第十一章 股权转让合同
教学目标
了解英文股权转让合同的语言特点，例解其条款内涵。
比较股权转让合同中专业术语与普通英语词汇意义、用法的异同。
掌握股权转让合同的翻译方法与技巧。
导入
股权转让合同是法律文件，语言严谨规范，句子结构复杂，词汇意义与普通英语差异较大，正确翻译的关键是对原文的分析与专业术语的理解，误译的后果会导致合同各方受损。
主课文
原文：
1. WHEREAS Party A and Party B are currently owners, each of them for 50%, of the capital of a joint-venture limited company called QSS Electrical Co., Ltd., which is established in the municipality of Qingdao, the People’s Republic of China (the “Company”) and Party C is a Swedish company with private capital, the Parties agree on Party C’s entering into the capital
of the Company, for which reason, Party A and/or Party B shall sell to Party C all or part of their shares; as a consequence of Party C becoming party to the Company, the Parties wish also to regulate certain issues relating to their relationship as shareholders of the Company and the management of the Company by means of an ad-hoc agreement. NOW, THEREFORE, in consideration of the foregoing, the Parties agree as follows.
2. Simultaneously with the above, subject to the terms and conditions set forth in this Agreement, on the Closing Date, Party C shall purchase from Party B, and Party B shall sell to Party C, all its shares (equal to 50% of the Shares) for a price of RMB10,000,000.00, and, as a consequence thereof, Party C will own all the shares of Party B held of the corporate capital of the Company. Party C shall acquire the Transferring Shares and shall pay the Purchase Price to Party B, thereby acquiring full and unrestricted title to the Transferring Shares.
3. The Current Shareholders undertake to promptly file with any agency and/or authority, or any state or local governmental body and/or agency and/or authority, all such notices, applications or other documents as may be necessary to consummate the transactions contemplated hereby within the Closing Date and, thereafter, diligently pursue all consents or approvals from any such agencies and/or bodies and/or authorities as may be necessary to consummate the transactions contemplated hereby.
4. Without prejudice to any other remedy or action available, the defaulting Party undertakes to indemnify and hold the observant Party harmless from any damage, cost (including costs for interest and penalties and any reasonable legal costs), liability or expense which is sustained by the observant Party or by the Company as a consequence of, or in connection with, circumstances or events which have their origin or cause in the period up to the Closing Date and constitute, or are the consequence of, a breach, misrepresentation, incompleteness or incorrectness of any Representations and Warranties of the defaulting Party (hereinafter referred to as “Contingent Liabilities” or “Contingent Liability”).
5. The Company is not a party to and are not otherwise bound by any administrative or judicial ruling pursuant to which it is or will be obligated to hire, for a definite or indefinite period of time, personnel not included among the Employees and/or to reinstate in its position terminated personnel previously employed in the Company but not included, at the date hereof, among the Employees. Except for social security plan which are mandatory under any applicable laws, regulations or collective bargaining agreements, no plan is in effect or has been offered to any employee of the Company that provides or may provide any medical, insurance, pension, severance, relocation, termination or change in benefits or compensation in respect of any such employees.
6. The Company has carried on and carries on its business operation in full compliance with all terms and conditions of, all permits which are required under, and has complied and complies with all other limitations, restrictions, standards, prohibitions, requirements, obligations, schedules and timetables which are contained in, applicable pollution and environmental laws. No hazardous materials are present or have been released in or on any real property that would require remediation or cleanup. The Company has not been required to make any investments, repairs, expenditures, investigations or take any other measures in order to meet any legal or regulatory requirements in respect of any environmental laws.
