1. must be a limited company established according to law and operated continuously for more than 3 years.
2. The business income in the last year is not less than 50 million yuan, and the growth rate of business income in the last two years is not less than 30%;
3. The company has made profits for two consecutive years, with a cumulative net profit of not less than 6,543,800,000 yuan, or a net profit of not less than 5,000,000 yuan in the latest year;
4. The net assets before issuance are not less than 20 million yuan, there is no outstanding loss at the end of the recent period, and the total share capital after issuance is not less than 30 million yuan;
5. Other listing conditions stipulated by Shanghai Stock Exchange.
The registration system is beneficial to retail investors.
Under the registration system, the securities issuance audit institution only examines the registration documents in form, without making substantive judgments, which lowers the threshold for listing; At the same time, with the support of intermediaries, that is, brokers, the companies to be listed will be inspected and the penalties for fraudulent intermediaries will be strengthened in time; And there are provisions to lower the threshold for delisting.
The registration system means that when preparing to issue securities, the issuer must report all kinds of information disclosed according to law to the securities authorities completely, truly and accurately and apply for registration.
The registration system has a far-reaching impact on the China stock market. The emergence of the registration system is conducive to the transformation of A shares from casinos to markets, and increases the market stability of A shares. The registration system will also directly affect the small and medium-sized stocks in the market, making them change from the current high valuation to normal valuation, and the small and medium-sized stocks with black five categories and poor fundamentals will face greater challenges and delisting risks.
Legal basis:
Company Law of the People's Republic of China
Chapter 120 Reed Book
A listed company as mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on a stock exchange. Article 12 1
If a listed company purchases or sells almost all major assets within one year or the amount of guarantee exceeds 30% of the company's total assets, it shall make a resolution at the shareholders' meeting, which shall be passed by more than two-thirds of the voting rights held by the shareholders present at the meeting.