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New Standards For Backdoor Listing

2011/9/2 11:13:00 24

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From today on, enterprises are making great progress.

Assets

The difficulty of restructuring has increased.

The SFC's decision on Revising the relevant provisions of major asset reorganization and supporting financing of listed companies is implemented today.

After the implementation of the new regulation, the financial standard of asset restructuring will be no less than the first issue of new shares. At that time, "shell" resources will no longer be sought after, and the market will also be able to cool down "ST" stocks.

The new regulation has produced three "heavy punches": purging backdoor listing, improving the issue of shares, purchasing assets and supporting financing for mergers and acquisitions.

The new rules are designed to curb insider speculation in backdoor listing, improve the efficiency of mergers and acquisitions, and broaden the financing channels for mergers and acquisitions.

Qing Research Center Xu Weiqing told reporters: "the new regulation has three bright spots compared with previous changes.

The first point is clearly defined the meaning of asset acquisition and backdoor reorganization in law.

That is, the injection of assets must reach 100%, can not replace some of the assets, in the future, the backdoor listing can not play the ball of this policy again; the second point is that the assets purchased by the listed companies are corresponding.

Management

The entity's continuous operation time should be more than 3 years. The net profit of the last two accounting years is positive and the total amount exceeds RMB 20 million yuan; the third point is that the backdoor company can no longer be related to the shareholders and the actual controller.

It is noteworthy that enterprises that rely on backdoor listing will have financial thresholds in the future.

"This threshold is even higher than the gem listing standards, which will be right.

Assets

There is a control over the quality of the restructured listed companies. In the future, it will be difficult for the garbage companies to use the shell resources to achieve the listing. "

Experts in the industry say.

It is understood that the financial threshold of listed companies on GEM is profitable for the past two years, and the net profit is not less than 10 million yuan.

Previously, "ST" companies once made waves in the A share market.

The vast majority of "ST" companies or successive losses are dying on the edge of bankruptcy, or punished by regulators, demanding suspension of listing, but delisting.

mechanism

The imperfection of these companies led to the phantom wandering in the stock market.

Some companies that do not qualify for listing on the main board are aware of these shell resources.

Through the "buy shell" and "shell change", that is, mergers and acquisitions, asset replacement and other means of restructuring, in order to achieve the purpose of indirect listing.

Compared with IPO's strict audit and long wait, backdoor listing is undoubtedly a shortcut.

Unlike the initial listing, it does not need to undergo lengthy examination and approval, registration and public issuance procedures.

In this regard, Xu Weiqing believes that under the new rules, backdoor listing is no longer a shortcut to "go all the way to the sky". It will cool down and blindly speculation or "blindly" speculation on the "ST" shell resources.

Through the standardized operation and strict examination of the new regulations, speculation in the market will be curbed, and backdoor listing will tend to be rational and balanced.