Main Board
(1) The shares have been approved by the CSRC for public issuance;
(2) Total share capital is at least RMB 50 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) No major legal violations or false financial records during the previous three years;
(5) Other conditions required by the Exchange.
(1) The shares have been approved by the CSRC for public issuance;
(2) Total share capital is at least RMB 50 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) No major legal violations or false financial records during the previous three years;
(5) Other conditions required by the Exchange.
ChiNext
(1) Meets the ChiNext issuance conditions prescribed by the China Securities Regulatory Commission (CSRC);
(2) Total share capital after issuance is at least RMB 30 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) Market value and financial indicators meet the standards prescribed by the rules;
(5) Other listing conditions required by the Exchange.
For a domestic issuer without a differentiated voting-rights arrangement, market value and financial indicators must meet at least one of the following standards:
(1) Positive net profit in each of the previous two years, with cumulative net profit of at least RMB 50 million;
(2) Expected market value of at least RMB 1 billion, positive net profit in the previous year and revenue of at least RMB 100 million;
(3) Expected market value of at least RMB 5 billion and revenue of at least RMB 300 million in the previous year.
(1) Meets the ChiNext issuance conditions prescribed by the China Securities Regulatory Commission (CSRC);
(2) Total share capital after issuance is at least RMB 30 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) Market value and financial indicators meet the standards prescribed by the rules;
(5) Other listing conditions required by the Exchange.
For a domestic issuer without a differentiated voting-rights arrangement, market value and financial indicators must meet at least one of the following standards:
(1) Positive net profit in each of the previous two years, with cumulative net profit of at least RMB 50 million;
(2) Expected market value of at least RMB 1 billion, positive net profit in the previous year and revenue of at least RMB 100 million;
(3) Expected market value of at least RMB 5 billion and revenue of at least RMB 300 million in the previous year.
STAR Market
(1) Meets the issuance conditions prescribed by the CSRC;
(2) Total share capital after issuance is at least RMB 30 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) Market value and financial indicators meet the standards prescribed by the rules;
(5) Other listing conditions prescribed by the Exchange.
The market value and financial indicators in item (4) must meet at least one of the following standards:
(1) Expected market value of at least RMB 1 billion and either positive net profit in each of the previous two years with cumulative net profit of at least RMB 50 million, or positive net profit in the previous year with revenue of at least RMB 100 million;
(2) Expected market value of at least RMB 1.5 billion, revenue of at least RMB 200 million in the previous year, and cumulative R&D investment of at least 15% of cumulative revenue over the previous three years;
(3) Expected market value of at least RMB 2 billion, revenue of at least RMB 300 million in the previous year, and cumulative net operating cash flow of at least RMB 100 million over the previous three years;
(4) Expected market value of at least RMB 3 billion and revenue of at least RMB 300 million in the previous year;
(5) Expected market value of at least RMB 4 billion; the main business or product requires approval from the relevant national authority, has substantial market potential and has achieved milestones. Pharmaceutical enterprises need at least one core product approved for Phase II clinical trials; other STAR Market applicants must demonstrate clear technological advantages and meet the applicable conditions.
(2) Total share capital after issuance is at least RMB 30 million;
(3) Publicly issued shares represent at least 25% of total shares, or at least 10% where total share capital exceeds RMB 400 million;
(4) Market value and financial indicators meet the standards prescribed by the rules;
(5) Other listing conditions prescribed by the Exchange.
The market value and financial indicators in item (4) must meet at least one of the following standards:
(1) Expected market value of at least RMB 1 billion and either positive net profit in each of the previous two years with cumulative net profit of at least RMB 50 million, or positive net profit in the previous year with revenue of at least RMB 100 million;
(2) Expected market value of at least RMB 1.5 billion, revenue of at least RMB 200 million in the previous year, and cumulative R&D investment of at least 15% of cumulative revenue over the previous three years;
(3) Expected market value of at least RMB 2 billion, revenue of at least RMB 300 million in the previous year, and cumulative net operating cash flow of at least RMB 100 million over the previous three years;
(4) Expected market value of at least RMB 3 billion and revenue of at least RMB 300 million in the previous year;
(5) Expected market value of at least RMB 4 billion; the main business or product requires approval from the relevant national authority, has substantial market potential and has achieved milestones. Pharmaceutical enterprises need at least one core product approved for Phase II clinical trials; other STAR Market applicants must demonstrate clear technological advantages and meet the applicable conditions.
SME Board
(1) Positive net profit in each of the previous three fiscal years, with cumulative net profit above RMB 30 million, calculated using the lower figure before or after non-recurring gains and losses;
(2) Cumulative net operating cash flow above RMB 50 million, or cumulative revenue above RMB 300 million, over the previous three fiscal years;
(3) At least 30 million shares before issuance;
(4) Intangible assets account for no more than 20% of net assets at the end of the latest period;
(5) No uncovered losses at the end of the latest period;
(1) Positive net profit in each of the previous three fiscal years, with cumulative net profit above RMB 30 million, calculated using the lower figure before or after non-recurring gains and losses;
(2) Cumulative net operating cash flow above RMB 50 million, or cumulative revenue above RMB 300 million, over the previous three fiscal years;
(3) At least 30 million shares before issuance;
(4) Intangible assets account for no more than 20% of net assets at the end of the latest period;
(5) No uncovered losses at the end of the latest period;
