Bear Market Does Not Affect The Listing Of Jinjiang Shoe Leather Enterprises

The preparatory enterprises in Jinjiang listed yesterday undoubtedly had a shot in the arm.

At the meeting of the Jinjiang listed companies and securities intermediaries held recently, there were 11 high-quality brokerages in and outside the territory from joint securities, Guotai Junan and Morgan Stanley. Besides, there were 12 accounting firms and lawyers' offices of KPMG, China Rui Elly Leung and Beijing Shang Gong, which met with the listed reserve Enterprises in Jinjiang.

In this period, two people who are listed intermediaries are invited to discuss the growth of the listed companies in Jinjiang and the financial restructuring and listing costs of the listed companies in the period of share reform.

Guest name card: Li Huazhong: Deputy Director of investment bank of United Securities Co., Ltd., has the qualification to sponsor the sponsor of the listing, and has been engaged in the IPO and refinancing project of the China Securities Regulatory Commission for 14 years.

Shi Zhanfang: chief partner of KPMG certified public accountants in Fuzhou.

He joined KPMG Hongkong in 1992 and became a partner in 2004.

Jin Jin has strong growth reporter: you participated in the forum of Listed Companies in Jinjiang last July. After more than 8 months, have you changed your views on Jinjiang entrepreneurs?

Li Huazhong: Yes.

Their enthusiasm for listing is improving and their consciousness is being strengthened.

This shows that entrepreneurs in Jinjiang are getting more and more mature.

Reporter: Jinjiang enterprises are mostly manufacturing and labor-intensive. How do securities companies view such enterprises?

Li Huazhong: This is not only a question of Jinjiang, but Wenzhou and Dongguan have similar problems.

There are many foundry enterprises, pure processing enterprises, and enterprises are often simply expanded reproduction.

But listing is an opportunity for these enterprises, that is, the pition from pure processing and subcontracting to independent brands, independent technology and a certain market share.

On the other hand, non finished products, such as textile, leather and other industries, as long as enterprises occupy a leading position in the industry, its ability to resist risks is high and the foundation is thick. This can be said to support the growth of enterprises in terms of industry status. There are many such enterprises in Jinjiang.

Business mechanisms and talents need improvement: correspondents at the meeting raised the problems facing Jinjiang enterprises.

The first is the question of where to go on the market, followed by the immaturity of the enterprise system, and once again the problem of running in with the intermediaries.

How do you view these problems?

Li Huazhong: the first point is that enterprises must have a long-term foothold when choosing the place of listing.

There are problems in the evolution of enterprises in Jinjiang. Many companies choose to list abroad, and foreign listing can only be quickly listed as soon as they seek security from brokerages.

In China, there is a strict examination and approval system. The threshold for entering the market is higher and the cycle is longer.

But this is only a short period of time. Because the overseas listing is based on the Anglo American law system, the mainland law system is adopted in China, and the listing of enterprises overseas is easy to cause disconnection with investors, consumer groups and capital markets.

The second point is that enterprises are in pition. This requires a gradual and standardized process. Listing is to make enterprises better and more competitive, and of course, the system of enterprises will be more perfect.

Third, during the period of IPO, PE and other financing channels can be properly introduced. On the one hand, it can reduce the cost of listing, and on the other hand, it will improve the ownership structure, financial structure and the structure of the legal person system.

In this way, enterprises can better integrate with intermediaries and speed up the listing process.

Shi Zhanfang: actually, these problems are not only reflected in Jinjiang enterprises, but also not only in private enterprises.

Before listing, there are some problems such as imperfect financial system and unclear ownership structure.

In terms of Jinjiang, for my personal opinion, at present, the primary issue is management, and the operators and owners of enterprises are not separated.

In terms of talents, the shortage of financial talents often leads to many difficulties in the reform of enterprises.

My suggestion is that Jinjiang should strengthen the attractiveness of the city, and enterprises should introduce more generous talent introduction measures, so as to smooth and maintain operability in the process of listing.

Bear market does not affect the fever of listed companies: is the recent stock market miserable green, which means that the market timing is not good?

Li Huazhong: it can be described in four words: chilly chilly.

On the one hand, although the situation is not good, listed companies can still maintain a certain price earnings ratio.

China's stock market has just started, and the situation is much better than the bottom of 1000 points. The listing of enterprises should be 3~5 years' preparation and the present bear market can not be used to measure future opportunities.