Article 13 of the Measures for the Administration of Initial Public Offering and Listing (revised in 2022) stipulates: "The issuer's equity is clear, and there is no major ownership dispute between the controlling shareholder and the shareholders controlled by the controlling shareholder and the actual controller." The listing rules of science and technology innovation board and growth enterprise market also have similar provisions.
(2) Provisions on clear ownership and stable control right of the controlling shareholder and actual controller.
Article 12 of the Measures for the Administration of Initial Public Offering and Listing (revised in 2022) stipulates: "The issuer's main business, directors and senior management personnel have not changed significantly in the last three years, and the actual controller has not changed."
The Administrative Measures for the Registration of Initial Public Offerings of Science and Technology Innovation Board (Trial) (revised in 2020) and the Administrative Measures for the Registration of Initial Public Offerings of Growth Enterprise Market (Trial) both require that the ownership of the issuer's shares held by the controlling shareholder and the shareholders controlled by the controlling shareholder and the actual controller be clear, and there is no change of the actual controller in the last two years, and there is no major ownership dispute that may lead to the change of control rights.
"Question 10" in the Reply to Several Questions about Initial Public Offering (revised in 2020). Where the actual controller is deemed to be involved in holding shares on behalf of shareholders, the issuer and relevant shareholders shall explain the reasons for the shareholders' holding shares in the Ming Dynasty and provide supporting evidence. If there is a consignment relationship that does not affect the issuance conditions, the issuer shall truthfully disclose it in the prospectus, and the sponsor institution and the issuer's lawyer shall issue a clear verification opinion. Upon verification, if the shareholders are aware of the existence of the controlling relationship, have no objection to the controlling relationship, and there are no disputes and disputes between the controlling shareholders, the controlling shares shall be restored to the actual holders. "