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文 | 李太阳 汇业律师事务所 合伙人
Recently, Chinese legislature has revised the Company Law. This revision is intended to improve company capital system, optimize company governance, strengthen the stakeholders’ responsibility, regulate the company's operations, and safeguard and balance the interests of all stakeholders including company and its shareholders, employees, creditors and others effectively. Here we would like to outline the major changes of this revision and its implications for the businesses in China.

近日，我国立法机关通过了修改后的《公司法》。此次修改意在改善公司资本制度、优化公司治理，强化主体责任，规范公司运营，切实维护和平衡公司、股东、职工和债权人及其他利益相关者的合法权益等。下文将在介绍此次修改内容要点的基础上，简要分析其对实务的可能影响。

On December 29, 2023, Chinese legislators have adopted the overhauled Company Law ("New Company Law"), which was released on the same day. The New Company Law will come into force on 1 July 2024.

2023年12月29日，第十四届全国人民代表大会常务委员会第七次会议通过了修改后的《公司法》（以下简称“新公司法”），并于同日发布。新公司法自2024年7月1日起施行。
The current Company Law of China ("Current Company Law") was initially enacted in 1993, had been revised five times before. This revision marks the sixth time, has brought major changes to China's company law regime, and the articles have also increased from the current 218 articles in 13 Chapters into 266 articles in 15 Chapters.

我国现行《公司法》（以下简称“现行公司法”）于1993年制定，此前曾进行过五次修改。此次修改为第六次。新公司法对我国公司法制度进行了大幅的修改，法条数也由现行公司法十三章218条增加至十五章266条。

In overall terms, the New Company Law keeps the basic framework and main systems of the Current Company Law, but it has included significant changes on company capital, company governance and organizational structure, the rights and responsibilities of the shareholders, board members and senior officers (i.e., directors, supervisors, and senior officers, the same below), and creditors. We will outline some of the most important changes and the possible impact on practice here.

总体而言，新公司法虽然延续了现行公司法的基本框架和主要制度，但是其对我国公司资本制度，公司治理机制和组织机构，股东及董监高（即董事、监事、高级管理人员，下文同。）及债权人各主体的权责等均作了大幅修改。我们将摘取其中最为重要的修改内容予以介绍，并就其对实务的影响进行评析。

(1) Revisions on company capital

公司资本制度相关的修改

① The capital contribution term of LLC is shortened to 5 years

完善了有限公司注册资本认缴登记制度

The New Company Law has significantly shortened the contribution or payment term of subscribed capital in limited liability company (LLC). According to the Current Company Law, the term for the payment of subscribed capital in principle is freely determined and prescribed by the articles of association (AoA) of LLC, and no special restriction in place by Current Company Law. This laissez-faire approach also led to serious problems like over-subscription or undercapitalization of companies in China, namely companies registered a higher capital (subscribed capital) but with little or even no capital paid-in, and the company's registered capital could not truthfully reflect the company's credit status. In order to solve these problems, the New Company Law clearly stipulates that the term of capital contribution by shareholders of a LLC shall not exceed five years since the day of its establishment(Art.47).

新公司法大幅压缩了有限公司出资的缴纳期限。按照现行公司法，认缴出资的缴纳期限一般可由公司章程自由约定，法律并无特别限制。这也导致实践中出现了公司认缴出资与实缴出资严重不符的情形，公司的注册资本难以如实反映公司资信情况等问题。为了解决这些问题，新公司法明确规定，有限公司股东出资期限不得超过五年（47条）。
With respect to the handling of the currently registered or established companies before the entry into force of the New Company Law with a longer capital contribution term exceeding 5 years, the New Company Law authorizes the State Council to formulate specific implementation rules to set up a transition period for such companies to gradually adjust its capital contribution term in line with the time limit specified in the New Company Law. 

对于出资期限超过上述五年期限规定的现存公司该如何处理，新公司法授权国务院制定具体办法，对新法施行前已登记设立且出资期限超过该法规定期限的公司设置过渡期，要求其将出资期限逐步调整至本法规定的期限以内。

In addition, the company registration authority (i.e., the State Administration for Market Regulation and its subordinate market supervision departments at all levels, SAMR) may also require the companies, with evidently unusual amount of registered capital, e.g., subscribing an extraordinarily high amount of capital, registering an astronomical amount of capital, etc., to adjust the amount of its registered capital, as stated in the New Company Law. And the State Council is authorized to formulate detailed implementation rules. (Art.266)

此外，对于出资数额明显异常（如认缴出资过高、巨额出资等）公司的处理，按照新公司法规定，公司登记机关（即国家市监总局及其下属的各级市场监管部门）可以要求其调整，具体由国务院制定实施办法予以规定。（266条）
SAMR recently stated that it will introduce policies and rules to simplify and streamline the capital reduction procedures such that guide companies to revise their AoA, adjust the payment term and amount of the registered capital reasonably. It is reported that SAMR has already begun the drafting and formulation of such implementation rules.

国家市监总局日前表示，下一步将通过有针对性地出台政策措施，简化优化减资、文书等办理手续，引导存量公司修改章程合理调整出资期限、出资数额，稳妥审慎推进相关工作。据了解，国家市监总局也开始着手具体办法制定的相关工作。
② Capital could be contributed via equity or creditor’s right明确了可以股权和债权出资Capital contributions may be made either in cash or in kind in accordance with the Current Company Law. Generally, the Current Company Law recognizes in-kind contributions in the following forms such as buildings, equipment, technology, intellectual property rights, land use rights, etc. The New Company Law further clarifies that capital could also be contributed by means of equity and creditor’s right (Art.48), by upgrading the well tested regulations or policies and practice into law.

