| Generate Enterprises Market (GEM) refers to the new capital market except Main Board Market, which aims at providing medium and small sized enterprises and start-up enterprises with a channel to raise funds. The research into the establishment of GEM in china has been carried out in the recent years and some accomplishments have resulted. In the fourth plenary meeting of the Ninth National People's Congress, Premier Zhu mentioned in his The Tenth Five-year Report that China will set up Generate Enterprises Market, which indicates the urgence and significance of the study on the establishment of GEM in China. A number of countries have set up their GEMs, among which NASDAQ in America is the most successful and GEM in Hong Kong is the closest to China's Mainland. This paper, therefore, will analyze the common characteristics of the systems of the two markets with a view to obtaining some experience to design the system of GEM in China. The paper consists of five chapters. Chapter One and Chapter Two are devoted to analyzing the backgrounds for the establishment and the systems of NASDAQ and Hong Kong GEM (four aspects are included: supervision, listing, retreating, and information publicizing), and summarizing their common features. NASDAQ lays much emphasis on self-supervision with multi-level markets, where enterprises can, in accordance with their own conditions, choose to list on national ones or small ones. It lays down various quantity standards and uniform non-quantity standard and sets down precise information-publicizing system under the "three open" principle. Hong Kong GEM is beginning the practice of self-supervision. It sets up a single market so the quantity and non-quantity standards of its retreating feature less flexibility. But its information publicizing system focuses upon effectiveness, instantaneity and adequateness. Chapter Three makes comparison between the backgrounds for the establishment of NASDAQ and Hong Kong GEM as well as their system features (four aspects are included: supervision, listing, retreating, and information publicizing). The two markets are set up with a view to supporting the growth of high-tech enterprises, offering them financing channels and enhancing their international competition. In general, Hong Kong GEM draws experiences from NASDAQ in the design of its system. On the other hand, it adapts itself to some extent according to its own characteristics. With the expansion of GEM, the market system is gaining more and more similarity to DASDAQ. Take the supervision system as an example. Due to Hong Kong Association's insufficient experience in the supervision over GEM, Hong Kong Supervision Committee did not offer enough delegation. But with the increasing supervision of the Association, Its self-supervision is becoming more and more powerful. As regards listing system, Hong Kong GEM does not establish multi-level markets, which seems unfavorable to the stability and continuity of the market. In retreating system, therefore, it does not lay down various quantity standards. But in information publicizing system, the two markets are nearly the same. Chapter Four observes the establishment of GEM in China from aspects. Experience from NASDAQ and Hong Kong GEM should be absorbed in supervision, listing, retreating and information publicizing. Much attention should be paid to their common features while less to their individualities. The rational positioning of GEM in china can therefore be realized. As for the supervision, this author suggests that the current securities supervision system in the China be restructured; the supervision of the Securities Association over market be strengthened; the supervision over the market supervisor, according to the current situation in China, be strengthened to prevent it from overusing its power. As for listing system, this paper studies the new directions of Listing Rules of GEM revised one year ago in Hong Kong and figure out the development orientation of Hong Kong GEM. As to retreating system, multi-level...
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