Eastlaw.net -- Database of Chinese Law

  【发布单位】中国证券监督管理委员会
  【发布文号】-----------
  【发布日期】2005-12-31
  【生效日期】2006-01-01
  【失效日期】-----------
  【所属类别】国家法律法规
  【文件来源】中国证券监督管理委员会

上市公司股权激励管理办法（试行）

各上市公司：

　　为了贯彻落实《国务院关于推进资本市场改革开放和稳定发展的若干意见》（国发[2004]3号）和《国务院批转证监会〈关于提高上市公司质量意见〉的通知》（国发[2005]34号），进一步完善上市公司治理结构，促进上市公司规范运作与持续发展，现发布《上市公司股权激励管理办法》（试行）。已完成股权分置改革的上市公司，可遵照本办法的要求实施股权激励，建立健全激励与约束机制。

二○○五年十二月三十一日

上市公司股权激励管理办法（试行）

　　第一章　总则

　　第一条　为进一步促进上市公司建立、健全激励与约束机制，依据《中华人民共和国公司法》、《中华人民共和国证券法》及其他有关法律、行政法规的规定，制定本办法。

　　第二条　本办法所称股权激励是指上市公司以本公司股票为标的，对其董事、监事、高级管理人员及其他员工进行的长期性激励。

　　上市公司以限制性股票、股票期权及法律、行政法规允许的其他方式实行股权激励计划的，适用本办法的规定。

　　第三条　上市公司实行的股权激励计划，应当符合法律、行政法规、本办法和公司章程的规定，有利于上市公司的持续发展，不得损害上市公司利益。

　　上市公司的董事、监事和高级管理人员在实行股权激励计划中应当诚实守信，勤勉尽责，维护公司和全体股东的利益。

　　第四条　上市公司实行股权激励计划，应当严格按照有关规定和本办法的要求履行信息披露义务。

　　第五条　为上市公司股权激励计划出具意见的专业机构，应当诚实守信、勤勉尽责，保证所出具的文件真实、准确、完整。

　　第六条　任何人不得利用股权激励计划进行内幕交易、操纵证券交易价格和进行证券欺诈活动。

　　第二章　一般规定

　　第七条　上市公司具有下列情形之一的，不得实行股权激励计划：

　　（一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表示意见的审计报告；

　　（二）最近一年内因重大违法违规行为被中国证监会予以行政处罚；

　　（三）中国证监会认定的其他情形。

　　第八条　股权激励计划的激励对象可以包括上市公司的董事、监事、高级管理人员、核心技术（业务）人员，以及公司认为应当激励的其他员工，但不应当包括独立董事。

　　下列人员不得成为激励对象：

　　（一）最近3年内被证券交易所公开谴责或宣布为不适当人选的；

　　（二）最近3年内因重大违法违规行为被中国证监会予以行政处罚的；

　　（三）具有《中华人民共和国公司法》规定的不得担任公司董事、监事、高级管理人员情形的。

　　股权激励计划经董事会审议通过后，上市公司监事会应当对激励对象名单予以核实，并将核实情况在股东大会上予以说明。

　　第九条　激励对象为董事、监事、高级管理人员的，上市公司应当建立绩效考核体系和考核办法，以绩效考核指标为实施股权激励计划的条件。

　　第十条　上市公司不得为激励对象依股权激励计划获取有关权益提供贷款以及其他任何形式的财务资助，包括为其贷款提供担保。

　　第十一条　拟实行股权激励计划的上市公司，可以根据本公司实际情况，通过以下方式解决标的股票来源：

　　（一）向激励对象发行股份；

　　（二）回购本公司股份；

　　（三）法律、行政法规允许的其他方式。

　　第十二条上市公司全部有效的股权激励计划所涉及的标的股票总数累计不得超过公司股本总额的10%。

　　非经股东大会特别决议批准，任何一名激励对象通过全部有效的股权激励计划获授的本公司股票累计不得超过公司股本总额的1%。

　　本条第一款、第二款所称股本总额是指股东大会批准最近一次股权激励计划时公司已发行的股本总额。

　　第十三条　上市公司应当在股权激励计划中对下列事项做出明确规定或说明：

　　（一）股权激励计划的目的；

　　（二）激励对象的确定依据和范围；

　　（三）股权激励计划拟授予的权益数量、所涉及的标的股票种类、来源、数量及占上市公司股本总额的百分比；若分次实施的，每次拟授予的权益数量、所涉及的标的股票种类、来源、数量及占上市公司股本总额的百分比；

　　（四）激励对象为董事、监事、高级管理人员的，其各自可获授的权益数量、占股权激励计划拟授予权益总量的百分比；其他激励对象（各自或按适当分类）可获授的权益数量及占股权激励计划拟授予权益总量的百分比；

