Restructuring and Establishment

1. Drafting the restructuring plan and employing securities intermediaries to study feasibility of the plan;

2. Auditing and appraising the assets to be restructured, signing the promoter agreement, drafting the articles of association and other documents;

3. Setting up the internal organizational structure and establishing the company limited by shares.

Depending on circumstances

Due Diligence and Tutoring

1. Submitting the tutoring application to the CSRC’s regional office for the record;

2. The sponsor and other intermediaries conduct due diligence; problem diagnosis, professional training and business guidance for the company;

3. Improving the organizational structure and internal management, regularizing corporate actions, defining its business objectives and the purpose of the proceeds, 
4. Rectifying existing problems against the listing requirements, and preparing the IPO application documents;

5. The CSRC’s regional office checks the tutoring for acceptance.

Depending on circumstances

Submission of Application

1. The enterprise and securities intermediaries prepare application documents according to the requirements of the CSRC/stock exchange;

2. The sponsor conducts internal review and makes recommendation to the CSRC/stock exchange with due diligence.

2-3 months

Review of Application

(I) Main Board

1. The CSRC conducts preliminary review of the application documents and accepts the application within five working days if the application documents meet relevant requirements;

2. The CSRC feeds back its opinion to the sponsor which will organize the issuers and intermediaries to rectify relevant problems and respond to the CSRC’s opinion;
3. The CSRC continues its review after receiving the sponsor’s response, pre-discloses the application documents, holds the preliminary review meeting and prepares the preliminary review report;

4. The CSRC’s Offering Review Committee holds a meeting to review the application documents and the preliminary review report, and votes on whether or not to approve the listing of the issuer;

5. The CSRC makes a decision on the issuer’s application based on the Offering Review Committee’s opinions.

(II) ChiNext

1. The stock exchange verifies the application documents and accepts the application within five working days if the application documents meet relevant requirements;

2. The stock exchange feeds back its opinion to the sponsor through an inquiry within 20 working days, and the sponsor will organize the issuers and intermediaries to respond to the stock exchange’s opinion;

3. The stock exchange may make multiple rounds of inquires after receiving the sponsor’s response. If no further inquiry is required, the stock exchange will issue a review report;

4. The stock exchange issues a notice of the meeting of the Listing Committee which will review whether the issuer meets ChiNext offering, listing and information disclosure requirements;
5. If the issuer meets ChiNext offering, listing and information disclosure requirements, the stock exchange will submit a registration application to the CSRC which will feed back the registration results within 20 working days. Overall, the time limit for ChiNext’s review and registration is three months and that for response and inquiry is also three months. No time limit is set for: suspending the review, asking for instructions from the competent authorities, implementing the opinions of the Listing Committee, dealing with the matters after the meeting, postponing the review, making on-site inspection, etc.

Main Board: 3-9 months (depending on circumstances)

ChiNext: not more than 6 months

Road Show, Book Building and Pricing

1. The issuer discloses the full text of the prospectus and offering announcement in designated newspapers and periodicals and on the designated websites;

2. The lead underwriter and the issuer conduct road show，promotion and book building, and determine the issue price.

3-4 weeks

Offering and Listing

1. Filing the offering and underwriting plan with the stock exchange (applicable to ChiNext);

2. Making IPO in the manner prescribed by the CSRC or by the means set forth in the offering plan filed with the stock exchange;

3. Complete custody and registration procedures at the registration and settlement company;

4. Listing;

5. Submitting the offering and underwriting summary (applicable to ChiNext).

Main Board: 2-3 weeks

ChiNext: 3-4 weeks