Under one of the following circumstances, it is a public offering:
(1) Issuing securities to unspecified objects;
(2) The cumulative issuance of securities to specific objects exceeds 200 people, but the number of employees who implement the employee shareholding plan in accordance with the law is not included;
(3) Other issuance acts stipulated by laws and administrative regulations.

Non-public issuance of securities shall not use advertising, public persuasion and disguised public.

有下列情形之一的，为公开发行：
（一）向不特定对象发行证券；
（二）向特定对象发行证券累计超过二百人，但依法实施员工持股计划的员工人数不计算在内；
（三）法律、行政法规规定的其他发行行为。

非公开发行证券，不得采用广告、公开劝诱和变相公开方式。