　　（五）股权激励计划的有效期、授权日、可行权日、标的股票的禁售期；

　　（六）限制性股票的授予价格或授予价格的确定方法，股票期权的行权价格或行权价格的确定方法；

　　（七）激励对象获授权益、行权的条件，如绩效考核体系和考核办法，以绩效考核指标为实施股权激励计划的条件；

　　（八）股权激励计划所涉及的权益数量、标的股票数量、授予价格或行权价格的调整方法和程序；

　　（九）公司授予权益及激励对象行权的程序；

　　（十）公司与激励对象各自的权利义务；

　　（十一）公司发生控制权变更、合并、分立、激励对象发生职务变更、离职、死亡等事项时如何实施股权激励计划；

　　（十二）股权激励计划的变更、终止；

　　（十三）其他重要事项。

　　第十四条　上市公司发生本办法第七条规定的情形之一时，应当终止实施股权激励计划，不得向激励对象继续授予新的权益，激励对象根据股权激励计划已获授但尚未行使的权益应当终止行使。

　　在股权激励计划实施过程中，激励对象出现本办法第八条规定的不得成为激励对象的情形的，上市公司不得继续授予其权益，其已获授但尚未行使的权益应当终止行使。

　　第十五条　激励对象转让其通过股权激励计划所得股票的，应当符合有关法律、行政法规及本办法的规定。

　　第三章　限制性股票

　　第十六条　本办法所称限制性股票是指激励对象按照股权激励计划规定的条件，从上市公司获得的一定数量的本公司股票。

　　第十七条　上市公司授予激励对象限制性股票，应当在股权激励计划中规定激励对象获授股票的业绩条件、禁售期限。

　　第十八条　上市公司以股票市价为基准确定限制性股票授予价格的，在下列期间内不得向激励对象授予股票：

　　（一）定期报告公布前30日；

　　（二）重大交易或重大事项决定过程中至该事项公告后2个交易日；

　　（三）其他可能影响股价的重大事件发生之日起至公告后2个交易日。

　　第四章　股票期权

　　第十九条　本办法所称股票期权是指上市公司授予激励对象在未来一定期限内以预先确定的价格和条件购买本公司一定数量股份的权利。

　　激励对象可以其获授的股票期权在规定的期间内以预先确定的价格和条件购买上市公司一定数量的股份，也可以放弃该种权利。

　　第二十条　激励对象获授的股票期权不得转让、用于担保或偿还债务。

　　第二十一条　上市公司董事会可以根据股东大会审议批准的股票期权计划，决定一次性授出或分次授出股票期权，但累计授出的股票期权涉及的标的股票总额不得超过股票期权计划所涉及的标的股票总额。

　　第二十二条　股票期权授权日与获授股票期权首次可以行权日之间的间隔不得少于1年。

　　股票期权的有效期从授权日计算不得超过10年。

　　第二十三条　在股票期权有效期内，上市公司应当规定激励对象分期行权。

　　股票期权有效期过后，已授出但尚未行权的股票期权不得行权。

　　第二十四条　上市公司在授予激励对象股票期权时，应当确定行权价格或行权价格的确定方法。行权价格不应低于下列价格较高者：

　　（一）股权激励计划草案摘要公布前一个交易日的公司标的股票收盘价；

　　（二）股权激励计划草案摘要公布前30个交易日内的公司标的股票平均收盘价。

　　第二十五条　上市公司因标的股票除权、除息或其他原因需要调整行权价格或股票期权数量的，可以按照股票期权计划规定的原则和方式进行调整。

　　上市公司依据前款调整行权价格或股票期权数量的，应当由董事会做出决议并经股东大会审议批准，或者由股东大会授权董事会决定。

　　律师应当就上述调整是否符合本办法、公司章程和股票期权计划的规定向董事会出具专业意见。

　　第二十六条　上市公司在下列期间内不得向激励对象授予股票期权：

　　（一）定期报告公布前30日；

　　（二）重大交易或重大事项决定过程中至该事项公告后2个交易日；

　　（三）其他可能影响股价的重大事件发生之日起至公告后2个交易日。

　　第二十七条　激励对象应当在上市公司定期报告公布后第2个交易日，至下一次定期报告公布前10个交易日内行权，但不得在下列期间内行权：

　　（一）重大交易或重大事项决定过程中至该事项公告后2个交易日；

　　（二）其他可能影响股价的重大事件发生之日起至公告后2个交易日。

　　第五章　实施程序和信息披露

　　第二十八条　上市公司董事会下设的薪酬与考核委员会负责拟定股权激励计划草案。薪酬与考核委员会应当建立完善的议事规则，其拟订的股权激励计划草案应当提交董事会审议。

　　第二十九条　独立董事应当就股权激励计划是否有利于上市公司的持续发展，是否存在明显损害上市公司及全体股东利益发表独立意见。

　　第三十条　上市公司应当在董事会审议通过股权激励计划草案后的2个交易日内，公告董事会决议、股权激励计划草案摘要、独立董事意见。

　　股权激励计划草案摘要至少应当包括本办法第十三条第（一）至（八）项、第（十二）项的内容。

　　第三十一条　上市公司应当聘请律师对股权激励计划出具法律意见书，至少对以下事项发表专业意见：

　　（一）股权激励计划是否符合本办法的规定；

　　（二）股权激励计划是否已经履行了法定程序；

　　（三）上市公司是否已经履行了信息披露义务；

　　（四）股权激励计划是否存在明显损害上市公司及全体股东利益和违反有关法律、行政法规的情形；

　　（五）其他应当说明的事项。

　　第三十二条　上市公司董事会下设的薪酬与考核委员会认为必要时，可以要求上市公司聘请独立财务顾问，对股权激励计划的可行性、是否有利于上市公司的持续发展、是否损害上市公司利益以及对股东利益的影响发表专业意见。

