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Financial commentary
Published on 2018-07-20 21:32:13 Share it web version
                        The China Securities Regulatory Commission issued an IPO approval on July 20. Only one company
Source: SFC website Editor: Oriental Fortune Network

On July 20, I will approve the initial application of Shenzhen Jiejiawei Innovation Energy Equipment Co., Ltd. according to legal procedures. Shenzhen Jiejiawei Innovation Energy Equipment Co., Ltd. and its underwriters will negotiate with the Shenzhen Stock Exchange to determine the issuance schedule and publish the prospectus.

  [Extended reading]

  The IPO is canceled frequently. The trial committee has pressed the pause button 27 times.

Since the establishment of the DH Audit Committee, it has not only improved the attention to performance standards and sustainability, but also conducted strict audits on normative issues, internal control, trust, and even environmental protection. This not only makes the current IPO The rate of attendance is low, and there are many “dead cancellations” that can be foreseen.

On July 17, five companies including Beijing Yuxin Technology Group Co., Ltd. (hereinafter referred to as “Yuxin Technology”) will be tried. Compared with the other four companies, Yuxin Technology, which had only passed the meeting, experienced a suspension of voting and cancellation of the review during the year. This meeting was already a "three-into" palace.

In fact, “door-to-door cancellation” has gradually become a common term in the current A-share IPO process.

According to statistics, since the performance of the new audit committee in October last year, 26 start-up companies have been suspended or cancelled before the meeting, and if they are temporarily canceled, they will issue China Depositary Receipts (CDR). The Xiaomi Group has reached 27 times.

The 21st Century Capital Institute believes that behind the frequent occurrence of the A-share IPO “door-to-door cancellation” phenomenon, on the one hand, it is due to the strict review by the Daifa Audit Committee. The data shows that as of the latest, 79 companies have been rejected since their performance, and only 114 have been approved. Based on this calculation, the IPO adoption rate in the trial is only 59.07%.

On the other hand, specific to different companies, the reasons are different, and even some specific industries have the same situation. On July 3 and 10, Qingdao Rural Commercial Bank Co., Ltd. (hereinafter referred to as “Qingdao Rural Commercial Bank”) and Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co., Ltd. (hereinafter referred to as “Ruifeng Rural Commercial Bank”) successively Relevant matters need further verification", announced the cancellation of the review.

"Since the establishment of the audit committee, the Dafa Audit Committee has not only improved its attention to performance standards and sustainability, but also conducted strict audits on normative issues, internal control, trust, and even environmental protection. This not only makes the present The IPO has a low rate of attendance, and there are many 'dead cancellations' phenomenon that can be foreseen,” said a large brokerage investment bank in Beijing.

  27 times "temporary retreat"

For domestic companies, the ability to successfully list A shares is not only an affirmation of the company's own strength, but also beneficial to the future development of the company, so even if it takes months or even years to IPO queues. However, with the tightening of IPO audits, the phenomenon of “recession” has become more and more.

The data shows that since the new board of directors took office last year, there have been 27 A-shares (two for Yuxin Technology and two for the number of companies, and 25 for companies with detached companies). The result of canceling the review or being suspended.

Specifically, among the 27 start-up companies that have “removed the door”, 12 of them have been suspended, and half of them are scheduled to be listed on the main board of the Shanghai Stock Exchange, and 2 and 4 starters respectively intend to The Shenzhen Small and Medium-sized Board and the Growth Enterprise Market are listed.

Fifteen companies were canceled for review. Except for Xiaomi Group, which originally planned to issue CDRs, 8 of the remaining 14 companies are scheduled to be listed on the main board of Shanghai Stock Exchange, and 2 of them are listed on SME board and GEM. Times and 4 times.

According to the industry of the CSRC, the manufacturing industry represented by Zhejiang Titan Co., Ltd. has become the industry with the most frequent “removal”, reaching 11 times; the second is the information transmission, software and information technology services. There are 5 times, including companies such as Bora Network Co., Ltd.

In terms of time, January this year was the month with the most frequent occurrence of “door retreat”. A total of 8 similar cases occurred, including Jiushenghe Seed Co., Ltd., which was cancelled or suspended. The second place was followed by the second half of October last year and the last December.

