The difference between the main board of virtual currency and ge
Publish: 2021-05-12 13:29:01
1. The listing standards are different. Main board listing criteria: 1. The company has been established and operated for more than three years; ② The company is required to make profits in three years, and the accumulated profits exceed 30 million yuan; ③ The company is required to accumulate more than 300 million yuan in three years; ④ The company is required to have an accumulated net operating cash flow of more than 50 million yuan in three years; ⑤ The company is required to have a total share capital of not less than 30 million before issuance
gem listing criteria: ① the company has made profits continuously in the past two years, and the cumulative net profit is not less than 10 million, or the company has made profits in the last year, and the net profit is not less than 5 million yuan, the revenue in the last year is not less than 50 million yuan, and the revenue growth in the last two years is not less than 30%; ② The net assets at the end of the most recent period shall not be less than 20 million yuan, and there is no outstanding loss; ③ The total amount of share capital after issuance shall not be less than 30 million yuan
the content of this article comes from: financial code of the people's Republic of China: application edition, China Law Press
gem listing criteria: ① the company has made profits continuously in the past two years, and the cumulative net profit is not less than 10 million, or the company has made profits in the last year, and the net profit is not less than 5 million yuan, the revenue in the last year is not less than 50 million yuan, and the revenue growth in the last two years is not less than 30%; ② The net assets at the end of the most recent period shall not be less than 20 million yuan, and there is no outstanding loss; ③ The total amount of share capital after issuance shall not be less than 30 million yuan
the content of this article comes from: financial code of the people's Republic of China: application edition, China Law Press
2. The main board market value of Shanghai and Shenzhen stock market, gem, also known as the second board market, is a market set up to meet the development needs of independent innovation enterprises and other growth start-ups. It is an important supplement to the main board market and plays an important role in the capital market
most of the companies listed on GEM are engaged in high-tech business and have high growth potential. The biggest characteristic of gem is low entry threshold and strict operation requirements, which is helpful for potential SMEs to obtain financing opportunities and promote the development of enterprises. Its growth and market risk are higher than the main board, which is suitable for investors with mature investment philosophy, strong risk tolerance and market analysis ability
for more information, see: http://e.gf.com.cn/knowledge/detail/55e6a1b4db9683eb6f0139e5 .
most of the companies listed on GEM are engaged in high-tech business and have high growth potential. The biggest characteristic of gem is low entry threshold and strict operation requirements, which is helpful for potential SMEs to obtain financing opportunities and promote the development of enterprises. Its growth and market risk are higher than the main board, which is suitable for investors with mature investment philosophy, strong risk tolerance and market analysis ability
for more information, see: http://e.gf.com.cn/knowledge/detail/55e6a1b4db9683eb6f0139e5 .
3. The main board market value of Shanghai and Shenzhen stock market, gem, also known as the second board market, is a market set up to meet the development needs of independent innovation enterprises and other growth start-ups. It is an important supplement to the main board market and plays an important role in the capital market
most of the companies listed on GEM are engaged in high-tech business and have high growth potential. The biggest characteristic of gem is low entry threshold and strict operation requirements, which is helpful for potential SMEs to obtain financing opportunities and promote the development of enterprises. Its growth and market risk are higher than the main board, which is suitable for investors with mature investment philosophy, strong risk tolerance and market analysis ability
for more information, see: http://e.gf.com.cn/knowledge/detail/55e6a1b4db9683eb6f0139e5 .
most of the companies listed on GEM are engaged in high-tech business and have high growth potential. The biggest characteristic of gem is low entry threshold and strict operation requirements, which is helpful for potential SMEs to obtain financing opportunities and promote the development of enterprises. Its growth and market risk are higher than the main board, which is suitable for investors with mature investment philosophy, strong risk tolerance and market analysis ability
for more information, see: http://e.gf.com.cn/knowledge/detail/55e6a1b4db9683eb6f0139e5 .
4.
