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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 6%-8% of the IPO proceeds. According to Wind, the first 607 listed companies on SME Board paid an average of RMB 38.21 million in IPO fees, approximately 6% of the IPO proceeds, well below the 10%-25% level in overseas markets.
In the aforesaid fees, underwriting fees and sponsorship 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 fee |
Negotiated by both parties based on industry standards, generally ranging from RMB 8 million to RMB 16 million |
|
CPA fee |
Negotiated by both parties based on industry standards, generally ranging from RMB 0.8 million to RMB 1.5 million |
|
Legal fee |
Negotiated by both parties based on industry standards, generally ranging from RMB 0.7 million to RMB 1.2 million |
|
Appraisal fee |
Negotiated by both parties based on industry standards, generally ranging from RMB 0.1 million to RMB 0.5 million |
|
Road show fee |
Negotiated by both parties based on industry standards |
|
Listing & others |
Sponsorship fee |
Negotiated by both parties based on industry standards, generally ranging from RMB 2 million to RMB 4 million |
|
Initial/annual listing fee |
For listing on SZSE, initial listing fee is RMB 30,000; annual listing fee is collected on a monthly basis: RMB 500 per month for share capital of less than RMB 50 million and an extra RMB 100 for each additional share capital of RMB 10 million per month, maximum of RMB 2,500 per month
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Share registration fee |
For listing on SZSE, sponsors’ shares, state-owned shares and state-owned legal person shares are exempt from registration fee; free-float shares: 3‰ of par value of the share capital; other non-float shares: 1‰ of par value of the share capital
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Information disclosure fee |
Depending on actual circumstances |
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Printing fee |
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Travel cost |
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