现行公司法所规定的可出资财产范围，包括货币、实物、知识产权、土地使用权等。在此基础上，新公司法进一步明确，股权、债权也可以作价出资（第48条），将此前经过实践检验的下位法规、政策的规定、做法升格为法律。
③ The capital system of joint-stock companies is revamped改革股份公司资本制度For joint-stock companies, the New Company Law introduced the authorized capital system, which allows the AoA or the shareholders' meeting to authorize the board of directors(BoD) to issue shares (Art.95, 97, 152 to 153), and requires the promoters to pay up their shares in full before the company is established (Art.98). The New Company Law enables the AoA of a company to determine whether shareholders have a right of pre-emptive subscription in the event of a capital increase or new share issuance. Unless otherwise provided in the AoA, incumbent shareholders do not necessarily have the right of pre-emptive subscription when a joint-stock company increases its capital or issues new shares (Art.227).

对于股份公司，新公司法引入授权资本制，允许公司章程或者股东会授权董事会发行股份（95条、97条、152条至153条），并要求发起人在公司成立前全额缴足股款（98条）。对于增资扩股时股东是否有权优先认购权，新公司法赋予公司章程自主决定权。除公司章程另有规定外，股份有限公司增资发行新股时，股东并不必然享有优先认购权（227条）。
The restriction on the promoter’s transfer of shares in Art.141 of the Current Company Law ("the shares of the Company held by the promoter shall not be transferred within one year from the date of incorporation of the company") has been removed. At the same time, the New Company Law introduces the different classes of shares in light of practical needs. According to its provisions, a joint-stock company may issue preferred shares, subordinate, shares with special voting rights, transfer restricted shares and other types of shares. The shares of a joint-stock company may be par shares or no-par shares, and may be converted via the provisions of the AoA. (Art.95, 142 to 146)

现行公司法第141条中所规定的发起人股份转让限制（“发起人持有的本公司股份，自公司成立之日起一年内不得转让”）被删除。同时，新公司法结合实践需要，引入了类别股制度。按其规定，股份公司可以发行优先股和劣后股、特殊表决权股、转让受限股等类别股。股份公司股份，可采用面额股或者无面额股，并可通过章程的规定进行转换。（95条、142条至146条）
The above new provisions will make the capital increase or new share issuance of joint-stock company more easy, facilitate the company to raise funds flexibly by meeting the diversified needs of different investors. For example, for financial investors who focus on short-term returns and easy exit, they may choose shares that have a right to preferential distribution or preferential transfer, while for the founders of the company, in order to avoid equity dilution due to the introduction of new investors, they may retain more voting rights by the different arrangements of class shares like super-voting shares.

上述规定，将有利于股份公司增资扩股，便于公司灵活筹募资金，满足不同投资人的多元需求。如对于关注较短期限投资回报、重视退出的财务投资人，可要求有权优先分配或优先转让的股份，而对于公司创始股东，为了避免因引入投资者致使股权稀释则可以通过类别股的不同安排保留更多表决权等。
④ Shareholders’ capital contribution obligation is tightened严格了股东出资责任The New Company Law has tightened the shareholders’ obligation to capital contributions in several aspects, such as adding the obligation of the company, BoD and directors to urge shareholders' capital contributions (Art.51), the forfeiture of shareholder rights in case of failure to pay capital contributions on time (Art.52), the supervision obligations of board members and senior officers to have shareholders to maintain their capital contributions (not to withdraw capital after contributions) (Art.53), accelerating the maturity of shareholders' subscribed capital contributions (Art.54), and stipulating the capital contribution liability of both transferor and transferee for the equity that has been subscribed but its contribution has not yet due in the event of share transfer(Art.88).

新公司法从多个方面严格了股东的出资义务，如增加了公司、董事会及董事对股东出资的催缴义务（51条），股东未按期缴纳出资的失权制度（52条），董监高对股东维持出资（不得抽逃出资）的监督义务（53条），股东认缴出资加速到期制度（54条），规定股权转让后转让人、受让人对已认缴但未届出资期限股权的出资责任（88条）等。
Shareholder's failure to pay the capital contribution on time, according to the provisions of the New Company Law, the company shall issue a written payment reminder to the shareholder, which may specify a grace period (not less than 60 days after the date of the issuance of the reminder). If the shareholder has not paid the capital contribution in full before the expiry of the grace period, the company may, by resolution of BoD, issue a notice of forfeiture of shareholder rights to the shareholder, then the shareholder loses the equity of the unpaid capital from the date of issuance of such notice. For the target equity, the company may dispose of it through share transfer, capital reduction, or have other shareholders pay in full according to the proportion of capital contribution. At the same time, if the shareholders have any objection to the forfeiture of shareholder rights, they could file a lawsuit with the court to seek relief.

如对于股东未按期缴纳出资的失权制度，根据新公司法规定，股东未按约定缴纳出资的，公司向股东发出书面催缴书，可载明宽限期（不少于催缴书发出日后的60日）。宽限期满，股东仍未缴纳出资的，公司经董事会决议可向股东发出失权通知，自通知发出日起，股东丧失未缴纳出资的股权。对于该部分对应的股权，公司可通过股权转让予以处理、通过减资予以注销或有其他股东按出资比例足额缴纳。同时，股东对于失权有异议的，可向法院提起诉讼寻求救济。
⑤ New information disclosure requirements on shareholders' capital contributions and changes新增股东出资及变动信息公示义务
The New Company Law requires companies to disclose the information on shareholders' capital contributions(Art.40, Art.224). According to its provisions, the amount of capital subscribed and paid-in by shareholders of a LLC, the method and the date of capital contribution, the number of shares subscribed by the promoter of a joint-stock company, as well as the changes in capital contribution or shares, etc., shall be disclosed through the National Enterprise Credit Information Publicity System. This will make it more convenient for creditors and other third parties to understand and confirm the actual payment of the company's shareholder contributions.

