In this paper, we study the distribution and simultaneous bifurcation of limit cycles bifurcated from the two periodic annuli of the holomorphic differential equation z ̇ = i z + z 3 , after a small polynomial perturbation. We first show that, under small perturbations of the form ε P 2 m − 1 ( z , z ̄ ) , where P 2 m − 1 ( z , z ̄ ) is a polynomial of degree 2 m − 1 in which the power of z is odd and the power of z ̄ is even, the only possible distribution of limit cycles is ( u , u ) for all values of u = 0 , 1 , 2 , … , m − 3 . Hence, the sharp upper bound for the number of limit cycles bifurcated from each two period annuli of z ̇ = i z + z 3 is m − 3 , for m ≥ 4 . Then we consider a perturbation of the form ε P m ( z , z ̄ ) , where P m ( z , z ̄ ) is a polynomial of degree m in which the power of z is odd and obtain the upper bound m − 5 , for m ≥ 6 . Moreover, we show that the distribution ( u , v ) of limit cycles is possible for 0 ≤ u ≤ m − 5 , 0 ≤ v ≤ m − 5 with u + v ≤ m − 2 and m ≥ 9 .