The biggest role of blockchain in the securities market is to further promote the digitalization of financial assets. In the mature securities market, securities realize the flow of assets in a transparent state under the regulatory environment. Generally speaking, the listing of enterprises refers to the way in which joint-stock companies issue shares to the public for the first time.
According to the relevant regulations issued by the CSRC, the main qualifications that an enterprise needs to meet when listing on the main board include: the issuer should be a legally established and legally existing joint stock limited company, the company's continuous operation time should be more than three years, the company's registered capital has been paid in full, and the company's production and operation conform to laws, administrative regulations and articles of association, in line with national industrial policies.
Generally speaking, blockchain technology is divided into three categories: private chain, alliance chain and public chain; Among them, the private chain only uses the general ledger technology of the blockchain to keep accounts, and has exclusive access to the blockchain, which is a "centralized" blockchain; Alliance chain is a blockchain in which the knowledge process is controlled by pre-selected nodes, which allows everyone to read or is limited to participants, and has the characteristics of "partial decentralization"; The public chain represented by Bitcoin and Ethereum is a blockchain that anyone in the world can read and participate in, and it is "completely decentralized". For the public chain, information is completely open, and digital assets can be traded in the distributed network, but the technical difficulty is high, and it faces the problems of hard bifurcation and small scale of carrying transactions. Private chain is essentially a centralized account book, which is not much different from other distributed storage schemes, and the data security and authenticity are in doubt; However, the alliance chain can be wound and information disclosed according to the project, and the authority is easy to control, but it cannot realize the transaction of digital assets in the distributed network.
We often say that the biggest risk of blockchain practitioners lies in "policy risk", which is characterized by "instability", which is a necessary stage for every new thing.
Judging from the current situation, companies listed in the blockchain field (including companies that may be listed or have been listed in the future) mainly include three categories:
First, chip development and mining machine sales enterprises, such as Jian 'an Yun Zhi, Yibang International and Bitland; The second is to encrypt the digital currency Stock Exchange, such as the Bitcoin base listed next year. A few days ago, it was rumored that the fire coins were listed on the backdoor; Third, mining companies, benefiting from low electricity prices and loose policies, are mostly mining companies in North America, such as HIVE Blockchain listed on the Toronto Stock Exchange.
Abroad, according to investorideas, the blockchain company Blockchain Holdings has been approved to be listed on the Canadian Stock Exchange (CSE). According to the information on CSE and Bloomberg website, the company was founded on 20 10, formerly known as Khot Infrastructure Holdings Limited, and its main business is to provide road and bridge construction and maintenance services in Mongolia.
CSE faces all emerging growth enterprises and pays more attention to the growth and prospects of listed companies, so it has lower requirements for listed companies. For example, the issuing company can have a minimum working capital of 10 million Canadian dollars; Its listing operation cycle is short; Moreover, there is no requirement of "tangible net assets" for the company to go public. In addition, the cost of CSE is lower whether it is the cost of listing or the maintenance cost after listing.
As early as September 20 13, Allcoin, the encrypted digital currency exchange, was listed on CSE. On February 20 18, CSE launched an innovative securities clearing and settlement platform using blockchain technology, which will enable the company to issue traditional equity and debt through securities, which will be provided to investors through securities-based securities issuance, which is in line with the recent s to.
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Fundamentally speaking, poor policy environment (including policies on blockchain, digital currency and listing) and business compliance are a very important reason.
But from another point of view, the regulatory policies currently issued in China are almost all aimed at illegal ICO and the corresponding virtual currency transactions. As for the "blockchain", the state has been releasing friendly signals to encourage the development and landing of blockchain.
Because domestic laws and regulations have strict requirements for the company's listing, if the blockchain project wants to be listed in China in the later stage, it needs to practice hard, pay attention to compliance, improve the credit rating of enterprises and improve the quality of corporate governance.