In order to help quality CRE enterprises, such as small giant enterprises, small giant (incubation) enterprises, high-tech enterprises, and specialized fine and special new enterprises, to better understand the policies and procedures of CRE board listing and make the planning and preparation work before listing, the first event of CRE Incubation Bank Series Boutique Salon was successfully held on June 21, 2019 at Shanghai Science and Technology Entrepreneurship Center. The theme of this event is "Discussing "Market" and "Potential" - KPMG's Case Study and Sharing on KIC Board Listing", which is organized by Shanghai Science and Technology Innovation Center and undertaken by Shanghai Technology Exchange Service Center Co. Co-sponsored by accounting firms, a total of 15 small giants were invited in a targeted and precise manner. KPMG partners Xu Haifeng and Zhang Chenwei were invited to share cases related to auditing and compliance in the listing of enterprises on the board.
At the beginning of the salon, Ms. Guo Jia-fei, Deputy Director of Science, Technology and Finance Department of Shanghai Science, Technology and Entrepreneurship Center (STEC), expressed her gratitude to the guests and enterprise representatives for their presence. She mentioned that the incubation of CRE enterprises is the focus of the Science and Technology Finance Department of Shanghai Science and Technology Entrepreneurship Center. She hoped to create a good atmosphere for the construction of the city's dual-venture environment through this salon, provide professional services on policy, finance and market for CRE enterprises to be listed, and help the listed companies in the CRE Incubation Pool to solve the confusion and problems in the listing planning process in a standardized way.
Haifeng Xu, Senior Partner at KPMG, explained in detail the identification of the CRE conditions, the five sets of indicators for listing on the CRE Board, and the review and registration process. Xu Haifeng also shared the listing progress of all 121 companies that submitted applications to the Shanghai Stock Exchange as of June 12, 2019, the average time required for each process, as well as the details of the companies that have passed and those that are pending, and introduced the experience and journey of technology companies listed on the CRE Board through case studies to visually help CRE companies with the whole process of listing planning.
KPMG audit partner Zhang Chenwei conducted an in-depth analysis of the feedback questions on the CRE Board, categorized the questions that companies may be asked, and shared the percentage of companies in the semiconductor and biomedical industries that are asked questions. He addressed the financial issues of revenue, notes receivable, accounts receivable and bad debt provision inventory, R&D expenses, and share payments.
Afterwards, the enterprise representatives had a more in-depth exchange with the two guests on the legal issues related to the listing on the board, and the two partners answered a number of enterprises' questions on the audit and compliance aspects of the board.
At the end of the event, enterprises registered their needs and exchanged ideas freely. Shanghai Science and Technology Entrepreneurship Center and Shanghai Technology Exchange Service Center Co., Ltd. will continue to launch a series of high-quality salon activities of the incubator to serve high-quality science and technology enterprises and help them gain insight into market conditions, prepare for listing and speed up their development process.