1. In general, the approximate time of each stage is: it takes about 6 months from planning and restructuring to establishing a joint stock limited company, and the time for changing a standardized limited liability company into a joint stock limited company can be shortened; It takes about 3 to 4 months for intermediaries such as sponsors to conduct due diligence and issue application documents;
2. The CSRC said that the issuer applied for the initial public offering of shares and listed on the science and technology innovation board, and the exchange made a decision on acceptance within 5 working days after receiving the application; In addition, once the exchange accepts the application, it needs to submit the materials to the CSRC for review. The CSRC may ask the Exchange for further inquiry, which generally takes 6 months, and it takes 20 working days to make a final conclusion on whether to approve the registration and listing after the inquiry is passed. The whole process ideally takes 7 months. In addition, if the application for listing on the science and technology innovation board is rejected, you can reapply after 6 months.
Listing is a highly professional job, which requires the participation of professional institutions, and the relevant laws and regulations also have clear requirements. Therefore, the choice of intermediary institutions is the key to listing preparation. The preparation for listing should involve intermediaries from the beginning. Intermediaries involved in the preparation for listing should include listing sponsors, law firms, accounting firms and asset appraisal firms, among which listing sponsors and law firms are particularly important. They will lead the formulation and implementation of the whole listing plan and play an important role in stock issuance and listing application. Under normal circumstances, it is necessary to choose a lead underwriter, but if you choose a lead underwriter other than the listing sponsor, it will not be conducive to the overall coordination and systematic promotion of the listing work. Therefore, it is suggested to choose the sponsor institution as the lead underwriter.
Specifically, the establishment of a leading group for listing preparation is the basis of the whole listing preparation work. The leading group for listing preparation should be an overall organization, responsible for all kinds of decision-making matters related to listing preparation, and ensure that enterprises carry out all work with listing as the goal during the listing preparation period. Therefore, the leading group for listing preparation should be led by the company's chairman, with the participation and coordination of the company's senior managers and department heads, and implemented by specialized personnel to set up a listing office.