A Reaserch On Delisting System Of Listed Company In GEM

"GEM" is, by definition is the kind of capital market that focus on providing financing resources for start-up companies to seek greater development. After the submission of proposals"As for making Reference to foreign experience , developing China Venture Capital as soon as possible"in the "two sessions" submit " 1998, by Cheng Si We representative from China Democratic National Construction Association and also the vice chairman of standing Committee of the National People's Congress. After several twists and turns, until August 22, 2007, "GEM Listing issued Administrative Measures" (draft) was approved by the State Council ,we only saw the dawn of the launch of the GEM. June 5, 2009, the Shenzhen Stock Exchange issued "Shenzhen Stock Exchange GEM Listing Rules" to regulate the running of GEM in Shenzhen Stock Exchange. However, the delisting of GEM system has attracted the most attention. Asset restructuring is still the subject of speculations in China's stock market , which is mainly due to the listed company with no clear exit mechanism .GEM is ,according to its essence ,of high-risk investments, a considerable part of the company should be allowed to fail and exit the market. If the GEM companies have no direct access to the outlet of the market, it is difficult to create a healthy investment market. As far as the "rules" are concerned, delisting system of the present GEM is a retention and continuity of that of the main board capital market, with new delisting standard, fast and direct delisting procedures being added. Although there has been improved on the "rules" of delisting, problems such as fuzzy delisting standard, no responsibility for delisting and lack of compensation scheme for investors still exist. Therefore the claim for a sound legal system designed for GEM delisting rules is quite strong.This total of four chapters: The first chapter defines the concept of the Growth Enterprise Market, by analyzing the operation of the GEM model at home and abroad, and understanding difference between the special risk of delisting the GEM board and that of the main board, and researching the GEM delisting system on the ground of Jurisprudence. The second chapter describes concrete content of delisting rules of the mature GEM, then introduces the existing rules on delisting from china GEM board and Elicit some lessons and experiences by comparing the latter with the former. The third chapter provides some concrete ideas on how to improve the present GEM delisting system of China. The fourth chapter discusses some concrete proposals for the establishment of supporting legal mechanisms for GEM delisting.