Policies, processes, practical experience?What knowledge should be learned when listed companies

Author:CITIC Publishing Time:2022.09.13

Recently, the 2022 National Specialty New SME Development Conference was held.

In today's era, SMEs have contacted millions of households, which has become an important force to promote innovation, promote employment, and improve people's livelihood.

This meeting clearly requires that party and government agencies at all levels across the country should create a good environment for the development of SMEs, increase support for SMEs, and stimulate more specialized new SMEs.

As we all know, listing financing in the capital market is an effective way for enterprises to develop rapid and healthy development. In today's background, how can SMEs seize policy Dongfeng and dividend windows, quickly evaluate and judge whether they are suitable for listing, how to operate listing, and how can we maintain good operation after listing?

Today, I want to recommend a reference book "Guidelines for the full process of listing of enterprises" (fifth edition) focusing on guiding enterprises to regulate listing financing. I hope to inspire and help everyone.

Listing financing is an effective way for SMEs to develop rapid and healthy development

Today's world is full of opportunities and challenges, and entrepreneurs are in unique environmental environments.

The IPO (first public offering) can make these entrepreneurs dream of dreams overnight, and instantly becomes a billionaire. However, if you don't pay attention, you may be punished or even delist, or you are caught in a cricket.

In the past ten years, my country's securities market has undergone tremendous changes. Especially in September 2021, on the basis of the Shanghai -Shenzhen Stock Exchange, my country has launched the Beijing Stock Exchange. The issuance mechanism of enterprises has also undergone fundamental reforms. The registration system is piloted to fully implement the registration system.

Nowadays, financial capital is a "strong language" in the world, especially the capital market has more support for the development of innovation and entrepreneurial growth, small and medium -sized enterprises.

Through the listing of the capital market, financing has become an effective way for enterprises to develop rapid and healthy development. However, the listing of enterprises is a highly professional and complex system engineering. Entrepreneurs urgently need a listing guide for listing that is simplified, easy to understand, and professional authority, and can convey positive energy to the enterprise.

The development of Chinese enterprises, especially small and medium -sized enterprises, does not lack business, technology, markets, and experts, but those with rich capital operation experience are usually poor in enterprises. In the era of rules, companies have to be held in accordance with the rules. A company that does not talk about rules has no future. Therefore, making up for the shortcomings in this area has also become the voice of many entrepreneurs.

What necessary knowledge should enterprises master?

The "Full Guide of the Enterprise Listing" is a reference book focusing on guiding enterprises to regulate listing financing. The fifth edition has been published recently.

Ms. Zhou Hong, the author of this book, has been engaged in investment banking business in the securities industry for many years. She is a senior expert who listed, financing, and mergers and acquisitions in the company. PE (private equity investment) and other courses have rich practical experience and deep theoretical skills.

For the core soul torture and doubts and difficulties that the company must face before and after the company's financing listing, she is clear about what the necessary knowledge should the enterprise master, and in the "Companies of the Enterprise Listing Guide" (fifth edition), sort out one by one , Analysis and answer.

Compared to the first four editions, the fifth edition first made a significant adjustment from the pattern. It focuses on standard operation and financing before the company's listing, during the listing, after listing, and at various stages. As the fifth chapter, the motherboard, science and technology board, GEM, the New Third Board, and Bei Stock Exchange are separated, and the chapters are relatively independent and connected with each other, presenting a clear and complete full process of listing the full process of listing for readers, showing readers. And assist with detailed terms interpretation and case recording sharing. You can choose to read and go straight to the theme according to your own needs.

The content of this book involves market maintenance and management from the preparation of listing to listing, as well as re -financing, and issues convertible bonds from private equity investment to listing, as well as different capital markets in domestic and overseas. Even those who have never been in the capital market will become half an expert after reading this book.

At the same time, the "Guidelines for the Listing of Enterprises" (Fifth Edition) focuses on the content of the content and the interpretation of policies. Its innovative compilation method and simple and easy -to -understand content will also benefit readers.

So, what's special about this book? To sum up, it has three characteristics:

First, the latest, policy, regulations and listing supervision rules and listing conditions are the latest. Policies and regulations have made a comprehensive introduction and interpretation, so that entrepreneurs understand the basis and conditions of listing;

The second is simplified, which should be guided and simple, and expressed complex professional terms and procedures in the most popular language, which is easy to understand, and reached the realm of the avenue to simplicity;

Third, the guidance can be operable, meticulous, in -depth, and specifically interpreted the enterprise from restructuring, listing, listing, re -financing, corporate legal person governance, information disclosure, market value management, IR (investor relationship) management, company listing, company listing The various problems faced by the subsequent development, supplemented by specific cases and operation guidelines. Readers' reference guidelines can greatly improve efficiency and achieve the effect of less effort. At the same time, whether it is the company's listing, financing, or corporate governance, establishment of rules, capital operations, financial instruments and other enterprises, this book gives standardized operation guidelines.

In addition, the corresponding rules and rules of the newly issued by the CSRC, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the New Third Board shares, and the Northern Stock Exchange can be said to include the start of the entrepreneurial entrepreneurship, to the listing, re -financing, and expansion The regulations and conditions throughout the process, as well as the precautions of risk aversion, build a systematic knowledge, rules and architecture, and present them to readers.

