Legal basis: Measures for the Administration of Initial Public Offering and Listing.
Article 8 An issuer shall be a joint stock limited company established and existing according to law. With the approval of the State Council, when a limited liability company is changed into a joint stock limited company according to law, it may offer shares to the public by way of establishment.
Article 9 After the establishment of a joint stock limited company, the issuer shall continue to operate for more than three years, unless it is approved by the State Council. Where a limited liability company is converted into a joint stock limited company according to the original book net asset value, the time for continuous operation can be calculated from the date of establishment of the limited liability company.
Article 14 An issuer shall have a sound business system and the ability to directly face the market and operate independently.
Article 15 The issuer's assets are complete. Production-oriented enterprises should have production systems, auxiliary production systems and supporting facilities related to production and operation, own the ownership or use right of land, factories, machinery and equipment, trademarks, patents and non-patented technologies related to production and operation according to law, and have independent raw material procurement and product sales systems. Production enterprises should have business systems and related assets related to operations.