The 2026 A-share new listing rules take the deepening of the comprehensive registration-based IPO system as the core, focus on improving the quality of listed companies and strengthening investor protection, and cover multi-dimensional reforms including corporate governance, listing requirements for various sectors, information disclosure, issuance and underwriting, delisting mechanism and so on. Build a full-chain regulatory closed loop for the appointment, performance and departure of directors, supervisors and senior executives, require that the proportion of performance-based compensation shall not be less than 50%, and establish a salary recovery and deduction mechanism (can be traced back even if violations are discovered after departure). Strengthen constraints on controlling shareholders and actual controllers, explicitly prohibit benefit transfers, and the largest shareholder (holding ≥5% of shares) shall be subject to the same supervision as controlling shareholders. Improve the independent director system, with the audit committee fully taking over part of the original duties of the board of supervisors, and strengthening independence and professional judgment. Add the recognition of de facto directors, holding those who do not hold official positions but actually exercise the powers of directors equally accountable. The core of review shifts from "substantive judgment" to "information disclosure", and the regulator's focus is on "verification" rather than "selecting excellent enterprises". Unify the refinancing information disclosure rules across sectors, set differentiated special clauses, and streamline redundant disclosures. Extend the validity period of refinancing approval documents to 12 months to facilitate enterprises to choose the timing of issuance. Financial indicators have been comprehensively upgraded (revised at the end of 2024 and will continue to be implemented in 2026) Criterion 1 (sustained profitability): The net profit shall be positive for the latest three consecutive years, with a cumulative total of no less than RMB 150 million, the net profit for the latest year shall be no less than RMB 60 million, and the cumulative net cash flow from operating activities shall be no less than RMB 100 million or the cumulative operating revenue shall be no less than RMB 1 billion. Criterion 2 (market value + revenue + cash flow): The estimated market value shall be no less than RMB 5 billion, the net profit for the latest year shall be positive, the operating revenue shall be no less than RMB 600 million, and the net cash flow from operating activities shall be no less than RMB 100 million. Criterion 3 (market value + revenue): The estimated market value shall be no less than RMB 8 billion, and the operating revenue for the latest year shall be no less than RMB 1.5 billion. Cancel requirements such as "no unrecovered accumulated losses at the end of the latest period" and "restriction on the proportion of intangible assets to net assets". Strengthen the disclosure of business maturity and operational stability, and highlight industry status and risk resistance. The proportion of R&D investment in operating revenue in the latest three years shall be no less than 5% or the cumulative amount shall be no less than RMB 80 million. The proportion of R&D personnel shall be no less than 10%. There shall be no less than 7 invention patents for the main business. The compound growth rate of operating revenue in the latest three years shall be no less than 25% (hard-tech enterprises that meet the national strategy may be exempted). Establish a Sci-Tech Innovation Growth Layer to provide exclusive channels for unprofitable frontier technology enterprises. The fifth set of standards (unprofitable enterprises) is fully restarted: The estimated market value shall be no less than RMB 4 billion, the main business or products shall be approved by the relevant national departments, have large market space, have achieved phased results, possess many core technical patents and have a strong R&D team. Enterprises in emerging fields such as commercial aerospace and semiconductor materials may apply the fifth set of standards, broadening the listing channels for hard-tech enterprises. Allow unprofitable enterprises to go public: The estimated market value shall be no less than RMB 5 billion, the operating revenue for the latest year shall be no less than RMB 300 million, and the proportion of R&D investment in operating revenue shall be no less than 15%. Solve the listing dilemma of innovative enterprises in biomedicine, high-end manufacturing and other fields that "have technology but no profit". The net profit shall be positive for the latest two consecutive years, with a cumulative total of no less than RMB 100 million, and the net profit for the latest year shall be no less than RMB 60 million. Highlight the positioning of "Three Innovations and Four New Things" (innovation, creation, originality; new technology, new industry, new business format, new business model). The estimated market value shall be no less than RMB 1.5 billion, the cumulative R&D investment in the latest two years shall be no less than RMB 50 million, and the operating revenue for the latest year shall be no less than RMB 200 million. Support "specialized, refined, differentiated and innovative" small and medium-sized enterprises to quickly connect to the capital market. Establish a smoother transfer channel to reduce the cost of cross-market migration for enterprises. Constituents