Section 4 Board of Supervisors
第四节 监事会
Article 117 A joint stock limited company shall set up a board of supervisors, which shall be composed of at least 3 persons. 第一百一十七条 股份有限公司设监事会，其成员不得少于三人。
The board of supervisors shall include representatives of shareholders and an appropriate percentage of representatives of the company's employees. The percentage of the representatives of employees shall account for no less than 1/3 of all the supervisors, but the concrete percentage shall be specified in the bylaw. The representatives of employees who serve as members of the board of supervisors shall be democratically elected through the assembly of representatives of the company's employees, the shareholders' assembly or by other means. 监事会应当包括股东代表和适当比例的公司职工代表，其中职工代表的比例不得低于三分之一，具体比例由公司章程规定。监事会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。
The board of supervisors shall have one chairman and may have a deputy chairman. The chairman and deputy chairman shall elected by more than half of all the supervisors. The chairman of the board of supervisors shall call and preside over the meetings of the board of supervisors. If the chairman of the board of supervisors is unable or fails to perform his duties, the deputy chairman of the board of supervisors shall call and preside over the meeting of the board of supervisors. If the deputy chairmen of the board of supervisors are unable or fail to perform their duties, a supervisor jointly recommended by half or more of the supervisors shall call and preside over the meetings of the board of supervisors.
监事会设主席一人，可以设副主席。监事会主席和副主席由全体监事过半数选举产生。监事会主席召集和主持监事会会议；监事会主席不能履行职务或者不履行职务的，由监事会副主席召集和主持监事会会议；监事会副主席不能履行职务或者不履行职务的，由半数以上监事共同推举一名监事召集和主持监事会会议。
No director or senior manager may concurrently act as a supervisor. 董事、高级管理人员不得兼任监事。
The provisions of Article 52 of this Law on the term of office of the supervisors of a limited liability company shall apply to the supervisors of a joint stock limited company. 本法第五十二条关于有限责任公司监事任期的规定，适用于股份有限公司监事。
Article 118 The provisions of Articles 53 and 54 of this Law on the functions of a limited liability company shall apply to the board of supervisors of a joint stock limited company. 第一百一十八条 本法第五十三条、第五十四条关于有限责任公司监事会职权的规定，适用于股份有限公司监事会。
The expenses necessary for the board of supervisors to exercise its functions shall be borne by the company.
监事会行使职权所必需的费用，由公司承担。
Article 119 The board of supervisors shall hold at least one meeting every 6 months. The supervisors may propose to call interim meetings of the board of supervisors.
第一百一十九条 监事会每六个月至少召开一次会议。监事可以提议召开临时监事会会议。 The discussion methods and voting procedures of the board of supervisors shall be specified in the bylaw unless it is otherwise provided for by this Law.
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监事会的议事方式和表决程序，除本法有规定的外，由公司章程规定。
The resolution of the board of supervisors requires the approval of more than half of the total number of board of supervisiors. 监事会决议应当经半数以上监事通过。
The board of supervisors shall prepare minutes for the decisions about the matters discussed at the meeting, which shall be signed by the supervisors in presence.
监事会应当对所议事项的决定作成会议记录，出席会议的监事应当在会议记录上签名。
Section 5 Special Provisions on the Organizational structure of A Listed Company 第五节 上市公司组织机构的特别规定
Article 120 The term \companies whose stocks are listed and traded in a stock exchange. 第一百二十条 本法所称上市公司，是指其股票在证券交易所上市交易的股份有限公司。 Article 121 Where a listed company purchases or sells any important asset, or provides guaranties that exceed 30% of the company's total assets within a year, such actions shall be authorized the resolutions made by the shareholders' assembly and adopted by the shareholders representing 2/3 of the voting rights of the shareholders who attend the assemblies. 第一百二十一条 上市公司在一年内购买、出售重大资产或者担保金额超过公司资产总额百分之三十的，应当由股东大会作出决议，并经出席会议的股东所持表决权的三分之二以上通过。
Article 122 A listed company shall have independent directors. The concrete measures shall be formulated by the State Council. 第一百二十二条 上市公司设独立董事，具体办法由国务院规定。
Article 123 A listed company may have a secretary of the board of directors, who shall be responsible for the preparation of the sessions of shareholders' assembly and meetings of the board of directors, the preservation of documents, the management of the company's stock rights, and the information of disclosure, etc. 第一百二十三条 上市公司设董事会秘书，负责公司股东大会和董事会会议的筹备、文件保管以及公司股东资料的管理，办理信息披露事务等事宜。
Article 124 Where any of the directors has any relationship with the enterprise involved in the matter to be decided at the meeting of the board of directors, he shall not vote on this resolution, nor may he vote on behalf of any other person. The meeting of the board of directors shall not be held unless more than half of the unrelated directors are present at the meeting. A resolution of the board of directors shall be adopted by more than half of the unrelated directors. If the number of unrelated directors in presence is less than 3 persons, the matter shall be submitted to the shareholders' assembly of the listed company for deliberation.
