(1) The ownership of the transfer target is unclear or involves ownership disputes;

(2) The target enterprise conceals assets, the audit and appraisal results are inauthentic, or asset, financial, and operation situations witness significant changes which affect transaction continuity;

(3) Where the transferor and the target enterprise fails to fulfill or fails to follow relevant regulations to fulfill corresponding internal decision-making process, review procedures for employee reallocation, disposal procedures for creditor’s rights and debts, and transfer approval process etc, and transfer the equity without permission.

(4) The right as principal of the transferor or the target enterprise is defective, or the materials provided are false, inauthentic, or incomplete;

(5) Where there are unfair restrictive requirements in the transaction conditions and transferee eligibility proposed by the transferor, which contain explicit directivity or violate fair competition;

(6) In case of the nonfeasance or violations of the transferor against the requirements of the equity transaction institution, and makes substantial modifications to the equity transfer announcement in preparing the Plan for the implementation of the equity transfer through outcry;

(7) Where the state-owned equity of an enterprise is transferred to the management, the equity transfer announcement fails to disclose information, and the management is directly liable for the enterprise performance decline, or is unable to provide relevant certifications of the sources of the funding of the transferee;

(8) Where, in the process of participating in the equity transfer, the intended transferees involve in violations of regulations or stipulations, fraud, malicious collusion, exerting impact on the transferor, staff of the equity transfer institution, or other related staff, disrupting the normal order of trading activities through outcry, and affecting the fairness of outcry activities;

(9) Other matters that affect the transaction process.