Companies applying for the listing of shares in SSE must meet the following conditions:

• The shares must have been publicly issued following approval of the State Council Securities Management Department.
• The company's total share capital must not be less than RMB 50 million.
• The company must have been in business for more than 3 years and have main profits over the last three consecutive years. In the case of former state-owned enterprises re-established according to the law or founded after implementation of the law and if their issuers are large and medium state owned enterprises, it can be calculated consecutively. The number of shareholders with holdings of values reaching in excess of RMB 1,000 must not be less than 1,000 persons. Publicly offered shares must be more than 25% of the company's total share capital. For company's whose total share capital exceeds RMB 400 million, the ratio of publicly offered shares must be more than 15%.
• The company must not have been guilty of any major illegal activities or false accounting records in the last three years.

Other conditions stipulated by the State Council.
The conditions for applications for the listing of shares by limited companies involved in high and new technology are set out separately by the State Council.

The applications of limited liability companies for the listing of their shares are subject to the following procedures:

1. CSRC approval. The applications of companies for the listing of their shares are subject to the approval of the China Securities Regulatory Commission approval;
2. Submission of listing application documents. Only after gaining the approval of the CSRC, can the company make an application for listing to the SSE and submit the listing application documents required by the SSE.
3. Share custody. Before a company's shares can be listed and trading commenced, it must entrust its full register of shareholders to the Shanghai Branch of the China Securities Registration and Clearing Co., Ltd.
4. Determination of the date of listing;
5. Publish a listing notice. Following examination and verification of the SSE, the company must publish a listing notice 5 days prior to the listing and trading of its shares.
6. Listing and trading.

Applying for Listing
Companies must submit the following documents when making an application for the listing of their shares to the SSE:

1. Listing Announcement;
2. General meeting of shareholders resolution to apply for listing;
3. Company Ordinance;
4. Company business license;
5. Financial accounting materials for the last three years or since the founding of the company following verification by legal verification organization;
6. Legal opinions in writing and a letter of recommendation from a securities company;
7. The most recent share prospectus.

In addition, companies must submit the following related documents according to the provisions of the SSE's rules for the listing of shares:

1. Listing Application;
2. Documents from the CSRC approving its share issue and issue and listing declarations approved by the CSRC;
3. Newly added financial materials as required following issue of the share;
4. Photocopy of its business license;
5. Personal particulars of the secretary of the board of directors and contact details of the secretary of the board of directors, securities representative and legal representative;
6. Report regarding the shareholdings of the company directors, supervisors and senior management of the company;
7. Circular determining the listing abbreviation of the company's stock;
8. Documentation showing the full custody of the company's stock;
9. A written pledge of the company's largest shareholder pledging not to sell or repurchase its shareholding for a period of twelve months.

Other documents required by the Exchange.

Listing Agreement
The Listing Agreement is an agreement signed between the Exchange and the listed company prior to the company's stock being listed and traded. It principally includes the following:

• The stock exchange provides trading facilities and convenient service for the trading of the company's securities.
• Listed company undertakes to abide by relevant state securities laws, rules and regulations and related rules of the Exchange.
• The listed company and its directors, supervisors and officers undertake to accept the supervision of the stock exchange and be subject to sanctions by the stock exchange for any violations in accordance with the law.
• Listing fee and its method of payment.
• The Exchange can cease the trading of listed securities in accordance with the law. If the Exchange determines that a company's securities no longer meet the conditions for listing, it can temporarily suspend or cease the listing of such securities.

Listing Fee