Article 81 In the case of reorganizing a state-owned enterprise into a joint stock limited company， conversion of state assets into shares through under-valuation， sale of state assets at low price， or distribution of state assets to individuals without compensation are strictly prohibited.

　　第八十二条：以发起设立方式设立股份有限公司的，发起人以书面认足公司章程规定发行的股份后，应即缴纳全部股款；以实物、工业产权、非专利技术或者土地使用权抵作股款的，应当依法办理其财产权的转移手续。

　　Article 82 In the case of establishing a joint stock limited company by sponsorship， upon the sponsors' full subscription in writing for the shares to be issued as prescribed in the articles of association， the sponsors shall promptly pay the share proceeds in full； where tangible goods， industrial property， non-patented technology or land use rights are contributed in lieu of money， the property rights therein shall be transferred in accordance with legally prescribed procedures.

　　发起人交付全部出资后，应当选举董事会和监事会，由董事会向公司登记机关报送设立公司的批准文件、公司章程、验资证明等文件，申请设立登记。

　　Upon full contribution of the share capital which the sponsors have subscribed for， they shall elect members to the board of directors and the board of supervisors， and the board of directors shall apply for establishment registration by submitting the document approving the establishment of the company， the articles of association， and the capital verification certificate， etc. to the company registration authority.

　　第八十三条：以募集设立方式设立股份有限公司的，发起人认购的股份不得少于公司股份总数的百分之三十五，其余股份应当向社会公开募集。

　　Article 83 In the case of establishing a joint stock limited company by public share offer， the shares subscribed for by the sponsors shall be not less than 35 percent of the total number of shares of the company， and the remaining shares shall be openly offered to the public.

　　第八十四条：发起人向社会公开募集股份时，必须向国务院证券管理部门递交募股申请，并报送下列主要文件：

　　Article 84 In offering shares to the public， the sponsors shall deliver an application for public share offer to the securities regulatory authority under the State Council， and submit thereto the following main documents：

　　（一）批准设立公司的文件；

　　（i） the document approving the establishment of the company；

　　（二）公司章程；

　　（ii） the articles of association；

　　（三）经营估算书；

　　（iii） the operating forecast report；

　　（四）发起人姓名或者名称，发起人认购的股份数、出资种类及验资证明；

　　（iv） the names of the sponsors， the number of shares they have subscribed for， the nature of their share capital contribution， and the capital verification certificate；

　　（五）招股说明书；

　　（v） the prospectus；

　　（六）代收股款银行的名称及地址；

　　（vi） the name and address of the depository bank for the share proceeds；

　　（七）承销机构名称及有关的协议。

　　（vii） the name of the underwriter and related agreements.

　　未经国务院证券管理部门批准，发起人不得向社会公开募集股份。

　　Without approval by the securities regulatory authority under the State Council， the sponsors my not offer shares to the public.

　　第八十五条：经国务院证券管理部门批准，股份有限公司可以向境外公开募集股份，具体办法由国务院作出特别规定。

　　Article 85 Upon approval by the securities regulatory authority under the State Council， a joint stock limited company may offer shares to the public overseas， and the detailed procedure shall be specially prescribed by the State Council.

　　第八十六条：国务院证券管理部门对符合本法规定条件的募股申请，予以批准；对不符合本法规定的募股申请，不予批准。

　　Article 86 The securities regulatory authority under the State Council shall approve an application for public share offer which meets the requirements prescribed herein； and shall not approve any application for public share offer which fails to meet the requirements prescribed herein.

　　对已作出的批准如发现不符合本法规定的，应予撤销。尚未募集股份的，停止募集；已经募集的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。

　　If it is discovered that an approval given is not in compliance with the requirements prescribed herein， it shall be revoked. Where no share has been placed， such share offer shall be terminated； where shares have been placed， the subscribers may demand that the sponsors return the share proceeds paid， together with the interest thereon as if they have been deposited in a bank for a like period.

　　第八十七条：招股说明书应当附有发起人制订的公司章程，并载明下列事项：

　　Article 87 The prospectus shall be accompanied with the articles of association prepared by the sponsors， and shall set forth the following：

　　（一）发起人认购的股份数；

　　（i） the number of shares subscribed for by the sponsors；

　　（二）每股的票面金额和发行价格；

　　（ii） the par value and issuing price of each share；

　　（三）无记名股票的发行总数；

　　（iii） the total number of bearer share certificates issued；

　　（四）认股人的权利、义务；

　　（iv） the rights and obligations of the subscribers；

　　（五）本次募股的起止期限及逾期未募足时认股人可撤回所认股份的说明。