Since March 15, the termination of listing counseling for new third board companies has increased significantly, and 16 companies announced the termination of counseling in April, which is generally intended to be listed on the Beijing Stock Exchange. It is worth mentioning that a number of companies have been receiving listing counseling for more than a year.
At the same time, some NEEQ companies announced the opening of listing counseling on the Beijing Stock Exchange, and most companies will have a profit scale of more than 50 million yuan in 2023. The China Securities Regulatory Commission recently issued relevant regulatory guidelines to standardize the guidance and supervision of companies listed on the New Third Board on the Beijing Stock Exchange.
A number of companies terminated IPO counseling
Since March 15, 19 NEEQ companies have announced the termination of IPO listing counseling, of which a total of 16 companies in April generally planned to go to the Beijing Stock Exchange for listing.
Guxiandao recently announced that due to the adjustment of the company's strategic development, the two sides reached an agreement through friendly consultation, and the counseling agency Caitong Securities terminated the relevant counseling work for the company's listing on the Beijing Stock Exchange. The two parties signed an agreement on April 18 to terminate the listing counseling, Caitong Securities submitted the application materials for the termination of the counseling filing to the Zhejiang Securities Regulatory Bureau on April 18, and the Zhejiang Securities Regulatory Bureau confirmed the company's termination of the counseling on April 19.
Previously, on January 24, 2022, Guxiandao submitted the counseling and filing materials for listing on the Beijing Stock Exchange to the Zhejiang Securities Regulatory Bureau, and the counseling filing date is January 25, 2022. So far, the listing counseling has been terminated, which has lasted more than two years.
Gu Xiandao reminded that the company's net profit attributable to shareholders of the listed company in 2022 and 2023 (based on the lower before and after deducting non-recurring profits and losses) was -2.0581 million yuan and 20.9143 million yuan respectively, and the weighted average return on equity was -0.77% and 8.67% respectively, which did not meet the financial conditions for listing on the Beijing Stock Exchange under Article 2.1.3 of the Listing Rules.
North Chuangxin announced the termination of the Beijing Stock Exchange listing counseling for less than half a year, and the company also said that the reason for this was mainly due to the company's strategic development adjustment. Guorong Securities, a counseling agency, submitted an application for termination of counseling to the Shandong Securities Regulatory Bureau, and the Shandong Securities Regulatory Bureau confirmed the company's termination of counseling on April 22.
Before the termination of the listing counseling of the Beijing Stock Exchange, North Chuangxin has decided to delist from the New Third Board, and after the termination of the listing counseling, the company has terminated the listing of the New Third Board since April 30. It is worth noting that North Chuangxin will be listed on the basic layer of the New Third Board on March 1, 2023, and it has only been listed for more than a year.
The listing of the New Third Board of North Chuangxin is intended to sprint to be listed on the Beijing Stock Exchange, but when the listing counseling is launched in November 2023, North Chuangxin does not meet the profit conditions for listing on the Beijing Stock Exchange, and the company's net profit in 2022 is 9.41 million yuan. According to the 2023 semi-annual report, the company achieved revenue of 50.35 million yuan and net profit of 3.04 million yuan in the first half of last year, and the net profit after deducting non-profits increased by 135% year-on-year to 2.51 million yuan, with a small profit scale.
In addition, companies such as Best, Anda Nongsen, Meilan Co., Ltd., Yingcai Security, Joan Parit, and Zhiyu Zhilian have all announced the termination of the listing counseling on the Beijing Stock Exchange, among which Best, Meilan Co., Ltd., Anda Nongsen and other companies have been receiving listing counseling on the Beijing Stock Exchange for more than a year. The 2023 annual report of Meilan Co., Ltd. shows that the company's performance last year fell sharply year-on-year, with a year-on-year decrease of 82% to 5.4 million yuan, and the net profit after deducting non-profits turned into a loss year-on-year, with a profit of 28.23 million yuan in 2022.
