Article 4 An enterprise shall comply with the following conditions when applying for the listing of bonds:

It is approved by the department authorized by the State Council and makes public issuance;

The amount of net assets shall be no less than 30 million yuan if it is a joint stock company, and no less than 60 million yuan if it is a limited liability company;

The total par value of the bonds which have been issued shall not exceed 40% of the amount of net assets of the enterprise accumulatively;

The average profits that may be distributed in recent three years could sufficiently pay the interests of the bonds for one year;

The investment of the funds raised complies with the industrial policies of the state and the usage approved by the department of examination and approval for the issuance;

The term of the bonds shall be more than one year;

The interest rate of the bonds shall not exceed the level of interest rate as limited by the State Council;

The amount of bonds actually issued shall be no less than 50 million yuan;

The credit grade of the bonds shall not be lower than Grade A;

If the bonds are guaranteed by a guarantor, the guarantee conditions comply with the provisions of laws and regulations, excluding the bonds with the credit standing of Grade AAA and whose guarantee may be exempted as approved by the competent department in charge at the time when the bonds are issued.

A company still complies with legal bond issuance conditions when it applies for the listing of its bonds; and

Other conditions approved by this Stock Exchange.