The financing efficiency of exchange listing is characterized by IPO valuation, secondary market valuation and refinancing valuation. As a centralized listing venue for innovative enterprises in China, Shenzhen Stock Exchange provides a generally higher valuation for issuers, which is conducive to issuers' value creation and shareholder protection in the IPO and refinancing process.
Liquidity is an important manifestation of the vitality of a capital market. A common metric to gauge the liquidity is the turnover. The higher the turnover, the more active the market transactions. SZSE-listed companies have generally higher turnovers, which allow them to refinance more easily.
Issuance costs: issuance costs include underwriting fees, sponsorship fees, accountant fees, legal fees, market promotion fees, and initial listing fees. The total cost of listing on the Shenzhen Stock Exchange is generally lower.
Maintenance costs: the post-listing maintenance cost includes the annual listing fee, agency fees, media disclosure fees, market promotion fees, etc. paid to accountants, lawyers, brokers, etc. SZSE-listed companies have lower expenditures in this area.
Shenzhen Stock Exchange has established a multi-tiered capital market system in which the main board, the SME board and the ChiNext are coordinatingly developed. The characteristics of different boards are distinct, diverse and inclusive. Shenzhen Stock Exchange has gradually formed rule to adapt to growth and innovation in the areas of supervision, trading system, technical system and market services. Shenzhen Stock Exchange also has some measures to facilitate refinancing, mergers and acquisitions, and equity incentives of listed companies.
Shenzhen Stock Exchange provides a wide range of quality services to local governments and potential issuers. We build long-term cooperation mechanism for the cultivation of listing resources and hold training events for potential issuers. Besides, we provide issuers personalized services, including on-site visits, diagnosis of related problems in the process of enterprise restructuring and listing, etc. We also promote the construction of financial support systems for SMEs and provide value-added services after listing.
Shenzhen Stock Exchange attaches great importance to innovation and continuously improves the ability of multi-tiered capital markets to serve the real economy through continuous innovation, which includes product innovation, technological innovation and international innovation.