What should we know about the Beijing Stock Exchange?

The Beijing Stock Exchange officially opened on November 15, 2021. It is believed to be one of the most curious and concern contents of everyone's curiosity and attention.

Here, Xiaobian specially excerpted some of the essence of the management system and rules system in the "Full Version of the Enterprise Listing" (fifth edition), let everyone see it first:

The Beijing Stock Exchange and Shanghai -Shenzhen Exchange have the same status, and its launch is undoubtedly one of the most important events in the post -epidemic period in the post -epidemic period. Let's talk about its management system and rules system below.

First of all, the Beijing Stock Exchange adheres to the appropriate management system of investors. After the listing and review of 4 basic business rules and 6 supporting rules and guidelines, it has the following aspects that require focus:

First, in terms of public issuance and listing, the overall translation of the selection layers of the selection of profitability, growth, market recognition, and research and development capabilities are used as listing conditions to maintain tolerance and accuracy.

At the same time, the requirements of the registration system are implemented, the exchanges are clearly divided into division of labor with the registration of the CSRC, and the establishment of a listed committee to give full play to the role of professional control.

The issuance underwriting system retains inquiries and direct pricing and other pricing methods. At the same time, the extension and sale of the remaining shares are optimized and adjusted, and the "priority of time" is adjusted to "priority according to the number of purchases. Subsidity pressure; strengthen the supervision of quotation behavior and maintain the order of the distribution market.

Second, in terms of financing and acquisitions of listed companies, the "Rean financing review rules", "reorganization review rules" and related rules have clearly clarified specific requirements for re -financing and major asset reorganizations and self -discipline supervision. , Convertible debt parallel diversified financing tool system.

The issuance of securities of listed companies in the issuing mechanism must be underwritten by the securities company's sponsorship, which clarifies the responsibility of the main underwriter in the process of issuing pricing and sale. At the same time, the auction issuance mechanism is introduced. transparency.

Third, in terms of continuous supervision of listed companies, the system requires integration with the main supervision arrangements of the current listed companies, and no longer implements the host brokerage system. , Strengthen corporate autonomy and market constraints.

Secondly, in terms of the rules system, the Beijing Stock Exchange implements the system first and is more tolerant. It is developed in the specifications. Before the official opening of the board, the relevant system and rules are densely introduced.

In terms of system, it is also unique:

Features 1: Financing access is accurate. Highlight the operating characteristics of innovative SMEs, and the existing four sets of listing standards for the overall translation of the selected layer as the listing conditions. The main points are still concentrated in the aspects of the company's profitability, growth, market recognition, and research and development capabilities. And tolerance. Improve public offering and targeted issuance financing mechanisms, enrich market financing instruments, provide a variety of pricing methods such as direct pricing, inquiry, and bidding, and further meet the diversified needs of small and medium -sized enterprises.

Features 2: The trading system is flexible and efficient. Adhere to the existing more flexible trading system of the selection layer, and implement continuous bidding transactions. On the first day of the listing of new shares, there will be no limit on the decline in the decline. Adhere to the appropriate management system of investors, continue to evaluate the construction and operation of the Beijing Stock Exchange, and continuously optimize the appropriate requirements of investors in accordance with market development needs, promote the balanced sale power, and prevent market speculative hype.

Feature three: Continuous supervision is moderate and moderate. Strictly follow the legal framework of listed companies. On the one hand, it is in line with the basic provisions of the "Securities Law" and "Company Law" on the listed company; on the other hand, continuing the market characteristics of the selection layer to fit the actual market characteristics of small and medium -sized enterprises, and Form differentiated institutional arrangements to balance corporate financing needs and standardized costs.

Features 4: Exit arrangements are more diverse. Maintain the market ecology of "in advance and out", "capable of entering and out", build a diversified delisting indicator system, improve the regular delisting and real -time delisting system, and strengthen the market to clear the market on the basis of respecting the characteristics of small and medium -sized enterprises. Function. Establishing differentiated exit arrangements. If the Beijing Stock Exchange's delisting company meets the conditions, it may be retreated to the innovation layer or the basic layer to continue trading. If there is a major violation of laws and regulations, the market shall be exited directly. Features 5: The market connection is smooth and orderly. Cultivating and growing enterprises in the innovation layer and basic layer of the New Third Board, encouraging continuing to be listed on the Beijing Stock Exchange, and adhering to the transfer mechanism at the same time, and cultivating mature listed companies in the Beijing Stock Exchange can choose to continue to develop at the Shanghai -Shenzhen Exchange.

Understand the relevant policies, rules, processes, and standards of the Beijing Stock Exchange, select the listing platforms and channels for major small and medium -sized enterprises, better play their own advantages, escort the development of enterprise, and implement more specialized specialty new SMEs. , They all have very important value and significance.

The above content is sorted out from the "Guidelines for the entire Enterprise Listing" (fifth edition) (compiled by Zhou Hong, published in August 2022 of CITIC Publishing Group).