NEEQ Listing Requirement 1: The main business must be highlighted
"Securities Enterprise Agency Share Transfer System Zhongguancun Science and Technology Park Unlisted Co., Ltd. Share Quotation and Transfer Pilot Measures" (hereinafter referred to as " Pilot Measures") stipulates that one of the important conditions that park enterprises that sponsor quotation broker recommendation must meet is: outstanding main business. Under normal circumstances, the company's main business income should account for more than 70% of the total revenue, and the main business profits should account for more than 70% of the total profit. For small and medium-sized enterprises to be listed, business that is too dispersed is definitely a "minus points" matter. For example, an enterprise whose main business is software development and system integration has small-scale subsidiaries engaged in cultural advertising and media. These subsidiaries are not closely related to the company's main business. They should be reorganized so that the company can focus on the main business. Industry.
New Third Board Listing Requirement 2: Horizontal competition must be handled
Other businesses engaged in by the actual controller or major shareholder of the enterprise, whether there is horizontal competition and related transactions, the Securities Association of China, etc. The focus of the filing review by the competent authority. Specific concerns include: whether there are companies under the same actual controller that compete with the company to be listed; whether the senior managers of the company hold concurrent posts, and whether financial personnel work part-time in affiliated companies; whether the sponsors will constitute horizontal competition when the company is restructured All relevant assets and businesses of the relationship are invested in joint-stock companies.
New Third Board Listing Requirement Three: Sustained Operations Guaranteed
Although there are no clear financial indicator requirements in the New Third Board listing conditions, and there are no hard and fast requirements for whether a company is profitable, the company's Continuing operations must be guaranteed, that is, there will be no major changes in the business model, products and services, and there will be good development prospects in the segmented industry in which it is located. Just as the competent authorities are introducing manpower with industry background to cope with the increasingly subdivided industries of companies to be listed and the emergence of new industries, it is also particularly important for companies to appropriately and accurately describe their main products and businesses.
New Third Board listing requirement four: The identity of high-tech enterprises must be true
The companies planning to be listed on the New Third Board are basically high-tech enterprises. Before the expansion of the New Third Board, the Ministry of Science and Technology passed the "shortening The two points of "registration period" and "expanding the scope of core independent intellectual property rights" have relaxed the identification standards for high-tech enterprises in Zhongguancun, allowing the number of enterprises in the Zhongguancun Demonstration Zone to meet the NEEQ listing standards to expand. After the expansion of the New Third Board, Zhongguancun's model is likely to be copied by other parks, which also means that the number of "reserve troops" for the New Third Board nationwide will greatly increase. Accompanying the increase in the number of high-tech enterprises is the stricter review of the identity of high-tech enterprises by the competent authorities.
New Third Board Listing Requirement 5: Capital occupation must be resolved as soon as possible
Many small and medium-sized private enterprises have the problem of "individuals are not separated" in the early stages of development, that is, the assets, accounts and There is a certain amount of mixing of personal property and accounts. In practice, the company to be listed will have frequent capital exchanges with its controlling shareholders and affiliated enterprises, because it is not easy to obtain external financing from banks and other financial institutions, and it also costs considerable money, and the temporarily abundant funds of affiliated enterprises will be used. , it is easier for the actual controller to do it - if the enterprise also establishes an internal organization similar to a "financial center" specifically to adjust the surplus and shortage of funds, then the transfer of funds between different enterprises will become an institutionalized, For regular work, funds will flow more frequently.
New Third Board Listing Requirement Six: Financial Processing Must Be True
Financial data directly reflects the business performance of the company. Therefore, the operational risks and financial risks existing in the business process are also one of the focuses that the competent authorities pay attention to when reviewing. At the same time, the competent authorities hope that companies will use plain language in listing materials, without exaggeration, advertising, whitewashing performance, or profit manipulation. In this regard, enterprises should try their best to give reasonable explanations on the basis of respecting objective facts. For example, if the price of a company's raw materials is greatly affected by the international market, it will be a great uncertainty for the company's operations, but if the company can give a persuasive argument for its risk transfer ability, then " "High fluctuations in raw material prices" not only will not have a negative impact on the company's operating performance, but also reflect a competitive advantage of the company.
In addition, if the company's sales expense ratio is significantly lower than that of the same industry, the company's current ratio is higher than that of the same industry, and the asset-liability ratio is lower than that of the same industry, the competent authorities will require the company to provide a reasonable explanation.
New Third Board listing requirement seven: Equity incentives need to be planned
Companies applying to be listed on the New Third Board have their own patented technologies and are all asset-light small and medium-sized technology companies. For enterprises, , Talent is the core competitiveness. On the one hand, the cost of retaining talents by relying solely on high wages is high, and on the other hand, it cannot cope with the temptation of equity interests from listed companies in the same industry. But equity incentive is a systematic project that involves management, legal and financial issues. If there is no advance planning, how much equity will be diluted? How to price? How is it linked to performance? How to enter accounts? Problems such as these will ensue during listing and restructuring, and it will be more difficult to deal with them at this time.
New Third Board listing requirement eight: Enterprise operations must be standardized
Small and medium-sized private enterprises are prone to irregularities in production and operation, asset ownership, environmental protection, taxation, "five insurances and one housing fund", etc. Something went wrong. For example, when the enterprise changes to a joint-stock company, capital verification is not carried out as required, resulting in defects in registration and establishment; the property ownership procedures of the leased factory are not complete, and the lessor of its production base has not obtained legal land certificates and real estate certificates; continuous violations of environmental protection projects, It was punished by the environmental protection department where the project was located; the internal and external accounts were used, and the profits were not fully reflected, and it faced tax penalties and account adjustments before listing; during the reporting period, social security was paid to employees according to the lower limit of the local social security payment base, instead of what is stipulated by law actual wages, and the housing provident fund management system is not strictly implemented. When such a problem occurs, enterprises must understand that thoroughly solving the problem and effectively standardizing operations are the fundamental and complete solution. This is also an important manifestation of the company's courage to assume social responsibilities. For companies planning to be listed, it is a "plus point" factor and helps to establish a good corporate image.