Article 17 The Exchange will terminate listing of a company’s shares if any of the following applies:

(1) since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (1) of Article 11, the shareholders’ equity remains negative as revealed in the subsequent audited half-year report;
(2) since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (2) of Article 11, the auditor once again issues an adverse opinion or a disclaimer of opinion on the company’s subsequent half-year report, and the circumstance is deemed serious by the Exchange;
(3) since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (3) of Article 11, the company’s outstanding external guarantee (excluding those included in the consolidated financial statements) exceeds RMB 50 million and 50 percent of its net asset value, as revealed in the subsequent audited half-year report;
(4) since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (4) of Article 11, the capital misallocated by the company to its controlling shareholder and other related parties has not been completely repaid, as revealed in the subsequent audited half-year report;
(5) within 12 months since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (5) of Article 11, the company receives further public censure by the Exchange;
(6) within 90 trading days since the company is imposed a delisting risk warning as a result of the occurrence of the circumstance specified in (6) of Article 3, the company’s shares never close above the par value for 20 consecutive trading days;
(7) within a period of 120 trading days since the company is imposed a delisting risk warning as a result of the occurrence of the circumstance specified in (7) of Article 3, cumulative trading volume of the company’s shares falls below 3 million shares; or
(8) since the company’s shares are suspended from listing as a result of the occurrence of the circumstance specified in (1), (2), (3), (4) or (5) of Article 11, the company fails to release the subsequent audited half-year report within the statutory period.

Article 18 Upon occurrence of any of the circumstances set out in (1), (2), (3) and (4) of Article 17, the company shall, after its board of directors has deliberated its half-year report, report to the Exchange and make relevant disclosure in a timely manner along with a risk warning announcement that its shares are likely to be terminated from listing.

Upon occurrence of any of the circumstances set out in (5), (6) and (7) of Article 17, the company shall submit the opinion of its board of directors in writing to the Exchange and make relevant disclosure in a timely manner along with a risk warning announcement that its shares are likely to be terminated from listing.

The company’s shares and derivatives are suspended from trading from the date of announcement onward. The Exchange will, within 30 trading days from the date of trade suspension, make a decision on terminating listing of the company’s shares based on the opinions of the Exchange Listing Committee.

Article 19 Upon occurrence of the circumstance specified in (8) of Article 17, the company’s shares are suspended from trading from the end of the statutory disclosure period onward. The Exchange will, within 15 trading days since the trade suspension, make a decision on terminating listing of the company’s shares based on the opinions of the Exchange Listing Committee.