　　独立财务顾问应当出具独立财务顾问报告，至少对以下事项发表专业意见：

　　（一）股权激励计划是否符合本办法的规定；

　　（二）公司实行股权激励计划的可行性；

　　（三）对激励对象范围和资格的核查意见；

　　（四）对股权激励计划权益授出额度的核查意见；

　　（五）公司实施股权激励计划的财务测算；

　　（六）公司实施股权激励计划对上市公司持续经营能力、股东权益的影响；

　　（七）对上市公司是否为激励对象提供任何形式的财务资助的核查意见；

　　（八）股权激励计划是否存在明显损害上市公司及全体股东利益的情形；

　　（九）上市公司绩效考核体系和考核办法的合理性；

　　（十）其他应当说明的事项。

　　第三十三条　董事会审议通过股权激励计划后，上市公司应将有关材料报中国证监会备案，同时抄报证券交易所及公司所在地证监局。

　　上市公司股权激励计划备案材料应当包括以下文件：

　　（一）董事会决议；

　　（二）股权激励计划；

　　（三）法律意见书；

　　（四）聘请独立财务顾问的，独立财务顾问报告；

　　（五）上市公司实行股权激励计划依照规定需要取得有关部门批准的，有关批复文件；

　　（六）中国证监会要求报送的其他文件。

　　第三十四条　中国证监会自收到完整的股权激励计划备案申请材料之日起20个工作日内未提出异议的，上市公司可以发出召开股东大会的通知，审议并实施股权激励计划。在上述期限内，中国证监会提出异议的，上市公司不得发出召开股东大会的通知审议及实施该计划。

　　第三十五条　上市公司在发出召开股东大会通知时，应当同时公告法律意见书；聘请独立财务顾问的，还应当同时公告独立财务顾问报告。

　　第三十六条　独立董事应当就股权激励计划向所有的股东征集委托投票权。

　　第三十七条　股东大会应当对股权激励计划中的如下内容进行表决：

　　（一）股权激励计划所涉及的权益数量、所涉及的标的股票种类、来源和数量；

　　（二）激励对象的确定依据和范围；

　　（三）股权激励计划中董事、监事各自被授予的权益数额或权益数额的确定方法；高级管理人员和其他激励对象（各自或按适当分类）被授予的权益数额或权益数额的确定方法；

　　（四）股权激励计划的有效期、标的股票禁售期；

　　（五）激励对象获授权益、行权的条件；

　　（六）限制性股票的授予价格或授予价格的确定方法，股票期权的行权价格或行权价格的确定方法；

　　（七）股权激励计划涉及的权益数量、标的股票数量、授予价格及行权价格的调整方法和程序；

　　（八）股权激励计划的变更、终止；

　　（九）对董事会办理有关股权激励计划相关事宜的授权；

　　（十）其他需要股东大会表决的事项。

　　股东大会就上述事项作出决议，必须经出席会议的股东所持表决权的2/3以上通过。

　　第三十八条　股权激励计划经股东大会审议通过后，上市公司应当持相关文件到证券交易所办理信息披露事宜，到证券登记结算机构办理有关登记结算事宜。

　　第三十九条　上市公司应当按照证券登记结算机构的业务规则，在证券登记结算机构开设证券账户，用于股权激励计划的实施。

　　尚未行权的股票期权，以及不得转让的标的股票，应当予以锁定。

　　第四十条　激励对象的股票期权的行权申请以及限制性股票的锁定和解锁，经董事会或董事会授权的机构确认后，上市公司应当向证券交易所提出行权申请，经证券交易所确认后，由证券登记结算机构办理登记结算事宜。

