We are confident that becoming the first public joint stock company from countryside, especially in the lighting sector, has assisted to improve corporate governance, increase our reputation in the industry, boost consumer confidence, and set an example for other small and medium-sized companies.
AND Energy, CEO, GURRAGCHAA Tsend-Ayush
| Listing Criteria | Mainboard | Growth board | ||
|---|---|---|---|---|
| Tier I | Tier II | |||
| Number of years in operation | At least three years in the field | At least three years in the field | Tier II criteria must be met within the period specified in the listing agreement. | |
| Financial report | At least three years /IFRS/ | At least three years /IFRS/ | ||
| An issuer must meet at least two of the following criteria | Last years’ Sales Revenue | At least 10.0 billion MNT | At least 500 million MNT | |
| Last years’ profit | At least 3.0 billion MNT | At least 200 million MNT | ||
| Market capitalization | At least 50.0 billion MNT | At least 3.0 billion MNT | ||
| Experience of the management team, its major shareholders |
Most of the management team has been stable over the last three financial years
Major shareholders have not been changed over the last financial year |
Most of the management team has been stable over the last three financial years
Major shareholders have not been changed over the last financial year |
||
| Public ownership | 25% | |||
| Criteria | Bond | |
|---|---|---|
| Number of years in operation | At least three years in the field | |
| Financial report | At least three years IFRS
Capital of at least 1,000,000,000 (one billion) MNT |
|
| An issuer must meet at least two of the following criteria | Last years’ Sales Revenue | At least 500 million MNT |
| Last years’ profit | At least 200 million MNT | |
| Market capitalization | At least 3.0 billion MNT | |
| Experience of the management team, its and control packaging owners | Most of the management team has been stable over the last three financial years
Major shareholders have not been changed over the last financial year |
|
| Public ownership | A nominal amount of the debt instrument to be listed must be more than 500,000,000 MNT (five hundred million) MNT | |
| Criteria | Asset-backed securities |
|---|---|
| Relevant regulation | Meet the requirements and criteria set out in the relevant laws and regulations of the Financial Regulatory Commission |
| Collaborate | Have a protection system and structure to represent the interest of asset-backed securities holders
Cooperate the professional organization in this field |
| Establish agreement | Establish all necessary agreements such as service agreement and asset management agreement in accordance with relevant laws and regulations of the Commission |
| Guarantee | If the securities being guaranteed are shares, the shares must be publicly traded by an exchange. |
| Criteria | Investment fund |
|---|---|
| Relevant regulation | Meet the requirements and criteria set out in the relevant laws and regulations of the Financial Regulatory Commission |
| Establish agreement | Must have a custodian or trust management agreement |
| Calculations to be made | Have the human and technical capacity to estimate the net asset value of the fund |
One of the features of the Ulaanbaatar Securities Exchange is the Listing Committee. The Listing Committee shall be independent of the Exchange and shall be established with 3 or 5 members for each decision of the securities application.
The Listing Committee is responsible for determining whether a request for security is in accordance with the law and the Exchange's regulations, deciding whether to list the securities on the Exchange and monitoring whether the listed issuer complies with the Exchange's rules and regulations.
Name list of the listing committee.