The differences among the main board, the small and medium-sized board and the gem are as follows:
1. Different origins
the origin of the main board: the stock has been approved by the securities administration department of the State Council and issued to the public
origin of SME Board: in May 2004, with the approval of the State Council, China Securities Regulatory Commission approved Shenzhen Stock Exchange to set up SME department in the main board market
gem origin: on April 20, 2012, Shenzhen Stock Exchange officially issued the GEM Listing Rules, and formally implemented the gem delisting system on May 1 to implement the listing rules
The main board market is the most important part of the capital market, which can reflect the situation of economic development to a large extent; National economy barometer & quot; Saythe role of the small and medium-sized board: the small and medium-sized board is the transformation of the main board, and the code of the small and medium-sized board in China is 002
the role of gem: gem is an important supplement to the main board market and plays an important role in the capital market. The stock code of listed companies on GEM starts from 300
3. Different listing conditions: it has been issued to the public with the approval of the securities regulatory authority of the State Council; The net profit of the issuer in the last three fiscal years is positive, accumulating more than 30 million yuan. The net cash flow generated in the last three fiscal years exceeds 50 million yuan, or the total operating revenue in the past three fiscal years exceeds 300 million yuan
listing conditions of small and medium-sized board: the total share capital before issuance is not less than 30 million yuan; The total share capital after issuance shall not be less than RMB 50 million; The net profit of the last three fiscal years was positive, with an accumulated amount of more than 30 million yuan
gem listing conditions: the total share capital of the company is not less than 30 million yuan; The public offering shares account for more than 25% of the total share capital of the company; If the total share capital of the company exceeds 400 million yuan, the proportion of shares issued to the public is more than 10%
5. The design of growth enterprise market is different from that of main board market in the following aspects:
(1) the enterprise has a relatively short operating life, no minimum profit requirement, relatively small scale of share capital, single main business and only one main business< (2) it must be a full circulation market< (3) the minimum amount of shares held by major shareholders and the restrictions on selling shares< (4) stock issuance is changed from index management to standard control< (5) in the capital market of some countries, high-tech enterprises can apply for listing on the main board after two years in the gem< (6) set up exit mechanism<
comparison of listing regulations
gem
domestic main board market
profit requirements
no profit requirements
continuous profit in the last three years
other financial data requirements
net main business income in the last two fiscal years reached RMB 5 million, and in the latest fiscal year, net main business income reached RMB 3 million
tangible assets amount to RMB 8 million
the asset liability ratio shall not be higher than 70%
one year before the issuance, the proportion of net assets in total assets is no less than 30%
the proportion of intangible assets in net assets shall not be higher than 20%, unless otherwise stipulated by the state for the adoption of high-tech achievements<
business record
under the same management, the company has been in continuous operation for more than two years
has been in operation for more than three years
has outstanding main business
has been engaged in one kind of main business continuously within 24 months before the issuance application
has no specific requirements
total minimum equity
after the initial public offering of new shares, The total share capital of the company is 20 million yuan
not less than 50 million yuan
minimum public shareholding
the shares issued to the public account for more than 25% of the total shares of the company
the shares issued to the public account for more than 25% of the total shares of the company, and the total share capital of the company exceeds 400 million yuan, The proportion of shares issued to the public is more than 15%
the minimum shareholding of the shareholders of the issuer
after the initial public offering of new shares, The shareholders holding more than 35% of the total shares of the company before the issuance
the shares subscribed by the promoters shall not be less than 35% of the total shares of the company
number of shareholders
200 shareholders holding shares with a face value of RMB 1000
no less than 1000 shareholders holding shares with a face value of RMB 1000
limited period of stock sale
listed companies Directors, supervisors and senior managers are not allowed to sell their shares of the company ring their term of office and within 6 months after their resignation
directors, supervisors and senior managers of listed companies are not allowed to sell their shares of the company ring their term of office and within 6 months after their resignation
listing conditions of gem The difference of listing qualification
source: Author: time: 1970 / 01 / 01
1) compared with the main board market, the listed companies on the gem should not only meet the relevant requirements of the company law and the securities law, but also meet the relevant requirements of the gem listing rules. 2 Compared with the main board, the board of directors of listed companies on the gem must include more than two independent directors, The articles of association must also meet the relevant requirements of GEM Listing Rules< Compared with the organizational structure of listed companies on the main board, the board of directors of listed companies on the gem must include more than two independent directors, who should be elected by the general meeting of shareholders and not appointed by the board of directors. Independent directors shall have more than 5 years of experience in business management, law or finance, and shall ensure that they have enough time and energy to perform the ties of directors of the company< (3) the difference of equity scale
the listed companies in gem are generally in the initial stage with small capital scale, so the requirement of equity scale is lower than that of the listed companies on the main board, and the lower limit is initially set at about 20 million yuan, so as to leave room for the expansion of capital scale and the growth of business performance; On the other hand, e to the rapid growth of GEM listed companies and the high requirement of financing frequency, it is possible to shorten the time interval of re issuance. For example, canceling the one-year interval required by the main board market for capital increase issuance will help to ensure the synchronous and healthy growth of equity and performance< (4) the difference of business records
because business records are essential for investors to analyze the status of enterprises and predict their development prospects, the listing conditions of domestic main board market require that enterprises applying for listing have business records of more than three years. However, the companies listed on GEM usually have a short establishment time and limited operating records, so the operating records of the companies listed on GEM are two years< 5) the difference of profit requirements
when gem chooses to be listed, it pays more attention to the development potential of the company than the operation status required by the main board market. Hong Kong Growth Enterprise market has no requirement for listed companies to make profits. Just considering the fact that emerging companies have little or no profits at the initial stage of their business, although there are three sets of listing standards in the U.S. Nasdaq market, there are basically no requirements for profits on the whole. Therefore, the domestic gem market will not take the profit record of listed companies as the basic condition.
