The CSRC has implemented strongly
In terms of issuance supervision, there are 2 rule amendments. The first is to revise the "Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)". In order to implement the requirements of the "Several Opinions" on strictly controlling the entry of issuance and listing, and improving the evaluation standards for the attributes of science and technology innovation on the Science and Technology Innovation Board, higher standards are set for the amount of R&D investment, the number of invention patents and the growth rate of operating income of enterprises applying for the Science and Technology Innovation Board, and the requirements for measuring indicators such as scientific research investment, scientific research achievements and growth are strengthened, so as to further guide intermediaries to improve the quality of the enterprises applying for the Science and Technology Innovation Board, and highlight the "hard technology" characteristics of the Science and Technology Innovation Board. The second is to revise the "List of Random Items to be Checked by the China Securities Regulatory Commission". In order to implement the requirements of the "Several Opinions" on expanding the coverage of on-site inspections of enterprises under review and related intermediaries, the proportion of random inspection of IPO enterprises will be significantly increased from 5% to 20%, and the proportion of problem-oriented on-site inspections and on-site supervision of the exchange will be increased accordingly, and after the adjustment, the overall proportion of on-site inspection and supervision will not be less than one-third.
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Science and Technology Innovation Board: Science and technology innovation attributes are becoming more and more hard
The main content of this revision is to raise three indicators:
1. Adjust the amount of R&D investment in the last three years from "cumulative more than 60 million yuan" to "cumulative more than 80 million yuan" in the first paragraph of Article 1 of the "Guidelines";
2. The number of invention patents applied to the company's main business in the third item is adjusted from "more than 5" to "more than 7";
3. The fourth item "compound growth rate of operating income in the last three years" is adjusted from "reaching 20%" to "reaching 25%".
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Main Board of Shanghai Stock Exchange: IPO financial indicators improved
First, the cumulative net profit target for the last three years in the first set of listing standards will be increased from 150 million yuan to 200 million yuan, the net profit indicator for the last year will be increased from 60 million yuan to 100 million yuan, the net cash flow index from cumulative operating activities in the last three years will be increased from 100 million yuan to 200 million yuan, and the cumulative operating income index in the last three years will be increased from 1 billion yuan to 1.5 billion yuan;
Second, the net cash flow index generated by cumulative operating activities in the last three years in the second set of listing standards will be increased from 150 million yuan to 250 million yuan;
The third is to increase the estimated market value index in the third set of listing standards from 8 billion yuan to 10 billion yuan, and the operating income index in the last one year from 800 million yuan to 1 billion yuan.
The listing conditions of the STAR Market will not be amended this time.
The revised listing conditions on the Main Board are intended to come into effect from the date of promulgation of the new Listing Rules, and the new listing conditions shall apply to enterprises to be listed on the Main Board that have not yet passed the deliberation of the Listing Committee, and the listing conditions before the amendment shall apply to those that have passed the deliberation of the Listing Committee.
It is proposed to revise the financial indicators of the IPO on the main board of the Shanghai Stock Exchange
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Shenzhen Stock Exchange Main Board and ChiNext IPO: Improving Financial Indicators
The first is to improve the net profit, cash flow, income and other indicators of the first and second sets of listing standards on the main board. The cumulative net profit of the first set of listing standards in the last three years will be increased from "150 million yuan" to "200 million yuan", the net profit of the latest year will be increased from "60 million yuan" to "100 million yuan", the net cash flow generated by operating activities in the last three years will be increased from "100 million yuan" to "200 million yuan", and the cumulative operating income in the last three years will be increased from "1 billion yuan" to "1.5 billion yuan", and the cash flow of the second set of listing standards will be increased from "150 million yuan" to "250 million yuan" , further highlighting the blue-chip positioning of the main board, and enhancing the ability of listed companies to return investors stably.
The second is to raise the projected market capitalization, revenue and other indicators of the third set of listing standards on the main board. The estimated market value of the third set of indicators will be increased from "8 billion yuan" to "10 billion yuan", and the operating income in the latest year will be increased from "800 million yuan" to "1 billion yuan", so as to strengthen the representativeness of the industry and provide the market with more high-quality and diversified investment targets.
The third is to raise the net profit index of the first set of listing standards on the GEM. The cumulative net profit in the last two years will be increased from "50 million yuan" to "100 million yuan", and the requirement of "net profit in the latest year shall not be less than 60 million yuan" will be added, highlighting the company's ability to resist risks, and supporting the listing of enterprises that meet the positioning requirements of the GEM in terms of scale, industry and development stage.
The fourth is to raise the estimated market capitalization, revenue and other indicators of the second set of listing standards on the GEM. The estimated market value will be increased from "1 billion yuan" to "1.5 billion yuan", and the operating income in the latest year will be increased from "100 million yuan" to "400 million yuan", so as to further improve the quality and efficiency of direct financing for potential "excellent innovation and high growth" enterprises.
It is proposed to revise the financial indicators of the IPO on the main board of the Shenzhen Stock Exchange
It is proposed to revise the financial indicators of the IPO of the GEM of the Shenzhen Stock Exchange