(Effective Date:1992.04.04--Ineffective Date:)

CONTENTS

CHAPTER 1. GENERAL PROVISIONS CHAPTER 2. PUBLIC STATEMENTS CHAPTER 3. REPORTS OF FINANCES AND RESULTS CHAPTER 4. IMPORTANT TRANSACTIONS CHAPTER 5. TAKE-OVER AND MERGER CHAPTER 6. MATERIAL CHANGES CHAPTER 7. INTERNAL CONTROL CHAPTER 8. SHARE MATTERS CHAPTER 9. PENALTIES CHAPTER 10. SUPPLEMENTARY PROVISIONS

CHAPTER 1. GENERAL PROVISIONS

Article 1. These Measures are formulated on the basis of the Provisional Regulations of Shenzhen Municipality Concerning Joint Stock Limited Companies and the Provisional Measures of Shenzhen Municipality for Administration of the Issue and Trading of Shares (the "Provisional Measures"), in order to protect the lawful rights and interests of investors, to maintain the order of the securities market and to strengthen the supervision and control of listed companies.

Article 2. All publication of information, and all important transactions and changes that affect share price fluctuations, on the part of companies publicly issuing shares in Shenzhen or whose shares are listed in Shenzhen must be carried out in compliance with these Measures.

Article 3. The Shenzhen Special Economic Zone branch of the People's Bank of China (the "Authority in Charge"), under the direction of the People's Bank of China and the Shenzhen Municipal People's Government, shall be responsible for the supervision and control of listed companies in Shenzhen.

Article 4. The Authority in Charge shall be responsible for the confirmation of the public statements mentioned in Chapter 2 and for supervision and control of the very substantial transactions, major transactions and share transactions mentioned in Chapter 4, the take-overs and mergers mentioned in Chapter 5, the material changes mentioned in Chapter 6, the internal control mentioned in Chapter 7 and part of the share matters mentioned in Chapter 8 hereof.

Article 5. The Authority in Charge shall authorize the Shenzhen Securities Exchange (the "Exchange") to carry out routine supervision and control of listed companies in Shenzhen and to be responsible for examination of the listing announcements mentioned in these Measures and the reports of finances and results mentioned in Chapter 3 and for the supervision and control of the disclosable transactions and the transactions with connected persons mentioned in Chapter 4 and part of the share matters mentioned in Chapter 8 hereof.