外国投资者对上市公司战略投资管理办法

商务部、中国证监会、国家税务总局、国家工商总局、国家外汇局制定了《外国投资者对上市公司战略投资管理办法》，现予以发布，自发布之日起30日后施行。

Minister of the Ministry of Commerce 
商务部
President of China Securities Regulatory Commission
中国证监监督管理委员会
Director General of the State Administration of Taxation
 国家税务总局
Director General of the State Administration for Industry and Commerce
国家工商行政管理总局
Director General of the State Administration of Foreign Exchange
国家外汇局

December 30, 2005

二OO五年十二月三十一日

Measures for Strategic Investment by Foreign Investors upon Listed Companies

外国投资者对上市公司战略投资管理办法

Article 1 In order to standardize strategic investment of foreign investors on A-shares company （hereinafter referred to as listed company） after the reform of non-tradable shares of listed company, to maintain securities market order, to introduce foreign advanced management experience, technology and capital, to ameliorate structural governance of listed company, to protect the lawful rights of listed companies and the shareholders, the Measures are hereby enacted in accordance with the requirement of Directive Opinions of China Securities Regulatory Commission, the State-owned Assets Supervision and Administration, the related laws and acts on supervision of foreign investment and listed company as well as the Interim Provisions on Foreign Investors' Acquisition and Merger of Domestic Enterprises.

第一条 为了规范股权分置改革后外国投资者对A股上市公司（以下简称上市公司）进行战略投资，维护证券市场秩序，引进境外先进管理经验、技术和资金，改善上市公司治理结构，保护上市公司和股东的合法权益，按照《关于上市公司股权分置改革的指导意见》的要求，根据国家有关外商投资、上市公司监管的法律法规以及《外国投资者并购境内企业暂行规定》，制定本办法。

Article 2 The Measures apply to such acts as foreign investors（hereinafter referred to as investors） acquired A-shares of the listed company having finished reform of non-tradable shares and of the new listed companies by means of long-and-mid-term strategic investment of merger and acquisition（hereinafter referred to as strategic investment） with certain scale.

第二条 本办法适用于外国投资者（以下简称投资者）对已完成股权分置改革的上市公司和股权分置改革后新上市公司通过具有一定规模的中长期战略性并购投资（以下简称战略投资），取得该公司A股股份的行为。

Article 3 Investors may undertake strategic investment in accordance with the Measures after the approval of the Ministry of Commerce.

第三条 经商务部批准，投资者可以根据本办法对上市公司进行战略投资。

Article 4 Strategic investment shall abide by the following principles:

第四条 战略投资应遵循以下原则：

（1） Abide by the related national laws, rules and related industrial policy, without harming national economic safety and social public interest;

（一）遵守国家法律、法规及相关产业政策，不得危害国家经济安全和社会公共利益；

（2） Abide by the principle of openness, equity and fairness, maintain the lawful right of listed companies and other shareholders, be subject to the supervision of government and public and the jurisdiction of China's judiciary and arbitration;

（二）坚持公开、公正、公平的原则，维护上市公司及其股东的合法权益，接受政府、社会公众的监督及中国的司法和仲裁管辖；

（3） Encourage long-and-mid-term investment, maintain normal order of securities market, and prohibit speculation;

（三）鼓励中长期投资，维护证券市场的正常秩序，不得炒作；

（4） Not impede fair competition, prevent from over-concentrations of domestic related products, and from exclusion or limitation of competition.

（四）不得妨碍公平竞争，不得造成中国境内相关产品市场过度集中、排除或限制竞争。

Article 5 The following circumstances shall be met for investor to conduct strategic investment:

第五条 投资者进行战略投资应符合以下要求：

（1） To acquire A-shares of listed company by means of contract transfer, regular, issuing of new shares by listed company or otherwise prescribed by national laws and rules;

（一）以协议转让、上市公司定向发行新股方式以及国家法律法规规定的其他方式取得上市公司A股股份；

（2） Investment may be conducted by stages, with the proportion of shares obtained after the initial investment no less than 10% of the shares issued by the company, except special provisions for special industry or the approval by related competent authorities;

