The domestic listing approval procedure is very complicated, and it takes at least three or five years to complete the fixed procedure, while the lengthy procedure leads to inefficiency, with more than 1000 enterprises waiting in line for listing;
Listing is a term in the securities market. In a narrow sense, initial public offering (IPO) refers to the process that an enterprise issues shares to investors for the first time through a stock exchange in order to raise funds for enterprise development. When a large number of investors subscribe for new shares, they need to draw lots for allotment, which is also called drawing new shares. Investors who subscribe expect to sell at a price higher than the subscription price.
Under the environment of China, the listing is divided into two parts: China company is listed on China Shanghai Stock Exchange and China Shenzhen Stock Exchange; China companies go directly to non-Chinese mainland stock exchanges (such as Hongkong Stock Exchange, new york Stock Exchange, Nasdaq Stock Exchange, London Stock Exchange, etc.). ) and China companies indirectly set up offshore companies overseas and listed on overseas stock exchanges in the name of offshore companies (red chips).
From 20 1 1, the State Council clearly proposed to build a multi-level capital trading market with the framework of a primary main board, a small and medium-sized board, a secondary growth enterprise market, a third-level national share transfer system for small and medium-sized enterprises (the New Third Board) and a fourth-level regional equity trading market.
It can also be clearly seen in the documents issued by the local government that "the reserve resource pool of listed companies should be improved, and the market optimization mechanism should be established to promote the listing and financing of start-ups in Shenzhen Stock Exchange, the National Small and Medium-sized Enterprise Share Transfer System (referred to as the" New Third Board ") and regional equity trading markets." Attention.
Therefore, broadly speaking, listing includes not only the public (non-directional) issuance of shares by companies, but also the listing and trading in China multi-level capital market and the release/launch of new products or services in the market.
issue shares
The application for stock issuance was approved by the China Securities Regulatory Commission after being examined and approved by the IEC.
Publish the prospectus, conduct roadshows through the media, and issue shares according to the issuance plan.
Issue a listing announcement and complete the listing transaction under the arrangement of the exchange.
Specifically, the establishment of a leading group for listing preparation is the basis of the whole listing preparation work. The leading group for listing preparation should be an overall organization, responsible for all kinds of decision-making matters related to listing preparation, and ensure that enterprises carry out all work with listing as the goal during the listing preparation period. Therefore, the leading group for listing preparation should be led by the company's chairman, with the participation and coordination of the company's senior managers and department heads, and implemented by specialized personnel to set up a listing office.