Key practical points:
• Covers the issuance and trading of shares, bonds, funds and other securities on exchanges and over-the-counter markets.
• Requires full, truthful disclosure; misleading statements or material omissions expose the issuer and responsible officers to liability.
• Prohibits insider trading, tipping and price manipulation, with sharply higher fines after the 2019 revision.
• Established a registration-based (rather than approval-based) system for share offerings on the STAR Market and main boards.
• Provides representative (class-style) litigation for harmed investors and strengthens the China Securities Regulatory Commission (CSRC).
Securities Law · Yalla China
中华人民共和国证券法 / Securities Law
Enacted: 1998-12-29 ✅ Effective: 2020-03-01
📝 Overview
The core law governing the issuance and trading of stocks, bonds and other securities in China, investor protection, and the prohibition of market manipulation and insider trading. The 2019 revision introduced a registration-based IPO system and greatly increased penalties for fraud.
This is general information only, not legal advice. For your specific case, consult a licensed lawyer.
📜 The law text / key provisions
💬 Practical reading
💬 This is a general reading/opinion for orientation — not the official legal text nor legal advice.
If you plan to list your company or invest in Chinese equities, note that false disclosure became very costly after 2019 and investors now have collective-litigation tools. Always act on publicly disclosed information and stay away from any trading based on inside information. General orientation, not legal advice.
📎 Official source
npc.gov.cn
🕒 Updated: 16 March 2026