Our reporter Sun Jie
The number of meetings, the number of people who have attended the meeting, and the time it takes only 37 days... Recently, the pace of issuance and listing review of the Beijing Stock Exchange has been significantly accelerated, setting new records one after another since the opening of the market, which has become a topic of discussion in the market.
The new record means that the listing of companies on the Beijing Stock Exchange has a new speed.
With the implementation of new plans in the future, the listing time of companies on the Beijing Stock Exchange is expected to be faster and the process will be smoother.
The review is accelerated and all 5 companies pass the meeting in one week
On August 2, China Textile Standard Inspection and Certification Co., Ltd. attended the meeting; on August 3, Wuxi Yineng Power Equipment Co., Ltd. attended the meeting; on August 5, Henan Zhongcheng Information Technology Co., Ltd., Zhongke Meiling Cryogenics Science and Technology Co., Ltd. and Henan Silane Technology Development Co., Ltd. attended the meeting... In the past 5 working days, the Beijing Stock Exchange Listing Committee held 4 consecutive deliberation meetings to review the listing applications of 5 companies.
Such an intensive rhythm has attracted a lot of attention from the market.
According to the announcement of the deliberation results, all the five companies that made it through the threshold "complyed with the issuance conditions, listing conditions and information disclosure requirements", which is often referred to as "5 over 5".
In the next step, the five listed companies will be submitted to the China Securities Regulatory Commission for registration and will wait for the approval results.
"This has set a double record for the number of meetings and the number of meetings held by the Beijing Stock Exchange in a single week." Zhou Yunnan, a senior commentator on the New Third Board and founder of Beijing Nanshan Investment, said that behind the new record is the speed of the Beijing Stock Exchange. The specific performance of the "fast track" system for listing.
In addition to the intensive arrangement of issuance review, the rhythm of the recent issuance and listing review of the Beijing Stock Exchange has been significantly accelerated, and the time required for corporate review (the time from acceptance to the meeting) is a highlight.
It is worth mentioning that Zhongke Meiling, this company took only 37 days from the acceptance on June 29 to the meeting and the meeting on August 5, and the speed set a new record.
Significant improvement in the quality of reporting companies
Of course, the Beijing Stock Exchange audit is not only fast, but also of good quality.
This is also recognized by the market.
According to the rules, the companies declared by the Beijing Stock Exchange are all innovation-level companies that have been listed for one year.
Before these companies sprinted to the Beijing Stock Exchange, they had already gone through the listing access review and continuous supervision, and the management and operation of the company had been relatively standardized.
This is the basis for speeding up the issuance review, and it is also the embodiment of the integrated development advantages of the Beijing Stock Exchange and the New Third Board.
Taking Hualing Co., Ltd., Zhongke Meiling, and Tianma New Materials as examples, the three companies have a good corporate governance foundation before applying for listing. They have established and improved the company's corporate governance structure and independent operation mechanism. The financial foundation is also relatively good.
Moreover, during the listing period, the company also actively participated in the special action of corporate governance and the "Strengthening Foundation Plan" to make up for shortcomings, strengths and weaknesses. The corporate governance mechanism was gradually improved and the governance level was significantly improved.
Another important factor for passing the meeting quickly is that the company itself is "hard enough" and has a relatively good quality, which is in line with the market positioning of the Beijing Stock Exchange.
Hualing Co., Ltd. is a well-known third-party integrated circuit professional testing enterprise in China.
Tianma New Materials has been focusing on the field of advanced inorganic non-metallic materials for a long time. It is one of the first batch of national-level specialized and special new "little giant" enterprises, and has also been selected as the "Single Champion Demonstration Enterprise of Manufacturing Industry" by the Ministry of Industry and Information Technology.
Zhongke Meiling's products and solutions cover the full temperature range from -196°C to 8°C, and have been widely used in medical, blood, disease control and other systems.
Since the opening of the Beijing Stock Exchange, various systems have been operating effectively, the market ecology has been significantly improved, and the enthusiasm of enterprises to declare has been continuously improved.
Statistics show that in the first half of this year, a total of 115 companies submitted application materials, and the quality of the companies applying for projects has improved significantly. 94.8% and 75.8% higher.
A faster "pilot plan" is on the horizon
The 37-day "lightning" meeting benefited from the forward-moving and parallelization of the Beijing Stock Exchange's review.
In the listing review, the Beijing Stock Exchange leveraged its existing regulatory advantages to open up all links of listing review, continuous supervision, and listing review through process reengineering, shared regulatory files, sorted out companies applying for listing in advance, and formed a targeted review plan one by one.
On this basis, it will further focus on the key issues of issuance and listing conditions and related information disclosure, highlight materiality and accuracy, and reduce business and industry general issues and issues of regulated matters, so as to improve the pertinence and efficiency of audit inquiries.
Under the registration system, the role of the "gatekeeper" of intermediaries is more important.
The Beijing Stock Exchange is also continuing to guide intermediaries to improve their quality of practice in an all-round way, such as communicating the review standards to the market through review cases, so as to guide and urge market entities to select enterprises according to the positioning and standards of the Beijing Stock Exchange, and improve the quality of declarations.
At the same time, the Beijing Stock Exchange sorts out and summarizes typical problems in a timely manner, and guides intermediaries to comprehensively improve the quality of verification and disclosure through consultation and communication, auditing developments, symposium exchanges, and business training.
After a company is listed on the New Third Board, it can "finance, regulate, develop, and go public at the same time." In this way, the company will further shorten the time for listing on the Beijing Stock Exchange.
It is reported that the Beijing Stock Exchange is studying and promoting the "Pilot Plan". On the basis of summarizing the previous practice, it will further optimize the coordination of various links, consolidate the foundation of front-end review supervision, improve the efficiency of back-end listing review, and strive to "less inquiries and less feedback" to help High-quality companies have clearer listing expectations, faster listing time, and smoother listing process, achieving "good and fast".
"The 'Pilot Program' is also a useful pilot program, which will help qualified companies enter the Beijing Stock Exchange for development smoothly and efficiently." Zhou Yunnan said, this further highlights the Beijing Stock Exchange's determination to efficiently serve innovative SMEs and promote high-quality SMEs The original intention of development.
In his view, according to the current strength of the official public announcement, this plan is likely to be launched in early September when the Beijing Stock Exchange is set up for the first anniversary.