（二）投资可分期进行，首次投资完成后取得的股份比例不低于该公司已发行股份的百分之十，但特殊行业有特别规定或经相关主管部门批准的除外；

（3） A-shares obtained by listed company shall not be transferred within three years;

（三）取得的上市公司A股股份三年内不得转让；

（4） As for the industries with specific provisions on share proportion of foreign investors, shares held by the above-mentioned investors shall accord with the related provisions; as for the regions prohibited from foreign investment, investors shall not invest in the above-mentioned regions;

（四）法律法规对外商投资持股比例有明确规定的行业，投资者持有上述行业股份比例应符合相关规定；属法律法规禁止外商投资的领域，投资者不得对上述领域的上市公司进行投资；

（5） Investment related to state shareholder of listed companies shall accord with the related provisions on state asset management.

（五）涉及上市公司国有股股东的，应符合国有资产管理的相关规定。

Article 6 Investors shall conform to the following requirements:  第六条 投资者应符合以下要求：

（1） Foreign legal person or other organizations set and operated lawfully, steady finance, sound credit and experienced management;

（一）依法设立、经营的外国法人或其他组织，财务稳健、资信良好且具有成熟的管理经验；

（2） The total amount of abroad real asset shall not be less than USD0.1 billion or the total amount of real asset under supervision no less than USD 0.5 billion; or the total amount possessed by its parent company no less than USD0.1 billion or the total amount of real asset under supervision no less than USD 0.5 billion;

（二）境外实有资产总额不低于1亿美元或管理的境外实有资产总额不低于5亿美元；或其母公司境外实有资产总额不低于1亿美元或管理的境外实有资产总额不低于5亿美元；

（3） Wholesome governance structure, sound inner control system, and standardized operation;

（三）有健全的治理结构和良好的内控制度，经营行为规范；

（4） Without several penalty from abroad supervision organs within three years （including its parent company）.

（四）近三年内未受到境内外监管机构的重大处罚（包括其母公司）。

Article 7 Strategic investment conducted through new shares introduction by listed companies shall be undertaken in accordance with the following procedures:

第七条 通过上市公司定向发行方式进行战略投资的，按以下程序办理：

（1） Resolution on new shares introduction by board of directors of the listed company to investors and on revision draft of articles of association;

（一）上市公司董事会通过向投资者定向发行新股及公司章程修改草案的决议；

（2） Resolution on new shares introduction by corporate shareholder of the listed company to investors and on revision draft of articles of association;

（二）上市公司股东大会通过向投资者定向发行新股及修改公司章程的决议；

（3） Introduction contract signed by the listed company and investor（s）;

（三）上市公司与投资者签订定向发行的合同；

（4） Application documents submitted by the listed company to the Ministry of Commerce in accordance with Article 12 of the Measures, special provisions prevail when available;

（四）上市公司根据本办法第十二条向商务部报送相关申请文件，有特殊规定的从其规定；

（5） The listed company, after the receipt of the approval from the Ministry of Commerce on strategic investment by investors upon the listed company, shall submit the introduction application documents to China Securities Regulatory Commission and subsequently obtain its approval;

（五）在取得商务部就投资者对上市公司进行战略投资的原则批复函后，上市公司向中国证监会报送定向发行申请文件，中国证监会依法予以核准；

（6） The listed company, after the completion of introduction, shall draw the approval certificate of foreign invested enterprises by the Ministry of Commerce and thereby register alteration in the administrative authorities of industry and commerce.

（六）定向发行完成后，上市公司到商务部领取外商投资企业批准证书，并凭该批准证书到工商行政管理部门办理变更登记。

Article 8 Strategic investment by means of contract transfer shall be handled in accordance with the following procedures:

第八条 通过协议转让方式进行战略投资的，按以下程序办理：

（1） Resolution of strategic investment by board of directors of the listed company via investors and by means of contract transfer;

（一）上市公司董事会通过投资者以协议转让方式进行战略投资的决议；

（2） Resolution of strategic investment by board of directors of the listed company via investors and by means of contract transfer;

（二）上市公司股东大会通过投资者以协议转让方式进行战略投资的决议；

（3） Stock transfer contract signed by the transferor and the investor;