　　已行权的股票期权应当及时注销。

　　第四十一条　除非得到股东大会明确授权，上市公司变更股权激励计划中本办法第三十七条所列事项的，应当提交股东大会审议批准。

　　第四十二条　上市公司应在定期报告中披露报告期内股权激励计划的实施情况，包括：

　　（一）报告期内激励对象的范围；

　　（二）报告期内授出、行使和失效的权益总额；

　　（三）至报告期末累计已授出但尚未行使的权益总额；

　　（四）报告期内授予价格与行权价格历次调整的情况以及经调整后的最新授予价格与行权价格；

　　（五）董事、监事、高级管理人员各自的姓名、职务以及在报告期内历次获授和行使权益的情况；

　　（六）因激励对象行权所引起的股本变动情况；

　　（七）股权激励的会计处理方法。

　　第四十三条　上市公司应当按照有关规定在财务报告中披露股权激励的会计处理。

　　第四十四条　证券交易所应当在其业务规则中明确股权激励计划所涉及的信息披露要求。

　　第四十五条证券登记结算机构应当在其业务规则中明确股权激励计划所涉及的登记结算业务的办理要求。

　　第六章　监管和处罚

　　第四十六条　上市公司的财务会计文件有虚假记载的，负有责任的激励对象自该财务会计文件公告之日起12个月内由股权激励计划所获得的全部利益应当返还给公司。

　　第四十七条　上市公司不符合本办法的规定实行股权激励计划的，中国证监会责令其改正，对公司及相关责任人依法予以处罚；在责令改正期间，中国证监会不受理该公司的申请文件。

　　第四十八条　上市公司未按照本办法及其他相关规定披露股权激励计划相关信息或者所披露的信息有虚假记载、误导性陈述或者重大遗漏的，中国证监会责令其改正，对公司及相关责任人依法予以处罚。

　　第四十九条　利用股权激励计划虚构业绩、操纵市场或者进行内幕交易，获取不正当利益的，中国证监会依法没收违法所得，对相关责任人员采取市场禁入等措施；构成犯罪的，移交司法机关依法查处。

　　第五十条　为上市公司股权激励计划出具意见的相关专业机构未履行勤勉尽责义务，所发表的专业意见存在虚假记载、误导性陈述或者重大遗漏的，中国证监会对相关专业机构及签字人员采取监管谈话、出具警示函、责令整改等措施，并移交相关专业机构主管部门处理；情节严重的，处以警告、罚款等处罚；构成证券违法行为的，依法追究法律责任。

　　第七章　附则

　　第五十一条　本办法下列用语具有如下含义：

　　高级管理人员：指上市公司经理、副经理、财务负责人、董事会秘书和公司章程规定的其他人员。

　　标的股票：指根据股权激励计划，激励对象有权获授或购买的上市公司股票。

　　权益：指激励对象根据股权激励计划获得的上市公司股票、股票期权。

　　授权日：指上市公司向激励对象授予股票期权的日期。授权日必须为交易日。

　　行权：指激励对象根据股票期权激励计划，在规定的期间内以预先确定的价格和条件购买上市公司股份的行为。

　　可行权日：指激励对象可以开始行权的日期。可行权日必须为交易日。

　　行权价格：上市公司向激励对象授予股票期权时所确定的、激励对象购买上市公司股份的价格。

　　授予价格：上市公司向激励对象授予限制性股票时所确定的、激励对象获得上市公司股份的价格。

　　本办法所称的“超过”、“少于”不含本数。

　　第五十二条　本办法适用于股票在上海、深圳证券交易所上市的公司。

　　第五十三条　本办法自2006年1月1日起施行。

Notice of the China Securities Regulatory Commission on Promulgating the Measures for the Administration of Equity Incentive Plans of Listed Companies (For Trial Implementation)

All the listed companies,
With a view to implementing the Some Opinions of the State Council on Promoting the Reform, Opening and Steady Growth of Capital Market (No.3 [2004] of the State Council) and the Notice of the State Council on Transmitting the Opinions of the China Securities Regulatory Commission on Improving the Quality of Listed Companies (No.34 [2005] of the State Council), improving the governance structure of listed companies, and promoting the standard operation and sustained development of listed companies, we hereby promulgate the Measures for the Administration of Equity Incentive Plans of Listed Companies (For Trial Implementation). Any listed company that has completed the share-trading reform may implement its equity incentive plan in light of the requirements of the present Measures, and establish and perfect incentive and binding system.

December 31, 2005

Measures for the Administration of Equity Incentive Plans of Listed Companies (For Trial Implementation)

Chapter I General Principles
Article 1 The present Measures are formulated in accordance with the Company Law of the People’s Republic of China, Securities Law of the People’s Republic of China, and other relevant laws and administrative regulations, for the purpose of promoting listed companies to establish and perfect their incentive and binding systems.

Article 2 The equity incentive as mentioned in the present Measures refers to the long-term incentive provided by a listed company for its directors, supervisors, senior executives, and other employees by granting stock of its own company to them.
The present Measures shall be applicable to the equity incentive plan implemented by a listed company through the granting of restricted stocks, stock options, and by other ways as permitted by any law or administrative regulation.

Article 3 The equity incentive plan implemented by a listed company shall comply with the applicable laws, administrative regulations, the provisions of the present Measures, and the articles of association of the company, be conducive to the sustained development of the listed company, and shall not impair the interests of the listed company.
The directors, supervisors, and senior executives of a listed company shall, when implementing the equity incentive plan, be honest and in good faith, diligent, and maintain the interests of the company and all its shareholders.

