第八十一條通過證券交易所的證券交易，投資者持有一個上市公司已發(fā)行的股份的百分之三十時，繼續(xù)進行收購的，應(yīng)當依法向該上市公司所有股東發(fā)出收購要約。但經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)免除發(fā)出要約的除外。

Article 81. When an investor, through trading at the stock exchange, possesses 30 percent of the stocks issued by a listed company and plans to make more purchases, he shall make a purchase offer to the company's stockholders as is required by law, except where such an offer is exempted by the securities regulatory body of the State Council.

第八十二條依照前條規(guī)定發(fā)出收購要約，收購人必須事先向國務(wù)院證券監(jiān)督管理機構(gòu)報送上市公司收購報告書，并載明下列事項：

Article 82. Where a purchase offer is made to a listed company in accordance with provisions of the preceding paragraph, the buyer shall submit in advance a buying report to the securities regulatory body of the State Council; the report shall contain the following information:

（一）收購人的名稱、住所；

(1) The buyer's name and address;

（二）收購人關(guān)于收購的決定；

(2) The buyer's decision to make the purchase;

（三）被收購的上市公司名稱；

?(3) Name of the listed company to be purchased;

（四）收購目的；

(4) Purpose of the purchase;

（五）收購股份的詳細名稱和預(yù)定收購的股份數(shù)額；

(5) The exact name of the stocks and the amount of stocks subject to purchase;

（六）收購的期限、收購的價格；

?(6) The duration and price of the purchase;

（七）收購所需資金額及資金保證；

(7) The amount of capital needed for the purchase and collateral for the capital;

（八）報送上市公司收購報告書時所持有被收購公司股份數(shù)占該公司已發(fā)行的股份總數(shù)的比例。

(8) The amount of stocks in possession as a ratio of all the stocks issued by the listed company at the time when the report is submitted.

收購人還應(yīng)當將前款規(guī)定的公司收購報告書同時提交證券交易所。

The buyer shall also simultaneously submit a company purchase report as described in the preceding paragraph to the stock exchange.

第八十三條收購人在依照前條規(guī)定報送上市公司收購報告書之日起十五日后，公告其收購要約。

Article 83. The buyer shall make a public announcement of the purchase offer 15 days after he submits a listed company purchase report in pursuance with provisions of the preceding paragraph.

收購要約的期限不得少于三十日，并不得超過六十日。

The duration of an offer shall not be less than 30 days and shall not be more than 60 days.

第八十四條在收購要約的有效期限內(nèi)，收購人不得撤回其收購要約。

Article 84. A purchaser is not allowed to cancel his purchasing order within its valid term.

在收購要約的有效期限內(nèi)，收購人需要變更收購要約中事項的，必須事先向國務(wù)院證券監(jiān)督管理機構(gòu)及證券交易所提出報告，經(jīng)獲準后，予以公告。

If the purchaser wishes to change the contents of the purchasing order within its valid term, he must submit a report to the securities regulatory body under the State Council and to the stock exchanges and he must publish the change after approval.

第八十五條收購要約中提出的各項收購條件，適用于被收購公司所有的股東。

Article 85. All the conditions stated in a purchasing order are applicable to all the stockholders of the company being purchased.

第八十六條收購要約的期限屆滿，收購人持有的被收購公司的股份數(shù)達到該公司已發(fā)行的股份總數(shù)的百分之七十五以上的，該上市公司的股票應(yīng)當在證券交易所終止上市交易。

Article 86. By the time when the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 75 percent of the total amount of stocks issued by the company, the listed company shall stop listing its stocks in the stock exchanges.

第八十七條收購要約的期限屆滿，收購人持有的被收購公司的股份數(shù)達到該公司已發(fā)行的股份總數(shù)的百分之九十以上的，其余仍持有被收購公司股票的股東，有權(quán)向收購人以收購要約的同等條件出售其股票，收購人應(yīng)當收購。

Article 87. By the time the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 90 percent of the total amount of stocks issued by the company, other stockholders who still hold the stocks of the purchased company are entitled to sell their stocks to the purchaser with the same conditions stated in the purchasing order and the purchaser shall purchase their stocks.

收購行為完成后，被收購公司不再具有公司法規(guī)定的條件的，應(yīng)當依法變更其企業(yè)形式。

After the purchase is made, if the purchased company no longer meets the conditions stipulated in the Company Law, it shall change its form of enterprise in accordance with the law.

第八十八條采取要約收購方式的，收購人在收購要約期限內(nèi)，不得采取要約規(guī)定以外的形式和超出要約的條件買賣被收購公司的股票。

Article 88. A purchaser who purchases stocks by order is not allowed, within the term of his purchasing order, to buy or sell the stocks of a purchased company by using methods and conditions other than the ones stated in the purchasing order.

