The small and medium-sized board is a familiar yet unfamiliar sector. I believe many people do not know it very well. So today we will talk about the listing conditions, advantages and differences between the small and medium-sized board and the main board.
The small and medium-sized sector is a stock trading sector established by the Shenzhen Stock Exchange to encourage independent innovation of small and medium-sized enterprises. Compared with the main board market, the SME sector is lower than that of the main board market. Therefore, some SMEs cannot meet the requirements for listing on the main board and instead list on the small and medium-sized market. The listing conditions for small and medium-sized enterprises are actually not much different from those for the main board. Sometimes this sector is also included in the main board.
The small and medium-sized enterprise sector is an integral part of the main board market. According to the requirements of "two constants" and "four independences", the sector implements relatively independent management of "independent operation, independent supervision, independent code, and independent index" within the framework of the laws and regulations of the main board market and issuance and listing standards. The small and medium-sized enterprise sector mainly arranges companies with good growth potential, high technological content and relatively small circulating capital to be listed on the main board market. The conditions for listing on the SME Board are as follows:
1. Subject qualifications and financial accounting conditions
2. Independence conditions
The issuer should have a complete business system and The ability to operate independently in direct face of the market, the issuer's assets are intact, personnel are independent, finance is independent, the organization is independent, and the business is independent. The issuer's business should be independent of the controlling shareholder, actual controller and other enterprises controlled by it. There should be no horizontal competition or unfair related transactions between pre-controlling shareholders, actual controllers and other enterprises controlled by them.
4. Normative conditions
The issuer has established and improved the shareholders' meeting, board of directors, supervisory committee, independent board of directors, and board secretary systems in accordance with the law, and the agencies and personnel can perform their duties in accordance with the law.
5. Raised funds
The raised funds have a clear direction of use and are used for the main business; the raised projects shall not be holding trading financial assets, available-for-sale financial assets, or borrowing Financial investments such as giving to others and entrusting financial management; the project complies with national industrial policies and current laws, regulations and rules.
The difference between the small and medium-sized board and the main board
Main board: Large enterprises with relatively large market shares, relatively large scales, relatively good development foundations and low risks, such as Industrial and Commercial Bank of China.
Small and Medium Enterprises Board: Mainly serving small and medium-sized enterprises that are about to enter the maturity stage and have strong profitability, but are smaller than the main board.
Advantages of listing on the small and medium-sized board
1. In the growth stage: These companies are in the growth stage of the lifeline cycle of development, and have high growth potential compared with mature companies.
2. Regional advantages: Most of the companies on the small and medium-sized board are located in economically developed areas such as the southeastern coast. There are 31 companies in 50 provinces including Zhejiang, Guangdong, and Jiangsu, accounting for 62%.
3. Strong independent innovation capabilities: Most of the companies on the small and medium-sized board are small companies, leading in their respective sub-industries, with nearly 90% of independent patented technologies. Some enterprises are listed as key high-tech enterprises in the National Torch Plan and national key high-tech enterprises recognized by the Ministry of Science and Technology.
4. In sectors close to the existing main board market, entry barriers for small and medium-sized enterprises are higher and listing conditions are more stringent.
5. The operation of the small and medium-sized enterprise sector adopts the non-independent subsidiary market model, also known as the dual-board parallel system, that is, the small and medium-sized enterprise sector is affiliated to the Shenzhen Stock Exchange. As a supplement to the Shenzhen Stock Exchange, the small and medium-sized enterprise sector is closely related to the Shenzhen Stock Exchange* They operate the same company and have the same organizational management system and trading system. Even if they adopt the same regulatory standards, the main difference is the different listing standards. The disclosure time of annual reports of listed companies is also the same.