Legal basis: Article 88 of the Securities Law of People's Republic of China (PRC), if an investor holds or shares with others 30% of the issued shares of a listed company through securities trading in the stock exchange by agreement or other arrangements, he shall make an offer to all shareholders of the listed company to purchase the part or all of the shares. An offer to purchase part of the shares of a listed company shall stipulate that if the number of shares promised to be sold by the shareholders of the acquired company exceeds the number of shares scheduled to be purchased, the purchaser shall make the acquisition in proportion.