Relax the gambling agreement! Red chip enterprise science and technology innovation board listing guidelines

category:Finance
 Relax the gambling agreement! Red chip enterprise science and technology innovation board listing guidelines


How to get through the last mile?

More inclusive treatment of gambling agreements and clear business income indicators

Among them, prior to the listing of red chip enterprises, such gambling methods as issuing preferred shares with special rights to investors are generally used in gambling agreements. It is clear that if the relevant rights are not exercised in the process of declaration and issuance, the preferred shares can be reserved until they are converted into common shares before listing, and the converted shares are not treated as sudden shares, which provides a more inclusive treatment of gambling agreements Space for.

In addition, for the principle requirement of rapid growth of operating revenue in the relevant conditions of domestic issuance and listing of red chip enterprises, three specific judgment criteria are defined from the dimensions of operating revenue, compound growth rate and comparison of the same industry. One of the three criteria can be met: if the operating revenue in the latest year is not less than 500 million yuan, the compound growth rate of operating revenue in the last three years is more than 10%; and If the operating revenue in one year is less than RMB 500 million, the compound growth rate of operating revenue in the last three years is more than 20%; if the industry is in a downward cycle as a whole due to cyclical fluctuations in the industry and other factors, the compound growth rate of operating revenue of the issuer in the last three years is higher than the average growth level of comparable companies in the same industry in the same period.

At the same time, the notice clearly stipulates that red chip enterprises in the research and development stage and red chip enterprises with great significance to the national innovation driven development strategy do not apply to the above specific requirements of rapid growth of business income, and fully implement the positioning requirements of giving priority to supporting hard technology enterprises in science and technology innovation board.

The first stock of red chip in science and technology innovation board was born at the beginning of the year. Experts: the new rules are more relaxed

Up to now, scientific and technological innovation board has attracted some red chip enterprises to declare. On February 27 of this year, China Resources micro (688396) was listed, becoming the first red chip stock of science and technology innovation board and the first red chip stock of a share. In addition, the company is a limited company, not a joint stock limited company, which has created the first time in the history of A-share.

In addition to CR micro, another red chip company, No.9 intelligent, applied for public issuance of CDR and listed on the science and technology innovation board, which will be reviewed by the Municipal Committee on June 12. If No.9 intelligent is successfully listed, it will issue CDR as the first red chip vie structure company on the science and technology innovation board, creating a new history.

GUI Haoming, chief market expert of Shenwan Hongyuan Securities Research Institute, told Beijing news that the new rules issued by Shanghai Stock Exchange should provide more relaxed conditions for the return of red chips. Although there are corresponding institutional arrangements for red chip enterprises to be listed on the science and technology innovation board, the overall requirements for various aspects are still relatively high. In fact, only a few red chip stocks have returned so far, mainly because some enterprises fail to meet the relevant conditions. This time, the conditions have been properly relaxed in order to further reflect the support for the return of red chips, and also to encourage more qualified red chips to return. In addition, the policy is more flexible. In the current situation, it reflects an arrangement to support the development of enterprises, and will play a positive role in promoting the development of the capital market in the future.

What thresholds have been lowered?

In recent years, we have gradually broadened the way back to a, and the market value requirement has been reduced this year

Chen Zunde told reporters that a shares are quite attractive to red chip enterprises. Compared with Hong Kong shares, the capital capacity of a shares is many times larger than that of Hong Kong shares, and the average valuation of a shares is much higher than that of Hong Kong shares. For shareholders of listed companies, a shares are more attractive. In addition, compared with the U.S. stocks, the U.S. stocks valuation of Chinese companies is not stable. When they are pessimistic, the valuation is very low, and the risk of delisting is relatively large. Therefore, red chip enterprises also have the power to return to a shares.

Previously, due to the restrictions of listing rules, red chip enterprises need to dismantle the red chip structure and transfer the control right back to China in order to be listed in China. The return of red chip enterprises to A-share has been put on the agenda for many years. In recent years, the policy has gradually widened the way of A-share listing of red chip enterprises. After the implementation of relevant supporting systems of CDR in 2018, red chip enterprises can log into A-share market through CDR.

In March 2018, the notice of the general office of the State Council Transmitting the opinions of the CSRC on carrying out the pilot of domestic issuance of shares or depository receipts by innovative enterprises was officially allowed to carry out the pilot of domestic issuance of shares or depository receipts by red chip enterprises, but higher threshold requirements were put forward for the pilot enterprises, including industry requirements and financial requirements: large red chip enterprises already listed abroad, market value No less than 200 billion yuan; for innovative enterprises (including red chip enterprises and domestic registered enterprises) that have not yet been listed abroad, the operating revenue in the latest year is no less than 3 billion yuan and the valuation is no less than 20 billion yuan, or the operating revenue is growing rapidly, with independent research and development, international leading technology, and in a comparative advantage position in the industry competition.

On April 30 this year, the CSRC adjusted the market value requirements of overseas listed red chip enterprises to meet one of two standards: first, the market value is not less than 200 billion yuan; second, the market value is more than 20 billion yuan, with independent research and development, international leading technology, strong scientific and technological innovation ability, and in a comparative advantage position in the industry competition. This has greatly reduced the threshold for domestic listing of red chip enterprises that have been listed abroad, not necessarily requiring a market value of 200 billion yuan, and enterprises with a market value of 20 billion yuan and strong scientific and technological innovation ability can also return.