pre-emptive purchase in proportion to their respective capital contributions at the time of the transfer 经股东同意转让的股权，在同等条件下，其他股东有优先购买权。两个以上股东主张行使 优先购买权的，协商确定各自的购买比例；协商不成的，按照转让时各自的出资比例行使 优先购买权。 If the company's articles of association provide otherwise in respect of equity transfers,such provisions shall prevail. 公司章程对股权转让另有规定的，从其规定· Article 73:If a people's court imposes an equity transfer on a shareholder in accordance with the enforcement procedures specified in laws,it shall notify the company and all its shareholders thereof and,all things being equal,the other shareholders shall have a pre-emptive right of purchase.If a shareholder fails to exercise his or her pre-emptive right of purchase within 20 days of the date of the notice from the people's court,he or she shall be deemed to have relinquished his or her pre-emptive right of purchase 第七十三条人民法院依照法律规定的强制执行程序转让股东的股权时，应当通知公司及 全体股东，其他股东在同等条件下有优先购买权。其他股东自人民法院通知之日起满二十 日不行使优先购买权的，视为放弃优先购买权。 Article 74:After an equity transfer has been effected in accordance with Article 72 or 73 hereof, the company shall cancel the original shareholder's investment certificate,issue an investment certificate to the new shareholder and amend the provisions of the company's articles of association and the register of shareholders concerning the relevant shareholders and their capital contributions accordingly.Such amendment of the company's articles of association shall not require a vote of the shareholders'meeting. 第七十四条依照本法第七十二条、第七十三条转让股权后，公司应当注销原股东的出资 证明书，向新股东签发出资证明书，并相应修改公司章程和股东名册中有关股东及其出资 额的记载·对公司章程的该项修改不需再由股东会表决· Article 75:A shareholder who votes against a relevant resolution at a meeting of the shareholders may request that the company purchase his or her equity at a reasonable price if: 第七十五条有下列情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合 理的价格收购其股权： (1)the company has not distributed profits to the shareholder for five consecutive years where the company has been profitable during those five years and the shareholder satisfies the conditions for the distribution of profits specified in this Law; 31
31 pre-emptive purchase in proportion to their respective capital contributions at the time of the transfer. 经股东同意转让的股权，在同等条件下，其他股东有优先购买权。两个以上股东主张行使 优先购买权的，协商确定各自的购买比例；协商不成的，按照转让时各自的出资比例行使 优先购买权。 If the company‟s articles of association provide otherwise in respect of equity transfers, such provisions shall prevail. 公司章程对股权转让另有规定的，从其规定。 Article 73: If a people‟s court imposes an equity transfer on a shareholder in accordance with the enforcement procedures specified in laws, it shall notify the company and all its shareholders thereof and, all things being equal, the other shareholders shall have a pre-emptive right of purchase. If a shareholder fails to exercise his or her pre-emptive right of purchase within 20 days of the date of the notice from the people‟s court, he or she shall be deemed to have relinquished his or her pre-emptive right of purchase. 第七十三条 人民法院依照法律规定的强制执行程序转让股东的股权时，应当通知公司及 全体股东，其他股东在同等条件下有优先购买权。其他股东自人民法院通知之日起满二十 日不行使优先购买权的，视为放弃优先购买权。 Article 74: After an equity transfer has been effected in accordance with Article 72 or 73 hereof, the company shall cancel the original shareholder‟s investment certificate, issue an investment certificate to the new shareholder and amend the provisions of the company‟s articles of association and the register of shareholders concerning the relevant shareholders and their capital contributions accordingly. Such amendment of the company‟s articles of association shall not require a vote of the shareholders‟ meeting. 第七十四条 依照本法第七十二条、第七十三条转让股权后，公司应当注销原股东的出资 证明书，向新股东签发出资证明书，并相应修改公司章程和股东名册中有关股东及其出资 额的记载。对公司章程的该项修改不需再由股东会表决。 Article 75: A shareholder who votes against a relevant resolution at a meeting of the shareholders may request that the company purchase his or her equity at a reasonable price if: 第七十五条 有下列情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合 理的价格收购其股权： (1) the company has not distributed profits to the shareholder for five consecutive years where the company has been profitable during those five years and the shareholder satisfies the conditions for the distribution of profits specified in this Law;
