As of August 3rd, 20 17, there are still 634 initial enterprises accepted by China Securities Regulatory Commission, of which 54 have attended the meeting and 580 have not. Among the enterprises that did not attend the meeting, 544 enterprises were reviewed normally and 36 enterprises were suspended.
Judging from the queuing situation, the IPO barrier lake still exists, and the IPO enthusiasm is undiminished. In addition to companies waiting in line for IPO, in fact, many companies are preparing and planning for IPO. ...
Therefore, there are still many people who don't know much about the conditions of IPO listing, the process of listing, and the main points of post-audit.
Today, Taurus. Com will organize relevant dry goods for everyone!
What are the listing conditions of 1? IPO？
(1) financial status
(2) Non-financial conditions
What is the process of 2.2? IPO listing?
For enterprises, IPO listing can raise funds and attract investors, which is very helpful to improve liquidity, enhance the visibility of enterprises and the sense of identity of employees, improve the enterprise system and make enterprise management more convenient. However, IPO listing is also a complicated work, and the preparation is as short as one year and as long as three years. So, what is the IPO listing process? What are the IPO listing steps? Www.jinox.cn of Taurus. Com and you have a simple understanding through the following article to help you understand the knowledge of corporate IPO.
I. Reorganization and formation of joint-stock companies
The enterprise determines the listing plan or draws up the restructuring plan, and employs an intermediary to discuss the feasibility of the plan; Review and evaluate assets, and sign the sponsor agreement and draft articles of association; Set up the company's content organization structure and change its registration into a joint stock limited company.
Second, due diligence and counseling.
Sponsors and other intermediaries conduct due diligence, problem diagnosis, professional training and business guidance on the company; Enterprises need to improve their organizational structure and internal management, standardize their behaviors, and clarify their business development goals and the investment of raised funds; Enterprises should effectively rectify the existing problems according to the listing situation, and prepare the application documents for initial public offering.
Three. Preparation and application of application documents
Enterprises and intermediaries they employ need to make application documents according to the needs of the CSRC; The sponsor institution needs to conduct internal verification and recommend the application documents to the China Securities Regulatory Commission; The China Securities Association will accept the application documents that meet the application conditions within 5 working days.
Four. Examination of application documents
The China Securities Regulatory Commission conducts a preliminary examination of the application documents that meet the requirements, and solicits opinions from the provincial government and relevant state departments; Then the China Securities Regulatory Commission gives feedback to the sponsors, and the sponsors organize issuers and intermediaries to reply and review the audit opinions; China Securities Regulatory Commission will further review the supplemented and improved application documents according to the preliminary examination opinions.
After the preliminary examination is passed, the application documents shall be disclosed, and the preliminary examination report and application documents shall be submitted to the issuance review committee for review. China Securities Regulatory Commission shall make a decision on the issuer's application according to the audit opinions of the issuance audit committee.
Verb (abbreviation of verb) is published and listed.
1. problem
When issuing shares for the first time, the issue price of the shares shall be determined by inquiring from specific institutional investors (hereinafter referred to as "inquiry objects"). The issuer and its lead underwriter shall, after publishing the letter of intent for initial public offering and the announcement of issuance, introduce and inquire about the inquiry object, and promote it to public investors through the Internet. Inquiry is divided into preliminary inquiry and cumulative technical inquiry. The issuer and its lead underwriter determine the issue price range through preliminary inquiry, and determine the issue price through cumulative bidding inquiry within the issue price range. If the initial stock issue is listed on the SME board, the issuer and its lead underwriter may determine the issue price according to the preliminary inquiry results, and no cumulative bidding inquiry will be conducted.
After the inquiry, if the number of publicly issued shares is less than 400 million shares, and there are less than 20 inquiry targets to provide effective quotations, or if the number of publicly issued shares exceeds 400 million shares, and there are less than 50 inquiry targets to provide effective quotations, the issuer and its lead underwriter shall not determine the issue price and shall suspend the issuance.
make public
Draw up stock code and stock abbreviation. After the application documents for stock issuance have passed the examination meeting, the issuer may apply for the stock code and stock abbreviation and report them to Shenzhen Stock Exchange for approval; Listing application. After issuing shares, the issuer shall apply to the listing committee of Shenzhen Stock Exchange for listing in time and submit relevant documents; Review and approve. The stock exchange shall, within 7 trading days after receiving all the listing application documents submitted by the issuer, make a decision on whether to approve the listing and notify the issuer; Sign the listing agreement. After receiving the listing notice, the issuer shall sign a listing agreement with Shenzhen Stock Exchange to clarify the rights and obligations of both parties; Disclosure of listing announcement. The issuer shall publish a listing announcement in the newspaper designated by the China Securities Regulatory Commission within 3 working days before the listing of the shares; Stock listing and trading. The stocks applying for listing will be listed and traded according to the arrangement of Shenzhen Stock Exchange and the listing date disclosed in the listing announcement. Generally speaking, it is required to be listed within 7 trading days after the stock is issued; Afternoon support. Investment institutions such as brokers are needed to provide corporate financing consulting services, industry research and reporting services, and investor relations communication.
3.3 summary. IPO audit problem
1. The authenticity of the performance
IPO listing mainly depends on the profitability of enterprises, which is unacceptable for the scale of performance itself, and it is difficult to go public without scrutiny and verification. Although the scale of the performance is small, it has great prospects for future development. Obviously, the meeting is likely to be a success. IPO companies have a good performance foundation and can stand the test.
2. Related party transactions
Related party transactions with controlling shareholders, actual controllers and other enterprises controlled by them are fair, and the proportion should not be too high to some extent. There are also related party transactions, which will often lead to huge tax costs if handled carelessly.
3. Annual financial report
At present, the review period is obviously short. From the submission of application documents to the arrangement of the CSRC, the current IPO queuing time is about 1.5 years. According to the current review speed, the IPO queue time will be shorter. Some experts in the industry predict that according to the current IPO review speed, the enterprises that are currently queuing for review can be digested in 20 19 years, and the "immediate review" can be realized.
Therefore, IPO reporting enterprises should pay attention to the available financial reporting period, and plan and standardize their finances as soon as possible, mainly including taxes, five insurances and one fund, costs and expenses, etc.
4. Accounts receivable
In order to increase sales and improve the credit cycle, the issuer carries out sales promotion, which has a great influence on the subsequent business ability and sustainable business ability.
5. Abnormal gross profit
There is a clear gap between gross profit and comparable companies in the same industry. The industry is depressed, peers are declining, but issuers are increasing. How do you explain this?
6. Others
Senior management's salary, public opinion, accounts receivable, environmental protection, etc.
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