Article 12 The initial public offering of new shares issued by a company shall meet the following conditions:
(1) Having a sound organizational structure;
(2) It has the ability of continuous operation;
(3) The financial and accounting reports of the last three years have been issued with unqualified audit reports;
(4) The issuer and its controlling shareholder or actual controller have not committed any criminal acts of corruption, bribery, embezzlement, misappropriation of property or disturbing the order of the socialist market economy in the last three years;
(5) Other conditions as stipulated by the the State Council Securities Regulatory Authority approved by the State Council.
When a listed company issues new shares, it shall meet the requirements stipulated by the securities regulatory authority of the State Council approved by the State Council, and the specific management measures shall be stipulated by the securities regulatory authority of the State Council.
The public offering of depositary receipts shall meet the conditions for the initial public offering of new shares and other conditions stipulated by the the State Council Securities Regulatory Authority.
1. Securities refer to various economic rights and interests certificates, and also refer to specialized products. They are legal documents used to prove that the holder enjoys certain rights and interests.
2. Securities mainly include capital security, currency securities and commodity securities. In a narrow sense, securities mainly refer to securities products in the securities market, including property market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures.
In February, 20021year, Supplementary Provisions (VII) of the Supreme People's Procuratorate City, the Supreme People's Court stipulated the crime of fraudulently issuing securities (the crime of fraudulently issuing stocks and bonds was abolished).
4. People's Republic of China (PRC) Securities Law
Article 14 When a company publicly issues new shares, it shall submit an application for issuance and the following documents to the the State Council Securities Regulatory Authority:
(1) Business license of the company;
(2) Articles of association;
(3) resolutions of the shareholders' meeting.
(4) the prospectus;
(5) Financial and accounting reports.
(6) The name and address of the bank that collects the shares;
(7) The name of the underwriting institution and relevant agreements. Where a sponsor is hired in accordance with the provisions of this law, a letter of recommendation for issuance issued by the sponsor shall also be submitted.