Article 4 A listed company shall, when implementing its equity incentive plan, fulfill its obligation of information disclosure strictly in accordance with the relevant provisions and the requirements of the present Measures.

Article 5 Any professional institution that issues opinions for the equity incentive plan of a listed company shall be honest and in good faith, diligent, and ensure that the documents it issues are truthful, accurate, and complete.

Article 6 No one may make insider trading, manipulate the securities transaction prices, or carry out fraudulent securities activities by making use of the equity incentive plan.

Chapter II General Provisions
Article 7 In case a listed company has any of the following circumstances, it shall not carry out its equity incentive plan:
1. It has issued unqualified opinions by certified public accountants on its annual financial statements in the recent fiscal year or an audit report on which the certified public accountants are incapable of expressing opinions;
2. It has been given an administrative punishment by the China Securities Regulatory Commission (hereinafter referred to as the CSRC) due to its grave violation of laws and regulations within the recent one year; or
3. Other circumstances as determined by the CSRC.

Article 8 The persons eligible for being granted the incentive under the equity incentive plan (hereinafter referred to as the eligible participants) may include the directors, supervisors, senior executives, and core technicians or business personnel of a listed company, and other employees that shall be granted the equity incentive as the company may deem necessary, but shall not include independent directors.
The following personnel shall not be eligible participants:
1. Personnel who are condemned publicly by a stock exchange or announced as inappropriate candidates in the recent three years;
2. Personnel who have been given an administrative punishment by the CSRC due to their grave violation of laws and regulations in the recent three years; or
3. Personnel who are under any of the circumstances under which they shall not act as the directors, supervisors, or senior executives of a company as set forth in the Company Law of the People’s Republic of China.
After the equity incentive plan is adopted by the board of directors through discussion, the board of supervisors of the listed company shall verify the name list of the eligible participants, and make statements on the verification at the shareholders’ meeting.

Article 9 In case the eligible participants are directors, supervisors, or senior executives, a listed company shall establish a performance examination system and examination measures, so as to implement its equity incentive plan on the basis of the performance examination results.

Article 10 A listed company shall not provide loans and any other form of finance subsidy to any eligible participant according to the equity incentive plan, including provide guarantee for his loans.

Article 11 A listed company that plans to implement equity incentive plan may, according to the actual conditions of its own company, solve the source of the target stock through the following ways:
1. Issuing shares to the eligible participants;
2. Repurchasing the shares of the company; or
3. Other ways as permitted by any law or administrative regulation.

Article 12 The aggregate target stock involved in all the effective equity incentive plans of a listed company shall not exceed 10% of the total equity of the company accumulatively.
Without the approval of the special resolution of the shareholders’ meeting, the accumulated stock granted to any eligible participant through all the effective equity incentive plans shall not exceed 1% of the total equity of the company.
The total equity as mentioned in paragraphs one and two of this Article refers to the total equity that have been issued by the company when the shareholders’ meeting approves the recent one equity incentive plan.

Article 13 A listed company shall set out or specify the following matters in its equity incentive plan:
1. The purpose of the equity incentive plan;
2. The basis for determining the eligible participants and the scope thereof;
3. The quantity of rights and interests to be granted pursuant to, and the class, source, and number of the target stock involved in the equity incentive plan, and the proportion of the target stock to the total equity of the listed company; in case the equity incentive plan is implemented by stages, the quantity of rights and interests to be granted each time, and the class, source, and number of the target stock involved in the equity incentive plan each time, as well as the proportion of the target stock to the total equity of the listed company;
4. In case the eligible participants are directors, supervisors, or senior executives, the quantity of rights and interests may be granted to them respectively, and their proportions to the aggregate amount of rights and interests to be granted pursuant to the equity incentive plan; the quantity of rights and interests granted to other eligible participants (respectively or according to the proper classification), and the proportion to the aggregate amount of rights and interests to be granted under the equity incentive plan;
5. The effective duration of the equity incentive plan, the date of grant, date of exercise, and the lockup period of the target stock;
6. The grant price of the restricted stock and the method for determining the grant price, the exercise price of stock options or the method for determining the exercise price;
7. The conditions for an eligible participant to be granted the rights and interests, and to exercise the rights, for example, the performance examination system and examination measures, so as to implement the equity incentive plan based on the performance examination results;
8. The quantity of rights and interests involved in the equity incentive plan, the quantity of the target stock, or the methods and procedures for adjusting the grant price and the exercise price;
9. The procedures for the company to grant rights and interests and for the eligible participants to exercise their power;
10. The rights and obligations of the company and its eligible participants respectively;
11. How to implement the equity incentive plan in case any alteration is made to the controlling power of the company, merger, or division of the company, or the eligible participants have their posts changed, removed, or die, and other matters;
12. Alteration or termination of the equity incentive plan; and
13. Other important matters.

