The Rules further highlight the restrictive effects of the market-oriented pricing mechanism, cancel the provision that the date when the resolution of the board of directors or the shareholders' meeting is announced shall be seen as the pricing benchmark date for the private placement of shares, and clearly state that the pricing benchmark date shall only be the first date of the period for non-public offering of shares. Also, the Rules make it clear that where the issuance object falls within any of three circumstances, including "being the controlling shareholder or actual controller of the listed company or an affiliated party under its control", "being an investor who acquires the actual control of the listed company by subscribing for shares issued this time", and "being a domestic or foreign strategic investor that the board of directors intend to introduce"; the specific issuance object and its pricing principles shall be determined in the resolution of the listed company's board of directors on the private placement of shares and shall be approved by the shareholders' meeting; and shares subscribed for shall not be transferred within 36 months from the date on which the issuance comes to an end.