19 days later, it will be worth 20 billion yuan! SMIC has won many records in science and Technology Innovation Board

category:Finance
 19 days later, it will be worth 20 billion yuan! SMIC has won many records in science and Technology Innovation Board


Short time and few problems, typical cases of SMICs science and Technology Innovation Board Audit 2.0

Under the background of the deepening reform of audit 2.0 promoted by science and technology innovation board, SMIC, as a typical case of benchmarking significance, reflects that the audit work of science and Technology Innovation Boards listing is moving towards a new stage of more efficient, more efficient, more pragmatic and more collaborative.

According to the analysis of investment bankers to surging journalists, the audit speed of SMIC is relatively fast, which has its unique reason and basis.

On the one hand, SMIC is not in contact with the capital market for the first time, but has been listed in Hong Kong stock market before, with the stock code of 0981.hk. This means that SMIC has the attributes of public company for 16 years, and its corporate governance and information disclosure have been strictly tested by the market.

On the other hand, SMICs strong technological innovation and strategic position have also become a prerequisite for the companys audit process to be accelerated. According to the introduction, SMIC is one of the leading integrated circuit foundry enterprises in the world, and is also the most advanced and largest technology company in Chinese mainland with the most complete supporting services and multinational operation. From the disclosed prospectus, the 931 page prospectus, the introduction of main patents takes up more than 500 pages.

The acceleration of the audit is a prominent feature of the recent audit of the issuance of science and technology innovation board shares.

In response, Liu Ti, deputy general manager of Shanghai Stock Exchange, said at the 12th Lujiazui Forum on June 18 that the audit quality still follows the principle of importance, relevance and effectiveness, not that the more you ask, the more effective it will be. We should focus on the problems that affect the investment decision-making of investors, and those that do not affect the decision-making of investors can be reduced.

He also mentioned that in fact, there is still room for further optimization in the audit inquiry of science and technology innovation board. In some cases, it can be considered to implement simple audit. For example, enterprises that have already performed very mature in other main board markets have no record of violating laws and regulations. Such enterprises can implement simple audit.

From this point of view, the case of SMIC has made a good start in the science and technology innovation board. If it has been listed in other markets and the enterprise is mature and compliant, the audit procedures of the SSE will be as streamlined as possible to further improve the audit quality and efficiency.

Some market participants also said that they are looking forward to the emergence of test free students in the future, that is, the information disclosure of the Prospectus has been very sufficient, and the SSE can issue a pass for the meeting without asking.

According to the information on the official website of Shanghai Stock Exchange, SMICs IPO plan of science and technology innovation board is jointly recommended by Haitong Securities and CICC, with a planned financing scale of 20 billion yuan, which is also the highest record of planned financing scale among the enterprises applying for science and technology innovation board so far.

According to the prospectus, SMIC is one of the leading integrated circuit foundry enterprises in the world. It is also the most advanced and largest technology company in Chinese mainland with the most complete and perfect service. It is a professional foundry enterprise which mainly provides customers with 0.35 micron to 14 nanometer multi technology nodes, and integrated wafer foundry and supporting services of different process platforms.

This time, SMIC declared the listing status of science and technology innovation board as a red chip enterprise established in the Cayman Islands. The par value of each share is 0.004 USD, which is quite different from most science and Technology Innovation Board companies with a par value of 1 RMB.

It is worth mentioning that, although the meeting passed smoothly, SMIC was still put forward three deliberation opinions by the Municipal Committee of science and technology innovation board.

First, the issuer is requested to make further disclosure on the following actions applicable to the laws of the mainland of China and its commitment to submit to the jurisdiction of the courts in the mainland of China: (1) derivative actions brought by domestic investors when the legitimate rights and interests of the issuer are infringed by directors, senior managers or others; (2) false records, misleading statements or major omissions due to the information disclosure of the issuer, resulting in domestic If the investor suffers losses in securities trading, the domestic investor shall file a civil compensation lawsuit against the issuer and other relevant responsible persons. The sponsor and the lawyer of the issuer are requested to give clear verification opinions. Second, the issuer is requested to further remind in the prospectus that after the listing of the science and technology innovation board, the companys share preemption arrangement, independent directors equity incentive and other aspects are different from the current securities laws and regulations of mainland China. The sponsor and the lawyer of the issuer are requested to give clear verification opinions. Third, the issuer is requested to further explain whether the continuous negative gross profit margin of the 28 nm process IC wafer foundry business constitutes a sign of impairment of related fixed assets and construction in progress. If so, whether the impairment provision to be accrued will have a significant adverse impact on the issuers financial statements. The sponsor and the reporting accountant are requested to give clear verification opinions. Source: surging news editor: Yang Bin_ NF4368

First, the issuer is requested to make further disclosure on the following actions applicable to the laws of the mainland of China and its commitment to submit to the jurisdiction of the courts in the mainland of China: (1) derivative actions brought by domestic investors when the legitimate rights and interests of the issuer are infringed by directors, senior managers or others; (2) false records, misleading statements or major omissions due to the information disclosure of the issuer, resulting in domestic If the investor suffers losses in securities trading, the domestic investor shall file a civil compensation lawsuit against the issuer and other relevant responsible persons. The sponsor and the lawyer of the issuer are requested to give clear verification opinions.

Second, the issuer is requested to further remind in the prospectus that after the listing of the science and technology innovation board, the companys share preemption arrangement, independent directors equity incentive and other aspects are different from the current securities laws and regulations of mainland China. The sponsor and the lawyer of the issuer are requested to give clear verification opinions.

Third, the issuer is requested to further explain whether the continuous negative gross profit rate of the 28 nm process IC wafer foundry business constitutes a sign of impairment of related fixed assets and construction in progress. If so, whether the impairment provision to be accrued will have a significant adverse impact on the issuers financial statements. The sponsor and the reporting accountant are requested to give clear verification opinions.