There are five criteria for listing on the Science and Technology Innovation Board, and the listing

The listing conditions of the STAR Market are as follows:

1. Meet the issuance conditions stipulated by the China Securities Regulatory Commission;

2. The total share capital after issuance shall not be less than RMB 30 million;

3. The public offering of shares reaches more than 25% of the total number of shares of the company; If the total share capital of the company exceeds RMB 400 million, the proportion of shares issued to the public shall be more than 10%;

4. The market value and financial indicators shall meet at least one of the following criteria:

The expected market capitalization is not less than RMB1 billion, with a positive net profit in the last two years and a cumulative net profit of not less than RMB50 million, or an estimated market capitalization of not less than RMB1 billion, with a positive net profit in the most recent year and an operating income of not less than RMB100 million;

The estimated market value is not less than RMB 1.5 billion, the operating income in the most recent year is not less than RMB 200 million, and the cumulative R&D investment in the last three years accounts for no less than 15% of the cumulative operating income in the last three years;

The expected market capitalization shall not be less than RMB2 billion, the operating income in the most recent year shall not be less than RMB300 million, and the cumulative net cash flow from operating activities in the last three years shall not be less than RMB100 million;

The estimated market capitalization is not less than RMB 3 billion, and the operating income in the most recent year is not less than RMB 300 million;

The market value is expected to be no less than RMB 4 billion, the main business or products need to be approved by the relevant state departments, the market space is large, and phased results have been achieved. Enterprises in the pharmaceutical industry need to have at least one core product approved for phase II clinical trials, and other companies that meet the positioning of the Science and Technology Innovation Board must have obvious technical advantages and meet the corresponding conditions.

5. Red-chip enterprises that meet the relevant provisions of the Notice of the General Office of the China Securities Regulatory Commission on Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Innovative Enterprises or Depositary Receipts may apply for the issuance of ** or depositary receipts and be listed on the Science and Technology Innovation Board; For red-chip enterprises that have not yet been listed overseas with rapid growth in operating income, independent research and development, international leading technology, and a relatively dominant position in the same industry competition, and apply for listing on the Science and Technology Innovation Board, their market capitalization and financial indicators shall meet at least one of the following criteria:

The estimated market capitalization is not less than RMB 10 billion;

The expected market capitalization is not less than RMB 5 billion, and the operating income in the most recent year is not less than RMB 500 million.

6. Other listing conditions stipulated by the Shanghai ** Stock Exchange.

2. There is a risk in entering the market, and investment needs to be cautious.

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(1) The company that issues ** must meet the issuance conditions stipulated by the China Securities Regulatory Commission.

2) The shares to be issued to the public shall account for more than 25% of the total number of shares of the company. If the total share capital of the company exceeds RMB 400 million, the minimum proportion of shares to be issued to the public can be adjusted to more than 10%.

3) After the issuance, the total share capital of the company shall not be less than 30 million yuan.

4) The company's market value and financial indicators should meet at least one of the following criteria:

1) The expected market value of the company after listing is not less than RMB 1 billion, and in the last two years, the company has achieved net profit and the cumulative net profit is not less than RMB 50 million. or the expected market value of the company after listing is not less than RMB 1 billion, the company has achieved net profit in the most recent year and the company's operating income is not less than RMB 100 million.

2) The expected market value of the company after listing shall not be less than RMB 4 billion, and at the same time, the company's main business or products need to be approved by the relevant state departments to confirm that the market space of the products is large, and the phased results have been achieved.

3) The expected market value of the company after listing shall not be less than RMB 3 billion, and the company's operating income shall not be less than RMB 300 million in the most recent year.

4) The company's expected market value after listing is not less than RMB 2 billion, and the company's operating income is not less than RMB 300 million in the most recent year. At the same time, in the last three years, the company's cumulative net cash flow is not less than 100 million yuan.

5) The expected market value of the company after listing is not less than RMB 1.5 billion, and the company's operating income is not less than RMB 200 million in the most recent year. At the same time, in the past three years, the company's cumulative R&D investment accounted for no less than 15% of the cumulative operating income.

Extended Materials. The listing process of the STAR Market.

1. The issuer entrusts the sponsor to submit the issuance and listing application documents through the issuance and listing review business system of the Shanghai Stock Exchange;

2. Within 5 working days after receiving the issuance and listing application documents, the Shanghai Stock Exchange shall check the documents, make a decision on whether to accept them, and publicize them in the first place.

