Streamlining and optimizing the issuance conditions of red chips and enterprises with the same shares and different rights can be listed
The Shenzhen Stock Exchange's relevant arrangements regarding the gambling agreement involved in the declaration and listing of red-chip enterprises on the Growth Enterprise Market are basically consistent with the relevant regulations on the listing of red-chip enterprises by the Science and Technology Board.
After more than a month of seeking comments, the GEM registration system reform series of system rules finally landed.
On the evening of June 12, the China Securities Regulatory Commission issued the "Administrative Measures for the Initial Public Offering of Stocks on the ChiNext (Trial)" (hereinafter referred to as the "First Measures"), "Administrative Measures for the Securities Issuance and Registration of Listed Companies on the ChiNext (Trial)" and "Listing on the ChiNext" The Company's Measures for Continuous Supervision (Trial) and the Measures for the Administration of Securities Issuance and Listing Sponsorships shall be implemented as of the date of promulgation. At the same time, Shenzhen Stock Exchange, China Clearing, Securities Association, etc. issued relevant supporting rules.
The "First Issue Measures" streamlined and optimized the conditions for the initial public offering of stocks on the GEM, and transformed the matters that can be judged by investors into more stringent information disclosure requirements in the issuance conditions, emphasizing that the company’s legal compliance and financial management should be followed in accordance with the principle of materiality Regulatory issues.
Specifically, the "Starting Measures" canceled the previous requirements on the GEM issuance conditions regarding profit performance and the absence of unrecovered losses, and stipulated that the application for the initial listing should meet the basic requirements of four aspects. Have a sound and well-functioning organization, and relevant institutions and personnel can perform their duties according to law; Second, the basic accounting work is standard, and the internal control system is sound and effective; Third, the business is complete and has the ability to operate independently and continuously for the market; Fourth, the production and operation are legal Compliance, the relevant subject does not have a record of violations of laws and regulations stipulated in the "First Measures".
In terms of specific listing conditions, the Shenzhen Stock Exchange revised the "Shenzhen Stock Exchange GEM Stock Listing Rules" (hereinafter referred to as the "Listing Rules"). The revised "Listing Rules" set three sets of market value and financial standards for companies with no difference in voting rights in China. The issuer should meet at least one of them: First, the net profit in the past two years has been positive, and the cumulative net profit is not low RMB 50 million; second, the estimated market value is not less than 1 billion yuan, the net profit in the latest year is positive and the operating income is not less than 100 million yuan; third, the estimated market value is not less than 5 billion yuan, and the operating income in the most recent year Not less than 300 million yuan. Among them, the third set of standards will not be implemented within one year. That is to say, the listing standard for unprofitable companies will not be implemented within one year.
The ChiNext allows red-chip companies and companies with different rights to be listed on the stock market. The "Listing Rules" refer to the rapid growth of operating income, independent research and development, international leading technology, and the comparatively competitive position in the industry. Red chip companies that have not been listed overseas have set two separate listing standards: First, the market value is not low. It is more than 10 billion yuan, and the net profit in the latest year is positive. Second, the market value is expected to be no less than 5 billion yuan. The net profit in the latest year is positive and the operating income is not less than 500 million yuan. The listing standards for enterprises with different voting rights arrangements are the same as those for red-chip enterprises.
Among them, the criteria for the “rapid growth of operating income” for the listing conditions of red-chip companies are clearly: if the operating income in the last year is not less than 500 million yuan, the compound growth rate of operating income in the past three years shall be more than 10%; At RMB 500 million, the compound annual growth rate of operating income in the last three years is more than 20%; due to factors such as cyclical fluctuations in the industry, the industry as a whole is in a downward cycle. The issuer’s compound annual growth rate of operating income in the past three years is higher than comparable companies in the same industry The average growth level over the same period.
In addition, the Shenzhen Stock Exchange's relevant arrangements for gambling agreements, calculation of total share capital, recognition of rapid growth in operating income, special identification of securities, adaptive adjustment of information disclosure, application of delisting indicators, and investment in red chip companies in the listing and trading of GEM. Matters such as the protection of the rights and interests of investors are basically consistent with the relevant regulations on the listing of red chip companies by the Science and Technology Board.
Overall, this reform optimizes the GEM IPO conditions and establishes a more diverse and inclusive listing condition; allows qualified special equity structure companies and red chip companies to be listed on the GEM, and reserves space for unprofitable companies to list.
□Gu Zhijuan (media person)