This pattern also seems to be consistent with the changes in the IPO meeting rate since the DMC's performance. According to statistics from the 21st Century Capital Institute, in January this year, the CSRC arranged a total of 50 companies to start the meeting, but in the end only 18 companies had successfully met, and the meeting rate was only 36%. The rate of meetings in December last year was 60%, which is similar to the rate of meetings in February-June this year. Data show that from February to April this year, the IPO meeting rate was 58%, 63% in May, and 56% in June.

“Whether the first-time enterprise is rejected or suspended, the issues involved may include the sustainability of business capability, corporate accounting and financial issues, information disclosure, internal control system, compliance, etc. The quantitative criteria for the initial approach are very Less, there are many qualitative criteria, which requires the sponsor to make a comprehensive judgment and comprehensive consideration of a series of factors." On July 17, the above-mentioned large-scale brokerage investment bank in Beijing said.

According to the statistics of the 21st Century Capital Institute, since the establishment of the DH Audit Committee, there has always been a super-level issue at the trial meeting, that is, on the basis of the inherent "performance is king", the members of the audit committee are also looking more. It has invested in the stability and sustainability of the company's future performance, the rationality of financial indicators, fundraising projects, internal control, and trust.

"The ability to operate IPO companies will not only focus on 'now', but will also invest in 'future', and will criticize intermediaries for the performance of the company's performance after the listing." On July 17, a Close to the regulatory authorities said.

  The specific reasons are different

Although the background of the “enterprise retreat” of the first-time enterprise is the same, that is, the DFA auditor’s strict supervision after the performance of duties, but the specific reasons for enterprises in different industries are not exactly the same.

The two banks that have been canceled for review, Qingdao Rural Commercial Bank and Ruifeng Rural Merchants, respectively, announced on July 3 and July 10 that they were canceled on the grounds that “there are related matters that need further verification”. The matter that was originally scheduled to be tried on the same day.

The 21st Century Capital Institute noted that the two rural commercial banks had no controlling shareholders and actual controllers, and the two banks had canceled the review, which also broke the record of 100% meeting rate in banking stocks since last year.

On July 17, the relevant person in charge of Ruifeng Rural Commercial Bank told the 21st Century Capital Institute that the decision to cancel the review on the same day was due to the fact that it is currently in the semi-annual time node and needs to be further supplemented. Apply for an IPO again.

"As officially disclosed by the China Securities Regulatory Commission, some financial data will be added." The above-mentioned Ruifeng Rural Commercial Bank said, "Our goal is very clear, and we will continue to seek listing after the supplement."

However, the above explanation of Ruifeng Rural Commercial Bank can not explain the doubts of the outside world, because of a recent rating report on Guiyang Rural Commercial Bank. Earlier, a rating report issued by China Chengxin International on Guiyang Rural Commercial Bank showed that as of the end of 2017, the bank's non-performing loan ratio increased significantly from 4.13% at the end of 2016 to 19.54%; the provision coverage ratio dropped sharply to 34.15%. , far below regulatory requirements.

"It is still unclear whether the work of Guiyang Rural Commercial Bank has affected the cancellation of IPO audits by the two banks." A financial broker in a medium-sized brokerage in Shenzhen said, "It is said that the overall supervision of the rural commercial banks will be greatly adjusted. This may be one of the reasons for canceling the IPO audit of the rural commercial bank."

According to the latest data disclosed by the China Securities Regulatory Commission, in addition to the above two, there are still seven other rural commercial banks that are currently lined up in the A-share IPO.

Dong Xiwei, a researcher at the Hengfeng Bank Research Institute, told the 21st Century Capital Institute that behind the tide of IPOs by rural commercial banks, the country’s tilt towards the “three rural” policy is also a positive attitude of the regulatory authorities, but whether it can be successfully listed remains How to solve many aspects such as high credit risk of customers and perfect management of corporate governance.

Compared with the above two rural commercial banks, Zhejiang Titan Co., Ltd., which announced the withdrawal of materials on May 21 this year, and canceled the next day’s review, is more attributable to itself. According to its insiders, the purpose of canceling the audit is to better develop the company. The main reason is that the company has a small net profit and a low profit, on the other hand, there is a problem of higher accounts receivable, so it is right. The prospects for the meeting are not optimistic.

In addition, the reason why Xiaomi Group canceled the CDR issuance audit is more due to the differences between it and the regulatory layer regarding the valuation of the company.

The 21st Century Capital Institute learned that as the first company to apply for the issuance of CDRs, the regulatory layer, in the context of meeting the high financing needs of enterprises, also stated that high pricing may cause “breaking” considerations, which will affect the A-share market sentiment. The situation happened.

