Specific financial indicators should meet the following requirements: the net profit in the last three fiscal years is positive and accumulated over RMB 30 million; The net cash flow generated by operating activities in the last three fiscal years has accumulated more than RMB 50 million; Or the accumulated operating income in the last three fiscal years exceeds 300 million yuan; The total share capital before issuance is not less than RMB 30 million; Intangible assets (excluding land use rights, breeding rights, mining rights, etc.). ) accounting for no more than 20% of the net assets at the end of the latest period; There is no uncompensated loss at the end of the recent period. The issuer pays taxes in accordance with the law, and all tax incentives comply with the provisions of relevant laws and regulations, and its operating performance does not depend heavily on tax incentives.
Second, the SME board issuance and listing procedures
The first step is to reorganize the enterprise and set up a joint stock limited company. Draw up the reorganization plan, hire promoters (securities companies) and intermediary agencies such as accounting firms, asset appraisal institutions and law firms to demonstrate the feasibility of the reorganization plan, audit and evaluate the assets to be reorganized, sign the sponsors' agreement and draft articles of association, set up the internal organization of the company and set up a joint stock limited company. Except as otherwise provided by laws and administrative regulations, the establishment of a joint stock limited company shall cancel the approval of the provincial people's government.
The second step is to conduct due diligence and counseling for enterprises. Sponsors and other intermediaries conduct due diligence, problem diagnosis, professional training and business guidance on the company, learn the necessary knowledge of listed companies, improve the organizational structure and internal management, standardize the company's behavior, clarify the business development objectives and the investment of raised funds, rectify the existing problems according to the conditions of issuance and listing, and prepare the application documents for initial public offering. At present, the mandatory provision of IPO counseling for one year has been cancelled.
The third step is to make application documents and declare them. Enterprises and hired intermediaries shall make application documents according to the requirements of the China Securities Regulatory Commission, and the sponsor institution shall be the core and be responsible for due diligence recommendation to the China Securities Regulatory Commission; Meet the reporting conditions, the China Securities Regulatory Commission will accept the application documents within 5 working days.
The fourth step is to review the application documents. After the China Securities Regulatory Commission formally accepts the application documents, it conducts a preliminary examination of the application documents, pre-discloses the application documents after the preliminary examination and before the audit by the audit committee, and finally submits them to the audit committee.
The fifth step is roadshow, inquiry and pricing. Publish the summary of the prospectus, issuance announcement and other information in the designated newspapers and periodicals, and the securities companies and issuers will conduct roadshows, introduce and make inquiries to investors, and negotiate and determine the issuance price according to the inquiry results.
The sixth step is to issue and go public. Publicly issue shares in accordance with the issuance method stipulated by the China Securities Regulatory Commission, submit an application for listing to the stock exchange, and handle the custody registration and listing of shares in the registration and clearing company. After listing, the sponsor institution shall be responsible for continuous supervision as required.