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AboutShijiazhuang Tonghe Electronic Technology Co., Ltd. is a high-tech enterprise dedicated to technological innovation, product innovation, and management innovation in the power electronics industry. It integrates R&D, manufacturing, sales, and service in the power electronics sector, providing customers with comprehensive energy solutions. -
ProductAfter more than two decades of rapid development, the company has established an industrial structure centered around three major business segments: smart grids, new-energy vehicles, and aerospace. Its sales network covers over 30 provinces, municipalities, and autonomous regions across China, and its products are exported overseas, earning unanimous praise from both domestic and international customers.
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PartnerIn the future, the company will continue to uphold its corporate mission of “embracing an entrepreneurial spirit, focusing on power electronics, efficiently utilizing energy, and serving global users,” while adhering to the core values of “contribution, mutual benefit, gratitude, efficiency, and innovation” to provide users with high-quality products and services.
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BlogsCommunicate with sincerity and courageously take responsibility; keep the customer at the center of our focus, continuously optimize the company’s management systems and processes, consistently identify and meet customer needs, deliver and enhance customer value, and maintain the company’s rapid growth.
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Join usThe company consistently upholds a talent philosophy centered on “people first,” actively fostering an atmosphere of respect, understanding, integrity, and friendliness. We provide a robust platform for talent development, enabling our employees to become powerful pillars of the company’s sustained growth and achieving mutual growth and shared success between the company and its talents.
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InvestorDisclose information relevant to investors’ decision-making in a truthful, accurate, complete, timely, and fair manner; strengthen communication and engagement with investors; and enhance and improve investor relations management.
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ContactWith a spirit of self-respect, self-reliance, and relentless self-improvement, coupled with an open mind, we focus on customer needs based on continuous learning and absorption. We dare to take risks, keep exploring, and steadily build management models and technological products that reflect our unique characteristics.
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No. 350, Lijiang Road, Shijiazhuang High-tech Zone
SZSE ChiNext Board Reform | Registration-Based Review System for Issuance and Listing: ABC (Part 1)
Release time:
May 15,2022
Editor’s Note: To help investors fully understand the rules governing the ChiNext Board’s reform and the pilot registration-based system, the Shenzhen Stock Exchange Investor Education Center has specially launched a series of interpretive articles on the ChiNext Board reform. This article focuses on the listing and issuance requirements for the ChiNext Board under the registration-based system. Investors are encouraged to pay close attention.
1. What are the listing requirements for companies seeking to issue shares and list on the ChiNext Board of the Shenzhen Stock Exchange after the implementation of the registration-based system?
An issuer applying to list on the ChiNext Board shall meet the following conditions:
First, the issuance conditions for the ChiNext board as stipulated by the China Securities Regulatory Commission;
Second, the total share capital after issuance shall not be less than... 3000 Ten thousand yuan;
Third, the publicly issued shares reach a certain percentage of the company’s total shares. 25% Above; the company’s total share capital exceeds 4 The proportion of shares publicly issued for the hundred-million-yuan offering is: 10% Above;
Fourth, the market capitalization and financial indicators must meet the standards stipulated in the “Rules for Listing Stocks on the ChiNext Board.” (For specific market capitalization and financial indicators applicable to general enterprises, enterprises with weighted voting rights arrangements, red-chip enterprises, and other types of entities, please refer to the questions in this article.) 2 , Question 3 , Question 4 );
Fifth, other listing requirements stipulated by the Shenzhen Stock Exchange.
For red-chip enterprises issuing shares, the second item mentioned above shall be adjusted to ensure that the total number of shares outstanding after the issuance is no less than: 3000 Ten thousand shares—the aforementioned third item is adjusted to the publicly issued shares reaching a percentage of the company’s total share capital. 25% Above; the total number of company shares exceeds 4 The proportion of shares publicly issued is billions of shares. 10% The above. In the case of red-chip enterprises issuing depositary receipts, the second item mentioned above shall be adjusted to ensure that the total number of depositary receipts issued thereafter is no less than... 3000 Ten thousand copies; the aforementioned third item is adjusted to ensure that the underlying shares corresponding to publicly issued depositary receipts account for a certain percentage of the company’s total shares. 25% Above; the total number of depositary receipts issued exceeds 4 The number of publicly issued depositary receipts corresponds to the underlying shares reaching a percentage of the company’s total outstanding shares. 10% The above.
2. What are the requirements that general enterprises must meet in terms of market capitalization and financial indicators when making their initial public offering on the ChiNext Board?
According to the “Rules for Listing Stocks on the ChiNext Board,” if the issuer is a domestic enterprise and does not have any arrangements for differentiated voting rights, its market capitalization and financial indicators shall meet at least one of the following criteria:
(1) Net profits have been positive for the past two years, and the cumulative net profit is no less than... 5000 Ten thousand yuan;
(2) Estimated market capitalization of no less than 10 100 million yuan, with positive net profit over the past year and operating revenue no less than... 1 100 million yuan;
(3) Estimated market capitalization of no less than 50 100 million yuan, and with annual operating revenue of no less than in the past year. 3 100 million yuan.
3. What conditions must the market capitalization and financial indicators of an issuer with weighted voting rights arrangements meet when it makes its initial public offering on the ChiNext Board?
If the issuer has a shareholding structure with weighted voting rights, its market capitalization and financial indicators shall meet at least one of the following criteria:
First, the estimated market capitalization should not be less than 100 100 million yuan, and with positive net profit over the past year;
Second, the projected market capitalization will not be less than 50 100 million yuan, with positive net profit over the past year and operating revenue no less than... 5 100 million yuan.
4. What conditions must the market capitalization and financial indicators of red-chip enterprises’ stocks or depositary receipts meet when they are initially publicly offered and listed on the ChiNext Board?
Red-chip enterprises that comply with relevant regulations, including the "Notice from the General Office of the State Council Forwarding the CSRC’s Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts by Innovative Enterprises in China," and have reported positive net profits over the past year may apply to list their stocks or depositary receipts on the ChiNext Board.
For red-chip enterprises that have achieved rapid growth in operating revenue, possess independently developed, internationally leading technologies, and enjoy a relatively advantageous position in competition within the same industry but have not yet been listed overseas, their market capitalization and financial indicators should meet at least one of the following criteria:
First, the estimated market capitalization should not be less than 100 100 million yuan, and with positive net profit over the past year;
Second, the projected market capitalization will not be less than 50 100 million yuan, with positive net profit over the past year and operating revenue no less than... 5 100 million yuan.
Red-chip enterprises in the R&D stage and red-chip enterprises that are of significant importance to the nation’s innovation-driven development strategy are exempt from the requirement of “rapid growth in operating revenue.”
(Disclaimer: This article is published solely for the purpose of investor education and does not constitute investment advice. Investors who act upon it do so at their own risk. The Shenzhen Stock Exchange strives to ensure that the information contained in this article is accurate and reliable, but makes no warranty as to its accuracy, completeness, or timeliness, and assumes no liability for any losses arising from the use of this article.)
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