Growth Enterprises Market(GEM) IPO Rules implement

Conditions of the issuer profits: profits for the past two years, the past two years, the cumulative net profit of not less than 10 million yuan, and continue to grow; or the most recent year profit and net profit of not less than million, the most recent year revenues do not less than 50 million yuan, the growth rate of the past two years, revenues are not lower than 30%

 The total issued share capital of not less than 30 million yuan

 Set up with the investors risk tolerance of investors to adapt access system

 GEM set up the Commission to issue special audit committee

 The SFC will also promulgated a series of matching rules, including: a listing application documents, prospectus guidelines, format and modify "the issuance of securities listed on the sponsor business management approach", issued to amend the Audit Committee approach, Shenzhen will be the promulgation of "stock GEM Listing Rules "," Special Provisions GEM stock "

 Today, 1:45, making 10 years the GEM, with a clear timetable for the first time.

 China Securities Regulatory Commission at the time published on its official website "IPO(Initial Public Offering) and listing on the GEM in the Interim Measures for the Administration" (hereinafter referred to as "methods"), "methods" May 1 will be formally implemented. The next step is the preparation of GEM will be the first official landing enterprises. Chen Dongzheng chairman of the Shenzhen Stock Exchange this year, he said the two, the first business on board not less than 8.

 Over the years the preparatory work of the GEM landed a person in charge of the Shenzhen Stock Exchange yesterday that the GEM and the introduction of the new board will be three this year to address the financial crisis, new initiatives to help small and medium enterprises financing.

 "Procedures," is published, the SFC and the Stock Exchange will be enacted with the "Rules" match rules, guidelines issued to form an audit committee GEM timely release the Listing Rules, transactions and other special provisions related to rules, and the sponsors, lawyers, accountants and other intermediaries to carry out training, as well as through a variety of enterprises and investors to introduce the characteristics of the GEM and related systems, to the investors to fully reveal the investment risks of the GEM. To be above the basic job is completed, the SFC will act on the "Rules" and the relevant provisions of the admissibility of the first enterprise application.

 GEM approach from the IPO to launch the first official landing a number of enterprises in order to take root as the GEM, but it may take two or three months time, the GEM is in line to do business counseling, a person in charge of investment banking firms explained that: "the rules have support from the IPO will need to rule out a period of time, reported the issuance of business applications required at least two or three months time, and these enterprises have to wait out the latest annual report."

 Revised the "Rules" a total of 58 chapters, including an increase of 2, 5 amended, and adjust to do a number of characters. But the crux of the listed issuer does not change the threshold, that is, the use of two sets of financial standards for listing. According to the "measures" under Article X, the issuer's financial position for the first set of criteria: profitability for the past two years, the past two years, the cumulative net profit of not less than 10 million yuan, and continue to grow. The second set of criteria: the most recent year profit and net profit of not less than million, the most recent year of not less than 50 million yuan in operating income, operating income growth in the last two years not less than 30%. The two sets of standards must meet four conditions, net profit to deduct before and after non-recurring gains and losses were calculated on the basis of the lower, pre-issue net worth of not less than 20 million yuan, the latest issue of未弥补亏损does not exist at the end, after the equity issue the total amount of not less than 30 million yuan.

 "Measures" of four major revisions, including the right to trial hair clearly belong to the SFC, the Growth Enterprise Market to be set up with the investors risk tolerance of investors to adapt the system of access to investment risks prompted investors to fully and strictly requirements of people on the issue of controlling shareholders and actual controllers of the regulatory requirements, such as the issuer's controlling shareholder, actual control of the prospectus should be issued to confirm, and Signature, seal. In addition to increase the GEM companies delisting in principle bound by the provisions.

 Last Friday and Monday this week, public utilities (600635.SH), here shares (000938.SZ) and so many venture capital only contrarian stocks rose sharply, while the Shanghai and Shenzhen index fell the same day.

 After ten years GEM without the introduction of the two year period, for which called for ten years running the China Democratic National Construction Association Central Committee submitted proposals to continue to boost indomitable GEM, hoping to alleviate the problem of financing SMEs.

 GEM is expected to launch under the guidance of some very good high-tech small and medium enterprises obtain financing. An investment bank who are counseling to be dozens of companies on the GEM, the GEM consider him the guide is expected to set up a new financing system, and make money these companies are not bad.

 GEM market is expected to remain high. "Can not GEM disappointing of course, as soon as possible, decision-making is concerned that the possible GEM countries warning and the impact on the secondary market. However, the effect of the GEM has been reflected. Anything to be on board to enter the brokerage business as long as the counseling period, will become the Government, the banks, PE chase the object of concern. as long as the line up on the corporate boards have investment demand, lower earnings to start a private placement, it will attract a large number of PE entry, bank loans will be easier , the Government will also support all over. All this is because there is expected to GEM. everyone will be faster or is expected to launch this year. "vote in the above line, said yesterday.

 But that can not be ignored is that the global economic crisis has to be on board for some enterprises have had a great impact, which is reflected in operating income dropped, the growth rate can not satisfy the requirements of the GEM. "In our last pre-cultivated in line 20 on the Growth Enterprise Market companies, half of this year, enterprises have been unable to meet the GEM for two years revenue growth of 30 percent ultra-request, the listing can only be postponed, because the impact of economic crisis are mainly in the embodiment of the fourth quarter, we will recount in accordance with the Annual Report and nurture this. "