Research On The Legal Issues Related To The Listing Of SMEs In The Serie A

For responding to national call to build multilevel capital market,Chinese government have established the National Equities Exchange and Quotations system(NEEQ)to broaden corporation's direct financing channels,in order to solve financing problems of small corporations.In late 2016,the number of listing corporations in NEEQ has broken through 10,000,and exceeds those in Main Board,SME Board and GEM Board,and NEEQ has been the stock exchange in which the most corporations transact publicly.Chapter one is the introduction.This chapter will briefly describe how to solve the main legal matters in corporations' listing process,in the context of the adjustment and development of NEEQ market.At meantime,the convenience of fast-track listing process and the financing problems in corporations' development will be taken into account.The author's intern experience in IBD and practical experience of NEEQ listing played an important role in the argument of this chapter.Chapter two summarizes the development of NEEQ.Firstly introduces the history of NEEQ in the last 10 years.Then,describes the current market scale and analyses the reasons of its fast increase.At last,expounds the meaning of NEEQ's development from corporations' and investors' perspectives.Chapter three analyses the listing conditions of NEEQ in relevant laws and regulations,in combination of the feedback opinions from NEEQ system and summarize three legal matters as following,relevant problems in the affirmation of actual controllers,the defective capital contribution and the corporations' legal compliance.The last chapter sets out the solutions to the problems of aforesaid matters.By looking up to amount of literature and relevant cases in the analyses,and combining the NEEQ listing experience during the IBD internship,the author tries to propose relevant suggestions in order to boost the listing of corporations.