3. On the day when the SSE accepts the issuance of listing application documents, the issuer discloses the prospectus and other documents in advance on the SSE;

4. In accordance with the prescribed conditions and procedures, the exchange shall agree or disagree with the issuer's public offering and listing within 3 months;

5. The China Securities Regulatory Commission shall perform the issuance registration procedures and make a decision on whether to approve or not to register the issuer's registration application within 20 working days.

Science and Technology Innovation Board. 5 Criteria for Listing Conditions:

1. R&D investment accounts for more than 5% of operating income in the last three years, or the cumulative amount of R&D investment in the last three years is more than 60 million yuan.

2. Form the main business income.

More than 5 invention patents.

3. The compound growth rate of operating income in the last three years.

reach 20%, or the amount of operating income in the last 1 year has reached 300 million yuan.

4. The core technology owned by the enterprise has been recognized by the national competent department as having an internationally leading and leading role or is of great significance to the national strategy.

5. The issuer as the main participant or the core technical personnel of the issuer as the main participant won the National Science and Technology Progress Award.

The National Natural Science Award, the National Technological Invention Award, and the application of related technologies to the company's main business.

Extended Information: The Mission of the Science and Technology Innovation Board:

The establishment of the Science and Technology Innovation Board is of great significance to China's development, which is not only to implement the strategy of innovation-driven and scientific and technological power, but also to promote high-quality development.

Supporting the Shanghai International Financial Center.

and the major reform measures for the construction of science and technology innovation centers, but also to improve the capital market.

The basic system, stimulating the vitality of the market and protecting the legitimate rights and interests of investors are important arrangements.

Due to the characteristics of large investment, long cycle and high risk of scientific and technological innovation, indirect financing and short-term financing often feel insufficient in this regard, and long-term capital is the main driving force to lead and catalyze scientific and technological innovation.

The capital market plays a vital role in promoting the integration of science and technology and capital infiltration, accelerating the formation and effective circulation of innovative capital, and has made a lot of explorations and efforts in increasing support for scientific and technological innovation. However, due to various reasons, the capital market and scientific and technological innovation have not been well connected, and many innovative enterprises with good development momentum have gone overseas for listing.

The establishment of the Science and Technology Innovation Board provides greater possibilities for effectively resolving the contradiction between the capital market and scientific and technological innovation, and it is also the mission of the Science and Technology Innovation Board.

Create a model for capital market reform

The regulatory authorities have made it clear that the Science and Technology Innovation Board is an incremental reform of the capital market. This is very important. Incremental reform can avoid the impact on the huge stock market, and "test the waters" of reform measures in a new world, quickly accumulate experience, so as to promote the continuous improvement of the basic system of the capital market.

With the registration system that has attracted the most attention.

For example, it has been discussed in the market for many years. The clarification of the pilot registration system on the Science and Technology Innovation Board is not only in response to market demand, but also has a sufficient legal basis. Over the past few years, the comprehensive and strict supervision of the capital market in accordance with the law and the construction of the corresponding system have also created corresponding conditions for the pilot of the registration system.

The pilot of the registration system has strict standards and procedures, and more attention will be paid to the authenticity and comprehensiveness of information disclosure, the quality of listed companies, and more attention will be paid to stimulating market vitality and protecting the rights and interests of investors in all aspects of acceptance, review, registration, issuance, and trading. The pilot registration system on the Science and Technology Innovation Board can be said to have opened up an innovative path for reform.

The STAR Market has formulated corresponding listing standards for companies with an estimated market capitalization of 1 billion, 1.5 billion, 2 billion, 3 billion, and 4 billion, namely the five standards. Enterprises that want to go public can have the qualifications to apply for listing as long as they can meet one of the criteria, and it can also be seen from here that the more humane side of the Science and Technology Innovation Board is set, and different listing standards are set for different enterprises, which will help major enterprises successfully list on the Science and Technology Innovation Board. However, in terms of market reaction, the first set of standards has the highest usage rate.

01. The first listing standard of the Science and Technology Innovation Board is for enterprises with an estimated market value of 1 billion yuan.

Enterprises with an estimated market value of 1 billion yuan want to apply for listing on the Science and Technology Innovation Board, they must ensure that the net profit they have obtained in the past two years is positive, and the cumulative value of the net profit must reach 50 million yuan or more. From the rules of standard one, we can find that standard one mainly focuses on the profitability of an enterprise, that is, its ability to create profits in the short term, for most enterprises, the threshold of standard one is relatively low, easy to achieve, according to statistics, the proportion of enterprises that choose standard one is as high as 82%.

