According to Article 37 of the Securities Law, publicly issued securities shall be listed and traded on legally established stock exchanges or other national stock exchanges approved by the State Council. Non-public offering of securities can be transferred in stock exchanges, other national securities trading places approved by the State Council and regional equity markets established in accordance with the provisions of the State Council.
When securities are listed and traded on the stock exchange, it shall adopt the open centralized trading method or other methods approved by the the State Council Securities Regulatory Authority. The securities traded by the parties to a securities transaction may be in paper form or in other forms as stipulated by the the State Council Securities Regulatory Authority.
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securities laws
Article 9 The public offering of securities must meet the conditions stipulated by laws and administrative regulations, and shall be reported to the securities regulatory authority of the State Council or the department authorized by the State Council for registration according to law. Without legal registration, no unit or individual may publicly issue securities. The specific scope and implementation steps of the securities issuance registration system shall be stipulated by the State Council.
In any of the following circumstances, it is a public offering of shares:
(1) Issuing securities to unspecified objects;
(2) More than 200 people have issued securities to specific objects, but the number of employees who have implemented the employee stock ownership plan according to law is not included;
(3) Other issuance acts as stipulated by laws and administrative regulations.
Non-public issuance of securities shall not be carried out by advertising, public persuasion or disguised publicity.
Article 10 Where an issuer applies for public offering of shares or underwrites corporate bonds convertible into shares according to law, or publicly issues other securities subject to the recommendation system stipulated by laws and administrative regulations, it shall employ a securities company as a sponsor.
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