| № | Name | Occupation |
|---|---|---|
| 1 | T. Amarzul | CEO of Petromad LLC |
| 2 | B. Nandinchimeg | CEO of Tsogt and Nandin LLP, Member of MBA |
| 3 | S. Nyamdorj | Associate Professor of School of Construction and Architecture at Mongolian University of Science and Technology |
| 4 | J. Uhertar | Partner of New Estimator Audit LLC |
| 5 | Ch. Nyamdorj | Deputy Director of And Management |
| 6 | B. Oyungerel | General Director of the Mongolian Professional Institute of Geology and Mining |
| 7 | J. Delgersaikhan | Associate Professor of School of Financial administration at Institute of Finance and Economics |
| 8 | P. Bolormaa | Deputy Director of Aten LLC |
| 9 | B. Enkhtuya | Professor, Head of Business Administration, School of Business Administration and Humanities at Mongolian University of Science and Technology |
| 10 | M. Munkh-erdene |
Internal Auditor of "Ard Financial Group" JSC |
| 11 | B. Erdene-Ochir | Internal Auditor of Ochun Securities company |
| 12 | G. Orgil | The investment fund manager of Ard Management securities company |
Application to become a member of Listing Committee
| № | Requirements |
|---|---|
| 1 | Must be worked in their respective field at least five years |
| 2 | Ethical and professional reputation should not conflict with being a member of the listing committee |
| 3 | No professional or ethical liability or punishment |
| 4 | To be able to work as a member of a listing committee independently and fairly |
| 5 | Must have attended training on stock exchange operations |
If you are interested in becoming a member of the Listing Committee, please fill in the following information and send it to listing@msx.mn
When a securities issuer issues securities on the stock exchange, the following individuals are involved in the listing process. The issuer must first enter into an agreement with the underwriter and apply to the exchange. Alternatively, before reaching this stage, it is possible to meet with the exchange and get information about the listing process, its advantages, and how to list your securities.
After signing the contract with the underwriter, the Listing Documents will be prepared, including cooperation with audit, appraisal, and law firms. Finally, the document’s final draft will be submitted to the Exchange. Suppose we receive the application and meet the exchange's requirements and criteria. In that case, we will forward the application to the Listing Committee, and the Listing Committee will make a final decision on whether to list the security.
We also require the issuer to work with the Compliance advisers for one year after the issuer is granted permission to list and securities are traded on the primary market, which is essential for protecting investors and becoming a public company.
| № | Name of Participant | Role of the participant | Working time |
|---|---|---|---|
| 1 | Security issuer | Meet the requirements specified in the listing process before and during the listed period | All pre-listing and post-listing periods |
| 2 | Underwriter | Perform all activities related to the initial market offer, such as developing securities presentations and providing professional advice | Until the fulfillment of obligations under the contract |
| Professional entities to cooperate in the preparation of an issuers presentation | |||
| 3 | Auditing firm | Carry out audits and issue audit opinions in accordance with relevant legislation, international auditing standards, procedures, guidelines, and methods approved by the competent authority. | Until the fulfillment of obligations under the contract |
| 4 | Appraisal firm | Carry out property and business valuation in accordance with relevant laws and regulations, guidelines and methods approved by the competent authority, and issue valuation conclusions and reports. | Until the fulfillment of obligations under the contract |
| 5 | Law firm | Conduct legal examinations and issue legal opinions in accordance with relevant legislation, procedures and guidelines approved by the competent authority | Until the fulfillment of obligations under the contract |
| Other participants in the listing process | |||
| 6 |
Executive Management of UBX |
To monitor the daily implementation of the listing process in accordance with the authority granted by the Board of Directors and the Listing Committee | Regularly |
| 7 | Board of Directors of UBX | Supervise the activities and decisions of the Listing Committee and the CEO of the Exchange and the Listing Office | Regularly |
| 8 | Listing Office | Implement the day-to-day operations of the listing process, provide information to the participants in the listing process, and organize relevant activities for the Board of Directors of the Exchange, the Executive Management of the Exchange, and the Listing Committee to make decisions related to the listing process | Regularly |
| 9 | Listing Committee | It will be the main structure for the implementation of the Exchange's listing process. It will decide whether to list the Issuer’s securities, make changes to their listing, delist the securities from the Exchange and monitor whether the Listing process is independent and fully compliant with the law. | Regularly |
| 10 | Compliance advisers | To bring the issuer's activities in line with the law, make recommendations, monitor the information submitted to the Exchange, implement the Corporate Governance Code approved by the Commission, and help the listed issuer become a public company. | Until the fulfillment of obligations under the contract |
Listing unit of Ulaanbaatar Securities Exchange
Phone: +976-7000-0501, +976-7000-0502
Email: listing@ubx.mn
The compliance adviser is responsible for engraining the securities issuing company and its compliance with the law and regulations. Accordingly, we require security issuers’ to have a contract with the compliance adviser for at least one year after listing on the stock exchange, which has the advantage of streamlining the company's operations and providing timely information about the company to investors.
