第六十一条股票或者公司债券上市交易的公司，应当在每一会计年度结束之日起四个月内，向国务院证券监督管理机构和证券交易所提交记载以下内容的年度报告，并予公告：

Article 61. A company that has listed its stocks or bonds shall submit an annual report with following information to the securities regulatory body under the State Council and to the stock exchanges within four months after the end of each accounting year. Such documents shall also be published.

（一）公司概况；

(1) The company's general situation;

（二）公司财务会计报告和经营情况；

(2) The company's financial accounting report and management situation;

（三）董事、监事、经理及有关高级管理人员简介及其持股情况；

(3) The resumes of directors, supervisors, managers, and high?ranking administrators as well as the situation regarding their holding of the company's stocks and bonds;

（四）已发行的股票、公司债券情况，包括持有公司股份最多的前十名股东名单和持股数额；

(4) The situation concerning stocks and bonds already issued, including the name list of the top 10 stock holders of the company and the numbers of their stocks;

（五）国务院证券监督管理机构规定的其他事项。

and (5) Other matters stipulated by the securities regulatory body under the State Council.

第六十二条发生可能对上市公司股票交易价格产生较大影响、而投资者尚未得知的重大事件时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所提交临时报告，并予公告，说明事件的实质。

Article 62. When a major incident occurs that might have a fairly large impact on the price of its listed stocks and the investors have no knowledge of the incident, a listed company shall immediately submit an interim report on the incident to the securities regulatory body under the State Council and the stock exchanges. It shall also publish the report to explain the true facts of the incident.

下列情况为前款所称重大事件：

The following situation can be termed as major incident stated in the preceding paragraph:

（一）公司的经营方针和经营范围的重大变化；

(1) Major changes of a company's management policy and management scope;

（二）公司的重大投资行为和重大的购置财产的决定；

(2) The company's decision concerning its major investment and major property purchase.

（三）公司订立重要合同，而该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；

(3) Major contracts signed by the company which might have an important influence on the company's assets, liabilities, rights, interests, and management results;

（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；

(4) The company incurs major debts or fails to repay those debts that have come due in violation of an agreement;

（五）公司发生重大亏损或者遭受超过净资产百分之十以上的重大损失；

(5) The company experiences major economic losses or major economic losses which exceed more than 10 percent of its net assets;

（六）公司生产经营的外部条件发生的重大变化；

(6) Major changes occur in the external conditions of the company's production and management;

（七）公司的董事长，三分之一以上的董事，或者经理发生变动；

(7) There is a change in the chairman or more than one third of directors or managers of the company;

（八）持有公司百分之五以上股份的股东，其持有股份情况发生较大变化；

(8) There is a fairly large change in the holding of stockholders who hold more than 5 percent of the company's stocks;

（九）公司减资、合并、分立、解散及申请破产的决定；

(9) The company's decisions to reduce capital, merge with another company, establish a separate company, disband, and apply for bankruptcy;

（十）涉及公司的重大诉讼，法院依法撤销股东大会、董事会决议；

(10) Major lawsuits involving the company and the court's canceling in accordance with law the decisions adopted by the general meeting of stockholders and the board of directors;

（十一）法律、行政法规规定的其他事项。

and (11) Other matters stipulated by the regulations of laws and administrative rules.

第六十三条发行人、承销的证券公司公告招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告，存在虚假记载、误导性陈述或者有重大遗漏，致使投资者在证券交易中遭受损失的，发行人、承销的证券公司应当承担赔偿责任，发行人、承销的证券公司的负有责任的董事、监事、经理应当承担连带赔偿责任。

Article 63. When the prospectus released by an issuer, or an underwriting securities company, and its corporate bonds placement measures, financial and accounting reports, listed reports, annual reports, interim reports, and provisional reports contain falsified or misleading information or important omissions that result in losses for investors during securities trading, the issuer and the underwriting securities company shall be liable for compensation, and the issuer and the liable board directors, supervisors, and managers of the underwriting securities company shall also be liable for compensation.

第六十四条依照法律、行政法规规定必须作出的公告，应当在国家有关部门规定的报刊上或者在专项出版的公报上刊登，同时将其置备于公司住所、证券交易所，供社会公众查阅。

Article 64. Announcements that must be made by the law or by administrative regulations shall be published in newspapers and magazines authorized by relevant departments of the state, or in special bulletins. These announcements shall also be available at various companies and securities trade centers for the public to read.

第六十五条国务院证券监督管理机构对上市公司年度报告、中期报告、临时报告以及公告的情况进行监督，对上市公司分派或者配售新股的情况进行监督。

Article 65. The securities regulatory body under the State Council shall supervise listed companies' annual reports, interim reports, and provisional reports, as well as the state of the announcements. They shall also supervise the state of listed companies' new stock apportionment and distribution.

证券监督管理机构、证券交易所、承销的证券公司及有关人员，对公司依照法律、行政法规规定必须作出的公告，在公告前不得泄露其内容。

Securities regulatory bodies, securities exchanges, and underwriting securities companies and their personnel shall not prematurely leak out the contents of the public announcements which these companies are required to announce by the law and administrative regulations.

