Issuers applying for listing on the STAR Market must meet the following conditions:

1. Comply with the issuance conditions prescribed by the China Securities Regulatory Commission (CSRC);

2. After the issuance, the total share capital shall not be less than RMB 30 million;

3. The publicly offered shares shall account for at least 25% of the total shares of the company; if the total share capital exceeds RMB 400 million, the proportion of publicly offered shares shall be at least 10%;

4. The market value and financial indicators must meet the standards set forth in these rules;

5. Other listing requirements stipulated by the exchange.

Issuers applying to be listed on the STAR Market must meet at least one of the following market value and financial criteria:

1. An expected market value of no less than RMB 1 billion, with positive net profits in the last two years and a cumulative net profit of no less than RMB 50 million, or an expected market value of no less than RMB 1 billion, positive net profit in the most recent year, and operating revenue of no less than RMB 100 million;

2. An expected market value of no less than RMB 1.5 billion, operating revenue of no less than RMB 200 million in the most recent year, and cumulative R&D investment accounting for no less than 15% of cumulative revenue over the past three years;

3. An expected market value of no less than RMB 2 billion, operating revenue of no less than RMB 300 million in the most recent year, and cumulative net cash flow from operating activities of no less than RMB 100 million over the past three years;

4. An expected market value of no less than RMB 3 billion, and operating revenue of no less than RMB 300 million in the most recent year;

5. An expected market value of no less than RMB 4 billion, with core business or products requiring approval from relevant national authorities, having a large market potential and already showing phased achievements. In the pharmaceutical sector, at least one core product must be approved for Phase II clinical trials. Other enterprises aligned with the STAR Market’s positioning must possess clear technological advantages and meet relevant requirements.