of the SSE 180 Index, STAR 50 Index and SZSE 100 Index, as well as listed companies that are listed simultaneously in domestic and overseas markets, shall release their 2025 Annual Sustainability Report or ESG Report before April 30, 2026. The disclosure content covers environmental performance, social responsibility performance, corporate governance structure, etc., and quantitative indicators and third-party verification are encouraged. Other listed companies may disclose voluntarily, and those that have disclosed ESG reports do not need to disclose separate social responsibility reports. The disclosure time limit for sensitive information (such as major contracts, core technological breakthroughs, executive changes) is shortened to 2 trading days. Major risk events (such as work safety accidents, environmental protection penalties, major lawsuits) shall be disclosed immediately, no later than 4 hours. Strengthen the accuracy of performance forecasts, and those with an error exceeding 20% shall explain the reasons and be held accountable. The Main Board focuses on the disclosure of operational stability and dividend capacity. The STAR Market highlights the disclosure of core technologies and R&D progress, requiring detailed explanations of technical barriers and iteration capabilities. ChiNext emphasizes the disclosure of growth and innovative business risks. The Beijing Stock Exchange simplifies information disclosure requirements to reduce compliance costs for small and medium-sized enterprises. Relax ChiNext refinancing rules: Cancel requirements such as "asset-liability ratio higher than 45%" and "profitable for two consecutive years". The pricing of private placement is reduced from a 10% discount to a 20% discount, the lock-up period is shortened from 36 months/12 months to 18 months/6 months, and the restriction on reduction rules does not apply. The number of issuing objects is uniformly adjusted to no more than 35, supporting the introduction of more strategic investors. Allow executives and employees to participate in strategic placement through asset management plans to strengthen interest alignment. There shall be no price change limit for the first 5 trading days after a new stock is listed. Starting from the 6th trading day, the limit is 10% for the Main Board, 20% for the STAR Market/ChiNext, and 30% for the Beijing Stock Exchange. Optimize the intraday trading suspension system, with the trigger threshold raised to 30%/60%, and the suspension time shortened to 10 minutes. New stocks can be included in margin trading and short selling targets on the listing day, and the securities lending and borrowing transfer mechanism is optimized to improve market liquidity. Expand the market maker system for the STAR Market to cover more targets and reduce stock price volatility. The revenue delisting indicator for loss-making enterprises on the Main Board is increased from RMB 100 million to RMB 300 million, while it remains RMB 100 million for ChiNext. Include "total profit" into the delisting indicator system to prevent enterprises from avoiding delisting through non-recurring gains and losses. Add a "market value + revenue" combined indicator: Mandatory delisting for enterprises whose market value is lower than RMB 300 million and operating revenue is lower than RMB 100 million for 20 consecutive trading days. Serious information disclosure violations (such as financial fraud, false statements) directly trigger delisting, and no "delisting consolidation period" will be set. Start delisting procedures for corporate governance failures (such as the board of directors being unable to operate normally for a long time, controlling shareholders occupying funds exceeding RMB 50 million). Add a fast track for "major illegal delisting", and enterprises that endanger public safety and the ecological environment shall be delisted completely. Delisted companies shall be transferred to the National Equities Exchange and Quotations (NEEQ) for listing and transfer within 15 trading days. If the actual controller, directors, supervisors and senior executives are responsible for the delisting, they shall not serve as directors, supervisors or senior executives of listed companies within 10 years. Establish a delisting risk early warning mechanism, release risk prompts 3 months in advance to protect investors' right to know. IPO applications accepted before January 1, 2026 shall be reviewed under the original rules; new applications after January 1, 2026 shall fully apply the new rules. Existing listed companies shall complete the adjustment of corporate governance structure, including the optimization of the setup of the board of directors, board of supervisors and audit committee, before June 30, 2026. Strengthen the construction of internal control systems to ensure the authenticity and reliability of financial data and avoid financial fraud. Establish an ESG management system, prepare relevant data in advance to meet mandatory disclosure requirements. Standardize the behavior of controlling shareholders, prevent capital occupation and benefit transfers, and guard against delisting risks. Strengthen training for directors, supervisors and senior executives to familiarize themselves with the new rules and avoid being held accountable for improper performance of duties. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are controlled by the same actual controller, both belong to the same Chinese management, and comply with the laws of Hong Kong and mainland China.