SECTION THREE LISTED COMPANIES

　　Article 151 The term "listed companies" used in this law refers to companies whose shares have been approved for trading at stock exchanges by the State Council or by the securities administration department authorized by the State Council.

　　Article 152 In applying for its shares to be listed, a joint stock company limited shall meet the following requirements:

　　1. Securities administration departments of the State Council have approved the company's stock being issued to the public;

　　2. The total share capital of the company shall be no less than RMB50 million;

　　3. The company has opened business for at least three years and has been profitable over the last three years. For companies reorganized from an original State-owned enterprise according to law or newly established with the major promoters being the large or medium-sized State owned enterprises after this law comes into effect, the three year period can be calculated continuously;

　　4. Number of shareholders who each holds shares of a par value totally at least RMB1,000 shall be no less than one thousand and the shares of the company already issued to the public account for more than 25 percent of the total shares. For companies whose share capital has exceeded RMB400 million, the shares already issued to the public shall account for no less than 15 percent of the total shares of the company;

　　5. The company has not committed any significant law violating acts and there are no false records in the financial statements over last three years;

　　6. Other requirements as prescribed by the State Council.

　　Article 153 For listing its shares to public for trade, a joint stock company limited shall get the approval of the State Council or of a securities administration department of the State Council by submitting relevant documents prescribed by law and administrative decrees.

　　The State Council or its authorized securities administration department shall grant approval to the listing applications which meet all the requirements specified in this law or deny approval to those listing applications which do not meet such requirements.

　　After the approval has been obtained, a company shall publish a share listing report and keep its application documents at a designated place for public inspection.

　　Article 154 The shares of listed companies approved shall be traded according to law and administrative decrees.

　　Article 155 With the approval of the a State Council authorized securities administration department, a joint stock company limited may have its stocks listed abroad. The special regulations there of shall be formulated by the State Council.

　　Article 156 A listed company must periodically make public its financial and operational condition according to law and administrative decrees and publish the financial statements once every six months in each fiscal year.

　　Article 157 The securities administration department authorized by the State Council may decide to temporarily suspend the listing of a company under the following circumstances:

　　1. The total share capital, share distribution or other circumstances have changed such that the company no longer meets the listing requirements.

　　2. The company does not make public its financial condition as required by the regulations or false entries have been found in its financial statements.

　　3. The company has committed significant law violation acts.

　　4. The company has sustained losses in each of the last three years.

　　Article 158 A securities administration department of the State Council may decide to terminate the listing of a company if the company is found to have committed one of the cases listed in items 2 and 3 of the preceding article with serious consequences or has committed one of the cases listed in items 1 and 4 of the preceding articles and is unable to correct within a limited time so as to lose the conditions for listing.

　　The securities administration department of the State Council may decide to terminate the listing of a company if the company has decided to dissolve itself or has been ordered by the responsible administrative departments to close down or declared bankrupt.