【正确答案】In accordance with Article 142 of the Company Law, stocks held by the sponsors of a joint stock company shall not be transferred within one year upon the date of incorporation of the company. The stocks issued prior to the initial public offerings of the company to the sponsors shall not be transferred within one year upon the date when the company’s stocks are listed and traded at stock exchanges.

【正确答案】In accordance with Article 142 of the Company Law, directors, supervisors and/or senior executives of a joint stock company shall be subject to the following restrictions: (i) They shall report to the company with respect to the number of stocks of the company they hold and the change therein; (ii) During their terms of offi ce they shall not transfer stocks exceeding 25% of the total number of the shares of the company held by them each year; (iii) Within one year from the date of when the stocks are listed and traded at stock exchanges they shall not transfer the stocks of the company; (iv) Within half a year after they leave their posts in the company, these persons shall not transfer the stocks of the company held by them. The articles of association of the company may impose other restrictive provisions on the transfer by the company’s directors, supervisors and/or senior executives of the company’s shares held by them.