Arowana shares are listed under the conditions of registration and issuance. The reason why there is a note next to the stock is that under the registration system, unprofitable enterprises can also go public, and before April 28, 2020, the approval system will be implemented, and the listing conditions of the approval system will be stricter. Therefore, even if both registered shares and approved shares have a 20% increase or decrease, the financial risk of approved shares is relatively small.