However, as a result, Xiaomi Group finally chose to suspend the issuance of CDRs, which were listed before the H-share IPO. However, as of now, Xiaomi Group said that there is no specific timetable for issuing CDRs.

  A number of "second meeting" success

Just as the relevant person in charge of Ruifeng Rural Commercial Bank stated that after the company has completed the relevant materials, it will once again seek IPO listing. Since the performance of the DFA Auditor’s Office, many companies have successfully landed A shares after many meetings. .

According to statistics, since mid-October last year, plus the Yuxin Technology just after the meeting, 10 start-up companies have successfully landed A shares after encountering “cancellation review” and “suspension voting”.

Specifically, among the 10 companies that have successfully passed the IPO and successfully passed the IPO, 7 of them are listed on the main board of the Shanghai Stock Exchange, including Oriental Huanyu (603706.SH) and Bethel (603596.SH); The home is listed on the Shenzhen Small and Medium-sized Board and the Growth Enterprise Market, namely Yuxin Technology, Mingde Bio (002932.SZ) and Aofei Data (300738.SZ).

Correspondingly, there are also two companies that were rejected by the audit committee in the “Second Meeting”, namely Bola Network Co., Ltd. (hereinafter referred to as “Bola Network”) and Chongqing Baiya Hygiene Products Co., Ltd. Limited.

The 21st Century Capital Research Institute found out that the focus of the first-time enterprise "second meeting" is the focus of the issue of the audit committee, and it is still the growth behind the performance and many detailed issues.

Take Ou Fei data and Bora network as an example. The two have a lot of similarities. They are also listed on the New Third Board listing company. They were also present at the first audit meeting after the performance of the Dafa Audit Committee on October 25 last year. They were also suspended. But in the end, Olympia data successfully met at the second meeting in December last year, and Bora Network was unfortunately rejected in November.

Regarding the reasons for the failure of the Bola network, the IEC mainly focused on the sustainability of the company's performance, including the company's business model and technology, as well as the significant decline in the return on equity.

Bora network people pointed out that the listing was denied because the company did not explain clearly on some issues. However, the company's profitability will not be too much problem, so it will start the IPO filing process again when the conditions are ripe.

Similar to the Bora network, Aofei Data was also asked about the authenticity and sustainability of its performance development during the meeting. The data shows that Aofei Data is still a loss in 2013. After the profit in 2014, it began to enter a stage of rapid development. However, the audit committee questioned the truthfulness and rationality of the continuous growth of operating income, and the growth rate of net profit is obviously not The reason for the match."

At the same time, in the audit meeting of Bola Network and Aofei Data, the Audit Committee also paid attention to the issue of employee compensation of the two companies. It is hoped that the two can combine the industry average and analyze the rationality of existence.

According to the Beijing investment bank mentioned above, from the latest disclosure of the “new IPO audit 51 Q&A guidelines” issued by the securities investment banking department, the IPO audit standards are more quantitative and detailed, and the scope is broader. All aspects of the initial business are included in the audit framework, covering all aspects of the existence of IPO companies.

"Overall, for companies that have a second meeting, the probability of a second meeting will be much greater than that of a meeting, because if there is a big problem, it will be met when you first meet. Veto. Of course, the refinement is how to fully communicate within the scope of supervision to meet the corresponding requirements." The investment bank said. (Source: 21st Century Business Herald)