新公司法新增了公司对其股东出资信息的公示义务（40条、224条）。按其规定，有限公司股东认缴和实缴的出资额、出资方式和出资日期，股份有限公司发起人认购的股份数，以及出资或股份变动情况等，均应通过国家企业信用信息公示系统进行公示。这将为债权人等第三方了解、确认公司股东出资实缴情况提供便利。

⑥ The capital reduction is improved完善了减资制度The New Company Law added the simplified capital reduction procedure (Art.225). Under the Current Company Law, a company can only use discretionary reserve fund or statutory reserve fund to make up for the company's losses, while the New Company Law further allows company to use capital reserve fund to make up for losses (Art.214). If there are still losses after making up for losses through all the above methods, the company can make up for the losses by means of simplified capital reduction, but it shall neither distribute any amount to shareholders through this simple capital reduction, nor shall it exempt shareholders from the obligation to pay capital contributions or shares. In addition, while the simplified capital reduction is applied, the disclosure procedure must also be performed accordingly.

新公司法规定了简易减资制度（225条）。在现行公司法上，公司仅可用任意公积金、法定公积金弥补公司亏损，而新公司法进一步允许公司使用资本公积金弥补亏损（214条）。如果按前述方法弥补亏损后仍有亏损的，公司还可通过简易减资的方式弥补亏损，但不得通过简易减资向股东分配，也不得以此来免除股东缴纳出资或者股款的义务。同时，适用简易减资时，也需履行相应的公示程序。

In addition, the New Companies Law recognizes non-proportional capital reduction (Art.224). According to its provisions, the company's capital reduction shall, in principle, be reduced in proportion equal to the proportion of capital contribution, but the capital reduction may be conducted in a non-proportional manner if the law provides otherwise, all shareholders of a LLC agree otherwise, or the AoA of the joint-stock company provide otherwise. In practice, non-proportional capital reduction is an important exit method for financial investors or shareholders who want to withdraw, and the New Company Law formally included it.

此外，新公司法认可了非等比减资（224条）。按其规定，公司减资原则上应按出资比例等比例减资，但是在法律另有规定、有限公司全体股东另有约定或者股份公司章程另有规定的，则可以非等比减资。在实践中，非等比减资是财务投资者或者公司股东退出公司的一个重要途径，新公司法正式将其纳入其中。(2) Revisions on company governance

公司治理相关的修改

① BoD’s power and role is expanded in contrast to the weaker role shareholders’ meeting扩充董事会权限，相对弱化股东会的经营决策权The New Company Law expands the power and the role of BoD of a company, and sidelined the decision-making function of shareholders' meeting concerning the company's business operation matters. This is thought indicates that China's company governance regime has begun to shift away from the long-held shareholders' meeting-centered approach focusing on the maximization of shareholders' interests, to a BoD-centered approach emphasizing on the company's own interests.

新公司法扩充了公司董事会的权限，并实质上弱化了股东会对公司经营的决策权。有意见认为，这标志着中国公司治理模式，已脱离了以往侧重股东利益导向的股东会中心主义，正逐渐演变成以公司自身利益最大化为导向的董事会中心主义。
Art.67 of the New Company Law deleted the wording "the board of directors is responsible to the shareholders' meeting" in the Current Company Law. This is consistent with the Civil Code of China (Art.81). At the same time, by retaining the current functions and powers of BoD (including the statutory powers, and powers stipulated in AoA) in place, the New Company Law also greatly enhanced the power of BoD in the company governance, stipulating that the shareholders' meeting may authorize BoD to issue corporate bonds as well as to exercise more other functions and powers (Art.59 and 67).新公司法67条删除了现行公司法中“董事会对股东会负责”的字样。这与民法典的规定是一致的。同时，在保留现行公司法对董事会职权进行列举方式的基础上，新公司法还规定，股东会可授权董事会发行公司债券及其他其他职权（59条、67条），大幅增强了董事会的公司治理权限。
At the same time, the New Company Law (Art.59) decreased the functions and powers of shareholders’ meeting by deleting the phrase "deciding on the company's business strategy and investment plan," "reviewing and approving the company's annual financial budget plan and final account plan" under the Current Company Law (Art.37). Those decision-making powers concerning companies’ business operation were actually transferred from the shareholders' meeting to BoD, and the position of BoD in the company's operation and management is further strengthened.

与此同时，新公司法（59条）删除了现行公司法（37条）下属于股东会行使的“决定公司经营方针和投资计划”“审议批准公司的年度财务预算方案、决算方案”的职权。这实际上将公司此部分经营决策的职权从股东会转移到了董事会，加强了董事会在公司经营管理中的地位。
The New Company Law also harmonized the requirements for BoD composition of both joint-stock companies and LLC. According to the Current Company Law (Art.44, Art.108), the number of directors in a LLC is between 3 and 13, and that of a joint-stock company is 5 to 19. However, the New Company Law unifies it to more than 3 members (Art.68, Art.120), and no upper limit on the number of BoD members is prescribed. This leaves a greater leeway for company's shareholders to decide in their AoA.

