Legal basis: People's Republic of China (PRC) Company Law.
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.
Article 13 When a company publicly issues new shares, it shall submit an application for issuance and the following documents:
(1) Business license of the company;
(2) Articles of association;
(3) resolutions of the shareholders' meeting.
(4) the prospectus or other public offering documents.
(5) Financial and accounting reports.
(6) The name and address of the bank that collects the shares.
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. In case of underwriting in accordance with the provisions of this Law, the name of the underwriting institution and relevant agreements shall also be submitted.