Take 2021 as an example, analyze the listing time of the main board, GEM, and Science and Technology Innovation Board, and compare the efficiency of the registration system and the approval system.

Overview of the queuing time of each sector

According to statistics, there will be 483 A-share IPO companies in 2021 (excluding Beijing Stock Exchange), including 361 registered IPO companies (162 on the Science and Technology Innovation Board) , 199 GEM companies), and 122 approved IPO companies (i.e. main board).

Premise: Reporting link of each department system

IPO registration review process: accept review inquiry, review and submit to the China Securities Regulatory Commission for registration, issuance and listing.

IPO review process approval: acceptance feedback meeting, preliminary review meeting, issuance review meeting, seal issuance approval.

(Note: Due to the inconsistency between the approval system and the registration system, in order to facilitate statistics and visualization, the IPO approval process is divided into three stages: acceptance to the meeting, review to the meeting, and review to listing.)

When it comes to the market, how is the queuing time dispersed in various links step by step?

1. Science and Technology Innovation Committee

The IPO queue for the Science and Technology Innovation Board in 2021 will be 330 days, with 162 new listed companies throughout the year. 162 new companies IPO on the Science and Technology Innovation Board:

It takes 168 days to accept the meeting;

It takes 59 days to submit the registration after the meeting;

Submit the registration to agree to the registration It takes 64 days;

It takes 44 days to register for listing;

2. GEM market

The queue time for GEM IPO in 2021 is 368 days, with new ones throughout the year 199 new listed companies were added. 199 new companies are in the GEM IPO queue.

It takes 174 days to accept the meeting;

It takes 76 days to submit the registration after the meeting;

It takes 74 days from submitting the registration to agreeing to the registration;

3. Motherboard

The waiting time for the IPO of the mainboard in 2021 is 574 days, and there are 122 new companies listed on the mainboard throughout the year. 122 new companies are listed on the main board,

It takes 289 days to renew before accepting the dressing change;

It takes 166 days to renew the coat before the meeting;

After the meeting Approval takes 86 days;

Approval for listing takes 33 days.

Comprehensive comparative analysis of each sector

So, is there a big gap between the main board, the science and technology innovation board and the GEM? In what ways?

First of all, comparison of IPO queuing time in each sector:

Judging from the IPO queuing time in each sector, the Science and Technology Innovation Board is the fastest, with an average IPO queuing time of 330 days;

The second is GEM, with a time of 367 days;

The slowest is the main board, with a queuing time of 574 days, which is equivalent to the queuing time of the Science and Technology Innovation Board and GEM.

This also proves that the main board is much more stringent in auditing than the Science and Technology Innovation Board and GEM.

Secondly, look at the queuing time distribution of different sections:

The most intuitive situation is the mainboard, where the waiting time from acceptance to pre-update is particularly long.

This is mainly due to two reasons: on the one hand, the feedback time, which is the main cycle of the pre-auditor's audit from the declaration to the pre-disclosure update stage. The feedback time is greatly affected by the CSRC's review policy; Another aspect is the difficulty of feedback, and different companies have different standards. So the number of feedbacks and the length of time it takes to resolve the feedback issues vary greatly. Many companies have problems during the review period, resulting in delays in listing, including disputes over trademark technology, serious illegal activities, major problems with product quality, and abnormalities compared with companies in the same industry. These problems may not cause substantial obstacles to the company, but they can easily slow down the listing process.

The application time for the Science and Technology Innovation Board and GEM is relatively uniform and similar in all aspects. But overall, compared to the Science and Technology Innovation Board, the speed from application to listing is slightly faster than that of the GEM.

This unity and similarity is also reflected in the difference in filing time at the beginning and end of each sector.

The difference between the three sectors from high to low is:

The main board (1893 days) is larger than the GEM (365 days)

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After the inquiry, it takes about 20 days to go to the Listing Committee for review. After passing the review, you can apply for registration with the China Securities Regulatory Commission. A general inquiry may take several months... Related Q&A: How long does it take from starting IPO due diligence to listing, and why?

IPO due diligence is the earliest preparation for the listing process. It takes about 2-6 time from start to completion. The follow-up work cycle will take another 1-3 years. If it is slower, it will take 4, 5 years or even longer. There are also.

Share restructuring: The company hires professional institutions to assist and changes from a limited liability company to a joint stock company (February-March);

Listing coaching: securities firms provide standardized training for the company, Guidance and supervision, mainly in business, finance, system and other aspects (March-June)

Production of issuance materials: prospectus, brokerage recommendation report, securities issuance recommendation, securities listing recommendation, project feasibility study Reports, pricing analysis reports, audit reports, legal opinions, etc. (January-March)

Broker firm internal review: on-site investigation, problems and rectification, internal review checklist, internal review opinions (January-February)

Recommendation and approval by the sponsor: pre-review communication, feedback and rectification, meeting arrangements, issuance approval document (February-June)

Issuance preparation and implementation: valuation analysis report, promotion materials Planning, publication of prospectus, road show promotion, price inquiry and pricing, stock sale (January-February)

Listing and circulation: capital transfer verification, change registration, recommended listing, first day of listing (January-February)

It is not necessary to strictly follow the process, and it can be carried out in many aspects at the same time. However, the fastest time to go public is more than a year. Some companies will be much slower due to internal operating mechanisms and other issues.