[High- tech LED reporter Zhao Hui] The high "threshold" that once blocked LED companies from hitting the GEM is plunging down. The adjustment of regulatory policies will drive the LED industry to usher in a new wave of listing on the GEM.
Since the establishment of the GEM, the scale and quality of listed companies have been increasing, and the role of supporting strategic emerging industries has become increasingly apparent. The GEM has concentrated on a number of emerging industry listed companies with LED, new energy and environmental protection as their main businesses. However, the GEM threshold of continuous earnings for the GEM has also hindered more emerging industry companies from entering the GEM.
On March 21, Zhang Xiaojun, spokesperson of the China Securities Regulatory Commission, said at a regular press conference that in order to implement the spirit of the Third Plenary Session of the 18th CPC Central Committee on "sounding a multi-level capital market system" and the State Council on supporting the development of SMEs and Financial support for the economic transformation and upgrading of the work deployment, better play the role of capital market adjustment structure, transfer mode support, the CSRC measures multiple measures, comprehensively promote the reform of the GEM market, promote the GEM market to support innovative, growing small and medium The capital market platform for enterprise development.
Among them, the most concerned is undoubtedly that the CSRC has revised the Interim Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market, appropriately reducing the initial financial access targets of the GEM, eliminating the requirement for continuous growth, and simplifying the conditions for issuance.
This means that only one year of earnings records can be listed on the GEM, and the reporting companies are no longer limited to the nine industries.
The new method for comment draft shows that the original regulation "continued profit in the last two years, the net profit in the last two years has accumulated not less than 10 million yuan, and continues to grow; or the profit in the most recent year, and the net profit is not less than 5 million yuan, recently The annual operating income is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%", revised to "continuous profit in the last two years, the net profit in the last two years has accumulated not less than 10 million yuan; or recently One year's profit, the business income in the most recent year is not less than 50 million yuan."
The implementation of the new measures will pave the way for a large number of LED companies that are not able to achieve profitability for three consecutive years due to economic environment and market volatility.
Since 2012, due to the crazy investment in the LED industry in the past few years, the industry has a serious overcapacity, coupled with the sluggish demand in the downstream application sector, the export has been greatly reduced due to the impact of the overseas financial crisis, and the industry has entered the winter. Many of the LED companies that are planning to go public have experienced a sharp decline in their 2012 annual results, which is unable to meet the three-year growth requirement that must be met for listing.
According to the statistics of the website of the China Securities Regulatory Commission, among the companies with LED-related business as their main business, the list of IPOs that have been terminated for review in 2013 includes Dalian Luming Lighting Technology Co., Ltd. and Yunnan Lanjing Technology Co., Ltd. Beijing Jinlixiang Art Color Technology Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. and other six LED companies.
Some of these companies were forced to terminate the listing process because they did not meet the three-year continuous profit standard.
"The new regulations are undoubtedly good for companies that want to go public, especially those that have good growth but whose performance is highly volatile due to macroeconomic and industrial development." Some brokerage researchers believe that they have already launched listings because of poor performance. It is possible for a company to “make a comebackâ€.
Some LED industry veterans said that the Pearl River Delta and the Yangtze River Delta have a large number of LED companies with more than 50 million revenues. Many of them have technology and market. If they can get help from the capital market, they will undoubtedly stand out.
[Note: This article is the exclusive report of Gaogong LED . Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "Anti-infringement action" statement will be deemed to be illegally reprinted, this website will be held legally responsible! 】
Since the establishment of the GEM, the scale and quality of listed companies have been increasing, and the role of supporting strategic emerging industries has become increasingly apparent. The GEM has concentrated on a number of emerging industry listed companies with LED, new energy and environmental protection as their main businesses. However, the GEM threshold of continuous earnings for the GEM has also hindered more emerging industry companies from entering the GEM.
On March 21, Zhang Xiaojun, spokesperson of the China Securities Regulatory Commission, said at a regular press conference that in order to implement the spirit of the Third Plenary Session of the 18th CPC Central Committee on "sounding a multi-level capital market system" and the State Council on supporting the development of SMEs and Financial support for the economic transformation and upgrading of the work deployment, better play the role of capital market adjustment structure, transfer mode support, the CSRC measures multiple measures, comprehensively promote the reform of the GEM market, promote the GEM market to support innovative, growing small and medium The capital market platform for enterprise development.
Among them, the most concerned is undoubtedly that the CSRC has revised the Interim Measures for the Administration of Initial Public Offerings and Listing on the Growth Enterprise Market, appropriately reducing the initial financial access targets of the GEM, eliminating the requirement for continuous growth, and simplifying the conditions for issuance.
This means that only one year of earnings records can be listed on the GEM, and the reporting companies are no longer limited to the nine industries.
The new method for comment draft shows that the original regulation "continued profit in the last two years, the net profit in the last two years has accumulated not less than 10 million yuan, and continues to grow; or the profit in the most recent year, and the net profit is not less than 5 million yuan, recently The annual operating income is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%", revised to "continuous profit in the last two years, the net profit in the last two years has accumulated not less than 10 million yuan; or recently One year's profit, the business income in the most recent year is not less than 50 million yuan."
The implementation of the new measures will pave the way for a large number of LED companies that are not able to achieve profitability for three consecutive years due to economic environment and market volatility.
Since 2012, due to the crazy investment in the LED industry in the past few years, the industry has a serious overcapacity, coupled with the sluggish demand in the downstream application sector, the export has been greatly reduced due to the impact of the overseas financial crisis, and the industry has entered the winter. Many of the LED companies that are planning to go public have experienced a sharp decline in their 2012 annual results, which is unable to meet the three-year growth requirement that must be met for listing.
According to the statistics of the website of the China Securities Regulatory Commission, among the companies with LED-related business as their main business, the list of IPOs that have been terminated for review in 2013 includes Dalian Luming Lighting Technology Co., Ltd. and Yunnan Lanjing Technology Co., Ltd. Beijing Jinlixiang Art Color Technology Co., Ltd., Shengdi Optoelectronics Technology Co., Ltd., Shenzhen Cuitao Automation Equipment Co., Ltd. and other six LED companies.
Some of these companies were forced to terminate the listing process because they did not meet the three-year continuous profit standard.
"The new regulations are undoubtedly good for companies that want to go public, especially those that have good growth but whose performance is highly volatile due to macroeconomic and industrial development." Some brokerage researchers believe that they have already launched listings because of poor performance. It is possible for a company to “make a comebackâ€.
Some LED industry veterans said that the Pearl River Delta and the Yangtze River Delta have a large number of LED companies with more than 50 million revenues. Many of them have technology and market. If they can get help from the capital market, they will undoubtedly stand out.
[Note: This article is the exclusive report of Gaogong LED . Please reprint the agreement in advance. For legal reprint, please refer to: Gaogong LED copyright maintenance - "Anti-infringement action" statement will be deemed to be illegally reprinted, this website will be held legally responsible! 】
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