| The New OTC Market is mainly focus on servicing high-tech enterprises which is small and medium-sized, to solve their financing problems. This thesis is the case analysis in Wuhan Yilut Technology Co. Ltd. It is aimed at the small and medium-sized enterprise how to meet the The New OTC Market access conditions.The Shanghai and Shenzhen stock exchange implement the approval system.However, direct IPO has features of high threshold, high cost, long cycle. it is difficult to achieve the approval system for the small and medium-sized enterprise. But The New OTC Market is just the opposite compared with the IPO, especially in finance, which is more conformable to the small and medium-sized enterprise. The New OTC Market is the financing platform for small and medium enterprises.The New OTC Market claims less, but audit strictly. More and more companies intend to list on The New OTC Market,because of the market good and the bad quality of listed companies, so part of the enterprise meet to listing standards, but some other enterprises still exist problems, such as: imperfection of corporate governance, the main business is not clear, financial irregularities, cognate trade with large-scale, And regulatory agencies audit strictly, so some companies listed on the New OTC Market failed. Even they are listed on The New OTC Market successfully, due to the company's standardization does not meet the standards of institutional investment, investment value is small, resulting in a lack of liquidity of stock. Even some enterprises break the rules.Therefore, if enterprises want to be listed companies, it must gradually standardize the management of enterprises, including corporate governance, financial discipline and related party transactions and so on...This thesis firstly talks about the history of the New OTC Market, the benefits for SMEs to be listed on the New OTC Market, and the wide development space of this market. We also make a theoretical analysis and case study, combined with the listedSMEs in the various substantive issues to study the new third board. This has led to some appropriate suggestions and recommendations. By addressing the common problems including corporate restructuring, capital defect, imperfection of corporate governance and company valuations that may occur during the listing period. We hope to help the host brokerages serve the SME listing better and strengthen the new third board market. Finally we make an outlook for the future development of SMEs in the new third board, and propose my own thoughts related to this market. |
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