新公司法还统一了股份公司和有限公司的董事会构成人数的要求。根据现行公司法（44条、108条）的规定，有限公司的董事人数为3～13人，股份公司为5～19人。而新公司法将其统一为3人以上（68条、120条），并未规定董事会构成人数的上限。这就赋予了公司股东更大的自主决定权。
In addition, the New Company Law adds the quorum for BoD meetings and voting requirement of LLC, that is, BoD meeting of a LLC shall be held only if more than half of the directors are present, and a BoD resolution shall only be passed by a majority of all directors (Art.73). These requirements are the same as that of a joint-stock company (Art.124 of the New Company Law, Art.111 of the Current Company Law).

除此之外，新公司法新增了有限公司董事会的最低出席人数及决议的要求，即有限公司的董事会会议应当有过半数的董事出席方可举行，董事会作出决议应当经全体董事的过半数通过（73条）。该要求和股份有限公司也是一致的（新公司法124条、现行公司法111条）。
The New Company Law also changes the name of "general meeting of shareholders" of joint-stock company under the Current Company Law to "shareholders' meeting" (Art.111, etc.), and abolishes the wording of "executive director" of LLC under the Current Company Law (Art.10, Art.63, etc.).

新公司法还改变了现行公司法上股份公司“股东大会”的称谓，将其统一成“股东会”（111条等），取消了现行公司法上有限公司“执行董事”相关的表述（10条、63条等）等。
② One-tier corporate system is introduced while the supervisors (boards) is sidelined

引入单层公司治理模式，弱化监事（会）职能

Generally speaking, the company governance systems can be roughly divided into two types: one-tier system and two-tier system. In one-tier system, a company only has a BoD and no board of supervisors (BoS), while in two-tier system a company has both BoD and BoS (or supervisor) at the same time. China's Current Company Law adopts the two-tier system.

一般而言，世界各国的公司治理模式大体可分为单层制、双层制两种。单层制即公司只设有董事会而没有监事会；双层制，则是公司同时设立董事会和监事会。中国现行公司法采用了双层制。
The New Company Law introduces one-tier system as an alternative for company governance. In accordance with Art.68, Art.121 of the New Company Law, a LLC or a joint-stock company is allowed to have only a BoD without a BoS, and such company only has a BoD shall put an audit committee in place within BoD to exercise the functions and powers of BoS. This a major change to China's current company governance system.

新公司法引入了单层治理模式，为中国的公司治理提供了替代选择。根据新公司法第68条、第121条规定，允许有限公司和股份公司只设董事会、不设监事会，公司只设董事会的，应当在董事会中设置审计委员会行使监事会职权。这对我国现行公司治理模式作出了重大修改。
At the same time, Art.121 and Art.137 of the New Company Law also specifically prescribed on the deliberation methods and voting procedures of the audit committee of BoD of both joint-stock companies and listed companies.

同时，新公司法第121条、137条对股份公司董事会审计委员会、上市公司董事会审计委员会的议事方式和表决程序也作了具体规定。

③ The organization of the small company is simplified

简化公司组织机构设置

The New Company Law simplified the requirements on organization for companies with a smaller scale or fewer shareholders. For example, for a LLC with a smaller scale or fewer shareholders, there may be only one director and one supervisor, need no BoD and BoS (Art.75), or even the supervisor is not needed in case a unanimous consent of all shareholders is reached(Art.83).

新公司法简化了规模较小公司或人数较少公司的组织机构设置要求。如对于规模较小或者股东人数较少的有限公司，可以不设董事会，设一名董事，不设监事会，设一名监事（75条）或者在经全体股东一致同意的情况下，也可以不设监事（83条）。

With regard to joint-stock companies with a smaller scale or fewer shareholders, the New Company Law also simplified the requirements for the establishment of BoD and BoS, that is only one director (who can also serve as company managers) and one supervisor (Art.128 and 133) is required.

同时，对于规模较小或者股东人数较少的股份公司，新公司法也简化了对董事会、监事会的设置要求，可仅仅设立董事（可兼任公司经理）、监事（128条、133条）。
④ Company management with the employees’ participation is emphasized

强化职工参与公司民主管理

The New Company Law also emphasized the requirements for the democratic management of companies with the employees’ representation or participation, requiring companies to implement democratic management by means of employees' representative congress or taking other forms, to seek the opinions of employees when making major business decisions such as company restructuring, dissolution, and bankruptcy application (Art.17). Companies are also required to assume social responsibilities, and take into full consideration the interests of its employees, consumers and other stakeholders, as well as the protection of ecological environment and other public interests in daily business operations (Art.20).

新公司法还强化了对公司民主管理的要求，要求公司通过职工代表大会或其他形式实行民主管理，公司改制、解散、申请破产等重大经营决策应听取职工意见和建议（17条），在日常经营中承担社会责任，考虑公司职工、消费者等利益相关者利益和生态环境保护等公共利益（20条）。
At the same time, the New Company Law stipulates that a company with more than 300 employees shall have employee representatives on BoD, except for those that already have employee representatives on BoS in accordance with the law. Employee representatives shall be democratically elected by the employees' representative congress, the employees' congress or through other forms (Art.68). Employee representatives on BoD of a company may become members of the audit committee (Art.69).

