Design Of TD Company Listing On Growth Enterprise Market

For more than30years reform and opening up, with the continuous development of China’s society and economy, SMEs have become an important force in promoting China’s national economic and social development。SMEs play an increasingly important role in the socio-economic prosperity, increase employment, promote technology innovation, and maintain social harmony and stability. However, due to a variety of factors influence, financing difficulties, shortage of funds has been the major factors, which constraint expansion, innovation, and upgrade products of SMEs. At the present,in the context of the global economy remains weak, high cost of financing, financing difficulties of SMEs are more prominent. Since2009, with the launch of the venture capital market in China, people deeply awareness about the venture capital market, some SMEs entering the gem capital markets, reliance on capital market forces to solve Fund bottleneck. However, a large proportion of enterprises, especially in the underdeveloped area, enterprises don’t know the domestic capital market well, and not familiar with policies and process of listing on GEM. Some of them cannot effectively use gem to resolve financing problems.TD company is a small and medium private enterprises that principally engaged in the production of aerospace parts, aircraft parts and sales. In recent years, TD company has grown rapidly, which presents a good impetus, strong technical strength and a number of national patents. TD company has undertaken many large projects of economic development zone air supporting parts manufacture in Hanzhong. But due to lack of funds, financing difficulties, TD company faced unprecedented difficulties. In2009, TD company was included in a plan of enterprise restructuring and listing on growth enterprise market in Hanzhong city. As soon as possible to make strong aviation supporting industry in the Han Zhong,TD company developed a market development plan, presented the goal of listing on the gem in2015.Under the guidance of scientific concept of development,this paper presented a program that listing on growth enterprise market of TD company,based on the capital structure theory, enterprise financial life cycle financing theory, and information not symmetric theory and venture board Market theory, and "company law of the People’s Republic of China","Securities Law of the People’s Republic of China","Interim Measures on Administration of Initial Public Offering and Listing on Growth Enterprise Board"and"Shenzhen Stock Exchange, Growth Enterprise Market Listing Rules". In this paper,the author used the research method that combined qualitative analysis with quantitative analysis, and Combined theoretical research and case study, analyzed objectively the present situation, problems and causes of TD company. According to the theory of capital structure and enterprise financial life cycle, the author pointed out that TD company currently belonging to into long-term of small private enterprise. It is a necessity of business that TD company landed venture board to crack enterprise financing dilemma and develop business, Then,the author overall described venture board market, and analyzed the need and feasibility for listing on growth enterprise market of TD company. In accordance with the actual situation of TD company,this author made a specific listing of programs from operating actual from market selecting, list way, d intermediary structure selection, and company governance structure perfection, estimating costs and IPO process. Finally, the paper summarized experiences of the declaration no corporate of gem in2011,2012,and proposed some safeguards to promote listing on the gem of TD companies from business, government and social dimensions.