Conditions and requirements for listing of main board

Conditions and requirements for listing of the main board:

1. The issuer is a joint stock limited company established according to law and operated continuously for more than three years;

2. The issuer's net profit in the last three fiscal years is positive and accumulated more than RMB 30 million; Business activities in the past three fiscal years. The accumulated net cash flow exceeds 50 million yuan, or the accumulated operating income in the last three fiscal years exceeds 300 million yuan;

3 the proportion of intangible assets (excluding land use rights, etc.). ) The proportion in the net assets at the end of the latest period shall not exceed 20%;

4. The total share capital before issuance is not less than RMB 30 million;

5. There has been no major change in the company's main business in the last three years;

6. There has been no significant change in the company's understanding and management in the last three years;

7. The actual controller of the company has not changed in the last three years;

8. There have been no major violations in the last three years.

What is the main board listing?

Main board listing, also known as the first board listing, refers to the issuance and listing of venture enterprises in the national main board market. Main board market refers to the traditional securities market, which is the main place for securities issuance, listing and trading in a country or region.

At present, the listing status of China's main board.

China's main board market has a high listing threshold. Although the newly revised Securities Law relaxes the conditions for companies to be listed, reduces the requirement of total share capital from "not less than 50 million yuan" to "not less than 30 million yuan", and also cancels the requirement that they have been in business for more than three years and have been making profits continuously in the last three years, compared with ordinary enterprises, start-up enterprises are often small in total assets, unstable in enterprises, with outstanding benefits or even losses, which makes it difficult to meet the conditions for listing on the main board market.

The trading rules of the main board on the first day of listing are as follows:

1. The effective declared price of the main board stock in call auction stage shall not be lower than 80% of the issue price and shall not be higher than 120% of the issue price. That is, in the call auction stage, the biggest increase was 20%.

2. The effective declared price of the main board stock in the continuous bidding stage shall not be lower than 64% of the issue price, and shall not be higher than 144% of the issue price.

3. On the first day of listing, the Shenzhen Stock Exchange established a temporary suspension system, that is, when the stock price of new shares in the Shenzhen Stock Exchange rose to 10% compared with the opening price of that day, the trading was suspended for 30 minutes; The highest increase in resumption of trading was 44%; Shares in the Shanghai Stock Exchange can rise to 44% at the opening.

What's the difference between main board listing and GEM listing?

The difference between listing on the main board and listing on the Growth Enterprise Market mainly lies in the listing conditions, mainly as follows:

The main board 1 requires the company to make profits for three consecutive years. As long as the expected market value of GEM is not less than 5 billion yuan and the revenue in the latest year is not less than 300 million yuan, they will not ask for profit.

The listing of the main board requires that the accumulated operating income in the last three fiscal years exceed 300 million yuan. As long as the net profit of GEM is positive in the last two years, it has accumulated at least 50 million yuan, and there is no revenue requirement.

The listing of the main board requires enterprises to have a certain cash flow, while the GEM has no relevant regulations.

It can be seen that the conditions for listing on GEM are more flexible and the threshold is lower than that on the main board, which is good for listed companies, but for investors, the probability of choosing stocks with poor fundamentals has also increased. In GEM investment, investors should pay more attention to the value of listed companies.