Legal analysis: The new listing reduction regulation has one of the following circumstances: 1. Dong is suspected of committing crimes in securities and futures, and is being investigated by the China Securities Regulatory Commission or the judicial organs, and less than 6 months after the administrative punishment decision and criminal judgment are made; 2. Dong has been publicly condemned by the stock exchange for violating the rules of the stock exchange for less than 3 months; 3. Other circumstances stipulated by China Securities Regulatory Commission.

Legal basis: Article 6 of the Regulations on the Establishment of Shareholders and Directors of Listed Companies shall not reduce its shares under any of the following circumstances:

(1) The listed company or major shareholder is suspected of committing securities and futures crimes, and has been placed on file for investigation by the China Securities Regulatory Commission or by the judicial organ, and it has not been six months since the decision of administrative punishment or criminal judgment was made;

(2) The major shareholder has been publicly condemned by the stock exchange for violating the rules of the stock exchange for less than three months;

(3) Other circumstances stipulated by the China Securities Regulatory Commission.