Article 14 In case any of the circumstances as prescribed in Article 7 of the present Measures occurs in a listed company, it shall terminate the implementation of its equity incentive plan, and shall not continue granting new rights and interests to the eligible participants, and the eligible participants shall terminate the exercise of the rights and interests that are granted to them pursuant to the equity incentive plan but have not been exercised yet.
During the implementation of the equity incentive plan, if any eligible participant is under any of the circumstances under which he shall not become an eligible participant as prescribed in Article 8 of the present Measures, the listed company shall not continuing granting him any right and interest, but he shall terminate the exercise of the rights and interests that have been granted to him but have not been exercised yet.

Article 15 The transfer of the stocks obtained by eligible participants pursuant to the equity incentive plan shall comply with the relevant laws, administrative regulations, and the provisions of the present Measures.

Chapter III Restricted Stocks
Article 16 The restricted stocks as mentioned in the present Measures shall refer to a certain number of stocks of a listed company that are obtained by eligible participants according to the conditions as set forth in the equity incentive plan.

Article 17 A listed company shall, when granting restricted stocks to the eligible participants, prescribe the performance conditions and the lock-up period of the stocks granted to the eligible participants pursuant to the equity incentive plan.

Article 18 In case a listed company determines the grant price of the restricted stocks on the basis of the market price of the stocks, it shall not grant stock to the eligible participants within the following periods:
1. 30 days before the release of its regular report;
2. 2 trading days during the determination of a major transaction or a great event until after the event is announced; and
3. 2 trading days from the day when other great event that may affect the stock price occurs until after the event is announced.

Chapter IV Stock Options
Article 19 The stock options as mentioned in the present Measures shall refer to the right of the eligible participants granted by a listed company to purchase a certain number of shares of the company within a certain period in the future at the pre-determined price and conditions.
The eligible participants may purchase a certain number of shares of a listed company through the stock options granted to it at the pre-determined price and conditions within a prescribed time limit, or may waive such right.

Article 20 The stock options granted to an eligible participant shall not be transferred, used as guaranty or for repayment of debts.

Article 21 The board of directors of a listed company may, according to the stock options plan approved by the shareholders’ meeting through deliberation, determine to grant the stock options once for all or by installments, but the aggregate target stocks involved in the stock options that are granted accumulatively shall not exceed the total target stocks involved in the stock options plan.

Article 22 The interval between the date of grant of the stock options and the exercisable date of the granted stock options for the first time shall be less than one year.
The effective duration of the stock options shall not exceed 10 years calculated from the date of grant.

Article 23 A listed company shall prescribe that the eligible participants exercise power by installment within the effective duration of the stock options.
After the expiry of the effective duration of the stock options, no one may exercise the stock options that have been granted but have not been exercised yet.

Article 24 A listed company shall, when granting stock options to the eligible participants, determine the exercise price or the method for determining the exercise price. The exercise price shall be no less than the following prices, whichever is higher:
1. The closing sales price of the target stock of the company at one trading day before the promulgation of the excerpts of the draft of the equity incentive plan; and
2. The average closing sales price of the target stock of the company within 30 trading days before the promulgation of the excerpts of the draft of the equity incentive plan.

Article 25 In case a listed company needs to adjust the exercise price or the number of stock options due to ex-right or ex-dividend of the target stocks or other reasons, it may make adjustment according to the principles and ways as set forth in the stock options plan.
In case a listed company adjusts the exercise price or the number of stock options according to the preceding paragraph, which shall be made by way of a resolution made by its board of directors and approved by the shareholders’ meeting after deliberation, or determined by the board of directors upon the authorization of the shareholders’ meeting.
An attorney shall issue professional opinions to the board of directors on whether the aforesaid adjustment complies with the present Measures, the articles of association of the company, and the provisions of the stock options plan.

Article 26 A listed company shall not grant stock options to the eligible participants within the following periods:
1. 30 days before the promulgation of the regular report;
2. 2 trading days during the determination of a major transaction or a great event until after the matter is announced; and
3. 2 trading days from the day when any other great event that may affect the stock price occurs until after the matter is announced.

Article 27 The eligible participants shall exercise power at the second trading day after the announcement of the regular report of a listed company, and within 10 trading days before the announcement of the next regular report, but shall not exercise power during the following periods:
1. 2 trading days during the determination of a major transaction or a great event until after the matter is announced; and
2. 2 trading days from the day when any other great event that may affect the stock price occurs until after it is announced.

Chapter V Implementation Procedures and Information Disclosure
Article 28 The salary and examination committee established under the board of directors of a listed company shall be responsible for drafting out the draft of an equity incentive plan. The salary and examination committee shall establish sound rules of procedure, and the draft of the equity incentive plan it drafts by it shall be submitted to the board of directors for discussion.

Article 29 An independent director shall present his independent opinions on whether the equity incentive plan is conducive to the sustained development of a listed company, and whether it obviously impairs the interests of the listed company and all of its shareholders.

