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(1) Having publicly offered securities in an unauthorized or disguised way without the approval from the statutory authority in the latest 36 months; or relevant offenses occurring 36 months ago but still in the ongoing situation currently. 
(2) Having been given an administrative punishment and being with serious circumstances for its violation of the laws or administrative regulations associated with industry and commerce, taxation, land, environmental protection, customs or others. 
(3) Having filed an application with the CSRC in the latest 36 months but the submitted application materials having any false record, misleading statement or material omission; or cheating for an approval by fraudulent means with the failure to meet the requirements for issuance and; or disturbing the check and examination by the CSRC and its Issuance and Verification Committee; or fabricating or altering the seal or chop of an issuer or the director, supervisor or senior management thereof. 
(4) The application materials submitted for issuance this time having false records ,misleading statements or major omissions. 
(5) Being in references to a case investigation by the competent judicial department for its involvement in a suspected crime without explicit conclusive decision. 
(6) Being under other circumstances that the legitimate rights and interests of investors or social and public interests are seriously injured. 
Article 26 An issuer's articles of associations shall clarify the authoritative scope of examination and approval, as well as the relevant consideration procedures as to its external guaranty. The controlling shareholder, the actual controller or other enterprises under its control shall not have the rule-breaking guaranty.