[Last updated: 1 February 2026, unless otherwise noted]

To qualify for listing on the Main Board of either the Shanghai Stock Exchange (SSE) or the Shenzhen Stock Exchange (SZSE), a company must meet at least one of the following financial criteria at the time of listing:

Financial Requirement 1

• Positive net profits for the last three years.
• Cumulative net profits for the last three years is not less than RMB200 million (approx. US$28.60 million).
• Net profit for the past year is not less than RMB100 million (approx. US$14.30 million).
• Meets either of the following criteria over the past three years, (1) cumulative net cash flow generated from operating activities is not less than RMB200 million (approx. US$28.6 million) or (2) the cumulative operating revenue is not less than RMB1.5 billion (approx. US$214.50 million). 

Financial Requirement 2

• Positive net profit for the past year.
• Expected market value is not less than RMB5 billion (approx. US$715.00 million).
• Operating revenue in the past year is not less than RMB600 million (approx. US$85.80 million).
• Cumulative net cash flow generated from operating activities in the past three years is not less than RMB250 million (approx. US$35.75 million). 

Financial Requirement 3

• Positive net profit for the past year.
• Expected market value is not less than RMB10 billion (approx. US$1.43 billion).
• Operating revenue in the past year is not less than RMB1billion (approx. US$143.00 million). 

Note: The net profit referred to in this table is based on the lower before and after deducting non-recurring gains and losses. Net profit, operating revenue, and net cash flow generated from operating activities all refer to audited values. The estimated market value referred to in this table refers to the nominal total value of the issuer's stock calculated by multiplying the total share capital by the issuance price after the public offering of the stock.

[Last updated: 1 February 2026, unless otherwise noted]

Share price. For companies issuing par value shares, the issue price must be at or above the par value of the shares (typically RMB1 per share). If the daily closing price of a listed company's stock on the SSE/SZSE remains below RMB1 for 20 consecutive trading days, the listed company will be forcibly delisted by the SSE/SZSE.

Public float and number of shareholders. To list its securities, a company must have:

• Publicly offered shares amounting to at least 25% of the total shares of the company (post offering), or at least 10%, where the total share capital of the company exceeds RMB400 million (approximately US$57.20 million).
• A minimum of 2 and maximum of 200 shareholders (at the time of listing). 

Accounting standards. Audited financial statements must be prepared in compliance with CASBE.

Financial statements. The prospectus must include an accountants' report which reports on the last three financial years' results and most recent reporting period results and, if the latest financial year ended more than six months before the date of the prospectus, then, in addition, an audited interim (or stub) set of accounts for part of the current financial year.

Operating history. A trading record of at least three financial years, with management continuity for at least the three preceding financial years.

[Last updated: 1 February 2026, unless otherwise noted]

The length of time required to list a company from the kick-off meeting to the actual listing depends on many factors such as the quality of the internal records of the company, the due diligence process, whether all requisite documents and approvals are available or have been obtained and the regulatory policy of the government. Generally, except in the case of listings on the Star Market, a very smooth project will take at least 15 months from submitting application documents to the CSRC to completion. Others can take much longer.

The following diagram summarizes the process for a listing application on the Main Board.

Preparatory stage

• Kick-off meeting
• Appoint intermediary organizations, including sponsor, accountant and lawyer
• Due diligence
• Restructure
• Shareholders' Approval for the Proposed Listing
• Prepare application documents
• Tutorship Check and Acceptance

Application for listing

• Sponsor submits application documents to the stock exchange
• The stock exchange makes a decision on whether or not to accept the application
• Supplement or revise the application documents
• Respond to several rounds of questions from the stock exchange

Issuance examination

• Issuance examination of the stock exchange
• Respond to further questions from the stock exchange

Registration examination

• The CSRC decides on whether or not to approve registration

Public issue

• Issue shares within twelve months after the CSRC approves the registration

Reapply

• If the issuer fails to issue shares within twelve months or after six months of the CSRC refusing to approve the registration or the stock exchange refusing the issuance

[Last updated: 1 February 2026, unless otherwise noted]

Requirements for public companies include:

• Appointment of a prescribed number of independent non-executive directors to the board.
• Professional qualification of a company secretary.
• Prohibition on unfair related-party transactions.
• Prohibition on horizontal competition that has significant adverse effects on the listed company from the listed company’s controlling shareholders or any enterprise under its control

A listed company has continuing disclosure and reporting obligations under the Measures for the Administration of Information Disclosure by Listed Companies and PRC law, including the requirement to publish annual, half-year and quarterly accounts and reports, prepared in accordance with CASBE, as well as the requirement to notify the public of any information that constitutes inside information.

[Last updated: 1 February 2026, unless otherwise noted]

A company seeking to list must pay both initial listing fees and annual fees. The initial listing fee ranges from RMB70,000 (approx. US$10,010) to RMB175,000 (approx. US$25,025) for the SSE and ranges from RMB300,000 (approx. US$42,900) to RMB650,000 (approx. US$92,950) for the SZSE. The annual listing fee ranges from RMB25,000 (approx. US$3,575) to RMB75,000 (approx. US$10,725) for the SSE and ranges from RMB50,000 (approx. US$7,150) to RMB150,000 (approx. US$21,450) for the SZSE, depending on the nominal value of shares listed. For any issuer on the Main Board, the initial listing fee or the annual listing fees are temporarily waived from 1 January 2026.