The listing conditions are different. Both the registration system and the current approval system have some strict conditions for issuing and listing. These conditions have been mitigated by the scientific and technical advice and the pilot registration system. According to the approval system, companies must be profitable for several years in a row. It is for relaxing in harsh conditions. On this basis, we need to implement a stricter information disclosure system, which is the main content of the Science and Technology Council and the pilot registration system.