New Share Reform Of Gem: Allowing Internet Companies To Lose IPO

< p > < strong > loss enterprises can also be listed < /strong > < /p >.

The draft of < p > < < a href= > //www.sjfzxm.com/news/index_c.asp > > gem > /a > has been communicated inside the company, but this is not final finalized. There are still some controversies on some details.

The investment bankers said, "as far as I know, the SFC level has identified the general direction of the gem reform, such as the abolition of continuous profit requirements, the refinancing method of small rapid refinancing and other provisions. These have been discussed for a long time and have also been recognized in the industry."

< /p >

< p > there are two changes in the new rules of the gem in the version of the internal circulation issued by the journalists: the abolition of the continuous growth of performance requirements (second sets of standards, and the abolition of the 30% growth requirement); allowing the Internet and high-tech companies to issue in the absence of profits, seeking cash flow stability, and meeting the income of over 100 million; in the new three boards listing not less than 12 months, the ratio of research funding to the income of high-tech enterprises, the average value of nearly three years is not less than 10%.

< /p >

< p > data show that at present, the gem a href= //www.sjfzxm.com/news/index_f.asp > IPO < /a > requires two sets of standards for the issuer's profitability: the profit has been continuous for the past two years, and the net profit has accumulated at least ten million yuan in the recent two years, and has continued to grow. The profit in the latest year is not less than five million yuan, and the net profit is not less than five million yuan. The revenue growth rate in the recent year is not less than fifty million yuan, and the revenue growth rate in recent two years is not less than 30%.

< /p >

< p > "small and medium-sized Internet companies have large fluctuations in their performance, so it is difficult to meet the requirements of continuous profitability.

For example, a game company may not open for three years, or it can sell for three years by selling a game.

The investment bank admits, "the policies and reforms of the growth enterprise market have always been in front of the main board.

If this gem can really lower the threshold of Internet companies listing, I believe it is a great advantage for the industry. "

< /p >

< p > < strong > new share reform reduces the threshold < /strong > /p >

< p > abolish the requirement of continuous growth of performance, allow unprofitable "a href=" http://fz.sjfzxm.com/ "Internet and high-tech enterprise < /a > IPO, will the pace of gem reform be bigger?" /p >

< p > a securities trader expressed doubts to reporters. "This way to relax the listing threshold is double-edged sword. For the potential high quality stocks, this policy is definitely favorable, and the capital market will help its development.

But if some bad companies go on the market, the interests of shareholders will eventually be impaired.

< /p >

< p > above, the investment bankers pointed out that "the IPO reform of gem should not be implemented in one step. It is very likely that we will first relax the requirements for the sustainability of corporate earnings, and the next step is not to demand profits."

The person said that some of the new IPO measures now involve amendments to the company law and the securities law. It is estimated that there will be a new round of changes until at least May next year.

< /p >

< p > however, loosening the judgement of profitability is not the same as relaxing supervision.

According to people close to < a href= "http://pop.sjfzxm.com/popimg/fz/index.aspx" > SFC < /a >, the SFC's IPO will be replaced by "supervisor instead of supervisor".

In December 20th, the SFC issued a department official who revealed that, "the future allowed the loss companies to go public, but it needs the sponsor's own measurement to sell it." < /p >

In the draft of < p > gem > a href= "//www.sjfzxm.com/news/index_x.asp" > financing < /a >, the "small quick" issuance mechanism is also attracting more attention.

The reporter learned that the refinancing of gem is under the "small quick" conditions of issuance, a single issue of not more than 50 million yuan and no more than 10% of the net assets of the refinancing application of this method, will enjoy the shareholders' meeting a decision to issue a number of times, simplify the audit and many other policies.

If the small and fast oriented large shareholders, the first ten shareholders, Dong Jiangao placement, listed companies can also sell their own, do not need to sponsor agencies and underwriters.

< /p >