A Study On The Law Of The Departure System Of China 's Listed Companies

After10years of preparation, China’s GEM board started in2009. Complete delisting system is important to the mature securities market, is conducive to the survival of the fittest, optimize the allocation of resources and protection of the legitimate rights and interests of small investors.This article draws on NASDAQ overseas mature securities market delisting system, introduced China’s current GEM delisting system, pointing out the deficiencies of the system of China’s Growth Enterprise Market (GEM). And put forward constructive suggests for these deficiencies views. The thesis is divided into four parts to illustrate GEM’s delisting system. The Introduction presents the research background and methods of the article, highlighting the topics of research value. The Chapter Ⅰ focuses on explaining the GEM delisting system and other related concepts, features of GEM type and types of delisting system. Chapter Ⅱ analyzes the existing GEM. delisting system of China, and compared with the original delisting system, finally argues that the new system’s defects. Chapter Ⅱ also shows the overseas mature GEM delisting system, including the delisting standards and delisting procedures and delisting channels. Reveal reasonable points and nice implication to China. The Chapter Ⅲ is most important part of this article. Learning from the successful experience of overseas, the article makes recommendations for improvement on the current China’s GEM delisting system, including the establishment of the delisting system, take the initiative to improve the compulsory delisting system and strengthen the delisting system operation environment construction. Chapter Ⅲ also focuses on the lack of judicial remedy on protection of small investors, and makes recommendations to protect the interests of investors.