Disclosure of Information of Listed Companies
| | 中国证券监督管理委员会令
（第40号）
《上市公司信息披露管理办法》已经2006年12月13日中国证券监督管理委员会第196次主席办公会议审议通过，现予公布，自发布之日起施行。
中国证券监督管理委员会主席：尚福林
二○○七年一月三十日
上市公司信息披露管理办法
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Chapter I General Provisions
| | 第一章 总则
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Article 1 For the purpose of regulating the information disclosure acts of issuers, listed companies and other information obligors, strengthening the administration of information disclosure, protecting the legitimate rights and interests of investors, these Measures are formulated in accordance with the Company Law, the Securities Law and other laws and administrative regulations.
| | 第一条 为了规范发行人、上市公司及其他信息披露义务人的信息披露行为，加强信息披露事务管理，保护投资者合法权益，根据《公司法》、《证券法》等法律、行政法规，制定本办法。
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Article 2 An information disclosure obligor shall disclose its information truthfully, accurately, completely and in time. The information disclosed shall not contain any false record or misleading statement or serious omission.
An information disclosure obligor shall simultaneously and openly disclose its information to all investors.
When a listed company, which issues securities and the derivatives thereof in the domestic and overseas markets, disclose information in the overseas market, it shall simultaneously do so in the domestic market.
| | 第二条 信息披露义务人应当真实、准确、完整、及时地披露信息，不得有虚假记载、误导性陈述或者重大遗漏。
信息披露义务人应当同时向所有投资者公开披露信息。
在境内、外市场发行证券及其衍生品种并上市的公司在境外市场披露的信息，应当同时在境内市场披露。
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Article 3 The issuer, and the directors, supervisors and senior managers of a listed company shall perform their duties faithfully and diligently and ensure that the information will be disclosed truthfully, accurately, completely, and fairly and in time.
| | 第三条 发行人、上市公司的董事、监事、高级管理人员应当忠实、勤勉地履行职责，保证披露信息的真实、准确、完整、及时、公平。
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Article 4 Prior to the disclosure of any inside information, no insider may publicize or divulge such information or commit insider dealings.
| | 第四条 在内幕信息依法披露前，任何知情人不得公开或者泄露该信息，不得利用该信息进行内幕交易。
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Article 5 The information disclosure documents mainly include the stock prospectuses, bond prospectuses, listing announcements, periodic reports and temporary reports.
| | 第五条 信息披露文件主要包括招股说明书、募集说明书、上市公告书、定期报告和临时报告等。
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Article 6 To disclose any information according to law, a listed company or any other information obligor shall submit the draft announcements and other reference documents to the stock exchange for register and shall publish them on the medium designated by China Securities Regulatory Commission (hereinafter referred to as the CSRC).
No information disclosure obligor may publish any information on the company's website or on any other medium earlier than it does so on the designated medium, or replace its obligation to issue reports and announcements by releasing news or answering questions of journalists, or replace its temporary reporting obligation with periodical reports.
| | 第六条 上市公司及其他信息披露义务人依法披露信息，应当将公告文稿和相关备查文件报送证券交易所登记，并在中国证券监督管理委员会（以下简称中国证监会）指定的媒体发布。
信息披露义务人在公司网站及其他媒体发布信息的时间不得先于指定媒体，不得以新闻发布或者答记者问等任何形式代替应当履行的报告、公告义务，不得以定期报告形式代替应当履行的临时报告义务。
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Article 7 An information disclosure obligor shall submit the draft announcements and other reference documents to the securities regulatory bureau of the registration place of the listed company and make them available for public reference at the company's domicile.
| | 第七条 信息披露义务人应当将信息披露公告文稿和相关备查文件报送上市公司注册地证监局，并置备于公司住所供社会公众查阅。
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Article 8 An information disclosure document shall be in Chinese. If it is simultaneously accompanied by a text in a foreign language, the information disclosure obligor shall ensure that both texts contain the same content. Where there is any discrepancy between them, the Chinese text shall prevail.
| | 第八条 信息披露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。
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Article 9 The CSRC shall supervise the information in the information disclosure documents and announcements, management of the information disclosure, as well as the acts of the controlling shareholders, actual controllers and information disclosure obligors.
