What are the consequences of publicly condemning listed companies?

Legal analysis: listed companies may not publicly issue securities, including non-public offering of shares, convertible corporate bonds and other varieties recognized by the CSRC.

Legal basis: Measures for the Administration of Securities Issuance of Listed Companies

Article 11 A listed company may not publicly issue securities under any of the following circumstances: (3) The listed company has been publicly condemned by the stock exchange in the last 12 months.

Article 39 A listed company may not make a non-public offering of shares under any of the following circumstances: (4) The current directors and senior managers have been administratively punished by the China Securities Regulatory Commission in the last 36 months, or have been publicly condemned by the stock exchange in the last 12 months.