Case Analysis Of KST's New Three-Board Turning Board

As an important supplement to China's multi-level capital market,the New Third Board aims to provide liquidity to the capital mai'ket,enrich the composition of the capital market,and alleviate the financing difficulties and financing of small and ledium-sized enterprises and dual-enterprises.Since the rapid development of the New Third Board in 2013,the number of listed companies has reached more than 12,000.In 2018 alone,there are 24 listed companies in the New Third Board to achieve the transfer.It can be seen that the establishlelt of multi-level capital markets to provide financing channels for companies with different stages of development,different scales and different periods is very necessary for building multi-level capital markets in China.After the listing of the NEEQ,with the expansion of production and operation,the development of the enterprise is often subject to the shortage of funds.Therefore,the company's willingness to finance is even more urgent.From the New Third Board to the higher level market is an effective way to solve the financing problem.However,it is inevitable to meet the stringent requirements of higher-level markets for corporate governance,financial practices,product performance,and development prospects.In order to make the new three-board transfer system more efficient,provide financing channels for listed companies.This paper is based on the background of the new three-board transfer system.Combining the growth stage and the transfer environment of the transfer board company Const,the main problems encountered by the typical New Third Board listing company in the transfer board are taken as the main research line of this paper.A systematic analysis of the main motives,conditions,and cost expenditures of the new Sanban Company.s transfer board was carried out.By comparing the changes in the enterprise value and the competitiveness of the enterprise products before and after the transfer,it is found that the financial irregularities and ilperfect systems faced by the enterprises in the process of transfer are proposed,and corresponding solutions are proposed for the problems,in order to serve as the transfer enterprises and The development of the New Third Board provides lessons learned and policy recommendations.