What are the latest regulations for listing on the main board?

php editor Baicao today brought you an introduction to the latest regulations on motherboard listing. Recently, the China Securities Regulatory Commission issued a series of new regulations on main board listings, aiming to strengthen market supervision and improve the quality and transparency of listed companies. These regulations include financial reporting requirements for listed companies, information disclosure requirements, sponsor responsibilities, etc. The introduction of these regulations is of great significance to investors and listed companies, and will further promote the healthy development of the market. Below is a brief overview of the main provisions.

What are the latest regulations for main board listing?

The latest regulations are as follows:

1. The main condition for listing on the main board is net profit. Listing on the main board requires profits for three years and a cumulative total of more than 30 million yuan. Listing on the GEM requires zero profit for two years. And the cumulative amount is not less than 10 million yuan, or the funds are profitable for one year, and the net profit is not less than 5 million yuan.

　2. Operating income. The main board listing requirement requires a total of more than 300 million yuan in three years. Listing on GEM requires operating income of not less than 50 million yuan in the last year and operating income growth rate of not less than 30% in the last two years.

3. Operating cash inflow, and operating income indicators. Select 1 from 2. Listing on the main board requires a cumulative net operating cash flow of more than 50 million yuan in three years. There is no requirement for listing on the GEM.

　4. Net assets and total share capital. Listing on the main board requires the total pre-issuance share capital to be no less than 30 million yuan. GEM listing requires the net assets of the issued funds to be no less than 20 million yuan, and the total equity after issuance to be no less than 330 million yuan.

Legal basis: "Measures for the Administration of Initial Public Offerings of Stocks and Listing on the GEM" Article 11

Issuers applying for initial public offerings of stocks shall meet the following conditions:

(1) The issuer is a joint-stock company established in accordance with the law and has been operating continuously for more than 3 years. If a limited liability company is converted into a joint stock limited company based on the original book net asset value, the continuing operation period can be calculated from the date of establishment of the limited liability company.

(2) Profitable in the last 2 consecutive years, with a cumulative net profit of not less than 10 million yuan in the last 2 years; or profitable in the last 1 year, with an operating income of no less than 50 million yuan in the last 1 year. Net profit is calculated based on the lower before and after deducting non-recurring gains and losses.

　 (3) The net assets at the end of the latest period are not less than 20 million yuan, and there are no unrecovered losses.

　 (4) The total share capital after issuance shall not be less than 30 million yuan.

Pilot enterprises (hereinafter referred to as pilot enterprises) identified by the China Securities Regulatory Commission in accordance with the "Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Stocks or Depository Receipts by Innovative Enterprises" and other regulations do not need to apply the provisions of item (2) of the preceding paragraph. and the provision in item (3) that “there is no uncompensated loss”.

What is main board listing?

Main board listing, also known as first board listing, refers to the issuance and listing of venture enterprises on the national main board market. The main board market refers to the securities market in the traditional sense and is the main place for the issuance, listing and trading of securities in a country or region. Domestic main board listing means that a company is listed and traded on the Shanghai Stock Exchange or Shenzhen Stock Exchange.

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