The length of time mainly depends on whether the company meets the listing requirements financially, reviews and modifies the listing prospectus proposed by the company, and then negotiates with the sponsor to modify it. The financial statements of many enterprises have to be revised many times before they meet the requirements.
I. Acceptance and pre-disclosure
The accepting department of China Securities Regulatory Commission accepts the initial application documents according to the requirements of the Procedures for the Implementation of Administrative Licensing of China Securities Regulatory Commission (Order No.66 of the CSRC, hereinafter referred to as the Procedures for Administrative Licensing), the Measures for the Administration of Initial Public Offering and Listing (Order No.32 of the CSRC) and the Interim Measures for the Administration of Initial Public Offering and Listing on Growth Enterprise Market (Order No.61of the CSRC). After the formal acceptance, the issuance supervision department will make pre-disclosure according to the procedural arrangement, and issue the application documents to the relevant supervision office, which will determine the auditor according to the issuer's industry, relevant requirements for official evasion, workload of auditors and other factors. Small and medium-sized enterprises applying for the main board should also be sent to the National Development and Reform Commission for comments.
Second, the feedback meeting
After reviewing the issuer's application documents, the auditor of the relevant regulatory office will write an audit report from a non-financial and financial perspective and submit it to the feedback meeting for discussion. The feedback meeting will mainly discuss the main issues of concern in the preliminary examination, and determine the issues that need supplementary disclosure by the issuer and further verification and explanation by the intermediary.
Feedback will be arranged in the order in which the application documents are accepted. The feedback meeting will be organized and recorded by the general office, and the participants will include the auditors of the relevant supervision office and the head of the office. A written opinion will be formed after the feedback meeting, and it will be fed back to the applicant after the internal procedures are fulfilled. Before the feedback was issued, the issuer and its intermediary institutions were not arranged to communicate with the auditors.
After receiving the application documents, China Securities Regulatory Commission will make a decision on whether to accept them within five working days. The time limit for China Securities Regulatory Commission from accepting the application documents to making a decision is three months. The listed company shall complete the issuance within six months from the date when the China Securities Regulatory Commission approves the issuance. After more than six months, the approval document is invalid and needs to be submitted for approval again.