Can NEEQ companies be listed directly on the main board or GEM?

php editor Yuzai answered: According to relevant regulations, NEEQ companies can achieve the goal of listing on the main board or GEM through the transfer mechanism. Specifically, NEEQ companies need to meet certain conditions and procedures, such as the number of shareholders, shareholder structure, financial indicators, etc. At the same time, relevant review and approval procedures are required, including submitting a listing application and obtaining approval from the China Securities Regulatory Commission. It is worth noting that transfer to the stock market does not happen overnight. It requires the company to have certain strengths and conditions and go through a period of time. Therefore, for NEEQ companies, whether they can be listed directly on the main board or GEM requires evaluation and decision-making based on specific circumstances.

Can NEEQ companies be listed directly on the main board or GEM?

According to the regulations of the China Securities Regulatory Commission, NEEQ companies can be listed directly on the main board or GEM through IPO. However, NEEQ companies need to meet certain conditions, including continuous profitability, number of shareholders, capital structure and other requirements. In addition, NEEQ companies also need to undergo restructuring, restructuring and other work to meet the listing conditions of the main board or GEM. Therefore, although it is possible to list directly on the main board or GEM, a series of conditions and procedures need to be met.

What are the differences between the Main Board, New Third Board and GEM?

The main board, the New Third Board and the GEM are all important trading sectors in my country's securities market. The differences between them are mainly reflected in the following aspects:

Different investor access thresholds:

Main Board: There is no clear threshold limit for investors and it is suitable for all types of investors.

New Third Board: The main investors are institutions and individual investors with higher risk tolerance, and investors are required to have higher asset scale and investment experience.

GEM: Although the investment risk and return of GEM may be higher than that of the main board and the New Third Board, it has relatively lower requirements for investors and is suitable for individual investors with a certain risk tolerance.

Company listing conditions are different:

Main Board: The conditions for a company to be listed are relatively strict, requiring the company to have good operating performance and asset scale, and also have strict requirements on the company's governance structure, information disclosure, etc. Very demanding.

New Third Board: The listing conditions are relatively loose, mainly for innovative enterprises, emphasizing the company's innovation capabilities, business models and other characteristics.

GEM: Listing conditions are looser than those on the main board, but more stringent than those on the New OTC Market. The company is required to have good growth and innovation, and have a certain number of invention patents or utility model patents, etc.

Different information disclosure requirements:

Main Board: Information disclosure requirements are very strict and require regular publication of financial reports and announcements of major events.

New Third Board: Information disclosure requirements are relatively low, but important information such as financial reports also needs to be released regularly.

GEM: Information disclosure requirements are relatively high, requiring regular publication of financial reports and announcements of major events, but are slightly lower than those of the main board.

Different levels of supervision:

Main board: Due to the large scale of the main board market and the large number of investors involved, the supervision of the main board is the most stringent.

New Third Board: The New Third Board market is relatively small and has relatively low supervision, but it still needs to comply with relevant regulations.

GEM: GEM has higher supervision than the main board and NEEQ to protect the interests of investors and maintain market stability.

Market activity and trading rules are different:

Main board: Due to the large scale of the main board market, the high quality of listed companies, and the wide investor base, the trading activity of the main board market is relatively high. At the same time, the trading rules of the main board market are also the strictest, including price limit, block trading and other regulations.

New Third Board: The trading activity in the New Third Board market is relatively low, but it has also increased in recent years. The trading rules of the New Third Board are relatively flexible, including agreement transfer, market making transfer and other methods.

GEM: Although the trading activity of GEM is lower than that of the main board, it is higher than that of the New OTC Market. The trading rules of the GEM are also more flexible than those of the main board and the New Third Board, including collective bidding, block trading and other methods.

Generally speaking, the main board, the New Third Board and the GEM have their own characteristics and positioning. When companies choose a listing sector, they need to choose according to their own characteristics and needs.

What is the difference between the new third board and the main board?

The main differences between the New Third Board and the Main Board are:

First, the National Equities Exchange and Quotations provides services to the New Third Board companies, while the stock exchange provides services to the Main Board companies;

Second, the listing requirements are different. Compared with the main board listing, the access conditions for the NEEQ listing are relatively loose, and they mainly meet five conditions:

(1) Established in accordance with the law and maintained for two years ;

(2) The business is clear and it has the ability to continue to operate;

(3) The corporate governance mechanism is sound and the operation is legal and standardized;

(4) The equity is clear and the stock issuance and the transfer behavior is legal and compliant;

(5) The sponsoring securities firm recommends and continues to supervise; while the main board listing requires higher financial thresholds and profitability.

A simple understanding is that listing on the New Third Board only requires companies to "survive", but listing on the main board not only requires companies to "survive" but also requires companies to "eat."

The above is the detailed content of Can NEEQ companies be listed directly on the main board or GEM?. For more information, please follow other related articles on the PHP Chinese website!