注解：
1. 本条是股权转让合同（Share Transfer Contract）的“前文”（preamble）。商务合同前文包括订约日期和地点、合同当事人及其国籍、主营业场所或住所、当事人合法依据和订约缘由（WHEREAS clause）。股权转让，是公司股东依法将自己的股东权益有偿转让给他人，使他人取得股权的民事法律行为。股权转让是股东行使股权经常而普遍的方式，我国《公司法》规定股东有权通过法定方式转让其全部出资或者部分出资。
本段第一句是复合长句，由两个并列的句子构成，用分号连接。并列句的第一句主干结构为the Parties agree on Party C’s entering into the capital of the Company，并列句的第二句是简单句，主干结构为the Parties wish also to regulate certain issues。
WHEREAS是公文惯用语，是法律文书中频繁使用的词，译为“鉴于”，常用于合同的前文部分，以引出合同各方订立合同的理由或依据。该词通常都大写，以示强调。
Party A and/or Party B = (Party A and Party B) or (Party A or Party)，本段中and/or的用法使合同条款更加严密、严谨，避免歧义和疏漏。此处涵盖两种情况，即本合同允许“甲方和乙方双方都出售股份给丙方”，也允许“甲方或乙方中的任一方出售股份给丙方”，翻译时可将两种含义拆开译出，译为“甲乙双方或单方”，或简单地照原文的结构译为“及/或”。
ad hoc是拉丁文中的一个常用短语，英语解释是for this purpose, for a specific purpose，汉语意思是“特别的，有特殊目的的”，该短语在本条中与agreement搭配，专指为一个特别的问题（股权转让）而签订本协议。由于本段最后一句有agree as follows的同一意思表述，翻译时采取合译的方法，译为“达成如下协议”。
NOW, THEREFORE 大写表示强调。
2. 本段来自股权转让合同的“协议范围”（Scope of Agreement）。
subject to 是商务英语中频繁使用的短语，可做形容词、副词、动词，在不同的商务语篇中由于其使用语境不同，语义也不尽相同，因此也是最普通也很难把握的短语。其英文解释有：1) likely to have or experience a particular thing, especially something unpleasant，意为“遭受”，如be subject to a charge（须缴费），2) depending on the stated thing happening，意为“可能受……影响，须经……”，如be subject to approval（有待批准），3) under the political or authority of something，意为“受……支配，服从于，依照，根据”，如be subject to local laws（受地方法律管辖，受地方法律约束）。本条中的subject to取第3) 项解释“根据”。
并列使用近义词、成对词如terms and conditions 已成为合同语言的固定模式，其目的是避免歧义和疏漏。本段所用的term英文定义为one of the conditions of an agreement，而对condition的定义是something that you must agree to, that forms part of an official agreement。因为合同中的规定有些是“条款”，有些属于“条件”，但在汉译时只需译为“条款”，在汉语中“条款”可指文件或契约上的全部项目。
Closing Date在本合同中的定义是“根据本合同适用的规定交易应当实际完成的日期”，此次交易即股权转让。
thereof即of the transaction to purchase and to sell Party B’s shares。
acquire在本段中作及物动词，在法律英语中的定义是to come into possession, ownership, or control of，汉译“获得”。其名词形式为acquisition，英文定义为an act by one company to acquire control of another company, either through an agreed-upon deal or a hostile takeover（收购）。
title在普通英语中的含义是“标题；称号”，而在法律英语中的英文定义是the right to the ownership and possession of any item that may be legally recognized as belonging to someone or something（权利）。title 的三个要素是：possession or occupation（所有或占有），the right of possession（所有权）和apparent ownership（表见完全物权，公开完全物权）。
3. 本段来自股权转让合同的“先决条件”（Conditions Precedent），是现有股东作出的承诺，作为股权转让交易实施的先决条件之一。从语言上来看，本段符合合同英语的简单句长句特征，主干结构为The Current Shareholders undertake to file notices, applications or other documents，目的状语是to consummate and pursue。
undertake有“承担，从事；保证；同意，答应；承诺”等译法。在本条中作不及物动词，为正式用语，英文解释为to promise or agree that you will do something（承诺），固定搭配undertake to do sth.。 file可作动词和名词，在本条中作及物动词，汉译为“将……归档”，宾语all such notices, applications or other documents。
