一.  Conditions of reform of non-tradable shares：

Ⅰ.More than 2 people, less than 200 people are sponsors (more than half have a residence in China).

Ⅱ.The share capital subscribed and raised by the promoters reached a minimum of RMB 5 million.

Ⅲ.Issuing of shares and preparation of matters comply with the law.

Ⅳ.Articles of Association, passed by the founding meeting.

Ⅴ.Legal company name, organization.

Ⅵ.Legal company residence.

　　二.The process of reform of non-tradable shares：

　　Formulate reform plan→Shareholder meeting resolution passed→Cleaning up property and checking funds→Capital assessment→Financial audit→subscribed capital→Registration and establishment

    Where state-owned assets are involved, lawyers shall issue legal opinions on the establishment of state-owned shares, and the company applies to the state-owned assets management department for setting up directives of  handling state-owned shares.Involving state-owned land investment, The company needs to apply to the state-owned land management department for approval of the state-owned land disposal plan.