A stock exchange shall supervise the information disclosed by listed companies and other information disclosure obligors, urge them to disclose information in a timely and accurate manner, and exercise a real-time monitoring of the dealings of securities and the derivatives thereof. The listing rules and other information disclosure rules formulated by the stock exchange shall be submitted to the CSRC for approval.
| | 第九条 中国证监会依法对信息披露文件及公告的情况、信息披露事务管理活动进行监督，对上市公司控股股东、实际控制人和信息披露义务人的行为进行监督。
证券交易所应当对上市公司及其他信息披露义务人披露信息进行监督，督促其依法及时、准确地披露信息，对证券及其衍生品种交易实行实时监控。证券交易所制订的上市规则和其他信息披露规则应当报中国证监会批准。
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Article 10 The CSRC may formulate special provisions on the disclosure of information of listed companies in special sectors such as finance and real estate sectors.
| | 第十条 中国证监会可以对金融、房地产等特殊行业上市公司的信息披露作出特别规定。
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Chapter II Stock Prospectus and Bond Prospectus and Listing Announcements
| | 第二章 招股说明书、募集说明书与上市公告书
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Article 11 The stock prospectus formulated by the issuer shall conform to the relevant provisions of the CSRC. Any information which may have a major impact on the investors' investment decisions shall be disclosed in the stock prospectus.
After an application for public offering of securities has been approved by the CSRC, the issuer shall publish the prospectus prior to the offering of securities.
| | 第十一条 发行人编制招股说明书应当符合中国证监会的相关规定。凡是对投资者作出投资决策有重大影响的信息，均应当在招股说明书中披露。
公开发行证券的申请经中国证监会核准后，发行人应当在证券发行前公告招股说明书。
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Article 12 The directors, supervisors and senior managers of an issuer shall confirm in writing the stock prospectus so as to ensure the authenticity, accuracy and completeness of the information disclosed.
The stock prospectus shall bear the seal of the issuer.
| | 第十二条 发行人的董事、监事、高级管理人员，应当对招股说明书签署书面确认意见，保证所披露的信息真实、准确、完整。
招股说明书应当加盖发行人公章。
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Article 13 Where an issuer applies for the initial public offering of stocks, the issuer shall, during the period after the CSRC accepts the application documents and before the issuance examination committee examines them, disclose the draft prospectus on the website of the CSRC in advance.
The draft prospectus disclosed in advance is not the issuer's formal document on the offering of stocks, so it shall not contain any price information, and the issuer shall not issue any stock accordingly.
| | 第十三条 发行人申请首次公开发行股票的，中国证监会受理申请文件后，发行审核委员会审核前，发行人应当将招股说明书申报稿在中国证监会网站预先披露。
预先披露的招股说明书申报稿不是发行人发行股票的正式文件，不能含有价格信息，发行人不得据此发行股票。
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Article 14 Where any major event occurs during the period after a stock offering application has been examined and approved by the CSRC and before the end of offering, the issuer shall submit a written explanation to the CSRC and shall, upon permission of the CSRC, revise the prospectus or make a supplementary announcement correspondingly.
| | 第十四条 证券发行申请经中国证监会核准后至发行结束前，发生重要事项的，发行人应当向中国证监会书面说明，并经中国证监会同意后，修改招股说明书或者作相应的补充公告。
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Article 15 To apply for the listing of any stocks, the applicant shall prepare a listing announcement according to the requirements of the stock exchange and shall publish it upon examination and permission of the stock exchange.
The directors, supervisors and senior managers of the issuer shall confirm in writing the listing announcement so as to ensure the genuineness, accuracy and completeness of the information disclosed.
