Article 156 A listed company shall make public its financial conditions and operating conditions at regular intervals in accordance with the relevant national statutes and administrative regulations， and shall make public its financial and accounting reports semiannually in each fiscal year.

　　第一百五十七条：上市公司有下列情形之一的，由国务院证券管理部门决定暂停其股票上市：

　　Article 157 The securities regulatory authority under the State Council shall suspend the trading of a listed company in any of the following circumstances：

　　（一）公司股本总额、股权分布等发生变化不再具备上市条件；

　　（i） Matters such as the total share capital or the composition of equity ownership of the company have changed so that the company no longer meets the requirements for listing；

　　（二）公司不按规定公开其财务状况，或者对财务会计报告作虚假记载；

　　（ii） The company fails to make public its financial condition as required， or has made misrepresentations in its financial and accounting reports；

　　（三）公司有重大违法行为；

　　（iii） The company has engaged in material illegal act；

　　（四）公司最近三年连续亏损。

　　（iv） The company has been suffering losses for the most recent three consecutive years.

　　第一百五十八条：上市公司有前条第（二）项、第（三）项所列情形之一经查实后果严重的，或者有前条第（一）项、第（四）项所列情形之一，在限期内未能消除，不具备上市条件的，由国务院证券管理部门决定终止其股票上市。

　　Article 158 Where a listed company is in a circumstance set forth in either Item （ii） or （iii） of the previous Article， and after investigation， it is confirmed that the circumstance is serious， or the listed company is in a circumstance set forth in either Item （i） or （iv） and has not been able to eliminate such circumstance within a prescribed time limit， and hence no longer meets the requirements for listing， the securities regulatory authority under the State Council shall issue a decision to de-list its shares.

　　公司决议解散、被行政主管部门依法责令关闭或者被宣告破产的，由国务院证券管理部门决定终止其股票上市。

　　Where the company is to be dissolved pursuant to a resolution， is ordered to cease its operation by the relevant authority in charge in accordance with the law， or is declared bankrupt， the securities regulatory authority under the State Council shall issue a decision to de-list its shares.

　　第五章：公司债券Chapter Five： Company Bonds

　　第一百五十九条：股份有限公司、国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司，为筹集生产经营资金，可以依照本法发行公司债券。

　　Article 159 For the purpose of financing production and operation， a joint stock limited company， a wholly state-owned company or a limited liability company established through investment by two or more state-owned enterprises or two or more state authorized investment entities may issue company bonds in accordance herewith.

　　第一百六十条：本法所称公司债券是指公司依照法定程序发行的、约定在一定期限还本付息的有价证券。

　　Article 160 Company bonds referred to herein means a form of security which is issued by a company in accordance with legally prescribed procedure， and which provides that the principal thereof and interest thereon shall be paid at specified times.

　　第一百六十一条：发行公司债券，必须符合下列条件：

　　Article 161 In order to issue company bonds， the following requirements must be met：

　　（一）股份有限公司的净资产额不低于人民币三千万元，有限责任公司的净资产额不低于人民币六千万元；

　　（i） The net assets of the company shall be not less than Renminbi 30，000，000 Yuan in the case of a joint stock limited company， and not less than Renminbi 60，000，000 Yuan in the case of a limited liability company；

　　（二）累计债券总额不超过公司净资产额的百分之四十；

　　（ii） The cumulative value of company bonds shall not exceed 40 percent of the company's net assets；

　　（三）最近三年平均可分配利润足以支付公司债券一年的利息；

　　（iii） The average distributable profit for the most recent three years is sufficient to pay one year's interest on the company bonds；

　　（四）筹集的资金投向符合国家产业政策；

　　（iv） The proceeds received shall be invested in a manner consistent with state industrial policy；

　　（五）债券的利率不得超过国务院限定的利率水平；

　　（v） The interest rate on the bonds shall not exceed the level of interest rate set by the State Council；

　　（六）国务院规定的其他条件。

　　（vi） Other requirements prescribed by the State Council.

　　发行公司债券筹集的资金，必须用于审批机关批准的用途，不得用于弥补亏损和非生产性支出。

　　The proceeds from issuance of company bonds shall be used for the purpose approved by the approval authority， and may not be used to cover losses and non-operating expenditures.

　　第一百六十二条：凡有下列情形之一的，不得再次发行公司债券：

　　Article 162 No additional company bonds may be issued in any of the following circumstances：

　　（一）前一次发行的公司债券尚未募足的；

　　（i） Company bonds previously issued have not been fully subscribed for；

　　（二）对已发行的公司债券或者其债务有违约或者延迟支付本息的事实，且仍处于继续状态的。