同时，新公司法规定职工人数三百人以上的公司，除依法设监事会并有公司职工代表的外，其董事会成员中应当有公司职工代表。职工代表由职工代表大会、职工大会或其他形式民主选举产生（68条）。公司董事会成员中的职工代表可以成为审计委员会成员（69条）。

⑤ The legal representative system is improved完善了公司法定代表人制度According to the Current Company Law, the legal representative of a company can only be the chairperson of BoD, executive director or general manager of the company. The New Company Law has modernized the provision such that either director or general manager who execute the company affairs may serve as the legal representative of the company (Art.10).

根据现行公司法规定，公司法定代表人仅可由公司董事长、执行董事或者总经理担任。新公司法对此作了调整，执行公司事务的董事、经理均可担任公司法定代表人（10条）。
At the same time, the New Company Law also clarified the liability of the legal representative during the performance of his duties. According to its provisions, the consequences of the actions of the legal representative shall be borne by the company in principle. At the same time, restrictions on the powers of a company’s legal representative by the company's AoA or shareholders' meeting shall not be enforceable against bona fide third parties. If the legal representative causes damage to others while performing his duties, the company shall bear the civil liability. After assuming liability, the company may seek indemnification from the legal representative if he or she is at fault (Art.11).

同时，新公司法还规定了法定代表人执行职务时的责任承担问题。根据其规定，法定代表人行为的后果原则上由公司承受。同时，公司章程或者股东会对法定代表人职权的限制，不得对抗善意第三人。法定代表人执行职务致使他人损害的，由公司承担民事责任。法定代表人有过错的，公司承担责任后可向法定代表人追偿（11条）。

(3) Revisions on the liabilities of the controller, board members and senior officers 

控股股东及董监高责任相关的修改

① The duties of board members and senior officers is clarified

明确了董监高的忠实义务和勤勉义务

The New Company Law legally clarified the definition of the duty of loyalty and diligence assumed by board members and senior officers to the company. The duty of loyalty means that board members and senior officers should take measures to avoid conflicts between their own interests and those of the company, and shall not abuse their powers to seek improper benefits. While the duty of diligence means that board members and senior officers should exercise reasonable care, a manager should usually have, in the best interests of the company (Art.180).新公司法在法律上明确了董监高对公司负有的忠实义务、勤勉义务的内涵。忠实义务是指，董监高应当采取措施避免自身利益与公司利益冲突，不得利用职权牟取不正当利益；勤勉义务是指，董监高执行职务应当为公司的最大利益尽到管理者通常应有的合理注意（第180条）。
At the same time, the New Company Law strengthened the regulation against related party transactions and conflicts of interest between board members or senior officers and the company, by adding the reporting obligations for related party transactions and conflicts of interest, as well as rules for recusal from voting, etc. (Art.182 to 187)同时，新公司法加强了对董监高与公司的关联交易、利益冲突等的规范，增加了关联交易、利益冲突等的报告义务和表决回避等规则（182条至187条）。
The New Company Law also clearly prescribes that BoS in LLC may require directors and senior officers to submit reports to it on the performance of their duties (Art.80). This has strengthened the supervision of the BoS over the company's directors and senior officers.

新公司法还明确规定，有限公司监事会可以要求董事、高级管理人员提交执行职务的报告（80条）。这在很大程度上强化了监事会对公司董事、高级管理人员的监督和制衡。
② The indemnity liability of board members and senior officers is expanded扩大了董监高的赔偿责任The New Company Law extended the responsibilities of board members and senior officers to maintain the company's capital adequacy. According to Art.51, BoD is liable to verify the capital contribution of shareholders and send a written reminder to the shareholders who failed to make capital contributions in full on time. In the event BoD fails to fulfill such liability and causes damages to the company, the responsible directors shall be liable for compensation. At the same time, where the board members and senior officers are liable for the unlawful withdrawal of capital contributions by the shareholders, the board members and senior officers shall be jointly and severally liable with the shareholders for compensation (Art.53).

新公司法强化了董监高维护公司资本充实的责任。根据第51条，董事会应对股东出资情况进行核查、在股东未按期足额出资时发送书面催缴书。如果董事会未履行上述义务，给公司造成损失，负有责任的董事应承担赔偿责任。同时，董监高对股东抽逃出资负有责任的，董监高应与股东承担连带赔偿责任（53条）。
In addition, if a director or senior officer causes damages to others with intent or gross negligence during his or her performance of duties, the director or senior officer shall also be liable for compensation personally (Art.191).

此外，董事、高级管理人员执行职务存在故意或者重大过失，给他人造成损害的，董事、高级管理人员个人还应当承担赔偿责任（191条）。
③ The regulation against controlling shareholders and actual controllers is enhanced

强化了对于控股股东和实际控制人的规制

According to the provisions of the New Company Law, even the controlling shareholder or actual controller of a company does not serve as a director of the company but actually executes the company's affairs, such controlling shareholder or actual controller shall still owe a duty of loyalty and diligence to the company(Art.180). At the same time, if the controlling shareholder or actual controller of the company instructs the directors or senior officers to engage in acts harming the interests of the company or shareholders, it shall be jointly and severally liable with the directors or senior officers (Art.192).

根据新公司法的规定，公司的控股股东、实际控制人不担任公司董事但实际执行公司事务的，对公司负有忠实义务和勤勉义务（180条）。同时，公司的控股股东、实际控制人指示董事、高级管理人员从事损害公司或者股东利益的行为的，与该董事、高级管理人员承担连带责任（192条）。

④ The director liability insurance is introduced

导入董事责任保险制度

The New Company Law not only enhanced the liability of directors, but also introduces directors liability insurance for directors. According to the provisions of the New Company Law, a company may purchase or renew liability insurance for the liability of directors in the performance of their duties during their tenure of office, and in addition, BoD shall report the information on the insured amount, coverage, and premium rate of the liability insurance to shareholders' meeting (Art.193).