第六十六条国务院证券监督管理机构对有重大违法行为或者不具备其他上市条件的上市公司取消其上市资格的，应当及时作出公告。

Article 66. The securities regulatory body under the State Council shall make timelyannouncements of the names of those listed companies which have had their listing credentials revoked owing to major lawless conduct, or which are not qualified to operate as listed companies.

证券交易所依照授权作出前款规定的决定时，应当及时作出公告，并报国务院证券监督管理机构备案。

When a security exchange makes the decision mentioned in the paragraph above, it shall promptly make the announcement and report the announcement to the securities regulatory body of the State Council for the record.

第四节禁止的交易行为

Section IV. Prohibited Transactions

第六十七条禁止证券交易内幕信息的知情人员利用内幕信息进行证券交易活动。

Article 67. Security exchange personnel with inside information are not allowed to engage in securities trading activities using inside information.

第六十八条下列人员为知悉证券交易内幕信息的知情人员：

Article 68. The following personnel are personnel with inside securities trading information:

（一）发行股票或者公司债券的公司董事、监事、经理、副经理及有关的高级管理人员；

(1) Board directors, supervisors, managers, deputy managers, and other relevantsenior administrators of companies that issue stocks or corporate bonds;

（二）持有公司百分之五以上股份的股东；

(2) Stockholders holding 5 percent of more of a company's stocks;

（三）发行股票公司的控股公司的高级管理人员；

(3) Senior administrators of a company that controls companies that issue stocks;

（四）由于所任公司职务可以获取公司有关证券交易信息的人员；

(4) Personnel who, because of their offices in the company they serve, can have access to information relevant to the company's securities trading;

（五）证券监督管理机构工作人员以及由于法定的职责对证券交易进行管理的其他人员；

(5) Personnel working for securities regulatory organs, and other personnel who, because of their official responsibilities, supervise securities exchanges;

（六）由于法定职责而参与证券交易的社会中介机构或者证券登记结算机构、证券交易服务机构的有关人员；

(6) Personnel of intermediary organs, organs of securities registration and settlement, and organs providing security exchange services, who take part in securities trading because of their official responsibilities;

（七）国务院证券监督管理机构规定的其他人员。

(7) Other personnel prescribed by the securities regulatory body under the State Council.

第六十九条证券交易活动中，涉及公司的经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息，为内幕信息。

Article 69. During securities trading, non?publicized information concerning a company's operations and financial situation, and information having an important impact on the market prices of the company's securities, is inside information.

下列各项信息皆属内幕信息：

The information below is inside information:

（一）本法第六十二条第二款所列重大事件；

(1) Important events listed under the second clause of Article 62 of this law;

（二）公司分配股利或者增资的计划；

(2) A company's plan for distributing dividends and increasing capital;

（三）公司股权结构的重大变化；

(3) Important changes in the structure of a company's stock ownership;

（四）公司债务担保的重大变更；

(4) Major changes in the company's security for debts;

（五）公司营业用主要资产的抵押、出售或者报废一次超过该资产的百分之三十；

(5) The mortgaging, selling, and scrapping of a company's principal business property that exceeds one?third of the company's property at one time;

（六）公司的董事、监事、经理、副经理或者其他高级管理人员的行为可能依法承担重大损害赔偿责任；

(6) The conduct of a company board directors, supervisors, managers, deputy managers, or other senior administrators that may undertake major compensatory responsibilities according to the law;

（七）上市公司收购的有关方案；

(7) Plans relevant to the acquisition of listed companies;

（八）国务院证券监督管理机构认定的对证券交易价格有显著影响的其他重要信息。

and (8) Other information which the securities regulatory body of the State Council identifies as having conspicuous effects on the prices of securities trading.

第七十条知悉证券交易内幕信息的知情人员或者非法获取内幕信息的其他人员，不得买入或者卖出所持有的该公司的证券，或者泄露该信息或者建议他人买卖该证券。

Article 70. Personnel with inside information about a company's securities trading, or other personnel having illegitimate access to inside information, shall not buy or sell the company's securities, leak the information, or suggest that other people buy or sell the securities.

持有百分之五以上股份的股东收购上市公司的股份，本法另有规定的，适用其规定。

If this law has separate provisions governing the acquisition of stocks of a listed company by a stockholder who holds 5 percent or more of the company's stocks, the provisions shall apply.

