Design Of Ht Company Listing On Growth Enterprise Market

Finacing difficulties of of domestic small and medium enterprises(SMEs) had restricted the scale and grade increasing, the product structure upgrading, which was a serious impediment to the rapid development of SMEs. Financing difficulties resulted from enterprise inner causes, banks and government outside problems. With the maturity of the domestic capital market and foreign capital markets continued to be familiar to domestic enterprenier, a group of private enterprises entered the capital market.Relying on the strength of capital market financing to fund the development of enterprises, it solved the bottleneck in the development of financing, access to high-speed development period. However, because of information asymmetry and other reasons, only a small part of the business knew how to use equity financing, most enterprises still had very little understanding of capital markets, equity financing can not be resolved by corporate funding requirements, which was the background of this paper.This article based on HT company, engaging in trading and garlic oil extracting.The company had grown rapidly in recent years.It posessed high technology of the garlic oil extraction, and this refining project was in trouble due to funding shortages, the company now had reached its peak debt financing, althouth it had the intention to make equity financing plan,but still was not sure which capital market to the most suitable for them.The purpose of this article was to develop a equity financing program to for the HT company.The pogram first judged the status of HT company according to corporate life cycle theory,the status determined the HT company approach.Then it pointed out that the status of HT company's most scientific and most effective financing approach was the listing on Growth Enterprise Market. And later it introduced current Growth Enterprise Market characteristics domestic enterprises were more familiar with and analyze feasibility of HT company listing, finally it designed the whole listing program. The program included:market selection, market approach, the overseas listing architecture, process design. Listing in capital market was a systematic engineering, the listing company would spend a lot of manpower, material, and considered a myriad of factors In order to achieve success in the capital markets, company must do research in every details. Specific methods used in this paper included:case analysis, with a design for the case of financing, according to capital structure theory, asymmetric information theory and the corporate life cycle theory, combined with the design of the actual situation of the company; comparative analysis method, with the comparing of market listing requirements, market efficiency, financial capacity, industry characteristics and other characteristics of the listed companies to choose locations.This article had a strong practical significance to help getting throuth the bottlenecks in the financing of the domestic SMEs to adapt their own financing programs and helped the SMEs understand the capital market equity financing to Growth Enterprise Market. And it creatively combine capital structure theory and the life cycle theory into practice, provides a new way of thinking financing for SMEs, and made a SMEs listing on the Growth Enterprise Market program design.