| № | Name of compliance advisers | Contact number | Web page | |
|---|---|---|---|---|
| Legal compliance advisers | ||||
| 1 | “Anderson & Anderson” LLP | 70119339 | anderson.mongolia@anallp.com | anallp.com |
| 2 | “LehmanLaw Mongolia” LLP | 11-327810 | alkhagvaa@lehmanlaw.com | lehmanlaw.mn |
| 3 | “Melville Erdenedalai” LLP | 70128900 | contact@melvilledalai.com | melvilledalai.com |
| 4 | "Bez Partner Law firm” LLC | 99994739 | zagdaa@bezpartners.mn | |
| 5 | “Zaya & Zoloo Law firm” LLC | 70000809 | zayalawzoloo@gmail.com | zzlawfirm.mn |
| 6 | “ELC Law firm” LLC | 77118193, 77118194 | Info@elclawoffice.mn | elclawoffice.mn |
| 7 | “Mongol Advocates” LLC | 77119206 | info@advocate.mn | advocate.mn |
| 8 | “Advoncacy Consulting Partners” LLC | 99115492 | enkhtur2005@yahoo.com | |
| 9 | “Snow Hill Consultancy” LLC | 77003010, 80044850 | info@snowhill.mn | snowhill.mn |
| 10 | “KhanLex Partners” LLC | 77471122 | info@khanlex.mn | khanlex.mn |
| 11 | “MDS KhanLex" LLC | |||
| 12 | “MJL Attorneys” LLC | 70129665 | info@mjlattorneys.mn | mjlattorneys.mn |
| Financial compliance advisers | ||||
| 1 | “Account Trust Audit” LLC | 99130778 | nrntstsg@yahoo.com | |
| 2 | “Akpar Audit” LLC | 91919758 | akpar.audit@gmail.com | |
| 3 | “BDO Audit” LLC | 77404040, 80088786 | info@bdo.mn | bdo.mn |
| 4 | “Golden Page Audit” LLC | 70117179, 99170900 | info@goldenpageaudit.mn | goldenpageaudit.mn |
| 5 | “Growth Finance Audit” ХХК | 99094391, 99194341 | info@growthfinance.mn | growthfinance.mn |
| 6 | “Dulguun Khairkhan-uul Audit” LLC | 99055711, 99178026 | erdene.263038@gmail.com | |
| 7 | “Info Audit” LLC | 70159511, 99049511 | medeelelaudit@gmail.com | |
| 8 | “New Capital Balance Audit” LLC | 70582688, 99992596 | ts_bayarbold@yahoo.com | |
| 9 | “Ulziit Account Audit” LLC | 70130460, 99109702 | auditulziit@gmail.com | |
| 10 | “CSI Audit” LLC | 70001981, 99096584 | csi_sevjee@yahoo.com | |
| 11 | “Suld Audit” LLC | 70118016, 99114056 | info@suld-audit.mn | suld-audit.mn |
| 12 | “Ted Audit” LLC | 99190483 | tedaudit96@gmail.com | |
| 13 | “Uliastai Van Audit” LLC | 70157405, 99097405 | uliastaivanaudit@ubaudit.mn | ubaudit.mn |
| 14 | “Fiscal Audit” LLC | 70106099, 99991914 | audit@fiscal.mn | fiscal.mn |
| 15 | “Khulegtkhunnu Audit” LLC | 701405058 99100064 | gurragchaa@hulegthunnu.mn | |
| 16 | “Shine Ikh Terbum Audit” LLC | 70114144, 99199075 | ikhterbum@gmail.com | |
| 17 | “SM Audit” LLC | 99996778 | shagjsuvd@gmail.com | |