To Complete The Delisting System Of Gem In China

June 5, 2009, the Shenzhen Stock Exchange issued "Stocks of GEM Listing Rules in Shenzhen Stock Exchange ", to regulate the operation of GEM Stock listing in the Shenzhen Stock Exchange, one of the most concern is that delisting system. The delisting system of GEM retains and follows the relevant provisions of the main board delisting system. At the same time, it added three delisting situations, and will start the fast delisting procedures for these three cases, to shorten the delisting time, to speed up delisting process and direct delisting. Although our current GEM delisting system has been significantly improved as the Main Board, the Growth Enterprise Market delisting system has many problems, such as the fuzzy delisting criteria, lack of accountability mechanisms for delisting, inadequate protection for investors etc. This is clearly negative on the growth enterprise market, even on the capital market.This article starts from defining the position of GEM in the multi-level capital market in China, then, introduces the meaning of the GEM delisting system and to understand the functions of the GEM delisting system. Based on the analysis of the legal mechanism of the GEM delisting system, we clear understand the characteristics and existing problems of our GEM delisting system. By drawing on the successful experience of GEM delisting system in overseas capital market, and from the accountability of delisting and investor protection point of view, we think over how to improve and perfect the GEM delisting system of our country, and make recommendations.The basic structure of this paper is as follows:IntroduceThis part outlined the meaning of the GEM start in our multi-level capital market system construction, and then introduced the research background of the GEM delisting system in China, to export the article.Chapter I OutlineThis chapter is formed by three sections. Section I starts with introducing the general concept of the GEM, through analyzing the relationship between the GEM and the SME board, Main Board, we clear give the position of our GEM. Section II presents the meaning and function of China's Growth Enterprise Market delisting system. Our GEM delisting system includes the delisting approval authority, delisting criteria, delisting procedures and related systems. The main function of the delisting system is optimal allocation of resources. Section III focuses on the intrinsic value and mobility of stocks, to analyze the legal mechanism of the GEM delisting system.Chapter II compared with the main board delisting system, from the delisting criteria, delisting procedures, introduced the current GEM delisting system, and pointed out its problems. Compared with the main board, the GEM continued using some of the delisting criteria of main board, such as continuous losses, etc, at the same time, added three new delisting criteria, and practice quick delisting procedures for the three delisting standards, and direct delist. In this way, the GEM may have problems not only left by the main board, but also arise from the new standard.Chapter III referenced the success experience of GEM delisting system in mature capital market. It mainly draws NASDAQ and Hong Kong GEM market delisting system. The NASDAQ's market dynamics continued listing standards and delisting hearing system are reference to the GEM delisting system in China.Chapter IV, based on the summary of the features of GEM delisting system in mature capital markets, conceived and completed our GEM delisting system from the delisting criteria, delisting procedures and related systems, in particular from the external system. This chapter stressed on un-raring the listing resources, perfecting delisting accountability, investor protection and other related systems.