Issuers of publicly issued securities have the right to independently select the underwriting securities companies according to law. Securities companies shall not solicit securities underwriting business through unfair competition. When underwriting securities, securities companies shall verify the authenticity, accuracy, and completeness of the public offering and fundraising documents; if they discover any false records, misleading statements, or major omissions, they shall not proceed with sales activities; if sales have already commenced, they must immediately stop and take corrective measures. If the total par value of the securities publicly issued exceeds RMB 50 million, they shall be underwritten by an underwriting syndicate. The underwriting syndicate shall consist of a lead underwriter and participating underwriting securities companies. The maximum duration of securities consignment and exclusive sales shall not exceed 90 days. During the consignment and exclusive sales period, securities companies shall ensure that the securities under consignment and exclusive sales are sold to subscribers first. Securities companies shall not reserve in advance the securities under consignment for their own companies or purchase and retain in advance the securities under exclusive sales.

If a securities company undertakes the exclusive sale of securities, it shall report the exclusive sale situation to the Securities Regulatory Commission of the State Council for record within 15 days after the end of the exclusive sale period. If a securities company consigns securities, it shall, within 15 days after the end of the consignment period, jointly report the securities consignment situation with the issuer to the Securities Regulatory Commission of the State Council for record. If a company issues shares at a premium, the issue price shall be determined through negotiation between the issuer and the underwriting securities company and approved by the Securities Regulatory Commission of the State Council. Domestic enterprises that directly or indirectly issue securities overseas or list their securities for trading overseas must obtain approval from the Securities Regulatory Commission of the State Council.