第七十一条禁止任何人以下列手段获取不正当利益或者转嫁风险：

Article 71. Nobody may use any of the following measures to acquire illegitimate interests, or pass risks onto others:

（一）通过单独或者合谋，集中资金优势、持股优势或者利用信息优势联合或者连续买卖，操纵证券交易价格；

(1) Controlling the prices of securities trading through pooling capital, stocks, or information to jointly or continuously buy or sell securities, either acting individually or collectively;

（二）与他人串通，以事先约定的时间、价格和方式相互进行证券交易或者相互买卖并不持有的证券，影响证券交易价格或者证券交易量；

(2) Affecting the prices of securities trading or trading volumes by working in collusion with others to buy or sell securities at time, prices, and methods previously agreed upon;

（三）以自己为交易对象，进行不转移所有权的自买自卖，影响证券交易价格或者证券交易量；

(3) Affecting the prices of securities trading, or the volume of securities trading, through purchase or sale that does not transfer ownership, considering the buyer or seller himself as the trading object;

（四）以其他方法操纵证券交易价格。

and (4) Manipulating the prices of securities trading through other means.

第七十二条禁止国家工作人员、新闻传播媒介从业人员和有关人员编造并传播虚假信息，严重影响证券交易。

Article 72. State functionaries, journalists, mass communications workers, and other relevantpersonnel are not allowed to disseminate falsified information that will seriously affect securities trading.

禁止证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员，证券业协会、证券监督管理机构及其工作人员，在证券交易活动中作出虚假陈述或者信息误导。

During securities trading, securities exchanges, securities companies, organs for securities registration and settlement, organs providing securities trading services, and intermediary organs and their workers, and securities regulatory organs and their workers are now allowed to give falsified statements or provide misleading information.

各种传播媒介传播证券交易信息必须真实、客观，禁止误导。

Securities trading information disseminated by all media must be factual and objective and not misleading.

第七十三条在证券交易中，禁止证券公司及其从业人员从事下列损害客户利益的欺诈行为：

Article 73. During the course of securities trading, securities company and their workers are now allowed to engage in any of the following fraud that is harmful to clients' interests:

（一）违背客户的委托为其买卖证券；

(1) Buying or selling securities for clients against their trust;

（二）不在规定时间内向客户提供交易的书面确认文件；

(2) Failing to provide clients written confirmation within a prescribed period;

（三）挪用客户所委托买卖的证券或者客户帐户上的资金；

(3) Misappropriating the funds entrusted by clients for securities trading, or funds in the clients' accounts;

（四）私自买卖客户帐户上的证券，或者假借客户的名义买卖证券；

(4) Trading the securities in clients' accounts without their authorization, trading securities in the name of clients;

（五）为牟取佣金收入，诱使客户进行不必要的证券买卖；

(5) Inducing clients to proceed with unnecessary security trading for the sake of earning commissions;

（六）其他违背客户真实意思表示，损害客户利益的行为。

or (6) Other conduct that is against the clients' real intentions and is detrimental to clients' interests.

第七十四条在证券交易中，禁止法人以个人名义开立帐户，买卖证券。

Article 74. During securities trading, corporate entities are now allowed to open accounts in the name of individuals for conducting securities trading.

第七十五条在证券交易中，禁止任何人挪用公款买卖证券。

Article 75. During securities trading, no one may use public funds for securities trading.

第七十六条国有企业和国有资产控股的企业，不得炒作上市交易的股票。

Article 76. State?owned enterprises and enterprises holding stocks purchased with state?owned assets may not speculate in stocks being traded on the market.

第七十七条证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。

Article 77. Securities exchanges, securities companies, organs for securities registration and account settlement, and organs providing security trading services, intermediary organs and their workers must promptly report to securities regulatory organs any trading activity banned in securities trading.

第四章上市公司收购

Chapter IV Acquisition of Listed Companies

第七十八条上市公司收购可以采取要约收购或者协议收购的方式。

Article 78. A listed company may be purchased by offer or by agreement.

第七十九条通过证券交易所的证券交易，投资者持有一个上市公司已发行的股份的百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予以公告；在上述规定的期限内，不得再行买卖该上市公司的股票。

Article 79. Where an investor possesses five percent of the stocks issued by a listed company through trading at the stock exchange, he shall, within three days of this happening, submit a written report to the securities regulatory body of the State Council and the stock exchange, notify the listed company, and make a public announcement; he is prohibited from buying or selling that list company's stocks in the period prescribed above.

投资者持有一个上市公司已发行的股份的百分之五后，通过证券交易所的证券交易，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

After an investor already possesses five percent of the stocks of a listed company, he shall submit a report or makes a public announcement in accordance with provisions of the preceding paragraph whenever the stocks of that company in his possession increase or decrease ?? through trading at the stock exchange ?? by five percentage points of the company's total stocks. He is prohibited from buying or selling stocks of that company during the period of submitting the report and within two days after he makes a public announcement.

第八十条依照前条规定所作的书面报告和公告，应当包括下列内容：

Article 80. A written report or public announcement made in accordance with the preceding article shall have the following information:

（一）持股人的名称、住所；

(1) The stockholder's name and address;

（二）所持有的股票的名称、数量；

(2) The name and amount of stock in his possession;

（三）持股达到法定比例或者持股增减变化达到法定比例的日期。

and (3) The date when the stocks in his possession reach the legally prescribed ratio or the date the stocks increase or decrease to the legally prescribed ratio.