First, the determination of the main body of enterprise listing;
Second, the determination of the theme of enterprise listing;
Third, resolve the differences with the requirements of the CSRC;
Fourth, can you get a good price-earnings ratio?
In the process of shareholding system reform and listing, the following issues may need to be considered clearly:
Question 1: What are the gains and losses of going public?
First of all, what will enterprises lose when they go public through shareholding system reform?
1. Generally speaking, after listing, according to the operating requirements of listed companies during the counseling period, joint-stock reform must be carried out, that is to say, enterprises must introduce strategic investors or financial investors, and the shareholding ratio of investors is generally not less than 15% to meet the requirements of the CSRC and investors, so enterprises will lose shares, that is, lose profits. These entrants generally demand fixed interest rate returns or bet on fixed income returns, which is a kind of pressure and risk for enterprises.
2. Enterprises must establish the governance structure required by listed companies, that is, they need to establish the board of directors. The board of directors will set up board seats according to the shareholding ratio of shareholders, and external investors will occupy certain seats. One of the main duties of the board of directors is to supervise the flow and use of funds, so it will have a certain impact on the daily operation of enterprises.
3. After the start of the shareholding system reform, faced with the choice of the main company, if the original enterprise is followed, a series of changes in financial and tax operation methods will occur, and enterprises need to pay considerable costs to reorganize the previous financial system. If you use a new company, you will face a new financial and tax system, which is also a challenge for enterprises.
4. When enterprises carry out shareholding system reform, the first thing to do is to issue additional shares. With the entry of private equity funds, the original distribution mode of enterprises will change, and it is impossible to divide money, emphasizing the distribution in a formal way.
5. There is another possible major risk: if the "negative news" of the enterprise is disclosed in a targeted manner in the process of share reform, it may have a disastrous impact.
Then, what will enterprises get when they go public after the shareholding system reform?
1. Private equity funds come in, usually for equity exchange. If the enterprise is in urgent need of funds at present, it is of course an ideal situation. If not, how to spend the money? Money has come in and equity capital has increased, but it has not been effectively used, which will put great pressure on profit margins. Before raising money, you should know how to spend it. If listing is the purpose, it is wrong. Listing can only be used as a means for enterprises to achieve scale and industrial upgrading.
2. In the process of share reform, enterprises can get huge resource support. Private investors can be selected in a targeted manner, so that private investors can play an active role in enterprise development.
3. At present, local governments have clear listing targets, and enterprises will be supported by government resources, which is a long-term resource. After the shareholding system reform, the bank's credit line will be improved and its overall competitiveness in the industrial chain will be enhanced.
Question 2: There are gains and losses. Whether to go public depends on the purpose of listing and market permission:
Externally, China is now entering the wave of listing, a number of companies have accumulated a certain amount, and the government also needs a group of business representatives, so under such circumstances, there is an opportunity.
At the same time, if the same type of weak enterprises are packaged and listed, they will compete with our distributors, agents, talents and brands, and there will be pressure.
From the inside:
1. boss mentality: everyone else is the boss of a listed company, and I want to be the boss of a listed company, then the listed company will be promoted in human capital.
2. Impact on the core senior management team: After listing, it can be realized internally, and everyone's money will increase, which is what many corporate executives want to see. The point is, what is the purpose? If executives get some income through listing and enhance their cohesion, this is positive. If executives only consider cashing in after listing, this may be what most bosses don't want to see.
3. Help to the brand: After listing, the brand influence of the enterprise will be greatly improved.
Now, if the general enterprises have the conditions for listing and strive for listing, they can quickly improve their capital, resources and brand influence, thus avoiding bloody confrontation with other similar enterprises. However, there are also many requirements:
1. Standardization requires that enterprise information should be completely transparent after listing.
2. Return requirements, listed companies have performance growth requirements.
3. The requirements for personnel quality are different from those of the executives of listed companies. Only when people sell higher prices can enterprises sell higher prices.
The listing of Chinese enterprises tends to be rational, and the most direct thing is the adjustment of P/E ratio. If this judgment is true, then the listing of enterprises can catch up earlier. However, if it goes public too early, the price that enterprises need to pay will increase.
Question 3: Can it be listed?
The internal cause of whether an enterprise can go public: mainly depends on the theme and scale of the enterprise's listing.
For example, an enterprise is a small manufacturing enterprise, and the industries overlap to a certain extent. If it has no patented technology, such a subject matter will have certain defects. At the same time, if the enterprise is small in scale and high in profit, if the share reform and share division are carried out, the proportion of profit loss will be relatively large.
Under normal circumstances, if an enterprise has a single product, a single customer and a single technology, it will be difficult to go public. However, if it focuses on foreign trade, it will have an impact on exchange rate changes and the stability of the external market. The business model of the enterprise needs to be enriched, and the goal is to sell 1: 1 at home and abroad. The customer base is multi-level and multi-product, and the technology occupies a certain content.
Question 4: If you want to go, how can I get there?
The choice of brokers is very important. Don't just listen to hearsay. In order to reduce the cost, we choose the brokers who have successfully operated 1-2 companies to go public. It is suggested to choose brokers with good listing counseling performance, especially those with good relationship between listed sponsors and CSRC, and the chances of success will be greater.
At the same time, avoid some serious injuries in the process of share reform and listing. For example, complaints, tax evasion and other information disclosure, so public relations companies should use it when it is time.
Enterprises should have an overall plan. Solve problems one by one with the differences required by the CSRC, such as multi-products, multi-channels, average sales at home and abroad, technical content of products, etc.
Question 5: Changes before and after listing
Business owners: after listing, they pay more attention to how to make the enterprise bigger and better, and pay more attention to people's problems. Many listed companies have few executives, and they are either promoted quickly or eliminated. After the listing of enterprises, the channels for obtaining human resources have been broadened, which can accelerate the absorption of more and more high-quality people.
Senior management team: For some time before listing, the company will be extremely United and everyone will actively prepare for listing. After the listing, the senior management will really get the equity. Only by doing a good job in the company can the value be continuously improved and the benefits obtained be maximized, so the stability of the senior management team of listed companies is strengthened.