(1) the enterprise has a relatively short operating life, no minimum profit requirement, relatively small scale of share capital, single main business and only one main business< (2) it must be a full circulation market< (3) the minimum amount of shares held by major shareholders and the restrictions on selling shares< (4) stock issuance is changed from index management to standard control< (5) in the capital market of some countries, high-tech enterprises can apply for listing on the main board after two years in the gem< (6) set up exit mechanism<
comparison of listing regulations
gem
domestic main board market
profit requirements
no profit requirements
continuous profit in the last three years
other financial data requirements
net main business income in the last two fiscal years reached RMB 5 million, and in the latest fiscal year, net main business income reached RMB 3 million
tangible assets amount to RMB 8 million
the asset liability ratio shall not be higher than 70%
one year before the issuance, the proportion of net assets in total assets is no less than 30%
the proportion of intangible assets in net assets shall not be higher than 20%, unless otherwise stipulated by the state for the adoption of high-tech achievements<
business record
under the same management, the company has been in continuous operation for more than two years
has been in operation for more than three years
has outstanding main business
has been engaged in one kind of main business continuously within 24 months before the issuance application
has no specific requirements
total minimum equity
after the initial public offering of new shares, The total share capital of the company is 20 million yuan
not less than 50 million yuan
minimum public shareholding
the shares issued to the public account for more than 25% of the total shares of the company
the shares issued to the public account for more than 25% of the total shares of the company, and the total share capital of the company exceeds 400 million yuan, The proportion of shares issued to the public is more than 15%
the minimum shareholding of the shareholders of the issuer
after the initial public offering of new shares, The shareholders holding more than 35% of the total shares of the company before the issuance
the shares subscribed by the promoters shall not be less than 35% of the total shares of the company
number of shareholders
200 shareholders holding shares with a face value of RMB 1000
no less than 1000 shareholders holding shares with a face value of RMB 1000
limited period of stock sale
listed companies Directors, supervisors and senior managers are not allowed to sell their shares of the company ring their term of office and within 6 months after their resignation
directors, supervisors and senior managers of listed companies are not allowed to sell their shares of the company ring their term of office and within 6 months after their resignation
listing conditions of gem The difference of listing qualification
source: Author: time: 1970 / 01 / 01
1) compared with the main board market, the listed companies on the gem should not only meet the relevant requirements of the company law and the securities law, but also meet the relevant requirements of the gem listing rules. 2 Compared with the main board, the board of directors of listed companies on the gem must include more than two independent directors, The articles of association must also meet the relevant requirements of GEM Listing Rules< Compared with the organizational structure of listed companies on the main board, the board of directors of listed companies on the gem must include more than two independent directors, who should be elected by the general meeting of shareholders and not appointed by the board of directors. Independent directors shall have more than 5 years of experience in business management, law or finance, and shall ensure that they have enough time and energy to perform the ties of directors of the company< (3) the difference of equity scale
the listed companies in gem are generally in the initial stage with small capital scale, so the requirement of equity scale is lower than that of the listed companies on the main board, and the lower limit is initially set at about 20 million yuan, so as to leave room for the expansion of capital scale and the growth of business performance; On the other hand, e to the rapid growth of GEM listed companies and the high requirement of financing frequency, it is possible to shorten the time interval of re issuance. For example, canceling the one-year interval required by the main board market for capital increase issuance will help to ensure the synchronous and healthy growth of equity and performance< (4) the difference of business records
because business records are essential for investors to analyze the status of enterprises and predict their development prospects, the listing conditions of domestic main board market require that enterprises applying for listing have business records of more than three years. However, the companies listed on GEM usually have a short establishment time and limited operating records, so the operating records of the companies listed on GEM are two years< 5) the difference of profit requirements
when gem chooses to be listed, it pays more attention to the development potential of the company than the operation status required by the main board market. Hong Kong Growth Enterprise market has no requirement for listed companies to make profits. Just considering the fact that emerging companies have little or no profits at the initial stage of their business, although there are three sets of listing standards in the U.S. Nasdaq market, there are basically no requirements for profits on the whole. Therefore, the domestic gem market will not take the profit record of listed companies as the basic condition.