新公司法在严格董事责任的同时，也导入了董事责任保险制度。根据新公司法的规定，公司可以在董事任职期间为董事因执行公司职务承担的赔偿责任投保责任保险，同时，董事会应当向股东会报告责任保险的投保金额、承保范围及保险费率等内容（193条）。

From a practical point of view, more and more listed companies has been purchasing director and officer (D&O) liability insurance for their directors or senior officers to reduce the liability risk of the management during the performance of their duties. At the same time, this is beneficial to ensuring and encouraging directors, and senior officers to proactively execute their duties in the company.

结合实践来看，越来越多的上市公司为经营层投保董监高责任保险，以降低公司经营层执行职务中的责任风险。同时，这也有利于保障、鼓励董监高积极执行公司职务。
(4) Revisions concerning the protection of minority shareholders' rights

加强小股东权利保护相关的修改

The New Company Law strengthened the protection of minority shareholders in the following aspects:

新公司法从以下几个方面强化了对公司中小股东尤其是小股东利益的保护：

① Shareholders' right to know/view is strengthened

强化股东知情权

The New Company Law widened shareholders' access to company’s accounting materials, allowing shareholders of LLC and eligible shareholders of joint-stock companies (i.e., shareholders who hold more than 3% of the company's shares individually or collectively for more than 180 consecutive days) to review accounting books and accounting vouchers, as well as to review and copy relevant materials of wholly-owned subsidiaries of the company. Shareholders can either review it in person or engage an intermediary agency such as accounting firm or law firm to do so (Art.57 and 110). This will be helpful for safeguarding the rights of minority shareholders, while also forming supervision and constraints on controlling shareholders and the company's management.

新公司法扩大股东查阅材料的范围，允许有限公司股东、股份公司符合条件的股东（即连续180日以上单独或者合计持有公司3%以上股份的股东）查阅会计账簿和会计凭证，以及查阅、复制全资子公司相关材料。股东既可亲自查阅，也可委托会计师事务所、律师事务所等中介机构进行（57条、110条）。这将有利于保障小股东的权利，同时也会对控股股东及公司经营层形成监督、制约。
② The rights to submit proposal of minority shareholders is improved完善股份公司小股东临时提案权The New Company Law lowered the shareholding ratio requirement for the right to submit interim proposals, from the current "shareholders who individually or collectively hold more than 3% of the company's shares" to "shareholders who individually or collectively hold more than 1% of the company's shares" (Art.115). This change may help improving shareholders' right to submit interim proposals and strengthening shareholders' participation in company governance.

新公司法降低了临时提案权的股权比例要求，由现行公司法上的“单独或者合计持有公司3%以上股份的股东”降低为“单独或者合计持有公司1%以上股份的股东” （115条）。该规定有利于完善股东临时提案权，强化股东民主参与公司治理。
③ The remedies against shareholders oppression is extended

增加了控股股东压制的救济措施等

Where controlling shareholder of a company abuses its shareholder rights, commit any shareholder oppression such that the interests of the company or of other shareholders are seriously harmed, the New Company Law included the remedy enabling other non-controlling or minority shareholders to request the company to acquire their equity at a reasonable price (Art.89), in addition to the remedy prescribed in the Art.74 of the Current Company Law (i.e., the right of dissenting shareholders in a LLC to request equity buyback).

对于公司的控股股东滥用股东权利、压制其他股东等，严重损害公司或者其他股东利益的，新公司法在现行公司法74条规定（即有限公司异议股东的回购请求权）的基础上，补充规定了受压制股东的救济，即其他中、小股东有权请求公司按照合理的价格收购其股权（89条）。

At the same time, the New Company Law has introduced the right of dissenting shareholders of joint-stock companies to request the company to purchase its shares at a reasonable price (Art.161) by modelling on the provisions of Art.74 (the right of dissenting shareholders in a LLC to request equity buyback) of the Current Company Law.

同时，新公司法还参考现行公司法上（74条）对有限公司异议股东的回购请求权的规定，增加了股份公司异议股东的收购请求权（161条）。

In accordance with the New Company Law, under any of the following circumstances, a dissenting shareholder in a non-public joint-stock company who votes against the resolution of the shareholders' meeting, may also require the company to purchase its shares at a reasonable price:

根据新公司法规定，非公开发行股份的股份公司存在下述情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股份：

a)the company has not distributed any profit to the shareholder for 5 consecutive years, though the company has made profits for five consecutive years and meets the profit distribution requirements as prescribed in this Law;

公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分配利润条件；

b)the company has transferred its main property; or

公司转让主要财产；

c)the business operation term as prescribed in the AoA expires or any other cause for dissolution as prescribed in the AoA occurs, and the shareholders' meeting makes the company continue existing by adopting a resolution to modify the AoA. 

公司章程规定的营业期限届满或者章程规定的其他解散事由出现，股东会通过决议修改章程使公司存续。

Where such dissenting shareholder in a non-public joint-stock company fails to reach a share purchase agreement with the company within 60 days as of the day when the resolution is made by the shareholders' meeting, it may file a lawsuit in court within 90 days as of the day when the resolution is made by the shareholders' meeting. After the company purchased the shares, shall either transfer or deregister such shares according to law within 6 months.

