How are the conditions for the issuance and listing of the STAR Market set?

The registered capital of the company exceeds 30 million, and the company has not changed the chairman and senior management during the operation period, and the capital flow is clear.

It is set according to the positioning of the sector and the characteristics of science and technology enterprises, and sets up diversified and inclusive listing conditions.

The conditions for the issuance and listing of the Science and Technology Innovation Board are generally verified by the ** exchange, and then reviewed by other relevant departments, and only after passing can it be listed!

According to the positioning of the board and the characteristics of science and technology enterprises, the Science and Technology Innovation Board has set up diversified and inclusive listing conditions to smooth the import of the market.

The relevant system has streamlined and optimized the issuance conditions of the STAR Market, and stipulated the conditions for the initial public offering of the STAR Market from four aspects: entity qualifications, accounting and internal control, independence, and legal operation. The Listing Rules for the Sci-Tech Innovation Board of the Shanghai Stock Exchange, referred to as the Listing Rules, specify a number of listing conditions for the Sci-Tech Innovation Board in terms of total share capital, equity distribution, market capitalization, and financial indicators after issuance.

At the same time, in terms of market and financial conditions, the market value index is introduced, combined with financial indicators such as revenue, cash flow, net profit and R&D investment, and five sets of differentiated listing indicators are set up, which can meet the listing needs of various science and technology enterprises that have broken through core technologies or achieved phased results through continuous R&D investment in the keyword field, have good development prospects, but have different financial performance.

In addition, enterprises that meet the positioning of the STAR Market and have not yet made a profit or have accumulated uncovered losses are allowed to be listed on the STAR Market, and enterprises with special equity structures and red-chip enterprises that meet the relevant requirements are allowed to be listed on the STAR Market.

An issuer applying for listing on the STAR Market shall meet the following conditions: (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 shares issued to the public reach 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 meet the standards specified in these Rules; (5) Other listing conditions as provided for herein.

To apply for listing on the Exchange's STAR Market, the issuer's market capitalization and financial indicators should meet at least one of the following criteria: (1) The expected market capitalization is not less than RMB1 billion, the net profit in the last two years is positive and the cumulative net profit is not less than RMB50 million, or the expected market capitalization is not less than RMB1 billion, the net profit in the most recent year is positive and the operating income is not less than RMB100 million; (2) 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 not less than 15% of the cumulative operating income in the last three years; 3) 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; (4) The estimated market value is not less than RMB 3 billion, and the operating income in the most recent year is not less than RMB 300 million; (5) The estimated market value is not 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.

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 meet the standards stipulated in these rules.

5. Other listing conditions stipulated in this article.

To apply for listing on the STAR Market, the market capitalization and financial indicators of an issuer applying for listing on the STAR Market shall meet at least one of the following criteria:

1. The expected market value is not less than RMB 1 billion, and the net profit in the last two years is positive and the cumulative net profit is not less than RMB 50 million, or the expected market value is not less than RMB 1 billion, and the net profit in the last year is positive and the operating income is not less than RMB 100 million.

2. The estimated market value is not less than RMB 1.5 billion, the operating income in the latest 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.

3. The expected market value shall not be less than RMB 2 billion, the operating income in the most recent year shall not be less than RMB 300 million, and the cumulative net cash flow generated by operating activities in the last three years shall not be less than RMB 100 million.

4. The estimated market value is not less than RMB 3 billion, and the operating income in the latest year is not less than RMB 300 million.

5. The estimated market value is not 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.

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.

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.

Investor requirements: In the first 20 trading days, the average daily ** asset value is not less than 500,000 + two years of trading experience. Those below 500,000 can participate through public offering**.

Requirements for Listed Companies:

1. Estimated market value + net profit standard: a science and technology enterprise with stable business.

2. Estimated market value of 1.5 billion + revenue of 200 million + R&D investment for 3 years not less than 15%: It is suitable for science and technology enterprises that continue to invest in R&D in key areas and break through core technologies.

3. Market value of 2 billion + revenue of 300 million + cash flow of not less than 100 million in 3 years: enterprises that have not made a profit for the time being, or whose profitability is not high, but have generated stable cash flow.

4. Market value of 3 billion + revenue of 300 million: enterprises that have not yet reached the profitability level, but have profit prospects.

5. The estimated market value is not less than 4 billion: it is suitable for science and technology enterprises with large product space and important strategic significance, such as biomedical enterprises.

What are the five criteria for listing on the STAR Market?