6. Hello, the main board market, the small and medium-sized board and the growth enterprise market have the following relationships:
the main board market is also called the first board market, which usually refers to the stock market and is the main place for a country or region to issue, list and trade securities. The stocks in the main board market are mostly large mature enterprises with stable profitability and large capital scale. The quality of the main board market largely reflects the situation of China's economic development and is a barometer of the domestic economy
Growth Enterprise Market:
the growth enterprise market can be called the second board market or the second stock exchange market. It is a securities market different from the main board market, but it is a place for stock issuance and trading. Gem is designed to provide financing channels for enterprises that need financing, such as entrepreneurial enterprises, small and medium-sized enterprises and high-tech instrial enterprises that can not be listed on the main board for the time being. Gem is an important supplement to the main board market and plays an important role in the capital market. Gem increases the liquidity of innovative enterprises' shares, facilitates the implementation of equity incentive plan, and encourages employees to participate in enterprise value creation
the small and medium-sized board market refers to the business sector with a circulation of less than 100 million, which is relative to the main board market and is attached to the Shenzhen Stock Exchange. Some enterprises can not meet the requirements of the main board market and can only be listed in the small and medium-sized board market. In China, the market code of SME board begins with 002.
the main board market is also called the first board market, which usually refers to the stock market and is the main place for a country or region to issue, list and trade securities. The stocks in the main board market are mostly large mature enterprises with stable profitability and large capital scale. The quality of the main board market largely reflects the situation of China's economic development and is a barometer of the domestic economy
Growth Enterprise Market:
the growth enterprise market can be called the second board market or the second stock exchange market. It is a securities market different from the main board market, but it is a place for stock issuance and trading. Gem is designed to provide financing channels for enterprises that need financing, such as entrepreneurial enterprises, small and medium-sized enterprises and high-tech instrial enterprises that can not be listed on the main board for the time being. Gem is an important supplement to the main board market and plays an important role in the capital market. Gem increases the liquidity of innovative enterprises' shares, facilitates the implementation of equity incentive plan, and encourages employees to participate in enterprise value creation
the small and medium-sized board market refers to the business sector with a circulation of less than 100 million, which is relative to the main board market and is attached to the Shenzhen Stock Exchange. Some enterprises can not meet the requirements of the main board market and can only be listed in the small and medium-sized board market. In China, the market code of SME board begins with 002.
7. There are three main differences between them
8. The growth enterprise market is the growth enterprise market, and the main board is the main board. First of all, you should make it clear that there are only two A-share markets at present, one is Shanghai market and the other is Shenzhen market. They are independent and separate. Moreover, it involves institutional issues. Therefore, the stocks between the two will not be exchanged unless they are delisted from one place and then listed in another. Then talk about the difference between the so-called main board and gem. The biggest difference between the two is that the threshold is not the same. To be listed on the main board, the threshold is higher, and the corresponding risk will be much lower. Gem is the so-called high-tech plate, which is to adapt to the development of the market. The newly established plate in the back has low performance threshold, but it has growth potential. For the same market in Shenzhen, the main board and the gem are only subdivided categories. Since they are in the same market, why should they switch? To sum up, it will not be adjusted!
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