自股东会决议作出之日起60日内，股东与公司不能达成股份收购协议的，股东可以自股东会决议作出之日起90日内向人民法院提起诉讼。公司收购股份后，应在6个月内依法转让或注销。

④ The application of the shareholder derivative actions is expanded扩大了股东代表诉讼的范围On the basis of shareholder derivative actions under the Current Company Law (Art.151), the New Company Law added shareholders derivative action against the board members and senior officers of the company's wholly-owned subsidiaries (Art.189).

在现行公司法（151条）规定的股东代表诉讼的基础上，新公司法增加了股东对公司全资子公司董监高等提起代表诉讼（189条）。
According to the provisions of the New Company Law, if the board members and senior officers of a company violate the provisions of laws, administrative regulations or the AoA of the company during the performance of their duties, causing damages to the company, the shareholders (i.e., shareholders of a LLC, and shareholders of a joint-stock company who hold more than 1% of the company's shares individually or collectively for more than 180 consecutive days) may file a derivative action. If the board members and senior officers of the subsidiary harms the interests of the company's subsidiaries with the above-mentioned circumstances, the shareholders of the above-mentioned companies may also file a derivative lawsuit.

根据新公司法的规定，公司的董监高执行职务违反法律、行政法规或者公司章程的规定，给公司造成损失的，股东（即有限公司的股东、股份公司连续180日以上单独或者合计持有公司1%以上股份的股东）可以提起代表诉讼。在子公司董监高存在上述情形侵害公司子公司利益的，上述公司股东也可以提起代表诉讼。

(5) Revisions on company establishment and deregistration

公司设立、退出制度相关的修改

① A new chapter on company registration is added

新增公司登记章节

A special chapter on Company Registration has been added into the New Company Law, which clarifies the matters and procedures for the establishment, alteration, and deregistration of companies, as well as the companies’ information disclosure (Art.29 to 41).

新公司法增设“公司登记”专章，对公司设立登记、变更登记、注销登记以及公司信息公示等事项和程序作了明确（29条至41条）。

Furthermore, based on the previous digitalization of company registration procedures, the New Company Law retroactively ratified the same legal effectiveness of electronic business licenses as the hardcopy business licenses, the legal effect of issuing announcements through the National Enterprise Credit Information Publicity System, and remote meeting and voting through electronic methods.

同时，结合此前已开展的公司登记信息化建设的成果，新公司法确认了电子营业执照、通过国家企业信用信息公示系统发布公告、采用电子通信方式召开会议和表决的法律效力。

② The deregistration process of companies is streamlined

优化公司注销流程

The New Company Law streamlined the liquidation rules of companies, clearly prescribes that directors shall act as the liquidators, and clarifies their liquidation responsibilities (Art.232), and added simple and compulsory deregistration systems (Art.240 and 241) to facilitate the company's market exit.

新公司法完善了公司清算制度，明确规定董事为清算义务人，规定了其清算责任（232条），并增加简易注销和强制注销制度（240条、241条），方便公司退出。

In order to provide guidance to the deregistration of companies, SAMR and other departments have recently jointly released the revised Guidelines for Enterprise Deregistration (Revised in 2023), which provides a comprehensive guidance on the deregistration procedures and processes of enterprises.

为了指导公司注销，国家市监总局等部门最近修改并重新发布了《企业注销指引（2023年修订）》，为企业注销手续、流程等提供了较为全面的指引。

(6) State-invested companies related revisions

国家出资公司相关的修改

① the chapter on the organization structure of State-invested companies is added

增设专章就国有出资公司的机构设置作出规定

In addition, the New Company Law also makes revisions on the rules of state-invested companies (Art.168 to 177), and expanded the scope of its application from wholly state-owned LLC under the Current Company Law to all state-invested companies including both wholly state-owned LLC or joint-stock companies, as well as LLC or joint-stock companies controlled by state-owned capital.

此外，新公司法还对国家出资公司制度作了专门规定（168条至177条），并将其适用范围由现行公司法上的国有独资有限公司，扩大到所有国有出资公司，其中既包括国有独资的有限公司或者股份公司，也包括国有资本控股的有限公司或者股份公司。
For wholly state-owned companies, there is no need to set up shareholders' meeting in accordance with the New Company Law, and the power of the shareholders' meeting is exercised by the institution that performs the contributors’ duties (national or local SASAC, i.e., State-owned Assets Supervision and Administration Commission, etc.). The institution that performs the contributor's duties may authorize BoD to exercise some of the functions and powers of the shareholders' meeting, provided that the formulation and modification of AoA, merger, division, dissolution, application for bankruptcy, increase or reduction of registered capital, and distribution of profits of the company shall be determined by the agency that performs the contributor's duties (Art.172). 

对于国有独资公司，按照规定，不设立股东会，由履行出资人职责的机构（国家或地方的国资委等）行使股东会职权。同时，履行出资人职责的机构可以授权公司董事会行使股东会的部分职权，但公司章程的制定和修改，公司的合并、分立、解散、申请破产，增加或者减少注册资本，分配利润，应当由履行出资人职责的机构决定（172条）。
The New Company Law added requirements on BoD composition (with a majority of outside directors) and the establishment of audit committees in wholly state-owned companies (Art.173, Art.176).

此外，新公司法对国有独资公司的外部董事人数构成（过半数）、审计委员会设置等作了要求（173条、176条）。
②Communist Party’s leadership is highlighted

强调了党对国有出资公司的领导作用

At the same time, for state-invested companies, the New Company Law emphasized the leading role of the Communist Party, and clarified that state-invested companies’ major business and management matters need to be discussed and reviewed by the company's Communist Party Committee (Art.170). The relevant policy requirements previously issued by the National SASAC were included into the New Company Law. 

