1. Public offering approved by the securities management department of the State Council. The publicly issued shares account for more than 25% of the company's total shares after issuance; if the company's total share capital exceeds RMB 400 million, the publicly issued shares account for more than 10%.
2. Have a sound and well-functioning organizational structure. There have been no major changes in the issuer's main business and directors and senior managers in the past three years, and there has been no change in the actual controller.
3. The total share capital before issuance shall not be less than RMB 30 million, and the total share capital shall be no less than RMB 50 million when applying for listing.
4. It has been in business for more than 3 years, has sustained profitability, and is in good financial condition. The net profit in the last three fiscal years has been positive and the cumulative amount has exceeded RMB 30 million. The net profit is calculated based on the lower before and after deducting non-recurring gains and losses.
5. The cumulative net cash flow generated from operating activities in the last three fiscal years is not less than RMB 50 million, or the cumulative operating income in the last three fiscal years exceeds RMB 300 million.
6. There are no false records in the financial accounting documents in the past three years, and there are no other major illegal activities.
7. The proportion of intangible assets (after deducting land use rights, surface breeding rights, mining rights, etc.) to net assets at the end of the most recent period shall not exceed 20%.
8. There is no unrecovered loss at the end of the latest period.
The small and medium-sized board is the small and medium-sized enterprise board, which is relative to the main board market. Some companies cannot meet the requirements of the main board market, so they can only be listed on the small and medium-sized board market. Most of the small and medium-sized board companies are in the growth stage of the company's life cycle. Compared with companies in the mature stage, companies in the growth stage have the characteristics of high growth and high expected annualized expected returns.
The operation of the small and medium-sized enterprise sector adopts a non-independent subsidiary market model, but is affiliated to the Shenzhen Stock Exchange. Most of the small and medium-sized enterprises are small companies that are leaders in their respective industries. Nearly 90% of them have independent patented technologies and have strong independent innovation capabilities. And most of them are located in economically developed areas such as the southeast coast, which have regional advantages.