The parent company must be listed on the A-share market for more than 3 years, mainly to prevent many new listed companies from making large-scale profits by using policies to let their subsidiaries go public for a short time.
The listed company of the parent company must make profits for three consecutive years, and the net profit attributable to the parent company shall not be less than 600 million yuan. The main reason is that there are rigid requirements for the financial indicators of the parent company, that is, to prevent the original performance of the parent company from being average, and to split the subsidiaries with better profits for financing, which will greatly damage the small and medium investors of the original parent company. If the parent company's profitability is better, the performance of most subsidiaries will not be very bad.
After the spin-off, the subsidiary or independent business is responsible for the assets of the parent company. The net profit in the latest fiscal year shall not exceed 50% of the net profit of the parent company and the net assets shall not exceed 30%. Just to prevent the parent company from wanting to go public for financing for the second time through the spin-off policy, give up the parent company and turn it into a shell, then sell the shell and circle money on a large scale.
The assets and funds of the parent company shall not be occupied by the major shareholders or actual controllers. The controlling shareholder or actual controller has not been subject to administrative punishment for 36 months and cannot be publicly condemned by the exchange. The financial report of the parent company in the latest year has not been issued with unqualified opinions by certified public accountants. This requirement is mainly to prevent the possibility of related party transactions of companies that are split and listed in the later period.
If the parent company has invested in assets or businesses by issuing shares or other raised funds in the last three years, and purchased assets or businesses through restructuring in the last three years, these businesses and subsidiaries cannot be split and listed, mainly to prevent many listed companies from maliciously purchasing, etc., thus completing the split and listing financing.
The shares held by the directors, managers and relevant personnel of the parent company and the subsidiary to be split shall not exceed 65,438+00% of the total share capital of the subsidiary before the split and listing. This is mainly to prevent Dong from using the spin-off listing policy for financing, and to prevent the later senior executives from reducing their holdings and cashing out.
This spin-off listing is mainly to help many large group enterprises to make the company's performance bigger and stronger, and highlight the independence of the spin-off subsidiaries or businesses. Therefore, there can be no industry competition between the parent company and subsidiaries, and assets, finance, management personnel and financial personnel must be independent of each other, which is conducive to the better development of the spin-off subsidiaries.