Improving Financing Function And Accelerating The Differentiation Of GEM Companies

< p > the SFC issued the 16 administrative measures for initial public offerings and listing on GEM, and the Interim Measures for the management of securities issuance of listed companies on GEM.

The industry believes that improving the system is conducive to the improvement of the financing function of the gem.

More stringent requirements for issuers and intermediaries in information disclosure will help investors more accurately judge the investment value of listed companies, so that better corporate financing needs can be met while poor companies can not cash in.

In the long run, this will help the gem to mature, and the differentiation of related companies is expected to become more and more obvious.

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< p > < strong > perfect financing function < /strong > < /p >

< p > the industry believes that the issuance of IPO and the Interim Measures for the management of securities issuance on GEM companies means that the financing function of the gem will be improved. Although there is a lack of growth companies in GEM companies, the good companies will accelerate their growth and stand out after they are financed.

Only when the function of financing is restored, can the market form wealth effect and achieve a virtuous circle.

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< p > Zhang Xiaojun, a spokesman for the securities and Futures Commission, said that the implementation of the gem's starting method has mainly revised the following aspects: first, appropriately relax the financial admittance index, cancel the requirement for continuous growth; two, simplify other publishing conditions, strengthen the information disclosure constraints; three, fully implement the requirements to protect the legitimate rights and interests of small and medium investors and the reform of the IPO system.

In addition, the method also abolished the guidelines for further improving the gem recommendation, expanding the coverage of market services, and declaring enterprises to be no longer restricted to nine industries.

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< p > the main contents of the gem refinancing method include: first, set up concise and unified issuance conditions, strengthen the restriction mechanism for refinancing; two, launch the "small quick" private placement mechanism, allow "no recommendation is not underwritten", make approval or disapproval decision within 15 working days from the date of acceptance; three, support the listed companies to sell their private shares in a specific range and reduce the financing cost; four, increase the self-restraint function of the board of directors, and strengthen the sense of responsibility of management refinancing.

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< p > the industry believes that relaxing financial access standards and expanding the coverage of industries will help the gem to better serve SMEs.

Previous performance demands continued to grow, making it difficult for innovative enterprises with strong performance and periodicity to be listed on the growth enterprise market. The high financial access indicators made future development potential great, but the financing demand of growth oriented and innovative enterprises with low profit level was not satisfied, and some enterprises did not enter the growth enterprise market.

The issuance of the refinancing method has made up for the lack of the previous system.

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< p > according to the "IPO listing and listing management method", the issuer has made continuous profit in the past two years. The net profit in recent two years has accumulated not less than ten million yuan, or the profit in the latest year. The operating income of the latest year is not less than fifty million yuan.

Net profit is calculated on the basis of the deduction of non recurring gains and losses.

According to the Interim Measures for the issuance of securities issued by listed companies on GEM, the profit of listed companies has been calculated for the past two years, and net profit is calculated on the basis of the deduction of non recurring gains and losses.

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< p > < strong > encourage company < a href= "http://www.91se91.com/news/index_cj.asp" > M & amp; /a < /strong > /p >

< p > the industry believes that < a href= "http://www.91se91.com/news/index_cj.asp" > gem < /a > refinancing approach to encourage M & A will help to enhance the growth of GEM companies, and further widen the exit channels of VC/PE, so that social capital can flow more into innovation and entrepreneurship.

According to the Interim Measures for the issuance of securities issued by listed companies on GEM, the listed companies' non-public offering of stock raising funds for mergers and acquisitions can be exempted from the profit requirements in the past 2 years.

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Due to the lack of refinancing rules, the extension of P has been restricted to some extent since the establishment of gem.

According to the insiders, refinancing will bring support to the enterprises in the industry chain, and most of the gem industry will be smaller. After a certain degree of growth, they can only rely on mergers and acquisitions to achieve development.

In addition, the continuous financing function is conducive to supporting the listed companies to become bigger and stronger, and it is an important prerequisite for the gem to mature.

Hongkong's growth enterprise market is abandoned by many small and medium-sized enterprises because of the loss of refinancing function.

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< p > Wang Qing, President of Shanghai Chongyang Cci Capital Ltd, believes that the support for mergers and acquisitions of GEM companies is compatible with the current economic pformation and policy orientation.

Several opinions of the State Council on further promoting the healthy development of the capital market put forward to encourage the merger and reorganization of the market.

We should give full play to the role of capital market in the process of mergers and acquisitions, strengthen the pricing and trading functions of capital market, broaden the financing channels for mergers and acquisitions, and enrich the payment methods of mergers and acquisitions.

We must respect enterprises' independent decision making, encourage all kinds of capital to participate in M & a fairly, break down market barriers and industry segmentation, and achieve the smooth pfer of company property rights and control rights across regions and across ownership.

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< p > < < Interim Measures for the management of securities issuance of GEM listed companies > > also puts forward the "small quick" private placement mechanism.

If a listed company applies for a non-public offering, its financing amount does not exceed fifty million yuan and does not exceed ten percent of the net assets at the end of the latest year, the SFC applies the summary procedure, but the total amount of financing of the listed company's non-public offering stock in the latest twelve months is over ten percent of the net assets at the end of the latest year.

The CSRC shall, within fifteen working days from the date of acceptance, make a decision on approval or disapproval.

The industry believes that this means that the refinancing of listed companies should not be blindly greedy, and the plan for raising funds should be consistent with the actual demand.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_cj.asp > > differentiation > /a > aggravating < /strong > /p >

< p > the release of the above measures may cause the market to further worry about the loss of blood. However, the industry believes that in the long run, this is conducive to the development of the growth enterprise market, and the view of bubble squeeze on GEM should not be too one-sided. Not all companies will fall in share prices, and some companies still have investment value.

For these companies, the recovery of gem's financing function will accelerate its growth. It is expected that GEM companies will accelerate differentiation in the future.

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Wang Zhulin, director of Southwest Securities (600369, stock bar) Limited, believes that the wealth effect of the gem will become apparent as the financing needs of better companies are satisfied and grow better.

At the same time, the premise of avoiding bad money is that information disclosure is in place, and intermediaries and investors are more mature.

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< p > in fact, the gem start up method and refinancing method also put forward relevant requirements, and the SFC no longer endorsed the investment value of enterprises.

According to the starting method of gem, (sponsor and sponsor representative) supervise the issuer's standardized operation, verify the professional opinions issued by the securities service providers, make a professional judgement on whether the issuer has continuous profitability and whether it meets the statutory issuing conditions, and ensure that the information disclosure documents such as pedestrian application documents and prospectus are authentic, accurate, complete and timely.

The SFC does not make substantive judgments or guarantees on the issuer's profitability, investment value or investor's earnings.

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< p > according to the gem refinancing method, sponsors should strictly perform their statutory duties, abide by business rules and industry standards, conduct careful verification of the application documents and professional opinions issued by the securities service providers, supervise the operation of listed companies, and make professional judgments on whether the listed companies have continuous profitability and whether they meet the issuing conditions.

Investors independently judge the issuer's investment value, make investment decisions independently, and assume the investment risks caused by changes in the issuer's operation and earnings or stock price after issuing the shares according to law.

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