Listing Fees

 

Enterprises have to pay relevant fees from restructuring to listing, mainly including intermediary fees, stock exchange fees and promotional and auxiliary fees. Intermediary fees include financial advisory fees for restructuring and establishment, coaching fees, sponsorship and underwriting fees, CPA fees, legal fees, asset appraisal fees, etc. Stock exchange fees are post-listing fees, mainly including initial listing fee and annual fee. Promotional and auxiliary fees mainly include printing fees, media and road show promotional fees, etc. Of the three types of fees, intermediary fees have a lion’s share in the listing costs while other two components only account for a small share.

 

Actual listing expenses show that in China, the total IPO fees are generally 5%-8% of the IPO proceeds. According to Wind, the 783 listed companies on SME Board and ChiNext market paid an average of RMB 48.74 million in IPO fees, approximately 6.24% of the IPO proceeds, well below the 10%-25% level in overseas markets.

 

For the aforesaid fees, sponsorship fees, underwriting fees, accountant fees, attorney fees, asset appraisal fees, initial listing fees, printing fees and other relevant fees are deducted from share premiums and therefore have no impact on corporate costs and profits.

 

The specific fee items and standards are as follows:

Items

Fees

Fee Standards

Restructuring and establishment

Financial advisory fee

Negotiated by both parties based on industry standards

Pre-listing advising

advisory fee

Negotiated by both parties based on industry standards

Share offer

Underwriting & Sponsorship fees

Negotiated by both parties based on industry standards, the average fee between 2009 to 2012 (referred to as average), for SME Board RMB 41.63 million, ChiNext Market RMB 37.47 million, and Shanghai Main Board RMB 101.45 million.

CPA fee

Negotiated by both parties based on industry standards, average for SME Board RMB 2.45 million, ChiNext Market RMB 2.1 million, and Shanghai Main Board RMB 9.82 million

Legal fee

Negotiated by both parties based on industry standards, average for SME Board RMB 4.74 million, ChiNext Market RMB 3.68 million, and Shanghai Main Board RMB 4.56 million

Appraisal fee

Negotiated by both parties based on industry standards

Road show fee

Depending on actual costs

Listing & others

Initial/annual listing fee

Initial listing fee depends on the general capital

RMB 300,000 for general capital under 0.2 billion

RMB 450,000 for general capital between 0.2 and 0.4 billion

RMB 550,000 for general capital between 0.4 and 0.6 billion

RMB 600,000 for general capital between 0.6 and 0.8 billion

RMB 650,000 for general capital above 0.8 billion

Annual listing fee is levied according to the general capital at the end of the past year (semi-closed interval, the latter number included), and the first year according to the ration of the actual listing months

RMB 50,000 for general capital under 0.2 billion

RMB 80,000 for general capital between 0.2 and 0.4 billion

RMB 100,000 for general capital between 0.4 and 0.6 billion

RMB 120,000 for general capital between 0.6 and 0.8 billion

RMB 150,000 for general capital above 0.8 billion

Share registration fee

Levied according to the par value of the shares, 1‰ for 0.5 billion shares and below, and 0.1‰ for shares above 0.5 billion. The fee ceiling is RMB 3 million, and the ChiNext Market has a 50% discount.

Information disclosure fee

Depending on actual circumstances