Study On The Case Of "Hezong Science&Technology" About New Third Board Tranfer Board

In 2013,under the environment of the new three board official expansion capacity,the new three board market is developing rapidly,the new three board listed companies appear crazy growth trend,the new three board has become after the Shanghai stock exchange,shenzhen stock exchange the third largest national stock exchange,under the multi-level capital market,its status is second only to the mainboard,small and medium-sized board,but higher than the regional equity exchange.However,under the new three board market vigorous development trend,the new three board market has many questions,such as market trading is not active,insufficient liquidity and low valuation of enterprises,it restricts the development of the new three board market.As the new three board policies were put forward,the number of new three board market enterprises tried to transfer board had surged,although the new three board has not been a detailed transfer board mechnism,the enthusiasm of the new three board enterprises transfer board is still unabated,along with the increase of the number of new three board listed companies increased,although the “IPO”audit process accelerated,in the face of audit is more and more strict and new three board market enterprises qualification differences,the more failture of transfering board enterprises,therefore,a large number of scholars in China began to study and analyze the mechanism of the rotary board in China,and put forward relevant suggestions.Firstly,this paper introduces the basic situation of Hezong Technology and the process of three times to transfer board to the gem board.Secondly,under the enterprises financial growth cycle theory and asymmetric information of signal transmission theory as the theoretical basis,the motivation of transfering board,the condition of transfering board and the cost of transfering board of Hezong Technology are briefly analyzed.Then this paper explores the Hezong Technology from the perspective of itself the main failure causes of Hezong Technology the early stage transfered board and sums up the key success factors of Hezong Technology to tansfer board.In the end,this paper analyzes Hezong Technology of the effect after the success of transfering board,the effect of its valuations,financing ability and liquidity has a significantly improve.This paper analyzed the typical case of Hezong Technology transfered board from failure to success,and holds the point that the current new three board rotary enterprises to successfully turn board should improve the ability of enterprise itself,focus on the sustained profitability and financial position of the listed enterprises,the standard operation condition of the company,the rationality of information disclosure system,core competitiveness and fundraising project is also the crucial factors affecting the success of the new third board enterprises to transfer board.The research of the paper has a certain reference significance and experience summary for the large of listed enterprises to transfer board in the new three board market.