and/or在本条款中共出现了五次之多，其在合同英语中的使用频率由此可见一斑，缺少该词组，合同会失去严谨的意义，会给合同各方的实际操作造成困惑或带来不必要的麻烦。译为“及/或”可与原文简单地对等。consummate一词可作动词和形容词，汉译“完成”，“完美的，技艺精湛的”。在本条中作及物动词，较complete正式，英文解释为to complete something, especially a business deal or agreement。
transactions contemplated hereby中的contemplated作transactions的后置定语，意为“计议中的交易”。及物动词contemplate表示 to consider doing something in the future。hereby此处修饰contemplate，即contemplate the transactions by the way mentioned here。因本条其他意义已很明确，翻译时可省译该短语。thereafter 此处表示after the Closing Date。本条多处使用公文惯用语hereby, thereafter以及and/or这样的用法，充分体现了股权转让合同的正规性、规范性和严谨性等语言特点。
4. 本条是股权转让合同中关于“赔偿义务”（Indemnifying Obligations）的规定。
全段为一个典型的商务合同中常见的复合长句，结构复杂，修饰成分众多，环环相扣，用词超过100个，体现了法律语言的严密性和准确性。句子的主干结构是the defaulting Party undertakes to。该主干结构位于英文句的开头紧接without短语之后，而译文“违约方承诺赔偿守约方，并使守约方不受损害”则按汉语的叙事顺序放在最后，因汉语习惯是先交代事情的来龙去脉，再说明主要信息。这也体现了英汉两种语言的叙事风格差异。
名词damage, cost, liability, expense由which引导的定语从句修饰，即which is sustained by the observant Party or by the Company。名词circumstances和events由另一个which引导的定语从句修饰，即which have … and constitute, or are the consequence of …。
without在普通英语中译为“如果没有”，prejudice在普通英语中表示“偏见”。但含有without prejudice to的句式常常出现在法律文本中，意思是“无损于；没有对……造成不利；不妨碍”等，在本条中译为“在不影响……的情况下”。
remedy在普通英语中的含义是“治疗、疗法”，而在法律文本中它是专业术语，译为“补救方法”或“救济”，而此“救济”也不是普通汉语中的“灾难或困难救济”，其法律意义是法律规定的执行、保护、恢复权利的方法，或补救权利受侵害的方法。其具体方法主要有支付损害赔偿金（damages）、强制令（injunction）、依约履行（specific performance）的裁定、法院宣告（declaration）等。
damage一词常用于法律英语中，如在本条中以单数形式出现，是不可数名词，表示“损害，损失”（negative effects）。如以复数形式damages出现则表示“损害赔偿金”。对此类专业术语，翻译时需要谨慎对待，以准确表达原文含义。
Representations and Warranties是股权转让合同中的条款名称，由合同各方相互就所关注的事项向他方作出的“陈述和保证”，并保证其内容在交易完成之日以前或以后的真实性和准确性。representation在这样的条款中并无“代理”之意，而是指a declaration of a specific fact that can be verified to be true or not。而warranty的解释是In business and legal transactions, a warranty is an assurance by one party to the other party that specific facts or conditions are true or will happen; the other party is permitted to rely on that assurance and seek some type of remedy if it is not true or followed。
“Contingent Liabilities” or “Contingent Liability” 汉译“或有负债”，是会计专业术语。英文定义为a debt which may occur in the future if particular events or situations happen, and which is included in a company’s financial records，指因过往事件而可能产生的责任，并仅视乎日后会否出现一项或多项非企业可完全控制的不可确定事件而确认其存在；亦可因过往事件而产生的现有责任，但由于未能肯定是否需要付出资源或未能可靠地估计有关责任的金额而不予确认。
5. 本段来自股权转让合同“公司雇员”（Employee）的规定。原文全段有两个句子，第一句的主干结构为The Company is not a party to and are not bound by any ruling，其中are not bound by意为“不受……约束”。第二句的主干结构为no plan is in effect or has been offered to。
在原文第一句中，ruling 在普通英语中指“统治；支配”，而在商务英语中的定义是an official decision, especially one by a judge, a court, or other authority（裁决，判决），如本段中的administrative ruling 和judicial ruling。 and/or在本段中指to hire personnel和 to reinstate terminated personnel 两种情况或两者之一。reinstate在本段中是人事专业用词，作及物动词，后接宾语personnel，英文解释为to give someone a job or position that was previously taken from them（使复职，使复任）。terminate 在商务英语中表示“终止，结束”，而在本条中是人事专业用词，英文解释为to remove someone from their job（解雇），多用于被动语态。