Article 30 A listed company shall, within 2 trading days after its board of directors has adopted the draft of the equity incentive plan through deliberation, announce the resolutions of the board of directors, the excerpts of the draft of the equity incentive plan, and the opinions of the independent director.
The excerpts of the draft of the equity incentive plan shall at least include the contents as set forth in items (1) through (8), and item (12) of Article 13 of the present Measures.

Article 31 A listed company shall retain an attorney to issue legal opinions to its equity incentive plan, and present professional opinions at least on the following matters:
1. Whether the equity incentive plan complies with the provisions of the present Measures;
2. Whether it has gone through legal procedures for the equity incentive plan;
3. Whether the listed company has fulfilled its obligation on information disclosure;
4. Whether there is any circumstance that obviously impairs the interests of the listed company and all of its shareholders, and circumstance that is in violation of the relevant laws and administrative regulations in the equity incentive plan; and
5. Other matters need to be stated.

Article 32 Where the salary and examination committee under the board of directors of a listed company believes it necessary, it may request the listed company to retain an independent financial consultant to issue professional opinions on the feasibility of the equity incentive plan, whether it is conducive to the sustained development of the listed company, whether it will impair the interests of the listed company, and its affect to the shareholders’ interests.
The independent financial consultant shall issue a report of an independent financial consultant, and issue professional opinions at least on the following matters:
1. Whether the equity incentive plan complies with the provisions of the present Measures;
2. The feasibility of the company to implement the equity incentive plan;
3. The checking opinions on the scope and qualification of eligible participants;
4. The checking opinions on the amount of rights and interests granted under the equity incentive plan;
5. Financial measurement on the company’s implementation of the equity incentive plan;
6. The impact of the company’s implementation of equity incentive plan on the sustained management capacity of the listed company and shareholders’ rights and interests;
7. The checking opinions on whether the listed company has provided any form of financial subsidy to the eligible participants;
8. Whether the equity incentive plan is under any circumstance that obviously impairs the interests of the listed company and all of its shareholders;
9. The reasonableness of the performance examination system and examination measures of the listed company; and
10. Other matters that shall be stated.

Article 33 After an equity incentive plan is adopted by the board of directors through deliberation, a listed company shall report the relevant materials to the CSRC for archival filing, and send a copy to the stock exchange and the securities regulatory bureau at the locality of the company at the same time.
The following documents shall be included in the archival filing materials of the equity incentive plan of a listed company:
1. Resolution of the board of directors;
2. The equity incentive plan;
3. Legal opinions;
4. The report of an independent financial consultant in case an independent financial consultant is retained;
5. The relevant documents of approval in case the implementation of the equity incentive plan by a listed company shall be subject to the approval of the relevant departments as required; and
6. Other documents that shall be submitted as required by the CSRC.

Article 34 If the CSRC does not dissent with the application materials for archival filing of the equity incentive plan within 20 workdays from the day when it receives the complete application materials, a listed company may deliver a notice for convening the shareholders’ meeting to discuss and implement the equity incentive plan. If the CSRC dissents within the aforesaid time limit, the listed company shall not deliver a notice for convening the shareholders’ meeting to discuss and implement the equity incentive plan.

Article 35 A listed company shall, when delivering a notice for convening shareholders’ meeting, publicize the legal opinions at the same time; if it has retained an independent financial consultant, it shall also publicize the report of the independent financial consultant.

Article 36 An independent director shall collect proxy right to all the shareholders with regard to the equity incentive plan.

Article 37 The shareholders’ meeting shall vote on the following contents in an equity incentive plan:
1. The quantity of rights and interests, and the class, source, and number of target stock involved in the equity incentive plan;
2. The basis and scope for determining the eligible participants;
3. The amount of rights and interests granted to directors and supervisors under the equity incentive plan respectively and the method for determination of the amount of rights and interests; the amount of rights and interests granted to senior executives and other eligible participants (respectively or according to proper classification), or the method for determination of the amount of rights and interests;
4. The valid period of the equity incentive plan, and the lockup period of the target stock;
5. The conditions on which the eligible participants may be granted rights and interests and exercise power;
6. The grant price of the restricted stock or the method for determination of the grant price, the exercise price of the stock options or the method for determination of the exercise price;
7. The quantity of rights and interests, number of target stock, and the method and procedures for adjusting the grant price and the exercise price involved in the equity incentive plan;
8. Alteration and termination of the equity incentive plan;
9. The authorization on handling the relevant matters in respect of the equity incentive plan by the board of directors; and
10. Other matters need to be voted by the shareholders’ meeting.
The resolutions of the shareholders’ meeting on the aforesaid matters shall be adopted by more than two thirds of the voting rights held by shareholders attending the meeting.

Article 38 After an equity incentive plan is adopted by the shareholders’ meeting through discussion, a listed company shall handle information disclosure matters at the stock exchange upon the strength of the relevant documents, and handle the relevant depository and clearing matters at the securities depository and clearing institutions.

