Shares issued before a company’s public offering may not be transferred within one year after the company’s shares are listed and traded on a stock exchange. Where laws, administrative regulations, or the securities regulatory authority under the State Council provide otherwise regarding transfers by shareholders or actual controllers of listed companies, those provisions shall prevail.

Directors, supervisors, and senior management personnel shall report to the company the shares they hold in the company and any changes in those holdings. During the term of office determined upon appointment, the shares transferred by any such person in any year may not exceed 25% of the total shares of the company held by that person. Shares held by such persons may not be transferred within one year after the company’s shares are listed and traded. They may not transfer their shares within six months after leaving office. The articles of association may impose additional restrictions on such transfers.

Where shares are pledged during a statutory restricted-transfer period, the pledgee may not exercise the pledge during that period.