Legal basis: Article 10 of the Securities Law of People's Republic of China (PRC), the public offering of securities must meet the conditions stipulated by laws and administrative regulations, and be reported to the securities regulatory authority of the State Council or the department authorized by the State Council for approval according to law; No unit or individual may publicly issue securities without approval according to law.
In any of the following circumstances, it is a public offering of shares:
(1) Issuing securities to unspecified objects;
(2) More than 200 people have issued securities to specific objects;
(3) Other issuance acts as stipulated by laws and administrative regulations.
Non-public issuance of securities shall not be carried out by advertising, public persuasion or disguised publicity.