Conditions for a listed company to issue new shares

Legal analysis: mainly: 1, listed companies are well organized and running well; 2. The profitability of listed companies is sustainable; 3. The listed company is in good financial condition, and the accumulated profits distributed in cash in the last three years are not less than 30% of the average annual distributable profits realized in the last three years; 4. The financial and accounting documents of the listed company in the last 36 months have no false records and no major illegal acts.

Legal basis: Article 12 of the Securities Law of People's Republic of China (PRC) shall meet the following conditions for the initial public offering of a company: (1) It has 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.