The basic process of enterprise listing
Generally speaking, if an enterprise wants to be listed on the domestic securities market, it must go through three stages: comprehensive evaluation, standardized reorganization and formal start-up. The main contents are as follows: comprehensive evaluation before listing: listing of enterprises is a complex financial engineering and systematic work, and compared with traditional project investment, it also needs to go through the process of pre-demonstration, organization and implementation and post-evaluation; But also faces the path choice of whether to list in the capital market and in which market.
Listed in different markets, enterprises have to do different jobs, channels and risks. Only through the comprehensive evaluation of enterprises can we ensure that listed enterprises can operate correctly under the condition of controllable costs and risks. For enterprises, it is also a price to organize and mobilize a large number of personnel and mobilize all aspects of strength and resources to work. Therefore, in order to ensure the success of the listing, the enterprise will first conduct a comprehensive analysis and research on the above issues, and carefully give opinions, and then fully start the work of the listing team after getting a clear answer.
Rectification of internal norms of enterprises: There are hundreds of key issues involved in the initial public listing of enterprises, especially in the current specific environment of China, there are many historical issues left by private enterprises, such as finance, taxation, law, corporate governance and historical evolution. And many problems in the later period are quite difficult to deal with. Therefore, it is very important for enterprises to deal with some problems in advance in a planned and step-by-step manner with the assistance of listed financial consultants on the basis of completing the pre-assessment. Through this work, it can also be done.
Officially launch the listing work: after the listing target is determined, the enterprise begins to enter the practical operation stage of the external work of listing, which mainly includes: selecting relevant intermediaries, carrying out shareholding system reform, auditing and legal investigation, brokerage counseling, issuance declaration, issuance and listing, etc. Because the listing work involves five or six external intermediary service agencies working at the same time, the personnel involve dozens of people. Therefore, it is very difficult to organize and coordinate, which requires multi-party coordination.
Science and technology innovation board is introduced to provide financing for enterprises, which clearly shows the essence of A-share existence, but it is more urgent to improve the system, such as delisting system and compensation system. If it is only for financing, in order to speed up the listing of new shares, the number of investors will definitely be less and less. No one wants to invest in a market that only falls for a long time, and no one wants to see various problems appear and may be trampled.
Bottom line: the pilot registration system will definitely speed up the audit process, but many problems in the stock market still need to be solved. The science and technology innovation board represents a great progress in the capital market, but the pool is not big. The more plates, the fewer investors.