Investor Requirements:
In the past 20 trading days, the average daily stock assets must not be less than RMB 500,000 + at least 2 years of trading experience. Investors with less than RMB 500,000 may participate via public mutual funds.

Listing Requirements for Companies:

1. Expected market cap + net profit standard: For tech companies with stable operations.

2. Expected market cap of 1.5 billion RMB + 200 million RMB in revenue + R&D spending ≥15% over the past 3 years: For tech firms with consistent R&D in key sectors and core technology breakthroughs.

3. Market cap of 2 billion RMB + 300 million RMB in revenue + cash flow of at least 100 million RMB over 3 years: For companies not yet profitable but with stable cash flow.

4. Market cap of 3 billion RMB + 300 million RMB in revenue: For pre-profit companies with strong profitability outlook.

5. Expected market cap of at least 4 billion RMB: For tech firms with large market potential and strategic significance, such as biopharmaceutical companies.

Pricing Mechanism:
Direct pricing is abolished; market-based book building is used instead, lifting the 23x PE cap. All shares are issued via inquiry and only open to institutions (retail investors excluded).

Allocation:
Offline institutional allotment raised to 60%-80% (post claw-back); relaxed strategic allotment conditions.
Over 100 million shares issued: strategic placement up to 30%; under 100 million shares: no more than 20%. Senior management and employees may participate indirectly.

Broker Co-Investment:
Brokers must invest 2%-5% via subsidiaries with proprietary funds, with a 2-year lock-in. An investment banking self-discipline committee is set up, shifting to “sponsor + recommend” responsibility.

Dual-Class Shares:
VIE structures are allowed, but with higher market cap requirements post-listing compared to regular companies.

Special Voting Rights:
Special voting shares are converted into ordinary shares after off-exchange transfers.

Trading Mechanism:
T+1 settlement cycle.

Trading Hours:
Same as current A-shares, but includes post-close fixed price trading and two new market order types.

Price Limits:
±20% daily price fluctuation cap. No price limits in the first 5 trading days (including the first day).

Price Volatility Adjustment Mechanism:
Margin financing and securities lending are allowed on the first day of listing.

Lot Size:
200 shares per lot. Limit orders capped at 1 million shares, 100,000 shares for STAR Market.

Equity Incentive:
Equity incentive cap raised to 20% during the valid period for STAR Market companies.

Delisting Mechanism:
No longer based solely on continuous losses. Two key indicators: negative adjusted net profit, or negative net assets. Suspension and resumption mechanisms are abolished. Delisting time reduced to 2 years, with ST warning in the first year. Proven financial fraud leads to direct delisting.

Share Reduction Rules:
Executive lock-up extended to 36 months. If not profitable after 36 months, lock-up may be extended another 2 years. Directors/supervisors/executives can sell no more than 1% per year in the secondary market. No limit for private transfers. Block trade buyers must hold shares for 12 months.

Disclosure Rules:
If specific shareholders intend to reduce holdings, they must disclose not only the plan but also any material undisclosed information from the company.

Registration System Process:
Shanghai Stock Exchange handles review, which takes 6–9 months. CSRC completes registration within 20 working days after approval.