Timeline for registration-based IPO mechanism:

· Nov 5, 2018: Testing of the registration-based IPO mechanism, which allows stock exchanges to decide which companies can go public, was announced for the STAR Market in Shanghai.

· July 22, 2019: The registration-based IPO mechanism was officially adopted as the STAR Market went operational.

· April 27, 2020: The Central Committee for Deepening Overall Reform released a framework plan for implementing the registration-based IPO mechanism at ChiNext in Shenzhen.

· Aug 24, 2020: The first companies were listed on ChiNext via the registration-based IPO mechanism.

· Oct 9, 2020: The State Council released an overall registration-based IPO mechanism for the A-share market in a guideline.

· Nov 15, 2021: The registration-based IPO mechanism was implemented at the newly launched Beijing Stock Exchange.

· Dec 30, 2021: Yi Huiman, chairman of the China Securities Regulatory Commission, said overall adoption of the registration-based IPO mechanism will be emphasized in 2022.