第一百二十四条 上市公司董事与董事会会议决议事项所涉及的企业有关联关系的，不得对该项决议行使表决权，也不得代理其他董事行使表决权。该董事会会议由过半数的无关联关系董事出席即可举行，董事会会议所作决议须经无关联关系董事过半数通过。出席董事会的无关联关系董事人数不足三人的，应将该事项提交上市公司股东大会审议。
Chapter V Issuance and Transfer of Shares of A Joint Stock Limited Company 第五章 股份有限公司的股份发行和转让
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Section 1 Issuance of Shares
第一节 股份发行
Article 125 The capital of a joint stock limited company shall be divided into shares and all the shares shall be of equal value. 第一百二十五条 股份有限公司的资本划分为股份，每一股的金额相等。
The shares of a company are represented by stocks. A stock is a certificate issued by the company to certify the share held by a shareholder.
公司的股份采取股票的形式。股票是公司签发的证明股东所持股份的凭证。
Article 126 The issuance of shares shall comply with the principle of fairness and impartiality. The shares of the same class shall have the same rights and benefits. 第一百二十六条 股份的发行，实行公平、公正的原则，同种类的每一股份应当具有同等权利。
The stocks issued at the same time shall be equal in price and shall be subject to the same conditions. The price of each share purchased by any organization or individual shall be the same. 同次发行的同种类股票，每股的发行条件和价格应当相同；任何单位或者个人所认购的股份，每股应当支付相同价额。
Article 127 The stocks may be issued at a price equal to or in excess of par value, but not below par value.
第一百二十七条 股票发行价格可以按票面金额，也可以超过票面金额，但不得低于票面金额。
Article 128 The stocks shall be in paper form or in other forms prescribed by the securities regulatory institution of the State Council. 第一百二十八条 股票采用纸面形式或者国务院证券监督管理机构规定的其他形式。 A stock shall state the following major items: 股票应当载明下列主要事项： (1) The company name; （一）公司名称；
(2) The company's date of establishment; （二）公司成立日期；
(3) The class and par value of the stock, as well as the number of shares it represents; and （三）股票种类、票面金额及代表的股份数； (4) The serial number of the stock.
（四）股票的编号。
The stock shall bear the signature of the legal representative and the seal of the company. 股票由法定代表人签名，公司盖章。
The stocks held by the promoters shall be marked with the words \ 发起人的股票，应当标明发起人股票字样。
Article 129 The stocks issued by a company may be registered stocks or unregistered stocks. 第一百二十九条 公司发行的股票，可以为记名股票，也可以为无记名股票。
The stocks issued to promoters or legal persons shall be registered stocks, which shall state the names of such promoters or legal persons, and shall not be registered in any other person's name or the names of any representative.
公司向发起人、法人发行的股票，应当为记名股票，并应当记载该发起人、法人的名称或者姓名，不得另立户名或者以代表人姓名记名。
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Article 130 A company that issues registered stocks shall prepare a register of shareholders, which shall state the following:
第一百三十条 公司发行记名股票的，应当置备股东名册，记载下列事项： (1) The name and domicile of each shareholder; （一）股东的姓名或者名称及住所；
(2) The number of shares held by each shareholder; （二）各股东所持股份数；
(3) The serial numbers of the stocks held by each shareholder; and （三）各股东所持股票的编号；
(4) The date on which each shareholder acquired his shares.
（四）各股东取得股份的日期。
A company issuing unregistered stocks shall record the amount, serial numbers and issuance date of the stocks. 发行无记名股票的，公司应当记载其股票数量、编号及发行日期。
Article 131 For the company's issuance of other shares not provided for in this Law, the State Council may formulate separate provisions. 第一百三十一条 国务院可以对公司发行本法规定以外的其他种类的股份，另行作出规定。 Article 132 After a joint stock limited company is established, it shall formally deliver the stocks to the shareholders. No company may deliver any stock to the shareholders prior to its establishment.