Article 39 A listed company shall open a securities account at the securities depository and clearing institution in accordance with the business rules of the securities depository and clearing institution for the implementation of the equity incentive plan.
Any stock options that have not been exercised, and the target stock that shall not be transferred shall be locked up.

Article 40 After the eligible participants’ application for the exercise of the stock options and the lock and unlock of the restricted stock are confirmed by the board of directors or the institution authorized by the board of directors, a listed company shall file an application for the exercise to the stock exchange, after the stock exchange has made confirmation on it, the securities depository and clearing institution shall handle the depository and clearing matters.
The stock options that have been exercised shall be written off in a timely manner.

Article 41 Unless otherwise being authorized by the shareholders’ meeting clearly, a listed company shall, if altering the matters under the equity incentive plan as are listed in Article 37 of the present Measures, submit to the shareholders’ meeting for deliberation and approval.

Article 42 A listed company shall disclose the implementation of the equity incentive plan in its regular report within the period of the regular report, including:
1. the scope of eligible participants within the report period;
2. the aggregate amount of rights and interests granted, exercised, and invalidated within the report period;
3. the aggregate amount of rights and interests having been granted but not exercised accumulatively till the end of the report period;
4. each adjustment on the grant price and the exercise price within the report period and the updated grant price and exercise price after the adjustment;
5. name and duties of directors, supervisors, and senior executives respectively, and each grant to and exercise of power by them within the report period;
6. equity alteration conditions given rise due to the exercise of power by eligible participants; and
7. accounting disposal method for equity incentive.

Article 43 A listed company shall disclose the accounting disposal of equity incentive in its financial statements in accordance with the relevant provisions.

Article 44 A stock exchange shall clarify the requirements for information disclosure involved in the equity incentive plan in its business rules.

Article 45 The securities depository and clearing institution shall clarify the requirements for handling depository and clearing business involved in the equity incentive plan in its business rules.

Chapter VI Supervision and Punishment
Article 46 In case there is any false records in the financial and accounting documents of a listed company, the eligible participant who is responsible shall return all the interests he has obtained pursuant to the equity incentive plan within 12 months from the day when the financial and accounting documents are announced.

Article 47 In case a listed company implements the equity incentive plan without complying with the provisions of the present Measures, the CSRC shall order it to correct, and give a punishment to the company and the relevant responsible persons according to law; during the period of ordering correction, the CSRC shall not accept the application documents of the company.

Article 48 In case a listed company fails to disclose the relevant information regarding the equity incentive plan according to the present Measures and other relevant provisions, or the information disclosed by it has false recordation, misrepresentation, or great omission, the CSRC shall order it to correct, and give a punishment to the relevant persons of the company who are held to be liable according to law.

Article 49 In case anyone makes up a story on the performance, manipulates market or makes insider trading, obtains improper interests by making use of the equity incentive plan, the CSRC shall confiscate the illegal gains according to law, and take market prohibition measures to the relevant person who is held to be liable; if a crime is constituted, he shall be transferred to the judicial department for investigation and punishment according to law.

Article 50 In case the relevant professional institutions that issue opinions on the equity incentive plan of a listed company fails to fulfill the diligent duty, or the professional opinions issued by them have false record, misrepresentation, or great omission, the CSRC shall take such measures as the supervision talk, issuing warning letter, ordering to rectify, and etc. to the relevant professional institutions and the personnel who sign their names on the opinions, and transfer them to the competent departments in charge of the relevant professional institutions for punishment; if the circumstance is serious, they shall be given warnings, fines and other punishment; if an illegal securities act is constituted, they shall be subject to legal liabilities according to law.

Chapter VII Supplementary Provisions
Article 51 The following terms in the present Measures shall have the following meanings:
“Senior Executive” means a manager, vice-manager, person-in-charge of finance, secretary of the board of directors of a listed company, and other personnel prescribed by the articles of association of the company.

“Target Stocks” means the stocks of a listed company, granted to or purchased by the eligible participants pursuant to the equity incentive plan.

“Rights and Interests” means the stocks and stock options obtained by the eligible participants pursuant to the equity incentive plan.

“Date of Grant” means the date when a listed company grants stock options to the eligible participants. The date of grant shall be the trading day.

“Exercise” means the act of an eligible participant who purchases the shares of a listed company with the pre-determined price and condition within a prescribed time limit pursuant to the equity incentive plan.

“Date of Exercise” means the date when the eligible participants may start exercise their powers. The date of exercise shall be the trading day.

“Exercise Price” means the price determined by a listed company to the eligible participants when it grants stock options for them to purchase the shares of the listed company.

“Grant Price” means the price determined by a listed company to the eligible participants when it grants restricted stock for them to purchase the shares of the listed company.

The expressions “exceed”, “less than” as mentioned in the present Measures shall not include the said number itself.

Article 52 The present Measures shall be applicable to the companies whose stocks are listed in Shanghai Stock Exchange and Shenzhen Stock Exchange.

Article 53 The present Measures shall come into force as of January 1, 2006.


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