Research On Listing Standards Of Small And Medium Enterprises In Neeq Board

Mature capital market should have a well-structured system with different structures for different main services to meet the needs of all kinds of financiers and investors. At present, China is also striving to build a multi-level capital market. In this context, as a matter of importance, development of the new OTC market is not only for the healthy and orderly development of the OTC market, but is also helpful in filling the bottom of the pyramid and improving the multi-level capital market. The ultimate goal of constructing the multi-level capital market is to solve the problem of corporate finance. Due to their own characteristics, the SMEs’demand for funds is frequent and urgent. As a result, these enterprises are facing financial problem widely. The new OTC market could help open the channel between enterprises and the capital market. In addition to these problems, the SMEs do not have the corporate governance, financial system, philosophy and many other aspects up to the standards. Many enterprises have stayed in the family-owned business model. They do not have a good conversion and adaptation for the new OTC market. There is a large gap between the enterprises and the new OTC market which is difficult to close. This is the reason why corporations fail to list or delist on the new OTC market. There has been a sharp increase in the number of listed companies since 2013. The number of listed companies has increased dramatically, in the face of the new OTC market development, it is necessary to propose listing compliance issues and compliance management countermeasures for the SMEs.Firstly, this paper will discuss the current situation and status of the new OTC market and the finance of the SMES; compare the financing pattern between the new OTC market and other capital markets; conclude their comparative advantages and the demand and benefits of listing on the new OTC market through the analysis of the character of the SMES; and sum up the reasons why the OTC market has increased so heavily. Secondly, this paper will summarize the general rules the listing SMES may touch through the specific institutional rules of the new OTC market. Thirdly, this paper will focus on all kinds of obstacles to list based on the actual cases and in compliance with some listed companies encountered. Fourthly, this paper will sum up compliance issues which the listing companies will face. Finally, this paper will give Corporate Governance solution ideas systematically for the listing companies to avoid compliance issues based on the content above.