China Securities Regulatory Commission Recently Released 6 Initiatives On GEM

< < p > > China a href= "//www.sjfzxm.com/news/index_c.asp" > < SFC > /a > issued 6 measures for gem, including reducing the initial financial access indicators, expanding market services, establishing a refinancing system, improving the M & a system, strictly implementing the delisting system and improving the first information disclosure system, etc., and comprehensively promoting the reform of the GEM market and improving the multi-level capital market system.

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< p > in which, the appropriate reduction of the "entry" threshold and the "increase" of the refinancing system will not only make the gem welcome the biggest system reengineering since its opening up, but also further clarify the position of the gem in the multi-level capital market, consolidate the platform role of the innovative service and growth oriented SMEs in the growth enterprise market, and the GEM market will become more and more prosperous.

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< p > from the preparation of ten years of formal opening up, to rationalize the delisting system, and then to the introduction of the refinancing mechanism, the ability of the gem to serve the real economy has been greatly improved.

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< p > first of all, behind the gradual and market-oriented reform of the growth enterprise market is to meet the objective needs of the development of the real economy.

"The initial results of the gem are far from the original design of the gem and the expectations of the market."

Song Liping, general manager of Shenzhen Stock Exchange, also revealed the orientation of reform of gem.

After more than four years of development, the growth enterprise market has initially achieved the expected goal of setting up, and has gradually promoted the positive role of technological innovation and the development of strategic emerging industries.

However, from the gradually mature market environment and the actual enterprise needs, the initial issuance conditions and the lack of refinancing system show some limitations of the gem, not only a large number of start-ups are outside the door, but also the demand for refinancing of listed companies is not enough, so it is urgent to reform.

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< p > from the revised measures, the first financial indicators are appropriately reduced, and the rigid requirements for the growth of financial indicators have been abolished. Enterprises with a certain income above a certain scale can only be listed on a profit record for a year.

This will not only include some high quality but fluctuating companies, and expand the coverage of the growth enterprise market.

At the same time, the introduction of the refinancing mechanism that meets the characteristics of the gem also makes the financing needs of the listed companies meet the needs of the listed companies, and objectively restricts the stock price of the listed companies, and changes the situation of the limited supply of the listed companies, which plays an important role in balancing the long-term valuation of the growth enterprise market.

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< p > secondly, the comprehensive reform measures were introduced to improve the operation mechanism of < a href= "//www.sjfzxm.com/news/index_s.asp" > gem > /a >, and clear the position of gem in the multi-level capital market.

The expansion of the new three boards and the clear position of the regional equity market make the context of the capital market serve the real economy, and with the smooth operation of the various markets, the multi-level capital market system of "positive Pyramid" will eventually come into being.

As an important part of the multi-level capital market, whether the system mechanism of the GEM market is perfect or not is related to the overall situation of the construction of multi-level capital market.

From this point of view, the SFC issued the above 6 measures not only to make the GEM market mechanism more sound and perfect, but after the implementation of the above measures, the financial indicators of gem are lower than the main board, but higher than the new three board listing conditions, basically consistent with the gem in the multi-level capital market positioning.

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< p > > market reform is a systematic project, which needs to be gradual. At the same time, the reform process is closely related to the supervision after supervision in the regulatory departments.

The main body of the market is to reduce the initial financial threshold, refinance mechanism, and strictly implement the delisting system.

In the course of the operation of the market mechanism, there will inevitably be abuse of market rules and deviation. The regulatory authorities should strengthen the supervision of information disclosure and post event supervision of listed companies, and be bold in correcting them and protect the legitimate rights and interests of investors.

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< p > at present, our country's < a href= "//www.sjfzxm.com" > capital < /a > market is in the period of pition from approval system to registration system. The SFC will appropriately reduce the initial financial access threshold of gem and strengthen the supervision afterwards. It can also be seen as a simple trial of registration system in the creation board.

With the improvement of the capital market legal system, operation mechanism, and the participation of the participants, the registration system reform is expected to come true.

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