Lianglin Technology, which plans to IPO on the Growth Enterprise Market, announced the termination of listing counseling while disclosing its 2023 annual report, and the company has been receiving listing counseling for more than three years. According to the 2023 annual report released by Lianglin Technology, the company's performance last year fell sharply year-on-year, and net profit turned into a loss year-on-year, with a net profit of 7.81 million yuan in 2022.
Market participants believe that since the China Securities Regulatory Commission issued four policy documents such as the "Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial)" on March 15, the review of A-share IPOs has become stricter, and the number of "cancellations" of enterprises with a sharp decline in performance and substandard profits has increased.
These companies started to be listed on the Beijing Stock Exchange
Despite the increased pressure on IPO listing, it still can't stop the enthusiasm of some companies, a number of new three board companies recently announced the launch of the Beijing Stock Exchange IPO, from the performance point of view, most companies last year profit scale of more than 50 million yuan.
On April 23, Yingshi Holdings, which was listed on the basic layer of the New Third Board, was listed on the Beijing Stock Exchange, and the company has quickly switched to the IPO "track". Previously, Yingshi Holdings has completed the acceptance of the listing counseling work on the main board of the Shanghai Stock Exchange on June 21, 2023, which is valid until June 21, 2024.
The company said that according to its own operating conditions, business characteristics and future development plans, on April 23, 2024, the listing counseling and filing sector will be changed from the main board of the Shanghai Stock Exchange to the Beijing Stock Exchange, and the counseling and filing securities regulatory bureau will still be the Hunan Securities Regulatory Bureau, and the counseling institution will still be Western Securities. According to Article 35 of the "Provisions on the Supervision of Initial Public Offering and Listing Counseling", if the counseling object changes the sector to be listed within the validity period of the acceptance work completion letter or after submitting the initial public offering of shares and listing application, the counseling institution shall re-submit the counseling and acceptance materials and perform the counseling and acceptance procedures after the counseling object conducts differentiated counseling for the counseling object.
Yingshi Holdings' profit scale is bright, and the company claims to meet the financial conditions for listing on the Beijing Stock Exchange: the company's net profit in 2021 and 2022 will be 68.1884 million yuan and 114.2131 million yuan respectively, and the weighted average return on equity will be 25.23% and 23.14% respectively. According to the company's 2023 annual report disclosed a few days ago, last year's performance achieved a significant year-on-year growth, especially the profit increased by more than 80% to 2,203.6 billion yuan, and the net profit after deducting non-profits also exceeded 210 million yuan.
Kangjin Electric announced the "diversion" of the Beijing Stock Exchange at the same time as announcing the 2023 annual report, the company said that after comprehensive consideration of the company's development strategy, the current capital market environment and policies and many other factors, after careful research and careful thinking, the company intends to change the listing guidance and filing declaration plate from the Shenzhen Stock Exchange GEM to the Beijing Stock Exchange. Kangjin Electric's annual report shows that the company's performance last year increased year-on-year, with a net profit of more than 55 million yuan, and a net profit of 52.55 million yuan after deducting non-profit, a year-on-year increase of 13%.
Penglai Marine also announced the launch of the IPO of the Beijing Stock Exchange after the announcement of the 2023 annual report, and the company submitted the application materials for the listing counseling and filing of the Beijing Stock Exchange to the Shandong Securities Regulatory Bureau through the counseling agency Zhongtai Securities on April 29. The company claims to meet the relevant financial conditions for listing on the Beijing Stock Exchange: the company's audited net profit attributable to shareholders of the listed company in 2022 and 2023 is 10.8498 million yuan and 28.9842 million yuan respectively, and the weighted average return on equity is 17.01% and 31.22% respectively.