原文第二句中的短语be in effect与in effect是两个不同意义的词组，在本段中be in effect的含义是to be active or being used，汉译“实施”，例如，“At that time a total ban on financial transactions was in effect.”。而in effect单独使用时表示in fact，in practice，汉译“事实上，实际上”，例如，“The ruling meant that, in effect, the company was allowed to continue to do business as usual.”。短语in respect of，也可用with respect to替代，意为in connection with something（涉及，关于），较about正式。
6. 本段来自股权转让合同关于“环境”（Environment）的规定，即公司遵守环保法规的规定。全段由三个句子组成，其中第一句结构较为复杂，其主语是the Company，谓语由两组动词组成，第一组是has carried on and carries on，第二组是has complied and complies。短语applicable pollution and environmental laws作为本句前述三个介词 (all terms and conditions) of, (required) under 和 (contained) in的共同宾语。此用法表现出商务合同语言的典型特征，以期语言简练。两组谓语动词都同时使用了完成时和一般现在时，在本条中的用意在于强调截至股权转让交易完成之日公司的经营都符合国家有关环保的法律规定，不会因违法而在交易日后给新股东带来麻烦。
本条的语言特点是多次出现成对同义词和近义词词组，在商务英语和法律英语中，同义词和近义词成对出现的目的是避免因词义细微差别造成的歧义或引起各方不必要的纠纷。例如，
原文第一句中的limitation 和 restriction都可汉译为“限制”。limitation英文解释为the act of allowing only a specific quantity of something；restrictions定义为limitations which cannot be exceeded or rules which cannot be broken。schedules 和 timetables在本句中作可数名词，为普通英语的“日程安排”，schedule在本条中的英文解释为timetable for a program or project showing how activities and milestone events are sequenced and phased over the allotted period。而在法律英语中schedule也常常被用来表示法律、法规或合同等的“附件”。
原文第二句中的remediation（纠正）和cleanup（消除；清理）也是一对同义词，用于环境保护时，remediation的英文定义是abatement（减少）, cleanup, or other method to contain（遏制）or remove a hazardous substance from an environment。Cleanup 的定义是containment, neutralization, removal, and/or stabilization of hazardous wastes after their accidental release, and restoration of the affected site to a state safe for animals, plants, and people。
参考译文：
1. 鉴于甲方及乙方目前为合资有限责任公司QSS电器有限公司（于中华人民共和国青岛市成立的公司）（该公司）股本拥有人（各拥有50%），而丙方为私有资本的瑞典公司，订约方同意丙方注资该公司，因此甲乙双方或单方须向丙方出售其全部或部分股份；由于丙方成为该公司的一方，订约方亦有意调整与彼等作为该公司股东有关的若干事宜以及收购之后公司的管理等事宜。因此，现经考虑上述情形，订约方现达成下述协议。
2. 与上述同时，根据本协议的条款，在交易完成之日，丙方将向乙方购买转让股份，乙方将向丙方售出其拥有的全部股份（等同于50%的股份），其出售价格为10,000,000.00元人民币。同时，丙方将拥有乙方持有公司的全部股份。丙方应获得转让股份并将向乙方支付购买价格，以获得对转让股权的全部及无限制所有权。
3. 现有股东承诺在交易完成之日前若有必要求则迅速将对完成交易而言属必要的所有通告、申请或其他文件向任何机构及/或机关或任何国家或地方政府机构及/或机构及/或机关迅捷归档，并其后尽责地向任何该等机构及/或实体及/或机关取得一切对完成据此订定的交易而言属必要的同意书或批文。
4. 在不影响任何其他救济或措施的情况下，对于由于到交易完成之日期间发生的原因所导致的情况或事件构成一方违反本协议、错误陈述、不完整或不准确陈述和保证，或由于一方违反本协议、错误陈述、不完整或不准确陈述和保证（以下简称“或有负债”）而发生这些情况或事件而使另一方或公司遭受的任何损害、损失、成本（包括利息和罚金费用以及合理的诉讼费用）、责任或费用，违约方承诺赔偿守约方，并使守约方不受损害。
5. 该公司并非任何行政或司法裁决（据此，其有责任或将有责任于一段既定或不确定的时间内雇用不包括在雇员中的人员及/或让该公司以往所雇用的已解雇人员复职，但于本协议日期并不包括在雇员之中）的一方，亦无因其他方式受任何司法规则约束。除任何适用法律、法规或集体谈判协议强制的社会安全计划外，该公司概无任何正在实施的或将要推出的向任何雇员提供与之相关的任何医疗、保险、退休金、遣散费、重新安置、终止或改变福利或补偿的计划。
6. 公司经营业务完全遵守适用的污染和环境法律规定的所有条款、要求的所有许可证，遵守适用的污染和环境法律规定的所有其他限制、标准、禁止、要求、义务、日程以及时间表。不动产不存在或没有排放任何要求纠正或清除的危险物质。公司未被要求进行任何投资、修理、支出、调查或采取任何措施来满足环境法相关的法律或监管要求。
