Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof

首次公开发行股票并上市管理办法

After a one-year suspension of new share sales, the Measures reopen the PRC's stock market with tightened listing requirements. Meanwhile, the Measures removed restrictions on the amount of IPO proceeds and the one-year lock-up prior to the IPO.

(Promulgated by the China Securities Regulatory Commission on May 17 2006 and effective as of May 18 2006.)

(中国证券监督管理委员会于二零零六年五月十七日发布，自二零零六年五月十八日起施行。)

Order of the CSRC No.32

証监会令第32号

PART ONE: GENERAL PROVISIONS

第一章总则

Article 1: These Measures have been formulated pursuant to the Securities Law and the Company Law in order to regulate initial public offerings of shares and the listing thereof and to protect the lawful rights and interests of investors and the public interest.

第一条为了规范首次公开发行股票并上市的行为，保护投资者的合法权益和社会公共利益，根据《証券法》、《公司法》，制定本办法。

Article 2: These

第二条在中华人民共和国境内首次公开发行股票并上市，适用本办法。