The market has long been looking forward to the new three board selection layer transfer rules.
On the evening of November 27, the Shanghai Stock Exchange and the Shenzhen Stock Exchange successively issued the measures for listing companies listed in the national small and medium-sized enterprise stock transfer system to the Shanghai Stock Exchanges science and technology innovation board (for Trial Implementation) and the measures for listing companies listed in the national small and medium-sized enterprise stock transfer system to Shenzhen Stock Exchanges GEM (for Trial Implementation), which have made it clear that the companies listed on the new third board will be listed on the science and technology innovation board or venture capital market The conditions, examination mechanism and procedure of listing from board to board, and the arrangement of listing connection.
On the whole, the transfer board should be listed in the selected layer for more than 1 year, and the transfer to different plates needs to meet the positioning of the intention plate. Shanghai and Shenzhen stock exchanges have made detailed provisions on the conditions for the transfer of the stock market: the transfer board should meet five basic conditions and two unique conditions designed for listing on the stock exchange. Among them, the basic conditions are consistent with the IPO conditions of the science and technology innovation board or the gem.
Taking the science and technology innovation board as an example, the five basic conditions of the transfer board company are as follows:
If the listing standard selected by the company on the transfer board involves the market value index, the lower of the arithmetic mean value of the closing market value of the 20, 60 and 120 trading days before the date of submitting the application to the stock exchange for listing on the stock exchange shall prevail.
The other two indicators specially designed for the new three board conversion are:
According to the data, as of November 27, a total of 36 selected companies were listed, and they were listed after July 2020. In other words, the first batch of transfer board companies may appear after July 2021.
In the aspect of board transfer audit, timeliness has been accelerated, and the examination and inquiry time of the exchange has been reduced from six months to four months. According to the guiding opinions of the CSRC, the listing on the stock exchange board is a change of the stock exchange, which does not involve the public offering of stocks, and does not need the approval or registration of the CSRC according to the law. The stock exchange of Shanghai and Shenzhen Stock Exchange shall review and make a decision according to the listing rules. Taking the gem as an example, the exchange shall make a decision on whether to approve the listing on the gem within 2 months from the date of accepting the application documents; the total time for the companies and their sponsors and securities service institutions to reply to the examination and inquiry of the exchange shall not exceed 2 months.
There are many differences between the transfer board listing and the direct IPO.
In terms of the connection of share sales restriction, it is clear that the sales restriction period for the controlling shareholders, actual controllers and directors, supervisors and senior executives of the transfer board company shall be 12 months; if the controlling shareholders and actual controllers reduce their holdings within 6 months after the expiration of the restriction period, the companys control right shall not be changed. If the shares are issued to the public for the first time in Shanghai and Shenzhen stock exchanges, the sales restriction period of relevant entities is 36 months.
In terms of continuous supervision and connection after the transfer, the continuous supervision period is the remaining time of the year of listing and the two complete accounting years after the transfer. However, if the company has been listed on the selected level for more than two years when submitting the application for listing on the stock exchange, the period of continuous supervision is the remaining time of the year when the companys shares are listed on the science and technology innovation board and a complete accounting year thereafter.
According to the Listing Rules of the science and technology innovation board and the growth enterprise market, the period of continuous supervision is the remaining time of the stock listing year and the following three complete accounting years.
Source: interface news Author: Wang Xin, editor in charge: Wang Xiaowu_ NF