Listing: The Inevitable Choice For Modern Enterprises To Become Bigger And Stronger

Recently, the Shishi businessmen's forum was held jointly by the people's Government of Xiamen University and the school of economics of Xiamen University. Zhou Zhenping, deputy director of the Standing Committee of the Quanzhou Municipal People's Congress and director of the "listing office", encouraged our city enterprises to seize the opportunity and actively reform the listing system. capital market Occupy a place. After the meeting, the small and medium-sized enterprises concerned. list Topic, Zhou Zhenping accepted an exclusive interview with reporters. She pointed out that enterprises should avoid quick success and instant benefit when listing. standard Procedures should be carried out in an orderly manner, and no false listing is strictly prohibited.

　 Quality is good enough to qualify for listing.

Different countries or regions have different conditions for listing and regulatory requirements. When making decisions on the listing, enterprises should mainly consider the factors such as time to market, amount of financing, follow-up financing, investor structure and equity incentive system, and pay more attention to the complexity and diversity of international capital market.

Zhou Zhenping pointed out that, according to the relevant provisions of the China Securities Regulatory Commission, the issuer of IPO and listed on the main board must be a Limited by Share Ltd established in accordance with the law and operating for more than three years. A limited liability company shall be changed to a Limited by Share Ltd as a whole according to the original book net asset value discount. The duration of continuing operation can be calculated from the date of establishment of a limited liability company. In addition, there has been no major change in the main business and directors and senior management of the issuer in the past two years, and the actual controller has not changed.

"The net profit, operating income, net cash inflow and total assets and equity requirements of the past three years have also been clearly stipulated." Zhou Zhenping emphasized that securities will also attach considerable importance to the environmental assessment of listed companies. In other words, the EIA does not pass, and the listing is not expected. In addition, whether there is serious suspicion of tax evasion before listing, or has been severely punished, is also a ridge. To put it plainly, if an enterprise wants to enter the capital market, it must first do lawful business, pay taxes in good faith, and keep accounts clear.

　　 Evaluation should be comprehensive and effective.

Generally speaking, if an enterprise wants to go on the market in the domestic stock market, it must undergo three stages: comprehensive evaluation, normative reorganization and formal initiation. Zhou Zhenping told reporters that the listing of enterprises is a complicated financial engineering and systematic work. Compared with traditional project investment, it also needs to go through the process of prophase demonstration, organization implementation and post evaluation, and it also faces the choice of whether to be listed in the capital market, which market is listed and listed. Therefore, in order to ensure the success of the listing, the enterprise must first analyze it comprehensively and give it a careful opinion. After the clear answer is given, the work of the listing team can be launched in an all-round way.

Zhou Zhenping pointed out that there are hundreds of key issues involved in the initial listing of enterprises. Especially in China's current specific environment, private enterprises generally have many problems left over from history, such as finance, taxation, law, corporate governance and historical evolution. Therefore, it is very important for enterprises to pre plan and process some problems in advance on the basis of pre assessment and with the help of listed financial advisors, so as to enhance the confidence of sponsors, strategic shareholders, other intermediaries and regulators.

Once the target of listing is determined, the enterprise will enter into the practical operation stage of the external listing work, which mainly includes selecting relevant intermediary agencies, carrying out shareholding system transformation, auditing and legal investigation, brokers' counselling, issuing declaration, issuing and listing. Zhou Zhenping said that there were five or six external agencies involved in the listing work, involving dozens of people. Therefore, the difficulty of organization and coordination is quite large.

　 Abide by the rules of the game, strictly forbid.

Under the situation that the international financial environment is not optimistic, the overseas IPO of Chinese enterprises is still hot. Zhou Zhenping pointed out that, unlike the strict approval system of listing in China, the registration system is adopted by enterprises in the US, which makes the threshold for listing in the United States relatively low. Many Chinese enterprises are seeking the listing of the United States. Some enterprises, in order to achieve the purpose of listing as soon as possible, modify the financial data through accounting fraud to cater for the conditions of listing overseas, but often neglect the laws and regulations and rules of the overseas market.

But the actual situation is that the US listing threshold is low, but after one year of listing, enterprises will face the supervision and supervision of public finance and auditing by local regulators. If a year after listing in the United States, they can not reach the level of standardization in financial management and corporate governance, so they may face the situation of suspension or even delisting, so the US listed companies have a relatively high rate of delisting. In addition, because some enterprises that are not in line with the listing conditions are eager to go public, find some "underground companies" to make a paper listing. Once these documents are illegally leaked by "underground companies", the short sellers will be able to take advantage of them.

"What companies need to remember is that it is only the first step in the long march whether it is listed in China or landed in overseas capital markets. If we want to achieve sustainable development, we must stand up to the test of the sophisticated market environment." Zhou Zhenping said earnestly that listing is an inevitable choice for the development of modern enterprises. It not only promotes its own qualitative change, but also enables local economic development to achieve "fulcrum". Although there are many difficulties in listing, we hope that 50 listed companies in Shishi will strive to catch up with the capital market express as soon as possible and make the enterprises bigger and stronger.