第八十九條采取協(xié)議收購方式的，收購人可以依照法律、行政法規(guī)的規(guī)定同被收購公司的股東以協(xié)議方式進行股權(quán)轉(zhuǎn)讓。

Article 89. A purchaser who purchases stocks by agreement can carry out the transference of stock rights by negotiating with other stockholders of a purchased company in according with the regulations of laws and administrative rules.

以協(xié)議方式收購上市公司時，達成協(xié)議后，收購人必須在三日內(nèi)將該收購協(xié)議向國務(wù)院證券監(jiān)督管理機構(gòu)及證券交易所作出書面報告，并予公告。

When an agreement for purchasing a listed company by agreement is reached, the purchaser shall file in written form, within three days, a report on the purchase agreement with the securities regulatory body under the State Council and with the stock exchanges.

在未作出公告前不得履行收購協(xié)議。

Such a report shall also be published. The purchasing agreement shall not be carried out before the proclamation.

第九十條采取協(xié)議收購方式的，協(xié)議雙方可以臨時委托證券登記結(jié)算機構(gòu)保管協(xié)議轉(zhuǎn)讓的股票，并將資金存放于指定的銀行。

Article 90. For the purchases under agreement, either party of the agreement may temporarily entrust the institutions of securities registration and account balancing with safekeeping the agreed transfer securities, and deposit the capital into the designated bank.

第九十一條在上市公司收購中，收購人對所持有的被收購的上市公司的股票，在收購行為完成后的六個月內(nèi)不得轉(zhuǎn)讓。

Article 91. On purchasing a listed company, the purchaser shall not transfer the purchased stocks within six months after the purchase has been completed.

第九十二條通過要約收購或者協(xié)議收購方式取得被收購公司股票并將該公司撤銷的，屬于公司合并，被撤銷公司的原有股票，由收購人依法更換。

Article 92. Purchasing stocks from a company that is being purchased under offer or agreement and the subsequent dissolution of the company amount to a corporate merger. The purchaser will convert in accordance with law the stocks held originally by the dissolved company.

第九十三條收購上市公司的行為結(jié)束后，收購人應(yīng)當在十五日內(nèi)將收購情況報告國務(wù)院證券監(jiān)督管理機構(gòu)和證券交易所，并予公告。

Article 93. After purchase of the listed company has been completed, the purchaser shall report the purchase to the securities regulatory body of the State Council and the stock exchange, and make a public announcement.

第九十四條上市公司收購中涉及國家授權(quán)投資機構(gòu)持有的股份，應(yīng)當按照國務(wù)院的規(guī)定，經(jīng)有關(guān)主管部門批準。

Article 94 When purchasing a listed company involves the stocks held by an investment institution authorized by the state, it is necessary to obtain approval from the relevant department in charge in accordance with the stipulations of the State Council.

第五章證券交易所

Chapter V. Stock Exchanges

第九十五條證券交易所是提供證券集中競價交易場所的不以營利為目的的法人。

Article 95. The stock exchange is a non?profit legal entity which provides a venue in which securities are collectively traded by bidding.

證券交易所的設(shè)立和解散，由國務(wù)院決定。

The establishment and dissolution of a stock exchange is decided by the State Council.

第九十六條設(shè)立證券交易所必須制定章程。

Article 96. Setting up a stock exchange requires formulation of regulations.

證券交易所章程的制定和修改，必須經(jīng)國務(wù)院證券監(jiān)督管理機構(gòu)批準。

Formulation and revision of the regulations concerning a stock exchange must be approved by the securities regulatory body of the State Council.

第九十七條證券交易所必須在其名稱中標明證券交易所字樣。其他任何單位或者個人不得使用證券交易所或者近似的名稱。

Article 97. A stock exchange must include in its name the words which indicate stock exchange. Any other units or individuals shall not adopt a name that indicates stock exchange or words of a similar meaning.

第九十八條證券交易所可以自行支配的各項費用收入，應(yīng)當首先用于保證其證券交易場所和設(shè)施的正常運行并逐步改善。

Article 98. All costs and revenues which can be allocated by the stock exchange itself shall first be used to guarantee a normal operation of the stock exchange venue and facilities, and improve gradually.

證券交易所的積累歸會員所有，其權(quán)益由會員共同享有，在其存續(xù)期間，不得將其積累分配給會員。

The accumulated gain of a stock exchange belongs to the members, who jointly share the right to the accumulation. In the time the stock exchange exists, the accumulation shall not be allocated to the members.

第九十九條證券交易所設(shè)理事會。

Article 99. A board of directors is set up in a stock exchange.

第一百條證券交易所設(shè)總經(jīng)理一人，由國務(wù)院證券監(jiān)督管理機構(gòu)任免。

Article 100. A stock exchange is provided with a general manager, who is appointed or dismissed by the securities regulatory body of the State Council.