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Published on 2018-07-20 21:32:07
                            how much
Published on 2018-07-20 21:32:09
                            Saved
Published on 2018-07-20 21:32:14
                            Daye shares are most likely to be the first share of the mid-year report. The mid-term subscription is advanced. The original appointment is August 16th. The current appointment is July 30th. The person who knows is going to Daye.
Published on 2018-07-20 21:32:15
                            Slow down, good for new shares
Published on 2018-07-20 21:32:15
                            Still coming
Published on 2018-07-20 21:32:16
Published on 2018-07-20 21:32:18
                            Again
Published on 2018-07-20 21:32:18
                            it is good
Published on 2018-07-20 21:32:19
                            it is good
Published on 2018-07-20 21:32:20
                            Good unicorn
Published on 2018-07-20 21:32:20
                            Good thing
Published on 2018-07-20 21:32:20
                            More points
Published on 2018-07-20 21:32:21
                            How many
Billion
Published on 2018-07-20 21:32:21
                            Not more than 3.6 billion
Published on 2018-07-20 21:32:22
                            Good
Published on 2018-07-20 21:32:23
                            People are coming
Published on 2018-07-20 21:32:23
                            Sofa
Published on 2018-07-20 21:32:23
                            How many billion? ? ? ?
Published on 2018-07-20 21:32:24
                            Too little
Published on 2018-07-20 21:32:24
                            In the middle of the night, I still don’t forget to send new shares.
Published on 2018-07-20 21:32:24
                            It’s coming here.
Published on 2018-07-20 21:32:26
                            That house
Published on 2018-07-20 21:32:27
                            Only family
Published on 2018-07-20 21:32:27
Published on 2018-07-20 21:32:27
                            Ohhe
Published on 2018-07-20 21:32:28
Published on 2018-07-20 21:32:28
                            it is good
Published on 2018-07-20 21:32:28
                            Amount?
Published on 2018-07-20 21:32:28
                            Very good, only 1
Published on 2018-07-20 21:32:28
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Source: SFC website Editor: Oriental Fortune Network

On July 20, I will approve the initial application of Shenzhen Jiejiawei Innovation Energy Equipment Co., Ltd. according to legal procedures. Shenzhen Jiejiawei Innovation Energy Equipment Co., Ltd. and its underwriters will negotiate with the Shenzhen Stock Exchange to determine the issuance schedule and publish the prospectus.

  [Extended reading]

  The IPO is canceled frequently. The trial committee has pressed the pause button 27 times.

Since the establishment of the DH Audit Committee, it has not only improved the attention to performance standards and sustainability, but also conducted strict audits on normative issues, internal control, trust, and even environmental protection. This not only makes the current IPO The rate of attendance is low, and there are many “dead cancellations” that can be foreseen.

On July 17, five companies including Beijing Yuxin Technology Group Co., Ltd. (hereinafter referred to as “Yuxin Technology”) will be tried. Compared with the other four companies, Yuxin Technology, which had only passed the meeting, experienced a suspension of voting and cancellation of the review during the year. This meeting was already a "three-into" palace.

In fact, “door-to-door cancellation” has gradually become a common term in the current A-share IPO process.

According to statistics, since the performance of the new audit committee in October last year, 26 start-up companies have been suspended or cancelled before the meeting, and if they are temporarily canceled, they will issue China Depositary Receipts (CDR). The Xiaomi Group has reached 27 times.

The 21st Century Capital Institute believes that behind the frequent occurrence of the A-share IPO “door-to-door cancellation” phenomenon, on the one hand, it is due to the strict review by the Daifa Audit Committee. The data shows that as of the latest, 79 companies have been rejected since their performance, and only 114 have been approved. Based on this calculation, the IPO adoption rate in the trial is only 59.07%.

On the other hand, specific to different companies, the reasons are different, and even some specific industries have the same situation. On July 3 and 10, Qingdao Rural Commercial Bank Co., Ltd. (hereinafter referred to as “Qingdao Rural Commercial Bank”) and Zhejiang Shaoxing Ruifeng Rural Commercial Bank Co., Ltd. (hereinafter referred to as “Ruifeng Rural Commercial Bank”) successively Relevant matters need further verification", announced the cancellation of the review.

"Since the establishment of the audit committee, the Dafa Audit Committee has not only improved its attention to performance standards and sustainability, but also conducted strict audits on normative issues, internal control, trust, and even environmental protection. This not only makes the present The IPO has a low rate of attendance, and there are many 'dead cancellations' phenomenon that can be foreseen,” said a large brokerage investment bank in Beijing.

  27 times "temporary retreat"

For domestic companies, the ability to successfully list A shares is not only an affirmation of the company's own strength, but also beneficial to the future development of the company, so even if it takes months or even years to IPO queues. However, with the tightening of IPO audits, the phenomenon of “recession” has become more and more.

The data shows that since the new board of directors took office last year, there have been 27 A-shares (two for Yuxin Technology and two for the number of companies, and 25 for companies with detached companies). The result of canceling the review or being suspended.

Specifically, among the 27 start-up companies that have “removed the door”, 12 of them have been suspended, and half of them are scheduled to be listed on the main board of the Shanghai Stock Exchange, and 2 and 4 starters respectively intend to The Shenzhen Small and Medium-sized Board and the Growth Enterprise Market are listed.

