1. Evaluation price Evaluation price is the pre-procedure of auction. The court shall entrust a legally established and qualified asset appraisal institution to evaluate its price. 2. The determination and entrustment of auction institutions to select auction institutions shall be handled in accordance with the Provisions of the Supreme People's Court on Several Issues Concerning the Freezing and Auction of State-owned Shares and Social Legal Person Shares of Listed Companies (hereinafter referred to as some provisions) and the provisions of the Supreme Court entrusted by the Technical Office of the Court. Auction of shares of listed companies shall be handled in strict accordance with the provisions of Several Provisions. Courts should not select auction institutions ex officio. When the court auctions other properties, it should first adopt the principle of litigant. If the two parties cannot reach an agreement, the court will select the auction institution ex officio. After the auction institution is determined, the court negotiates with the auction institution and signs the Entrusted Auction Contract. An auction contract must be written, and it shall specify the necessary terms such as the auction target, auction commission and payment of auction price. 3. The auction institution that issues the announcement and displays the target accepts the entrustment of the court to conduct the auction announcement and auction display in strict accordance with the provisions of the law and the contract. On the auction scheme, auction announcement and other major issues, the auction institution shall solicit the opinions of the court and obtain the consent and active cooperation of the court. 4. Determining the auction reserve price Before the auction is held, the court shall determine the auction reserve price based on the evaluation price and inform the auction institution. The auction reserve price shall be equal to or lower than the evaluation price, and shall not exceed the evaluation price. The reserve price of auction is the lowest price limit for auction transaction. If the highest auction price is lower than the reserve price, no transaction may be made. If no one bids for the first auction, the court will determine the reserve price for the second auction according to market conditions. 5. When holding an auction, the court should generally send personnel to the scene to monitor the auction and record the auction; Auction institutions may also invite notaries to be present for notarization. If the auction is completed, the auction institution and the buyer shall sign a confirmation of the transaction, and immediately pay off the money and goods, or pay in installments as agreed in the contract. If a bidder pays by installments, it shall obtain the consent of the court.