（三）转让方与投资者签订股份转让协议；

（4） Related application documents submitted by the investor to the Ministry of Commerce in accordance with Article 12 of the Measures, special provisions prevail when available;

（四）投资者根据本办法第十二条向商务部报送相关申请文件，有特殊规定的从其规定；

（5） The investor with shares in the listed company, after having received the above-mentioned approval, shall handle confirmation procedures of stock transfer in the concerned stock exchange, conduct registration transfer procedures in securities registration and clearing institutions and submit them to China Securities Regulatory Commission for filling and record keeping;

（五）投资者参股上市公司的，获得前述批准后向证券交易所办理股份转让确认手续、向证券登记结算机构申请办理登记过户手续，并报中国证监会备案；

（6） The listed company, after the completion of contract transfer, shall come to the Ministry of Commerce for approval certificate of foreign-invested enterprise and thereby conduct alteration registration in the administrative authorities of industry and commerce.

（六）协议转让完成后，上市公司到商务部领取外商投资企业批准证书，并凭该批准证书到工商行政管理部门办理变更登记。

Article 9 The investor, with the intention to substantially control the listed company by means of contract transfer, after having received the approval in accordance with item （1） ,item（2）, item （3） and item（4） in Article 8, shall submit the acquisition statement and the related documents to China Securities Regulatory Commission, and after the check and approval by China Securities Regulatory Commission, conduct stock transfer confirmation procedures, transact registration transfer procedure in securities registration and clearing institutions. The listed company, after completion of the above-mentioned procedures, shall conduct in accordance with item（6） of Article 8.

第九条 投资者拟通过协议转让方式构成对上市公司的实际控制，按照第八条第（一）、（二）、（三）、（四）项的程序获得批准后，向中国证监会报送上市公司收购报告书及相关文件，经中国证监会审核无异议后向证券交易所办理股份转让确认手续、向证券登记结算机构申请办理登记过户手续。完成上述手续后，按照第八条第（六）项办理。

Article 10 The investor conducting strategic investment upon the concerned listed company shall fulfill statement, announcement and other legal obligations in accordance with Securities Law of the People's Republic of China and the related provisions of China Securities Regulatory Commission.

第十条 投资者对上市公司进行战略投资，应按《证券法》和中国证监会的相关规定履行报告、公告及其他法定义务。

Article 11 The Investor, to continue strategic investment upon the listed company with itself as the shareholder, shall conduct in accordance with the means and procedures prescribed in the Measures.

第十一条 投资者对其已持有股份的上市公司继续进行战略投资的，需按本办法规定的方式和程序办理。

Article 12 The listed company or investor shall submit the following documents to the Ministry of Commerce:

第十二条 上市公司或投资者应向商务部报送以下文件：

（1） Strategic investment application （ its form is shown in Appendix 1）

（一）战略投资申请书（格式见附件1）；

（2） Strategic investment project （its form is shown in Appendix 2）

（二）战略投资方案（格式见附件2）；

（3） Introduction contract or share transfer agreement;

（三）定向发行合同或股份转让协议；

（4） Position paper of recommendation institutions （concerned with introduction） or legal letter;

（四）保荐机构意见书（涉及定向发行）或法律意见书；

（5） Commitment letter of continued shareholding by investors;

（五）投资者持续持股的承诺函；

（6） Certificate that the investor did not suffer severe penalty from domestic and abroad custody, and whether the investor suffered from otherwise penalties;

（六）投资者三年内未受到境内外监管机构重大处罚的声明，以及是否受到其他非重大处罚的说明；

（7） Registration certificate with lawful notarization and certification for the investor, identity certificate of the legal person（ or authorized representative）;

（七）经依法公证、认证的投资者的注册登记证明、法定代表人（或授权代表）身份证明；

（8） Balance sheet of the investor in recent three years with the audit of certified public accountant;

（八）经注册会计师审计的该投资者近三年来的资产负债表；

（9） The documents to be submitted in accordance with the provisions in item（1）, item （2）, item（3）, item （5）, item（6） shall receive the approval from the legal representative of the investor or the signature from its authorized representative, for the latter occasion, confirmation signed by the legal representative and related notarization and certification;

（九）上述（一）、（二）、（三）、（五）、（六）项中规定提交的文件均需经投资者法定代表人或其授权代表签署，由授权代表签署的还应提交经法定代表人签署的授权书及相应的公证、认证文件；

（10） Other documents prescribed by the Ministry of Commerce.

