It Is Expected That The First Batch Of Enterprises Will Not Be Listed On The Gem In Mid Or Late August

Under the registration system, the gem has entered the countdown.

On August 12, the China Securities Regulatory Commission (CSRC) publicly stated that it had approved the registration applications for IPO of five enterprises on the gem, namely, Ningbo Canan Intelligent Electric Co., Ltd., Ningbo Daye garden equipment Co., Ltd., Shengde Xintai New Material Co., Ltd., Zhejiang Wansheng Intelligent Technology Co., Ltd., and Anhui Huaye perfume Co., Ltd.

According to the established procedures, the above-mentioned enterprises and their Underwriters will negotiate with the Shenzhen Stock Exchange to determine the issuance schedule and publish the offering documents successively.

On the same day, Mengtai hi tech, Haichen Co., Ltd. and Tianyang technology also launched online issuance. Up to now, 18 enterprises have announced the subscription code, completed the issuance or will start the issuance soon.

According to the system arrangement of Shenzhen Stock Exchange, from June 22 to the completion of issuing by some enterprises, some people in the industry reckon that the gem registration system is expected to be officially launched in mid and late August.

Market participants pointed out to the reporter of the 21st century economic report that the current pace of subscription is to prepare for the centralized listing of the first batch of enterprises in the registration system reform of the growth enterprise market, and then the normal issuance will be resumed.

New enterprises may not be listed in the first batch

As of August 12, there were 364 IPO companies under the gem reform and pilot registration system. In order to ensure the steady progress of gem registration system, the GEM Listing audit center also undertakes a larger task.

The reporter of 21st century economic report noted that up to now, of the 364 enterprises, 196 enterprises have been in the inquiry stage, 7 enterprises have passed the meeting, and 36 enterprises have registered or submitted for registration.

However, it is worth mentioning that in the early stage, the Shenzhen stock exchange mainly accepted the stock enterprises translated by the CSRC. According to the audit progress, the newly declared enterprises may not be listed in the first batch of listing list.

According to the two "predictable" policies of the gem registration system, namely, the audit progress can be expected, the audit results can be expected, and the enterprise listing audit process is shortened to 7 months. The SFC continued to review 176 enterprises on the basis of a relatively short period of time.

According to the public data, up to now, 36 enterprises that have submitted for registration and effective registration and 7 enterprises that have just passed the meeting are stock translation enterprises.

However, 188 new declaration enterprises are also in the normal pace of acceptance audit. As the first new applicant to be inquired about on July 6, Northgate has entered the peak of inquiry. Up to now, nearly 100 new declaration enterprises have received feedback from Shenzhen Stock Exchange.

In the new application team, there are also many characteristic "blood". Under the more diversified and inclusive IPO conditions, many innovative and entrepreneurial enterprises with special equity arrangements or in different growth stages have gone to gem for listing.

Meiyou shares is the first company registered on GEM with different voting rights. The company adopts the listing standard of "expected market value no less than 5 billion yuan, net profit of the latest year being positive and operating income no less than 500 million yuan".

According to public information, Meiyou is a female life service provider based on mobile Internet. Its mobile Internet software, including menstrual assistant Meiyou, plans to raise 1.870 billion yuan. From 2017 to 2019, the operating revenue of Meiyou was 423 million yuan, 516 million yuan and 617 million yuan respectively, and the net profit was 112 million yuan, 148 million yuan and 124 million yuan respectively. Meanwhile, the market value of the company is expected to be no less than 5 billion yuan.

In July 2019, the general meeting of shareholders passed the relevant proposal on setting up special voting rights. The company's shares of 7.98 million held by the actual controller Chen Fangyi were set as special voting shares (Class A shares), and the remaining 32.02 million shares of the company were ordinary shares (class B shares). The number of voting rights per class a share is 10 times that of each class B share, and each class a share has the same number of voting rights. Therefore, the company's controlling shareholder Chen Fangyi holds 71.36% of the company's voting rights, and Chen Fangyi and his persons acting in concert directly and indirectly hold 79.15% of the company's voting rights.

In addition, among the newly declared enterprises, the second set of listing standards has also been adopted by thunder and lightning micro force, Sinotech and Maipu medicine.

Among them, the lightning micro force is mainly engaged in the development of millimeter wave active phased array microsystems. From 2017 to the first quarter of 2020, the net profit returned to the parent company was -12369500 yuan, - 30807400 yuan, 82761200 yuan and 3592800 yuan, respectively.

Sinotech is mainly engaged in the research and development of radio frequency system of base stations. The net profits attributable to common shareholders from 2017 to 2019 are - 18.8403 million yuan, - 222.6269 million yuan and 79.9422 million yuan respectively; the main products of MIPO medicine are implanted medical devices, and the net profits from 2017 to 2019 are - 19.3452 million yuan, - 18.5927 million yuan and 27.68 04 million yuan respectively.

Shenzhen Stock Exchange to update audit trends

In the preparatory stage of the gem registration system, the 21st century economic reporter learned that in order to improve the audit efficiency and inquiry accuracy, and strengthen the audit communication with the sponsor institutions, the Shenzhen Stock Exchange disclosed the gem issuance audit dynamics to the sponsor institutions.

The reporter of 21st century economic report learned from the investment bank that the dynamic situation of the first phase of the registration issuance and listing of gem had been released on August 10, and the main issues concerned in the audit were introduced in detail.

Including the common corrections in the acceptance process, one is the lack of the signature of the sponsor's relevant person in charge and the sponsor's relevant matters; the second is that the issuer's financial statement page lacks the signature of the relevant person in charge and the official seal of the issuer; the third is the lack of the signature of the principal of the law firm in the documents of the issuer's lawyer on the IPO; the fourth is the lack of the documents issued by the issuer's accounting firm branch It is sealed by the general office of the State Council of the people's Republic of China.

In addition, the Shenzhen Stock Exchange also pointed out the problems concerned in the audit, such as the incomplete information disclosure in the prospectus and the lack of pertinence; the poor quality of the feedback reply; the incompleteness of the filling in of the audit points or the inconsistency with the actual situation.

It is worth mentioning that the Shenzhen Stock Exchange responded to nine hot issues, such as how to judge whether it is in line with the gem positioning and whether the drunk driving of the actual controller affects the listing of the company.

Although the gem does not support the listing of 12 traditional industries in principle, the Shenzhen Stock Exchange clearly supports the listing of innovative and entrepreneurial enterprises in the above industries that are deeply integrated with new technologies, new industries, new formats and new models such as Internet, cloud computing and automation. The issuer shall, in combination with the gem's positioning, make a prudent assessment on whether it conforms to the scope of relevant industries, relies on innovation, creation and creativity to carry out production and operation, and has growth potential; the sponsor shall make professional judgment on whether the issuer conforms to the gem positioning, and give a special explanation. If it is difficult for the issuer and its sponsor to make a judgment, they may consult the listing audit business system of Shenzhen Stock Exchange before reporting.

"The experience of economic development at home and abroad shows that a standardized, transparent, dynamic and resilient capital market is the accelerator of economic development. The registration system reform is an important part of the A-share market-oriented reform, and the gem is the first step of the stock plate registration system reform, which has a very important demonstration significance for the follow-up registration system reform of the main board and the small and medium-sized board. " Yang Ling, founder of Xingshi investment, said.

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