(一)公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分 配利润条件的； (2)the company merges,is divided,or transfers its main property;or (二)公司合并、分立、转让主要财产的： (3)the term of operation specified in the company's articles of association expires or other grounds for dissolution as specified in the articles of association arise and the shareholders meeting resolves to amend the articles of association to extend the life of the company (三)公司章程规定的营亚业期限届满或者章程规定的其他解散事由出现，股东会会议通过 决议修改章程使公司存续的。 If the shareholder and the company fail to reach an agreement on the purchase of the shareholder's equity within 60 days of the date on which the shareholders'meeting adopted the resolution,the shareholder may institute legal proceedings in a people's court within 90 days of the date on which the shareholders'meeting adopted the resolution. 自股东会会议决议通过之日起六十日内，股东与公司不能达成股权收购协议的，股东可以 自股东会会议决议通过之日起九十日内向人民法院提起诉讼。 Article 76:Upon the death of a natural person shareholder,his or her lawful successor may succeed to his or her qualifications as shareholder,unless otherwise specified in the company's articles of association. 第七十六条自然人股东死亡后，其合法继承人可以继承股东资格；但是，公司章程另有 规定的除外。 PART FOUR:ESTABLISHMENT AND ORGANIZATIONAL STRUCTURE OF COMPANIES LIMITED BY SHARES 第四章股份有限公司的设立和组织机构 Section One:Establishment 第一节设立 Article 77:The following conditions must be fulfilled for the establishment of a company limited by shares: 第七十七条设立股份有限公司，应当具备下列条件： 32
32 (一) 公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分 配利润条件的； (2) the company merges, is divided, or transfers its main property; or (二) 公司合并、分立、转让主要财产的； (3) the term of operation specified in the company‟s articles of association expires or other grounds for dissolution as specified in the articles of association arise and the shareholders‟ meeting resolves to amend the articles of association to extend the life of the company. (三) 公司章程规定的营业期限届满或者章程规定的其他解散事由出现，股东会会议通过 决议修改章程使公司存续的。 If the shareholder and the company fail to reach an agreement on the purchase of the shareholder‟s equity within 60 days of the date on which the shareholders‟ meeting adopted the resolution, the shareholder may institute legal proceedings in a people‟s court within 90 days of the date on which the shareholders‟ meeting adopted the resolution. 自股东会会议决议通过之日起六十日内，股东与公司不能达成股权收购协议的，股东可以 自股东会会议决议通过之日起九十日内向人民法院提起诉讼。 Article 76: Upon the death of a natural person shareholder, his or her lawful successor may succeed to his or her qualifications as shareholder, unless otherwise specified in the company‟s articles of association. 第七十六条 自然人股东死亡后，其合法继承人可以继承股东资格；但是，公司章程另有 规定的除外。 PART FOUR: ESTABLISHMENT AND ORGANIZATIONAL STRUCTURE OF COMPANIES LIMITED BY SHARES 第四章 股份有限公司的设立和组织机构 Section One: Establishment 第一节 设 立 Article 77: The following conditions must be fulfilled for the establishment of a company limited by shares: 第七十七条 设立股份有限公司，应当具备下列条件：
(1)the number of promoters conforms to the statutory number; (一)发起人符合法定人数： (2)the share capital subscribed for by the promoters and raised reaches the statutory minimum amount of capital: (二)发起人认购和募集的股本达到法定资本最低限额； (3)the share issue and preparation matters conform to laws; (三)股份发行、筹办事项符合法律规定； (4)if the company is established through a share offer,the company's articles of association have been formulated by the promoters and adopted at the inaugural meeting; (四)发起人制订公司章程，采用募集方式设立的经创立大会通过； (5)the company has a name,and an organizational structure established in accordance with the requirements for companies limited by shares;and (五)有公司名称，建立符合股份有限公司要求的组织机构； (6)the company has a domicile. (六)有公司住所。 Article 78:Companies limited by shares may be established by means of promotion or by means of share offer. 第七十八条股份有限公司的设立，可以采取发起设立或者募集设立的方式· The term "establishment by means of promotion"means establishment of a company by means of subscription by the promoters for all the shares to be issued by the company. 发起设立，是指由发起人认购公司应发行的全部股份而设立公司· The term"establishment by means of share offer"means establishment of a company by means of subscription by the promoters for a portion of the shares to be issued by the company,and offer of the balance to the public or specific subscribers. 募集设立，是指由发起人认购公司应发行股份的一部分，其余股份向社会公开募集或者向 特定对象募集而设立公司。 33
