I. Listing conditions
1. enterprise scale and profitability: private enterprises need to reach a certain scale and profitability, and usually require continuous profitability in the last three years, with accumulated net profit exceeding a certain amount.
2. Business independence: Enterprises need to have independent and clear business and independent legal personality, and cannot rely too much on controlling shareholders or other affiliated enterprises.
3. Ownership structure: The ownership structure of the enterprise needs to be clear and stable, the actual controller is clear, and there is no major equity dispute.
4. Corporate governance: Enterprises need to establish a sound corporate governance structure, including the board of directors and the board of supervisors, to ensure the standardization and transparency of enterprise operations.
5. Financial report: Enterprises need to disclose financial reports in accordance with regulations and be audited by accounting firms with securities qualifications to ensure the truthfulness, accuracy and completeness of financial reports.
6. Laws and regulations: Enterprises need to abide by national laws, regulations and policies, and there are no major violations of laws and regulations.
Second, the specific operation process
The specific operation process of private enterprises' listing includes the following stages:
1. Pre-preparation: Enterprises need to make detailed listing plans and timetables, and set up special listing teams, usually including professional institutions such as brokers, lawyers and accountants.
2. Equity reform: the enterprise will be transformed into a joint stock limited company, and shares will be issued, and governance structures such as the board of directors and the board of supervisors will be established.
3. Due diligence: professional institutions such as brokers, lawyers and accountants conduct due diligence to fully understand the operation, financial status and legal risks of the enterprise and provide decision-making basis for the listing of the enterprise.
4. Select brokers: Select one or more brokers as sponsors to assist enterprises in listing preparation, review and issuance.
5. Financial audit: hire an accounting firm with securities qualification to conduct audit to ensure the truthfulness, accuracy and completeness of the enterprise's financial report.
6. Making a prospectus: The enterprise and brokerage firms, lawyers and other institutions * * * make a prospectus, detailing the operation, financial status, listing purpose, price and quantity of shares to be issued, etc.
7. Submit application: Submit listing application materials to the CSRC, including prospectus, financial report, legal opinions, etc.
8. Review: The CSRC will review the application materials and conduct on-site inspection of enterprises. Those that meet the listing requirements will pass the examination meeting.
9. Approval: After being approved by the IEC, the enterprise can obtain the documents approved by the CSRC for listing.
10. Issuance and listing: the enterprise and the brokerage firm negotiate to determine the issue price, issue quantity, issue time, etc. , and online and offline distribution. After completion, the enterprise can be officially listed on the stock exchange.
In short, the listing of private enterprises needs to meet certain conditions and follow strict operating procedures. Enterprises need to make appropriate listing plans according to their own actual conditions and choose appropriate professional institutions for assistance. At the same time, enterprises also need to pay attention to national laws, regulations and policies to ensure the compliance of the listing process.