同时，对于国家出资公司，新公司法突出了党的领导作用，明确要求国有出资公司的重大经营管理事项需由公司党委研究讨论（170条）。这实质上是将此前国家国资委发布的相关政策要求反映到了公司法中。As early in 2010, National SASAC issued the Opinions on Further Promoting State-owned Enterprises to Implement the  Decision-making System for "Matters of Major Decisions, Appointment and Dismissal of Major Personnel, Arrangement for Major Projects and Operation of Funds with Large Amount" (5 June 2010), requiring that the above mentioned major matters of state-owned enterprises shall be collectively decided by the party committee of the state-owned company. Therefore, in the event any major transactions involving state-owned enterprises, it entails not only conforming the requirements of the decision-making procedures of its Communist Party Committee, but also the normal requirements for the internal decision-making of the ordinary companies.

早在2010年，国家国资委等就曾发布《关于进一步推进国有企业贯彻落实“三重一大”决策制度的意见》（2010年6月5日 发布），要求国有企业的重大决策事项、重要人事任免事项、重大项目安排事项、大额度资金运作事项均需经过国家出资公司党委组织作出集体决策。因此，在涉及国有企业的相关重大交易中，除了需考察一般的公司内部意思决定要求外，还需考察其党委决策程序的要求。

③ State-invested companies compliance and risk-management requirement is strengthened

强化了对国有出资公司合规经营及风险控制的要求

In addition, the New Company Law also explicitly requires state-invested companies to establish and improve internal supervision, management, and risk-control systems in accordance with the law, and strengthen internal compliance management (Art.177). This is consistent with the practice of state-owned companies’ commitment to business compliance, and ESG (environmental, social responsibility and company governance), which has been proactively proclaimed and encouraged by SASAC in years.

此外，新公司法还明确要求国家出资公司应当依法建立健全内部监督管理和风险控制制度的规定，加强内部合规管理（177条）。这和国家国资委等近年来积极探索、推动的国有企业严格合规管理、践行ESG（环境、社会责任和公司治理）理念是一致的。

It is worth noting that the reference of state-invested companies above include all enterprises invested or owned by state or local governments at all levels. it is expected that, in the coming months, the relevant state-invested enterprises may have to amend their AoA and governance structure accordingly in order to meet the requirements of the New Company Law. Therefore, the relevant Sino-foreign joint ventures with state-owned shareholders, shall monitor the relevant development closely.

值得注意的是，上述规定所说的国家出资公司，包括国家以及地方各级政府所属的国有企业所出资形成的企业。今后，预计各相关国有出资公司会根据新公司法的要求相应调整其公司章程及组织机构设置等。因此，存在国有出资的相关中外合资企业，应留意相关动向。

(7) Corporate Bond related revisions

公司债券制度相关的修改

In addition, the New Company Law also revamped the corporate bond issuance system. Among others, the scope of companies could issue convertible bonds were expanded from listed companies to all joint-stock companies, the corporate bonds can be issued either publicly or non-publicly. The provisions on the validity of resolutions of bondholders' meetings and on bond trustees were also included, and the protection of bondholders has been strengthened (Art.194 to 206).

此外，新公司法还对公司债券发行制度作了修改。如将发行可转债的公司由上市公司扩大到所有股份公司；明确公司债券可以公开发行，也可以非公开发行；增加债券持有人会议决议效力的规定，增加债券受托管理人相关规定等，加强了对债券持有人的保护（194条至206条）。

The above is only a brief introduction to the major changes of the New Company Law. In addition, the New Company Law also includes the horizontal disregard of corporate personality (Art.23), improves the register of shareholders rules (Art.56 and 86), and amends the exercise method of the right of first refusal whilst the transfer of equity in LLC (Art.84), etc.. 

以上仅是对新公司法部分主要内容的介绍。除此之外，新公司法还增设了公司法人人格横向否认制度（23条第2款）、完善了股东名册制度（56条、86条）、修改了有限公司股权转让优先购买权制度（84条）等。囿于篇幅，在此不一一介绍。

In short, the New Company Law has brought systematic major changes into China's Current Company Law, revamped the company's capital regime and company governance structure, tightened the shareholders’ obligation for capital contribution, enhanced the role of BoD in operation, expanded the responsibilities of directors and senior officers, and strengthened the regulation of actual controllers and controlling shareholders. Since the vast majority of domestic and foreign investments in China take the form of companies, almost all companies may have to revise their, among others, AoA and shareholder agreement more or less after the New Company Law’s entry into force. Therefore, it is necessary for both domestic and foreign investors, managers or senior officers, etc., to understand the major changes of the New Company Law beforehand and take necessary measures accordingly. Since the New Company Law will come into force on 1 July 2024, it is expected that before its implementation, SAMR and other departments may issue implementation regulations or rules, and the later developments shall be closely monitored.

总体而言，新公司法对我国现行公司法作了系统性的修改，大幅修改了公司资本制度和公司治理制度，严格了股东的出资责任，强化了董事会在公司治理中的作用，扩充了公司董事及高管人员的职责，加强了对实际控制人和控股股东的规制。由于绝大部分国内外投资者在中国的投资均采用公司形式。在新公司法生效后，可能或多或少需对公司章程等进行相应的调整。因此，相关的境内外投资者、经营管理层等均有必要了解新公司法的制度变化，并采取必要的应对措施。由于新公司法将在今年7月1日施行，预计在其实施之前，国家市监总局等可能还会发布相应的配套规定和实施细则，后续动态值得继续关注。