The New Three Boards Have No Profit Targets For The Listed Companies.

In September 9th, the national share pfer system company issued the answers to a number of questions on the application of listing conditions (1), and clarified the issues of applying for listed company subsidiaries, sustainability, financial norms, changes in actual controllers or major business pformation.

On the application of listed company's subsidiary, the rules specify the conditions, letters and verification requirements.

The application for listed company subsidiary refers to the company that applies for listing wholly, holding or otherwise incorporated into the consolidated financial statements.

The issuance and pfer of shares shall be lawful and compliant, and shall be in conformity with the relevant provisions of the basic guidelines for the application of the conditions for the listing of shares in the share pfer system of small and medium-sized enterprises in China in terms of qualification and lawful operation.

For the subsidiary whose business income accounts for more than 10% of the listed company application, it should disclose its business in accordance with relevant regulations.

For the application of listed company during the reporting period, whether the change of the actual controller or the pformation of main business can be applied for listing, it is clear that the application of listed company in the reporting period is subject to changes in the actual controller or major business pformation.

The guidelines for the application of the basic criteria for stock listing system (Trial Implementation) and the requirements of this answer can be applied for listing.

It is worth mentioning that the subsidiary business is a small loan.

Financial or financial businesses such as financing leases, city commercial banks, investment institutions, etc. shall not only conform to the guidelines for the basic standards applicable to the listing conditions of shares of the small and medium enterprises' share pfer system, but also meet the requirements of the statutes and normative documents promulgated by the state, local and industrial regulatory authorities.

Those who apply for the listed company share holding company's business belong to the preceding financial or financial businesses shall be implemented in accordance with the foregoing provisions.

The industry believes that this rule further clarifies that financial and financial sub companies also need pre regulatory conditions of the industry regulatory authorities, which makes clear provisions for the new three boards of the Internet financial companies, and predicts that Internet financial companies will increase substantially in the future.

In the guidance of the basic standards applicable to the original listing conditions, it is stipulated that the enterprises applying for listing must have "continuous operation capability".

This rule refines this condition and specifies the standard of "no continuous operation capability", that is, one of the following situations when applying for the listed company should be identified as having no ability to continue to operate. First, it fails to form a record of continuous operation related to the same period of business in each accounting period; two, it is a continuous loss in the reporting period, and the business development is subject to industrial policy restrictions; three, the net asset yield at the end of the reporting period is negative; four, there are other matters or situations that may cause significant impact on the ability to continue operation.

"Compared with the Shanghai and Shenzhen stock exchanges, the new three boards have no profit targets for the listed companies, but require them to have" continuous operation capability ".

This rule specifies the "no continuous operation capability" standard, which helps sponsor securities companies to apply for listing companies and enhance their qualification.

The industry said.