【锋行链盟】北交所IPO全流程解析

Core Viewpoint - The Beijing Stock Exchange (BSE) serves as a primary platform for innovative small and medium-sized enterprises (SMEs), emphasizing an efficient, inclusive, and market-oriented IPO process centered around a "registration system" [1] Group 1: IPO Process Overview - The IPO process at BSE is structured to support "specialized, refined, distinctive, and innovative" enterprises, particularly in high-end equipment manufacturing, new generation information technology, biomedicine, and new energy sectors [3] - BSE has established four differentiated listing standards that companies must meet based on their financial indicators, allowing flexibility in choosing the appropriate standard [4] - Companies are required to engage intermediary institutions such as sponsors, accounting firms, and law firms to assist in due diligence, compliance, and documentation [5] Group 2: Listing Standards - Standard 1 (Profit-oriented): Market value ≥ 200 million; net profit for the last two years ≥ 15 million each and weighted average ROE ≥ 8%, or net profit for the last year ≥ 25 million and weighted average ROE ≥ 8% [8] - Standard 2 (R&D + Revenue): Market value ≥ 400 million; average revenue for the last two years ≥ 100 million, and revenue growth rate for the last year ≥ 30%; total R&D investment for the last two years ≥ 5% of revenue [8] - Standard 3 (Cash Flow + Revenue): Market value ≥ 800 million; revenue for the last year ≥ 200 million; cumulative net cash flow from operating activities for the last two years ≥ 25 million [8] - Standard 4 (R&D Driven): Market value ≥ 1.5 billion; total R&D investment for the last two years ≥ 50 million [8] Group 3: Compliance and Governance - Companies must address issues related to shareholding and governance structures, ensuring independence across various aspects such as business, assets, personnel, and finance [9] - Financial compliance involves resolving issues related to revenue recognition, cost accounting, related party transactions, and tax compliance to ensure the authenticity and accuracy of financial data [9] - Legal compliance includes verifying the legality of historical changes, intellectual property rights, and compliance with environmental and social security regulations [9] Group 4: New Third Board Pathway - Companies can apply for listing on the New Third Board's basic tier, which requires a minimum of two years of operation, clear business focus, and sound governance [10] - The innovation tier allows companies that meet specific criteria to apply for advancement after being listed for 12 months [10] Group 5: Guidance and Review Phase - Prior to IPO application, companies must undergo at least three months of guidance from a sponsoring institution, followed by acceptance and review by the local securities regulatory authority [11] - The guidance phase includes regular progress reporting to the regulatory authority and submission of a final acceptance application upon completion [12][14] Group 6: Application and Review Stage - Companies must prepare application documents, including a prospectus and financial reports, in collaboration with intermediary institutions [15] - The review process begins with the submission of application documents, with the BSE making a decision on acceptance within five working days [15] - The review focuses on compliance with listing conditions, adequacy of information disclosure, and the performance of intermediary institutions [17] Group 7: Registration and Issuance - The China Securities Regulatory Commission (CSRC) conducts a formal review of the BSE's approval and the company's application documents, focusing on compliance with capital market regulations and governance standards [19] - Companies must complete the issuance within 12 months of registration, with the option to extend by six months [24] Group 8: Post-Listing Supervision - The sponsoring institution is required to fulfill ongoing supervisory obligations for a minimum of three years, focusing on governance, compliance, and financial performance [25]