The main board is listed. Main board listing, also known as the first board listing, refers to the issuance and listing of venture enterprises in the national main board market. Main board market refers to the traditional securities market, which is the main place for securities issuance, listing and trading in a country or region. China's main board market has a high listing threshold. Although China's newly revised Securities Law relaxes the listing conditions of companies, reduces the requirement of total share capital from "not less than 50 million yuan" to "not less than 30 million yuan", and cancels the requirement of continuous profit for more than three years, compared with ordinary enterprises, the total assets of venture enterprises are often small, their operations are unstable, their benefits are not outstanding or even losses, and it is difficult to meet the conditions of listing on the main board market.
Second, what are the requirements for the listing of the main board?
(1) The shares have been approved by the securities management department of the State Council and have been publicly issued to the public.
(2) The issuer's net profit in the last three fiscal years is positive and accumulated more than RMB 30 million; The net cash flow generated by operating activities in the last three fiscal years has accumulated more than RMB 50 million, or the operating income in the last three fiscal years has accumulated more than RMB 300 million;
(3) The total share capital before issuance is not less than 30 million yuan;
(4) The shares issued to the public shall not be less than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of shares publicly issued to the public shall not be less than 10%.
(5) The public issuer is a joint stock limited company established in accordance with the law and operating continuously for more than three years. Where the original state-owned enterprises are reorganized and established according to law, or the newly established companies are reorganized and established as joint stock limited companies after the implementation of the Company Law of People's Republic of China (PRC), and the main promoters are large and medium-sized state-owned enterprises, the establishment time can be continuously calculated.
(6) The company has no major illegal acts in the last three years, and its financial and accounting reports have no false records.
(7) Proportion of intangible assets (excluding land use rights, etc.). ) The proportion in the net assets at the end of the latest period shall not exceed 20%;
(8) There has been no major change in the company's main business in the last three years;
(9) There have been no major changes in the directors and management of the company in the last three years.
(10) Other conditions stipulated by national laws, regulations, rules and exchanges.