Core Points - The article discusses the conditions for initial public offerings (IPOs) in China, emphasizing the requirements for the listing entity, including qualifications, independence, and financial criteria [1][2][8] Group 1: Listing Entity Qualifications - The listing entity must be a joint-stock company, and if it is a limited liability company, it must convert to a joint-stock company [1] - For limited liability companies converting to joint-stock companies, the duration of operation can be calculated from the establishment of the limited liability company [2] - Companies controlled by individuals or entities with other business operations must undergo asset restructuring before converting to a joint-stock company [3] Group 2: Independence Requirements - The selection of the listing entity should eliminate competition among peers and reduce unnecessary related transactions, ensuring independence in personnel, assets, finance, organization, and business [6][7] - Personnel independence requires that key management positions are not held by representatives of the controlling shareholder, and financial independence mandates separate financial departments and independent tax obligations [7] Group 3: Normative and Financial Requirements - The listing entity must establish a sound governance structure, with no significant legal violations in the past three years, and clear ownership structures [8] - Financial requirements include continuous operational performance, sound internal controls, fair pricing in related transactions, and no significant debt risks [8]