The listing announcement shall bear the seal of the issuer.
| | 第十五条 申请证券上市交易，应当按照证券交易所的规定编制上市公告书，并经证券交易所审核同意后公告。
发行人的董事、监事、高级管理人员，应当对上市公告书签署书面确认意见，保证所披露的信息真实、准确、完整。
上市公告书应当加盖发行人公章。
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Article 16 Where the stock prospectus or listing announcement quotes any professional opinion or report of the recommender or securities service institution, the relevant content thereof shall be in conformity with the content of the document issued by the said recommender or securities service institution so as to ensure that the quoted recommender's or the securities service institution's opinions will not be misleading.
| | 第十六条 招股说明书、上市公告书引用保荐人、证券服务机构的专业意见或者报告的，相关内容应当与保荐人、证券服务机构出具的文件内容一致，确保引用保荐人、证券服务机构的意见不会产生误导。
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Article 17 The relevant provisions of Articles 11 through 16 of these Measures on the stock prospectus shall apply to the corporate bond prospectus.
| | 第十七条 本办法第十一条至第十六条有关招股说明书的规定，适用于公司债券募集说明书。
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Article 18 After a listed company issues any new stocks in a non-public manner, it shall disclose its report on the offering in pursuance of the law.
| | 第十八条 上市公司在非公开发行新股后，应当依法披露发行情况报告书。
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Chapter III Periodic Reports
| | 第三章 定期报告
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Article 19 The periodic reports, which a listed company shall disclose, include the annual, interim and quarterly reports. Any information which may have a major impact on the investors' investment decisions shall be disclosed.
The financial accounting statements included in the annual report shall have been audited by an accounting firm which has the relevant qualifications for business of securities or futures.
| | 第十九条 上市公司应当披露的定期报告包括年度报告、中期报告和季度报告。凡是对投资者作出投资决策有重大影响的信息，均应当披露。
年度报告中的财务会计报告应当经具有证券、期货相关业务资格的会计师事务所审计。
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Article 20 An annual report shall be completed and disclosed within 4 months from the date of end of each fiscal year, an interim report shall be completed and disclosed within 2 months after the end of the first half of each fiscal year, and a quarterly report, within 1 month after the end of the third month and of the ninth month of each fiscal year.
The time for the disclosure of the quarterly report of the first quarter shall not be earlier than the time for the disclosure of annual report of the previous one year.
| | 第二十条 年度报告应当在每个会计年度结束之日起4个月内，中期报告应当在每个会计年度的上半年结束之日起2个月内，季度报告应当在每个会计年度第3个月、第9个月结束后的1个月内编制完成并披露。
第一季度季度报告的披露时间不得早于上一年度年度报告的披露时间。
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Article 21 An annual report shall contain:
| | 第二十一条 年度报告应当记载以下内容：
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(1) the basic information of the company;
| | （一）公司基本情况；
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(2) the main accounting data and financial indicators;
| | （二）主要会计数据和财务指标；
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(3)the information about the issuance and changes of corporate stocks and bonds, the total amount of stocks and bonds by the end of the reporting period, total number of shareholders, as well as the shares held by the 10 biggest shareholders;
| | （三）公司股票、债券发行及变动情况，报告期末股票、债券总额、股东总数，公司前10大股东持股情况；
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(4)the information about the shareholders holding 5% or more of the shares, the controlling shareholders and the actual controllers;
| | （四）持股5%以上股东、控股股东及实际控制人情况；
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(5)the information about the appointment of directors, supervisors and senior managers, changes of the shares held by them, as well as their annual remunerations;
| | （五）董事、监事、高级管理人员的任职情况、持股变动情况、年度报酬情况；
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(6)the report of the board of directors;
| | （六）董事会报告；
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(7)the discussions and analyses of the management team;
| | （七）管理层讨论与分析；
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(8) the major events occurring within the reporting period and their influence on the company;
| | （八）报告期内重大事件及对公司的影响；
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(9) the full texts of the financial accounting statements and audit report; and
| | （九）财务会计报告和审计报告全文；
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(10) other matters prescribed by the CSRC.
