第八十七条收购要约的期限届满，收购人持有的被收购公司的股份数达到该公司已发行的股份总数的百分之九十以上的，其余仍持有被收购公司股票的股东，有权向收购人以收购要约的同等条件出售其股票，收购人应当收购。

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.

收购行为完成后，被收购公司不再具有公司法规定的条件的，应当依法变更其企业形式。

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.

第八十八条采取要约收购方式的，收购人在收购要约期限内，不得采取要约规定以外的形式和超出要约的条件买卖被收购公司的股票。

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.

第八十九条采取协议收购方式的，收购人可以依照法律、行政法规的规定同被收购公司的股东以协议方式进行股权转让。

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.

以协议方式收购上市公司时，达成协议后，收购人必须在三日内将该收购协议向国务院证券监督管理机构及证券交易所作出书面报告，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购协议。

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

第九十条采取协议收购方式的，协议双方可以临时委托证券登记结算机构保管协议转让的股票，并将资金存放于指定的银行。

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.

第九十一条在上市公司收购中，收购人对所持有的被收购的上市公司的股票，在收购行为完成后的六个月内不得转让。

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

第九十二条通过要约收购或者协议收购方式取得被收购公司股票并将该公司撤销的，属于公司合并，被撤销公司的原有股票，由收购人依法更换。

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.

第九十三条收购上市公司的行为结束后，收购人应当在十五日内将收购情况报告国务院证券监督管理机构和证券交易所，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.

第九十四条上市公司收购中涉及国家授权投资机构持有的股份，应当按照国务院的规定，经有关主管部门批准。

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.

第五章证券交易所

Chapter V. Stock Exchanges

第九十五条证券交易所是提供证券集中竞价交易场所的不以营利为目的的法人。

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

证券交易所的设立和解散，由国务院决定。

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

第九十六条设立证券交易所必须制定章程。

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

证券交易所章程的制定和修改，必须经国务院证券监督管理机构批准。

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

第九十七条证券交易所必须在其名称中标明证券交易所字样。其他任何单位或者个人不得使用证券交易所或者近似的名称。

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.

第九十八条证券交易所可以自行支配的各项费用收入，应当首先用于保证其证券交易场所和设施的正常运行并逐步改善。

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.

证券交易所的积累归会员所有，其权益由会员共同享有，在其存续期间，不得将其积累分配给会员。

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.

第九十九条证券交易所设理事会。

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

第一百条证券交易所设总经理一人，由国务院证券监督管理机构任免。

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.

第一百零一条有公司法第五十七条规定的情形或者下列情形之一的，不得担任证券交易所的负责人：

Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people of a stock exchange:

（一）因违法行为或者违纪行为被解除职务的证券交易所、证券登记结算机构的负责人或者证券公司的董事、监事、经理，自被解除职务之日起未逾五年；

(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.

（二）因违法行为或者违纪行为被撤销资格的律师、注册会计师或者法定资产评估机构、验证机构的专业人员，自被撤销资格之日起未逾五年。

(2) Lawyers, registered acco

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