第七十七条证券交易所、证券公司、证券登记结算机构、证券交易服务机构、社会中介机构及其从业人员对证券交易中发现的禁止的交易行为，应当及时向证券监督管理机构报告。

Article 77. Securities exchanges, securities companies, organs for securities registration and account settlement, and organs providing security trading services, intermediary organs and their workers must promptly report to securities regulatory organs any trading activity banned in securities trading.

第四章上市公司收购

Chapter IV Acquisition of Listed Companies

第七十八条上市公司收购可以采取要约收购或者协议收购的方式。

Article 78. A listed company may be purchased by offer or by agreement.

第七十九条通过证券交易所的证券交易，投资者持有一个上市公司已发行的股份的百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予以公告；在上述规定的期限内，不得再行买卖该上市公司的股票。

Article 79. Where an investor possesses five percent of the stocks issued by a listed company through trading at the stock exchange, he shall, within three days of this happening, submit a written report to the securities regulatory body of the State Council and the stock exchange, notify the listed company, and make a public announcement; he is prohibited from buying or selling that list company's stocks in the period prescribed above.

投资者持有一个上市公司已发行的股份的百分之五后，通过证券交易所的证券交易，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

After an investor already possesses five percent of the stocks of a listed company, he shall submit a report or makes a public announcement in accordance with provisions of the preceding paragraph whenever the stocks of that company in his possession increase or decrease ‑‑ through trading at the stock exchange ‑‑ by five percentage points of the company's total stocks. He is prohibited from buying or selling stocks of that company during the period of submitting the report and within two days after he makes a public announcement.

第八十条依照前条规定所作的书面报告和公告，应当包括下列内容：

Article 80. A written report or public announcement made in accordance with the preceding article shall have the following information:

（一）持股人的名称、住所；

(1)  The stockholder's name and address;

（二）所持有的股票的名称、数量；

(2) The name and amount of stock in his possession;

（三）持股达到法定比例或者持股增减变化达到法定比例的日期。

and (3) The date when the stocks in his possession reach the legally prescribed ratio or the date the stocks increase or decrease to the legally prescribed ratio.

第八十一条通过证券交易所的证券交易，投资者持有一个上市公司已发行的股份的百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购要约。但经国务院证券监督管理机构免除发出要约的除外。

Article 81. When an investor, through trading at the stock exchange, possesses 30 percent of the stocks issued by a listed company and plans to make more purchases, he shall make a purchase offer to the company's stockholders as is required by law, except where such an offer is exempted by the securities regulatory body of the State Council.

第八十二条依照前条规定发出收购要约，收购人必须事先向国务院证券监督管理机构报送上市公司收购报告书，并载明下列事项：

Article 82. Where a purchase offer is made to a listed company in accordance with provisions of the preceding paragraph, the buyer shall submit in advance a buying report to the securities regulatory body of the State Council; the report shall contain the following information:

（一）收购人的名称、住所；

(1) The buyer's name and address;

（二）收购人关于收购的决定；

(2) The buyer's decision to make the purchase;

（三）被收购的上市公司名称；

 (3) Name of the listed company to be purchased;

（四）收购目的；

(4) Purpose of the purchase;

（五）收购股份的详细名称和预定收购的股份数额；

(5) The exact name of the stocks and the amount of stocks subject to purchase;

（六）收购的期限、收购的价格；

 (6) The duration and price of the purchase;

（七）收购所需资金额及资金保证；

(7) The amount of capital needed for the purchase and collateral for the capital;

（八）报送上市公司收购报告书时所持有被收购公司股份数占该公司已发行的股份总数的比例。

 (8) The amount of stocks in possession as a ratio of all the stocks issued by the listed company at the time when the report is submitted.

收购人还应当将前款规定的公司收购报告书同时提交证券交易所。

The buyer shall also simultaneously submit a company purchase report as described in the preceding paragraph to the stock exchange.

第八十三条收购人在依照前条规定报送上市公司收购报告书之日起十五日后，公告其收购要约。

Article 83. The buyer shall make a public announcement of the purchase offer 15 days after he submits a listed company purchase report in pursuance with provisions of the preceding paragraph.

收购要约的期限不得少于三十日，并不得超过六十日。

The duration of an offer shall not be less than 30 days and shall not be more than 60 days.

第八十四条在收购要约的有效期限内，收购人不得撤回其收购要约。

Article 84. A purchaser is not allowed to cancel his purchasing order within its valid term.

在收购要约的有效期限内，收购人需要变更收购要约中事项的，必须事先向国务院证券监督管理机构及证券交易所提出报告，经获准后，予以公告。

If the purchaser wishes to change the contents of the purchasing order within its valid term, he must submit a report to the securities regulatory body under the State Council and to the stock exchanges and he must publish the change after approval.

第八十五条收购要约中提出的各项收购条件，适用于被收购公司所有的股东。

Article 85. All the conditions stated in a purchasing order are applicable to all the stockholders of the company being purchased.

第八十六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七十五以上的，该上市公司的股票应当在证券交易所终止上市交易。

Article 86. By the time when the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 75 percent of the total amount of stocks issued by the company, the listed company sha

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