The Normative Problems Of Listing Three New Board Among High-tech SMEs

The high-tech SMEs is a kind of knowledge intensive industry, which based on technical innovation and development of independent intellectual property rights. In recent years, under the support of relevant policies, the high-tech SMEs is under a rapid development in both overall enterprise scales and enterprise competitiveness, and has became an indispensable part of Chinese economy. However, limited by the small scale and short of mortgage assets, the high-tech SMEs often face the difficulties on the project approval when applying for loans from banks. Therefore, because of the high threshold for external financing, the early stage high-tech SMEs generally prefers using endogenous financing as the main way to raise funds. The problem is that the single financing channel can not satisfied the day-to-day operation and long-term development of the enterprise. National Equities Exchange and Quotations(NEEQ) with lower permission restrict provides a solution, which allows enterprises directly enter in the capital market and obtain funds.This paper sets SHEN ZHEN ZEN-GAME TECHNOLOGY CO LTD, which has successfully listed the three new board, as an example and illustrates the problems it has met during the admissions procedures from the following perspectives:the net assets valuation, the lack of actual controller, the optimization of financial indicators, the cognizance of ability to operate independently, the legitimacy of interest-related parties and their transactions, the identification of significant violations of law, etc. After the summary and analysis, this paper points out the common problems among the high-tech SMEs when they prepare to list the three new board, and the following suggestions:enterprise should construct well-defined rules to evaluate net and intangible assets, find out the parties to take responsibilities based on its own research, and most importantly, improve the quality of audit. At last, this paper draws conclusions, shows some shortcomings during the research as well as future research directions.