Framework of Management of Regulations of the Public Offering Review Committee (PORC) of the China Securities Regulatory Commission (CSRC)

Article 4 The PORC shall be composed of the professional personnel of the CSRC and the recruited specialists and social celebrities outside the CSRC.

The ex-officio members of the PORC shall include:

Chief inspector of the CSRC,

Chief lawyer of the CSRC,

Chief accountant of the CSRC,

General manager of Shanghai Stock Exchange,

General manager of Shenzhen Stock Exchange.

Other members of the PORC shall include:

Eight experts of the state macro-control department,

Eight experts of the professional economic management department and other related departments,

Fifteen professional personnel of the CSRC,

Six experts of the stock exchanges,

Five experts of the state-owned banks,

One expert of the All-China Federation of Industry and Commerce,

Five experts of Chinese Academy of Sciences and Chinese Academy of Social Sciences,

Eight experts of the Securities Association of China, the Chinese Institute of Certified Public Accountants, the Lawyers Association of China and other relevant professional societies,

Eight securities experts,

Three university professors,

Five social celebrities.

Article 5 The members of the PORC shall meet the following conditions:

1. They shall not surpass 65 years old and shall claim the nationality of the People's Republic of China.
2. They shall be familiar with the macro-economic policies and the related laws and regulations, and have considerable knowledge of the securities business.
3. They have never assumed the posts in the listed companies or the companies intended for listing and have been engaged in other works with interest in the public offering reviews.
4. They shall adhere to the principles, pursue justice and honesty, show much devotion to their duties, and strictly conform to the state laws and regulations.

Article 6 Except the ex-officio members, other members of the PORC shall be recruited directly by the CSRC or after the CSRC conducts the consultations with the related departments and units.

Except the ex-officio members, other members of the PORC have a term of two year and are allowed to pursue a second term. However, at least 1/3 of all the members shall be new for each new term and none of the members shall have more than three consecutive terms.

Article 7 Once the members of the PORC are found in any of the following situations, they shall be dismissed by the CSRC.

1. The members concerned file the written applications for resignation.
2. The post changes within their terms render it improper for their continued recruitments as the members of the PORC.
3. They are absent from the meetings of the PORC twice without any sensible reason or for three successive times.
4. They have the serious dereliction of duties or infringe of the laws and regulations and the disciplines of public offering reviews.
5. Other situations that make them unsuitable to be the members of the PORC.

All the review charges of the PORC shall be paid by the CSRC.