The IPO of GEM has been inquired, which means that the IPO process of the company has reached the final step. After that, if there is no problem with the inquiry result, it usually takes two months from inquiry to listing, and the relevant companies can prepare to issue their own shares on the Stock Exchange.
It usually takes half a year or more for GEM stocks to go public. Where a listed company applies for initial public offering and listing on the Growth Enterprise Market, the Exchange shall make a decision on acceptance within 5 working days after receiving the application.
In addition, once the exchange accepts the application, it needs to submit the materials to the CSRC for review. The CSRC may request the Exchange to make further inquiries. It usually takes 6 months to make an inquiry, but it takes 20 working days to decide whether to approve the registration and listing after the inquiry is passed, and the whole process ideally takes 7 months.
In addition, if the GEM listing application is rejected, you can reapply after 6 months. The second board market is a kind of securities market different from the main board market, which mainly provides financing channels and growth space for small and medium-sized enterprises and emerging enterprises that can not be listed for the time being, and is conducive to potential small and medium-sized enterprises to obtain financing opportunities. The second-board market is characterized by low entry threshold but strict management requirements.
The specific conditions of the GEM ipo are as follows:
1. The issuer is a joint stock limited company established according to law and continuously operating for more than three years. Where a limited liability company is converted into a joint stock limited company according to the original book net asset value, the time for continuous operation can be calculated from the date of establishment of the limited liability company;
2. It has been profitable continuously in the last two years, and the accumulated net profit in the last two years is not less than10 million yuan; Or make a profit in the last year, and the operating income in the last year is not less than 50 million yuan. Net profit is calculated at the lower before and after deducting non-recurring gains and losses; [ 1]
3. The net assets at the end of the latest period are not less than 20 million yuan, and there is no uncompensated loss;
4. The total share capital after issuance shall not be less than RMB 30 million. Article 12 The registered capital of the issuer has been paid in full, and the procedures for the transfer of property rights of assets contributed by the promoters or shareholders have been completed. There is no major ownership dispute over the issuer's main assets.
As can be seen from the above, compared with the main board, the ipo of GEM is mainly relaxed in the establishment time, capital scale and medium and long-term performance.
Compared with the Growth Enterprise Market in Hong Kong and the United States, there are mainly the following differences:
1. Compared with the main board market, listed companies in the Growth Enterprise Market must meet the relevant requirements of the Company Law and the Securities Law, and their articles of association must also meet the relevant requirements of the Growth Enterprise Market Listing Rules.
2. Compared with the organizational structure of companies listed on the main board, the board of directors of companies listed on the GEM must include two or more independent directors, who are elected by the shareholders' meeting and may not be appointed by the board of directors. Independent directors should have more than five years of management, legal or financial experience, and ensure that they have enough time and energy to perform their duties as directors of the company.
Third, GEM listed companies are generally in the initial stage, and their capital scale is relatively small. Therefore, the requirements for their capital scale are lower than those of listed companies on the main board, and the lower limit is initially set at about 20 million yuan, leaving room for the expansion of enterprise capital scale and the growth of performance; On the other hand, due to the rapid growth and high financing frequency of listed companies on GEM, the time interval for their re-issuance can be shortened, such as canceling the one-year interval required for capital increase and issuance in the main board market, which will help to ensure the synchronous and benign growth of equity and performance. China Growth Enterprise Market is now rumored that the lower limit of capital stock size may be 30 million yuan.
Four, because the business record is essential for investors to analyze the situation of enterprises and predict the development prospects, the conditions for listing on the domestic main board market require the enterprises applying for listing to have more than three years of business records. However, GEM listed companies are usually established for a short time and have limited operating records, so the operating records of GEM listed companies are two years.
5. The GEM market chooses to go public, which pays more attention to the company's development potential, which is different from the operating conditions required by the main board market. Hong Kong Growth Enterprise Market does not require listed companies to make profits. It is precisely because emerging companies have little or no profit at the beginning of their business. Although there are three sets of listing standards in NASDAQ, there is basically no requirement for profit. Therefore, the domestic GEM market will not be based on the profit records of listed companies. In order to ensure the interests of investors and reduce the risks of investors, China may make certain requirements for profits, and it is estimated that the profits will reach a certain bottom line within two years.
In addition, in addition to IPO listing, there is another way to buy a shell listing. It is a broad condition and strict management to realize the listing on GEM, but now the way of ipo on GEM has been loosened, and it can be listed by backdoor.