练习
1. The Parties hereto agree that their respective rights and obligations in respect of the purchase of the Transferring Shares, certain issues in relation to the relationship between the Parties and the management of the Company after the said purchase shall be regulated and governed by this Agreement and the agreements set out in the Schedules.
2. Any rights of Party C however arising under this Agreement or under applicable law in connection with or by virtue of any breach of the Representations and Warranties of the Current Shareholders shall not be limited, reduced or otherwise adversely affected by any investigation of the Company or its business, or of the assets and properties, contracts and rights, liabilities and obligations comprised therein, conducted by Party C or by its accountants, counsel or other representatives prior to the Closing Date nor by any actual, imputed or alleged prior knowledge by Party C, as of any of such dates, of any breach or violation of such Representations and Warranties of the Current Shareholders.
3. All Material Contracts of the Company are in full force and effect in all respects and are enforceable against each party thereto; there does not exist any default or event or condition that, after notice or lapse of time or both, would constitute a default thereunder by the Company or by any party thereto; and none of the rights of the Company under any such contract will be subject to termination or modification as a result of the transactions contemplated by this Agreement.
4. The Company has not violated or breached nor is in violation or breach under (i) any provision of its articles of association or other organizational documents, (ii) any provision of any law or regulation applicable to it or to which any of its assets is subject (including, without limitation, laws and regulations relating to safety and health matters, environmental protection and pollution control), or (iii) any order, judgement or award of any governmental, judicial, administrative or regulatory authority applicable to it or to which any of its assets are subject.
5. None of the Parties may assign or otherwise transfer or permit to be transferred (in any manner whatsoever) any of its rights, interests or obligations hereunder without the prior written consent of the other Party, which consent shall not be unreasonably withheld.
6. All Schedules attached to this Agreement are incorporated herein and made a part hereof as fully as if written in this Agreement. Any item disclosed in connection with any specific provisions of this Agreement shall be deemed to have been disclosed only in response to such provision and not in connection with any other provision in respect of which such disclosure may otherwise be relevant or appropriate.
