Discussion On The IPO Transfer Problem Of New OTC Market Enterprises

Under the background of “mass entrepreneurship and innovation”,the state strives to provide a multi-finance platform for innovation and entrepreneurial enterprises and continuously increase policy support for the capital market.At present,China's multi-level capital market is dominated by the main board,the GEM,the New OTC Market and the regional equity trading market.Each sector in the multi-level capital market has its own special positioning and functions.Among them,the New OTC Market market is favored by emerging companies with its advantages of low entry barrier,strong inclusiveness and short fixed period,and continues to provide financing services for small and medium-sized enterprises that have not yet achieved substantial profits.Although the development of the New OTC Market has brought vitality and vitality to the development of small and medium-sized enterprises to a certain extent,the New OTC Market is currently in the development stage of deepening reform,and there are still many problems to be solved.After the expansion of the New OTC Market,there are more than 10,000 listed companies,including some high-quality enterprises with listed standards and leading enterprises in the industry segment.However,it is difficult for the New OTC Market market system to keep up with the development pace of these enterprises.Its growing liquidity,financing and market capitalization needs.As a result,many companies have created incentives to land higher-level capital markets and attempt to turn around.After 2017,the expansion of the New OTC Market will slow down and enter the stock market.The market liquidity is still insufficient and the market-making transaction is sluggish.However,the listed companies have announced a significant increase in the number of listing counseling and successful transfer.The proposed IPO is still the switchboard for the New OTC Market enterprises.The core theme.Recently,the regulatory authorities have frequently voiced their voices,and the positioning of the new three boards has become clearer.However,enterprises that meet the listing requirements still have no transfer channels to follow.The New OTC Market IPO transfer companies still have to pay higher time and capital costs,and even New OTC Market enterprises.In the process of transfer,due to poor system connection,it also caused special problems such as “three types of shareholders”.It can be seen that the current New OTC Market enterprises have certain difficulties in the practice of IPO transfer,and many problems need to be overcome.At the end of 2017,Aofei Data transfer was successful,and the financing situation has improved greatly after landing on the GEM.As the first New OTC Market enterprise to clean up the “three types of shareholders” of more than 5% of the shares,the transfer conditions and the transfer process can provide valuable experience for other IPOs and New OTC Market companies.The research work in this paper is carried out under the above background.This paper focuses on the phenomenon of the IPO transfer of the New OTC Market enterprises,and briefly introduces the background of the transfer and the status of the transfer of the New OTC Market enterprises from the theoretical and institutional levels.Combined with the case of Aofei Data Corporation's transfer to the market,the company's specific transfer process was analyzed in depth,and its problems in the practice of transfer were analyzed.Finally,corresponding enlightenment was obtained.Specifically,this paper first discusses the research background and research significance,and reviews the relevant research results of relevant scholars on the multi-level capital market transfer system,the motivation of the enterprise transfer and the transfer of the New OTC Market enterprises;after that,introduce The concept and theory of the IPO transfer problem of the New OTC Market enterprise,and a brief analysis of the background of the IPO transfer of the New OTC Market enterprise;then the overall introduction of the case from the company profile and the transfer process,and then a brief analysis of the Austrian The data cleans up the path of “three types of shareholders”;in turn,it analyzes the case of the transfer of Aofei Data Corporation from internal and external factors,and analyzes the transfer motivation,transfer conditions and transfer costs in internal factors.Analysis of the Aofei Data has a strong transfer motivation and its successful transfer can not be separated from the excellent performance indicators and clear the degree of equity after the "three types of shareholders",but also found that the cost of the company's transfer is still high;summary The useful experience of the listing of Aofei Data Transfer Board provides reference for other New OTC Market enterprises to propose IPO,and also provides useful information for the company's managers.Reference.Finally,through the research on the case of the listing of Aofei Data Corporation,this paper draws the following inspirations:(1)The New OTC Market should continue to promote the construction of supporting systems;(2)The New OTC Market enterprises should focus on the "three types of shareholders"(3)The New OTC Market needs to accelerate the reform of the tiered system;(4)The New OTC Market should establish a green channel for the transfer.