The implementation of the new Securities Law cancels the securities and futures business qualifications of accounting firms and evaluation institutions, that is to say, all accounting firms and evaluation institutions in China can undertake the audit business and evaluation business of listed companies.

A listed company is a specific part of a company limited by shares. Public offering of shares has reached a considerable scale, and its shares have been approved to enter the centralized securities trading market according to law. When a joint stock limited company applies for listing its shares, it shall submit relevant documents to the stock exchange. A stock exchange shall decide whether to accept the listing and trading of its shares in accordance with this Law and relevant laws and administrative regulations.