An issuer that applies to SSE for listing its IPO shares shall meet the following conditions:

1. Its shares have been issued to the public with the approval of the CSRC;
2. Its total amount of share capital shall not be less than RMB 50 million;
3. Its shares issued to the public account for 25% or more of its total shares; for an issuer whose total share capital exceeds RMB 400 million, the aforesaid percentage shall be 10%;
4. It has not committed any serious illegal act and there has been no falsehood in its financial reports in the most recent 3 years; and
5. Other conditions as required by SSE.