SFC Officially Released Gem IPO Approach And Refinancing Approach

< p > China Securities Regulatory Commission promulgated the 16 Interim Measures on IPO and listing on GEM, and the two Interim Measures for the issuance of securities issued by GEM companies are effective from the date of promulgation.

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< p > the newly issued gem IPO method is clear. The CSRC approves the issuer's initial public offering application according to the application documents provided by the issuer, and does not make substantive judgments or guarantees for the issuer's profitability, investment value or investor's income.

Investors independently judge the issuer's < a href= "//www.sjfzxm.com/news/index_c.asp" > investment value < /a >, make investment decisions independently, and assume the investment risks caused by the changes in the issuer's operation and earnings or stock price after issuing the shares according to law.

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< p > in terms of terms of issuance, the method loosened the financial indicators of gem IPO enterprises, and changed the original a href= "//www.sjfzxm.com/news/index_c.asp" > operating income < /a > or the requirement of continuous growth of net profit.

The latest conditions are: the last two years of continuous profit, the net profit in the last two years is not less than 10 million yuan; or the last year's profit, the last year's operating income is not less than 50 million yuan.

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< p > the CSRC spokesman said that the revised "a href=" //www.sjfzxm.com/news/index_c.asp "gem" /a "first management method abolished the rigid requirements of the continuous growth of business income or net profit, allowing enterprises with income above a certain scale to be listed only on a profit record for a year, more in line with the characteristics of innovative SMEs, and significantly expanding the coverage of the market.

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< p > it is worth noting that the gem refinancing system has set up a "small, fast and flexible" private placement mechanism.

The refinancing method stipulates that the amount of financing that a listed company applies for non-public offering shares does not exceed 50 million yuan and does not exceed ten percent of the net assets at the end of the latest year, the CSRC shall apply the summary procedure, and the regulatory department shall make a decision whether to approve it within 15 working days from the date of acceptance.

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< p > at the same time, the SFC strengthened information disclosure and increased supervision over issuers and intermediaries while relaxing standards of approval for IPO and refinancing of gem.

The IPO regulation provides that the securities service institutions are not diligent and conscientious. If the documents produced or issued are falsified, misleading statements or omissions, the CSRC shall not accept the special issue documents issued by the relevant institutions within 12 months from the date of confirmation, and will not accept special issuance documents issued by the relevant signatories within 36 months.

Those who cause losses to others shall be liable for compensation in accordance with the law.

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