REGRAS
(tradução do chinês)
Li Xiaojia’s Drip Connect ASX, announced the rules of the exchange yesterday, and can apply for chain brand stores with 10 stores or annual revenue exceeding 5 million
Source: Ryan Capital
Micro Connect Macao Financial Assets Exchange ( MCEX or MCEX for short ) was officially put into trial operation in Macau on March 25.
'Diguantong ASX' officially released the exchange rules of Diguantong (Macau) Financial Assets Exchange Co., Ltd. yesterday ( April 18) . Exchange ("Drip ASX") Rules (Trial Implementation ) is less than a month away.
DRO (Daily Revenue Obligation) refers to the daily revenue sharing obligation product.
The DRO product is a warrant issued by the store through the ASX to transfer its future income. The transaction of this product mainly involves the following aspects:
1. Issuer - The issuer of the DRO product, that is, the payment obligor of the daily revenue sharing payment, is the small and micro enterprise store.
2. Investors - Investors or holders of DRO products, that is, the recipients of the daily income sharing payment, apply for and are approved to open a trading account through the exchange in accordance with the relevant rules of the Drip Express ASX and trade Eligible members for financial product transactions.
3. Product structure - DRO products are financial products that are registered, listed, issued and traded in accordance with the rules of the ASX. The transaction structure of DRO products involves rights and interests among issuers, investors, Diguantong ASX (a platform for the legal registration, custody, issuance, trading, clearing, settlement and information disclosure of DRO products) and other related parties. obligatory relationship.
Issue method
Drip Pass ASX provides :
(1) Initial Offering (Initial Offering or IO) :
Refers to the issuance of DRO products by the issuer for the first time. The issuer of the first issue is a small and micro enterprise store that has passed the review and approval of Dichong ASX, and the purchaser is Dichong Leading Fund or other members approved by the exchange;
(2) New issuance (Add-on Offering or AO) :
Refers to the subsequent issuance of DRO products by the issuer following the initial issuance. The issuer of the new issuance is a store that already has a history of the first issuance, and the applicant is a member of Diguantong ASX; and
(3) Second-hand issuance transfer (Secondary Offering or SO) :
It means that the DRO product holders will issue the DRO products held by them on the exchange for secondary listing, so as to transfer them to other members. The trading parties of the second-hand issuance and transfer are all members of the ASX.
Access and Listing Conditions
first issue
When the listing applicant submits the application for the first issuance of DRO products to the ASX, it must meet the brand access conditions and store access conditions at the same time.
1. Brand access conditions
As of the day when the listing applicant submits the product listing application, the brand to which the listing applicant belongs must meet the following entry requirements:
(1) Duration test : The duration of the first store of the brand owner of the listing applicant shall not be less than 12 months;
(2) Business scale test : the total number of stores operated by the brand owner of the listing applicant is not less than 10, or the total turnover of the stores operated in the last 12 full months is not less than RMB 5 million ; just one item)
(3) Revenue capability test : The overall revenue of the stores in operation is in good condition and can meet the revenue capability requirements of the Exchange;
(4) System capability test : The brand to which the listing applicant belongs has a unified sales order system for complete management and control of store orders and income funds, which can meet the data management and control capabilities and fund management and control standards of the Exchange;
(5) Legal compliance test : When the brand owner of the listing applicant submits the product listing application, he must ensure that the brand owner has no major legal compliance risks.
2. Store access conditions
As of the day when the listing applicant submits the product listing application, the listing applicant must meet the following admission tests:
(1) Revenue capability test : the store’s revenue is in good condition and meets the Exchange’s requirements for the store’s revenue;
(2) Lease period test : The listing applicant of the product to be listed shall not be less than 90 natural days from the date of the start of the lease;
(3) Legal compliance test : When the listing applicant submits the product listing application, it must ensure that the store has no major legal compliance risks.
new issue
Starting from the 90th natural day from the date of the first issuance of the product or other dates approved by the ASX, eligible AO applicants will be eligible to apply for new issuance of DRO products while meeting the requirements of these rules.
The ASX will determine whether the listing applicant meets the conditions for applying for AO by evaluating the time limit of the brand and store, business stability, legal compliance, data accuracy, authenticity, timeliness ( system capability) , etc.
For the new issuance of DRO products, the listing applicant and its brand owner must meet the following brand access conditions and store access conditions at the same time:
1. Brand access conditions
As of the date when a qualified AO applicant submits an application for new product issuance, the brand to which the qualified AO applicant belongs must meet the following admission tests:
(1) Brand qualification test : when the AO application is submitted, the IO brand qualification access is in a valid state;
(2) Legal compliance test : During the leading period, the brand owner did not have any major legal compliance risks.
2. Store access conditions
As of the day when the qualified AO applicant submits the application for new product issuance, the eligible AO application stores must meet the following admission tests:
(1) Duration test : when the AO application is submitted, it must be no less than 90 days from the first issuance of the store;
(2) System capability test : During the leading evaluation period, the sales order system can fully control store orders and income funds, and can meet the exchange's data and income fund sharing standards;
https://finance.sina.com.cn/stock/hkstock/hkstocknews/2023-04-19/doc-imyqwywh3897894.shtml
(3) Legal compliance test : During the leading period, there are no major legal and compliance risks in the stores of qualified AO applicants.
The lead-up period refers to the period from the first issuance date of a financial product to the day before the new issuance date. It is the period during which Diguantong leads the fund to subscribe for DRO and other financial products issued on the exchange and evaluate the performance and other indicators of these financial products.
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