（十）商务部规定的其他文件。

The Chinese original version of the above-mentioned documents shall be submitted, except that the original version and the Chinese translation of the documents listed in item （7） and item （8） shall be submitted.

前款所列文件，除第七项、第八项所列文件外，必须报送中文本原件，第七项、第八项所列文件应报送原件及中文译件。

The Ministry of Commerce, within 30 days after receipt of all the above-mentioned documents, shall give the official reply, the duration of validity of which is 180 days.

商务部收到上述全部文件后应在30日内作出原则批复，原则批复有效期180日。

Article 13 Foreign company （"parent company"） in conformity with the requirement in Article 6 of the Measures may conduct strategic investment via its overseas subsidiaries （"investors"）. The investor, besides submitting the documents prescribed in Article 9 of the Measures, shall submit to the Ministry of Commerce the irrevocable commitment letter where the parent company bears joint and several liabilities on the investment of the investor.

第十三条 符合本办法第六条规定的外国公司（"母公司"）可以通过其全资拥有的境外子公司（"投资者"）进行战略投资，投资者除提交本办法第九条所列文件外，还应向商务部提交其母公司对投资者投资行为承担连带责任的不可撤销的承诺函。

Article 14 The investor, within 15 days after the receipt of the official approval by the Ministry of Commerce, shall open its foreign exchange account. The investor, after the receipt of capital in foreign exchange for strategic investment from overseas, shall, in accordance with the related provisions of foreign exchange administration, open special foreign exchange account （acquisition type） exclusively for foreign investor in the local foreign exchange bureau where the registration office for listed companies locates, and settlement and exchange of capital in the account and its cancellation procedures shall be conducted in accordance with the provisions related to foreign exchange administration.

第十四条 投资者应在商务部原则批复之日起15日内根据外商投资并购的相关规定开立外汇账户。投资者从境外汇入的用于战略投资的外汇资金，应当根据外汇管理的有关规定，到上市公司注册所在地外汇局申请开立外国投资者专用外汇账户（收购类），账户内资金的结汇及账户注销手续参照相关外汇管理规定办理。

Article 15 The investor may, by holding the approval certificate and lawful identity certificate authorized by the Ministry of Commerce concerning investment on listed companies, conduct the related procedures in securities registration and clearing institutions.

第十五条 投资者可以持商务部对该投资者对上市公司进行战略投资的批准文件和有效身份证明，向证券登记结算机构办理相关手续。

As for the non-tradable stocks held by the investor prior to its reform or the stocks held by the investor prior to the initial public offering, the securities registration and clearing institutions may ,in accordance with the application of the investor, open the securities account.

对于投资者在上市公司股权分置改革前持有的非流通股份或在上市公司首次公开发行前持有的股份，证券登记结算机构可以根据投资者申请为其开立证券账户。

The securities registration and clearing institutions shall, in accordance with the related measures, formulate the corresponding provisions.

证券登记结算机构应根据本管理办法制定相应规定。

Article 16 The investor shall, within 15 days after the capital settlement and exchange, start up its strategic investment and, within 180 days after the receipt of official approval, complete its strategic investment.

第十六条 投资者应在资金结汇之日起15日内启动战略投资行为，并在原则批复之日起180日内完成战略投资。

Should the investor fail to duly complete the strategic investment, the official approval from the authorities of examination and approval automatically ceases to be in force. The investor shall, within 45 days after the invalidation of the official approval and with the examination and approval of foreign exchange bureau, purchase and exchange the RMB to foreign currency and remit it out of China.

