Study On The Pricing Method For IPO Of High-tech Enterprises In China's GEM

China's Growth Enterprise Market is about to launch,the method of issue and pricing plays a very significant role in the success or failure of GEM,beyond that,the aforementioned method will not only affect the coordination of the GEM and the Main Board in the markets, but also relates to the function in the allocation of resources.In this paper,A deep study will be done,after referring to overseas sophisticated GEM's issue and pricing method, combining with Chinese specific characteristics of exchange market and the function positioning of the GEM.The conclusions are stated as follows:1,the creative concept is raised in the company's valuation stage,of "the earnings enhancement pricing model",which is suitable for characteristics of the GEM,the high-tech enterprises,high-growth properties and their unique risk characteristics;2,the method "online to institutional investors and retail investors in the same public offering" is recommended in the issue stage of issue and the method avoid the problem of equity division,which brings different subscription rights and restrictions of institutional investors and retail investors.