33 (1) the number of promoters conforms to the statutory number; (一) 发起人符合法定人数； (2) the share capital subscribed for by the promoters and raised reaches the statutory minimum amount of capital; (二) 发起人认购和募集的股本达到法定资本最低限额； (3) the share issue and preparation matters conform to laws; (三) 股份发行、筹办事项符合法律规定； (4) if the company is established through a share offer, the company‟s articles of association have been formulated by the promoters and adopted at the inaugural meeting; (四) 发起人制订公司章程，采用募集方式设立的经创立大会通过； (5) the company has a name, and an organizational structure established in accordance with the requirements for companies limited by shares; and (五) 有公司名称，建立符合股份有限公司要求的组织机构； (6) the company has a domicile. (六) 有公司住所。 Article 78: Companies limited by shares may be established by means of promotion or by means of share offer. 第七十八条 股份有限公司的设立，可以采取发起设立或者募集设立的方式。 The term “establishment by means of promotion” means establishment of a company by means of subscription by the promoters for all the shares to be issued by the company. 发起设立，是指由发起人认购公司应发行的全部股份而设立公司。 The term “establishment by means of share offer” means establishment of a company by means of subscription by the promoters for a portion of the shares to be issued by the company, and offer of the balance to the public or specific subscribers. 募集设立，是指由发起人认购公司应发行股份的一部分，其余股份向社会公开募集或者向 特定对象募集而设立公司
Article 79:For the establishment of a company limited by shares,there shall be at least 2 but less than 200 promoters,of which at least half shall have their domiciles in China. 第七十九条设立股份有限公司·应当有二人以上二百人以下为发起人，其中须有半数以 上的发起人在中国境内有住所。 Article 80:The promoters of a company limited by shares shall undertake the matters associated with the preparation for the establishment of the company. 第八十条股份有限公司发起人承担公司筹办事务。 The promoters shall execute a promoters'agreement,specifying their respective rights and obligations in the process of establishing the company. 发起人应当签订发起人协议，明确各自在公司设立过程中的权利和义务· Article 81:If a company limited by shares is established by promotion,its registered capital shall be the total share capital subscribed for by all of the promoters and registered with the company registry.The initial contribution of capital by all of the company's promoters may not be less than 20%of the registered capital.The remainder shall be paid in full by the promoters within two years of the date of establishment of the company.In the case of an investment company,it may make payment in full within five years.No share offer may be made to others until the registered capital has been paid in full 第八十一条股份有限公司采取发起设立方式设立的，注册资本为在公司登记机关登记的 全体发起人认购的股本总额·公司全体发起人的首次出资额不得低于注册资本的百分之二 十，其余部分由发起人自公司成立之日起两年内缴足；其中，投资公司可以在五年内缴足· 在缴足前，不得向他人募集股份。 If a company limited by shares is established by way of a share offer,its registered capital shall be the total paid-in share capital as registered with the company registry. 股份有限公司采取募集方式设立的，注册资本为在公司登记机矣登记的实收股本总额。 The minimum registered capital of a company limited by shares shall be Rmb5 million.If laws or administrative regulations provide for a higher minimum registered capital for a company limited by shares,such provisions shall prevail 股份有限公司注册资本的最低限额为人民币五百万元。法律、行政法规对股份有限公司注 册资本的最低限额有较高规定的·从其规定。 Article 82:The articles of association of a company limited by shares shall specify the following matters 第八十二条股份有限公司章程应当载明下列事项： 34
