1. Subject qualification: The A-share issuer shall be a legally established and existing joint stock limited company; With the approval of the State Council, when a limited liability company is changed into a joint stock limited company according to law, it can publicly issue shares.
2. Corporate Governance: The issuer has established and improved the system of shareholders' meeting, board of directors, board of supervisors, independent directors and secretary of the board of directors according to law, and relevant institutions and personnel can perform their duties according to law.
3. Independence: it should have a complete business system and the ability to operate independently directly facing the market; Assets should be complete; Personnel, finance, institutions and business must be independent.
4. Horizontal competition: There is no horizontal competition with the controlling shareholder, actual controller and other enterprises controlled by them; After the implementation of the raised funds investment project, there is no horizontal competition.
5. Related party transactions (transactions between related parties of enterprises): There are no obviously unfair related party transactions between the controlling shareholders, actual controllers and other enterprises under their control; The relationship between related parties should be fully disclosed, and related transactions should be properly disclosed according to the principle of materiality, and the prices of related transactions should be fair.
6. Financial requirements: the accumulated net profit in the first three years of issuance exceeds 30 million; The accumulated net operating cash flow in the three years before the issuance exceeds 50 million yuan or the accumulated operating income exceeds 300 million yuan; The proportion of intangible assets to net assets shall not exceed 20%; There are no false records in the financial reports in the past three years.
7. Share capital and public shareholding: not less than 30 million shares before issuance; The total share capital of a listed joint-stock company is not less than 50 million yuan; Public shareholding is at least 25%; If the total number of shares at the time of issuance exceeds 400 million shares, the issuance ratio may be reduced, but it shall not be less than 10%.
8. Other requirements: the issuer's main business, directors and senior management personnel have not changed significantly in the last three years, and the actual controller has not changed; The registered capital of the issuer has been paid in full, and the procedures for the transfer of property rights of assets contributed by the promoters or shareholders have been completed, and there is no major ownership dispute over the issuer's main assets.
Optimization of company listing;
Listed companies have the following basic requirements in terms of system.
1, with articles of association.
2. Several rules of procedure and working system: rules of procedure of shareholders' meeting, rules of work of board of directors, rules of procedure of board of supervisors, rules of work of general manager (president), rules of work of independent directors and rules of work of secretary of board of directors;
3, the company management system:
Financial management system (measures for the management of raised funds, investment decision-making system, related party transaction decision-making system and internal control management measures);
Information disclosure (information disclosure management system, major event reporting system, insider information management system);
Equity management (related systems for directors, supervisors and major shareholders)
4. The company's daily rules and regulations?
Among them, the first three aspects of the system must be submitted to the board of directors (or the board of supervisors) for deliberation and approval, and some systems must be submitted to the shareholders' meeting for deliberation and approval before implementation. At the same time, the first three aspects of the system need to be publicly disclosed by listed companies.
Extended data:
A listed company refers to a joint stock limited company whose publicly issued shares are listed and traded on the stock exchange with the approval of the securities administration department authorized by the State Council or the State Council. The so-called unlisted company refers to a joint stock limited company whose shares are not listed and traded on the stock exchange.
A listed company is a joint stock limited company, which must meet certain conditions besides being approved to be listed and traded on the stock exchange. After the revision of the Company Law and the Securities Law, more enterprises will become listed companies and companies whose corporate bonds are listed and traded.
References:
Measures of China Securities Regulatory Commission for the Administration of Listed Companies