投资者未能在规定时间内按战略投资方案完成战略投资的，审批机关的原则批复自动失效。投资者应在原则批复失效之日起45日内，经外汇局核准后将结汇所得人民币资金购汇并汇出境外。

Article 17 After the completion of strategic investment, the listed company shall, by holding the following documents and within 10 days, come to the Ministry of Commerce to draw approval certificate for foreign investors:

第十七条 战略投资完成后，上市公司应于10日内凭以下文件到商务部领取外商投资企业批准证书：

（1） Application;

（一）申请书；

（2） Official reply from the Ministry of Commerce;

（二）商务部原则批复函；

（3） Share-holding certificate issued by securities registration and clearing institutions;

（三）证券登记结算机构出具的股份持有证明；

（4） Business license and lawful identity certificate of the listed company;

（四）上市公司营业执照和法定代表人身份证明；

（5） Articles of association of listed company.

（五）上市公司章程。

The Ministry of Commerce shall, within 5 days after the receipt of all the above-mentioned documents, promulgate approval certificate for foreign investment company and note "foreign-invested joint-stock company （ A-shares acquisition and merger） " .

商务部在收到上述全部文件之日起5日内颁发外商投资企业批准证书，加注"外商投资股份公司（A股并购）".

Where the investor has obtained 25% of a listed company and claimed the shareholding no less than 25% within 10 years, the Ministry of Commerce shall note "foreign-invested joint-stock company （no lea than 25% of A-shares acquisition and merger）" in the approval certificate issued for foreign-invested company.

如投资者取得单一上市公司25％或以上股份并承诺在10年内持续持股不低于25％，商务部在颁发的外商投资企业批准证书上加注"外商投资股份公司（A股并购25％或以上）".

Article 18 The listed company shall, within 30 days after the signature and issuing of approval certificate of foreign-invested enterprises, apply to the administrative authorities of industry and commerce for the registration for altering company type and submit the following documents:

第十八条 上市公司应自外商投资企业批准证书签发之日起30日内，向工商行政管理机关申请办理公司类型变更登记，并提交下列文件：

（1） Alteration application signed by the legal representative of the company;

（一） 公司法定代表人签署的申请变更申请书；

（2） Approval certificate for foreign-invested enterprises;

（二） 外商投资企业批准证书；

（3） Share-holding certificate issued by securities registration and clearing institutions;

（三） 证券登记结算机构出具的股份持有证明；

（4） Lawful business operation certificate for investors after approval and certification;

（四）经公证、认证的投资者的合法开业证明；

（5） Other documents to be submitted in accordance with the requirement of the State Administration of Industry and Commerce.

（五）国家工商行政管理总局规定应提交的其他文件。

Should alteration be made after examination and approval, the administrative authorities of industry and commerce shall note in the column of "enterprise type" of license of business operation "foreign-invested joint limited company （A-shares acquisition and merger）". Should the investor hold no less than 25% of its share and commit itself no less than 25% continuously within 10 years, it shall be noted "foreign-invested joint limited company（A-share acquisition and merger no less than 25%）.

经核准变更的，工商行政管理机关在营业执照企业类型栏目中加注"外商投资股份公司（A股并购）"字样，其中，投资者进行战略投资取得单一上市公司25％或以上股份并承诺在10年内持续持股不低于25%的，加注"外商投资股份公司（A股并购25％或以上）".

Article 19 The listed company shall, within 30 days after the signature and issue of business operation license for foreign-invested companies, handle related procedures in the concerned authorities of taxation, customs and foreign exchange administration. The administrative authorities of foreign exchange shall note in the foreign exchange registration certificate "foreign-invested joint limited company （ A-shares acquisition and merger）". Should the investor for strategic investment have acquired no less than 25% of the shares of the single listed company or commit itself to continue holding no less than 25% of the shares of the listed company herein, the administrative authority concerned shall note in the registration certificate of foreign exchange ""foreign-invested joint limited company （no less than 25% of A-shares acquisition and merger）".

第十九条 上市公司应自外商投资企业营业执照签发之日起30日内，到税务、海关、外汇管理等有关部门办理相关手续。外汇管理部门在所颁发的外汇登记证上加注"外商投资股份公司（A股并购）".如投资者进行战略投资取得单一上市公司25％或以上股份并承诺在10年内持续持股不低于25%的，外汇管理部门在外汇登记证上加注"外商投资股份公司（A股并购25％或以上）".

