What is the listing process of the company?

Whether domestic or foreign companies want to list on Nasdaq, the process of underwriting brokerage counseling is similar. During this period, there are about five related parties, namely, the company to be listed, the financial consulting company, the registered accountant of the US Securities Regulatory Commission, the registered lawyer of the US Securities Regulatory Commission, and the NASDAQ registered underwriting broker. Under normal circumstances, the whole process takes about 6-9 months, and the main work items include six major items, which cannot be adjusted before and after. If there is a delay, it will seriously affect the overall listing process. Generally speaking, professional counseling teams have more than ten years of counseling experience, and the probability of extension is not great. On the contrary, due to the influence of experience and personnel quality, listed companies have great opportunities to delay. Therefore, it is wrong for many investors to blame the counseling team for not completing the registration or listing within the planned time. After all, the work of the counseling group is compiled according to the relevant business standards and regulations of the US Securities and Exchange Commission and Nasdaq after all the registration materials are provided by the companies to be listed. The six processes are described as follows: (1) The financial consultant or authorized unit visits the listed company to obtain the financial report and business plan for the last three years, and makes a preliminary review and recheck to understand the company's industrial management, financial management, business management, enterprise management, administrative management, management team, business plan, company history, development potential and listing theme. Confirm that the company to be listed meets the requirements of the US Securities and Exchange Commission and Nasdaq for initial public offering or listing of old shares, listing specifications and qualification examination, financial report and operation plan for the last three years, and pass the "risk assessment" examination of the registered accountant of the US Securities and Exchange Commission, the underwriter issues underwriting opinions, and completes the signing of the listing entrustment contract with the financial consulting company. (II) When the listing counseling course is started, the financial consultant will make an appointment for listing review list (meeting the listing standards of the US Securities and Exchange Commission and the stock exchange to be listed), ODQ (questionnaire survey of directors, supervisors and management team), BP (business plan), enterprise management (qualification adjustment) and F 1 (non-US company registration documents) or F-20F. Certified Public Accountants of the US Securities and Exchange Commission reviewed China's accounting principles, completed the financial audit reports for the last three years and the draft financial audit reports for the first two years, and selected qualified lawyers registered with the US Securities and Exchange Commission. (3) The company to be listed signs a representative contract with a representative accountant, the US Securities and Exchange Commission logs in the accountant to review China Accounting Standards, completes the financial audit report for the last three years and the draft financial audit report for the first two years, signs a representative contract with a lawyer, and the lawyer completes the listing review list and MD&A (business discussion and analysis), and prepares the public prospectus and F 1 or F-20F registration documents on behalf of lawyers and financial consultants. (4) The American underwriter (investment bank) signs the underwriting contract, and the certified public accountant of the US Securities and Exchange Commission issues the consent of financial audit and American accounting standards. (5) Financial advisers, lawyers, accountants and underwriters * * * confirm the prospectus and F 1 registration documents, complete the filing procedures of the US Securities and Exchange Commission and the stock exchange to be listed, and obtain the stock market status-stock code; Since then, listed companies must abide by Article 8 of the Sarbanes-Ochs Act promulgated by the US Securities and Exchange Commission on August 1 2002, and deal with the provisions of enterprises to expedite the submission of financial audits. (6) The starting time of the roadshow of the underwriter who printed the prospectus for the initial public offering; During the cooling-off period of 20 days from the date of registration, if a problem statement is received from the US or Nasdaq Securities and Exchange Commission, the listed company and the appointed team shall reply to the inquiry in the form of explanation, explanation or supplementary documents within 65,438+04 working days. If the standard of full disclosure is met, the US Securities and Exchange Commission will say that there is no inquiry, and the listed company can receive the license notice from the effective date of Nasdaq listing within 5 days, and the listed company can print a formal public statement and IPO equity certificate to choose a date. However, because the US Securities and Exchange Commission considers that the company's earnings may not be as good as expected, the earnings per share cannot support the minimum listing price, or because of factors beyond human control, such as war, SARS, bird flu and natural and man-made disasters, the listing intention or listing standards of listed companies have been reduced. According to the regulation of the United States Securities and Exchange Commission R4 15, the listing license is valid for two years. Listed companies can choose the most favorable listing opportunity within two years from the effective date of listing, but in order to encourage listed companies to go public as soon as possible, generally speaking, the US Securities and Exchange Commission prefers listed companies to go public within 90 days.