Legal analysis: For private placement, the China Securities Regulatory Commission will make a decision on whether to accept it within five working days after receiving the application documents. The time limit for China Securities Regulatory Commission from accepting the application documents to making a decision is three months. The listed company shall complete the issuance within six months from the date when the China Securities Regulatory Commission approves the issuance. After more than six months, the approval document is invalid and needs to be re-approved.

Legal basis: Measures for the Administration of Securities Issuance of Listed Companies Article 46 The China Securities Regulatory Commission shall examine the application for securities issuance according to the following procedures: (1) After receiving the application documents, it shall decide whether to accept it within five working days; (2) After accepting the application, the China Securities Regulatory Commission will conduct a preliminary examination of the application documents; (three) issued by the audit committee of the application documents; (4) The China Securities Regulatory Commission makes a decision on approval or disapproval.

Article 24 of the Securities Law of People's Republic of China (PRC) * * * The securities regulatory authority in the State Council or the department authorized by the State Council shall make a decision of approval or disapproval in accordance with legal conditions and procedures within three months from the date of accepting the application documents for securities issuance, and the time for the issuer to supplement or modify the application documents for securities issuance as required shall not be counted; If it is not approved, it shall explain the reasons.