Article 20 The investor shall not transact securities treatment（ with the exception of B-shares）, except the following circumstances:

第二十条 除以下情形外，投资者不得进行证券买卖（B股除外）：

（1） A-shares held by the investor for strategic investment may be sold after the expiration of shareholding commitment;

（一）投资者进行战略投资所持上市公司A股股份，在其承诺的持股期限届满后可以出售；

（2） The investor shall, by means of offer, purchase securities concerned in accordance with the related provisions of Securities Law of the People's Republic of China, and may, within the period of offer, purchase shares sold by A-shareholders of listed company;

（二）投资者根据《证券法》相关规定须以要约方式进行收购的，在要约期间可以收购上市公司A股股东出售的股份；

（3） Non-tradable shares held by the investor before the reform hereof may be sold after the completion of non-tradable shares reform and the expiration of time limit for share selling;

（三）投资者在上市公司股权分置改革前持有的非流通股份，在股权分置改革完成且限售期满后可以出售；

（4） Shares held by the investor before the initial public offering may be sold after the expiration of time limit for share selling;

（四）投资者在上市公司首次公开发行前持有的股份，在限售期满后可以出售；

（5） Should shares held by the investor before the expiration of shareholding commitment need to be transferred for such specific reasons of bankruptcy, liquidation, mortgage, they may be transferred with the approval from the Ministry of Commerce.

（五）投资者承诺的持股期限届满前，因其破产、清算、抵押等特殊原因需转让其股份的，经商务部批准可以转让。

Article 21 Where the share reduction makes the foreign shares of the listed company less than 25%, the listed company shall, within 10 days, put in record in the Ministry of Commerce and handle such related procedures as the approval certificate of foreign-invested enterprises

第二十一条 投资者减持股份使上市公司外资股比低于25%，上市公司应在10日内向商务部备案并办理变更外商投资企业批准证书的相关手续。

Where the share reduction makes the foreign shares of the listed company less than 25% and the investor concerned is the largest single shareholder, the listed company shall, within 10 days, put in record in the examination and approval authorities and handle such related procedures as the cancellation of the approval certificate of the foreign-invested enterprises.

投资者减持股份使上市公司外资股比低于10%，且该投资者非为单一最大股东，上市公司应在10日内向审批机关备案并办理注销外商投资企业批准证书的相关手续。

Article 22 Where the share reduction makes the foreign shares of the listed company less than 25%, the listed company shall, within 30 days after the alteration of the approval certificate of foreign-invested enterprises, handle the alteration registration in such administrative authorities of industry and commerce as change the type of certificate of business operation as "foreign-invested joint limited company（A-share acquisition and merger）". The listed company shall, within 30 days of the registration alteration of license of business operation, handle the alteration registration and the administrative authorities of foreign exchange shall note in the registration certificate "foreign-invested joint limited company （A-shares acquisition and merger）.

第二十二条 投资者减持股份使上市公司外资股比低于25%，上市公司应自外商投资企业批准证书变更之日起30日内到工商行政管理机关办理变更登记，工商行政管理机关在营业执照上企业类型调整为"外商投资股份公司（A股并购）".上市公司应自营业执照变更之日起30日内到外汇管理部门办理变更外汇登记，外汇管理部门在外汇登记证上加注"外商投资股份公司（A股并购）".

Where the share reduction makes the foreign shares of the listed company less than 10% and the investor is the largest single shareholder, the listed company shall, within 30 days after the cancellation of the approval certificate of foreign-invested enterprises, handle the alteration registration in the administrative authorities of industry and commerce and the type of the enterprise shall be changed to joint limited company. The listed company shall, within 30 days after the alteration of the license of business operation, handle the cancellation procedures of foreign exchange in the administrative authorities of industry and commerce.

