Gem of the audit process fine-tuning: Meeting feedback will be followed

Growth, sustainability and stability is the focus of our reporter Yu Haitao Beijing report following the August 11 report of this newspaper, "Gem of the possibility of a simple process and cancellation of the meeting to improve efficiency", August 14, the Chinese Securities Regulatory Commission of the relevant departments of the official express to this reporter,　　Gem issue audit procedures did make fine-tuning, but the meeting will not be canceled, but adjust to the feedback will be followed, so that the meeting content more targeted.　　At the same time, the person in charge said that there are still questions about what has been done in the first instance of the project, but this week it should begin to hold feedback, and the company will receive feedback and a notice of the meeting.　　At the same time, the comprehensive information shows that, according to the characteristics of small scale and high risk, the issue audit should focus on the growth, sustainable operation and stability of enterprise, in order to "embody the requirements of controlling risk and promoting development".　　Program fine-tuning in accordance with the issue of the motherboard audit procedures, enterprises to apply for materials after a week or so, the relevant departments of the SFC called the enterprise issuer, sponsor to convene a meeting, this will belong to the procedures, and does not involve the audit of the substantive issues.　　Its main content is by the issuer and the sponsor brief introduction company situation, intends to issue the stock situation and so on, at the same time the related department personnel introduced the issue examination work procedure, the request and the discipline, for instance the enterprise has already entered the silent period from this time, may not disclose the company condition or the release situation　　After the relevant departments of the application materials for the first instance, convened by the auditor, the relevant department Director, department heads to participate in the feedback will be to see if there is a need to further explain or solve the problem, give the enterprise feedback of the written document. "We think the head of the company is also very busy, come once hope to gain more, so to fine-tune the program, put the meeting procedure after the feedback meeting." On the one hand make the meeting more targeted, on the other hand indeed (to) improve work efficiency.　　"said the relevant department in charge of the Securities Regulatory Commission.　　According to her, the SFC will invite some business leaders and sponsors to meet this week, relevant departments responsible for the introduction of the GEM issue audit procedures, requirements, but also for the first instance of the material found some of the issues to communicate, the purpose of the enterprise after the meeting to know what needs to be explained or supplemented, so that meeting will be more targeted.　　This reporter understands the information shows that there are already a number of sponsoring agencies in Beijing waiting for a meeting to be notified. A sponsor on the first day of filing said that, and the motherboard enterprise scale relatively large problem complex different, gem enterprises often small scale, a single model, involving simple questions, see the application materials can understand the basic, so the need to meet before the feedback is not very big.　　At the same time, this program can be adjusted face-to-face communication problems, more conducive to the understanding of the problem and grasp, but also directly clear the direction of the need to solve the problem. Of course, in his view, based on the characteristics of entrepreneurial enterprises, gem issue audit is also different from the main board, such as may pay more attention toThe growth of enterprises, sustainable management capacity and stability.　　The SFC asked the sponsor to issue a special opinion on the growth of the issuer.　　Two key words in the GEM Enterprise listing Declaration materials, and the motherboard is the most critical difference is that the sponsor issued a business growth special opinion, and asked "conclusion clear, reasonable and proper procedure", growth and sustainability are two key factors. "In the special comments must be the growth of enterprises, the future growth of supporting factors, independent innovation ability to say clearly, to have clear opinions, including evaluation criteria to have a clear explanation, this is seen as the issuer of growth and independent innovation ability of the substantive judgments." "All aspects of growth are subject to focus," said a sponsor representative who participated in the Commission's training.　　Of course, the specific content of the special comments to be sponsored by the representative of "local conditions" to grasp. For example, a company located in Beijing, its core technology is a professional from overseas to bring back, and a coal boss to jointly set up companies, the technology patent belongs to the professionals, the two sides signed an agreement that the company to achieve net profit of 40 million, the patent technology will be transferred to the company free of charge.　　In fact, the company did not meet this requirement when it reported to the gem.　　In other words, for enterprises, the core technology in the hands of a single or minority, the future of its development is uncertain.　　This is actually the "dependence" mentioned by the SFC in charge of the audit department of the Gem, that is, a start-up enterprise may be highly dependent on a core technology, a single customer, a single market and so on, once the conditions on which they depend change, the enterprise will be a devastating blow, there is no mention of growth and sustainability.　　Therefore, such matters may be the key content of the issue audit, the sponsor should have enough professional analysis and explanation.　　At the same time, the existence of gambling agreements (especially those with VC participation) is also a clear reference to the relevant departments of the content of great concern.　　And for enterprises with VC involvement, the content of concern includes the agreement between shareholders, shareholders and issuers, and between shareholders and management as to whether there is a possible change of the issuer's controlling rights.　　After the Prince of milk because of VC involved in the signing of the gambling agreement and led to changes in the control of the case by the relevant people repeatedly mentioned. "This kind of gambling agreement which will lead to the change of controlling power is also avoided in our sponsoring process."　　"One of the sponsors who reported a number of companies on the first day said.　　The above facts have also been further established as the 11th session of the Board of Commissioners, Jiang Haoxiong, he was in the gem set up a General Assembly to introduce their personal experience, the audit process should be combined with the industry's current situation and development prospects, fully concerned about the independence of enterprises, standardization and sustainable profitability. At the same time, however, he believes that the review of IPOs should focus on historical developments, but should not dwell on specific and technical issues that do not affect the specific historical conditions of the release conditions, especially before or during the reporting periodThere is no legal risk. "The veto is not easily used for issues that can be resolved through general statements and information disclosure." "Jiang Haoxiong said.