34 Article 79: For the establishment of a company limited by shares, there shall be at least 2 but less than 200 promoters, of which at least half shall have their domiciles in China. 第七十九条 设立股份有限公司，应当有二人以上二百人以下为发起人，其中须有半数以 上的发起人在中国境内有住所。 Article 80: The promoters of a company limited by shares shall undertake the matters associated with the preparation for the establishment of the company. 第八十条 股份有限公司发起人承担公司筹办事务。 The promoters shall execute a promoters‟ agreement, specifying their respective rights and obligations in the process of establishing the company. 发起人应当签订发起人协议，明确各自在公司设立过程中的权利和义务。 Article 81: If a company limited by shares is established by promotion, its registered capital shall be the total share capital subscribed for by all of the promoters and registered with the company registry. The initial contribution of capital by all of the company‟s promoters may not be less than 20% of the registered capital. The remainder shall be paid in full by the promoters within two years of the date of establishment of the company. In the case of an investment company, it may make payment in full within five years. No share offer may be made to others until the registered capital has been paid in full. 第八十一条 股份有限公司采取发起设立方式设立的，注册资本为在公司登记机关登记的 全体发起人认购的股本总额。公司全体发起人的首次出资额不得低于注册资本的百分之二 十，其余部分由发起人自公司成立之日起两年内缴足；其中，投资公司可以在五年内缴足。 在缴足前，不得向他人募集股份。 If a company limited by shares is established by way of a share offer, its registered capital shall be the total paid-in share capital as registered with the company registry. 股份有限公司采取募集方式设立的，注册资本为在公司登记机关登记的实收股本总额。 The minimum registered capital of a company limited by shares shall be Rmb5 million. If laws or administrative regulations provide for a higher minimum registered capital for a company limited by shares, such provisions shall prevail. 股份有限公司注册资本的最低限额为人民币五百万元。法律、行政法规对股份有限公司注 册资本的最低限额有较高规定的，从其规定。 Article 82: The articles of association of a company limited by shares shall specify the following matters: 第八十二条 股份有限公司章程应当载明下列事项：
(1)the name and domicile of the company; (一)公司名称和住所； (2)the scope of business of the company; (二)公司经营范围； (3)the method of establishment of the company; (三)公司设立方式： (4)the total number of shares of the company,the amount of each share and the registered capital; (四)公司股份总数、每股金额和注册资本； (5)the names of,the number of shares subscribed for by,and the methods and time of capital contributions by,the promoters; (五)发起人的姓名或者名称、认购的股份数、出资方式和出资时间； (6)the composition,functions,powers,term and rules of procedure of the board of directors; (六)董事会的组成、职权和议事规则； (7)the legal representative of the company; (七)公司法定代表人： (8)the composition,functions,powers,term and rules of procedure of the supervisory board; (八)监事会的组成、职权和议事规则： (9)the method of distribution of company profit; (九)公司利润分配办法； (10)the reasons for dissolution of the company and method of liquidation; (十)公司的解散事由与清算办法； (11)methods for notices and announcements of the company;and (十一)公司的通知和公告办法； 35
35 (1) the name and domicile of the company; (一) 公司名称和住所； (2) the scope of business of the company; (二) 公司经营范围； (3) the method of establishment of the company; (三) 公司设立方式； (4) the total number of shares of the company, the amount of each share and the registered capital; (四) 公司股份总数、每股金额和注册资本； (5) the names of, the number of shares subscribed for by, and the methods and time of capital contributions by, the promoters; (五) 发起人的姓名或者名称、认购的股份数、出资方式和出资时间； (6) the composition, functions, powers, term and rules of procedure of the board of directors; (六) 董事会的组成、职权和议事规则； (7) the legal representative of the company; (七) 公司法定代表人； (8) the composition, functions, powers, term and rules of procedure of the supervisory board; (八) 监事会的组成、职权和议事规则； (9) the method of distribution of company profit; (九) 公司利润分配办法； (10) the reasons for dissolution of the company and method of liquidation; (十) 公司的解散事由与清算办法； (11) methods for notices and announcements of the company; and (十一) 公司的通知和公告办法；