Listing Requirements

An issuer who applies to Shanghai or Shenzhen Stock Exchange for listing its stocks  must meet the following requirements:

(1) Approval of the CSRC (China Securities Regulatory Commission) has been obtained for offering its shares to the public.

(2) Total capital is not less than RMB 50 million (US$7.33 million)

(3) The quantity of IPO stocks accounts for more than 25 percent of the issuer’s total stocks. For an issuer whose total share capital exceeds RMB 400 million (US$58.6 million), the percentage is 10 percent.

(4) The issuer has not committed any major illegal acts and there has been no falsehood in its financial reports in the last three years.

(5) Any other requirements imposed by the Exchange must be complied.