投资者减持股份使上市公司外资股比低于10％，且投资者非为单一最大股东，上市公司自外商投资企业批准证书注销之日起30日内到工商行政管理机关办理变更登记，企业类型变更为股份有限公司。上市公司应自营业执照变更之日起30日内到外汇管理部门办理外汇登记注销手续。

Article 23 Where the parent company, via its subsidiaries overseas, conducts strategic investment and duly complete it, the parent company shall, before the transfer of its subsidiaries overseas, notify the Ministry of Commerce, and put forward application in accordance with the Measures. The new transferee shall accord with the provision of the Measures and undertake all the rights and obligations of the parent company and its subsidiaries in the listed company, and fulfill lawful obligations to report and declare to China Securities Regulatory Commission in accordance with related laws and rules.

第二十三条 母公司通过其全资拥有的境外子公司进行战略投资并已按期完成的，母公司转让上述境外子公司前应向商务部报告，并根据本办法所列程序提出申请。新的受让方仍应符合本办法所规定的条件，承担母公司及其子公司在上市公司中的全部权利和义务，并依法履行向中国证监会报告、公告及其他法定义务。

Article 24 Where the investor, via A-shares market, transfers its shares hold in the listed company, it shall apply for foreign exchange purchase and remit in the bureau of foreign exchange where the listed company locates in accordance with the following documents:

第二十四条 投资者通过A股市场将所持上市公司股份出让的，可凭以下文件向上市公司注册所在地外汇局申请购汇汇出：

（1） Written application;

（一） 书面申请；

（2） Approval certificate authorized for settlement of exchange via the bureau of foreign exchange in special foreign exchange account（ Purchase type） for foreign investors opened for strategic investment;

（二）为战略投资目的所开立的外国投资者专用外汇账户（收购类）内资金经外汇局核准结汇的核准件；

（3） Approval documents for the alteration of the stock ownership structure of the listed company issued by the Ministry of Commerce;

（三）商务部出具的关于上市公司股权结构变更的批复文件；

（4） Certificates related to Securities exchange issued by securities broker institutions;

（四）证券经纪机构出具的有关证券交易证明文件。

Article 25 Where the investor holds less than 25% shares of the listed company, its foreign loan shall be handled in accordance with the related provisions of interior China-Affiliated Corporations.

第二十五条 投资者持股比例低于25%的上市公司，其举借外债按照境内中资企业举借外债的有关规定办理。

Article 26 Staff members in related government institution shall devote themselves to their duties, fulfill their duties in accordance with the related laws, shall not abuse their power to seek improper interest, and shall fulfill the confidential obligation on their acquainted business secret. 

第二十六条 相关政府机构工作人员必须忠于职守、依法履行职责，不得利用职务便利牟取不正当利益，并对知悉的商业秘密负有保密义务。

Article 27 Strategic investment by the investors from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan shall be handled in accordance with the Measures.

第二十七条 香港特别行政区、澳门特别行政区、台湾地区的投资者进行战略投资，参照本办法办理。

Article 28 The Measures enter into effect as of 30 days after its promulgation.

第二十八条 本办法自发布之日起30日后施行。

Appendix 1:Strategic investment application

附件1：战略投资申请书

（1） Name of the investor

一、投资者名称

（2） Name of the objective listed company

二、目标上市公司名称

（3） Intention of investment

三、投资意向

（Signature of the investor and its authorized representative）

（ 投资者及授权代表签章）

date

年月日

Appendix 2:Strategic investment project

附件2：战略投资方案

（1） Name of the investor and its self-introduction （where its parent company undertakes strategic investment via its subsidiaries, the investor shall also submit the related documents of the parent company）

一、 投资者名称及自身情况简介（母公司通过其全资拥有的境外子公司进行战略投资的还应提供母公司的相关材料）

（2） Name of the objective listed company, scope of business , the specific means to obtain shares of the company, amount of shares to be obtained and its proportion and time limit of its strategic interest in the listed company after it obtainment

二、目标上市公司名称、经营范围，拟取得公司股份的具体方式、拟取得的股份数量及取得后占上市公司已发行股份的比例、战略投资时限

（3） Time limit for continuous shareholding

三、持续持股期限

（4） Interpretation of correlative relationship between the investor and the objective listed company

四、投资者与目标上市公司控股股东的关联关系说明

（Signature of the investor and its authorized representative）

（ 投资者及授权代表签章）

Date

年月日