补充材料
中华人民共和国公司法
（2005年10月27日修订，2006年1月1日生效）
目 录
第一章 总则
第二章 有限责任公司的设立和组织机构
第一节 设 立
第二节 组织机构
第三节 一人有限责任公司的特别规定
第四节 国有独资公司的特别规定
第三章 有限责任公司的股权转让
第四章 股份有限公司的设立和组织机构
第一节 设立
第二节 股东大会
第三节 董事会、经理
第四节 监事会
第五节 上市公司组织机构的特别规定
第五章 股份有限公司的股份发行和转让
第一节 股份发行
第二节 股份转让
第六章 公司董事、监事、高级管理人员的资格和义务
第七章 公司债券
第八章 公司财务、会计
第九章 公司合并、分立、增资、减资
第十章 公司解散和清算
第十一章 外国公司的分支机构
第十二章 法律责任
第十三章 附则
（节选条款）
第五章 股份有限公司的股份发行和转让
第二节 股 份 转 让
第一百三十八条 股东持有的股份可以依法转让。
第一百三十九条 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。
第一百四十条 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。
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。
第一百四十一条 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。
第一百四十二条 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。
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，在任职期间每年转让的股份不得超过其所持有本公司股份总数的百分之二十五；所持本公司股份自公司股票上市交易之日起一年内不得转让。上述人员离职后半年内，不得转让其所持有的本公司股份。公司章程可以对公司董事、监事、高级管理人员转让其所持有的本公司股份作出其他限制性规定。
第一百四十三条 公司不得收购本公司股份。但是，有下列情形之一的除外：
（一）减少公司注册资本；
（二）与持有本公司股份的其他公司合并；
（三）将股份奖励给本公司职工；
（四）股东因对股东大会作出的公司合并、分立决议持异议，要求公司收购其股份的。
公司因前款第（一）项至第（三）项的原因收购本公司股份的，应当经股东大会决议。公司依照前款规定收购本公司股份后，属于第（一）项情形的，应当自收购之日起十日内注销；属于第（二）项、第（四）项情形的，应当在六个月内转让或者注销。
公司依照第一款第（三）项规定收购的本公司股份，不得超过本公司已发行股份总额的百分之五；用于收购的资金应当从公司的税后利润中支出；所收购的股份应当在一年内转让给职工。
公司不得接受本公司的股票作为质押权的标的。
第一百四十四条 记名股票被盗、遗失或者灭失，股东可以依照《中华人民共和国民事诉讼法》规定的公示催告程序，请求人民法院宣告该股票失效。人民法院宣告该股票失效后，股东可以向公司申请补发股票。
第一百四十五条 上市公司的股票，依照有关法律、行政法规及证券交易所交易规则上市交易。
第一百四十六条 上市公司必须依照法律、行政法规的规定，公开其财务状况、经营情况及重大诉讼，在每会计年度内半年公布一次财务会计报告。
Company Law of the People’s Republic of China
(Amended on October 27, 2005, effective as of January 1, 2006)
CONTENTS
Chapter I General Provisions
Chapter II Establishment and Organizational Setup of a Limited Liability Company
Section 1 Establishment
Section 2 Organizational Setup
Section 3 Special Provisions on One-person Limited Liability Companies
Section 4 Special Provisions on Solely State-owned Companies
Chapter III Transfer of Stock Right of a Limited Liability Company
Chapter IV Establishment and Organizational Setup of a Joint Stock Limited Company
Section 1 Establishment
Section 2 Shareholders’ Assembly
Section 3 Board of Directors, Managers
Section 4 Board of Supervisors
Section 5 Special Provisions on the Organizational Setup of a Listed Company
Chapter V Issuance and Transfer of Shares of a Joint Stock Limited Company
Section 1 Issuance of Shares
Section 2 Transfer of Shares
Chapter VI Qualifications and Obligations of the Directors, Supervisors and Senior Management of a Company
Chapter VII Company Bonds
Chapter VIII Financial Affairs and Accounting of a Company
Chapter IX Merger and Split-up of Company; Increase and Deduction of Registered Capital
Chapter X Dissolution and Liquidation of a Company
Chapter XI Branches of Foreign Companies
Chapter XII Legal Liabilities
Chapter XIII Supplementary Provisions
(Selected articles)
Chapter V Issuance and Transfer of Shares of a Joint Stock Limited Company
Section 2 Transfer of Shares
Article 138 Shares held by a shareholder may be assigned in accordance with the law.
