Abstract In 2000, in order to solve the problem of share transfer between the main market delisting company and two legal person market companies that stopped trading, the China Securities Industry Association came forward and coordinated some securities companies to set up a system of transfer of agency shares, which was called “three boardsâ€. &rd...
In 2000, in order to solve the problem of stock transfer of the main market delisting company and two legal person market companies that stopped trading, the China Securities Industry Association came forward and coordinated some securities companies to set up a system of transfer of agency shares, which was called "three boards". . Due to the small number of stocks listed in the “three boards†and the low quality of most of them, it is difficult to transfer to the main board, so it is difficult to attract investors and have been left out for many years. In order to change the situation in China's capital market, such over-the-counter trading is too backward, and also provide opportunities for more high-tech growth companies to share shares, the relevant parties later established a new share transfer system in Beijing Zhongguancun Science Park, which was Called the "new three board" . Undoubtedly, the requirements for listing on the “New Third Board†are higher than those of the “Old Third Boardâ€, and the trading rules have also changed.
A company's listing of the new three board project is a short version of the IPO. This has two meanings. First, it has many similarities with the IPO listing, so it must be strictly required (if the company has a plan to transfer the IPO, this should be the case); second, it has a lower threshold than the IPO. The process is small, the time is short, and the cost is saved, so the process can be simplified appropriately, and it is not necessary or possible to die all the rules of the IPO.
10 steps for the abrasives companies to list the new three boards:
1. Early consultation
Some companies have heard that the listing of the new three boards has so many benefits, and sees that there are constantly companies to list (and even their own competitors), they can not hold back. They quickly made the decision to land on the new three board and rashly launched the listing process. As a result, it was found that the listing process was heavily resistant. It’s hard to successfully list, but I found that my intended purpose could not be achieved.
The reason for this situation is that they did not have a systematic and thorough understanding of the New Third Board before they acted. The situation is different for every company, and the new board is not suitable for all companies. In addition, the New Third Board has its own rules, and many companies have not made it clear beforehand. This is also an important reason.
Therefore, before making a decision and taking action, it is best to consult a lawyer first and have a clear and objective understanding of the New Third Board.
2, listing design
After argumentation, if the enterprise is found to have the conditions for listing the new three boards, and the situation of the enterprise is also suitable, then the lawyer can design a personalized new three board login scheme for the enterprise.
Listing a new three board is just a means, a way, not the purpose of the business. Therefore, it is not possible to list for listing. At this stage, the overall plan including subsequent financing and capital operation should be designed.
3. Coordinating intermediary agencies to enter the market
After designing a personalized listing plan, you can select and contact the intermediary (including brokers, accountants, etc.) and sign the corresponding service agreement. As for how to choose a broker, how to sign an agreement, and what issues to pay attention to when signing an agreement, you need to consult a lawyer to provide professional legal advice. After the agreement is signed, all intermediaries can enter the field to work.
4. Due diligence
The first job after the intermediary entered the market was to conduct due diligence on the company. Due diligence, including legal due diligence and financial due diligence, is the basis for follow-up work and an important guarantee for successful listing.
5, legal obstacles to solve
In the due diligence stage, it is possible to find legal barriers to the listing of the New Third Board, or legal flaws. For historical reasons, it is normal for companies to have such problems. It is not terrible to find the problem. The terrible thing is that there is a problem and it is not found. I found a problem and tried to solve it. But if there is a problem, but it is not found, the consequences can be very serious. Even the problems that might have been solved could eventually become unsolvable, leading to a miscarriage of the entire project.
6. Joint-stock reform
There is a premise for enterprises to list the new three boards, that is, the organization of the company must be a company limited by shares. Most of the companies are limited liability companies, which requires a joint-stock reform and a limited liability company into a joint stock company.
7. Legal opinion
If a company is listed on the New Third Board, it must be issued a professional legal opinion by the lawyer to confirm the legality of the listing.
8, the broker core
Before listing, you need to conduct an internal audit by the broker. Internal audits may find some problems, defects, and omissions, so it should be resolved, improved, and supplemented until the internal auditor of the brokerage firm confirms that there is no problem.
9, listing
After the internal audit of the securities firm is approved, the lawyers, brokers and enterprises will submit the application documents for listing to the stock transfer system. Then respond according to the feedback from the stock transfer system. After passing the review of the stock transfer system and approval by the CSRC, it can be listed.
10. Financing and capital operation
There are a lot of narratives about the new three board program on the Internet, and the listing is over. In fact, this is not the case. For companies, listing is just the beginning. The financing and capital operation after listing is the key point, and it is also a truly valuable and meaningful thing for the company. To do a good job of financing and capital operation after listing, you must plan from the very beginning and make a good preparation.
to sum up
The above is just a brief description of the process of listing the new three boards. In practice, there are still a lot of specific problems and details that need attention, which are much more complicated. As a company, you only need to have a general understanding of the listing process, no need to study in depth. Because as soon as the project starts, there will naturally be lawyers and brokers to master the process and rhythm. Companies can do their best to match their work.
With the advent of an aging society, the voice of installing elevators in elevator free residential buildings is getting higher and higher. This is the rigid demand of many elderly people, and the problem of going upstairs and downstairs is a life problem that these elderly people have to face many times every day. Adding elevators to old buildings can improve the travel conditions of the elderly living in buildings without elevators. Professional Adding Elevator manufacturer is located in China, including Install Elevator,Modern Elevator,Modern Residential Elevators, etc.
Adding Elevator,Install Elevator,Modern Elevator,Modern Residential Elevators
Suzhou Stable Trade Co., Ltd , https://www.stable-elevator.com