www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Yet he waited almost a decade for his dream to come true. China's securities regulator finally released guidelines on March 31 to establish a growth enterprise board (GEB) to list small companies.

The guidelines for listing require that firms have at least 10 million yuan in accumulated net profits in the last two years, compared to a 30-million-yuan minimum over three years required for listing on China's main boards.

Companies that report profits of at least 5 million yuan for the most recent year on revenue of at least 50 million yuan - along with annual revenue growth of at least 30 percent - can also qualify for GEB listing, according to the recent announcement.

The rules will take effect on May 1, according to the China Securities Regulatory Commission (CSRC). CSRC officials also said that the GEB may start trading as early as August.

"The growth of smaller private companies has been restricted due to a lack of funding," said Jing Ulrich, chairman of JPMorgan China Securities. "With lower listing requirements, the GEB could help increase financing options for small and medium-sized enterprises (SMEs) and provide much needed capital for those with strong growth potential."

"I am happy that we can persist until the board finally came out. Listing on GEB is the best way to fund my company's expansion," said Fan.

Fan created the Beijing Taikong Panel Industry Corp in 1997. The company manufactures a new type of alternative to traditional floor slabs used in construction work. Its annual sales increased 100 percent year-on-year from 2006 to 2008.

"Rumors of a second board came out over and over during the past nine years. But the waiting process was so long that a lot of small companies had to shut down because of a lack of funds," Fan said.

SMEs in China have been hard hit by shrinking demand during the global economic recession. Access to capital funding was difficult for them even before the meltdown.

Despite strong credit growth in recent months, reports suggest much of new lending has been channeled toward State-owned enterprises, infrastructure projects and large companies.

Over the years Fan tried many ways to fund his company's expansion.

"I tried to borrow money from banks. But small companies in China can get no more than a 10 million yuan loan at once, not to mention the complicated application procedure," he said.

He also talked to a few venture capitalists but finally refused them as "none of them are really familiar with the business model".

"I want some one who really knows the company's value," Fan said.

He also gave up the idea of overseas listing after he consulted bourses including the NASDAQ, Toronto, London and Singapore exchanges for listing prospectuses. Fan said he believes it is better to list at home since Taikong Panel's market is rooted in China.

In 2004, a mini second board for SMEs was set up at the Shenzhen Stock Exchange to test the waters, but the requirement to list on the board is still quite high for companies like Taikong Panel.

Even though Fan's company owns more than 50 intellectual properties, those can only account for about 30 percent of the company's total equity.

According to the rules of the newborn GEB, these "invisible assets" could account for 50 to 70 percent of the company's total equity.

"This is really exciting," Fan said. "The GEB really gives a green light for survivors like Taikong Panel."