The guidance and supervision of the Beijing Stock Exchange have been further optimized
The day before the May Day holiday, the China Securities Regulatory Commission issued guidelines for companies listed on the New Third Board to apply for issuance and listing on the Beijing Stock Exchange, further optimizing the guidance and supervision work of the Beijing Stock Exchange, and improving the quality of listed companies on the Beijing Stock Exchange from the source.
Recently, the China Securities Regulatory Commission (CSRC) formulated and issued the "Guidelines for the Application of Regulatory Rules - Beijing Stock Exchange No. 1: Guidelines for the Guidance and Supervision of Companies Listed on the National Equities Exchange and Quotations System for Applying for Issuance and Listing on the Beijing Stock Exchange" (hereinafter referred to as the "Beijing Stock Exchange Guidance Guidelines"), which for the first time systematically standardizes the guidance and supervision of companies listed on the New Third Board listed on the Beijing Stock Exchange through the "layer by layer" path in the form of guidelines for the application of regulatory rules.
The "Beijing Stock Exchange Guidance Guidelines" highlight the "three strengthenings". The first is to strengthen the linkage between counseling supervision and continuous supervision. Give full play to the advantages of the whole chain of supervision of the New Third Board and the Beijing Stock Exchange, establish a regulatory information sharing mechanism between the nodes of listing review, daily supervision, counseling supervision and listing review, clarify that the national stock transfer system and the China Securities Regulatory Bureau should establish a communication and docking mechanism, and refine the regulatory information notification requirements between the two. At the same time, it clarifies the content requirements of the CSRC's counseling and supervision report, emphasizing that the Beijing Stock Exchange should pay attention to the content of the counseling and supervision report in the review, and do a good job in the connection between the counseling link and the review and registration link.
The second is to strengthen the "gatekeeper" responsibility of intermediaries. The third is to strengthen the integrity and compliance of the "key minority". The CSRC focuses on the reputation of the "key minority" and reflects it in the counseling supervision report. In addition, the pertinence of the "key minority" compliance knowledge test will be enhanced, and the specific arrangements for the securities market knowledge test will be further refined, and it will be clarified that the content of the securities market knowledge test directly related to the Beijing Stock Exchange shall not be less than 20%.
At the same time, in accordance with the principles of fairness, reasonableness and appropriate cost, the "Guidance Guidelines of the Beijing Stock Exchange" also made "three optimizations" for the guidance and supervision of the Beijing Stock Exchange through the "three combinations".
First of all, highlight the orientation of supporting the good and limiting the inferior, combine the counseling supervision with the company's performance, and optimize the counseling period arrangement. According to the "Beijing Stock Exchange Guidance Guidelines", as of the time of submission of counseling and acceptance materials, companies that have been listed on the New Third Board for 12 consecutive months (including re-listed companies that have been listed for 12 consecutive months before delisting) and the company and its directors, supervisors, senior managers, shareholders holding more than 5% of the shares and actual controllers (or their legal representatives) have not been disciplined, have not been subject to regulatory measures or administrative penalties by the China Securities Regulatory Commission, the counseling period may be less than three months.
In addition, balance the intensity and cost of supervision, combine counseling supervision with on-site inspection, and optimize the way of counseling supervision. The "Beijing Stock Exchange Counseling Guidelines" clearly states that if a listed company has undergone on-site inspection in the past 24 months, it may not be stationed at the site in principle during the counseling and supervision process, and the materials obtained during the preliminary on-site inspection can be cited in the counseling supervision report. In addition, the convenience of the regulatory process will be improved, and the guidance and supervision will be combined with optimization services to optimize the securities market knowledge testing process. In order to facilitate the relevant personnel of the company to be listed on the stock market to participate in the securities market knowledge test, the "Beijing Stock Exchange Guidance Guidelines" proposes that the CSRC can organize relevant personnel to participate in the securities market knowledge test on a regular or irregular basis according to the actual needs of the listed company, and clarifies the circumstances under which they can be exempted from participating in the test.
Editor-in-charge: Zhong Tian
Proofreading: Su Huanwen
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