[Last updated: 1 January 2025, unless otherwise noted]

The listing of a company shall be terminated by the stock exchange if it no longer meets the listing requirements as a result of the takeover. This will be the case if its publicly-offered shares are less than 25% of its total shares, or the percentage of publicly-offered shares is less than 10% of its total shares if its total share capital exceeds CNY 400 million.