国发（1997）16号（May 21， 1997）
颁布日期：19970521 　实施日期：19970521 　颁布单位：国务院

　　The State Council has approved the “Rules Concerning Strict Prohibition¹ of Scalping in Stocks by State-owned Enterprises and Listed Companies” by the State Council's Securities Commission， the People's Bank of China and the State Economic and Trade Commission which is hereby transmitted to you for conscientious² implementation³.

　　Appendix： RULES CONCERNING STRICT PROHIBITION OF SCALPING IN STOCKS BY STATE-OWNED ENTERPRISES AND LISTED COMPANIES.

　　（The State Council's Securities Commission， the People's Bank of China and the State Economic and Trade Commission May 21， 1997）

　　Securities markets in our country are still in their incipient⁴ stage of development and there exist serious phenomena⁵ of over-speculation⁶ and violation⁷ of rules. Crackdown on activities in violation of rules and curb⁸ of over-speculation are of crucial importance in promoting the sound development of socialist⁹ market economy and maintenance of socialist ability to which great importance must be attached. For some time in the recent past， funds of state-owned commercial banks have flowed into stock markets through various channels. Some state-owned enterprises and listed companies have engaged in scalping in stocks with bank credit funds； some listed companies have put funds from solicited¹⁰ shares meant for production and operations into stock markets for scalping in stocks； some state-owned enterprises have put self-owned funds meant for self-development into stock markets for scalping in stocks. On the one hand， such state of affairs has encouraged speculation in stock markets； on the other， it has put state-owned assets in a high-risk state， seriously endangering the security of state-owned assets. To bring into play the function of the socialist stock markets in raising funds for economic construction and promoting transformation¹¹ of operations mechanism¹² of the enterprises， and to maintain normal order in the markets， scalping in stock markets by the state-owned enterprises and listed companies must be curbed¹³. The following rules are hereby laid down：

　　1. The state-owned enterprises shall not scalp in stocks or provide funds to other institutions for scalping in stocks， nor shall they draw on state bank credit funds in buying and selling stocks.

　　Scalping in stocks referred to in these Rules mean the acts of buying in and selling of stocks or selling and buying in of stocks within the time period prescribed by the competent department under the State Council.

　　2. Listed companies shall not draw on bank credit funds to buy and sell stocks， or funds raised through issuance of stocks， nor shall they provide funds to other institutions for scalping in stocks.

　　3. The state-owned enterprises' and listed companies' holding of listed circulating stocks for long-term investment （beyond the time period prescribed by the competent department under the State Council） shall be reported to securities exchanges. Securities exchanges should take measures to strengthen management and supervise the state-owned enterprises and listed companies in the observance of the relevant requirements of these Rules.

　　4. The state-owned enterprises and listed companies are only entitled to open a stock account （stock A） in an exchange， and must use the name of the enterprise proper （the legal person）。 Opening of a stock account in the name of a person or provision of funds for the buying and selling of stocks for individuals by the state-owned enterprises and listed companies shall be strictly¹⁴ prohibited. Units with the aforesaid problems must amend¹⁵ within one month starting from the date of promulgation¹⁶ of these Rules； units that refuse to amend shall be severely¹⁷ penalized¹⁸ and responsibilities of their legal representatives or those directly responsible shall be investigated.

　　5. Securities exchanges， securities registration¹⁹ and settlement agencies and securities operating agencies shall carryout inspection²⁰ with respect to the stock accounts and capital accounts already opened， in case scalping in stocks by the state-owned enterprises and listed companies， or opening of stock accounts in the name of individuals and provision of funds for individual stock accounts are found， those involved shall be asked to make corrections forthwith and timely reports shall be submitted to the China Securities Supervisory Commission.

　　6. People's governments of all provinces， autonomous²¹ regions and municipalities directly under the Central Government and all departments under the State Council shall carry out forthwith inspection on the status of the state-owned enterprises under them in scalping in stocks， all departments of securities administration of all localities shall conduct inspection on the status of the listed companies under their respective jurisdiction²² in scalping in stocks， and report the inspection results to the Securities Commission under the State Council. Those state-owned enterprises and listed companies that go on scalping in stocks upon promulgation of these Rules， once investigated and verified， their revenue shall all be confiscated²³ and fines imposed； for enterprises embezzling²⁴ bank credit funds for buying and selling stocks， the banks shall suspend additional new loans， and recover the embezzled²⁵ loans within the specified²⁶ time period； for the leading persons-in-charge and those directly responsible of the state-owned enterprises shall be given sanctions of removal from their posts or expulsion by their competent departments； for leading persons-in-charge and those directly responsible of the listed companies， the China Securities Supervisory Commission shall confirm and proclaim them to be barred to market access.

　　Specific measures for the implementation of the above Rules shall be promulgated²⁷ by the competent department under the State Council separately.