Circular to: securities companies

Our Ref: No. 259 [2003] CSRC

December 15, 2003

For the purpose of standardizing the operations of securities companies, improving the corporate governance and establishing the modern enterprise system, the Provisional Code of Corporate Governance for Securities Companies, formulated by the China Securities Regulatory Commission (the CSRC), is hereby promulgated and to be implemented by all securities companies.

The China Securities Regulatory Commission

(This English version by Shenzhen Securities Information Co., Ltd. is for your reference only. In case any discrepancy exists between the Chinese and English context, the Chinese version shall prevail.)