Fifteen companies were canceled for review. Except for Xiaomi Group, which originally planned to issue CDRs, 8 of the remaining 14 companies are scheduled to be listed on the main board of Shanghai Stock Exchange, and 2 of them are listed on SME board and GEM. Times and 4 times.

According to the industry of the CSRC, the manufacturing industry represented by Zhejiang Titan Co., Ltd. has become the industry with the most frequent “removal”, reaching 11 times; the second is the information transmission, software and information technology services. There are 5 times, including companies such as Bora Network Co., Ltd.

In terms of time, January this year was the month with the most frequent occurrence of “door retreat”. A total of 8 similar cases occurred, including Jiushenghe Seed Co., Ltd., which was cancelled or suspended. The second place was followed by the second half of October last year and the last December.

This pattern also seems to be consistent with the changes in the IPO meeting rate since the DMC's performance. According to statistics from the 21st Century Capital Institute, in January this year, the CSRC arranged a total of 50 companies to start the meeting, but in the end only 18 companies had successfully met, and the meeting rate was only 36%. The rate of meetings in December last year was 60%, which is similar to the rate of meetings in February-June this year. Data show that from February to April this year, the IPO meeting rate was 58%, 63% in May, and 56% in June.

“Whether the first-time enterprise is rejected or suspended, the issues involved may include the sustainability of business capability, corporate accounting and financial issues, information disclosure, internal control system, compliance, etc. The quantitative criteria for the initial approach are very Less, there are many qualitative criteria, which requires the sponsor to make a comprehensive judgment and comprehensive consideration of a series of factors." On July 17, the above-mentioned large-scale brokerage investment bank in Beijing said.

According to the statistics of the 21st Century Capital Institute, since the establishment of the DH Audit Committee, there has always been a super-level issue at the trial meeting, that is, on the basis of the inherent "performance is king", the members of the audit committee are also looking more. It has invested in the stability and sustainability of the company's future performance, the rationality of financial indicators, fundraising projects, internal control, and trust.

"The ability to operate IPO companies will not only focus on 'now', but will also invest in 'future', and will criticize intermediaries for the performance of the company's performance after the listing." On July 17, a Close to the regulatory authorities said.

  The specific reasons are different

Although the background of the “enterprise retreat” of the first-time enterprise is the same, that is, the DFA auditor’s strict supervision after the performance of duties, but the specific reasons for enterprises in different industries are not exactly the same.

The two banks that have been canceled for review, Qingdao Rural Commercial Bank and Ruifeng Rural Merchants, respectively, announced on July 3 and July 10 that they were canceled on the grounds that “there are related matters that need further verification”. The matter that was originally scheduled to be tried on the same day.

The 21st Century Capital Institute noted that the two rural commercial banks had no controlling shareholders and actual controllers, and the two banks had canceled the review, which also broke the record of 100% meeting rate in banking stocks since last year.

On July 17, the relevant person in charge of Ruifeng Rural Commercial Bank told the 21st Century Capital Institute that the decision to cancel the review on the same day was due to the fact that it is currently in the semi-annual time node and needs to be further supplemented. Apply for an IPO again.

"As officially disclosed by the China Securities Regulatory Commission, some financial data will be added." The above-mentioned Ruifeng Rural Commercial Bank said, "Our goal is very clear, and we will continue to seek listing after the supplement."

However, the above explanation of Ruifeng Rural Commercial Bank can not explain the doubts of the outside world, because of a recent rating report on Guiyang Rural Commercial Bank. Earlier, a rating report issued by China Chengxin International on Guiyang Rural Commercial Bank showed that as of the end of 2017, the bank's non-performing loan ratio increased significantly from 4.13% at the end of 2016 to 19.54%; the provision coverage ratio dropped sharply to 34.15%. , far below regulatory requirements.

"It is still unclear whether the work of Guiyang Rural Commercial Bank has affected the cancellation of IPO audits by the two banks." A financial broker in a medium-sized brokerage in Shenzhen said, "It is said that the overall supervision of the rural commercial banks will be greatly adjusted. This may be one of the reasons for canceling the IPO audit of the rural commercial bank."

According to the latest data disclosed by the China Securities Regulatory Commission, in addition to the above two, there are still seven other rural commercial banks that are currently lined up in the A-share IPO.

Dong Xiwei, a researcher at the Hengfeng Bank Research Institute, told the 21st Century Capital Institute that behind the tide of IPOs by rural commercial banks, the country’s tilt towards the “three rural” policy is also a positive attitude of the regulatory authorities, but whether it can be successfully listed remains How to solve many aspects such as high credit risk of customers and perfect management of corporate governance.

