Financial Core Knowledge and Application Scenarios - FISF Employee Course Starts | Team

Release time：2025-07-11    

On July 10^th 2025, the HR Department of Fudan International School of Finance organized an employee training course themed in “financial core knowledge and application scenarios”, aiming to raise FISF employees’ professionalism through systematic financial knowledge training so that they can better empower the enrollment work and daily academic management with their financial expertise, and to enhance their communication capability and efficiency with the purpose of strengthening the trust of applicants, students and alumni from various industries in the school, laying a solid foundation for the long-term development of FISF.

Dr. Mengfan Yi was the main lecturer of the course. Dr. Yi is a lecturer in Accounting at FISF (teaching track) with a profound academic background, obtaining her doctor’s degree in accounting at Tsinghua University in 2023 and bachelor’s degree in economics at Tsinghua University in 2016. Her major research fields include the capital market, corporate finance, microstructure of the housing market and marriage economics. Recently she has been working on subjects like how real estate agencies, trust and cultural factors influence the search behavior in the second-hand housing market; and what roles are social factors playing in marriage decisions according to the method of causal inference.

Core concerns of entrepreneurs and financing patterns for small- and medium-sized enterprises

In this training, there are abundant course contents covering multiple core knowledge points and application scenarios in the financial field. Lecturer Mengfan Yi started from the utmost concern of entrepreneurs and deeply analyzed key topics like strategies, marketing, investment, organizational management and financing.

In terms of financing, from the perspective of financing structure, small- and medium-sized private enterprises mainly depend on internal financing, with own funds accounting for 45.6% and retained earnings accounting for 23.1%; in external financing, bank loans account for 68% but there are significant scale discrimination, while the stock market and bond market have an extremely low openness to small- and medium-sized enterprises, with only 0.3% qualifying for the stock market and 1.3% for the bond market. Thus, we can see that small- and medium-sized enterprises are faced with multiple challenges and problems such as scale discrimination for bank loans and equity dilution by equity financing. Yi analyzed in detail the different features and applicable scenarios of internal and external financing, helping the participants understand the financing demands of enterprises in different development stages.

Listing: a key step for enterprises

Lecturer Mengfan Yi made a comprehensive interpretation of the definition, purpose, channel and procedure of listing, an important path to enterprise financing. She pointed out that listing is advantageous for broadening the financing channels of enterprises, lowering their dependence on bank loans and increasing their brand influence while also enhancing shareholders’ wealth appreciation ability as well as M&A and expansion capabilities. However, there are also disadvantages.

On one hand, Yi made a detailed comparison of the listing requirements and procedures of main domestic sectors, including A-share Main Board, STAR Market, ChiNext and Beijing Stock Exchange, to help her colleagues better understand the features and demands of different sectors and thus present a clear panoramic image of listing. In addition, Lecturer Yi also meticulously expounded the general listing procedures at domestic mainstream securities exchanges, including restructuring guidance, application acceptance, exchange review, registration with the China Securities Regulatory Commission (CSRC), issuance and other listing processes. She emphasized that during the listing process, enterprises need to pay special attention to the authenticity of the financial data, compliance of corporate governance, settlement of historical issues and qualifications of staff members.

On the other hand, she also illustrated the different routs and characteristics of listing in Hong Kong, China and listing in the US. For listings in Hong Kong, there are different financial requirements for the Main Board and GEM, and the listing routes include H-share listing, red chip listing and back-door listing. For listings in the US, the New York Stock Exchange and NASDAQ have different standards, and the listing routes include IPO, SPAC listing and issuing ADR. She mentioned that A-share listing has a high return rate despite its relatively high difficulty; Hong Kong stocks are low in liquidity but have a lower threshold; and US stocks enjoy higher evaluations but there are potential risks of delisting for Chinese concept stocks.

The registration system and IPO environment

It is noteworthy that Lecturer Mengfan Yi explained the details related to the registration system and the approval system, and sorted out the development history of the registration system. The two show remarkable variations in the examination methods, listing thresholds, examination efficiency, market roles and delisting mechanisms: the approval system conducts substantive examination (CSRC as the only examination institute) with a strict listing threshold and low examination efficiency, has administrative interventions and makes it hard for delisting; while the registration system conducts formal examination (the stock exchange as the examination subject) with an inclusive listing threshold and high examination efficiency, is guided by the market and offers quick delisting. In July 2009 when the STAR Market was established, the pilot project of the registration system was launched synchronously, and has been continually promoted incrementally in recent years. With the all-round implementation of the registration system, the listing procedure will become more efficient, but at the same time exert higher requirements for enterprise information disclosure and compliance.

Besides, the training course also involved many other contents like the listing conditions on the New Third Board, the direct linkage mechanism of Beijing Stock Exchange, the advantages of listing on the Fourth Board (Regional Equity Trading Centers), and the IPO situation in the last decade. According to data, in 2025 the IPO environment showed a significant warming trend in acceptance. By June 26^th, the newly accepted enterprises planning for IPO at the three major exchanges have reached 113 in the first half year, exceeding the whole year in 2024, among the three of which Beijing Stock Exchange has gradually become one of the best listing routes in the eyes of enterprises.

After the class, Lecturer Mengfan Yi actively interacted with the participating employees, solved the specific problems they encountered in communication with students and daily academic work, and discussed the opportunities and challenges for students majoring in various financial sectors, creating a heated on-site atmosphere.

The organization of this training course provided FISF employees with a chance to systematically learn financial knowledge, and acted as a key platform to promote employees’ professional growth and enhance their communication ability. Through explanations of profound contents in an easy-to-understand way, the participating employees have gained a deeper understanding of the core knowledge in the financial field, which would be of great support for their communication and exchange with students and all walks of life in their future academic work. We anticipate to further upgrade the overall quality of FISF employees and inject new vitality into the school’s long-term development through more training activities like this.