Issues And Solutions For Winfirst Property Listing In NEEQ Board

In February 2006, the State Council approved the establishment of share transfer system for high-tech and promising non-listed companies within the Zhongguancun Science and Technology Park in Beijing, commonly known as the NEEQ. In December 2013, NEEQ was expanded to nationwide, and formally became the third national securities exchange, which provides a new channel for the SMEs to solve their problems of financing. However, it is prevailing issues for SMEs that having problems like imperfect corporation governance, financial irregularities and independent operations at the moment, which must be addressed before listing. Under this background, methods of combining theories with cases will be applied in this paper to discuss and analyze the normative issues of SMEs listing in NEEQ, along with the listing rules making by NEEQ and their inspection points. And as a conclusion, suitable recommendations and solutions will be provided.Firstly, the article reviews the domestic research about the NEEQ board, finding that the existing literatures rarely had systematic studies about problems and solutions for SMEs listing in NEEQ board. Secondly analyze the current situation of NEEQ, including the amount of listing enterprises as well as their industrial distribution and geographical distribution, and the market's financing effects. Thirdly, a detailed research of NEEQ recognized ways and solutions for NEEQ listing will be provided, based on the combination of?National SME share transfer system business rules(for trial implementation)?relating rules and the rich practical experience of sponsored brokerages, handled lawyers and CPAs, for the severe problems of Beijing Winfirst Century Property Management Co.,Ltd. existed in its listing procedure, including independence issues as independent business and complicated horizontal competitions, actual controllers' identification, financial accounting and standardize operations, which are common among most SMEs. Besides, the solutions can be references for other counseling agencies. In the end, make a conclusion of this paper and provide corresponding suggestions for other companies that plan to list in NEEQ board. Also put forward the insufficiency of this paper and research directions in the future.