Compared with the above two rural commercial banks, Zhejiang Titan Co., Ltd., which announced the withdrawal of materials on May 21 this year, and canceled the next day’s review, is more attributable to itself. According to its insiders, the purpose of canceling the audit is to better develop the company. The main reason is that the company has a small net profit and a low profit, on the other hand, there is a problem of higher accounts receivable, so it is right. The prospects for the meeting are not optimistic.

In addition, the reason why Xiaomi Group canceled the CDR issuance audit is more due to the differences between it and the regulatory layer regarding the valuation of the company.

The 21st Century Capital Institute learned that as the first company to apply for the issuance of CDRs, the regulatory layer, in the context of meeting the high financing needs of enterprises, also stated that high pricing may cause “breaking” considerations, which will affect the A-share market sentiment. The situation happened.

However, as a result, Xiaomi Group finally chose to suspend the issuance of CDRs, which were listed before the H-share IPO. However, as of now, Xiaomi Group said that there is no specific timetable for issuing CDRs.

  A number of "second meeting" success

Just as the relevant person in charge of Ruifeng Rural Commercial Bank stated that after the company has completed the relevant materials, it will once again seek IPO listing. Since the performance of the DFA Auditor’s Office, many companies have successfully landed A shares after many meetings. .

According to statistics, since mid-October last year, plus the Yuxin Technology just after the meeting, 10 start-up companies have successfully landed A shares after encountering “cancellation review” and “suspension voting”.

Specifically, among the 10 companies that have successfully passed the IPO and successfully passed the IPO, 7 of them are listed on the main board of the Shanghai Stock Exchange, including Oriental Huanyu (603706.SH) and Bethel (603596.SH); The home is listed on the Shenzhen Small and Medium-sized Board and the Growth Enterprise Market, namely Yuxin Technology, Mingde Bio (002932.SZ) and Aofei Data (300738.SZ).

Correspondingly, there are also two companies that were rejected by the audit committee in the “Second Meeting”, namely Bola Network Co., Ltd. (hereinafter referred to as “Bola Network”) and Chongqing Baiya Hygiene Products Co., Ltd. Limited.

The 21st Century Capital Research Institute found out that the focus of the first-time enterprise "second meeting" is the focus of the issue of the audit committee, and it is still the growth behind the performance and many detailed issues.

Take Ou Fei data and Bora network as an example. The two have a lot of similarities. They are also listed on the New Third Board listing company. They were also present at the first audit meeting after the performance of the Dafa Audit Committee on October 25 last year. They were also suspended. But in the end, Olympia data successfully met at the second meeting in December last year, and Bora Network was unfortunately rejected in November.

Regarding the reasons for the failure of the Bola network, the IEC mainly focused on the sustainability of the company's performance, including the company's business model and technology, as well as the significant decline in the return on equity.

Bora network people pointed out that the listing was denied because the company did not explain clearly on some issues. However, the company's profitability will not be too much problem, so it will start the IPO filing process again when the conditions are ripe.

Similar to the Bora network, Aofei Data was also asked about the authenticity and sustainability of its performance development during the meeting. The data shows that Aofei Data is still a loss in 2013. After the profit in 2014, it began to enter a stage of rapid development. However, the audit committee questioned the truthfulness and rationality of the continuous growth of operating income, and the growth rate of net profit is obviously not The reason for the match."

At the same time, in the audit meeting of Bola Network and Aofei Data, the Audit Committee also paid attention to the issue of employee compensation of the two companies. It is hoped that the two can combine the industry average and analyze the rationality of existence.

According to the Beijing investment bank mentioned above, from the latest disclosure of the “new IPO audit 51 Q&A guidelines” issued by the securities investment banking department, the IPO audit standards are more quantitative and detailed, and the scope is broader. All aspects of the initial business are included in the audit framework, covering all aspects of the existence of IPO companies.

"Overall, for companies that have a second meeting, the probability of a second meeting will be much greater than that of a meeting, because if there is a big problem, it will be met when you first meet. Veto. Of course, the refinement is how to fully communicate within the scope of supervision to meet the corresponding requirements." The investment bank said. (Source: 21st Century Business Herald)

  Click to view>>New share subscription form Meeting table

  1 minute stock online account opening, use a button to hit new, bid farewell to the new cumbersome process >>