第一百三十二条 股份有限公司成立后，即向股东正式交付股票。公司成立前不得向股东交付股票。
Article 133 Where a company intends to issue new stocks, it shall, under its bylaw, make a resolution about the following matters through the shareholders' assembly or board of directors: 第一百三十三条 公司发行新股，股东大会应当对下列事项作出决议： (1) The class and amount of new stocks; （一）新股种类及数额；
(2) The issuing price of the new stocks; （二）新股发行价格；
(3) The beginning and ending dates for the issuance of new stocks; and （三）新股发行的起止日期；
(4) The class and amount of the new stocks to be issued to the original shareholders.
（四）向原有股东发行新股的种类及数额。
Article 134 When a company publicly issues new stocks upon approval of the securities regulatory institution, it shall publish a new stock prospectus and its financial reports, and shall make a stock subscription form.
第一百三十四条 公司经国务院证券监督管理机构核准公开发行新股时，必须公告新股招股说明书和财务会计报告，并制作认股书。
The provisions of Articles 87 and 88 of this Law shall apply to the public offering of new stocks of a company.
本法第八十七条、第八十八条的规定适用于公司公开发行新股。
Article 135 When a company issues new stocks, it may make a pricing plan according to its business operations and financial status.
第一百三十五条 公司发行新股，可以根据公司经营情况和财务状况，确定其作价方案。
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Article 136 After a company raises enough capital, it shall go through modification registration in the company registration authority and make an public announcement.
第一百三十六条 公司发行新股募足股款后，必须向公司登记机关办理变更登记，并公告。
Section 2 Transfer of Shares 第二节 股份转让
Article 137 The shares held by the stockholders may be transferred according to laws. 第一百三十七条 股东持有的股份可以依法转让。
Article 138 Where a stockholder intends to transfer its shares, it shall transfer its shares in a lawfully established stock exchange or by any other means as prescribed by the State Council.
第一百三十八条 股东转让其股份，应当在依法设立的证券交易场所进行或者按照国务院规定的其他方式进行。
Article 139 Registered stocks may be assigned by their stockholders' endorsement or by any other means prescribed by the relevant laws or administrative regulations. After the assignment, the company shall record the name and domicile of the transferee in the register of shareholders. 第一百三十九条 记名股票，由股东以背书方式或者法律、行政法规规定的其他方式转让；转让后由公司将受让人的姓名或者名称及住所记载于股东名册。
Within 20 days before an assembly of shareholders is held, or within 5 days prior to the benchmark date decided by the company for the distribution of dividends, no modification registration may be made to the register of shareholders as mentioned in the preceding paragraph. However, if any law provides otherwise for the modification registration of the register of shareholders of listed companies, the latter shall prevail. 股东大会召开前二十日内或者公司决定分配股利的基准日前五日内，不得进行前款规定的股东名册的变更登记。但是，法律对上市公司股东名册变更登记另有规定的，从其规定。 Article 140 The transfer of an unregistered stock takes effect as soon as the stockholder delivers the stock to the transferee.
第一百四十条 无记名股票的转让，由股东将该股票交付给受让人后即发生转让的效力。 Article 141 The shares of a company held by the promoters of this company shall not be transferred within 1 year after the date of the establishment of the company. The shares issued before the company publicly issues shares shall not be transferred within 1 year from the day when the stocks of the company get listed and are traded in a stock exchange. 第一百四十一条 发起人持有的本公司股份，自公司成立之日起一年内不得转让。公司公开发行股份前已发行的股份，自公司股票在证券交易所上市交易之日起一年内不得转让。 The directors, supervisors and senior managers of the company shall declare to the company the shares held by them and the changes thereof. During the term of office, the shares transferred by any of them each year shall not exceed 25% of the total shares of the company he holds. The shares of the company held by the aforesaid persons shall not be transferred within 1 year from the day when the stocks of the company get listed and are traded in a stock exchange. After any of the aforesaid persons is removed from his post, he shall not transfer the shares of the company he holds. The bylaw may have other restrictions on the transfer of shares held by the directors, supervisors and senior managers.
公司董事、监事、高级管理人员应当向公司申报所持有的本公司的股份及其变动情况，在任
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中华人民共和国公司法(2013修正)(中英文)