02. Standards 1 to 5 have higher and higher requirements for market value, and the focus of each standard is different.

Standard 1 for the application for listing of enterprises in terms of market value requirements is the lowest, starting from the second standard, the market value began to gradually increase, the second standard for the market value of 1.5 billion yuan, the third standard for 2 billion yuan, the fourth standard on the basis of the third standard directly increased 1 billion, the fifth standard is directly raised to the height of 4 billion, such a requirement is difficult for most enterprises to meet, which can also explain why most companies will choose the first standard as their listing standard.

In addition to the different requirements for market capitalization, the focus of the five standards is also different. Standard 1 focuses on the investigation of enterprise profitability, especially the profitability in the past two years, the main focus of standard 2 is the company's R & D expenditure, the specific requirements for the enterprise's R & D investment must account for 15% or more of the company's cumulative total operating income in the past three years, the standard 3 focuses on the cash flow of the enterprise in recent years, especially the operating cash flow, the standard 4 is mainly for some strong enterprises, the focus is on its market share and scale, Standard 5 focuses on the industry prospects of the enterprise and the core technology of the enterprise itself.

03. The vast majority of enterprises choose criterion 1, and there are almost no enterprises that choose criterion 5.

Listing is one of the important decisions of a company, and the success of this decision directly determines the future fate and development space of the company, so most companies are extremely cautious in the face of the issue of listing. For companies listed on the STAR Market, market capitalization has become a mandatory requirement, and out of consideration of various uncertainties and risks, most companies will choose Criterion 1 as their listing criteria, while Criterion 5 will choose Criterion 5 as their listing criterion because of its high requirements for market value.

1. Market value + net profit standard: market value is not less than 1 billion, profit for two consecutive years, and the cumulative net profit after deducting non-profit in the last two years is not less than 50 million; or the market value is not less than 1 billion, and the profit in the most recent year is not less than 100 million.

2. Market value + income + R&D investment standard: the market value is not less than 1.5 billion, the revenue in the last year is not less than 200 million, and the total R&D investment in the last three years accounts for not less than 10% of the total receivables in the last three years.

3. Market value + income + cash flow standard: the market value is not less than 2 billion, the revenue in the last year is not less than 300 million, and the net cash flow from operating activities in the last three years is not less than 100 million.

4. Market value + income standard: market value is not less than 3 billion, and the revenue in the latest year is not less than 300 million.

5. Independent enrollment criteria: the market value is not less than 4 billion, the main products or market space is large, or approved by the relevant state departments, and the phased results have been achieved or a certain amount of investment has been obtained from well-known investment institutions; or pharmaceutical companies that have obtained at least one Phase II clinical trial approval for a Class I new drug or other enterprises that meet the positioning of the Science and Technology Innovation Board must have obvious technical advantages and meet certain standards.

Listing standards for companies on the STAR Market.

The estimated market value of the applicant for the STAR Market shall not be less than RMB 1 billion, and the cumulative net profit in the past two years shall not be less than RMB 50 million, or the profit in the past year must be positive, and the cumulative operating income shall be at least RMB 100 million;

The estimated market value of the applicant for the STAR Market shall not be less than 1.5 billion yuan, the operating income in the past year shall be at least 200 million yuan, and the capital investment of the enterprise in R&D in the past three years shall not be less than 15% of the operating income in the past three years;

The estimated market value of the applicant for the STAR Market shall not be less than RMB 2 billion, the operating income in the past year shall be at least RMB 300 million, and the total net cash flow generated by the enterprise in the past three years shall be at least RMB 100 million;

The estimated market value of the applicant for the STAR Market shall not be less than 3 billion yuan, and the operating income in the past year shall be at least 300 million yuan;

The estimated market value of the applicant for the Science and Technology Innovation Board shall not be less than 4 billion yuan, and the products operated by the company have been approved by the state, and they are products with a large market space and have achieved certain results, in addition to this, the enterprise also needs to have obtained investment from a well-known enterprise.

If an enterprise applies for listing on the STAR Market, the corresponding review agency will review the enterprise's application, and the general review cycle is about 6 months from the date of acceptance. At 9:30 a.m. on July 22, 2019, the first batch of 25 STAR Market ** began to be traded on the Shanghai Stock Exchange, and the STAR Market officially opened.