| | （十）中国证监会规定的其他事项。
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Article 22 An interim report shall contain:
| | 第二十二条 中期报告应当记载以下内容：
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(1) the basic information of the company;
| | （一）公司基本情况；
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(2)the main accounting data and financial indicators;
| | （二）主要会计数据和财务指标；
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(3)the information about the issuance and changes of corporate stocks and bonds, the total number of shareholders, as well as the shares held by the 10 biggest shareholders;
| | （三）公司股票、债券发行及变动情况、股东总数、公司前10大股东持股情况，控股股东及实际控制人发生变化的情况；
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(4)the discussions and analyses of the management;
| | （四）管理层讨论与分析；
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(5)the major events occurring within the reporting period, such as important lawsuits and arbitrations, as well as their influence on the company;
| | （五）报告期内重大诉讼、仲裁等重大事件及对公司的影响；
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(6)the financial accounting statements; and
| | （六）财务会计报告；
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(7) other matters prescribed by the CSRC.
| | （七）中国证监会规定的其他事项。
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Article 23 A quarterly report shall contain:
| | 第二十三条 季度报告应当记载以下内容：
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(1) the basic information of the company;
| | （一）公司基本情况；
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(2)the main accounting data and financial indicators; and
| | （二）主要会计数据和财务指标；
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(3) other matters prescribed by the CSRC.
| | （三）中国证监会规定的其他事项。
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Article 24 The directors and senior managers of a listed company shall confirm the periodic reports in writing. The board of supervisors shall put forward its examination opinions in writing to state whether or not the preparation and examination procedures of the board of directors conform to the relevant laws, administrative regulations and the CSRC's provisions, and whether or not the contents of the report can truthfully, accurately and completely reflect the actual information of the listed company.
Where any director, supervisor or senior manager is unable to guarantee or denies the genuineness, accuracy or completeness of any periodic report, he shall state the reasons, express his opinions, and disclose them.
| | 第二十四条 公司董事、高级管理人员应当对定期报告签署书面确认意见，监事会应当提出书面审核意见，说明董事会的编制和审核程序是否符合法律、行政法规和中国证监会的规定，报告的内容是否能够真实、准确、完整地反映上市公司的实际情况。
董事、监事、高级管理人员对定期报告内容的真实性、准确性、完整性无法保证或者存在异议的，应当陈述理由和发表意见，并予以披露。
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Article 25 Where a listed company forecasts that there will be any loss or big change to its business performances, it shall timely make an announcement in advance.
| | 第二十五条 上市公司预计经营业绩发生亏损或者发生大幅变动的，应当及时进行业绩预告。
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Article 26 If the performances are divulged or if there is any hearsay about the performances and if the transactions of corporate securities and the derivatives thereof fluctuate abnormally, the listed company shall disclose the relevant financial data of the current reporting period in time.
| | 第二十六条 定期报告披露前出现业绩泄露，或者出现业绩传闻且公司证券及其衍生品种交易出现异常波动的，上市公司应当及时披露本报告期相关财务数据。
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Article 27 Where a non-standard audit report is issued on the financial accounting statements included in a periodic report, the board of directors of the listed company shall make a special explanation about the items involved in the audit opinions.