Article 139 Assignment of shares by a shareholder must be carried out at a lawfully established securities exchange or in other manners stipulated by the State Council.
Article 140 Transfer of registered share certificates is effected by the shareholder’s endorsement thereof or by other methods prescribed by the relevant national statutes or administrative regulations. In the case of transfer of registered share certificates, the company shall record the transferee’s name and domicile on the record of shareholders.
Alteration registration for the record of shareholders referred to in the preceding paragraph shall not be carried out for a period of twenty days prior to the holding of a general meeting of shareholders, or five days prior to the record date for the purpose of dividend distribution determined by the company. However, where such change of shareholders is otherwise stipulated by the law, such stipulations shall apply.
Article 141 Transfer of bearer share certificates takes effect upon delivery thereof by the shareholder to the transferee.
Article 142 Shares of a company held by its sponsors may not be transferred for a period of one year commencing from the date of the company’s establishment. Shares that have been issued before the public offer shall not be transferred for a period of one year commencing from the date of trading of the company’s shares on a stock exchange.
The directors, supervisors and senior officers of the company shall report to the company the number of the company’s shares held thereby and any change of such shareholding. The shares transferred within their term of office each year shall not exceed twenty-five percent(25%) of the total shares of the company held by them. Shares of the company held by aforesaid people shall not be transferred for a period of one year commencing from the date of trading of the company’s shares on a stock exchange. These people, within half of the year from their departure from the company, shall not transfer the shares of the company held by them. The articles of association may otherwise provide for restrictions on the transfer of the shares of the company held by its directors, supervisors and senior officers.
Article 143 A company may not purchase its own shares, except in the following cases:
(1) reducing the company’s registered capital;
(2) merging with another company holding shares of the company;
(3) granting incentive shares to the staff and workers of the company;
(4) requesting the company to purchase its own shares where shareholders of the company oppose the decision on merge or division of the company made at a general meeting of shareholders.
A resolution shall be adopted by a general meeting of shareholders in the event of a purchase as described in the above items from (1) through (3). The original shares, after the company has purchased its own shares in the case as described in item (1), shall be cancelled within ten days of such purchase. In the cases as described in item (2) and (4), the shares shall be transferred or canceled within six months of such purchase.
The shares of the company purchased by itself in the case as described in item (3) shall not exceed five percent (5%) of the total shares issued by the company. The fund for such purchase shall be paid out of the after-tax profits of the company and the shares purchased shall be transferred to the staff and workers within one year of such purchase.
The company may not accept its own shares as the collateral under a security arrangement.
Article 144 If a registered share certificate is stolen, lost or destroyed, the shareholder may petition a people’s court for the invalidation thereof through the public notice procedure prescribed in the Civil Procedural Law of the People’s Republic of China. After the people’s court has invalidated such share certificate through the public notice procedure, the shareholder may apply to the company for re-issuance of a certificate for the share.
Article 145 The shares of a company approved for listing shall be listed in accordance with laws, administrative regulations and trading rules set forth by a stock exchange.
Article 146 A listed company shall make public its financial conditions and operating conditions in accordance with the relevant laws and administrative regulations, and shall make public its financial and accounting reports semiannually in each fiscal year.
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