The following restricted shares held by shareholders shall be subject to the provisions of these Detailed Rules for the listing and circulation:
(1) Shares issued before the initial public offering of companies listed after the new-old divide;
(2) Original non-tradable shares of listed companies that have completed the equity separation reform and are subject to restricted period regulations;
(3) Privately placed shares of listed companies;
(4) Other shares subject to legal restrictions according to laws, administrative regulations, departmental rules, or stipulations.