Where a non-standard audit report is issued on the financial accounting statements included in a periodic report, if the stock exchange considers that any violation is involved, it shall file an application with the CSRC for investigation.
| | 第二十七条 定期报告中财务会计报告被出具非标准审计报告的，上市公司董事会应当针对该审计意见涉及事项作出专项说明。
定期报告中财务会计报告被出具非标准审计意见，证券交易所认为涉嫌违法的，应当提请中国证监会立案调查。
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Article 28 Where a listed company fails to disclose its annual report or interim report within the prescribed time limit, the CSRC shall immediately establish it as a case for investigation and the stock exchange shall punish it according to the rules on the listing of stocks.
| | 第二十八条 上市公司未在规定期限内披露年度报告和中期报告的，中国证监会应当立即立案稽查，证券交易所应当按照股票上市规则予以处理。
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Article 29 The formats and rules for the preparation of annual, interim and quarterly reports shall be separately formulated by the CSRC.
| | 第二十九条 年度报告、中期报告和季度报告的格式及编制规则，由中国证监会另行制定。
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Chapter IV Temporary Reports
| | 第四章 临时报告
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Article 30 In the case of a major event that may considerably affect the trading price of a listed company's shares and that is not yet known to the investors, the listed company shall disclose it to them, stating the cause, the present situation, and the possible legal consequence of the event.
The term “major event” as mentioned in the preceding paragraph includes the following circumstances:
| | 第三十条 发生可能对上市公司证券及其衍生品种交易价格产生较大影响的重大事件，投资者尚未得知时，上市公司应当立即披露，说明事件的起因、目前的状态和可能产生的影响。
前款所称重大事件包括：
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(1) A major change in the business guidelines or business scope of the company;
| | （一）公司的经营方针和经营范围的重大变化；
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(2) A decision of the company on any major investment or major purchase of asset;
| | （二）公司的重大投资行为和重大的购置财产的决定；
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(3) An important contract as concluded by the company, which may produce an important effect on the assets, liabilities, rights and interests or business achievements of the company;
| | （三）公司订立重要合同，可能对公司的资产、负债、权益和经营成果产生重要影响；
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(4) The incurrence of any major debt in the company or default on any major debt that is due, or the occurrence of liability for any large sum of compensation;
| | （四）公司发生重大债务和未能清偿到期重大债务的违约情况，或者发生大额赔偿责任；
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(5) The incurrence of any major deficit or a major loss in the company;
| | （五）公司发生重大亏损或者重大损失；
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(6) A major change in the external conditions for the business operation of the company;
| | （六）公司生产经营的外部条件发生的重大变化；
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(7) The change of any director, one-third or more of the supervisors or managers of the company, or the chairman of the board of directors or the manager being unable to perform his duties;
| | （七）公司的董事、1/3以上监事或者经理发生变动；董事长或者经理无法履行职责；
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(8) A considerable change in the shares of the shareholders or actual controllers each of whom holds or controls no less than 5% of the company's shares;
| | （八）持有公司5%以上股份的股东或者实际控制人，其持有股份或者控制公司的情况发生较大变化；
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(9) A decision of the company on capital decrease, merger, split-up, dissolution, or application for bankruptcy, or entering into the bankruptcy procedure or being ordered to close down in accordance with the law;
| | （九）公司减资、合并、分立、解散及申请破产的决定；或者依法进入破产程序、被责令关闭；
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(10) Any major litigation, arbitration in which the company is involved, or where the resolution of the general meeting of shareholders or the board of directors has been cancelled or invalidated;
| | （十）涉及公司的重大诉讼、仲裁，股东大会、董事会决议被依法撤销或者宣告无效；
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(11)The company is investigated, given any criminal punishment or major administrative punishment by the competent organ due to any violation of law or regulation, or any director, supervisor or senior manager of the company is investigated or subject to mandatory measures by the competent organ due to any violation of law or discipline;
| | （十一）公司涉嫌违法违规被有权机关调查，或者受到刑事处罚、重大行政处罚；公司董事、监事、高级管理人员涉嫌违法违纪被有权机关调查或者采取强制措施；
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(12)Any newly promulgated law, regulation, rules or industrial policy that may considerably affect the company;
| | （十二）新公布的法律、法规、规章、行业政策可能对公司产生重大影响；
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(13)A resolution of the board of directors on the new stock offering plan or any other financing plan or equity incentive plan;
．．．．．． | | （十三）董事会就发行新股或者其他再融资方案、股权激励方案形成相关决议；
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